First Gen Corporation reported a 24% decrease in attributable net income for the first quarter of 2026 at P3.6 billion, in comparison to P4.8 billion for the same period in 2025.
The earnings reduction reflects the 60% stake sale in the company’s natural gas portfolio to Prime Infrastructure Capital Inc. last November 2025.
The earnings reduction reflects the 60% stake sale in the company’s natural gas portfolio to Prime Infrastructure Capital Inc. last November 2025.
The current period only reports First Gen’s 40% share of net income in the operating natural gas plants and the 20% stake in the Interim Offshore LNG Terminal.
Excluding gas earnings, First Gen delivered improved earnings from Energy Development Corporation (EDC) that produced higher revenues from greater volume sold driven by better steam availability.
The company generated P15.3 billion in revenues for the first three months of 2026, a 32% increase of P3.7 billion from P11.6 billion in 2025.
The better revenues are a result of greater volume of electricity sold at higher prices by First Gen’s power plants during the period.
The geothermal, wind and solar portfolio under EDC accounted for 88% of First Gen’s total consolidated revenues, while 11% came from the company’s hydroelectric power plants.
The balance comes from the company’s affiliates and the First Gen parent company EDC’s attributable recurring income (ex-hydro) at P1.4 billion in Q1 2026 was 16% more than its attributable recurring income of P1.2 billion in the previous year. EDC’s Leyte, Bacman and Mindanao plants sold greater kilowatt hours, while all of its geothermal plants derived the benefits of higher prices.
Moreover, EDC’s battery and energy storage system (BESS) projects generated fresh revenues from ancillary services in 2026.
Burgos Wind, however, underperformed due to lower wind yield and outages that resulted in a decrease in generation.
EDC also had higher interest expenses from more debt following the execution of its drilling operation program and project expansions.
EDC completed 88.6 megawatts of geothermal growth and 40 megawatt-hours of BESS in 2025.
The hydro platform’s contribution to First Gen’s recurring earnings was P382 million for the first 90 days of 2026, a 38% drop from its 2025 recurring income of P612 million.
While the Pantabangan-Masiway Power Plants outperformed with an attributable recurring net income of P560 million from P373 million in 2025, the Casecnan Power Plant delivered an attributable net loss of P181 million compared to an attributable net income of P242 million in 2025.
Equity in net earnings from the remaining 40% ownership stake in the gas portfolio was P1.5 billion in income.
In comparison to the previous year, the 100% income from the gas portfolio recorded as net income from discontinued operations was P3.7 billion. For Q1 2026, the gas portfolio reported better earnings by P150 million at P3.9 billion.
First Gen president Giles Puno said: “The strong 1st quarter 2026 performance of the geothermal portfolio was largely driven by the drilling program launched in 2024, our newly operating battery storage projects and better-than-expected contracted market prices.
We envisage to carry this momentum into the rest of the year as more wells are activated and as we continue to see contributions from EDC’s new growth projects.
I’m also pleased to see the fruits of our new partnership with Prime Infra as the gas plants are performing better than expected with the Santa Rita power purchase agreement extended until June.
The competitiveness of the natural gas plants is enhanced as they benefit from indigenous Malampaya gas combined with LNG when necessary. At the same time, we continue to make our investments in the pump hydro and solar projects.”
