FIRST Gen Corporation reported a slightly better attributable recurring net income for the first semester of 2026 at P8.7 billion, in comparison to P8.6 billion for the same period in 2025.
This was despite factoring in the effect of the sale of its 60% stake in its 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.
First Gen delivered improved earnings from Energy Development Corporation (EDC) that produced higher revenues from greater volume sold, driven by better steam availability and greater electricity prices.
The company generated P41.1 billion in revenues for the first six months of 2026, a 73% increase of P17.4 billion from P23.7 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 73% of First Gen’s total consolidated revenues, while 8% came from the company’s hydroelectric power plants. The balance comes from the company’s other subsidiaries and the First Gen parent company.
EDC’s attributable recurring income (ex-hydro) at P3.8 billion in 1H26 jumped by 97% from its attributable recurring income of P1.9 billion in the previous year. Majority of EDC’s geothermal plants sold greater kilowatt-hours, while all of its plants derived the benefits of higher contracted prices. Moreover, EDC’s battery and energy storage system (BESS) projects generated fresh revenues from ancillary services in 2026.
Burgos Wind continued to underperform in the first half of the year as lower wind yield and outages resulted in a decrease in generation. EDC was likewise hit by higher interest expenses from more debt following the execution of its drilling operation program and project expansions. Recall that 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 P433 million for the first semester of 2026, a 48% drop from its 2025 recurring income of P826 million. While the Pantabangan-Masiway Power Plants outperformed with an attributable recurring net income of P732 million from P690 million in 2025, the Casecnan Power Plant delivered an attributable recurring net loss of P304 million compared to an attributable recurring net income of P140 million in 2025.
Equity in net earnings from the gas portfolio was P4.0 billion mainly due to lower expenses. In comparison to the previous year, the 100% income from the gas portfolio recorded as net income from discontinued operations was P7.5 billion.
First Gen president and COO Giles Puno said: “PantabanganMasiway started 2026 well with high water elevation at its dam and this enabled the plants to provide the power needed during the scorching summer months. However, our hydro plants are now slowly feeling the effects of El Niño as dry spells and droughts have resulted in minimal incremental water elevation. This will affect Casecnan more as its generation is normally higher from May to November.
“Fortunately, the strong 2026 performance of the geothermal portfolio continues as more steam is harnessed and was made possible by the drilling program launched in 2024. Our new battery projects also continue to contribute to revenue growth. Contracted and spot market prices have also been better this year.”
