First Gen Corporation reported an 8% increase in attributable recurring net income for 2025 at $264 million (P15.2 billion) in comparison to $245 million (P13.9 billion) in 2024. The company’s hydro portfolio soared in earnings as it generated more kilowatt-hours due to higher water levels. This was partially offset by Energy Development Corporation’s (EDC) lower recurring income as a result of lower Wholesale Electricity Spot Market prices and an increase in expenses for its steamfield maintenance and workover activities. The company generated $906 million (P52.1 billion) in revenues for 2025, a 6% increase of $49 million (P3.2 billion) from $857 million (P48.9 billion) in 2024. The better revenues are a result of greater volume of electricity sold by First Gen during the year. The geothermal, wind and solar portfolio under EDC accounted for 87% of First Gen’s total consolidated revenues, while 11% came from the company’s hydroelectric power plants. The 2% balance comes from the company’s affiliates and parent. Last November 2025, First Gen sold a 60% equity stake in its natural gas business to Prime Infrastructure Capital Inc. As a result, the company will no longer be consolidating the natural gas assets, namely the 1,000-megawatt (MW) Santa Rita Power Plant, the 500-MW San Lorenzo Power Plant, the 420-MW San Gabriel Power Plant, the 97-MW Avion Power Plant, the proposed 1,200-MW Santa Maria Power Plant and the Interim Offshore LNG Terminal. The acquisition price paid was P50 billion, subject to adjustment and possible earnout amounts. Equity in net earnings from the remaining 40% ownership stake in gas starting last November 2025 and onwards was reflected as income in the amount of $11 million (P0.7 billion). The previous month’s earnings prior to the sale were booked as net income from discontinued operations of $200 million (P11.5 billion). This was a 21% jump from the 2024 full-year income. The sale also resulted resulted in a gain on First Gen’s books amounting to $159 million (P9.2 billion) EDC’s attributable recurring income (ex-hydro) at $52 million (P3.0 billion) in 2025 was 31% lower than its recurring income of $75 million (P4.3 billion) in 2024. EDC’s Bacman and Palinpinon geothermal plants produced more kilowatt- hours in 2025, but this was partially offset by a decrease in gross sales volume in Leyte and Mindanao due mostly to well workovers and maintenance activities. Aside from a reduction in spot market prices, EDC also had higher interest expenses from more debt following the execution of its drilling operation program and project expansions. EDC has completed 77 megawatts (MW) of geothermal growth and 40 megawatt-hours of battery and energy storage projects, with additional 6 MW of geothermal to be commissioned in 2026. The hydro platform’s contribution to First Gen’s recurring earnings was at $33 million (P1.9 billion) for 2025, a 73% rise from its 2024 recurring income of $19 million (P1.1 billion). The attributable recurring net income of the Pantabangan-Masiway power plants (PMHC) outperformed at $16 million (P949 million) from only $3 million (P180 million) in 2024. PMHC had a greater starting elevation in 2025 that resulted in a larger volume of electricity sold. This was made possible by more irrigation, as well as higher power supply contract prices. “The previous year brought about a fundamental change in First Gen as we decided to sell down our controlling stake in the gas assets. We decided to strategically pivot into our renewable energy investments. 2026 will be the year EDC’s investments in its drilling program bear significant fruit, while the recently announced partnership with Prime Infra for the 600-MW Wawa and 1,400-MW Pakil pumped storage hydro projects marks our debut as greenfield hydro developers,” First Gen president Giles Puno said.