First Gen Corporation reported 3% higher attributable recurring net income for the first nine months of 2025 at $212 million (P12.1 billion) in comparison to $205 million (P11.6 billion) for the same period in 2024. 
The company’s hydro portfolio delivered a jump in earnings as it generated higher volumes of power this year, while FGEN LNG Corporation was likewise profitable from its operations.
The company generated $1,787 million (P102.0 billion) in revenues for the first three quarters of 2025, a slight 3% decrease of $60 million (P3.4 billion) from $1,847 million (P104.6 billion) in 2024.
The natural gas portfolio accounted for 65% of First Gen’s total consolidated revenues, while 31% came from Energy Development Corporation’s (EDC) geothermal, wind and solar plants. The 4% balance comes from the company’s hydroelectric power plants.
The natural gas power plants reported an 8% decline in recurring earnings for the first three quarters of 2025 to $138 million (P7.9 billion) from $149 million (P8.5 billion) in 2024.
FGEN LNG, on the other hand, earned a recurring net income of $31 million (P1.8 billion) as of the third quarter of 2025. First Gen disclosed last July that San Gabriel, together with the other natural gas-fired power plants as well as the LNG terminal, are the subject of a 60% equity stake purchase by Prime Infrastructure Capital Inc.
To date, the parties are still working toward fulfillment of all conditions precedent to the closing of the transaction.
EDC’s attributable recurring income (ex-hydro) at $38 million (P2.2 billion) in the first nine months of 2025 was 36% lower than its recurring income of $60 million (P3.4 billion) in 2024. The geothermal power plants under EDC generated lower sales and operating income due to a reduction in spot market prices as well as higher interest expenses from more debt following the execution of its drilling operation program and project expansions.
The hydro platform’s contribution to First Gen’s recurring earnings was at $23 million (P1,313 million) for 9M25, a 65% surge from its 2024 recurring income of $14 million (P793 million). The attributable recurring net income of the Pantabangan-Masiway power plants outperformed at $13 million (P742 million) from only $3 million (P170 million) last year.
Likewise, the Casecnan Power Plant was able to generate sales for the full nine months of 2025 that resulted in $11 million (P628 million) of recurring income.
“As a whole, we were happy to see First Gen’s net income steadily increase this year. This was despite industry dynamics of lower electricity prices and softer demand. We also continue to negotiate with Meralco for an extension of the Santa Rita power purchase agreement as the plant is critical to the country’s energy security,” First Gen president and COO Giles Puno said.
