First Gen Q1 Profit Drops 24% Following Gas Portfolio Stake Sale

First Gen Corporation reported a 24% decline in attributable net income for the first quarter of 2026, posting ₱3.6 billion compared with ₱4.8 billion in the same period last year.

The company’s geothermal, wind, and solar assets under Energy Development Corporation accounted for 88% of consolidated revenues, while hydroelectric assets contributed 11%. (Photo: Energy Development Corporation)

The decline reflected the company’s sale of a 60% stake in its natural gas portfolio to Prime Infrastructure Capital Inc. in November 2025. As a result, First Gen now reports only its 40% share in the gas plants and a 20% stake in the Interim Offshore LNG Terminal.

Despite the drop in earnings, revenues rose 32% to ₱15.3 billion, driven by higher electricity sales volumes and improved pricing.

The company’s geothermal, wind, and solar assets under Energy Development Corporation accounted for 88% of consolidated revenues, while hydroelectric assets contributed 11%.

EDC’s recurring income rose 16% to ₱1.4 billion due to higher steam availability and improved output from its Leyte, Bacman, and Mindanao geothermal facilities. Newly operational battery energy storage systems also contributed fresh revenues.

However, the Burgos Wind project underperformed due to weaker wind conditions and outages.

Meanwhile, the hydro portfolio posted weaker earnings as the Casecnan Power Plant suffered from lower water levels and higher interest expenses, partially offset by strong performance from the Pantabangan-Masiway plants.

First Gen President and COO Francis Giles B. Puno said the company expects momentum from its geothermal and storage projects to continue through the year while maintaining investments in pumped hydro and solar projects.