Lopez-led First Gen Corp. (FGEN) kept its first-half attributable recurring net income flat at P8.6 billion from P8.4 billion a year ago, as a surge in hydroelectric earnings offset weaker results from its geothermal and natural gas businesses.

“First Gen’s steady performance in the first half of 2025 was an achievement as the industry was affected by a softer increase in power demand, as well as lower electricity prices.

We, however, continue to see challenging market conditions with the local economy not performing as strong as expected in 2025,” First Gen President and COO Francis Giles B. Puno said in a stock exchange disclosure on Tuesday.

Consolidated revenues dropped 5 percent to P69.3 billion from P72.1 billion, mainly on lower sales from its natural gas plants, particularly the 420-megawatt San Gabriel plant after its power supply deal with Manila Electric Co. expired in February 2024. The segment made up 66 percent of revenues, geothermal and other renewables 30 percent, and hydro 4 percent.

Recurring earnings from the natural gas portfolio slipped 4 percent to P5.5 billion, as gains from the Santa Rita, San Lorenzo, and Avion plants were outweighed by San Gabriel’s weaker merchant sales.

FGEN LNG Corp., which began commercial operations in January, contributed P1.3 billion from terminal fees.

Energy Development Corp.’s (EDC) attributable recurring income, excluding hydro, fell 22 percent to P2 billion from P2.5 billion due to weaker sales, lower spot prices, and higher interest expenses.

EDC is pursuing geothermal and battery storage projects this year, including the newly opened 20MW Tanawon facility.

Hydro platform earnings surged 231 percent to P850 million from P254 million, driven by the Pantabangan-Masiway plants’ P715 million output and the Casecnan plant’s P140 million after a full six months of operations.