First Gen Corp. (FGEN) saw its attributable net income slump 24 percent in the first quarter to P3.6 billion from P4.8 billion a year ago, as the Lopez-led energy firm felt the earnings impact of selling a controlling stake in its natural gas portfolio late last year.

In a regulatory filing on Wednesday, the company said the decline came despite stronger revenues and improved performance from its renewable energy business, particularly geothermal operations under Energy Development Corp. (EDC).

Revenues during the January-to-March period climbed 32 percent to P15.3 billion from P11.6 billion in 2025, driven by higher electricity sales volumes and improved power prices.

However, FGEN said the sale of a 60 percent stake in its gas portfolio in November 2025 meant the company now only books its 40 percent share in the operating natural gas plants and a 20 percent interest in the Interim Offshore LNG Terminal.

RE operations main revenue driver

Nonetheless, renewable energy operations remained the company’s main revenue driver, with EDC’s geothermal, wind, and solar portfolio accounting for 88 percent of consolidated revenues. Hydroelectric plants contributed 11 percent.