First Gen recurring income rises to P12.5B in 9M

First Gen Corporation reported a slight increase in attributable recurring net income to P12.5 billion in the first nine months of 2026, from P12.1 billion a year earlier, as stronger geothermal earnings helped offset weaker contributions from its hydroelectric operations.

The performance came despite the company’s sale of a 60% stake in its natural gas portfolio to Prime Infrastructure Capital Inc. in November 2025. First Gen’s current-period results reflect only its remaining 40% share in the operating gas plants and 20% stake in the Interim Offshore LNG Terminal.

Consolidated revenues climbed 88% to P68.2 billion from P36.3 billion, driven by higher electricity sales volumes and prices from the geothermal facilities of Energy Development Corporation (EDC).

“First Gen’s 2026 performance demonstrates a successful pivot. By unlocking value from its core renewable portfolio and rapidly commercializing energy storage technologies, the company has managed to maintain, if not improve, its bottom line even while structurally downsizing its natural gas exposure,” First Gen president and chief operating officer Francis Giles B. Puno said.

EDC’s attributable recurring income, excluding hydro, surged 179% to P6.6 billion from P2.4 billion. The company attributed the increase to greater electricity sales, improved power prices and additional revenue from battery energy storage system projects that began commercial operations between September and December 2025.

EDC’s geothermal, wind and solar portfolio accounted for 72% of First Gen’s consolidated revenues, while its hydroelectric plants contributed 7%.

The hydro platform, meanwhile, recorded a 17% decline in recurring earnings to P1.1 billion from P1.3 billion. Lower water inflows and higher replacement power costs weighed on the performance of the Pantabangan-Masiway and Casecnan power plants.