First Gen posted P3.6 billion in attributable net income in the first quarter, with the 24 percent decline mainly reflecting the November 2025 sale of a 60 percent stake in its gas portfolio to Enrique Razon Jr.-led Prime Infrastructure Capital.
Even after the deal reduced the earnings consolidated by the Lopez-led firm, revenues still jumped 32 percent to P15.3 billion as its plants sold more electricity at higher prices.
Geothermal drives growth
Geothermal arm Energy Development Corp. (EDC) remained the main growth driver, benefiting from stronger steam availability, higher contracted prices, and fresh revenues from battery storage projects launched late last year.
“The strong first quarter 2026 performance of the geothermal portfolio was largely driven by the drilling program launched in 2024, our newly operating battery storage projects, and better-than-expected contracted market prices,” president and COO Francis Giles B. Puno said in a statement on Wednesday.
The company said geothermal, wind, and solar assets under EDC accounted for 88 percent of consolidated revenues during the quarter.
Meanwhile, First Gen’s remaining 40 percent stake in the gas portfolio still contributed P1.5 billion in equity earnings, while the gas business itself generated P3.9 billion during the period.
Prime Infra partnership
Puno said the group’s partnership with Prime Infra was already producing stronger-than-expected results, helped by the extension of the Santa Rita power supply agreement through June.
“I’m also pleased to see the fruits of our new partnership with Prime Infra as the gas plants are performing better than expected with the Santa Rita Power Purchase Agreement extended until June,” Puno said.
“At the same time, we continue to make our investments in the pump hydro and solar projects,” he added, signaling that First Gen’s long-term renewable expansion remains intact despite the ongoing fight over control of the Lopez group.
—Edited by Miguel R. Camus
