FIRST Gen Corp. on Wednesday reported an attributable recurring net income of P15.20 billion for 2025, up 8 percent from P13.90 billion and driven largely by improved earnings from its hydro portfolio but partially offset by softer revenues from subsidiary Energy Development Corp. (EDC).
In a statement, First Gen said higher water levels enabled its hydro plants to generate more kilowatt-hours last year while EDC’s income declined due to lower electricity spot market prices and increased expenses.
Total revenues grew 6 percent to P52.1 billion from P48.9 billion as a result of greater volume of electricity sold.
Geothermal, wind and solar plants under EDC accounted for 87 percent of total consolidated revenues, while 11 percent came from hydroelectric plants, with the balance coming from its affiliates and parent firm First Philippine Holdings Corp.
First Gen also said that following the sale of a 60-percent stake in its natural gas business to Prime Infrastructure Capital, Inc. in November for P50 billion as part of its pivot to renewable energy investments, it would no longer be consolidating the various natural gas assets in its portfolio.
Equity in net earnings from the remaining 40 percent stake starting November and onwards was reflected as income in the amount of P700 million, with the sale also resulting in a gain of P9.2 billion on the company’s books.
"The previous year brought about a fundamental change in our company as we decided to sell down our controlling stake in the gas assets,” President and COO Francis Giles Puno said.
He added that 2026 “will be the year that EDC’s investments in its drilling program bear significant fruit, while the recently announced partnership with Prime Infra for the 600-megawatt Wawa and 1400-MW Pakil Pumped Storage Hydro Projects marks our debut as greenfield hydro developers.”
By business segment, EDC's attributable recurring income (ex-hydro) fell 31 percent to P3 billion from P4.3 billion in 2024 as the higher electricity produced by its Bacman and Palinpinon geothermal plants was partially offset by lower gross sales in Leyte and Mindanao and lower spot market prices, compounded by higher interest expenses.
The hydro platform, on the other hand, contributed recurring earnings of P1.9 billion, up 73 percent from the previous year’s P1.1 billion, supported by the strong performance of the 132-MW Pantabangan-Masiway power plants.
First Gen shares on Wednesday shed P0.04, or 0.24 percent, to close at P16.96 apiece.
