FIRST Gen Corp. on Wednesday reported a 1.16 percent in earnings for the first half (H1) of 2026 despite posting markedly higher revenues.
In a disclosure, First Gen reported an attributable net income of P8.7 billion, up slightly from the previous year’s P8.6 billion, even as revenues soared 73 percent to P41.1 billion from P23.7 billion as the company’s power plants sold more electricity at higher prices during the period.
First Gen said first-half results reflected only a 40-percent share of net income in operating natural gas plants and its 20-percent stake in an offshore liquefied natural gas terminal following last year’s sale of a 60-percent controlling stake in its natural gas portfolio to Prime Infrastructure Capital Inc.
The company’s geothermal unit, Energy Development Corp. (EDC), saw its attributable recurring income jump by 97 percent to P3.8 billion from P1.9 billion as majority of EDC’s geothermal plants sold more electricity. EDC’s plants also benefited from higher contracted prices and better steam availability.
The geothermal, wind and solar portfolio under EDC accounted for 73 percent of First Gen’s total consolidated revenues. Eight percent came from its hydroelectric power plants and the balance from parent company operations and other subsidiaries.
First Gen said EDC’s battery and energy storage system projects, commissioned last year, also generated fresh revenues from ancillary services.
The company’s hydro platform, on the other hand, saw its recurring earnings contribution drop by 48 percent to P433 million from P826 million last year, which was attributed to the contrasting performances of the Pantabangan-Masiway and Casecnan power plants.
Pantabangan-Masiway delivered earnings of P732 million while Casecnan posted an attributable recurring net loss of P304 million, said to be due to lower water volume and debt-related interest expenses.
“Pantabangan-Masiway started 2026 well with high water elevation at its dam and this enabled the plants to provide the power needed during the scorching summer months. However, our hydro plants are now slowly feeling the effects of El Niño as dry spells and droughts have resulted in minimal incremental water elevation,” First Gen President and COO Francis Giles Puno said.
“Fortunately, the strong 2026 performance of the geothermal portfolio continues as more steam is harnessed and was made possible by the drilling program launched in 2024. Our new battery projects also continue to contribute to revenue growth. Contracted and spot market prices have also been better this year,” Puno added.
First Gen shares on Wednesday surged P6.05, or 28.4 percent, to close at P27.35.
