First Gen Corporation, the Philippines’ leading clean and renewable energy provider, today announced its financial results for the first quarter of 2026.
The Company reported a significant 32% increase in consolidated revenues, totaling Php 15.3 billion, driven by robust performance from its renewable energy portfolio and the strategic activation of new storage technologies.
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Consolidated Revenues: Increased to Php 15.3 billion, up from Php 11.6 billion in Q1 2025.
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Attributable Net Income: Reported at Php 3.6 billion. While this represents a 24% decrease from the previous year’s Php 4.8 billion, the figure reflects the strategic 60% stake sale of the Company’s natural gas portfolio to Prime Infrastructure Capital, Inc. (Prime Infra) in November 2025.
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Portfolio Contribution: The Energy Development Corporation (EDC) portfolio (geothermal, wind, and solar) accounted for 88% of total revenues, followed by hydro at 11%.
EDC’s attributable recurring income rose 16% to Php 1.4 billion. This growth was fueled by:
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Increased Generation: Higher steam availability led to greater volume sold from the Leyte, Bacman, and Mindanao plants.
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New Revenue Streams: Three Battery Energy Storage System (BESS) projects, commissioned in late 2025, contributed fresh revenues through ancillary services.
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Drilling Success: The 2024 drilling program and the completion of 88.6MW in geothermal growth in 2025 provided the necessary capacity to capitalize on higher market prices.
The hydro platform contributed Php 382 million to recurring earnings.
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The Pantabangan-Masiway Power Plants (PMHC) saw a stellar quarter, with income rising to Php 560 million due to high reservoir levels and increased participation in the reserve market.
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Conversely, the Casecnan Power Plant reported a loss of Php 181 million due to low water volumes and temporary interest expenses from debt that has since been prepaid.
Under the new ownership structure with Prime Infra, the natural gas portfolio reported improved underlying earnings of Php 3.9 billion (on a 100% basis). First Gen’s 40% equity share contributed Php 1.5 billion to the bottom line. The plants benefited from a mix of indigenous Malampaya gas and LNG, maintaining high competitiveness in the market.
“The strong first-quarter performance of our 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,” said Francis Giles B. Puno, President and COO of First Gen.
“We envisage carrying this momentum into the rest of the year as more wells are activated. I am also pleased with our new partnership with Prime Infra; the gas plants are performing better than expected, and their competitiveness is enhanced by the extension of the Santa Rita Power Purchase Agreement. We remain committed to our growth trajectory with ongoing investments in pumped hydro and solar projects.”
First Gen expects continued contributions from EDC’s growth projects throughout 2026. While the Burgos Wind project faced lower yields this quarter due to wind conditions, the Company’s diversified renewable base and the addition of BESS capacity position First Gen to lead the Philippines’ transition toward a stable, decarbonized energy future.
