First Gen Corp. reported a 3 percent increase in recurring net income for the first nine months of 2025, reaching US$212 million (₱12.1 billion) from UD$205 million (₱11.6 billion) in the same period last year.
The company attributed the growth mainly to higher earnings from its hydroelectric portfolio and steady performance of its natural gas business. Hydro earnings surged 65 percent to US$23 million (₱1.32 billion), boosted by greater electricity sales and higher contract prices.
Despite the income gain, revenues slipped 3 percent to US$1.79 billion (₱102 billion) from US$1.85 billion (₱104.6 billion) a year ago, due largely to lower electricity sales from its natural gas plants, particularly after the San Gabriel plant’s supply deal with Meralco expired in February 2024.
Natural gas accounted for 65 percent of total revenues, followed by geothermal, wind, and solar at 31 percent, and hydro at 4 percent.
President and COO Francis Giles Puno said the company was “happy to see steady income growth” despite weaker demand and lower power prices, noting that talks with Meralco are ongoing to extend the Santa Rita power purchase agreement, which he described as vital to energy security.
First Gen currently operates 3,668 MW of capacity, including 1,651 MW of renewable energy and 2,017 MW of natural gas in partnership with Prime Infrastructure Capital.
For 2025, the firm allocated US$601 million in capital spending, with 90 percent earmarked for Energy Development Corp. projects such as geothermal well drilling and battery storage.
The company aims to expand total capacity to 13,000 MW within five years and invest up to US$20 billion by 2030 to support its growth plans.
