First Gen Corp. posted an 8 percent increase in attributable recurring net income for 2025 to USD264 million (P15.2 billion), driven by stronger hydro output and higher electricity sales, as the company accelerates its shift toward renewable energy.
Revenues rose 6 percent to USD906 million (P52.1 billion), reflecting higher volumes of electricity sold during the year.
The company’s generation mix continued to tilt toward clean energy, with geothermal, wind, and solar assets under Energy Development Corp. accounting for 87 percent of total revenues, while hydro contributed 11 percent.
Hydropower emerged as a key earnings driver, with recurring income surging 73 percent to USD33 million on improved water levels and stronger output from the Pantabangan-Masiway plants.
This helped offset weaker performance from EDC, whose recurring income fell 31 percent to USD52 million due to lower wholesale electricity spot market prices, reduced sales volumes in some regions, and higher maintenance and financing costs.
A major inflection point came in November, when First Gen sold a 60 percent stake in its natural gas business to Prime Infrastructure Capital Inc. for P50 billion.
The deal deconsolidated key gas assets and resulted in a one-time gain of USD159 million (P9.2 billion), while shifting future earnings to equity income from its remaining 40 percent stake.
The move underscores First Gen’s strategic pivot away from fossil fuels toward renewables.
“We decided to strategically pivot into our renewable energy investments,” said President and COO Francis Giles B. Puno.
Puno said that 2026 will be a “breakout year” as investments in geothermal drilling begin to deliver results, alongside new hydro projects with Prime Infra, including the 600-megawatt Wawa and 1,400-megawatt Pakil pumped storage facilities.
