First Gen Corp. reported a 24 percent drop in net income for the first quarter of 2026, earning P3.6 billion compared to P4.8 billion in the same period last year.
The decline was mainly due to the company’s reduced stake in its natural gas business after selling 60 percent of its gas portfolio. As a result, current earnings only reflect its remaining 40 percent share in gas plants and a 20 percent stake in an offshore LNG terminal.
Despite this, First Gen saw stronger performance in its renewable energy business. Its geothermal unit, Energy Development Corp. (EDC), posted higher earnings driven by increased electricity sales and improved steam supply.
Total revenues rose 32 percent to P15.3 billion from P11.6 billion last year, boosted by higher power sales volumes and better prices.
Renewables made up the bulk of revenues, with geothermal, wind, and solar contributing 88%, while hydroelectric plants accounted for 11 percent.
The company said its geothermal growth was supported by new drilling projects, battery storage systems, and favorable market prices. It expects this momentum to continue for the rest of the year.
First Gen currently operates over 1,700 megawatts of renewable energy capacity and retains interests in natural gas and hydropower projects through partnerships.
