First Gen Corp. posted a attributable recurring net income of P12.5 billion for the first nine months of 2026, edging higher from the P12.1 billion recorded in the same period a year earlier, the company announced Thursday.
The result was achieved even as the firm accounted for the sale of a 60 percent stake in its natural gas portfolio. For the current period, First Gen only reports its remaining 40 percent share of earnings from its operating natural gas plants, alongside its 20 percent interest in the interim offshore liquefied natural gas terminal.
Revenues surged to P68.2 billion over the nine-month period, climbing 88 percent from P36.3 billion in 2025, driven by higher electricity sales volumes and elevated power prices across its facilities.
Francis Giles Puno, First Gen president and chief operating officer, said the figures underscore a successful strategic pivot. “First Gen’s 2026 performance demonstrates a successful pivot. By unlocking value from its core renewable portfolio and rapidly commercializing energy storage technologies, the company has managed to maintain, if not improve, its bottom line even while structurally downsizing its natural gas exposure,” Puno stated.
The company now operates more than 1,700 megawatts of renewable energy capacity across 31 geothermal, wind, solar and hydro facilities. It retains a 40 percent stake in four natural gas-fired power plants with a combined 2,017-megawatt capacity, operated by Prime Infrastructure Capital Inc., supporting the country’s energy supply and security. First Gen also holds a 33 percent equity share in Prime Infra’s pumped storage hydropower projects in Rizal and Laguna provinces. Beyond power generation, the company offers energy efficiency solutions including on-site solar installations, remote monitoring systems and energy audits to help businesses manage consumption better.
