First Gen Corp. reported PHP 15.3 billion in revenues for the first quarter of 2026, up 32% from PHP 11.6 billion in the same period last year, driven by higher electricity sales volumes and stronger prices across its power plants.

In a disclosure filed today, the Lopez-led energy firm said its renewable energy portfolio accounted for the majority of output during the period, with geothermal, wind and solar assets under Energy Development Corporation (EDC) contributing 88% of total consolidated revenues. 

Hydroelectric plants made up 11%, while the remainder came from affiliates and the parent company.

EDC posted attributable recurring income (excluding hydro) of PHP 1.4 billion in the first three months, 16% higher than PHP 1.2 billion a year earlier, supported by increased generation from its Leyte, Bacman and Mindanao geothermal facilities and improved market prices. 

The company also recorded new revenues from its battery energy storage system (BESS) projects, which began commercial operations between September and December 2025 and are now supplying ancillary services.

The Burgos wind project, however, registered lower generation due to weaker wind conditions and outages, while higher debt tied to drilling and expansion activities led to increased interest expenses. EDC completed 88.6 megawatts of geothermal capacity additions and 40 megawatt-hours of battery storage in 2025.

The hydro platform posted PHP 382 million in recurring earnings for the quarter, down from PHP 612 million a year ago, as lower water availability weighed on the Casecnan plant, which swung to a net loss of PHP 181 million. This offset stronger performance from the Pantabangan-Masiway complex, which generated PHP 560 million in income on higher reservoir levels, increased generation and improved ancillary service revenues.

First Gen’s attributable net income declined to PHP 3.6 billion from PHP 4.8 billion a year earlier, reflecting reduced contributions from its natural gas portfolio following the sale of a 60% stake to Prime Infrastructure Capital, Inc. in November 2025. The current period reflects only the company’s 40% share in the gas plants and a 20% stake in the interim offshore LNG terminal.

Equity earnings from the remaining gas stake amounted to PHP 1.5 billion, while the gas portfolio itself recorded PHP 3.9 billion in earnings for the quarter, higher than the previous year.

“The strong 1st quarter 2026 performance of the 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.” First Gen President and COO Francis Giles B. Puno said. “We envisage to carry this momentum into the rest of the year as more wells are activated and as we continue to see contributions from EDC’s new growth projects.”

“I’m also pleased to see the fruits of our new partnership with Prime Infra as the gas plants are performing better than expected with the Santa Rita Power Purchase Agreement extended until June,” he added. “The competitiveness of the natural gas plants is enhanced as they benefit from indigenous Malampaya gas combined with LNG when necessary. At the same time, we continue to make our investments in the pump hydro and solar projects.”

The company’s results reflect a portfolio increasingly led by renewable energy assets, alongside continued participation in the natural gas segment through its remaining stake.

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