First Gen’s recurring net income up 3% in 9M

Hydro earnings rose on higher output, whilst FGEN LNG stayed profitable.

First Gen Corp. posted a 3% increase in attributable recurring net income for the first nine months of 2025 (9M 2025), reaching $212m (PHP 12.1b).

The company’s hydro portfolio saw higher earnings due to increased power output, whilst FGEN LNG also remained profitable.

First Gen generated $1.787b (PHP 102b) in revenue in the first three quarters, down 3% from the same period last year.

The decline was largely due to lower electricity sales from its natural gas operations, particularly the 420-megawatt San Gabriel power plant, whose revenue fell after its power supply agreement with Meralco ended in February 2024.

Energy Development Corp. (EDC), First Gen’s geothermal unit, also saw revenues decline amidst lower spot market prices.

Natural gas facilities accounted for 65% of First Gen’s consolidated revenue, whilst EDC’s geothermal, wind, and solar assets contributed 31%.

Earnings from natural gas plants fell 8% to $138m (PHP 7.9b) for the first three quarters of 2025, due to weaker merchant sales at San Gabriel.

FGEN LNG reported recurring net income of $31m (PHP 1.8b) as of September.

EDC’s attributable recurring income, excluding hydro, dropped 36% to $38m (PHP 2.2b), weighed down by lower sales, reduced spot prices, and higher interest expenses linked to its drilling and expansion projects.

Meanwhile, First Gen’s hydro operations contributed $23m (PHP 1.313b) in recurring earnings, a 65% increase from 2024.