First Gen Corp. on Tuesday reported a 4-percent increase in net income attributable to the equity holders of the parent company to $215.4 million in the first nine months of 2025 from $207 million in the same period last year.
The Lopez-led company attributed the growth to higher contributions from its liquefied natural gas (LNG) and hydro power businesses.
Attributable recurring net income for the nine-month period rose 3 percent to $212 million from $205 million in 2024.
First Gen president and chief operating officer Francis Giles Puno said the company was pleased with the steady increase in net income despite industry dynamics that included lower electricity prices and softer demand.
He said the company continues to negotiate with Manila Electric Co. (Meralco) for an extension of the Santa Rita power purchase agreement, highlighting the plant’s importance to the country’s energy security.
Total revenues in the first three quarters were $1.787 billion (P102 billion), a slight 3-percent decline from $1.847 billion in 2024.
This lower revenue was primarily due to a reduced volume of electricity sold by the natural gas platform.
FGEN LNG Corp., meanwhile, earned a recurring net income of $31 million as of the third quarter of 2025. The company’s hydro portfolio delivered a jump in earnings as it generated higher volumes of power this year.
The hydro platform’s contribution to First Gen’s recurring earnings surged 65 percent to $23 million from its 2024 recurring income of $14 million.
The attributable recurring net income of the 132-MW Pantabangan-Masiway power plants outperformed at $13 million from just $3 million last year, due to a higher starting elevation in 2025, which resulted in a higher volume of electricity sold and higher power supply contract prices.
The 165-MW Casecnan Power Plant generated sales for the full nine months, resulting in $11 million of recurring income, following its takeover on Feb. 26, 2024.
Energy Development Corp. (EDC), First Gen’s geothermal arm, suffered from lower revenues due to a reduction in spot market prices, which also caused its attributable recurring income (excluding hydro) in the first nine months to fall 36 percent to $38 million (P2.2 billion) from $60 million in 2024.
Geothermal power plants under EDC also had higher interest expenses from more debt following the execution of its drilling operation program and project expansions. EDC’s geothermal, wind and solar plants accounted for 31 percent of First Gen’s consolidated revenues.
