First Gen Corporation, a major clean energy company in the Philippines under the Lopez Group, earned Php3.6 billion in the first three months of 2026. This is 24% lower compared to the Php4.8 billion they made during the same period in 2025, according to the company’s report.

Why Did Earnings Go Down?

The main reason for this drop is simple: First Gen sold a big part of its natural gas business. In November 2025, the company sold 60% of its natural gas operations to another company called Prime Infrastructure Capital, Inc. (Prime Infra). Think of it like selling more than half of your toy collection to a friend—you still have some toys, but not as many as before.

Now, First Gen only owns 40% of the natural gas plants and 20% of an offshore gas terminal. This means they only get a smaller share of the money these plants make. Before the sale, they got 100% of the earnings from these gas plants.

But Revenue Actually Went Up!

Interestingly, the company’s total revenue (the money coming in before expenses) actually increased by 32%. First Gen made Php15.3 billion in revenue during the first quarter of 2026, compared to Php11.6 billion in the same period of 2025. That’s Php3.7 billion more!

This happened because their power plants sold more electricity at higher prices during this period.

Where Does First Gen’s Money Come From Now?

After selling most of their natural gas business, First Gen’s revenue now comes from different sources:

• 88% comes from their geothermal, wind, and solar power plants (managed through their subsidiary called EDC)
• 11% comes from hydroelectric power plants (water-powered plants)
• The remaining small portion comes from other sources

The Good News: Geothermal Business Is Doing Better

Energy Development Corporation (EDC), which is First Gen’s geothermal arm, performed well. EDC earned Php1.4 billion in the first quarter of 2026, which is 16% higher than the Php1.2 billion it made in the same period last year.

EDC’s power plants in Leyte, Bacman, and Mindanao sold more electricity, and all their geothermal plants benefited from higher electricity prices. Additionally, EDC’s new Battery and Energy Storage System (BESS) projects started making money. These battery projects began operating between September and December 2025.

However, the Burgos Wind farm didn’t do as well because of lower wind speeds and some equipment problems.

Hydro Plants: Mixed Results

The hydroelectric (water-powered) plants had mixed results:

Pantabangan-Masiway Power Plants (PMHC): This 132MW plant did very well, earning Php560 million compared to Php373 million in 2025. It had plenty of water stored up, which meant it could generate and sell more electricity.

Casecnan Power Plant: This 165MW plant had a tough time, reporting a loss of Php181 million compared to a profit of Php242 million the year before. The main problems were low water levels and interest payments on loans (which have since been paid off).

According to the report, PMHC usually generates the most power in the first half of the year, while Casecnan performs better in the second half.

What About the Natural Gas Business They Still Own?

Even though First Gen now only owns 40% of the natural gas portfolio, that part of the business still contributed Php1.5 billion to their earnings. The gas plants actually performed better overall, earning Php3.9 billion total (100%) in Q1 2026, which is Php150 million more than the previous year.

What the Company Says

Francis Giles B. Puno, First Gen’s President and COO, expressed satisfaction with the results. He highlighted that the geothermal business performed strongly thanks to their drilling program started in 2024, the new battery storage projects, and good market prices. He also noted that their partnership with Prime Infra is working well, with the gas plants performing better than expected.

About First Gen Corporation

First Gen is one of the leading independent power producers in the Philippines. The company focuses on clean and renewable energy sources like geothermal, hydroelectric, wind, and solar power. With 1,764.2MW of installed capacity, First Gen is the country’s largest renewable energy producer. The company is part of First Philippine Holdings Corporation and the Lopez Group of Companies, and has over 20 years of experience in the power industry.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.