First Gen 1Q25 Attributable Recurring Net Income at US$77M

First Gen Corporation, the Lopez Group‘s clean and renewable energy provider, reported a 4% decrease in attributable recurring net income for the first quarter of 2025 at US$77 million (P4.49 billion) in comparison to US$81 million (P4.52 billion) for the same quarter in 2024. Energy Development Corporation’s (EDC) geothermal portfolio produced lower recurring net income versus the same period last year mainly from the decline of its revenues due to lower generation volumes as certain plants underwent maintenance activities, lower spot market prices, and the incurrence of new debt. First NatGas Power Corp., the owner of the 420MW San Gabriel natural gas-fired power plant (San Gabriel), likewise continued to experience a drop in revenues as its power supply agreement with Meralco expired last February 2024.

The Company generated US$583 million (P33.8 billion) in revenues in the first ninety days of 2025, a slight 2% decrease of US$13 million (P0.5 billion) from US$596 million (P33.3 billion) in 2024. The lower revenues are a result of lower volumes of electricity sold during the quarter across the natural gas and geothermal platforms. In contrast, the hydroelectric power plants had a better start in 2025 as the rains from the previous year enabled higher power production. The natural gas portfolio accounted for 66% of First Gen’s total consolidated revenues, while 30% came from EDC’s geothermal, wind, and solar plants. The 4% balance comes from the Company’s hydroelectric power plants.

The natural gas power plants reported a 7% increase in recurring earnings for the first quarter of 2025 to US$46 million (P2.7 billion) from US$43 million (P2.4 billion) in 1Q24. First Gen’s 1,000MW Santa Rita Power Plant, 500MW San Lorenzo Power Plant and the 97MW Avion Power Plant all reported higher recurring earnings due mostly to savings on interest expenses from their lower outstanding debt. San Gabriel, however, posted lower earnings resulting from its merchant sales position.

In addition, FGEN LNG Corporation (FGEN LNG) started contributing revenues as it started commercial operations last January. It earned a recurring net income of $7 million in the first quarter of 2025.

EDC’s recurring income (ex-hydro) at US$20 million (P1.2 billion) in the first quarter of 2025 was 22% lower than its recurring income of US$26 million (P1.4 billion) in 2024. The geothermal power plants under EDC generated lower sales and operating income due to a reduction in electricity prices and electricity sold, as well higher interest expenses from greater debt following the execution of its drilling operation program and project expansions. Recall that EDC has 83MW of geothermal growth and 40MWh peak of battery and energy storage projects this year.

The hydro platform’s contribution to First Gen’s recurring earnings was at US$11 million (Php 619 million) for 1Q25, a 37% surge from its 2024 first quarter recurring income of US$8 million (P435 million). The takeover of the 165MW Casecnan Power Plant (Casecnan) took place on February 26, 2024. In comparison, Casecnan was able to generate sales for the full three months of 2025’s first quarter, resulting in $4 million (P242 million) of recurring income. The recurring income of the 132MW Pantabangan-Masiway power plants (PMHC) was steady at US$7 million (P380 million). PMHC had a higher starting elevation in 2025 that resulted in a higher volume of electricity sold during the period. This was, however, negatively affected by lower electricity prices.

“First Gen’s portfolio of power plants are available for dispatch as the country experiences this punishing heat. We have been hard at work in making sure that the vital resources our Company provides are able to deliver, especially during these coming local elections,” First Gen President and COO Francis Giles B. Puno stated.

*U.S. Dollar balances were translated to Philippine Peso using the weighted average rate of US$1.00:P57.949 for 2025 and US$1.00:P55.885 for 2024. Philippine Peso figures are provided for reference only. First Gen reports it financials in US Dollars.

First Gen is a leading independent power producer in the Philippines that primarily utilizes clean and indigenous fuels such as natural gas, geothermal energy from steam, hydroelectric, wind, and solar power. The Company has 3,668MW of installed capacity in its portfolio, which approximately accounts for 20% of the country’s gross generation. First Gen is a subsidiary of First Philippine Holdings Corporation, one of the most established conglomerates in the Philippines, and has over 20 years of experience in power development. It is part of the Lopez Group of Companies.