First Gen H1 2025 Attributable Recurring Net Income at US$151M

​First Gen Corporation (First Gen or the Company), the Lopez Group‘s clean and renewable energy provider, reported flat attributable recurring net income for the first semester of 2025 at US$151 million (P8.6 billion) in comparison to US$150 million (P8.4 billion) for the same semester in 2024. Energy Development Corporation’s (EDC) geothermal portfolio produced lower recurring net income in the first two quarters of 2025 caused by lower revenues due to a reduction in spot market prices and higher finance charges, which were attributable to the incurrence of new debt to finance EDC’s massive drilling program and growth projects. First NatGas Power Corp., the owner of the 420MW San Gabriel natural gas fired power plant (San Gabriel), likewise experienced a drop in revenues as its power supply agreement with Meralco expired in February 2024.

The Company generated US$1,213 million (P69.3 billion) in revenues for the first half of 2025, a 5% decrease of US$65 million (P2.8 billion) from US$1,278 million (P72.1 billion) in 2024. The lower revenues are a result of lower volumes of electricity sold during the period in the natural gas platform, particularly San Gabriel. The hydroelectric power plants though enjoyed positive financial momentum in 1H25 as high water levels and increased irrigation requirements 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 4% decrease in recurring earnings for the first semester of 2025 to US$96 million (P5.5 billion) from US$100 million (P5.6 billion) in 1H24. Even if 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 -- mostly from savings on interest expenses from lower outstanding debt and less operating expenses, the depressed earnings from San Gabriel’s merchant sales position negatively outweighed the benefits.

FGEN LNG Corporation (FGEN LNG) started contributing revenues as it commenced commercial operations last January. It earned a recurring net income of US$22 million (P1.3 billion) in the first half of 2025 as it billed the natural gas plants for terminal fees.
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EDC’s attributable recurring income (ex-hydro) at US$34 million (P2.0 billion) in the first half of 2025 was 22% lower than its recurring income of US$44 million (P2.5 billion) in 2024. The geothermal power plants under EDC generated lower sales and operating income due to a reduction in electricity prices, as well as higher interest expenses from more 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 20MW Tanawon geothermal project was recently inaugurated last August 1, 2025, and forms part of the 83MW of growth.

The hydro platform’s contribution to First Gen’s recurring earnings was at US$15 million (P850 million) for 1H25, a 231% surge from its 2024 first semester recurring income of US$5 million (P254 million). The attributable recurring net income of the 132MW Pantabangan-Masiway power plants (PMHC) outperformed expectations at US$13 million (P715 million) from only US$4 million (P219 million) last year. PMHC had a higher starting elevation in 2025 that resulted in a higher volume of electricity sold, and increased capacity sold to the Reserve Market during the period. This was magnified by more irrigation requirements and an additional planting cycle, as well as higher power supply contract prices. Likewise, the 165MW Casecnan Power Plant (Casecnan) was able to generate sales for the full six months of 2025 that resulted in US$2 million (P140 million) of recurring income. The takeover of the 165MW Casecnan Power Plant (Casecnan) took place on February 26, 2024.

“First Gen’s steady performance in the first half of 2025 was an achievement as the industry was affected by a softer increase in power demand, as well as lower electricity prices. We, however, continue to see challenging market conditions with the local economy not performing as strong as expected in 2025,” First Gen President and COO Francis Giles B. Puno stated.

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 3,675MW1 of installed capacity in its portfolio, which approximately accounts for 12% 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.