Lopez-led First Gen Corp., a listed Philippine power generation company whose portfolio spans natural gas, geothermal, hydropower, wind, and solar assets, posted a 29.3% year-on-year increase in attributable net income for the third quarter, reaching P3.97 billion from P3.07 billion in the same period last year, as electricity sales climbed.

Revenue for the July-to-September period more than doubled to P27.06 billion from P12.54 billion a year earlier, according to the company's quarterly financial disclosure released on Thursday.

The stronger revenues came alongside a steep rise in expenses. Costs of electricity and liquefied natural gas (LNG) sales jumped 95.4% to P16.19 billion from P8.28 billion in the year-ago period — growth that came close to matching the top line's pace and helps explain why profit gains trailed revenue.

Nine-Month Performance

For the first nine months of 2026, First Gen's attributable net income edged up 0.7% to P12.39 billion from P12.30 billion a year earlier. Revenues for the January-to-September period surged 88% to P68.21 billion from P36.28 billion, lifted by higher contributions from its power generation businesses.

The geothermal, wind, and solar operations under Energy Development Corp. (EDC) accounted for the largest share of revenues at P49.20 billion — roughly 72% of the nine-month total — a 56.4% increase from a year earlier.

"This was driven by higher average selling prices compared to the same period last year, coupled with an increase in gross sales volume from Unified Leyte, Mindanao, and Bacman, as well as the start of operations of the BESS (battery energy storage system) units from September to December 2025," First Gen said. Unified Leyte, Mindanao, and Bacman are geothermal assets within EDC's portfolio.

The company also credited higher electricity sales and contributions from battery energy storage systems — which store power for discharge when the grid needs it — that began operating last year.

Hydropower Growth

Revenue from the hydropower business rose 11.5% to P4.74 billion, supported by higher electricity sales and favorable average selling prices in the reserve market, where generators are paid for capacity kept on standby to support grid stability. The increase was driven mainly by First Gen Hydro Power Corp. (FG Hydro), which operates the 132-megawatt (MW) Pantabangan-Masiway hydroelectric power plant in Nueva Ecija.

Despite the revenue growth, First Gen's attributable net income for the nine-month period was largely unchanged, as higher costs offset the increase in electricity sales. Whether electricity and LNG cost growth continues to track revenue gains will be a thread to follow when the company's full-year results are released.

"By unlocking value from its core renewable portfolio and rapidly commercializing energy storage technologies, the company has managed to maintain, if not improve, its bottom line even while structurally downsizing its natural gas exposure," First Gen President and Chief Operating Officer Francis Giles B. Puno said.

At the local bourse on Thursday, First Gen shares fell 1.23% to close at P19.30 apiece. — Sheldeen Joy Talavera