The Regenerative Mandate: A Year of Strategic Recalibration
This report provides a comprehensive disclosure of First Gen’s strategic trajectory and operational performance for 2025. It documents our transition journey from a wholesale power generator to a partner in customer decarbonization, detailing the deliberate optimization of our asset portfolio to drive long-term growth. Here, we integrate financial data with non-financial impact across our six capitals, providing a transparent view of how we manage the inherent tensions of the energy transition while creating lasting value (see Business Environment).
We reaffirm our commitment to proactive disclosure and reporting integrity—moving beyond regulatory compliance to provide an accountable roadmap for our journey toward a decarbonized and regenerative future.
Reporting Organization: A Leading Producer of Low-Carbon Energy in the Philippines
The reporting entity is First Gen Corporation (“First Gen,” “the Company”), a publicly listed company in the Philippines with office address at the 6th Floor, Rockwell Business Center Tower 3, Ortigas Avenue, Pasig City, Metro Manila. First Gen and its power subsidiaries operate in the Philippines’ three major island groups: Luzon, Visayas, and Mindanao.
Operational Boundaries and Reporting Scope
The 2025 Integrated Report (“Report”) presents material information on First Gen’s governance structure, strategy, business model, external environment, and risk management approach. The scope encompasses our performance across the six capitals—financial, manufactured, human, intellectual, natural, and social and relationship—evaluating how these inputs generate value for our pentad stakeholders.
PORTFOLIO AND REPORTING BOUNDARY
Our reporting boundary extends to all entities over which First Gen exercises significant influence or operational control. This includes our diversified generation portfolio across the Philippines:
- Geothermal: Power plants in Leyte, Negros Oriental, Albay-Sorsogon, and North Cotabato under Energy Development Corporation (EDC)
- Hydro: Power plants in Nueva Ecija under First Gen Hydro Corporation (FG Hydro) and Fresh River Lakes Corporation (FRLC); and a power plant in Bukidnon under FG Bukidnon Power Corporation (FG Bukidnon)
- Solar: Power plants in Ilocos Norte, Iloilo, Leyte, Cebu, and Sorsogon under EDC
- Wind: Power plants in Ilocos Norte under EDC
This Report includes the operational and financial performance of Pi Energy, Inc., (Pi Energy) following its acquisition in May 2025. As Pi Energy is currently in a transition phase, its management systems are being integrated into the First Gen Environmental, Social, and Governance (ESG) framework.
Conversely, following the divestment of a 60 percent stake in our natural gas portfolio and the subsequent transfer of operational control to the new owners, the operational and ESG performance data for the Batangas power plants are excluded from the current reporting period.
A complete list of our assets can be found in the Portfolio of Assets section.
GOVERNANCE AND ASSURANCE
The integrity of the data and disclosures in this Report is overseen by the First Gen Integrated Report Technical Working Group (TWG). The content has undergone a rigorous multi-tier review process, including validation by senior management and the Board Risk Oversight Committee (BROC), culminating in formal approval by the Board of Directors. This ensures that the report provides a balanced and material representation of the Company’s performance and strategic direction.
See the Board and Management’s Certification in this section.
Reporting Philosophy and Architecture
Our reporting is anchored on the Integrated Thinking principle of the Framework, ensuring that financial performance and sustainability-related impacts are presented as interconnected narratives.
FINANCIAL AND REGULATORY COMPLIANCE
Financial statements are prepared in compliance with Philippine Financial Reporting Standards (PFRS). Non-financial disclosures adhere to the Philippine SEC Memorandum Circular No. 4 (2019).1
1Securities and Exchange Commission Philippines. Sustainability Reporting Guidelines for Publicly Listed Companies. SEC Memorandum Circular No. 4, Series of 2019, 2019. https://www.pse.com.ph/wp-content/uploads/sites/15/2022/08/2019MCNo4.pdf
STRATEGIC ALIGNMENT WITH GLOBAL STANDARDS
Our analysis on the ESG issues is in reference to the following global benchmarks: IFRS Sustainability Disclosure Standard S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and S2 (Climate-related Financial Disclosures), and Industry-based Guidance on implementing Climate-related Disclosures - Volume 32—Electric Utilities & Power Generators, Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), the United Nations Guiding Principles on Business and Human Rights (UNGPs) and the United Nations Sustainable Development Goals (UNSDG).
INFORMED BY STAKEHOLDER INTELLIGENCE
The ESG material topics detailed in this Report are grounded in a robust materiality determination process conducted from October to December 2023. By engaging investors and key stakeholders, we have captured deep insights into the impact of ESG factors on the Company’s long-term prospects, ensuring this report addresses the issues most material to our collective future.
Detailed cross-references for these standards can be found in the Content Indices section.
Strategic Prioritization: The Double Materiality Lens
First Gen identifies material ESG topics through a triennial assessment to ensure our strategy remains synchronized with the energy landscape. Our 2023 assessment was facilitated by the University of Asia and the Pacific Center
for Social Responsibility (UA&P-CSR) to provide an independent analysis.
Central to the methodology applied is the principle of Double Materiality. This rigorous dual-lens approach evaluates ESG issues through two distinct vectors:
- Impact Materiality (Inside-Out): Information on economic value creation at the level of the reporting company for the benefit of investors (shareholders)
- Financial Materiality (Outside-In): Information on the reporting company’s impact on the economy, environment and people for the benefit of multiple stakeholders, such as investors, employees, customers, suppliers, and local communities
By synthesizing industry benchmarking, multi-stakeholder feedback, and executive insights, this process ensures that our reporting and resource allocation are focused on the drivers with the highest potential for systemic change and durable value creation.
For a technical breakdown of our materiality process, key topics, and associated performance indicators, please refer to the Materiality section.
Navigating the Integrated Narrative
The Report opens with our Business Overview and Leadership sections, which provide the strategic context, mission-driven purpose, and leadership insights of our Chairman and President. This is followed by a review of our Organizational Structure and the broader Business Environment, where we analyze the external factors influencing the Philippine energy industry. We then detail our strategic prioritization through the Materiality section, utilizing a double materiality lens to identify the topics most critical to our long-term resilience.
Governance, Strategy and Business Model, and Risk Management and Opportunities examine our leadership architecture and how we strategize to meet specific operational goals. These sections outline how First Gen navigates industry-specific challenges and emerging climate trends to ensure our trajectory remains aligned with our mission.
The focal point of our disclosure is the Value Creation process. This includes a detailed discussion of our Values Generated across the Six Capitals—Financial, Manufactured, Natural, Human, Intellectual, and Social and Relationship. This section culminates in the Value Creation Diagram, a visual synthesis of how we leverage our capitals to produce outcomes that create and preserve short- to long-term ESG values for the Company and the various stakeholders. Specific support to the various UNSDG targets is accounted for in the Contributions to the UNSDG.
We conclude with our Outlook: what 2025 proved, what 2026 demands, and the regenerative future we are building toward 2050. It closes with an invitation to government, customers, and partners to build the enabling conditions for the energy transition—because we are ready to travel that road, and we are asking that the road be built to take us there together.
Note on Forward Looking Statement
Certain sections of the 2025 First Gen Integrated Report contain forward-looking statements based on our analysis of industry trends, strategic plans, and available market data. These projections are not definitive forecasts but represent our expectations based on our insights of the current landscape.
While we believe these assumptions to be reasonable, actual outcomes may vary due to risks and uncertainties beyond our control. As such, investors and stakeholders are advised to interpret forward-looking statements with caution.
For feedback and inquiries, please contact: investorrelations@firstgen.com.ph
Board and Management Certification
In line with our responsibility to ensure the integrity of the 2025 First Gen Integrated Report (“IR” or “the Report”), it is our opinion that the Report is a fair presentation of the Company’s operations from January 1 to December 31, 2025. The disclosures presented in the Report were based on accurate information available to the Company during the reporting period, as well as the analysis of all ESG issues material to our value creation process for the faithful communication of results. We acknowledge that this Integrated Report is presented in accordance with the Framework. The final review of the Report was undertaken by the Company’s Board Risk Oversight Committee pursuant to the authorization granted to it by the First Gen Board.
The certification is being issued based on the authorization of the First Gen Board for the annual issuance of an Integrated Report to communicate to the Company’s stakeholders its financial and non-financial ESG performance.
The Management supported the Board in preparing the Report through the interdepartmental technical working groups from all participating First Gen subsidiaries. The President and COO provided oversight in collaboration with responsible officers from the Corporate Sustainability, Quality, Environment, Safety and Health, Strategy and Planning, Enterprise Risk Management, Finance, Accounting, Information Technology, Operations, Human Resources, Corporate Social Responsibility, Strategic Brand Management, and Integrated Corporate Communications groups. Based on the foregoing, the 2025 Integrated Report was authorized by the Board for release to the public on March 24, 2026.
