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International Container Terminal Services, Inc. recorded a net income attributable to equity holders of US$293.57 million, 23% up year-on-year primarily due to higher operating income
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Revenue from port operations grew 29% to $961.11 million
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ICTSI handled a consolidated volume of 4.085 million TEUs, mainly due to the volume contribution of two new ICTSI terminals and supported by improvement in trade activities in Asia and the Americas
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Capital expenditures for the first quarter of the year amounted to $117.94 million
International Container Terminal Services, Inc. (ICTSI) recorded a net income attributable to equity holders of US$293.57 million in the first quarter of the year, 23% higher than the $239.54 million earned in the same period 2025, primarily due to higher operating income.
Excluding the nonrecurring charge from the sale last March of Yantai International Container Terminal (YICT) in Shandong Province, China, net income attributable to equity holders would have grown 29% to $308.27 million, the company said in disclosure.
Revenue from port operations grew 29% to $961.11 million from $745.42 million during the quarter in review.
The growth was mainly due to the increase in volume, tariff adjustments, and higher revenues from ancillary services at certain terminals; revenue contribution of its two new terminals in South Africa and Indonesia; and favorable foreign exchange translation impact.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was up 26% year-on-year to $617.87 million, while net income expanded 21% year-on-year to $314.69 million.
ICTSI chairman and president Enrique Razon, Jr. said the group “delivered a robust start to 2026, “reflecting the strength of our diversified global portfolio and disciplined execution across our operations.”
READ: ICTSI income grows 23% to over $1B as ports handle more cargo
Razon added: “Our focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business. As we progress with strategic expansions across our network, we remain committed to maintaining financial discipline and executing our long‑term strategy to deliver sustainable value for our shareholders. I would like to thank our employees across our global operations for their continued dedication.”
Razon earlier said the Middle East conflict so far has only directly affected operations of their Iraq terminal but hopes the war ends soon so global trade can get back to its normal route.
ICTSI handled a consolidated volume of 4.085 million twenty-foot equivalent units (TEUs) in the first quarter of 2026, 18% higher than the 3.472 million TEUs handled in the same period in 2025.
The volume growth was mainly due to the volume contribution of two new ICTSI terminals: Durban Gateway Terminal (DGT), which took over port operations of DCT Pier 2 in Port of Durban, South Africa in January 2026, and Batu Ampar Container Terminal (BACT), which took over port operations in Batam, Indonesia, in September 2025.
Volumes were also supported by improvement in trade activities in Asia and the Americas. Excluding volume contributions from the new operations in DGT and BACT, consolidated volume would have increased by 1% in the first quarter of 2026.
Volume from the Asia operations, consisting of terminals in the Philippines, Australia, China, Papua New Guinea and Indonesia, increased by 12.7% to 2.019 million TEUs mainly due to the volume contribution of BACT.
Volume from the Americas segment, consisting of terminals in Mexico, Ecuador, Brazil, Honduras and Argentina, increased by 10.2% to 1.081 million TEUs, mainly due to the improvement in trade activities in the majority of terminals.
Volume from the Europe, Middle East, and Africa segment segment, consisting of terminals in South Africa, Iraq, DR Congo, Poland, Georgia, Croatia, Madagascar and Nigeria, increased by 40.7% to 985,337 TEUs mainly due to the volume contribution of DGT; partially tapered by volume decreases in two other terminals.
Consolidated cash operating expenses in the first quarter of 2026 were 40% higher at $261.81 million, driven mainly by the costs contributions from DGT and BACT; volume and revenue-driven increase in operating expenses, government-mandated and contracted salary rate adjustments; and unfavorable foreign exchange effects.
Capital expenditures for the first quarter of the year amounted to $117.94 million.
The group’s estimated capital expenditures for 2026 is $740 million, which will be utilized mainly for the completion of phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico; ongoing expansions at Manila International Container Terminal, Manila North Harbour Port Inc., Mindanao Container Terminal, and South Luzon Container Terminal in the Philippines, ICTSI Rio in Brazil, and Matadi Gateway Terminal in the Democratic Republic of Congo; various other equipment acquisitions and upgrades; and maintenance capex; and four new expansion projects at Operadora Portuaria Centroamericana, SA de CV in Honduras, Victoria International Container Terminal Ltd. in Australia, Contecon Guayaquil S.A. in Ecuador and phase 4 at CMSA, Mexico.
To date, ICTSI is involved in 33 terminal operations, including concessions and port development projects in 19 countries worldwide.
