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International Container Terminal Services, Inc. reported a net income of US$974.09 million, 20% up from $813.78 million in the same period last year, as its terminals recorded double-digit growth during the period
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Revenue from port operations grew 24% to $2.90 billion due to volume growth, higher revenues from ancillary services and tariff adjustments at certain terminals; favorable foreign exchange translation impact; and revenue contribution of two new terminals in South Africa and Indonesia
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ICTSI’s terminals handled 13% more containers during the period with 12.114 million TEUs
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Capital expenditures for the first nine months of the year amounted to $507.43 million
International Container Terminal Services, Inc. (ICTSI) reported a net income of US$974.09 million in the first nine months of 2026, up 20% from $813.78 million in the same period last year, as its terminals recorded double-digit growth during the period.
Revenue from port operations grew 24% to $2.90 billion in January to September 2026, from $2.34 billion reported in the same period in 2025.
The growth was mainly due to an increase in volume with favorable container mix, higher revenues from ancillary services and tariff adjustments at certain terminals; favorable foreign exchange translation impact; and revenue contribution of two new terminals–Durban Gateway Terminal (DGT) in South Africa and Batu Ampar Container Terminal (BACT) in Indonesia.
Earnings before interest, taxes, depreciation and amortization for the period increased 21% to $1.87 billion, while net income attributable to equity holders were up 20% to $898.89 million, driven primarily by higher operating income.
“ICTSI delivered a strong performance in the first nine months of 2026, with double-digit growth in volumes, revenues and earnings,” ICTSI chairman and president Enrique K. Razon, Jr. said in a statement.
Razon said recently added terminals contributed to growth across the group, while existing operations continued to deliver solid revenue and earnings growth. The group’s diversified portfolio also “continues to provide resilience in a more challenging operating environment.”
“We remain focused on integrating our new terminals and investing to strengthen capacity and service levels across our network, and we are confident in the long-term contribution these operations will make. Disciplined capital allocation and operational execution remain central to delivering sustainable value for our shareholders. I would like to thank our employees around the world for their continued commitment,” Razon said.
For the third quarter alone, revenue from port operations increased 19% to $984.05 million from $827.74 million in the same quarter last year, while net income attributable to equity holders was 15% higher at $308.90 million from $267.72 million in the same period in 2025.
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Volume growth
For the first nine months of the year, ICTSI’s terminals handled a consolidated volume of 12.114 million twenty-foot equivalent units (TEUs), 13% higher than the 10.687 million TEUs handled in the same period in 2025.
The increase was mainly due to the contribution of DGT and BACT. Volumes were also supported by improvement in trade activities in Asia and the Americas, partially offset by volume decreases at certain terminals in the Europe, Middle East, and Africa segment, mainly at Basra Gateway Terminal (BGT) in Iraq due to geopolitical conflict in the Middle East, and the deconsolidation of Yantai International Container Terminal in China this year.
Consolidated cash operating expenses in the first nine months of 2026 grew 37% year-on-year to $801.40 million, mainly due to the cost contributions from DGT; volume and revenue-driven increase in operating expenses, and fuel price increases due to the geopolitical crisis in the Middle East; government-mandated and contracted salary rate adjustments; and some unfavorable foreign exchange effects.
ICTSI said this was partially tapered by continuous cost optimization measures implemented, and favorable foreign exchange effects of PHP-based expenses.
Capital spending
Capital expenditures for the first nine months of the year amounted to $507.43 million.
The group’s estimated capex 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. It also covers various other equipment acquisitions and upgrades; 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.
ICTSI develops, manages, and operates more than 30 container terminals worldwide.
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