ICTSI has reported unaudited consolidated financial results for the quarter ended March 31, 2026 posting revenue from port operations of US$961.11 million, an increase of 29 percent from the US$745.42 million reported for the same period in 2025; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$617.87 million, 26 percent higher than the US$489.59 million generated in the same period last year; and net income attributable to equity holders of US$293.57 million, 23 percent more than the US$239.54 million earned in the same period last year – primarily due to higher operating income. Excluding the nonrecurring charge from the sale of Yantai International Container Terminal (YICT) in Shandong Province, China, net income attributable to equity holders would have grown 29 percent to US$308.27 million. Diluted earnings per share increased 23 percent to US$0.143 from US$0.116 in the same period in 2025.
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Enrique K. Razon Jr., International Container Terminal Services, Inc. (ICTSI) Chairman and President, said: “ICTSI delivered a robust start to 2026, with double digit growth in revenues, EBITDA and net income reflecting the strength of our diversified global portfolio and disciplined execution across our operations. The contribution from newly added terminals, alongside stable demand at our existing facilities, supported volume and earnings growth for the quarter. 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.”
ICTSI handled consolidated volume of 4,084,901 twenty-foot equivalent units (TEUs) in the first quarter of 2026, 18 percent higher than the 3,471,913 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, partially offset by a volume decrease in EMEA. Excluding volume contributions from the new operations in DGT and BACT, consolidated volume would have increased by one percent in the first quarter of 2026.
Gross revenues from port operations for the quarter ended March 31, 2026 grew 29 percent to US$961.11 million from US$745.42 million in the same period in 2025. This was mainly due to volume growth with favourable container mix, tariff adjustments, and higher revenues from ancillary services at certain terminals; revenue contribution of DGT and BACT; and favourable foreign exchange translation impact mainly from the appreciation of Mexican Peso (MXN)-, Australian Dollar (AUD)-, and Brazilian Real (BRL)- based revenues. Excluding revenue contributions from new operations, consolidated revenue would have increased by 19 percent.
Consolidated cash operating expenses in the first quarter of 2026 were 40 percent higher at US$261.81 million compared to US$187.66 million in the same period in 2025. The increase in cash operating expenses was mainly due to the costs contributions from DGT and BACT; volume and revenue-driven increase in operating expenses, including those related to the growth in revenue generating ancillary services; government-mandated and contracted salary rate adjustments; and unfavourable foreign exchange effects mainly from MXN-, AUD-, and BRL- based expenses. This was partially tapered by continuous cost optimisation measures implemented. Excluding the impact of new operations, consolidated cash operating expenses would have increased by 16 percent.
Consolidated EBITDA increased 26 percent to US$617.87 million for the quarter ended March 31, 2026, from US$489.59 million in the same period in 2025. Consequently, EBITDA margin decreased to 64 percent from 66 percent mainly due to the impact of new operations.
Capital expenditures, excluding capitalised borrowing costs, amounted to US$117.94 million for the quarter ended March 31, 2026. The Group’s estimated capital expenditures for 2026 is US$740 million which will be utilised mainly for the completion of phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico; ongoing expansions at Manila International Container Terminal (MICT), Manila North Harbour Port Inc. (MNHPI), Mindanao Container Terminal (MCT), and South Luzon Container Terminal (SLCT) in the Philippines, ICTSI Rio in Brazil, and Matadi Gateway Terminal (MGT) 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 (OPC) in Honduras, Victoria International Container Terminal Ltd. (VICT) in Australia, Contecon Guayaquil S.A. (CGSA) in Ecuador and phase 4 at CMSA, Mexico.