ICTSI Reports 20% Increase in Earnings to $898.89 Million Amid Global Expansion

International Container Terminal Services, Inc. (ICTSI) reported a 20% increase in net income attributable to equity holders for the first nine months of 2026, reaching $898.89 million, up from $751.56 million in the same period last year. This growth was bolstered by heightened port revenues and increased container volumes across its global operations, according to the company’s financial report released on Wednesday.

Port revenues rose by 24% to $2.9 billion, compared to $2.34 billion a year earlier. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a significant increase of 21%, reaching $1.87 billion from $1.54 billion. The growth in net income translates to a diluted earnings per share increase of 21%, from $0.365 to $0.442.

During the January to September period, ICTSI handled 12.11 million twenty-foot equivalent units (TEUs), marking a 13.4% increase from the 10.69 million TEUs recorded in the same timeframe last year. The rise in container volume was primarily attributed to the contributions from two newly added terminals: Durban Gateway Terminal in South Africa and Batu Ampar Container Terminal in Indonesia. Improved trade activities in Asia and the Americas also supported this volume growth, although some terminals in Europe, the Middle East, and Africa, particularly Basra Gateway Terminal in Iraq, experienced decreased volumes due to ongoing geopolitical tensions. Excluding the contributions of the two new terminals and the discontinued Yantai operations, consolidated throughput would have increased by only 0.1%, ICTSI said.

Despite these gains, consolidated cash operating expenses surged by 37% to $801.4 million from $585.96 million a year earlier, reflecting the costs associated with the new terminals, increased operational expenses, and rising fuel prices amid the Middle East crisis. The EBITDA margin slightly declined to 64% from 66%, attributed to the integration of new operations. Excluding the impact of new and discontinued operations, EBITDA would have grown by 15%, with the margin improving slightly to above 66%, ICTSI noted.

“Enrique Razon Jr. said the company remains focused on integrating new terminals and investing to strengthen capacity and service levels across its network, and expressed confidence in the long-term contribution these operations will make.”Enrique Razon Jr., Chairman and President

In the third quarter alone, ICTSI’s attributable net income rose by 15.4% to $308.9 million, up from $267.72 million a year earlier, while revenues from port operations increased by 18.9% to $984.05 million.

ICTSI’s Chairman and President, Enrique Razon Jr., said the company remains focused on integrating new terminals and investing to strengthen capacity and service levels across its network, expressing confidence in the long-term contribution these operations will make.

Capital expenditures for the first nine months of 2026, excluding capitalized borrowing costs, reached $507.43 million, with full-year estimates projected at $740 million. This funding will support terminal expansions in Mexico, the Philippines, Brazil, and the Democratic Republic of the Congo, along with equipment acquisitions and upgrades. Ongoing projects in the Philippines include expansions at the Manila International Container Terminal, Manila North Harbour Port, Mindanao Container Terminal, and South Luzon Container Terminal.

As of Wednesday, shares of ICTSI fell by P20, or 2.50%, closing at P780 each on the local bourse.