MANILA — International Container Terminal Services Inc. (ICTSI) reported a 29-percent surge in recurring net income for the first quarter of 2026, reaching $308.27 million as the company capitalized on new terminal acquisitions and a global rebound in trade.
The port operator announced Monday that its gross revenues for the quarter ending March 31 rose 29 percent to $961.11 million, up from $745.42 million during the same period last year.
Enrique Razon Jr., ICTSI chairman and president, attributed the performance to the company’s "diversified global portfolio" and the integration of newly added terminals.
"The contribution from newly added terminals, alongside stable demand at our existing facilities, supported volume and earnings growth for the quarter," Razon said in a statement.
Consolidated volume handled by ICTSI grew 18 percent to more than 4.08 million twenty-foot equivalent units (TEUs). The company noted that the growth was primarily driven by two new operations: the Durban Gateway Terminal in South Africa, which ICTSI took over in January 2026, and the Batu Ampar Container Terminal in Indonesia, which joined the portfolio in late 2025. Excluding these new operations, organic volume growth stood at 1 percent.
While net income attributable to equity holders officially rose 23 percent to $293.57 million, the recurring net income figure — which excludes a nonrecurring charge from the sale of the Yantai International Container Terminal in China — showed a more robust 29-percent climb.
Earnings before interest, taxes, depreciation, and amortization (Ebitda) improved 26 percent to $617.87 million. However, the Ebitda margin saw a slight dip to 64 percent from 66 percent, influenced by the costs of integrating the new South African and Indonesian facilities.
Operational expenses rose 40 percent to $261.81 million, fueled by the new terminals, government-mandated salary adjustments, and unfavorable foreign exchange translations in Mexico, Australia, and Brazil.
Looking ahead, ICTSI confirmed a capital expenditure budget of $740 million for 2026.
The funds are earmarked for the completion of a major expansion in Manzanillo, Mexico, as well as ongoing projects at the Manila International Container Terminal and other sites in Brazil, the Democratic Republic of Congo, and the Philippines.
