ICTSI 9M2026 Net Income Rises 20% to US$898.89M

International Container Terminal Services, Inc. (ICTSI) reported strong financial results for the first nine months of 2026, posting double-digit growth across volumes, revenues, and earnings. Consolidated revenue from port operations rose 24% year-on-year to US$2.90 billion (US$984.05 million in Q3, up 19%), while EBITDA increased 21% to US$1.87 billion (US$635.74 million in Q3, up 15%). Net income attributable to equity holders climbed 20% to US$898.89 million (US$308.90 million in Q3, up 15%), with diluted earnings per share rising 21% to US$0.442. Excluding a nonrecurring charge from the sale of Yantai International Container Terminal (YICT) in China, nine-month net income would have grown 22% to US$913.59 million.

Consolidated throughput for the nine-month period increased 13% to 12.11 million TEUs (4.00 million TEUs in Q3, up 8%). Growth was propelled by two newly added terminals—Durban Gateway Terminal (DGT) in South Africa and Batu Ampar Container Terminal (BACT) in Indonesia—alongside improved trade activity in Asia and the Americas. Top-line revenue was further lifted by a favorable container mix, higher ancillary service revenues, tariff adjustments, and favorable foreign exchange translation from the appreciation of the Mexican Peso, Australian Dollar, and Brazilian Real. These gains outweighed the deconsolidation of YICT, Philippine Peso depreciation, and lower volumes at Basra Gateway Terminal (BGT) in Iraq caused by geopolitical conflict in the Middle East. On a comparable basis excluding new and discontinued operations, gross revenues still rose 15% despite nearly flat organic volume growth (+0.1%).

Consolidated cash operating expenses rose 37% to US$801.40 million in the first nine months of 2026, driven by added costs from DGT, higher ancillary service activity, Middle East-driven fuel price increases, contracted salary adjustments, and currency appreciation in Mexico, Australia, and Brazil. While total EBITDA margin dipped slightly from 66% to 64% due to the integration of new operations, comparable EBITDA margin excluding new and discontinued terminals edged above 66%, demonstrating the underlying profitability of ICTSI’s core portfolio.

Looking ahead, Chairman and President Enrique K. Razon Jr. emphasized disciplined capital allocation, operational execution, and integrating new terminals to drive long-term value. ICTSI spent US$507.43 million in capital expenditures during the first nine months of 2026 out of a full-year estimated budget of US$740 million. These funds are earmarked for equipment upgrades, maintenance, and major capacity expansions across the Philippines, Mexico, Brazil, the Democratic Republic of Congo, Honduras, Australia, and Ecuador.