ICTSI Q1 profit climbs 22.6% on new terminal contributions

RAZON-LED International Container Terminal Services, Inc. (ICTSI) reported a 22.56% increase in first-quarter attributable net income to $293.57 million, as higher volumes and contributions from new terminals boosted revenues and earnings.

In a statement on Monday, ICTSI said gross revenues rose 28.94% to $961.11 million for the three months ended March, from $745.42 million a year earlier.

“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,” Chairman and President Enrique K. Razon, Jr. said.

Earnings were supported by increased volumes, favorable container mix, higher ancillary service revenues, and contributions from the Durban Gateway Terminal (DGT) in South Africa and Batu Ampar Container Terminal (BACT) in Indonesia.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 26% to $617.87 million.

ICTSI handled 4.08 million twenty-foot equivalent units (TEUs) in the first quarter, up 17.58% from 3.47 million TEUs a year earlier, mainly due to new terminal contributions.

Excluding the impact of the new terminals, consolidated volumes would have grown by about 1%, the company said.

By region, Asia contributed $375.87 million in revenues, followed by the Americas with $373.01 million, and Europe, the Middle East and Africa (EMEA) with $212.23 million.

By volume, Asia handled 2.02 million TEUs, the Americas 1.08 million TEUs, and EMEA 985,337 TEUs.

ICTSI said improved trade activity in Asia and the Americas offset weaker volumes in EMEA.

The weaker EMEA performance comes amid heightened uncertainty in global shipping routes, as conflict in the Middle East persists, although the company did not cite a specific cause.

Gross expenses rose 35.18% to $450.47 million, while consolidated cash operating expenses increased 40% to $261.81 million, due to contributions from new terminals and higher volume-driven costs.

In April, ICTSI, through ICTSI Hong Kong Ltd., completed the sale of its stake in Yantai International Container Terminals Ltd.

Excluding a nonrecurring charge from the transaction, net income attributable to equity holders would have increased 29% to $308.27 million, the company said.

Capital expenditures reached $117.94 million in the first quarter.

For 2026, ICTSI has allocated $740 million in capital expenditures to fund expansion projects, including developments in Mexico and the Philippines, as well as projects in Brazil and the Democratic Republic of Congo.

The company said the capital spending program will also support equipment upgrades and expansion initiatives in Honduras, Australia, Ecuador, and Mexico as it continues to expand its global terminal portfolio.

At the stock exchange on Monday, ICTSI shares rose P43 or 6.06% to P753 each. — Ashley Erika O. Jose