Contributions from newly added terminals and stronger trade activity across Asia and the Americas lifted International Container Terminal Services Inc. (ICTSI)’s net income by 20 percent to USD898.89 million in the first nine months of 2026, as higher operating income offset rising costs.
Revenue from port operations increased 24 percent to USD2.90 billion from USD2.34 billion a year earlier, while earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 21 percent to USD1.87 billion, the port operator reported.
Excluding a nonrecurring charge related to the sale of Yantai International Container Terminal (YICT) in China, net income attributable to equity holders would have risen 22 percent to USD913.59 million.
ICTSI chairman and president Enrique K. Razon Jr. said the company delivered double-digit growth in volumes, revenues, and earnings, with recently added terminals contributing to expansion across its global network.
“Our diversified portfolio continues to provide resilience in a more challenging operating environment,” Razon said.
He added that ICTSI would focus on integrating new terminals and investing in capacity and service improvements, while maintaining disciplined capital allocation and operational execution.
The company handled 12.11 million twenty-foot equivalent units (TEUs) during the period, 13 percent more than the 10.69 million TEUs recorded a year earlier.
Growth was largely supported by Durban Gateway Terminal in South Africa, which assumed operations at Durban Container Terminal Pier 2 in January, and Batu Ampar Container Terminal in Indonesia, which took over port operations in September 2025.
Improved trade activity in Asia and the Americas also supported volumes, partly offsetting weaker throughput at certain terminals in Europe, the Middle East, and Africa, particularly Basra Gateway Terminal in Iraq amid geopolitical conflict.
Excluding the contributions of the two new terminals and the discontinued YICT operations, consolidated volume would have increased by just 0.1 percent.
Higher operating costs tempered earnings growth. Cash operating expenses climbed 37 percent to USD801.40 million, driven by new terminal operations, higher activity-related expenses, fuel costs, salary adjustments, and unfavorable foreign exchange movements.
Consequently, EBITDA margin narrowed to 64 percent from 66 percent a year earlier, reflecting the integration of newly acquired operations.
ICTSI spent USD507.43 million on capital expenditures in the first nine months and expects full-year spending to reach USD740 million, mainly for terminal expansions, equipment acquisitions, and upgrades across its global portfolio.
