Global port operator ICTSI reported that its gross revenues from port operations for the first nine months of 2025 grew 16 percent to USD2.34 billion from USD2.01 billion in the same period in 2024 mainly due to the tariff adjustments, volume growth with favorable container mix, and higher revenues from ancillary services at certain terminals, including growth in general cargo activities, and volume recovery in Guayaquil, Ecuador.
Based on its unaudited consolidated financial results for the first nine months of 2025, the Razon-owned ICTSI said that that earnings before interest, taxes, depreciation and amortization (EBITDA) reached USD1.54 billion, 17 percent higher than the USD1.32 billion generated in the same period last year
This resulted in net income attributable to equity holders of USD751.56 million, 19 percent more than the USD632.58 million earned in the same period last year primarily due to higher operating income partially tapered by the income from the settlement of legal claims at ICTSI Oregon in 2024.
Excluding the impact of nonrecurring income and charges and new operations in Iloilo, Philippines and Batam, Indonesia, and discontinued operations in Jakarta, Indonesia, net income attributable to equity holders would have grown 22 percent. Diluted earnings per share increased 21 percent to USD0.365 from USD0.303 in the first nine months of 2025.
For the quarter ended September 30, 2025, revenue from port operations increased 20 percent from USD691.70 million to USD827.74 million; EBITDA was 22 percent higher at USD552.99 million from USD451.51 million; and net income attributable to equity holders was at USD267.72 million, 26 percent more than the USD212.03 million in the same period in 2024. Diluted earnings per share for the third quarter of 2024 and 2025 was at USD0.102 and USD0.130, respectively.
In terms of volume, the Razon-owned port operato handled consolidated volume of 10,687,128 twenty-foot equivalent units (TEUs) in the first nine months of 2025, or 11 percent higher than the 9,604,127 TEUs handled in the same period in 2024.
ICTSI, which operates in six continents, also reported that volume growth was mainly due to improvement in trade activities across all regions.
Excluding the impact of new operations in Iloilo, Philippines and Batam, Indonesia; and the discontinued operations in Jakarta, Indonesia, the Group’s consolidated volume would still have been up 11 percent. For the quarter ended September 30, 2025, total consolidated throughput was 12 percent higher at 3,698,053 TEUs compared to 3,291,964 TEUs in 2024.
Consolidated cash operating expenses in the first nine months of 2025 were 11 percent higher at USD585.96 million compared to USD529.27 million in the same period in 2024. The increase in cash operating expenses was mainly due to higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities at certain terminals, and government-mandated and contracted salary rate adjustments.
This was tapered by continuous cost optimization measures and favorable foreign exchange effects mainly of Brazilian Real (BRL)-, Mexican Peso (MXN)-, and Australian Dollar (AUD)- based expenses. Excluding the impact of new operations in Iloilo and Batam, and discontinued operations in Jakarta, consolidated cash operating expenses would have increased 10 percent.
Consolidated EBITDA for the nine months of 2025 increased 17 percent to USD1.54 billion from USD1.32 billion in the same period in 2024. Consequently, the EBITDA margin improved to 66 percent from 65 percent.
Consolidated financing charges and other expenses for the first nine months of 2025 decreased four percent to USD133.99 million from USD138.88 million for the same period in 2024 mainly due to the capitalized borrowing cost and lower documentary stamp expense.
Capital expenditures, excluding capitalized borrowing costs, amounted to USD449.61 million for the first nine months of 2025. These were mainly for ongoing expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, certain Philippine terminals, and ICTSI DR Congo S.A. (IDRC) in Democratic Republic of Congo; the upfront payment for Batu Ampar Container Terminal in Batam, Indonesia; and equipment acquisitions and upgrades at certain terminals.
The Group’s estimated capital expenditures for 2025 is approximately USD580 million which will be utilized mainly for the continued development of the new project in Batangas, Philippines, phase 3B expansion in CMSA, Manzanillo, Mexico, expansion of MICT, Manila, Philippines, and IDRC, Matadi, DRC; new expansion projects at ICTSI Rio, Brazil and Mindanao Container Terminal, Cagayan de Oro, Philippines; various other equipment acquisitions and upgrades; and maintenance capex.
