International Container Terminal Services, Inc. (ICTSI) Monday reported unaudited consolidated financial results for the first half of 2026 posting revenue from port operations of US$1.92 billion, an increase of 27 percent from the US$1.51 billion reported for the same period in 2025; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$1.23 billion, 24 percent higher than the US$990.54 million generated in the same period last year; and net income attributable to equity holders of US$589.98 million, an increase of 22 percent from the US$483.84 million earned in the same period last year driven primarily by higher operating income.
Excluding the nonrecurring charge from the sale of Yantai International Container Terminal (YICT) in Shandong Province, China, net income attributable to equity holders would have grown 25 percent to US$604.69 million. Diluted earnings per share increased 23 percent to US$0.289 from US$0.235 in the same period in 2025.
For the quarter ended June 30, 2026, revenue from port operations increased 25 percent from US$764.63 million to US$958.73 million; EBITDA was 23 percent higher at US$613.70 million from US$500.94 million; and net income attributable to equity holders was at US$296.41 million, 21 percent more than the US$244.31 million in the same period in 2025. Diluted earnings per share for the second quarter of 2025 and 2026 was at US$0.119 and US$0.146, respectively.
Enrique K. Razon Jr., ICTSI Chairman and President said: “ICTSI delivered a strong first half, with double-digit growth in volumes, revenues and earnings supported by contributions from recently added terminals and stable performance across our existing portfolio. Despite a more challenging operating backdrop in some markets during the period, our diversified footprint continued to provide resilience and support strong financial and operational performance.
“We remain focused on executing our expansion programme, integrating new operations, and maintaining financial discipline across the business. We continue to invest to strengthen capacity and service levels across our portfolio while supporting sustainable long-term growth. I would like to thank our employees around the world for their continued commitment and contribution.”
ICTSI handled consolidated volume of 8,115,758 twenty-foot equivalent units (TEUs) in the first half of 2026, 16 percent higher than the 6,989,075 TEUs handled in the same period in 2025. The increase was mainly due to the contribution of two new ICTSI terminals: Durban Gateway Terminal (DGT), which took over port operations of DCT Pier 2 in Port of Durban, South Africa in January 2026, and Batu Ampar Container Terminal (BACT), which took over port operations in Batam, Indonesia, in September 2025. Volumes were also supported by improvement in trade activities in Asia and the Americas, partially offset by a volume decrease in EMEA, due to geopolitical conflict in the Middle East, and deconsolidation of YICT. Excluding volume contributions from the new operations in DGT and BACT, and discontinued operations in YICT, consolidated volume would have increased by one percent. For the quarter ended June 30, 2026, total consolidated throughput was 15 percent higher at 4,030,857 TEUs compared to 3,517,162 TEUs in 2025.
Gross revenues from port operations for the first half of 2026 grew 27 percent to US$1.92 billion from US$1.51 billion reported in the same period in 2025. This was mainly due to volume growth with favorable container mix, higher revenues from ancillary services at certain terminals and tariff adjustments; revenue contribution of DGT and BACT; and favorable foreign exchange translation impact mainly from the appreciation of Mexican Peso (MXN)-, Australian Dollar (AUD)-, and Brazilian Real (BRL)- based revenues. This was partially offset by volume-driven decrease at Basra Gateway Terminal (BGT) in Iraq, deconsolidation of YICT, and unfavorable translation impact mainly from the depreciation of Philippine Peso (PHP)-based revenues. Excluding the impact of new and discontinued operations, the Group’s consolidated gross revenues would have increased 18 percent. For the quarter ended June 30, 2026, total consolidated revenue was 25 percent higher at US$958.73 million compared to US$764.63 million in 2025.
Consolidated cash operating expenses in the first six months of 2026 were 39 percent higher at US$529.34 million compared to US$381.73 million in the same period in 2025. The increase in cash operating expenses was mainly due to the cost contributions from DGT; volume and revenue-driven increase in operating expenses, including those related to the growth in revenue generating ancillary services, and fuel price increases due to geopolitical crisis in the Middle East; government-mandated and contracted salary rate adjustments; and unfavorable foreign exchange effects mainly from BRL-, MXN-, and AUD- based expenses. This was partially tapered by continuous cost optimization measures implemented, and favorable foreign exchange effect of PHP-based expenses. Excluding the impact of new and discontinued operations, consolidated cash operating expenses would have increased by 17 percent.
Consolidated EBITDA for the six months of 2026 increased 24 percent to US$1.23 billion from US$990.54 million in the same period in 2025. EBITDA margin, however, declined to 64 percent from 66 percent primarily reflecting the impact of newly acquired operations. Excluding the impact of new and discontinued operations, EBITDA would have increased by 18 percent while EBITDA margin would have improved slightly to 66 percent, underscoring the continued strength and profitability of the Company’s existing operations.
Capital expenditures, excluding capitalized borrowing costs, amounted to US$320.05 million for the first half of 2026. The Group’s estimated capital expenditures for 2026 is US$740 million which will be utilized mainly for the completion of phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico; ongoing expansions at Manila International Container Terminal (MICT), Manila North Harbour Port Inc. (MNHPI), Mindanao Container Terminal (MCT), and South Luzon Container Terminal (SLCT) in the Philippines, ICTSI Rio in Brazil, and Matadi Gateway Terminal (MGT) in the Democratic Republic of Congo; various other equipment acquisitions and upgrades; and maintenance capex; and four new expansion projects at Operadora Portuaria Centroamericana, SA de CV (OPC) in Honduras, Victoria International Container Terminal Ltd. (VICT) in Australia, Contecon Guayaquil S.A. (CGSA) in Ecuador and phase 4 at CMSA, Mexico.
ICTSI is a leading developer, manager and operator of common user origin and destination container terminals serving the global container shipping industry. ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.
