Billionaire Enrique K. Razon Jr. reported that ICTSI Group’s net income in 2025 jumped 23 percent to USD1.05 billion from USD849.80 million in 2024 primarily due to higher operating income and throughput on improved trade activities globally.
In its report to the Philippine Stock Exchange, the global port operator noted that revenue port operations also increased 18 percent from the USD2.74 billion reported for the same period in 2024.
Likewise, Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of USD2.14 billion, registered a 21 percent than the USD1.78 billion generated in the same period last year.
Excluding the impact of non-recurring income and charges; new operations in Iloilo, Philippines and the discontinued operations in Jakarta, Indonesia in 2024; and new operations in Batam, Indonesia in 2025, net income attributable to equity holders would have grown 26 percent, ICTSI said in the disclosure.
Diluted earnings per share increased 25 percent to USD0.510 from USD0.407 in 2024.
ICTSI handled consolidated volume of 14,501,189 twenty-foot equivalent units (TEUs) in 2025, reflecting an 11 percent increase from the 13,066,949 TEUs handled in 2024.
The volume growth was due to improvement in trade activities across all regions, particularly the recovery in Guayaquil, Ecuador.
Excluding the impact of new and discontinued operations, the Group’s consolidated volume would still have been up 10 percent.
Gross revenues from port operations in 2025 grew 18 percent to USD3.23 billion from USD2.74 billion reported in 2024 mainly due to volume growth with a more favorable container mix, tariff adjustments, and higher revenues from ancillary services at certain terminals marginally reduced by the unfavorable foreign exchange translation impact mainly from the depreciation of Mexican Peso (MXN)-, Brazilian Real (BRL)- and Australian Dollar (AUD)- based revenues. Excluding the impact of new and discontinued operations, the Group’s consolidated gross revenues would still have increased 18 percent.
Consolidated cash operating expenses in 2025 were 11 percent higher at USD807.08 million compared to USD727.25 million in 2024. The increase in cash operating expenses was mainly due to higher volume, including increases related to the growth in revenue generating ancillary services at certain terminals, as well as increases in government-mandated and contracted salary rate adjustments and benefits.
This was reduced 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 and discontinued operations, consolidated cash operating expenses would have increased 10 percent.
Consolidated EBITDA in 2025 increased 21 percent to USD2.14 billion from USD1.78 billion in 2024. Consequently, EBITDA margin improved to 66 percent from 65 percent.
Capital expenditures, excluding capitalized borrowing costs, amounted to USD650.44 million in 2025. These were mainly utilized for the ongoing expansions and upgrades of ports in various locations globally.
“With a robust balance sheet, healthy pipeline of strategic expansions and deep bench of operational talent across our terminals, ICTSI is well positioned to continue executing our long-term strategy and create sustainable value for our shareholders,” said Razon.
Razon said the group’s financial performance in 2025 reflect the quality of its diversified global portfolio, resilience of demand across our markets, and the disciplined execution ofour long term strategy.
“The 11 percent increase in consolidated volume underscores the strength of our customer relationships and the essential role our terminals play in the supply chains of their respective economies,” he said.
He said that ICTSI remains committed to maintaining the financial discipline and selective approach that have underpinned its track record of value creation.
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
