ICTSI 9M2026 Net Income grew 20% to US$898.89M; Recurring Net Income up 22% to US$913.59M

Durban Gateway Terminal, South Africa

• Throughput increased 13% to 12.11 million TEUs
• Revenues grew 24% to US$2.90 billion
• EBITDA improved 21% to US$1.87 billion
• Diluted EPS rose 21% to US$0.442

Enrique K. Razon Jr., ICTSI Chairman and President said: “ICTSI delivered a strong performance in the first nine months of 2026, with double-digit growth in volumes, revenues and earnings. Recently added terminals contributed to growth across the Group, while our existing operations continued to deliver solid revenue and earnings growth. Our diversified portfolio continues to provide resilience in a more challenging operating environment.

“We remain focused on integrating our new terminals and investing to strengthen capacity and service levels across our network, and we are confident in the long-term contribution these operations will make. Disciplined capital allocation and operational execution remain central to delivering sustainable value for our shareholders. I would like to thank our employees around the world for their continued commitment.”

International Container Terminal Services, Inc. (ICTSI) today reported unaudited consolidated financial results for the first nine months of 2026 posting revenue from port operations of US$2.90 billion, an increase of 24 percent from the US$2.34 billion reported for the same period in 2025; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$1.87 billion, 21 percent higher than the US$1.54 billion generated in the same period last year; and net income attributable to equity holders of US$898.89 million, an increase of 20 percent from the US$751.56 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 22 percent to US$913.59 million. Diluted earnings per share increased 21 percent to US$0.442 from US$0.365 in the same period in 2025.  

For the quarter ended September 30, 2026, revenue from port operations increased 19 percent from US$827.74 million to US$984.05 million; EBITDA was 15 percent higher at US$635.74 million from US$552.99 million; and net income attributable to equity holders was at US$308.90 million, 15 percent more than the US$267.72 million in the same period in 2025.  Diluted earnings per share for the third quarter of 2025 and 2026 was at US$0.130 and US$0.153, respectively.  

ICTSI handled consolidated volume of 12,114,429 twenty-foot equivalent units (TEUs) in the first nine months of 2026, 13 percent higher than the 10,687,128 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 volume decreases at certain terminals in EMEA, mainly at Basra Gateway Terminal (BGT) in Iraq due to geopolitical conflict in the Middle East, and the deconsolidation of YICT.  Excluding volume contributions from the new operations in DGT and BACT, and discontinued operations in YICT, consolidated volume would have marginally increased by 0.1 percent.  For the quarter ended September 30, 2026, total consolidated throughput was eight percent higher at 3,998,671 TEUs compared to 3,698,053 TEUs in 2025.  

Gross revenues from port operations for the first nine months of 2026 grew 24 percent to US$2.90 billion from US$2.34 billion reported in the same period in 2025.  This was mainly due to volume growth with favorable container mix, higher revenues from ancillary services and tariff adjustments at certain terminals; 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 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 15 percent.  For the quarter ended September 30, 2026, total consolidated revenue was 19 percent higher at US$984.05 million compared to US$827.74 million in 2025.

Consolidated cash operating expenses in the first nine months of 2026 were 37 percent higher at US$801.40 million compared to US$585.96 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 the geopolitical crisis in the Middle East; government-mandated and contracted salary rate adjustments; and unfavorable foreign exchange effects mainly from MXN-, AUD-, and BRL- 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 16 percent.

Consolidated EBITDA for the nine months of 2026 increased 21 percent to US$1.87 billion from US$1.54 billion in the same period in 2025.  EBITDA margin, however, declined to 64 percent from 66 percent primarily reflecting the impact of integrating newly acquired operations.  Excluding the impact of new and discontinued operations, EBITDA would have increased by 15 percent while EBITDA margin would have improved slightly to above 66 percent, underscoring the continued strength and profitability of the Company’s existing operations.