International Container Terminal Services, Inc. (ICTSI) has announced its unaudited financial results for the first half of 2026.
Revenue from port operations increased by 27% to US$1.92 billion from US$1.51 billion in the same period last year.
Earnings before interest, taxes, depreciation and amortisation rose by 24% to US$1.23 billion from US$990.54 million.
Net income attributable to equity holders reached US$589.98 million, representing a 22% increase from US$483.84 million.
Excluding a non-recurring charge linked to the sale of Yantai International Container Terminal in China, recurring net income increased by 25% to US$604.69 million.
Diluted earnings per share rose by 23% to US$0.289 from US$0.235.
“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,” said Enrique K. Razon Jr., Chairman and President of ICTSI.
Razon said the company remained focused on integrating new operations, implementing its expansion programme and maintaining financial discipline.
ICTSI handled 8,115,758 TEUs during the first six months of 2026. This represented an increase of 16% from the 6,989,075 TEUs handled a year earlier.
Growth was supported by two recently added operations.
Durban Gateway Terminal began operating Durban Container Terminal Pier 2 in South Africa in January 2026. Batu Ampar Container Terminal took over operations in Batam, Indonesia, in September 2025.
Trade activity also improved across Asia and the Americas.
These gains were partly offset by lower volumes in Europe, the Middle East and Africa due to the conflict in the Middle East. The deconsolidation of Yantai International Container Terminal also affected the comparison.
Excluding Durban Gateway Terminal, Batu Ampar Container Terminal and the discontinued Yantai operation, consolidated throughput would have increased by 1%.
ICTSI handled 4,030,857 TEUs during the second quarter, up 15% from 3,517,162 TEUs in the same period last year.
Port operations revenue increased by 25% to US$958.73 million from US$764.63 million.
Quarterly EBITDA rose by 23% to US$613.70 million from US$500.94 million.
Net income attributable to equity holders increased by 21% to US$296.41 million from US$244.31 million.
Diluted earnings per share rose to US$0.146 from US$0.119.
First-half revenue growth reflected higher volumes, a favourable container mix and stronger ancillary service revenue at selected terminals.
Tariff adjustments and contributions from the new operations in Durban and Batam also supported the result.
ICTSI benefited from currency movements linked to the Mexican peso, Australian dollar and Brazilian real.
These factors were partly offset by lower volumes at Basra Gateway Terminal in Iraq, the deconsolidation of Yantai and the depreciation of Philippine peso-based revenue.
Excluding new and discontinued operations, consolidated gross revenue would have increased by 18%.
Consolidated cash operating expenses increased by 39% to US$529.34 million from US$381.73 million.
The increase reflected the addition of Durban Gateway Terminal and higher costs linked to greater volumes and ancillary services.
Higher fuel prices caused by the Middle East crisis also affected expenses. Salary adjustments and foreign exchange movements added further cost pressure.
Cost optimisation measures and favourable currency effects on Philippine peso-based expenses partly offset the increase.
Excluding new and discontinued operations, cash operating expenses would have risen by 17%.
Consolidated EBITDA increased to US$1.23 billion, but the EBITDA margin declined to 64% from 66%.
ICTSI attributed the reduction mainly to the impact of its recently added operations.
Excluding new and discontinued operations, EBITDA would have increased by 18%, while the margin would have improved slightly to 66%.
Capital expenditure, excluding capitalised borrowing costs, reached US$320.05 million during the first half.
ICTSI expects full-year capital expenditure of approximately US$740 million.
The investment programme includes the completion of the Phase 3B expansion at Contecon Manzanillo in Mexico.
It also covers ongoing expansions at Manila International Container Terminal, Manila North Harbour Port, Mindanao Container Terminal and South Luzon Container Terminal in the Philippines.
Further investment is planned for ICTSI Rio in Brazil and Matadi Gateway Terminal in the Democratic Republic of Congo.
ICTSI will also fund equipment purchases, upgrades and maintenance projects.
Four additional expansion projects are planned at Operadora Portuaria Centroamericana in Honduras, Victoria International Container Terminal in Australia, Contecon Guayaquil in Ecuador and Phase 4 at Contecon Manzanillo in Mexico.
