Volume growth at Philippines-based International Container Terminal Services Inc. (ICTSI) in the first quarter was mainly driven by the addition of two terminals, including Durban Gateway Terminal, which assumed operations at DCT Pier 2 in January.
ICTSI reported a strong start to 2026, with recurring net income rising 29% to US$308 million for the quarter ended March 31, supported by stable demand across its global portfolio.
Reported net income attributable to equity holders increased 23% to $294 million, up from $240 million in the same period last year. The higher recurring figure excludes a nonrecurring charge related to the sale of Yantai International Container Terminal in China.
Revenue from port operations rose 29% year-on-year to $961 million, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 26% to $618 million.
ICTSI handled 4 084 901 TEU in the first quarter, up 18% from 3 471 913 TEU during the same quarter last year.
Volume growth was mainly driven by the addition of two terminals: Durban Gateway Terminal and Batu Ampar Container Terminal in Indonesia. Excluding these new operations, consolidated volume would have increased by 1%.
Revenue growth was attributed to higher volumes, favourable container mix, tariff adjustments and increased revenues from ancillary services as well as positive foreign exchange effects from currencies including the Mexican peso, Australian dollar and Brazilian real. Excluding new operations, revenue would have increased by 19%.
Chairman and president Enrique Razon Jr. said the results reflected both expansion and operational discipline.
“ICTSI delivered a robust start to 2026, with double-digit growth in revenues, EBITDA and net income reflecting the strength of our diversified global portfolio and disciplined execution across our operations. The contribution from newly added terminals, alongside stable demand at our existing facilities, supported volume and earnings growth for the quarter,” Razon said.
“Our focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business. As we progress with strategic expansions across our network, we remain committed to maintaining financial discipline and executing our long-term strategy.”
Cash operating expenses rose 40% to $262 million, mainly due to contributions from the new terminals, higher activity levels, salary adjustments and foreign exchange impacts. Excluding new operations, expenses would have increased by 16%.
Capital expenditure for the quarter totalled $118 million, with ongoing investments across ICTSI’s global portfolio, including expansion projects in Mexico, the Philippines, Brazil and the Democratic Republic of the Congo.
