ICTSI 9-month net income jumps 19% to USD 751.56M

International Container Terminal Services, Inc. (ICTSI) reported a 19 percent increase in net income attributable to equity holders, reaching USD 751.56 million for the first nine months of 2025.

Recurring net income rose 22 percent after excluding nonrecurring income and charges, new operations in Iloilo and Batam, and discontinued operations in Jakarta.

Revenues from port operations climbed 16 percent year-on-year to USD 2.34 billion, while EBITDA grew 17 percent to USD 1.54 billion, resulting in an improved EBITDA margin of 66 percent from 65 percent.

Diluted earnings per share increased 21 percent to USD 0.365 from USD 0.303 in the same period last year.

“ICTSI’s excellent performance in the first nine months of 2025 is a testament to the strength of our global operations and the disciplined execution of our strategy,” said ICTSI Chairman and President Enrique K. Razon Jr.

“With revenues rising 16 percent to USD 2.34 billion and EBITDA up 17 percent reaching USD 1.54 billion, we have delivered growth across all key metrics,” Razon said.

“A 19 percent increase in net income attributable to equity holders to USD 751.56 million, and 21 percent increase in diluted earnings per share, reflects our continued focus on prudent financial management and delivering value for our shareholders,” he added.

The company handled 10.69 million twenty-foot equivalent units (TEUs) during the first nine months of the year, 11 percent more than the 9.6 million TEUs recorded in the same period in 2024.

Excluding the impact of new and discontinued operations, consolidated volume still rose by 11 percent, driven by improved trade activity across regions.

Revenue for the third quarter alone reached USD 827.74 million, up 20 percent from USD 691.70 million in Q3 2024.

EBITDA for the same quarter rose 22 percent to USD 552.99 million, while net income attributable to equity holders surged 26 percent to USD 267.72 million.

Third-quarter diluted earnings per share climbed to USD 0.130 from USD 0.102 a year earlier.

Revenue growth was mainly supported by tariff adjustments, favorable container mix, rising ancillary services, general cargo activity, and volume recovery in Guayaquil, Ecuador.

Foreign exchange translation losses, particularly from the depreciation of the Mexican Peso (MXN) and Brazilian Real (BRL), partially offset revenue gains.

Cash operating expenses rose 11 percent to USD 585.96 million, mainly due to higher volumes, salary adjustments, and increased activity in revenue-generating services and cargo handling.

Excluding new and discontinued operations, expenses would have increased 10 percent, moderated by cost controls and favorable FX effects from BRL-, MXN-, and Australian Dollar (AUD)-based expenses.

Consolidated financing charges and other expenses fell 4 percent to USD 133.99 million, due to capitalized borrowing costs and reduced stamp tax expenses.

Capital expenditures (capex) for the first nine months totaled USD 449.61 million, allocated for expansions in Mexico, the Philippines, and the Democratic Republic of Congo, including the upfront payment for Batam, Indonesia.

ICTSI’s full-year capex estimate remains at USD 580 million, earmarked for the Batangas project, phase 3B of Contecon Manzanillo S.A., Manila terminal expansion, DRC upgrades, new works in Rio and Mindanao, and various equipment upgrades and maintenance.

“ICTSI’s diversified portfolio has enabled us to capture opportunities in dynamic markets, with consolidated volume up 11 percent to 10.69 million TEUs,” said Razon.

“This growth, alongside a 16 percent increase in revenue from port operations, demonstrates the resilience of our business and operational excellence,” he added.

“As we continue to invest in strategic expansions and pursue new opportunities across the Americas, Asia, and EMEA, we remain committed to driving sustainable growth and innovation throughout our global network,” Razon said.

“Looking ahead, ICTSI is well-positioned to build on this momentum and deliver long-term value,” he said.