ICTSI net income up 23% to USD 1.05B in 2025

International Container Terminal Services Inc. reported audited consolidated financial results for 2025, saying net income attributable to equity holders rose 23% to USD 1.05 billion, driven mainly by higher operating income.

Throughput increased 11% to 14,501,189 twenty-foot equivalent units in 2025 from 13,066,949 TEUs in 2024, the company said.

Revenues from port operations grew 18% to USD 3.23 billion in 2025, up from USD 2.74 billion in 2024, according to ICTSI.

Earnings Before Interest, Taxes, Depreciation and Amortization improved 21% to USD 2.14 billion from USD 1.78 billion a year earlier, the company said.

Diluted earnings per share rose 25% to USD 0.510 from USD 0.407 in 2024, ICTSI added.

Enrique K. Razon Jr., International Container Terminal Services, Inc. (ICTSI) Chairman and President, said: digit growth across volume, revenues, EBITDA, and net income. These results reflect the quality of our diversified global portfolio, resilience of demand across our markets, and the disciplined execution of our 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.

“Our focus on operational efficiency, targeted capital allocation, and prudent financial management supported continued margin expansion and strong cash generation. As we execute on strategic opportunities across our network and invest in new projects, we remain committed to maintaining the financial discipline and selective approach that have underpinned our track record of value creation.”

“Looking ahead, we remain confident that we can capitalize on the opportunities across our markets. 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. I would like to thank our employees around the world for their continued dedication and commitment.”

ICTSI said the 23% net income growth was “partially tapered” because 2024 results included one-off income from the settlement of legal claims at ICTSI Oregon.

Excluding the impact of nonrecurring 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, ICTSI said net income attributable to equity holders would have grown 26%.

On volumes, ICTSI attributed the 2025 increase to improved trade activities across all regions, “particularly the recovery in Guayaquil, Ecuador.”

Excluding the impact of new and discontinued operations, ICTSI said consolidated volume would still have been up 10% year on year.

Gross revenues from port operations increased mainly due to volume growth with a more favorable container mix, tariff adjustments, and higher revenues from ancillary services at certain terminals, the company said.

ICTSI said gross revenues were “marginally reduced” by unfavorable foreign exchange translation impact, citing depreciation of MXN-, BRL- and AUD-based revenues.

Excluding the impact of new and discontinued operations, ICTSI said consolidated gross revenues would still have increased 18%.

Consolidated cash operating expenses rose 11% to USD 807.08 million in 2025 from USD 727.25 million in 2024, which ICTSI attributed mainly to higher volume and costs tied to revenue-generating ancillary services, as well as government-mandated and contracted salary rate adjustments and benefits.

The company said the increase was partly offset by continuous cost optimization measures and favorable foreign exchange effects, citing BRL-, MXN-, and AUD-based expenses.

Excluding the impact of new and discontinued operations, consolidated cash operating expenses would have increased 10%, ICTSI said.

With EBITDA rising to USD 2.14 billion, ICTSI said its EBITDA margin improved to 66% from 65%.

Capital expenditures excluding capitalized borrowing costs amounted to USD 650.44 million in 2025, ICTSI said, largely for expansions in Mexico, the Philippines, the Democratic Republic of Congo, and Brazil; a new project in Batangas, Philippines; equipment acquisitions and upgrades; and an upfront payment for Batu Ampar Container Terminal in Batam, Indonesia.

ICTSI said that excluding the upfront payment for the new project in Batam, organic capex would have been USD 572.49 million.

For 2026, ICTSI estimated capital expenditures of USD 740 million, earmarked mainly for completing phase 3B expansion at Contecon Manzanillo S.A. in Mexico; ongoing expansions at Manila International Container Terminal, Manila North Harbour Port Inc., Mindanao Container Terminal, and South Luzon Container Terminal in the Philippines; ICTSI Rio in Brazil; ICTSI DR Congo S.A. in the DRC; equipment acquisitions and upgrades; maintenance capex; and four new expansion projects in Honduras, Australia, Ecuador, and phase 4 at Contecon Manzanillo S.A. in Mexico.

ICTSI describes itself as a developer, manager, and operator of common-user origin and destination container terminals serving the global container shipping industry, with operations across six continents.

The company’s scale spans multiple markets and terminals worldwide, and it traces its roots to the Philippines, where it grew from its flagship Manila International Container Terminal into a global operator, according to ICTSI’s corporate profile.

Recent industry moves underscore the sector’s focus on capacity and efficiency upgrades, including ICTSI’s participation in long-term terminal concessions, such as a 25-year agreement announced in late 2025 to upgrade Durban Container Terminal Pier 2 in South Africa, Reuters reported.