International Container Terminal Services (ICTSI) has posted its unaudited financial results for the first quarter of 2026.
During the period, ICTSI's throughput increased 18 per cent to 4.08 million TEUs, revenues grew 29 per cent to US$961.11 million, gross operating profit improved 26 per cent to US$617.87 million, and diluted earnings per share rose 23 per cent to US$0.143, compared to Q1 2025.
Net income attributable to equity holders reached US$293.57 million, 23 per cent more than the US$239.54 million earned in the same period last year, primarily due to higher operating income.
Excluding the nonrecurring charge from the sale of Yantai International Container Terminal in Shandong Province, China, net income attributable to equity holders would have grown 29 per cent to US$308.27 million.
"ICTSI delivered a robust start to 2026, with double‑digit growth in revenues, [gross operating profit] and net income reflecting the strength of our diversified global portfolio and disciplined execution across our operations," said Enrique K. Razon Jr, ICTSI Chairman and President. "The contribution from newly added terminals, alongside stable demand at our existing facilities, supported volume and earnings growth for the quarter."
ICTSI's volume growth in Q1 2026 was mainly due to the volume contribution of two new terminals: Durban Gateway Terminal (DGT), which took over port operations of DCT Pier Two in the Port of Durban in 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 a volume decrease in EMEA.
Excluding volume contributions from the new operations in DGT and BACT, consolidated volume would have increased by one per cent in Q1 2026.
Consolidated cash operating expenses in Q1 2026 were 40 per cent higher at US$261.81 million compared to US$187.66 million in the same period in 2025.
The increase in cash operating expenses was mainly due to the costs contributions from DGT and BACT; volume and revenue-driven increase in operating expenses, including those related to the growth in revenue generating ancillary services; government-mandated and contracted salary rate adjustments; and unfavorable foreign exchange effects mainly from Mexican peso-, Australian dollar- and Brazilian real-based expenses.
This was partially tapered by continuous cost optimization measures implemented. Excluding the impact of new operations, consolidated cash operating expenses would have increased by 16 per cent.
Capital expenditures, excluding capitalised borrowing costs, amounted to US$117.94 million for the quarter ended March 31, 2026.
The group’s estimated capital expenditures for 2026 is US$740 million, which will be utilised mainly for the completion of the phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico; ongoing expansions at Manila International Container Terminal, Manila North Harbour Port, Mindanao Container Terminal and South Luzon Container Terminal in the Philippines, ICTSI Rio in Brazil, and Matadi Gateway Terminal in the Democratic Republic of Congo; various other equipment acquisitions and upgrades; and maintenance capex; and four new expansion projects at Operadora Portuaria Centroamericana in Honduras, Victoria International Container Terminal in Australia, Contecon Guayaquil in Ecuador and phase four at CMSA, Mexico.