RAZON-LED International Container Terminal Services, Inc. (ICTSI) reported a 22.56% increase in first-quarter attributable net income to $293.57 million, as higher volumes and contributions from latest terminals boosted revenues and earnings.
In a press release on Monday, ICTSI said gross revenues rose 28.94% to $961.11 million for the three months ended March, from $745.42 million a 12 months earlier.
“ICTSI delivered a strong begin 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,” Chairman and President Enrique K. Razon, Jr. said.
Earnings were supported by increased volumes, favorable container mix, higher ancillary service revenues, and contributions from the Durban Gateway Terminal (DGT) in South Africa and Batu Ampar Container Terminal (BACT) in Indonesia.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 26% to $617.87 million.
ICTSI handled 4.08 million twenty-foot equivalent units (TEUs) in the primary quarter, up 17.58% from 3.47 million TEUs a 12 months earlier, mainly as a consequence of latest terminal contributions.
Excluding the impact of the brand new terminals, consolidated volumes would have grown by about 1%, the corporate said.
By region, Asia contributed $375.87 million in revenues, followed by the Americas with $373.01 million, and Europe, the Middle East and Africa (EMEA) with $212.23 million.
By volume, Asia handled 2.02 million TEUs, the Americas 1.08 million TEUs, and EMEA 985,337 TEUs.
ICTSI said improved trade activity in Asia and the Americas offset weaker volumes in EMEA.
The weaker EMEA performance comes amid heightened uncertainty in global shipping routes, as conflict within the Middle East persists, although the corporate didn’t cite a particular cause.
Gross expenses rose 35.18% to $450.47 million, while consolidated money operating expenses increased 40% to $261.81 million, as a consequence of contributions from latest terminals and better volume-driven costs.
In April, ICTSI, through ICTSI Hong Kong Ltd., accomplished the sale of its stake in Yantai International Container Terminals Ltd.
Excluding a nonrecurring charge from the transaction, net income attributable to equity holders would have increased 29% to $308.27 million, the corporate said.
Capital expenditures reached $117.94 million in the primary quarter.
For 2026, ICTSI has allocated $740 million in capital expenditures to fund expansion projects, including developments in Mexico and the Philippines, in addition to projects in Brazil and the Democratic Republic of Congo.
The corporate said the capital spending program may even support equipment upgrades and expansion initiatives in Honduras, Australia, Ecuador, and Mexico because it continues to expand its global terminal portfolio.
On the stock exchange on Monday, ICTSI shares rose P43 or 6.06% to P753 each. — Ashley Erika O. Jose