International Container Terminal Services, Inc. (ICTSI) has reported strong financial results for the first nine months of 2025, with diluted earnings per share rising 21 per cent to $0.365.
For the nine-month period ended 30 September 2025, revenue from port operations increased 16 per cent to $2.34 billion from $2.01 billion in 2024.
EBITDA rose 17 per cent to $1.54 billion, while net income attributable to equity holders increased 19 per cent to $751.56 million, mainly due to higher operating income.
Excluding non-recurring items and the impact of new and discontinued operations, net income would have grown 22 per cent.
In the third quarter of 2025, revenue from port operations rose 20 per cent to $827.74 million, EBITDA grew 22 per cent to $552.99 million, and net income increased 26 per cent to $267.72 million. Diluted earnings per share for the quarter improved to $0.130 from $0.102 in 2024.
ICTSI handled 10.69 million TEUs in the first nine months of 2025, up 11 per cent year on year (YoY), driven by stronger trade activity across all regions.
Excluding new and discontinued operations, volume growth would still have been 11 per cent. Throughput for the third quarter increased 12 per cent to 3.70 million TEUs.
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Gross revenue growth was mainly attributed to tariff adjustments, higher volumes and favourable container mix, as well as increased ancillary services and general cargo activity, particularly in Guayaquil, Ecuador.
These gains were partially offset by the depreciation of the Mexican peso and Brazilian real.
Consolidated cash operating expenses rose 11 per cent to $585.96 million, reflecting higher volumes and labour cost adjustments, partly offset by cost optimisation measures and favourable foreign exchange movements. Excluding new and discontinued operations, expenses would have increased 10 per cent.
The EBITDA margin improved to 66 per cent from 65 per cent in 2024. Financing charges and other expenses declined 4 per cent to $133.99 million, mainly due to capitalised borrowing costs and lower documentary stamp expenses.
Capital expenditure (excluding capitalised borrowing costs) totalled $449.61 million, primarily for terminal expansions at Contecon Manzanillo (Mexico), Philippine terminals, and ICTSI DR Congo (DRC); the upfront payment for Batu Ampar Terminal (Indonesia); and equipment upgrades.
ICTSI’s 2025 capex budget of $580 million will fund ongoing developments in the Philippines, Mexico, DRC, Brazil, and Cagayan de Oro, as well as equipment acquisitions and maintenance.
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Enrique K. Razon Jr., Chairman and President, said: “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. With revenues rising 16 per cent to $2.34 billion and EBITDA up 17 per cent reaching $1.54 billion, we have delivered growth across all key metrics.
“ICTSI’s diversified portfolio has enabled us to capture opportunities in dynamic markets, with consolidated volume up 11 per cent to 10.69 million TEUs. This growth, alongside a 16 per cent increase in revenue from port operations, demonstrates the resilience of our business and operational excellence. Looking ahead, ICTSI is well-positioned to build on this momentum and deliver long-term value.”
For more information:
International Container Terminal Services, Inc. (ICTSI) – https://www.ictsi.com/
