International Container Terminal Services, Inc. (ICTSI) reported a strong first half of 2026, with double-digit growth across volumes, revenue and earnings, driven largely by the integration of two newly acquired terminals.
The Manila-based operator posted revenue from port operations of $1.92 billion for the six months to 30 June, up 27 per cent on the $1.51 billion recorded in the same period last year.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 24 per cent to $1.23 billion, while net income attributable to equity holders increased 22 per cent to $589.98 million.
Excluding a nonrecurring charge tied to the sale of Yantai International Container Terminal (YICT) in China, net income would have grown 25 per cent to $604.69 million. Diluted earnings per share rose 23 per cent to $0.289.
For the second quarter alone, revenue increased 25 per cent to $958.73 million, EBITDA rose 23 per cent to $613.70 million, and net income climbed 21 per cent to $296.41 million.
Consolidated throughput reached 8.11 million TEUs in the first half, up 16 per cent on the 6.98 million TEUs handled in the same period of 2025.
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The increase was driven chiefly by two new terminals: Durban Gateway Terminal (DGT), which took over operations from DCT Pier 2 in the Port of Durban, South Africa, in January 2026, and Batu Ampar Container Terminal (BACT), which assumed operations in Batam, Indonesia, in September 2025.
Improved trade activity in Asia and the Americas also supported volumes, though this was partly offset by weaker activity in EMEA linked to the conflict in the Middle East, along with the deconsolidation of YICT. Stripping out the new and discontinued operations, consolidated volume growth would have been just 1 per cent.
Cash operating expenses rose 39 per cent to $529.34 million, reflecting cost contributions from DGT, volume-driven increases in ancillary services, higher fuel prices linked to the Middle East crisis, and government-mandated salary adjustments. Excluding new and discontinued operations, cash operating expenses would have risen 17 per cent.
EBITDA margin slipped to 64 per cent from 66 per cent, largely due to the impact of newly acquired operations. Excluding those effects, EBITDA would have grown 18 per cent, with margin improving slightly to 66 per cent.
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Capital expenditure totalled $320.05 million for the half-year, out of an estimated $740 million planned for 2026. The spending is earmarked mainly for the completion of the phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico, ongoing works at several Philippine terminals including Manila International Container Terminal (MICT) and South Luzon Container Terminal (SLCT), alongside projects in Brazil and the Democratic Republic of Congo.
Four new expansion projects are also planned in Honduras, Australia, Ecuador and a further phase at CMSA.
Enrique K. Razon Jr., ICTSI Chairman and President, said: “ICTSI delivered a strong first half, with double-digit growth in volumes, revenues and earnings supported by contributions from recently added terminals and stable performance across our existing portfolio. Despite a more challenging operating backdrop in some markets during the period, our diversified footprint continued to provide resilience and support strong financial and operational performance.”
For more information:
ICTSI – https://www.ictsi.com/
