• Recurring net income rose 29 percent to $308.27 million
• Revenue climbed 29 percent to $961.11 million
• ICTSI kept $740 million capital spending plan despite trade disruption
Tycoon Enrique Razon Jr.’s International Container Terminal Services, Inc. opened 2026 with a clear signal: it is not slowing down.
The global port operator delivered double-digit growth in revenue, earnings, and volumes while holding firm on its $740 million (P45.5 billion) capital expenditure plan, even as trade flows softened late in the quarter due to Middle East tensions.
That mix of resilient profits and continued investment shows management sees disruptions as temporary, not a reason to pull back.
“Our focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business,” said Razon, the chair and president of ICTSI.
“As we progress with strategic expansions across our network, we remain committed to maintaining financial discipline and executing our long-term strategy to deliver sustainable value for our shareholders,” he added.
Profits hold firm
Net income attributable to equity holders rose 23 percent to $293.57 million from $239.54 million a year earlier.
Excluding a nonrecurring charge tied to a China terminal sale, recurring net income climbed 29 percent to $308.27 million.
Revenue from port operations grew 29 percent to $961.11 million, driven by new terminals and stable demand across existing facilities.
Margins ease, growth broadens
Earnings before interest, taxes, depreciation and amortization increased 26 percent to $617.87 million, although EBITDA margin slipped to 64 percent from 66 percent as new operations ramped up.
Throughput rose 18 percent to 4.08 million twenty-foot equivalent units, but stripping out new terminals shows just 1 percent growth, pointing to steady underlying demand rather than a surge.
Costs increased 40 percent to $261.81 million on expansion and higher activity, putting pressure on margins.
ICTSI said the $740 million spending is mainly going into expanding existing terminals and building new capacity across key global ports, including Mexico, the Philippines, Brazil, and Africa.
It will also fund equipment upgrades and new projects to boost efficiency and handle higher cargo volumes as ICTSI grows its network.
—Edited by Miguel R. Camus
