INTERNATIONAL Container Terminal Services, Inc, parent of Melbourne’s Victoria International Container Terminal, has turned in a stellar first quarter with recurring net income up 29% to US$308.27 million.
Throughput increased 18% to 4.08 million TEU, revenues grew 29% to US$961.11 million, EBITDA improved 26% to US$617.87 million and diluted EPS rose 23% to US$0.143.
Enrique K. Razon Jr., ICTSI chairman and president, said the robust start to 2026 reflected the strength of the company’s diversified global portfolio and disciplined execution across operations, while the contribution from newly added terminals, alongside stable demand at existing facilities, supported volume and earnings growth for the quarter.
“Our focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business. 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. I would like to thank our employees across our global operations for their continued dedication,” Mr Razon said.
ICTSI handled consolidated volume of 4,084,901 TEU in Q1 2026, 18% percent higher than the 3,471,913 TEU handled in the same period in 2025. The volume growth was mainly due to the contribution of two new ICTSI terminals: Durban Gateway Terminal (DGT), which took over port operations of DCT Pier 2 in Port of Durban, South Africa in January 2026, and Batu Ampar Container Terminal (BACT), which took over port operations in Batam, Indonesia, in September 2025. Excluding volume contributions from the new operations in DGT and BACT, consolidated volume would have increased by 1% in the first quarter of 2026.
Gross revenues from port operations for the quarter ended 31 March 2026 grew 29% to US$961.11 million from US$745.42 million in the same period in 2025. This was mainly due to volume growth with favorable container mix, tariff adjustments, and higher revenues from ancillary services at certain terminals; revenue contribution of DGT and BACT; and favorable foreign exchange translation impact mainly from the appreciation of Mexican Peso (MXN)-, Australian Dollar (AUD)-, and Brazilian Real (BRL)- based revenues, the company said.
Capital expenditures, excluding capitalized 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 utilized mainly for the completion of phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico; ongoing expansions at Manila International Container Terminal (MICT), Manila North Harbour Port Inc. (MNHPI), Mindanao Container Terminal (MCT), and South Luzon Container Terminal (SLCT) in the Philippines, ICTSI Rio in Brazil, and Matadi Gateway Terminal (MGT) in the Democratic Republic of Congo; various other equipment acquisitions and upgrades; and maintenance capex; and four new expansion projects at Operadora Portuaria Centroamericana, SA de CV (OPC) in Honduras, Victoria International Container Terminal Ltd. (VICT) in Australia, Contecon Guayaquil S.A. (CGSA) in Ecuador and phase 4 at CMSA, Mexico.