THE OWNER of Victoria International Container Terminal, Manila-based International Container Terminal Services, Inc has posted very strong results for the first half of calendar 2026.
ICTSI today [3 August] today reported that throughput increased 16% to 8.12 million TEU; revenues grew 27% to US$1.92 billion; EBITDA improved 24% to US$1.23 billion; and diluted EPS rose 23% to US$0.289.
Chairman and president Enrique K. Razon Jr. 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 the 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.
“We remain focused on executing our expansion programme, integrating new operations, and maintaining financial discipline across the business. We continue to invest to strengthen capacity and service levels across our portfolio while supporting sustainable long-term growth. I would like to thank our employees around the world for their continued commitment and contribution,” he said.
For the quarter ended 30 June 2026, revenue from port operations increased 25% from US$764.63 million to US$958.73 million; EBITDA was 23% higher at US$613.70 million from US$500.94 million; and net income attributable to equity holders was at US$296.41 million, 21% more than the US$244.31 million in the same period in 2025.
ICTSI handled consolidated volume of 8,115,758 TEU in the first half of 2026, 16% higher than the 6,989,075 TEU handled in the same period in 2025. The increase 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.
Volumes were also supported by improvement in trade activities in Asia and the Americas, partially offset by a volume decrease in EMEA, due to geopolitical conflict in the Middle East, and deconsolidation of Yantai Iinternational Container Terminal. For the quarter ended 30 June 2026, total consolidated throughput was 15% higher at 4,030,857 TEU compared to 3,517,162 TEU in 2025.
Gross revenues from port operations for the first half of 2026 grew 27% to US$1.92 billion from US$1.51 billion reported in the same period in 2025. This was mainly due to volume growth with favourable container mix, higher revenues from ancillary services at certain terminals and tariff adjustments; revenue contribution of DGT and BACT; and favourable foreign exchange translation impact mainly from the appreciation of Mexican Peso (MXN)-, Australian Dollar (AUD)-, and Brazilian Real (BRL)- based revenues.
Excluding the impact of new and discontinued operations, the Group’s consolidated gross revenues would have increased 18%. For the quarter ended 30 June 2026, total consolidated revenue was 25% higher at US$958.73 million compared to US$764.63 million in 2025.
Consolidated EBITDA for the six months of 2026 increased 24% to US$1.23 billion from US$990.54 million in the same period in 2025. EBITDA margin, however, declined to 64% from 66% percent primarily reflecting the impact of newly acquired operations.
Capital expenditures, excluding capitalized borrowing costs, amounted to US$320.05 million for the first half of 2026. The Group’s estimated capital expenditures for 2026 is US$740 million which will be utilized for ongoing expansion of eight terminals in Mexico, The Philippines, Brazil and the Democratic Republic of Congo; various other equipment acquisitions and upgrades and maintenance capex; and four new expansion projects including at VICT.