Strong performance by ICTSI

MANILA’s International Container Terminal Services, Inc, owner of Melbourne’s Victoria International Container Terminal (VICT), delivered a strong performance in the first nine months of 2026, with double-digit growth in volumes, revenues and earnings.

Throughput increased 13% to 12.11 million TEU; revenues grew 24% to US$2.90 billion; EBITDA improved 21% to US$1.87 billion; and diluted EPS rose 21% to US$0.442.

ICTSI chairman and president Enrique K. Razon Jr. said recently added terminals contributed to growth across the group, while existing operations continued to deliver solid revenue and earnings growth.

"Our diversified portfolio continues to provide resilience in a more challenging operating environment," he said.

"We remain focused on integrating our new terminals and investing to strengthen capacity and service levels across our network and we are confident in the long-term contribution these operations will make.

"Disciplined capital allocation and operational execution remain central to delivering sustainable value for our shareholders. I would like to thank our employees around the world for their continued commitment."

Excluding the non-recurring charge from the sale of Yantai International Container Terminal (YICT) in Shandong Province, China, net income attributable to equity holders would have grown 22% to US$913.59 million. Diluted earnings per share increased 21% to US$0.442 from US$0.365 in the same period in 2025. 

For the quarter ended 30 September 2026, revenue from port operations increased 19% from US$827.74 million to US$984.05 million; EBITDA was 15% higher at US$635.74 million from US$552.99 million; and net income attributable to equity holders was at US$308.90 million, 15% more than the US$267.72 million in the same period in 2025. 

Diluted earnings per share for the third quarter of 2025 and 2026 was at US$0.130 and US$0.153, respectively. 

ICTSI handled consolidated volume of 12,114,429 TEU in the first nine months of 2026, 13% higher than the 10,687,128 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 the 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 volume decreases at certain terminals in EMEA, mainly at Basra Gateway Terminal in Iraq due to geopolitical conflict in the Middle East and the deconsolidation of YICT. 

Excluding volume contributions from the new operations in DGT and BACT and discontinued operations in YICT, consolidated volume would have marginally increased by 0.1%.  In the third quarter of 2026, total consolidated throughput was 8% higher at 3,998,671 TEU compared to 3,698,053 TEU in 2025.

Gross revenues from port operations for the first nine months of 2026 grew 24% to US$2.90 billion from US$2.34 billion reported in the same period in 2025. 

This was mainly due to volume growth with favourable container mix, higher revenues from ancillary services and tariff adjustments at certain terminals; revenue contribution of DGT and BACT; and favourable foreign exchange translation impact mainly from the appreciation of revenues denominated in Mexican pesos, Australian dollars and Brazilian reais.

Capital expenditures, excluding capitalized borrowing costs, amounted to US$507.43 million for the first nine months of 2026.

The group’s estimated capital expenditures for 2026 is US$740 million which will be used mainly for the completion of phase 3B expansion at Contecon Manzanillo S.A. (CMSA) in Mexico; ongoing expansions at Manila International Container Terminal, Manila North Harbour Port Inc., Mindanao Container Terminal and South Luzon Container Terminal in the Philippines, ICTSI Rio in Brazil and Matadi Gateway Terminal in the Democratic Republic of Congo; various other equipment acquisitions and upgrades; maintenance capex; and four new expansion projects at Operadora Portuaria Centroamericana, SA de CV in Honduras, VICT, Contecon Guayaquil S.A. in Ecuador and phase 4 at CMSA, Mexico.