ICTSI 9M2025 Net Income grew 19% to US$751.56M; Recurring Net Income up 22%

6 November 2025

CGSA

Throughput increased 11% to 10.69 million TEUs
Revenues grew 16% to US$2.34 billion
EBITDA improved 17% to US$1.54 billion
Diluted EPS rose 21% to US$0.365

Enrique K. Razon Jr., International Container Terminal Services, Inc. (ICTSI) Chairman and President, said: “ICTSI’s excellent performance in the first nine months of 2025 is a testament to the strength of our global operations and the disciplined execution of our strategy. With revenues rising 16 percent to US$2.34 billion and EBITDA up 17 percent reaching US$1.54 billion, we have delivered growth across all key metrics. A 19 percent increase in net income attributable to equity holders to US$751.56 million, and 21 percent increase in diluted earnings per share, reflects our continued focus on prudent financial management and delivering value for our shareholders.

“ICTSI’s diversified portfolio has enabled us to capture opportunities in dynamic markets, with consolidated volume up 11 percent to 10.69 million TEUs. This growth, alongside a 16 percent increase in revenue from port operations, demonstrates the resilience of our business and operational excellence. As we continue to invest in strategic expansions and pursue new opportunities across the Americas, Asia, and EMEA, we remain committed to driving sustainable growth and innovation throughout our global network. Looking ahead, ICTSI is well-positioned to build on this momentum and deliver long-term value.”

ICTSI today reported unaudited consolidated financial results for the first nine months of 2025 posting revenue from port operations of US$2.34 billion, an increase of 16 percent from the US$2.01 billion reported for the same period in 2024; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$1.54 billion, 17 percent higher than the US$1.32 billion generated in the same period last year; and net income attributable to equity holders of US$751.56 million, 19 percent more than the US$632.58 million earned in the same period last year primarily due to higher operating income partially tapered by the income from the settlement of legal claims at ICTSI Oregon in 2024. Excluding the impact of nonrecurring income and charges; and new operations in Iloilo, Philippines and Batam, Indonesia; and discontinued operations in Jakarta, Indonesia, net income attributable to equity holders would have grown 22 percent. Diluted earnings per share increased 21 percent to US$0.365 from US$0.303 in the first nine months of 2025.

For the quarter ended September 30, 2025, revenue from port operations increased 20 percent from US$691.70 million to US$827.74 million; EBITDA was 22 percent higher at US$552.99 million from US$451.51 million; and net income attributable to equity holders was at US$267.72 million, 26 percent more than the US$212.03 million in the same period in 2024. Diluted earnings per share for the third quarter of 2024 and 2025 was at US$0.102 and US$0.130, respectively.

ICTSI handled consolidated volume of 10,687,128 twenty-foot equivalent units (TEUs) in the first nine months of 2025, 11 percent higher than the 9,604,127 TEUs handled in the same period in 2024. The volume growth was mainly due to improvement in trade activities across all regions. Excluding the impact of new operations in Iloilo, Philippines and Batam, Indonesia; and the discontinued operations in Jakarta, Indonesia, the Group's consolidated volume would still have been up 11 percent. For the quarter ended September 30, 2025, total consolidated throughput was 12 percent higher at 3,698,053 TEUs compared to 3,291,964 TEUs in 2024.

Gross revenues from port operations for the first nine months of 2025 grew 16 percent to US$2.34 billion from US$2.01 billion reported in the same period in 2024 mainly due to the tariff adjustments, volume growth with favorable container mix, and higher revenues from ancillary services at certain terminals, including growth in general cargo activities, and volume recovery in Guayaquil, Ecuador. This was partially reduced by unfavorable foreign exchange translation impact mainly from the depreciation of Mexican Peso (MXN)-, and Brazilian Real (BRL)-based revenues. Excluding the impact of new and discontinued operations, the Group's consolidated gross revenues would still have increased 16 percent.

Consolidated cash operating expenses in the first nine months of 2025 were 11 percent higher at US$585.96 million compared to US$529.27 million in the same period in 2024. The increase in cash operating expenses was mainly due to higher volumes, including increases related to the growth in revenue generating ancillary services and general cargo activities at certain terminals, and government-mandated and contracted salary rate adjustments. This was tapered by continuous cost optimization measures and favorable foreign exchange effects mainly of Brazilian Real (BRL)-, Mexican Peso (MXN)-, and Australian Dollar (AUD)- based expenses. Excluding the impact of new operations in Iloilo and Batam, and discontinued operations in Jakarta, consolidated cash operating expenses would have increased 10 percent.

Consolidated EBITDA for the nine months of 2025 increased 17 percent to US$1.54 billion from US$1.32 billion in the same period in 2024. Consequently, the EBITDA margin improved to 66 percent from 65 percent.

Consolidated financing charges and other expenses for the first nine months of 2025 decreased four percent to US$133.99 million from US$138.88 million for the same period in 2024 mainly due to the capitalized borrowing cost and lower documentary stamp expense.

Capital expenditures, excluding capitalized borrowing costs, amounted to US$449.61 million for the first nine months of 2025. These were mainly for ongoing expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, certain Philippine terminals, and ICTSI DR Congo S.A. (IDRC) in Democratic Republic of Congo; the upfront payment for Batu Ampar Container Terminal in Batam, Indonesia; and equipment acquisitions and upgrades at certain terminals. The Group’s estimated capital expenditures for 2025 is approximately US$580 million which will be utilized mainly for the continued development of the new project in Batangas, Philippines, phase 3B expansion in CMSA, Manzanillo, Mexico, expansion of MICT, Manila, Philippines, and IDRC, Matadi, DRC; new expansion projects at ICTSI Rio, Brazil and Mindanao Container Terminal, Cagayan de Oro, Philippines; various other equipment acquisitions and upgrades; and maintenance capex.

ICTSI is a leading developer, manager and operator of common user origin and destination container terminals serving the global container shipping industry. ICTSI operates in six continents and continues to pursue container terminal opportunities around the world.