ICTSI income rises 23% to $1.05B on cargo growth

RAZON-LED International Container Terminal Services, Inc. (ICTSI) posted a 23% increase in attributable net income for 2025, reaching $1.05 billion on the back of higher cargo volumes across its port operations.

“ICTSI delivered another year of strong performance in 2025, marked by double-digit growth across volume, revenues, EBITDA (earnings before interest, taxes, depreciation, and amortization), and net income,” ICTSI Chairman and President Enrique K. Razon, Jr. said in a statement on Wednesday.

For 2025, the port operator’s gross revenue rose 17.88% to $3.23 billion from $2.74 billion in the comparable period a year earlier.

Total expenses for the period reached $1.55 billion, up 8.39% from $1.43 billion in 2024.

“Our focus on operational efficiency, targeted capital allocation, and prudent financial management supported continued margin expansion and strong cash generation. As we execute on strategic opportunities across our network and invest in new projects, we remain committed to maintaining the financial discipline and selective approach that have underpinned our track record of value creation,” Mr. Razon said.

ICTSI said that, without factoring in the impact of non-recurring income and charges — including new operations in Iloilo, Philippines; the discontinuation of operations in Jakarta in 2024; and new operations in Batam, Indonesia, last year — its attributable net income would have risen by 26%.

For 2025, Asia remained ICTSI’s growth driver, accounting for 41%, or $1.34 billion, of its total revenues for the year.

Port operations in the Americas generated $1.31 billion, while Europe, the Middle East, and Africa (EMEA) operations contributed $590.55 million.

ICTSI said revenues from Asia were mainly driven by volume growth, favorable container mix, tariff adjustments, and higher revenues from ancillary services. Most of the Philippine terminals contributed to the growth for the period, the company said.

In 2025, ICTSI handled a total of 14.50 million twenty-foot equivalent units (TEUs), marking an 11% increase from the 13.07 million TEUs in 2024.

Asian ports handled 7.73 million TEUs, up 8.8% from 7.11 million TEUs a year earlier, while the Americas and EMEA handled 4.16 million TEUs and 2.61 million TEUs, respectively.

Capital expenditures, excluding capitalized borrowing costs, reached $650.44 million, ICTSI said, adding that funds were mainly allocated to ongoing expansions in Mexico, the Philippines, the Democratic Republic of Congo, and Brazil.

For 2026, ICTSI said it is setting aside an estimated $740 million, mainly for the phase 3B expansion at Contecon Manzanillo S.A. in Mexico; expansions at Manila International Container Terminal, Mindanao Container Terminal, and South Luzon Container Terminal in the Philippines; upgrades at ICTSI Rio in Brazil; as well as equipment acquisitions, upgrades, and maintenance.

ICTSI is a global port operator. It owns and operates ports in 20 countries across Asia, the Americas, and EMEA.

At the local bourse on Wednesday, shares in ICTSI gained P6, or 0.85%, to end at P715 each. — Ashley Erika O. Jose