ICTSI net income climbs 23% on stronger operating performance

Excluding a non-recurring charge from Yantai disposal net income grew by 29%.

International Container Terminal Services, Inc. (ICTSI) reported net income attributable to equity holders of $293.57m, up 23% from a year earlier.

In a press release, the port operator said its net income grew 29% in the first quarter of 2026, excluding a non-recurring charge from the sale of Yantai International Container Terminal in China. This was mainly driven by higher operating income.

Revenue from port operations rose 29% to $961.11m, and earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased 26% to $617.87m.

Diluted earnings per share increased 23% to $0.143.

ICTSI handled 4.08 million twenty-foot equivalent units (TEUs) during the quarter, up 18% from 3.47 million TEUs a year earlier, with contributions from Durban Gateway Terminal in South Africa and Batu Ampar Container Terminal in Indonesia.

Excluding these new operations, consolidated volume increased by 1%.

Revenue growth was supported by higher volumes, tariff adjustments, changes in container mix, and increased income from ancillary services.

New terminals also contributed to revenue expansion, alongside favourable foreign exchange movements linked to the Mexican peso, Australian dollar, and Brazilian real. Excluding new operations, revenue increased by 19%.

Cash operating expenses rose 40% to $261.81m, reflecting costs from new terminals, higher activity levels, salary adjustments, and foreign exchange effects. Excluding new operations, expenses increased by 16%.

EBITDA margin declined to 64% from 66% due to the impact of new operations.

Capital expenditure for the quarter totalled $117.94m.

ICTSI plans to spend $740m in 2026 on terminal expansions in Mexico, the Philippines, Brazil, the Democratic Republic of Congo, Honduras, Australia, and Ecuador, as well as equipment upgrades and maintenance.