International Container Terminal Services, Inc. (ICTSI), a major Philippine company that manages and operates shipping container ports around the world, has shared its financial results for the first three months of 2026. The company showed strong growth across its business, according to their filing with the Securities and Exchange Commission (SEC).

What Does ICTSI Do?

Think of ICTSI as the company that runs the giant parking lots for shipping containers at ports. When big cargo ships arrive carrying containers (those large metal boxes you see on trucks and ships), ICTSI’s terminals handle unloading them, storing them, and loading them onto trucks or other ships. They operate these container terminals in six continents around the world.

Big Numbers for the First Quarter

For the period ending March 31, 2026, ICTSI reported some impressive numbers:

• Revenue: The company earned $961.11 million from its port operations, which is 29% more than the $745.42 million they made during the same time last year.
• EBITDA: This stands for Earnings Before Interest, Taxes, Depreciation and Amortization – basically a measure of how much cash the business generates. This reached $617.87 million, up 26% from $489.59 million in the first quarter of 2025.
• Net Income: The profit that belongs to the company’s shareholders was $293.57 million, which is 23% higher than the $239.54 million earned in the same period last year.
• Earnings Per Share: Each share of ICTSI stock earned $0.143, up 23% from $0.116 in the first quarter of 2025.

Why Did ICTSI Grow So Much?

The main reasons for this growth include:

1. Two New Terminals Started Operating

ICTSI added two new terminals to its network:

• Durban Gateway Terminal (DGT) in South Africa, which began operations in January 2026
• Batu Ampar Container Terminal (BACT) in Batam, Indonesia, which started in September 2025

These two new operations contributed significantly to the company’s growth. Without them, revenue would have still grown but by a smaller 19%, and container volume would have increased by just 1%.

2. More Containers Handled

ICTSI handled 4,084,901 TEUs (Twenty-foot Equivalent Units – the standard way to count containers) in the first quarter of 2026. This is 18% more than the 3,471,913 TEUs handled during the same period in 2025.

3. Better Trade Activity

Trade activities improved in Asia and the Americas, meaning more goods were being shipped through ICTSI’s terminals in these regions. However, this was partially offset by decreases in the EMEA region (Europe, Middle East, and Africa).

4. Other Factors

• Price adjustments at various terminals
• More revenue from additional services offered to customers
• Favorable currency exchange rates, especially from the Mexican Peso, Australian Dollar, and Brazilian Real, which made revenues from those countries worth more when converted to US dollars

What About Expenses?

Running these terminals isn’t cheap. ICTSI’s cash operating expenses increased 40% to $261.81 million, compared to $187.66 million in the same period last year. This increase was mainly because:

• The two new terminals (DGT and BACT) added their operating costs
• More containers handled means more costs for labor and operations
• Salary increases required by governments and contracts
• Unfavorable foreign exchange effects on expenses

Without the new operations, expenses would have only increased by 16%. The company noted it continues implementing cost optimization measures to keep expenses under control.

Profit Margins

ICTSI’s EBITDA margin (which shows what percentage of revenue turns into operating cash) decreased slightly to 64% from 66%. This small decrease was mainly due to the impact of integrating the new terminal operations.

Investing in the Future

ICTSI spent $117.94 million on capital expenditures during the first quarter of 2026. The company has budgeted $740 million for various projects, including:

• Completing phase 3B expansion at Contecon Manzanillo (CMSA) in Mexico
• Ongoing expansions at multiple Philippine terminals including Manila International Container Terminal (MICT), Manila North Harbour Port Inc. (MNHPI), Mindanao Container Terminal (MCT), and South Luzon Container Terminal (SLCT)
• Expansions at ICTSI Rio in Brazil and Matadi Gateway Terminal (MGT) in the Democratic Republic of Congo
• Equipment purchases and upgrades
• Four new expansion projects in Honduras, Australia, Ecuador, and Mexico

A Special Note About China

The company mentioned a “nonrecurring charge” from the sale of Yantai International Container Terminal (YICT) in China. This one-time cost affected the net income numbers. Without this charge, net income would have grown even more – by 29% to $308.27 million instead of the reported 23% growth.

Company Financial Position

As of March 31, 2026, ICTSI reported total borrowings of $1,952.6 million, with domestic borrowings at $1,209.1 million. The company has 1,339 total stockholders.

The company emphasized its commitment to maintaining financial discipline while executing its long-term strategy across its global network of terminals.

This article is based on the company’s official press release and disclosures filed with the Philippine Stock Exchange’s Electronic Disclosure Generation Technology (PSE EDGE) system. For the complete and official version of the announcement, readers may visit the PSE EDGE website and search for the company’s filing directly.