ICTSI Q1 Profit Jumps 23% as New Terminals Drive Growth

International Container Terminal Services, Inc. (ICTSI) reported unaudited consolidated financial results for the quarter ended March 31, 2026, posting strong growth driven by higher volumes and contributions from new terminal operations.

ICTSI's volume growth was largely driven by the contribution of Durban Gateway Terminal (South Africa), and Batu Ampar Container Terminal (Indonesia), which are two new terminals. (Photo: ICTSI)

The company recorded revenue from port operations of $961.11 million, up 29% from $745.42 million in the same period in 2025.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 26% to $617.87 million, compared with $489.59 million a year earlier. Net income attributable to equity holders increased 23% to $293.57 million, from $239.54 million in the first quarter of 2025, primarily due to higher operating income.

Excluding a nonrecurring charge from the sale of the Yantai International Container Terminal in China, net income would have grown 29% to $308.27 million.

Diluted earnings per share rose to $0.143, up 23% from $0.116.

ICTSI handled consolidated volume of 4,084,901 twenty-foot equivalent units (TEUs) in the first quarter, an 18% increase from 3,471,913 TEUs in the same period last year.

The volume growth was largely driven by the contribution of two new terminals:

• Durban Gateway Terminal (South Africa), which began operations in January 2026 

• Batu Ampar Container Terminal (Indonesia), which commenced operations in September 2025 

Volumes were also supported by improved trade activity in Asia and the Americas, partially offset by declines in Europe, the Middle East, and Africa (EMEA). Excluding contributions from new terminals, volume growth would have been 1%.

Gross revenues increased due to higher volumes, favorable container mix, tariff adjustments, and increased ancillary service revenues.

Foreign exchange gains—particularly from the Mexican peso, Australian dollar, and Brazilian real—also contributed to revenue growth.

Consolidated cash operating expenses rose 40% to $261.81 million, driven by:

• Costs from new terminal operations 

• Volume-related increases in operating expenses 

• Salary adjustments 

• Foreign exchange impacts 

Excluding new operations, expenses would have increased by 16%.

EBITDA margin declined slightly to 64%, from 66% last year, mainly due to the impact of new operations.

Capital expenditures for the quarter reached $117.94 million, excluding capitalized borrowing costs.

The company also outlined a broader capital expenditure program of approximately $740 million, to fund:

• Expansion projects in Mexico, the Philippines, Brazil, and the Democratic Republic of Congo 

• Equipment upgrades and maintenance 

• New projects in Honduras, Australia, Ecuador, and additional phases in Mexico 

ICTSI operates container terminals across six continents and continues to pursue expansion opportunities globally.