ICTSI reported unaudited consolidated financial results for the first nine months of 2025, posting port operations revenue of US$2.34 billion, a 16% increase from US$2.01 billion during the corresponding 2024 period.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) reached US$1.54 billion, 17% higher than the US$1.32 billion generated in the same 2024 period.
Net income attributable to equity holders totaled US$751.56 million, representing a 19% increase from US$632.58 million earned in the corresponding 2024 period, primarily driven by higher operating income partially offset by 2024 income from the ICTSI Oregon legal claims settlement.
Excluding nonrecurring income and charges, new operations in Iloilo, Philippines and Batam, Indonesia, and discontinued Jakarta, Indonesia operations, net income attributable to equity holders would have grown 22%.
Diluted earnings per share increased 21% to US$0.365 from US$0.303 in the first nine months of 2025.
Enrique K. Razon Jr., Chairman and President of ICTSI, stated that ICTSI’s robust performance during the first nine months of 2025 validates the strength of the global operations and disciplined strategic execution. He added that ICTSI’s diversified portfolio has enabled us to capitalize on opportunities in dynamic markets, with consolidated volume rising 11 percent to 10.69 million TEUs.
For the quarter ended September 30, 2025, port operations revenue increased 20% from US$691.70 million to US$827.74 million.
ICTSI handled consolidated volume of 10,687,128 TEUs during the first nine months of 2025, 11% higher than 9,604,127 TEUs handled in the corresponding 2024 period.
Volume growth resulted primarily from improved trade activities across all regions. Excluding new operations in Iloilo, Philippines and Batam, Indonesia, plus discontinued Jakarta, Indonesia operations, consolidated volume would still have increased 11% .
For the quarter ended September 30, 2025, total consolidated throughput rose 12% to 3,698,053 TEUs compared to 3,291,964 TEUs in 2024.
Gross port operations revenues for the first nine months of 2025 grew 16% to US$2.34 billion from US$2.01 billion in the corresponding 2024 period, driven mainly by tariff adjustments, volume growth with favorable container mix, higher ancillary services revenues at certain terminals including general cargo activity growth, and volume recovery in Guayaquil, Ecuador.
The increase stemmed primarily from higher volumes, including growth in revenue-generating ancillary services and general cargo activities at certain terminals, plus government-mandated and contracted salary adjustments.
Capital expenditures, excluding capitalized borrowing costs, totaled US$449.61 million for the first nine months of 2025.
These investments supported ongoing expansions at Contecon Manzanillo S.A. (CMSA) in Mexico, certain Philippine terminals, and ICTSI DR Congo S.A. (IDRC); upfront payment for Batu Ampar Container Terminal in Batam, Indonesia; and equipment acquisitions and upgrades at various terminals.
