Net income up 15% as global volume climbs
International Container Terminal Services, Inc. (ICTSI) posted solid results for the first half of 2025, driven by strong global operations and higher volumes.
The Manila-headquartered port operator reported a 15% jump in net income to US$483.84 million. Recurring net income rose 20% when adjusted for one-off items. Revenue grew 14% year-on-year to US$1.51 billion, while EBITDA reached US$990.54 million, a 15% increase. Diluted earnings per share rose 17% to US$0.235.
Chairman and President Enrique K. Razon Jr. highlighted the company’s momentum:
“ICTSI’s exceptional first-half results show the strength of our global operations. Our continued focus on operational excellence, expansion, and cost discipline is paying off.”
He also noted the 11% increase in throughput and strong shareholder returns as signs of resilience and strategic success.
Volume Growth Across Regions
For the first six months of 2025, ICTSI handled 6.99 million TEUs, up 11% from 6.31 million in the same period last year. Growth was broad-based, supported by improving trade activity across key markets.
The second quarter alone saw volume reach 3.52 million TEUs, also up 9% year-on-year.
Revenue Boosted by Mix and Services
Revenue from port operations hit US$1.51 billion, up 14%, supported by tariff adjustments, favorable cargo mix, and growth in general cargo and ancillary services. The rise came despite currency headwinds, particularly from the Mexican peso and Brazilian real.
Operating expenses climbed 9% to US$381.73 million, in line with higher activity, salary adjustments, and expanded services. However, cost control efforts and favorable FX effects helped manage the impact.
EBITDA margin improved to 66% from 65% in the prior year.
Quarterly Highlights
In Q2 2025, ICTSI earned US$244.31 million in net income, up 16%. Revenue for the quarter reached US$764.63 million, while EBITDA stood at US$500.94 million, up 11% from a year earlier.
Strategic Investments Continue
ICTSI invested US$231.98 million in capex during the first half, focusing on terminal expansions in Mexico, the Philippines, and the Democratic Republic of Congo. The full-year capex budget stands at around US$580 million.
Ongoing projects include the new terminal in Batangas, expansion in Manzanillo (Mexico), and upgrades in Matadi (DRC), Rio (Brazil), and Mindanao (Philippines).
Global Footprint and Outlook
ICTSI now operates in six continents and continues to seek new container terminal opportunities in the 50,000 to 3.5 million TEU/year range.
With a strong balance sheet and diverse global portfolio, the Group looks well-positioned to sustain growth and deliver value to stakeholders.
