International Container Terminal Services Inc. (ICTSI) opened 2026 with strong earnings growth, driven by higher cargo volumes and contributions from newly acquired terminals across its global network.

The port operator reported a 29 percent rise in recurring net income to $308.27 million in the first quarter, reflecting sustained demand and expansion-led gains. Reported net income stood at $293.57 million, up 23 percent from a year earlier.

Chairman and President Enrique K. Razon Jr. said the results highlight the company’s ability to grow despite shifting global trade conditions.

“ICTSI delivered a robust start to 2026, with double-digit growth in revenues, EBITDA and net income reflecting the strength of our diversified global portfolio and disciplined execution across our operations. The contribution from newly added terminals, alongside stable demand at our existing facilities, supported volume and earnings growth for the quarter.

Our focus on operational efficiency, prudent cost management and careful capital allocation continues to underpin the resilience of our business. As we progress with strategic expansions across our network, we remain committed to maintaining financial discipline and executing our long-term strategy to deliver sustainable value for our shareholders. I would like to thank our employees across ICTSI,” he said.

Revenue from port operations climbed 29 percent to $961.11 million, supported by increased throughput, tariff adjustments, and higher income from ancillary services. Earnings before interest, taxes, depreciation, and amortization rose 26 percent to $617.87 million.

Container volume handled by ICTSI reached 4.08 million twenty-foot equivalent units (TEUs), an 18 percent increase from the same period last year. Growth was largely driven by the addition of new terminals in South Africa and Indonesia, alongside improved trade flows in Asia and the Americas.

Excluding the impact of new operations, volume growth was modest, indicating that recent acquisitions played a significant role in boosting overall performance.

Operating expenses rose during the quarter, reflecting higher activity levels, expansion-related costs, and currency movements. However, the company said ongoing cost management measures helped temper the increase.

ICTSI has earmarked about $740 million in capital expenditures for 2026 to fund expansion projects across key markets, including the Philippines, Latin America, and Africa. These investments are expected to further strengthen capacity and support long-term growth.