International Container Terminal Services Inc. (ICTSI) grew its recurring net income by 25 percent in the first half of the year as newly acquired terminals boosted cargo volumes and strengthened the global port operator’s earnings despite market headwinds in some regions.

Excluding the nonrecurring charge from the sale of Yantai International Container Terminal in Shandong Province, China, the company reported on Monday that net income attributable to equity holders rose to $604.69 million from $483.84 million a year earlier. Reported net income attributable to equity holders increased 22 percent to $589.98 million.

Revenue from port operations climbed 27 percent to $1.92 billion from $1.51 billion in the same period last year.

At the same time, earnings before interest, taxes, depreciation and amortization increased 24 percent to $1.23 billion from $990.54 million. Diluted earnings per share rose 23 percent to $0.289.

Expansion strategy

ICTSI chairman and President Enrique K. Razon Jr. said the company’s expansion strategy and diversified global footprint continued to support growth.

“Despite a more challenging operating backdrop in some markets during the period, our diversified footprint continued to provide resilience and support strong financial and operational performance,” Razon said.

“We remain focused on executing our expansion program, integrating new operations, and maintaining financial discipline across the business. We continue to invest to strengthen capacity and service levels across our portfolio while supporting sustainable long-term growth. I would like to thank our employees around the world for their continued commitment and contribution,” he added.

Container throughput increased 16 percent to 8.12 million twenty-foot equivalent units (TEUs) from 6.99 million TEUs, driven mainly by the addition of Durban Gateway Terminal in South Africa, which began operations in January 2026, and Batu Ampar Container Terminal in Indonesia, acquired in September 2025.

Stronger trade across Asia, the Americas

The increase was also supported by stronger trade across Asia and the Americas, although this was partly offset by weaker volumes in Europe, the Middle East and Africa due to the conflict in the Middle East and the deconsolidation of YICT. Excluding new and discontinued operations, consolidated volume would have increased by one percent.

Revenue growth was fueled by higher cargo volumes, a better container mix, stronger ancillary service revenues, tariff adjustments and favorable foreign exchange movements.

Excluding new and discontinued operations, revenue would have increased 18 percent.

Durban Gateway Terminal

Cash operating expenses rose 39 percent to $529.34 million due to the addition of Durban Gateway Terminal, higher operating costs from increased volumes and ancillary services, higher fuel prices amid geopolitical tensions in the Middle East, salary adjustments and foreign exchange effects.

The company spent $320.05 million in capital expenditures during the first half and expects to invest about $740 million this year to complete expansion projects in Mexico, the Philippines, Brazil and the Democratic Republic of Congo, undertake equipment upgrades, and fund new projects in Honduras, Australia, Ecuador and Mexico.