International Container Terminal Services (ICT) Q2 2025 earnings summary

Executive summary

• Consolidated volume grew 11% year-over-year in 1H 2025, reaching 6.99M TEUs, with all regions contributing positively.

• Gross revenues increased 14% in 1H 2025 to $1.51B, driven by tariff adjustments, volume growth, and higher ancillary service revenues.

• Net income attributable to equity holders rose 15% in 1H 2025 to $483.84M, with recurring net income up 20% excluding one-time items.

• EBITDA margin improved to 66% in 1H 2025 from 65% in 1H 2024.

• Diluted EPS increased 17% in 1H 2025 to $0.235.

Financial highlights

• 2Q 2025 revenue from port operations up 12% year-over-year to $764.63M.

• Cash operating expenses for 1H 2025 increased 9%, in line with volume growth and salary adjustments.

• Financing charges and other expenses decreased 7% in 1H 2025, aided by deconsolidation and lower charges.

• Revenue per TEU increased 3% year-over-year in both 2Q and 1H 2025.

• EBITDA for 1H 2025 improved 15% to $990.54M.

Outlook and guidance

• Expansionary CAPEX for 2025 is budgeted at $580M, focused on terminal expansions and equipment upgrades in the Philippines, Mexico, DRC, and Brazil.

• Yield improvement initiatives and operating leverage are expected to continue driving earnings growth.

• Continued investment in key terminals and expansion projects to drive sustainable growth.