International Container Terminal Services (ICT) Q4 2025 earnings summary

Executive summary

• Achieved double-digit growth in volume (+11%), revenue (+18.1%), EBITDA (+21%), and net income (+23.3%) year-over-year for FY2025, driven by robust operational performance, diversified portfolio, and strategic acquisitions.

• EBITDA margin improved to 66.3%, with record EBITDA and net income levels, reflecting strong operating leverage and cost management.

• Strategic commercial initiatives, disciplined capital allocation, and shareholder returns supported expansion.

• Total assets increased 18.7% to $9.08B, mainly due to a $618M deposit for the Durban Gateway Terminal acquisition and ongoing capital expenditures.

Financial highlights

• Volume reached 14.5M TEU, up 11% from the previous year.

• Gross revenues from port operations rose to $3.23B (+18.1% YoY), with yield per TEU up 7% to $218.

• EBITDA increased to $2.14B (+21% YoY), with a margin of 66.3%.

• Net income attributable to equity holders grew to $1.05B (+23.3% YoY); recurring net income up 26%.

• Diluted EPS rose to $0.510 in 2025.

Outlook and guidance

• Strong business fundamentals and a globally diversified portfolio position the company for resilience amid macroeconomic turbulence.

• Estimated 2026 capital expenditures of $740M for ongoing expansions, equipment upgrades, and new projects in multiple countries.

• Increased average concession life underscores the long-term nature of the business.