International Container Terminal Services, Inc. · PSE:ICT
International Container Terminal Services — FY2024 Earnings Presentation
22 slides from International Container Terminal Services's earnings presentation, Mar 6, 2025
Slide 1: FY 2024 Investors' Briefing
FY 2024 Investors’ Briefing March 6, 2025
Slide 2: Consolidated Financial & Operational Highlights
Consolidated Financial & Operational Highlights VOLUME YIELD (1) REVENUE EBITDA NET INCOME(2) RECURRING NET INCOME(3) +2% +12% +15% +18% 66% +23% EBITDA margin Diluted EPS 65% 72% ▪ Globally diversified O&D portfolio drove strong FY performance ▪ Consolidated volume continued positive trend; organic
Slide 3: Yearly and Quarterly Results
Yearly and Quarterly Results 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 FY2022 FY2023 FY2024 (In US$ million except Volume, 2023 2023 2023 2023 2024 2024 2024 2024 Yield & EBITDA margin) Volume (in TEU ‘000) 11,163 12,216 12,749 13,067 3,102 3,174 3,176 3,297 3,090 3,222 3,292 3,463 Gross Revenues 1,865 2,243 2
Slide 4: Agenda
Agenda Recent Financial Performance Liquidity and Capital Resources Questions and Answers Appendix
Slide 5: Recent Financial Performance
Recent Financial Performance
Slide 6: Consolidated P&L Highlights
Consolidated P&L Highlights (In US$ ‘000, except Volume and EPS) 2023 2024 % Change Volume (in TEU) 12,749,214 13,066,949 +2% Gross Revenues from Port Operations 2,388,326 2,739,524 +15% Cash Operating Expenses 662,704 727,248 +10% EBITDA 1,505,614 1,779,428 +18% EBITDA Margin 63% 65% Financing Char
Slide 7: Recurring Net Income
Recurring Net Income 2023 2024 % Change (In US$ ‘000) Net Income Attributable to Equity Holders 511,530 849,799 +66% Non-recurring items: Less: Income from the settlement of legal claims at ICTSI Oregon - (20,500) Add: Impact of the sale of PT PBM Olah Jasa Andal (OJA) - 1,640 Add: Loss on impairmen
Slide 8: Volume and Revenue
Volume and Revenue Volume Gross Revenues (in ‘000 TEUs) (in US$ millions) 12,216 12,749 13,067 2,243 2,388 2,740 +2% +4% 2,462 +15% 2,525 19% 2,657 20% -2% +6% -5% 521 22% 19% +6% +5% 490 3,498 468 20% 3,654 27% 21% 3,429 29% -4% +7% 28% 1,078 +26% 39% 856 760 +13% 36% 34% +8% +7% 6,571 7,107 6,130
Slide 9: Revenue / TEU Analysis
Revenue / TEU Analysis 2023 2024 % change Volume 12,749 13,067 +2% (TEUs ‘000) Revenues 2,322,856 2,666,145 +15% (US$ ‘000) Revenue / TEU 182 204 +12% (US$) 182 +23 +4 -5 204 Revenue/TEU, Organic New and Forex Revenue/TEU, Dec 2023 terminals Discontinued Dec 2024 terminals Note: Revenue per TEU excl
Slide 10: Revenue / Ton Analysis
Revenue / Ton Analysis 2023 2024 % change Volume 9,028 10,177 +13% (Tons ‘000) Revenues 65,470 73,379 +12% (US$ ‘000) Revenue / Ton 7.3 7.2 -1% (US$) 7.3 +0.09 -0.13 7.2 Revenue/Ton, Organic terminals Forex Revenue/Ton, Dec 2023 Dec 2024 Note: Revenue per Ton includes predominantly non-containerized
Slide 11: Capital Expenditure
Capital Expenditure 2024 Budget 2024 Actual 2025 Budget US$47m US$58m US$55m 9% 10% 12% US$75m (ongoing (carry-forward) 15% expansion) US$60m US$260m 13% 45% US$450m US$517m US$580 (new expansion) US$335m US$262m 74% 45% US$395m 76% Expansionary New Projects Maintenance 2024 CAPEX mainly for: 2025 C
Slide 12: Liquidity and Capital Resources
Liquidity and Capital Resources
Slide 13: Balance Sheet Summary
Balance Sheet Summary Strong balance sheet with functional and reporting currency in USD Balance Sheet Highlights Debt Ratios (In US$ million) Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Total Assets 7,245 7,649 Gearing: Debt/SHE 1.14 1.39 Current Ratio: Total Liabilities 5,340 5,745 1.69 1.
Slide 14: Principal Redemption Profile
Principal Redemption Profile As of December 31, 2024 (In US$ million) Relationship Banks Bonds Perp Perp NC26(1) 298 667 400 400 400 300 255 91 91 107 32 23 24 20 20 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Notes: (1) Callable in 2026 with rate reset and 250–bp step–up in 2026 14
Slide 15: Cost of External Funding
Cost of External Funding 2023 2024 % Change (In US$’ 000) Financing Charges 173,850 175,608 +1% ▪ Interest Expense on Loans/Bonds 114,157 131,059 +15% ▪ Perpetual Securities distribution 29,027 19,805 -32% ▪ Amortization of Debt Issue Cost 15,607 13,145 -16% ▪ DST/WHT 15,059 11,600 -23% 2022 2023 20
Slide 16: Summary
Summary Strong performance underpinned by globally diversified O&D portfolio Growth in revenue and yield supported by yield enhancing initiatives across our portfolio EBITDA and Net Income set new highs Expansions and acquisitions supported by strong balance sheet Robust liquidity position improved
Slide 17: Questions and Answers
Questions and Answers
Slide 18: Appendices
Appendices BV \\\ AN | = Hue wu ge intecon Guayaquil. Ecuador
Slide 19: Proactive FX Risk Management
Proactive FX Risk Management Revenue Currency by Subsidiary% Cash Expense Currency by Subsidiary Revenues from Port Operations ICTSI’s revenue and cash USD EUR Local Currency Subsidiaries Local Currency EUR USD (2024 Revenue Breakdown by Currency) expenses are favourably 50% 50% PHP MICT 90% PHP 10%
Slide 20: Revenue per TEU and EBITDA Margin Evolution
Revenue per TEU and EBITDA Margin Evolution Revenue per TEU Evolution* In US$ 182.20 + 23.24 + 3.70 - 5.10 204.04 Revenue/TEU, Organic terminals New and Discontinued terminals Forex Revenue/TEU, Dec 2023 Dec 2024 Note: Revenue per TEU excluding predominantly non-containerized terminals [MMT, KMT, BI
Slide 21: 2024 Sustainability Updates
2024 Sustainability Updates ENVIRONMENT ECONOMY SOCIETY GOVERNANCE • Towards Net-Zero Emissions. The • Operational continuity. Mindanao ▪ Women in Logistics. Victoria International ▪ IT governance. Cybersecurity is one of the Manila International Container Terminal International Container Terminal S
Slide 22: Thank you!
» Thank you SALioRIS La
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