Tepsa closes 2025 with a revenue of €73.93 million, almost identical to that of 2024, and a profit of €16.39 million. The company is fully utilising new facilities in Tarragona and preparing its entry into Huelva.
The liquid bulk terminal manager Tepsa, owned by the fund I Squared Capital, has closed the 2025 fiscal year with a revenue in Spain of €73.93 million, practically the same figure as the €73.89 million of 2024. The result for the year contracted to €16.39 million, down from €17.3 million the previous year, according to the company's audited accounts, as reported by elmercantil.com.
The company has fully utilised the additional cubic metres it was implementing in 2024 and 2025 at the port of Tarragona, its oldest facility in Spain, and has executed improvements in its assets in Barcelona, Bilbao, and Valencia. Despite these investments, Tepsa acknowledges a volatile market this year, marked by geopolitical conflicts, which could affect its forecasts.
The main source of uncertainty that the company points out for 2026 is the conflict between the United States and Iran, particularly due to the closure of the Strait of Hormuz and its consequences on trade, maritime transport, and energy markets. Tepsa had already perceived disruptions in logistics chains since 2022 due to the war between Russia and Ukraine. Nevertheless, the company maintains that in 2025 it achieved "an excellent level of occupancy" in its Spanish terminals, largely due to "the continuity of several 'spot' contracts" and the acquisition of others during the year.
"An excellent level of occupancy" in the Spanish terminals during 2025, according to the company.
By business segments, the evolution was mixed. Chemical products contributed €40 million in 2025, compared to €36.27 million in 2024, consolidating as the area of greatest contribution. Oil revenues slightly fell from €15 million to €14.9 million, while biofuels declined from €20.4 million to €16.7 million. Agri-food products added €2.23 million, slightly more than the €2.12 million from the previous year.
Regarding developments in the portfolio, Tepsa plans to invest €45 million in a new terminal at the port of Huelva, for which a five-hectare concession was granted last July for a period of 50 years. The company expects to start operations in 2029. Additionally, this year it announced an expansion of its Tarragona terminal with an investment of €18.3 million, which includes a new tank pit with 21,000 cubic metres additional, operational in 2028.
Excluding Huelva, Tepsa controls nearly 400,000 square metres of port land in Spain. Its largest concession is at the port of Barcelona, with 169,676 square metres and a contract until 2039. In Tarragona, the original concession dates back to 1985 with 25,568 square metres for 44 years, to which three expansions were added in 2011, 2017, and 2022. In Valencia, it has 28,948 square metres since 1987 for 46 years, plus an expansion of 28,535 square metres granted in 2007 for 25 years. In Bilbao, the original concession from 1998 is for 85,680 square metres for 43.5 years, with another 3,365 square metres since 2004 for 28 years. The firm also leases several vehicles and two railway locomotives.
Tepsa's Spanish portfolio is part of the European terminal network of the former Rubis Terminal, of the French group Rubis. Under the current name, the company operates in several locations in France and the Netherlands, including the port of Rotterdam.
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