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Topsoe delivers strong half-year results in growing market



Topsoe, a global leader in carbon emission reduction technologies, released Aug. 24 its financial results for the first half of 2023, which has seen continued profitable growth alongside rapid advance of Topsoe’s decarbonization strategy, with a number of new wins in both sustainable aviation fuel (SAF) and low-carbon hydrogen projects.



Topsoe’s ambition is to enable the decarbonization of the hard-to-abate sectors in society that cannot easily be electrified.



Industry and heavy transportation are among these sectors, and Topsoe’s technology is now involved in projects representing close to half of the market within SAF and almost two-thirds of the market for low-carbon hydrogen.



Financial highlights


  • The first half of 2023 showed a strong increase in revenue by 45 percent to 4.664 billion Danish kroner (USD$677.3 million), driven mainly by a solid demand for Topsoe’s catalysts, especially in Europe, the Middle East and Africa, and the Americas


  • EBIT before special items increased by 22 percent to 472 million Danish kroner (USD$68.6 million) as a result of double-digit catalyst growth as well as single-digit growth within its technology business


  • Topsoe more than doubled its investments in Power-to-X and other green technologies in the first half of 2023 compared to first half of 2022


  • The company’s commitment to cutting emissions with the ultimate target of reaching net-zero in its full value chain by 2040 received Science Based Targets initiative approval


  • Topsoe raised the range for the expected revenue for the year to 8.8 billion to 9.2 billion Danish kroner (USD$1.28 billion to USD$1.34 billion) and narrow the range of the expected EBIT margin for the year to 9 percent to 10 percent (previously 8 percent to 10 percent)



The company’s financial statement for the first half of 2023 can be accessed here.


“We’ve delivered a very strong result in the first half of 2023, where we’ve not only recovered from closing the business in Russia last year, but also succeed in growing our business, especially in Europe, the Middle East and Africa, and the U.S.,” said Topsoe CEO Roeland Baan. “We continue to prove our commitment to reduce global greenhouse-gas emissions. We’re investing heavily in scaling decarbonization technologies and solutions by building SOEC electrolyzer manufacturing capacity and by entering strategic partnerships with equally ambitious partners such as Sasol, with whom we’ve entered a joint-venture agreement to produce sustainable aviation fuel to help decarbonize the aviation industry.”


Founded in 1940, Topsoe is headquartered in Denmark, with 2,400 employees serving customers all around the globe.

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