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Topsoe reports record financial results for 2023

Topsoe, a global leader in carbon emission reduction technologies, released March 4 its financial results for 2023.


Topsoe is reporting record revenue and earnings, combined with an all-time high in investments in technologies and solutions that support the energy transition.


Financial highlights include:


  • Revenue increased to 9.416 billion Danish kroner (USD$1.37 billion), up 38 percent from 6.845 billion Danish kroner (USD$995.9 million) in 2022, driven mainly by a strong demand for Topsoe catalysts especially in Europe, the Middle East, Africa and North America, and strong market growth in technology solutions.

  • 20 percent of revenue, around 1.9 billion Danish kroner (USD$276.5 million), came from business related to technologies and solutions that enable the production of eFuels, low-carbon fuels and renewable fuels.

  • Earnings before interest and taxes (EBIT) before special items increased by 59 percent to 964 million Danish kroner (USD$140.3 million) compared to 608 million Danish kroner (USD$88.48 million) in 2022 due to double-digit growth in both the catalyst and technology business, with an EBIT margin of 10.2 percent (2022: 9 percent).

  • The results are higher than communicated at the half year results, which guided towards a full-year revenue in the range of 8.8 billion to 9.2 billion Danish kroner (USD$1.28 billion to USD$1.339 billion) and an EBIT margin of 9 percent to 10 percent.

  • Investments in Power-to-X and other technologies and solutions that enable net zero increased by 275 percent compared to 2022, reaching a new historical high. R&D spend increased to 700 million Danish kroner (USD$101.9 million), an increase of 20 percent compared to 2022.


“Last year was a significant year for Topsoe,” said CEO Roeland Baan. “We grew our business across segments, while delivering on our own transformation. The past few years, we have invested heavily in technologies that enable net zero and made significant progress to be the preferred partner for customers who want to reduce their carbon emissions. Today, we have strong market positions within low-carbon and renewable fuels and are involved in some of the most innovative Power-to-X projects globally. We are well positioned to utilize our strong knowledge to enable the massive decarbonization of energy-intensive and long-distance transportation sectors such as aviation, shipping and heavy industry. The decarbonization of these industries are the key for society to reach global net-zero targets by 2050.”


Building a strong market position

Growth in Topsoe’s catalyst and technology business was spurred by a strong demand from both new and current customers.


This includes customers looking to revamp existing refineries to renewable fuel production and new plants based on Topsoe technology. 


The growth confirms Topsoe’s market-leading position within catalysts.


Topsoe continues to grow its position in the market for technologies and solutions that enable net zero. 


In 2023, Topsoe entered into agreements with a range of large producers within sustainable aviation fuels (SAF), low-carbon fuels and eFuels.


Topsoe has strengthened its position in Power-to-X with significant interest from partners across the value chain.


In acknowledgement of the innovative solid oxide electrolyzer cell (SOEC) technology, Topsoe was awarded a grant of 94 million euros (USD$102 million) from the EU’s Innovation Fund for what will be the company’s first industrial-scale electrolyzer manufacturing facility.


The chosen location is Herning, Denmark. 


The construction of the factory is on track and on budget and expected to be in operation by 2024.


In renewable fuels, approximately one third of all SAF and renewable diesel production capacity runs on Topsoe technology.


To meet future market needs in renewable diesel and SAF, Topsoe invested in new catalyst production in Bayport, Texas.


Topsoe is also a leading supplier of technology for the growing low-carbon hydrogen production market in North America.



Topsoe expects 2024 revenue to be in the range of 8.3 billion to 8.8 billion Danish kroner (USD$1.21 billion to USD$1.28 billion) and an EBIT margin in the range of 8 percent to 10 percent.


“We expect double-digit growth in our technology businesses, while our catalyst business is expected to be affected by the cyclic nature of customer demand, resulting in negative growth,” Topsoe stated. “We continue the high level of investment in SOEC technology and Power-to-X business, as well as other investments that will ensure a continued sustainable long-term growth for our company. It is expected that these key investments will contribute to revenue growth after 2024.”



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