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August 25, 2022

First half year: Strong revenue growth in challenging environment underlines Topsoe’s position as a leader in the energy transition

  • Revenue increased by 10% to DKK 3,210 million driven by strong demand for Topsoe’s energy transition solutions. Growth was 5% in fixed currencies.
  • During the first half year, Topsoe stopped doing business in Russia and closed the Moscow office. Growth excluding Russia was 17%, and 11% in fixed currencies.
  • EBIT before special items declined by 26% to DKK 387 million. This was the result of inflationary pressure on margins, upscaling of our Power-to-X organization, and discontinuation of our business in Russia. 
  • Continued near term uncertainty stemming from geopolitical tensions is expected. This will impact Topsoe’s supply chain and corrective actions have been initiated, including securing alternatives to natural gas supply.
  • Political momentum, including EU’s plan for energy independence, REPowerEU, and US’s Inflation Reduction Act, backs Topsoe’s strategy, underlining the importance of Topsoe’s role in the green transformation.
  • Topsoe commits to reducing customers’ greenhouse gas emissions by 12 million tonnes this year alone and to go net-zero in own operations by the end of this decade.

“The first half year has been affected by geopolitical tensions and uncertainty stemming from the war in Ukraine. Despite of this, we have been able to deliver 11% growth outside Russia. We continue to experience a strong demand for our energy transition solutions and see solid growth in our renewable business,” says Roeland Baan, CEO, Topsoe and continues:

“Momentum to speed up the energy transition has never been bigger, as it serves a dual purpose; to accelerate the development and industrialization of sustainable solutions to support the energy transition, while also increasing our energy independency and energy security.”

Strong revenue growth in a challenging market environment
In the first half of 2022, revenue increased by 10% to DKK 3,210 million versus DKK 2,908 million in 2021. When adjusted for currency changes, mainly USD driven, Topsoe’s revenue increased by 5%. This was driven by a strong demand for Topsoe’s energy transition solutions, especially in our renewable business.

As the invasion of Ukraine was initiated earlier this year, Topsoe stopped doing business in Russia, which negatively impacted our revenue and growth. Growth excluding Russia was 17% and 11% in fixed currencies.

Revenue growth was supported by strong order intake, which resulted in the backlog increasing by 21% to DKK 4,379 million.

Topsoe is strongly positioned to lead the transition to a greener future with an 80%-win rate of contracts globally to turn waste and biomass into low carbon renewable diesel for trucks and cars and with an increased interest in solutions for sustainable aviation fuels. We continue to experience significant strategic wins within renewable fuels, especially in the US market.

EBIT before special items declined by 26% to DKK 387 million. One of the main reasons for the decline was margins being pressured by less favorable product mix, supply chain challenges as well as a continued pressure from raw material, energy, and logistics costs. The situation is being addressed through price adjustments, which are expected to have a positive impact in the second half of 2022.

Another reason was operating expenditure. Topsoe remains committed to the green transition and continues to upscale the Power-to-X organization to deliver on its ambitions. As part of developing new solutions, we have invested 9.2% of revenue in R&D, which is in line with last year.

Finally, the decision to discontinue business in Russia impacts EBIT negatively.

Supply chain challenges and business continuity initiatives
Topsoe expects that the high level of uncertainty stemming from geopolitical tensions will continue.

As many other companies, Topsoe is expected to face implications of the reduced flow of natural gas from Russia and is preparing for alternative sources in which natural gas can be replaced by for example Liquified Natural Gas (LNG) at its production facility in Denmark.

Enforced push for green transition backs Topsoe’s strategy
As a result of the war in Ukraine, a consensus to safeguard energy independency from Russia has been established throughout Europe with concrete initiatives, such as REPowerEU, accelerating the development towards new energy sources such as green hydrogen, green ammonia, biofuel and synthetic fuels.

Topsoe expects that global climate targets, together with speeding up independence from unreliable energy suppliers, can help push forward growth opportunities across the value chain, and that this will positively back our ambition to take the lead in decarbonization solutions.

Setting targets for reducing greenhouse gas emissions

Topsoe has set clear targets to measure progress. Topsoe’s 2022 Mission is to reduce customers’ greenhouse gas emissions by 12 million tonnes. The mission reflects Topsoe’s commitment to UN’s Sustainable Development Goal no. 13 on Climate Action and our declared ambition to take the lead on decarbonization.

We are also committed to reducing our own carbon footprint and have set ambitious climate targets in line with our commitment to the Science Based Targets initiative. It is our ambition to achieve net zero greenhouse gas emissions in our own operations within this decade.

 Financial highlights (DKK million)

The half-year figures have not been reviewed by the company’s auditors. The audited Annual Report 2022 will be published by Topsoe A/S on March 2, 2023.


  1. For 2022, significant income and costs which cannot be attributed directly to the Group's ordinary operating activities have been reclassified to Special items. The impact in the first half of 2022 is DKK 40 million relating to close-down of the Russia office. Please see the Annual Report 2021 for further information.
  2. The ratios have been prepared in accordance with the Recommendations & Financial Ratios produced by the Danish Finance Society and CFA Society Denmark.                    

Major events in the first half of 2022

January 10: Topsoe signs EUR 45 million funding deal with European Investment Bank to drive green energy transition.

January 14: Indaba Renewable Fuels awards contract to Topsoe, who will deliver technology to convert renewable liquids to sustainable aviation fuel.

April 29: Topsoe announces its decision to fully exit Russia and Belarus and closing down its Moscow office.

May 9: Topsoe signs joint declaration on ramping up electrolyzer capacity to boost green hydrogen production in the EU.

May 18: Roeland Baan, Topsoe CEO, participates in North Sea Summit, where Heads of Governments from Denmark, Germany, the Netherlands, Belgium, and Ursula von der Leyen, President of the European Commission, agrees on increasing offshore wind capacity to 150 GW by 2050.

May 23: Topsoe announces its continued commitment to build the world’s largest electrolyzer production facility and reveals location.

June 17: Topsoe launches its target of reducing its customers greenhouse gas emissions by 12 million tonnes in 2022 alone.

About Topsoe 
Founded in 1940, Topsoe is a global leader in developing solutions for a decarbonized world, supplying technology, catalysts, and services for worldwide energy transition. 

Our mission is to combat climate change by helping our partners and customers achieve their decarbonization and emission-reduction targets, including those in challenging sectors: aviation, shipping, and production of crucial raw materials. From low-carbon or zero-carbon chemicals to renewable fuels and plastic upcycling, we are uniquely positioned to aid humanity in realizing a sustainable future. 

Topsoe is headquartered in Denmark, with 2,100 employees serving customers all around the globe. To learn more, visit 

For more information, please contact:
Media Relations
Ulrik Frøhlke, Media Relations Manager
Phone: +45 27 77 99 68

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