Topsoe 2026 half-year results impacted by challenging market

Company announcement 
No. 11/2026

Link to full half-year statement

Topsoe, a leading global provider of advanced energy transition solutions for producing clean and conventional fuels and chemicals, delivers its financial results for the first half of 2026.

The financial performance was affected by general market uncertainty and organizational restructuring. Despite slightly lower revenue compared to the same period last year, EBIT was strong and cash generation solid.

The Technology business delivered a strong performance, while the Catalyst business was impacted by the conflict in the Middle East, leading to postponed orders and higher delivery costs in the region.

Financial highlights

• Revenue for the first half of 2026 amounted to DKK 3,412 million (DKK 3,679 million in the same period in 2025). This reflects challenging market conditions in the Catalyst business, partly offset by stronger performance in the Technology business compared with the same period in 2025.
• EBIT before special items amounted to DKK 185 million (DKK 152 million in the same period in 2025).
• 22% of revenue (DKK 748 million) came from business related to technologies and solutions that enable the production of low-carbon fuels, renewable fuels and e-fuels.
• The revised strategic pathway for the Solid Oxide Electrolyzer Cell technology and the organizational restructuring carried out in May resulted in a one-off cost of DKK 3,779 million, treated as special items.

Elena Scaltritti, CEO of Topsoe, said:
“I’m satisfied with the results we delivered in the first half of 2026 given the global market uncertainty and the organizational changes implemented during this period. Our underlying business is healthy, and we have maintained a strong market position across markets and business segments.

“We’ve taken decisive action to ensure Topsoe enters the second half of the year as a more resilient company amid market uncertainty. We remain fully committed to delivering competitive and advanced technologies and solutions for the efficient production of conventional, low‑carbon and renewable fuels and chemicals, as well as e‑fuels. We will continue to focus on the areas that strengthen both our short- and long‑term competitiveness, enable energy diversification and win market share.”

Financial outlook
Based on strong execution within our Technology business, and an improved outlook for catalyst sales for the second half of 2026, the full year guidance on revenue and earnings margin is adjusted.

The full year outlook for 2026 for revenue is revised to DKK 8,000–8,500 million (previous range DKK 7,600–8,400 million). EBIT before special items margin is revised to 7.0–10.0% (previous range 4.0–9.0%).

In addition, updated cost estimates related to the restructuring of our Power-to-X business result in an upward adjustment of the expected special items effect. The expected one-off restructuring cost, including impairment of Power-to-X assets is revised to DKK 4,100–4,400 million (previous range DKK 3,500–3,900 million) and will be primarily non-cash. The vast majority of the special items effect is expected to be recognized in 2026.

About Topsoe
Topsoe is a leading global provider of advanced energy transition solutions for producing clean and conventional fuels and chemicals.

Built on decades of scientific research and innovation, we are working with customers and partners to drive energy resiliency and to achieve their sustainability goals.

We offer world-leading catalysts and technologies for transforming resources into renewable, low-carbon and conventional fuels and chemicals, as well as ensuring clean air.

We were founded in 1940 and are headquartered in Denmark, with around 2,500 employees serving customers all around the globe. To learn more, visit  www.topsoe.com. 

For more information, please contact:

Media relations
Ulrik Frøhlke, Media Relations Manager
Phone: +45 27 77 99 68
Mail: ulfr@topsoe.com

Group Finance & Investor Relations
Anders Hindum, Vice President
Phone: +45 22 75 46 43
Mail: anhi@topsoe.com

Forward-looking statements
This company announcement contains certain forward-looking statements which include projections of our short- and long-term financial performance and targets, as well as our financial policies.

Statements herein, other than statements of historical fact, regarding Topsoe’s future results of operations, financial condition, cash flows, business strategy, ambitions, plans, and future objectives are forward-looking statements. Words such as ’targets‘, ’believe‘, ’expect‘, ’aim‘, ’intend‘, ’plan‘, ’seek‘, ’will‘, ’may‘, ’should‘, ’anticipate‘, ’continue‘, ’predict‘, or variations of these words as well as other statements regarding matters that are not historical facts or regarding future events or prospects constitute forward-looking statements.

These forward-looking statements are based on current plans, estimates and projections. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific, which may be outside Topsoe A/S’ influence, and which could materially affect such forward-looking statements. Topsoe A/S cautions that a number of factors could cause actual results to differ materially from those contemplated in any forward-looking statements. These factors, include, but are not limited to changes in market development, the development in power, carbon, gas, oil, currency, interest rate markets, inflation rates, changes in legislation, regulations, or standards, the renegotiation of contracts, changes in the competitive environment in our markets, reliability of supply, and market volatility and disruptions from geopolitical tensions. As a result, you should not rely on these forward-looking statements.