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March 4, 2024

Annual report 2023: Topsoe reports record financial results

Topsoe, a global leader in carbon emission reduction technologies, today released 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

  • Revenue increased by 38% to DKK 9,416 million (2022: DKK 6,845 million) driven mainly by a strong demand for Topsoe catalysts especially in EMEA and North America and strong market growth in technology solutions.
  • 20% of revenue, around DKK 1,900 million, came from business related to technologies and solutions that enable the production of e-fuels, low-carbon fuels and renewable fuels.
  • EBIT before special items increased by 59% to DKK 964 million (2022: DKK 608 million) due to double-digit growth in both the catalyst and technology business, with an EBIT margin of 10.2% (2022: 9%).
  • The results are higher than communicated at the half year results, which guided towards a full-year revenue in the range of DKK 8,800-9,200 million and an EBIT margin of 9-10%.
  • Investments in Power-to-X and other technologies and solutions that enable net zero increased by 275% compared to 2022, reaching a new historical high. R&D spend increased to DKK 700 million, an increase of 20% compared to 2022.

Roeland Baan, CEO, Topsoe said:
“Last year was a significant year for Topsoe. 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 our 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 e-fuels.

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 technology, Topsoe was awarded a grant of EUR 94 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 DKK 8,300-8,800 million and an EBIT margin in the range of 8.0-10.0%.

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. 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.

Financial key figures, five-year summary

Forward-looking statements
Topsoe A/S’ financial reports, whether in the form of annual reports or interim reports, as well as any presentations based on such financial reports, and any other written information released, or oral statements made, to the public based on this annual report or in the future on behalf of Topsoe A/S, may contain 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, including those described in the risk management part of this report, could cause actual results to differ materially from those contemplated in any forward-looking statements.

About Topsoe
Topsoe is a leading global provider of technology and solutions for the energy transition. We combat climate change by helping our customers and partners achieve their decarbonization and emission reduction goals.  

Based on decades of scientific research and innovation, we offer world-leading solutions for transforming renewable resources into fuels and chemicals for a sustainable world, and for efficient and low-carbon fuel production and clean air. 

We were founded in 1940 and are headquartered in Denmark, with over 2,800 employees serving customers all around the globe. To learn more, visit

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

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