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August 24, 2023

Topsoe delivers strong half-year 2023 results in a growing market

Topsoe, a global leader in carbon emission reduction technologies, is pleased to release 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 SAF and low-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 sustainable aviation fuel 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% to DKK 4,664 million, driven mainly by a solid demand for Topsoe’s catalysts, especially in EMEA and the Americas
  • EBIT before special items increased by 22% to DKK 472 million as a result of double-digit catalyst growth as well as single-digit growth within our technology business
  • We’ve more than doubled our investments in Power-to-X and other green technologies in the first half of 2023 compared to first half of 2022
  • Our commitment to cutting emissions with the ultimate target of reaching net-zero in our full value chain by 2040 received SBTi approval.
  • We raise the range for the expected revenue for the year to DKK 8,800-9,200 million (previously DKK 7,500-8,500 million) and narrow the range of the expected EBIT margin for the year to 9-10% (previously 8-10%)

Read our financial statement for the first half of 2023:

Roeland Baan, CEO, Topsoe said:
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 EMEA and the US.”

“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.”

BarskProjects_Topsoe_BreakingGround_20230501-0236Topsoe's SOEC electrolyzer manufacturing facility in Herning, Denmark, in the making. The factory is scheduled to be up and running in 2025.

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 2,400 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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