Danish engineering giant Topsoe has delivered solid full-year results, beating profit margin expectations despite a turbulent geopolitical and macroeconomic backdrop — and announced an accelerated CEO transition as it sharpens its competitive edge.

 

Revenue reached DKK 8,197 million, landing at the high end of revised guidance of DKK 7,600–8,200 million. A fifth of total revenue — DKK 1,599 million — came from technologies enabling e-fuels, low-carbon fuels and renewable fuels, underscoring the company’s energy transition focus.

 

EBIT before special items came in at DKK 728 million, down from DKK 847 million in 2024. The EBIT margin landed at 8.9%, above the revised guidance range of 6.5–8.5%, aided by an extraordinary income of DKK 118 million. R&D spending rose to DKK 753 million, equal to 9.2% of revenue, as the company continued investing heavily in both its core business and transition technologies.

 

CEO Roeland Baan said the company had adapted swiftly to a tougher landscape.

 

"We’re operating in a new market environment. As a response to this, and to further strengthen our business, we have continued to improve our productivity and competitiveness. Thanks to the remarkable efforts of our people, our leading offerings and proactive measures, we maintained a strong market position and delivered satisfactory results – even in a year challenged by macroeconomic and geopolitical uncertainty.”

 

 

The Catalyst division generated DKK 6,174 million in revenue, matching 2024 levels. EMEA posted double-digit growth, Asia Pacific delivered strong sales — with India emerging as a key growth engine — while the Americas remained under pressure. Three new Sustainable Aviation Fuel (SAF) projects were secured in China, reflecting rising demand in aviation decarbonization.

 

The Technology division saw revenue fall 7.3% to DKK 1,867 million, hit by delayed large-scale investment decisions in the Americas and Asia Pacific amid ongoing market uncertainty. Still, the synthetic fuels segment surged 28%, signaling strong structural demand for low-carbon alternatives.

 

In a major strategic milestone, Topsoe inaugurated Europe’s largest Solid Oxide Electrolyzer Cell (SOEC) manufacturing facility in Herning, Denmark. The company also signed agreements for e-fuel projects in Europe and the United States using SOEC technology, though final investment decisions are still pending.

 

Leadership changes are now accelerating. After announcing in January that he would step down on 31 May 2026, Baan proposed an earlier departure following the annual results and a smooth transition process. The board accepted.

 

Elena Scaltritti will now assume the role of President and CEO effective 5 March 2026.

 

For 2026, Topsoe expects revenue between DKK 7,600–8,400 million and an EBIT margin before special items in the range of 0.0–5.0%.

 

The guidance reflects continued geopolitical uncertainty, shifting trade policies and volatile raw material prices. The company said it will maintain strict cost discipline and enhance production efficiency to protect cash flow and safeguard financial resilience in what remains a highly unpredictable global market.