Topsoe delivers strong H1 2023 financial performance

Topsoe delivers strong H1 2023 financial performance

The first half of 2023 showed a strong increase in revenue by 45% to DKK 4,664 million

  • By ICN Bureau | August 24, 2023

Topsoe, a global leader in carbon emission reduction technologies, has registered profitable growth alongside rapid advance of Topsoe’s decarbonization strategy for H1 2023, 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.

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. The company has more than doubled its investments in Power-to-X and other green technologies in the first half of 2023 compared to first half of 2022.

The company raises 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%).

Roeland Baan, CEO, Topsoe said: “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.”

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