Topsoe, a global leader in energy transition technologies, delivers full-year results with solid revenue and earnings. Revenue amounted to DKK 8,373 million, which was in line with expectations. Lower revenue from the catalyst business was the primary reason for the 11% revenue decrease compared to the exceptionally strong 2023 (DKK 9,416 million).

In 2024, Topsoe grew its market position with our catalyst and technology solutions for renewable fuels and in the conventional fuel segments.

EBIT before special items was DKK 847 million (2023: DKK 964 million), with an EBIT margin of 10.1%, in line with the previous year (2023: 10.2%) reflecting a strong gross margin and rigorous cost control.

Overall investments in technologies and solutions that support the energy transition increased by 20% compared to 2023. R&D spending totaled DKK 745 million, representing 8.9% of revenue.

Roeland Baan, CEO of Topsoe, said: “2024 has been a solid year for Topsoe. Our catalyst and technology businesses continue to support customer projects worldwide, and we have signed contracts for exciting projects for conventional fuels, low-carbon and renewable fuels and e-fuels during a year marked by both opportunities and challenges.

We’re uniquely positioned to support all types of fuel solutions to meet growing energy demand and contribute to enhancing energy resilience. This also means investing in technologies that advance sustainability, create jobs, drive competitiveness, fuel economic growth and strengthen energy security.”

In the second quarter, Topsoe successfully raised EUR 200 million through a green hybrid bonds issuance, significantly strengthening the company’s strong balance sheet and enabling further investments in technologies and solutions for the energy transition.

As Topsoe continues to build capacity to serve the energy transition including the nascent Power-to-X market, it has invested in further advancing the SOEC technology and stack performance, including developing modular solutions and enhancing the commercial and service structure to meet customer needs. These are investments that we expect to bear results in 2025.

The first SOEC factory in Herning, Denmark. will start delivering SOEC stacks to customers in the first half of 2025, while the final decision on the expansion to the U.S. will depend on market conditions and developments.

Outlook

Topsoe expects the revenue for 2025 in the range of DKK 8,800-9,700 million, implying a growth of 5-16% on 2024 revenue, and an EBIT margin in the range of 7.5-9.5%. 

The guidance range for revenue and EBIT margin compared to earlier years reflects uncertainty of the timing of the revenue related to the first production from the SOEC factory in Herning.