Topsoe delivered stronger-than-expected underlying earnings in the first half of 2026 despite market uncertainty, Middle East disruption and a sweeping organizational restructuring that resulted in a DKK 3.8 billion one-off charge.

 

Revenue fell to DKK 3,412 million from DKK 3,679 million in the same period last year, reflecting weaker conditions in the Catalyst business. But EBIT before special items rose to DKK 185 million, up from DKK 152 million a year earlier, as the Technology business delivered a strong performance.

 

The company said the conflict in the Middle East affected Catalyst operations, with orders postponed and delivery costs increasing in the region.

 

At the same time, Topsoe increased its full-year revenue and earnings outlook, citing strong execution in its Technology business and an improved outlook for catalyst sales during the second half of the year.

 

“Our underlying business is healthy,” CEO Elena Scaltritti said, as the company moves to strengthen its position amid continued market uncertainty.

 

“I’m satisfied with the results we delivered in the first half of 2026 given the global market uncertainty and the organizational changes implemented during this period. Our underlying business is healthy, and we have maintained a strong market position across markets and business segments.

 

“We’ve taken decisive action to ensure Topsoe enters the second half of the year as a more resilient company amid market uncertainty. We remain fully committed to delivering competitive and advanced technologies and solutions for the efficient production of conventional, low carbon and renewable fuels and chemicals, as well as e-fuels. 

 

"We will continue to focus on the areas that strengthen both our short- and long term competitiveness, enable energy diversification and win market share.”

 

Topsoe now expects 2026 revenue of DKK 8,000–8,500 million, up from its previous forecast of DKK 7,600–8,400 million.

 

The company also raised its expected EBIT before special items margin to 7.0–10.0%, compared with its previous range of 4.0–9.0%.

 

The improved outlook comes despite continued pressure from the broader market and the substantial costs associated with restructuring the business.

 

Topsoe said updated cost estimates for the restructuring of its Power-to-X business have pushed expected one-off restructuring costs, including impairment of Power-to-X assets, to DKK 4,100–4,400 million, compared with the previous estimate of DKK 3,500–3,900 million.

 

The company said the charge will be primarily non-cash, with the vast majority of the special-items impact expected to be recognized in 2026.

 

Topsoe’s Technology business was a key driver of the first-half performance, helping offset weaker results in Catalysts.

 

The company said DKK 748 million, or 22% of first-half revenue, came from technologies and solutions enabling the production of low-carbon fuels, renewable fuels and e-fuels.

 

However, Topsoe’s revised strategic pathway for its Solid Oxide Electrolyzer Cell technology, combined with organizational restructuring carried out in May, triggered a DKK 3,779 million one-off cost recorded as special items.

 

Despite the significant restructuring charge, the company’s improved underlying earnings and upgraded full-year guidance point to stronger operational momentum heading into the second half of 2026.