Topsoe, a global leader in energy transition technologies, delivers full-year results with satisfactory financial results and improved competitiveness.
Financial Highlights
- Revenue amounted to DKK 8,197 million, at the higher end of the revised full-year guidance (DKK 7,600-8,200 million) communicated in our half-year statement.
- 20 % of revenue (DKK 1,599 million) came from businesses related to technologies and solutions enabling the production of e-fuels, low-carbon fuels and renewable fuels.
- EBIT before special items amounted to DKK 728 million (2024: DKK 847 million). As announced in a company announcement in February 2026, EBIT margin ended at 8.9 %, down from 10.1 in 2024. This exceeded our revised guidance of 6.5-8.5 %, communicated in our half-year statement, primarily due to an extraordinary income of DKK 118 million.
- Overall investments in technologies and solutions supporting both the traditional core business and the energy transition were slightly higher than in 2024. R&D spending totaled DKK 753 million, representing 9.2 % of revenue.
Roeland Baan, CEO of Topsoe, said:
"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.”
Commercial Progress
The Catalyst business delivered revenue in line with 2024, totaling DKK 6,174 million. EMEA achieved double-digit growth, Asia Pacific recorded robust sales with India emerging as a key regional growth driver, while the Americas faced continued challenges. Production of Sustainable Aviation Fuel (SAF) continues to create new market opportunities, reflected in three new SAF projects secured in China.
Revenue in the Technology business decreased by 7.3 % totaling DKK 1.867 million. The decline was partly driven by general market uncertainty, which negatively impacted investment decisions on large-scale projects – particularly in the Americas and Asia Pacific – resulting in postponed projects and lower sales. Despite these challenges, the synthetic fuel segment grew by 28 %.
In 2025, Topsoe inaugurated its Solid Oxide Electrolyzer Cell (SOEC) manufacturing facility in Herning, Denmark – the largest of its kind in Europe.
The company signed agreements for e-fuel projects in Europe and the United States that plan to use SOEC technology. These projects are currently awaiting final investment decisions.
Elena Scaltritti Assumes Role as CEO of Topsoe from 5 March 2026
On 7 January, Topsoe announced that Roeland Baan will step down as President and CEO on 31 May 2026. The Board of Directors appointed Elena Scaltritti as new President and CEO of the company effective 1 June.
Following a satisfactory 2025 annual result and a smooth transition, Roeland Baan has proposed to the Board of Directors that he will step down as President and CEO on 5 March 2026, which the Board has accepted. This means that Elena Scaltritti assumes the role as President and CEO of Topsoe from 5 March 2026.
Outlook
Topsoe expects the revenue for 2026 in the range of DKK 7,600-8,400 million, and an EBIT before special items margin in the range of 0.0-5.0 %.
Topsoe’s financial guidance for 2026 reflects continued geopolitical uncertainty, shifting trade policies, and elevated volatility in raw material prices.
Topsoe will remain focused on cost discipline and take measures to enhance production efficiency, to protect cash-flows and remain financially resilient.