Topsoe increases profits despite lower operations – expects decline in 2026
Topsoe increased its profit to DKK 548 million in 2025. from DKK 420 million DKK 1.1 billion the previous year, although both revenue and operating profit fell in a year marked by global market uncertainty. Revenue fell 2 percent to DKK 8.2 billion, while EBIT before special items fell to DKK 728 million from DKK 847 million the previous year. The bottom line was lifted by an extraordinary income of DKK 118 million from an arbitration case.
- We operate in a new market environment. In response to this and to further strengthen our business, we have continued to improve our productivity and competitiveness. Thanks to the extraordinary efforts of our employees, our leading solutions and proactive initiatives, we maintained a strong market position and delivered satisfactory results – even in a year characterized by macroeconomic and geopolitical uncertainty, says Roeland Baan, CEO of Topsoe, in a press release.
The catalyst business remains by far the largest part of the company's activities and accounted for revenue of DKK 6,174 million in 2025, corresponding to around 75 percent of total revenue.
The Technology business delivered revenue of DKK 1,867 million, which was a decrease of 7.3 percent compared to the previous year. The decrease is due, among other things, to the fact that several large projects were postponed due to market uncertainty.
The PtX business continued to constitute a smaller part of the company's activities. Revenue from the area was DKK 156 million compared to DKK 179 million. DKK the previous year, corresponding to around 2 percent of total revenue.
At the same time, Topsoe continued to invest in energy transition and spent DKK 753 million on research and development in 2025, corresponding to 9.2 percent of revenue. During the year, the company also inaugurated its factory for the production of Solid Oxide Electrolyzer Cells in Herning, which will produce electrolysis cells for green hydrogen and e-fuels.
For 2026, Topsoe expects revenue of DKK 7,600-8,400 million and an EBIT margin before special items of 0-5 percent. This is significantly lower than in recent years, when the operating margin has been around 9-10 percent.
"Topsoe's financial outlook for 2026 continues to reflect geopolitical uncertainty, changing trade policies and increased volatility in commodity prices. Topsoe will continue to focus on cost discipline and implement measures to improve production efficiency to protect cash flows and remain financially robust," Topsoe says.
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