Topsoe reports resilient half year performance amid market headwinds

Topsoe has reported financial results for the first half of 2026, showing solid underlying performance despite market uncertainty and organisational restructuring.
Revenue for the period totalled €443 million, down from €491 million in the first half of 2025, reflecting weaker demand in the Catalyst business due to the conflict in the Middle East, which led to postponed orders and higher delivery costs. This was partly offset by stronger activity in the Technology business.
EBIT before special items increased to €24 million, up from €20 million last year, demonstrating continued operational strength and healthy cash generation. Technologies and solutions enabling low carbon fuels, renewable fuels and e fuels accounted for 22% of revenue, equivalent to €97 million.
A revised strategic pathway for Topsoe’s Solid Oxide Electrolyzer Cell technology, combined with organisational restructuring carried out in May, resulted in a one off cost of €491 million, recognised as special items.
CEO Elena Scaltritti said she was satisfied with the company’s performance given the challenging backdrop. “Our underlying business is healthy, and we have maintained a strong market position across markets and business segments,” she said.
“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.”