Topsoe H1 2026: restructuring creates large special items despite solid underlying performance
- H1 2026 revenue DKK 3,412 million, down from DKK 3,679 million in H1 2025.
- EBIT before special items DKK 185 million (DKK 152 million in H1 2025).
- 22% of H1 revenue (DKK 748 million) derived from low‑carbon, renewable and e‑fuels related technologies.
- One‑off costs of DKK 3,779 million treated as special items; expected special items range revised to DKK 4,100–4,400 million, primarily non‑cash and mainly recognised in 2026.
Half‑year results
Topsoe reported H1 2026 revenue of DKK 3,412 million (DKK 3,679 million in H1 2025) and EBIT before special items of DKK 185 million (DKK 152 million). Cash generation was described as solid. Technology activities delivered a strong performance, while the Catalyst business faced challenging market conditions exacerbated by the conflict in the Middle East, which caused postponed orders and higher delivery costs.
Drivers and actions
The company implemented an organisational restructuring in May and revised the strategic pathway for its Solid Oxide Electrolyzer Cell (SOEC) technology. Management says these steps aim to make the company more resilient amid market uncertainty and to sharpen focus on competitive technologies for conventional and low‑carbon fuels, renewable fuels and e‑fuels.
Outlook and special items
Full‑year 2026 revenue guidance was raised to DKK 8,000–8,500 million (previously DKK 7,600–8,400 million). EBIT before special items margin was revised to 7.0–10.0% (previously 4.0–9.0%). A one‑off cost of DKK 3,779 million related to the SOEC pathway and the May restructuring is treated as special items. Updated estimates for restructuring of the Power‑to‑X business, including impairments, lift expected special items to DKK 4,100–4,400 million; these costs are expected to be primarily non‑cash, with the vast majority recognised in 2026.
Source: Topsoe
