Topsoe, one of the global leaders in carbon emission reduction technologies, today released its financial results for 2023. Topsoe is reporting record revenue and earnings, combined with an all-time high in investments in technologies and solutions that support the energy transition.
Revenue increased by 38% to DKK 9,416 million (2022: DKK 6,845 million) driven mainly by a strong demand for Topsoe catalysts especially in EMEA and North America and strong market growth in technology solutions.
20% of revenue, around DKK 1,900 million, came from business related to technologies and solutions that enable the production of e-fuels, low- carbon fuels and renewable fuels.
EBIT before special items increased by 59% to DKK 964 million (2022: DKK 608 million) due to double-digit growth in both the catalyst and technology business, with an EBIT margin of 10.2% (2022: 9%).
The results are higher than communicated at the half year results, which guided towards a full-year revenue in the range of DKK 8,800-9,200 million and an EBIT margin of 9-10%.
Investments in Power-to-X and other technologies and solutions that enable net zero increased by 275% compared to 2022, reaching a new historical high. R&D spend increased to DKK 700 million, an increase of 20% compared to 2022.