Danish technology group Topsoe has raised its 2026 revenue and underlying earnings outlook, even as the expected cost of restructuring its green hydrogen-based power-to-X (PTX) business has risen to as much as DKK 4.4bn ($685m).
The company now expects full-year revenues of between DKK 8bn ($1.25bn) and DKK 8.5bn ($1.32bn), from DKK 7.6bn ($1.18bn) to DKK 8.4bn ($1.31bn) previously, citing “strong execution” within its Technology business and an improved outlook for catalyst sales.
Topsoe has also raised its expected EBIT margin before special items to 7% to 10%, from 4% to 9% previously.
However, the firm also increased the expected one-off cost associated with the restructuring of its PTX activities, including the “hibernation” of its 500MW solid oxide electrolyser (SOEC) factory in Herning, Denmark.
Topsoe booked DKK 3.8bn ($592m) in one-off costs during the first half of the year following the SOEC strategic change, and lay-offs carried out in May.
The decision followed a strategic review of SOEC commercialisation, after which Topsoe said the Herning factory would remain idle until market demand improves.
Originally estimated at DKK 3.5bn ($545m) to DKK 3.9bn ($607m), the company now expects the one-off restructuring cost, including impairments of PTX assets, to reach DKK 4.1bn ($638.4m) to DKK 4.4bn. The charge will be primarily non-cash.
The wider restructuring has also seen the dissolution of Topsoe’s sustainable aviation fuel joint venture with South African chemicals firm Sasol, in favour of commercialising joint technologies through an existing licensing alliance.
The revised estimate increased the upper end of Topsoe’s expected PTX restructuring bill by DKK 500m ($77.85m).
“We’ve taken decisive action to ensure Topsoe enters the second half of the year as a more resilient company amid market uncertainty,” said CEO Elena Scaltritti.
The scale of the restructuring charge contrasts with improving underlying profitability elsewhere in the group.
It generated DKK 3.4bn ($529m) in revenues during the first six months of 2026, down 7% from DKK 3.68bn ($573m) in the same period last year. However, EBIT before special items increased by 22% to DKK 185m ($28.8m) from DKK 152m ($23.7m).
Topsoe attributed the lower H1 revenue to challenging conditions in its catalyst business, which was impacted by the Middle East conflict, but partly offset by stronger performance from Technology.
