The Danish company posted revenues of DKK 3.68bn ($532m), down from DKK 4.15bn ($601m) a year earlier, while EBIT before special items dropped to DKK 152m ($22m) from DKK 503m ($73m).

However, its energy transition solutions segment, which spans green hydrogen, e-fuels and low-carbon fuel technologies, contributed DKK 839m ($121m), or 23% of revenue, up from DKK 788m ($114m) in 2024.

Topsoe has invested DKK 676m ($98m) in clean energy technologies so far in 2025, mostly directed towards its flagship solid oxide electrolysis cell (SOEC) facility in Herning, Denmark, which the company stated is now in the final stage of readiness for industrial-scale production.

The plant, which was previously delayed from its 2024 target, is set to open with the capacity to produce up to 500MW of SOECs per year.

Topsoe’s facility is backed by €94m in EU Innovation Fund support – although initial hopes of 5-16% growth have instead turned into a 11% decline and guidance cut amid project delays experienced across the US, Europe and Asia.

Operating cash flow fell sharply to DKK 13m ($2m) from DKK 805m ($117m) a year earlier, a decline partly linked to investment in the Herning site.

Nevertheless, the company grew its technology order backlog to DKK 2.9bn ($419m), compared with DKK 2bn ($289m) in H1 2024, including new projects for sustainable aviation fuel (SAF), e-fuels and Power-to-X.

Furthermore, management cut full-year revenue guidance to DKK 7.6–8.2bn ($1.1–1.2bn) from DKK 8.8–9.7bn ($1.3–1.4bn), citing delayed final investment decisions, but reaffirmed confidence in long-term hydrogen and e-fuels demand.

CEO Roeland Baan said project postponements weighed on H1 performance, though Topsoe’s flexible production setup and cost focus helped maintain its market position.

“In the US, there is now clarity on the clean hydrogen production tax credit, which is an essential step toward building a viable US hydrogen market. However, broader global market conditions remain uncertain, and key market signals have yet to fully align.

“Clear signals will be vital to move projects toward Final Investment Decision (FID) in countries like Japan and Korea, as well as in the EU and its member states,” added Baan.