Campine Shatters Records: Revenue Doubled to €766M
Metal recycling and specialty chemicals expert Campine has shattered its records in 2025, posting a doubled revenue of 766 million euros and a record EBITDA of 89.1 million euros. This spectacular performance is largely due to exceptional and non-recurring market conditions: antimony peaked at $60,000 per ton mid-year, three times its value at the start of the year, before quickly collapsing at year's end.
Financial Growth and Dividend Increase
Campine recorded a 110% growth in its consolidated revenue, rising from 365.2 million euros in 2024 to 766 million euros in 2025. EBITDA more than doubled, reaching 89.1 million euros compared to 41.7 million euros the previous year. Net income (EAT) also saw a strong increase, from 22.3 to 56.6 million euros. The Specialty Chemicals division, which produces antimony trioxide and flame retardants, drove this growth with a 207% increase in its revenue to 574.2 million euros and a 258% rise in EBITDA to 52.4 million euros. This performance enabled the board to propose a gross dividend of 10 euros per share, more than double that of 2024, totaling 15 million euros distributed to shareholders.
Behind the Impressive Figures
Beneath these impressive figures lies a more nuanced reality. Sales volumes in the Specialty Chemicals division only increased by 17%, to about 26,000 tonnes. The real growth driver was the surge in prices of antimony metal, the main pricing element for Campine's products. The withdrawal of Chinese suppliers from the antimony market at the end of 2024 created shortages that propelled prices up to $60,000 per ton in July 2025, five times the average of the previous three years. Campine quickly adjusted its inventory to market prices at year-end, incorporating a significant depreciation following the sharp price drop in the fourth quarter. This extreme volatility highlights Campine's dependency on commodity cycles: the same dynamics that inflated the 2025 results triggered a normalization starting in September.
Tempered Expectations for 2026
Campine itself is tempering expectations for 2026. Despite a rebound in antimony demand in the first quarter of 2026 following price normalization, the group anticipates an EBITDA of around 40 million euros for the first half, nearly half the 2025 average. This cautious guidance acknowledges structural challenges: antimony prices remain volatile due to geopolitical tensions in the Middle East, which create a new potential shortage of antimony ore; the Circular Metals division is depressed by low lead prices (around 1,650 euros per ton); the plastic recycling market remains challenging despite a 32% increase in volumes thanks to the integration of the recycled battery model. The acquisition of Ecobat, finalized in October 2025, contributed only for one quarter to the 2025 results, with a limited EBITDA of 1.3 million euros in the fourth quarter. Campine is counting on operational synergies during 2026.
