Campine: Revenue Down 22% in H1 2026, EBITDA of €47.2M
Campine's revenue declined by 22% in the first half of 2026, but EBITDA for the Belgian specialty chemicals and circular metals group fell only 12%, to €47.2M.
This gap between the decline in revenue and profitability is attributable to a marked normalization of metal prices, particularly antimony, whose average price fell approximately 50% year-on-year.
EBITDA of €47.2M for Revenue of €298M
Campine achieved revenue of €298M in the first half of 2026, down 22% compared to the first half of 2025, which the group described as exceptionally high.
EBITDA stood at €47.2M, down 12%. The average price of antimony metal was approximately 50% lower than in the first half of 2025, while the price of lead on the LME expressed in euros declined by approximately 7%. Both metals continued their downward trend during the semester.
According to Chief Executive Officer Wim De Vos, this EBITDA level represents more than double that achieved in the first half of 2024 and approximately three times the result of the first half of 2023.
Specialty Chemicals Penalized by Antimony, Circular Metals Supported by Ecobat
In the Specialty Chemicals division, revenue reached €164M, down 44% year-on-year, heavily influenced by the price of antimony metal, which fell from approximately $60,000/tonne in mid-2025 to approximately $23,000/tonne at the end of June 2026.
Volumes of antimony trioxide declined by 23%, with the high prices in 2025 leading customers to reduce consumption or turn to alternative solutions. This effect was partially offset by a 12% increase in flame-retardant masterbatch volumes and 8% growth in recycled plastics. The division's EBITDA stood at €32.4M, compared to €36.6M in the first half of 2025.
In Circular Metals, revenue increased by 46%, to €167M, a gain entirely attributable to the Ecobat acquisition. EBITDA declined to €14.8M, from €16.8M, in a less favorable metal price environment. The group notes that the foundries acquired from Ecobat have not yet contributed to the semester's results.
Expected EBITDA of Approximately €65M for Full Year 2026
Campine anticipates EBITDA of approximately €65M for fiscal year 2026, on the assumption that current demand conditions and low metal prices are maintained.
In Specialty Chemicals, the price of antimony metal stood at approximately $18,000/tonne at the time of publication, a level that, according to the group, improves the attractiveness of antimony trioxide for customers and paves the way for gradual recovery in demand. In Circular Metals, the low lead price environment is expected to continue weighing on foundry profitability in the near term.
The group indicates that synergies related to the Ecobat acquisition should increase progressively, with more substantial contribution expected from 2027 onwards, following targeted improvement and capacity investment.
