Campine Reports Robust Earnings Resilience Despite Metal Price Normalization

Campine, a leading Belgian specialty chemicals and circular metals company, reported robust earnings resilience for the first half of 2026, despite a significant normalization in metal prices. In a challenging market environment, the company generated an EBITDA of €47.2 million on revenues of €298 million, a 22% drop from the exceptionally strong first half of 2025.

"We are pleased with the resilience of our results," stated CEO Wim De Vos. "Despite the sharp decline in metal prices and reduced antimony trioxide demand, Campine managed to generate €47 million of EBITDA in the first six months. This remains more than twice the level achieved in H1 2024 and approximately three times the result for H1 2023."

The company’s performance was driven by its diversified product portfolio and strategic investments. In the Specialty Chemicals division, sales volumes decreased by 4% compared to the same period last year. Antimony trioxide, Campine’s main product, saw a significant 23% drop in volumes. This was attributed to the exceptionally high antimony prices in 2025, which prompted customers to reduce consumption and substitute antimony-based flame retardants with alternative solutions.

However, the division’s diversified product portfolio provided some relief. Flame-retardant masterbatch volumes increased by 12%, supported by demand for less antimony-intensive solutions. Recycled plastics volumes grew by 8%, benefiting from higher virgin polypropylene prices and the growing attractiveness of recycled materials. These factors helped Specialty Chemicals division deliver EBITDA of €32.4 million, a decrease from the €36.6 million seen in the first half of 2025.

In the Circular Metals division, the existing perimeter remained stable, while the acquired Ecobat activities showed promise. Smelting margins were affected by lower lead and antimony prices, but productivity improvements and initial synergies from the Ecobat acquisition helped offset these challenges. The French battery-breaking facilities saw a boost from their integration with Ecobat, while the downstream Le Plomb Français business performed strongly, supported by its specialized anodes and radiation-shielding applications.

Revenue in the Circular Metals division increased by 46% year-on-year to €167 million, primarily due to the Ecobat acquisition. Despite this, EBITDA decreased to €14.8 million compared to €16.8 million in the first half of 2025.

For the full year of 2026, Campine expects EBITDA of about €65 million, assuming continued low metal prices and market demand. Antimony metal prices have stabilized at approximately $18,000/tonne, significantly improving the economics of antimony trioxide for customers. The company sees potential for a gradual recovery in demand as substitution incentives diminish and antimony-based flame-retardant solutions regain competitiveness.

In the Circular Metals division, the current low lead prices are expected to continue weighing on smelting profitability in the near term. However, Campine anticipates that synergies from the Ecobat acquisition will increase progressively. The full potential of these acquired operations will require targeted improvements and capacity investments, with a more substantial contribution expected from 2027 onwards.

"Despite the challenging market conditions, the first half of 2026 demonstrated the resilience of Campine's business model," concluded CEO Wim De Vos. "We absorbed a sharp correction in antimony prices, lower antimony demand, and less favorable conditions in lead recycling while still generating €47 million of EBITDA. With antimony prices returning to more sustainable levels and further improvement potential within our enlarged recycling platform, we remain confident in Campine's longer-term prospects."

The full interim financial report is available on the company’s website at www.campine.com under the section for investors and shareholders.