Campine reports strong first-half 2026 financial results despite metal price normalization

In a regulatory filing, Campine, a Belgian company active in specialized chemicals and circular metals, revealed robust first-half financial results for 2026, achieving an EBITDA of €47.2 million on revenues of €298 million. This performance stands in stark contrast to the exceptionally strong first half of 2025, where metal prices experienced significant normalization.

"Despite the substantial decline in metal prices and reduced demand for antimoontrioxide, Campine generated an EBITDA of €47 million in the first six months," said CEO Wim De Vos. "This is more than double the level achieved in the first half of 2024 and approximately three times the result of 2023."

The Specialty Chemicals division saw a 4% drop in sales volumes compared to the first half of 2025, with significant variations between product groups. Volumes of antimoontrioxide, Campine's key product in this division, declined by 23% due to the exceptionally high antimoon prices in 2025, which prompted customers to reduce their usage and replace antimoon-containing flame retardants with alternatives. Despite this, the diversified product portfolio partially offset this impact, with volumes of flame-retarding masterbatches increasing by 12%, and volumes of recycled plastics growing by 8%.

The division's revenues fell to €164 million, down 44% from the first half of 2025, reflecting the sharp decline in antimoon metal prices. The antimoon market gradually moved towards a more normalized equilibrium as additional smelting capacity in Southeast Asia came online, partly filling the supply deficit created by China's export restrictions in 2024. Notably, this additional upstream capacity did not significantly increase competition in the antimoontrioxide market, as existing producers, including Campine, expanded their capacity without compromising their position as a new global market leader.

Specialty Chemicals reported an EBITDA of €32.4 million, a decrease from €36.6 million in the exceptionally strong first half of 2025.

The Circular Metals division, excluding the recently acquired Ecobat activities, maintained nearly stable volumes compared to the previous year. Despite the lower lead and antimoon prices squeezing margins, productivity improvements and increased processing capacity at French battery crushing facilities, following investments in 2024 and 2025, supported performance. The French battery crushers also began to benefit from synergies with the acquired Ecobat activities, highlighting the strategic potential of the expanded recycling platform. Downstream activities like Le Plomb Français, formerly part of Ecobat, performed strongly, supported by its specialized anode production for zinc and copper smelters and radiation shielding applications.

Circular Metals’ revenues rose by 46% year-over-year to €167 million, driven entirely by the acquisition of French Ecobat sites. The division's EBITDA decreased to €14.8 million from €16.8 million in 2025.

For the full year 2026, Campine forecasts an EBITDA of around €65 million, contingent on current market demand and metal price levels. Antimon metal prices have stabilized at significantly lower levels, about $18,000/ton, enhancing the economic attractiveness of antimoontrioxide for customers. Within the Circular Metals division, the current low lead prices are expected to continue pressuring profitability in the short term, but synergies from the Ecobat acquisition are anticipated to grow over time, with significant potential for improved performance and capital investments.

"First half 2026 has demonstrated the resilience of Campine's business model," concluded CEO Wim De Vos. "We have managed to navigate the challenging metal price environment, reduced demand for antimoontrioxide, and less favorable market conditions, maintaining an EBITDA of €47 million. Our downstream activities continue to perform well, and we are seeing the early benefits of the Ecobat integration. With antimoon prices returning to more sustainable levels and the full potential of our expanded recycling platform, we remain optimistic about Campine's long-term prospects."