Campine, Belgian specialty chemicals and metal recycling company, has reported exceptionally strong growth in the first half of 2025. Revenue more than doubled to €384 million, compared with €169 million in the same period last year. EBITDA nearly tripled to €53.4 million, setting a new record for the first six months. This profit increase is largely driven by strong demand for antimony trioxide (ATO) and significant rises in antimony prices.
Results performance per division/segment
Specialty Chemicals division
Market and Operations
Revenue for the Specialty Chemicals division rose to €293 million, four times higher than in 2024 (€74 million). Growth was primarily driven by antimony trioxide sales, with Campine becoming the global market leader following Chinese export restrictions at the end of 2024. The FRMB unit (flame-retardant masterbatches) more than doubled its revenue thanks to the use of ATO, while CrP (PP recycling) achieved a 30% revenue increase, partly due to competitor bankruptcies.
EBITDA in Specialty Chemicals rose from €6.0 million to €36.6 million.
Circular Metals division
Market and Operations
Revenue in the Circular Metals division grew slightly to €114.4 million (+2%). Revenues of the Business Units Lead and Battery Fractions was just below last year’s due to lower prices for lead on the LME. The Metals Recovery unit saw revenue increase by more than 50%, driven by higher prices for gold, silver, and antimony.
EBITDA in this division rose from €13.7 million to €16.8 million, supported by lower purchase prices for battery scrap.
Outlook full year 2025
Campine expects a record year, with EBITDA likely exceeding €80 million. CEO De Vos commented: “Forecasting remains challenging in such a volatile market. Changes in Chinese export restrictions or U.S. import regulations could quickly impact results. Nevertheless, 2025 is already shaping up to be an exceptional year.”
In Specialty Chemicals, high profitability is expected to continue in the second half, despite a slight global decline in ATO demand due to substitution of ATO as flame retardant. The Circular Metals division continues to benefit from lower battery scrap costs, offsetting lower LME sales prices.
Campine is also awaiting regulatory approval for the acquisition of three French Ecobat factories, with the deal potentially closing in September. This acquisition could further impact the 2025 results.
The full interim financial report is available in annex and on our website www.campine.com: Investors/shareholder information/financial reports and calendar/Financial reports/interim financial report.
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