European lead and metals recycler Campine has reported half-year EBITDA of over €47 million ($55 million), down from €53 million in H1 2025, warning that significant market volatility could dent full-year performance.
The Belgium-based group said on September 1 the “resilient” results included overall revenue up to June 30 this year of €298 million (previously €384 million).
However, if current market demand and low metal-price conditions persist, EBITDA for the whole of 2026 could fall by around 30% compared to last year’s record of €89 million.
Existing low lead prices are expected to continue weighing on smelting profitability in the near term. This September LME three month lead future stands at $1,893/a tonne compared to $2,018/tonne in September 2025. The LME lead cash settlement stands at $1,870/tonne compared to $1,994/tonne last September.
The drop in pricing makes lead one of the weaker performing base metals over the past year. Analysts attribute this slump to persistent high inventories sitting in LME warehouses, strong refined lead production out of India, and lead’s relative lack of exposure to booming AI and renewable energy infrastructure compared to metals like copper or zin
Campine said it is yet to realise the full potential of battery recycling and speciality lead manufacturing operations in France, which it acquired from Ecobat last year.
The acquired Ecobat smelters did not yet contribute to H1 earnings, partly reflecting the lower LME lead price — leaving what Campine said was meaningful scope for further operational improvements and synergies as it improves and further invests in the facilities.
The downstream Le Plomb Français plant, also an ex-Ecobat business, performed strongly, supported by its activities in specialised anodes for zinc and copper smelters and radiation-shielding applications.
Revenue from Campine’s circular metals unit amounted to €167 million, up 46% year-on-year, an increase fully attributed to the Ecobat acquisition. As a result of the less favourable metal-price market, the unit’s EBITDA dipped to €14.8 million compared to €16.8 million in the year-ago period.
Despite sharply lower metal prices and reduced antimony trioxide demand (Campine’s main speciality chemicals product), EBITDA generated by speciality chemicals in the first six months of the year were more than twice the level in H1 2024 and around three times that of H1 2023.
Campine CEO Wim De Vos said: “Downstream activities are performing well and the first synergies from the Ecobat acquisition are becoming visible.
“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.”
