March 31, 2026: European metals recycling and speciality chemicals group Campine has posted consolidated revenue of €766 million ($878 million) for 2025 — with EBITDA more than doubling to a record €89 million, compared to the previous year.

The Belgium-based group said on March 26 that the doubling of revenue followed investments in its proprietary antimony recycling technology and strong market position after acquiring battery recycling and speciality lead manufacturing operations from Ecobat in France.

Campine said exceptional circumstances in the global antimony market enabled the firm to significantly expand its exports of antimony trioxide, strengthening its position as the world’s leading producer in this market.

In addition, higher antimony metal prices — the key pricing basis for Campine’s products — drove a sharp increase in revenue.

Excluding the impact of the Ecobat acquisition, EBITDA amounted to €79 million, including inventory devaluation to market levels for antimony stocks following what Campine said was an unusually rapid decline in antimony prices toward the end of 2025.

Consolidated EBITDA includes the results of the Ecobat operations in the fourth quarter, and a non-cash accounting effect resulting from the fair value exercise linked to the acquisition. Earnings after tax for 2025 amounted to €57 million, compared with €22 million in 2024.

CEO Wim De Vos said 2025 had been an extraordinary year for Campine, both operationally and strategically.

“The Ecobat acquisition significantly strengthens our European position in circular metals. With Le Plomb Français (part of the Ecobat deal) we also diversify further into high-value markets such as medical devices, nuclear energy and anodes for metal production such as zinc.”

Batteries International reported last October that Campine planned to expand use of its newly acquired lead operations — which includes two battery recycling plants and one semi-finished lead-products facility.