Campine Boosts Green Tech and Market Standing Amid Record Profits

BEERSE, Belgium – December 18, 2025 – In a dual strategic move highlighting its robust growth and commitment to the circular economy, Belgian metals recycler Campine NV has announced a significant investment in next-generation recycling technology alongside an upgrade of its stock market listing. The company will inject approximately EUR 7 million into its proprietary antimony recycling process while simultaneously transitioning its shares to the Euronext Brussels continuous market, a move reflecting surging investor interest.

These developments come as Campine confirms it is on track for a record-breaking year, with expected 2025 earnings more than doubling the previous year's high. However, the company is also navigating a turbulent global antimony market that has recently seen a sharp price correction.

A Strategic Bet on the Circular Economy

At the core of Campine's announcement is a EUR 7 million investment in the third generation of its unique antimony recycling technology. The upgrade, expected to be operational by mid-2027, will boost the company's capacity to produce an additional 800 to 1,000 tonnes of commercial-grade antimony metal annually. This new process allows the firm to extract the critical raw material from a wide variety of industrial waste streams.

This investment reinforces Campine's position as a global leader in sustainable resource recovery. Antimony is a critical raw material, essential for manufacturing flame retardants, semiconductors, and high-performance alloys. Traditionally, its supply has been dominated by mining operations, primarily in China, which accounts for over 70% of global production. This concentration creates significant supply chain risks and environmental concerns.

Recycling offers a potent alternative. Industry studies show that producing antimony from recycled sources consumes 60-70% less energy than primary extraction and refining from ore. It also mitigates the pollution and ecological damage associated with mining. By transforming industrial waste into a valuable resource, Campine's technology aligns directly with the principles of the circular economy and the European Union's push for greater resource independence under its Critical Raw Materials Act.

While previous generations of the company's technology focused on recycling waste directly into antimony trioxide for internal use, this new installation will enable Campine to sell recycled antimony metal directly to third parties in Europe. This move not only diversifies its revenue streams but also helps fortify a regional supply chain for a material vital to modern industry.

Navigating a Volatile Antimony Market

The investment comes at a pivotal moment for the antimony market. After a dramatic surge that saw prices peak near USD 60,000 per tonne during the summer, the market has cooled significantly, with prices returning to levels below USD 40,000 per tonne. This volatility underscores the fragility of a market heavily reliant on a single dominant supplier.

According to CEO Wim De Vos, the recent downturn is a welcome stabilization. “This correction is a healthy development,” he stated in a press release. “At peak price levels, some customers began substituting antimony trioxide due to cost pressure. We are now seeing demand gradually recover.”

Market analysts note that prices are expected to ease further as new smelters commissioned in Southeast Asia begin to add supply to the global market, providing a counterbalance to China's influence. Beijing has not, however, resumed exports of antimony compounds, including antimony trioxide, despite earlier indications that it might relax export restrictions. Campine's ability to produce antimony domestically through recycling provides it with a crucial strategic buffer against these geopolitical and market-driven supply fluctuations.

From Niche Listing to Continuous Trading

Reflecting its strong performance and growing profile, Campine is also elevating its presence on the stock exchange. The company, first listed in 1936, will transition its shares from the Euronext Brussels double fixing market to the more dynamic continuous market in the coming days.

The move was prompted by a dramatic increase in trading activity. The fixing market is designed for stocks with limited trading, typically fewer than 2,500 transactions per year. In contrast, Campine's shares have already seen over 10,000 transactions in 2025 alone.

This transition is expected to significantly benefit shareholders. Continuous trading allows investors to buy and sell shares at any point throughout the trading day, offering greater flexibility and more efficient price discovery compared to the twice-daily auctions of the fixing market. This increased accessibility and real-time trading environment often lead to improved liquidity and visibility, attracting a broader base of both institutional and retail investors.

“The move to the continuous market will increase the visibility of our share and is expected to lead to a modest improvement in liquidity,” commented De Vos, acknowledging the transition as a logical step in the company's growth trajectory.

Record Profits and a Cautious Look Ahead

The strategic announcements are backdropped by stellar financial performance. Campine confirmed its 2025 operational outlook, forecasting an EBITDA exceeding EUR 80 million for its core operations. This figure represents an absolute record for the company, more than doubling the already impressive EUR 42 million EBITDA achieved in 2024. This total is expected to be further boosted by the consolidation of results from three recently acquired Ecobat plants.

The integration of these former Ecobat sites into Campine's Circular Metals Division is reportedly progressing as planned. The company noted that initial synergies in battery recycling have already been realized, with the full benefits of the acquisition expected to materialize during 2026. This acquisition further strengthens Campine's raw material pipeline, particularly from lead-acid batteries, a primary source of recycled antimony.

Despite the record-breaking year, the company remains pragmatic about the future. It cautioned that given the downward correction in antimony prices and persistent market volatility, “such exceptional results will be more difficult to sustain in 2026.” This forward-looking statement signals that while Campine is capitalizing on current favorable conditions, its long-term strategy is firmly rooted in managing the inherent cycles of the global commodity markets through technological leadership and strategic diversification.