Campine NV – 2025 report
Read through the full 2025 annual report. A few key takeaways:
2025 headline numbers
- Revenue: €766m * EBITDA: €89.1m * Net profit: €56.6m * EPS: €37.75
Adjustments / one-offs
- Bargain purchase gain (Ecobat): ~€6.5m net (~€4.3/share) * Transaction costs: ~€0.7m → Normalised net profit ~€50–51m (≈€34/share) → Normalised EBITDA ~€80m
Ecobat impact
- Added €10.7m to reported EBITDA (incl. accounting effects) * Only ~€0.6m profit contribution in 2025 (partial year) * Full-year contribution expected from 2026 onward
Operational positives
- ATO volumes +11%, capacity now ~18kt/year * Export volumes outside Europe >2x vs 2023 * ~15% of antimony already from recycling (proprietary tech) * Ecobat adds 70kt recycling capacity + growth headroom
Risks / negatives
- Antimony price peaked mid-2025, then dropped sharply * High prices reduced demand temporarily (~20–30%) * Inventory devaluation at year-end * Earnings still strongly tied to antimony market conditions
2026 outlook (based on report)
- Demand already recovering early 2026 * First full year of Ecobat * Likely earnings range: * ~€40–45m (weaker pricing) * ~€50–55m (base case) * €60m+ if market stays tight
Bottom line 2025 was exceptional, but even after normalising, earnings remain strong. The key question is how much of current profitability is structural (recycling + market position) vs cyclical (antimony prices).
https://www.campine.com/wp-content/uploads/2026/04/campine-jaarverslag-2025-a4-eng-esef-digi.pdf