Like the title says: I am not a charty.
Wanted to get some advice/interpretation by professional chart-folks that been doing this for some time!
Does the chart of Campine nv look bullish or not in your view?
my gut tells me its looking very good, but than again: I have no clue about chart analysis.
Any advice appreciated!
Thanks in advance!
I’ve been looking into Campine NV and wanted to sanity-check the thesis here.
The company had a monster 2025, mostly because antimony prices went crazy. So I’m not assuming the recent EBITDA is a normal run-rate. That’s probably the biggest risk in the whole story.
The obvious bear case is that lead-acid battery makers may reduce antimony content over time. Campine itself basically said high antimony prices pushed some customers to reduce usage or look at alternatives.
But I’m not sure the conclusion is as simple as “less antimony = thesis dead.”
The part I find interesting is tin. Some newer lead-acid battery designs use lead-calcium-tin systems instead of traditional lead-antimony grids. So if antimony use declines in some battery types, tin content may rise at least partly.
Campine already recovers tin in its Metals Recovery segment, along with antimony, silver and gold. Management also mentioned that high tin prices helped the business in 2025. Tin prices have been strong, so this could be a partial offset.
To be clear, I’m not saying tin perfectly hedges antimony. It depends on scrap mix, recovery rates, pricing, and how battery chemistry actually evolves. But I do think the bear case needs to account for the fact that Campine recovers more than just antimony.
Other things I like:
Campine has been around for more than 100 years, so this is not some new promotional small-cap.
They bought Ecobat’s French battery recycling assets, which expands their footprint, and they did it without issuing shares.
Share count is still around 1.5m.
Balance sheet still looks reasonable after the acquisition (even improved)
Management seems fairly conservative. They don’t come across as super promotional, and over the last year they seem to have guided cautiously and then delivered better numbers.
There may also be another acquisition in 2026 or 2027. In a Trends Talk interview on YouTube, the CEO talked about looking at further acquisition opportunities. The video had almost no views, which surprised me.
EU regulation is another possible tailwind. Stricter recycling rules should favour companies that already have permits, scale, compliance and proper facilities. It should make life harder for low-standard recyclers and increase the value of local recycling capacity.
Main risks as I see them:
2025 earnings may be peak-cycle.
Antimony prices could normalize.
Customers may substitute away from antimony.
Lead prices are weak.
Recycling businesses can have environmental liabilities.
Small-cap liquidity is limited.
Commodity spreads can move against them quickly.
So I’m not saying this is obviously cheap or risk-free. I just think it may be more than an antimony spike story.
My current view is that Campine is a small, underfollowed recycler with unusually strong exposure to antimony, tin and battery recycling. The tin angle is what makes the antimony-substitution risk less black-and-white for me.
Curious if anyone here has looked at the company or sees a flaw in the tin/antimony argument.
Not financial advice. I own shares / am considering adding, so assume I’m biased.
The risks are obvious too:
Antimony prices could normalize.
2025 may have been peak earnings.
Lead prices are weak.
Battery chemistry can change.
Commodity businesses are volatile.
Environmental liabilities always matter in recycling.
And small-cap liquidity is not great.
So this is not a “risk-free compounder” or anything like that.
But I do think Campine is more interesting than the market gives it credit for. The easy take is that it is just an antimony spike story. My view is that it is slowly becoming a European circular-metals platform, with antimony, tin and battery recycling all feeding into the same broader trend.
The tin point is especially important to me: even if antimony content in some batteries declines, that does not necessarily destroy the thesis. If tin content rises at the same time, Campine may be partially hedged through its Metals Recovery business.
Not a perfect hedge. Not guaranteed. But enough to make the story more resilient than it first looks.
Not financial advice. I own shares (over 99% of my portfolio) / am researching the company, so assume I’m biased
I’ve been looking into Campine NV and wanted to sanity-check the thesis here.
The company had a monster 2025, mostly because antimony prices went crazy. So I’m not assuming the recent EBITDA is a normal run-rate. That’s probably the biggest risk in the whole story.
The obvious bear case is that lead-acid battery makers may reduce antimony content over time. Campine itself basically said high antimony prices pushed some customers to reduce usage or look at alternatives.
But I’m not sure the conclusion is as simple as “less antimony = thesis dead.”
The part I find interesting is tin. Some newer lead-acid battery designs use lead-calcium-tin systems instead of traditional lead-antimony grids. So if antimony use declines in some battery types, tin content may rise at least partly.
Campine already recovers tin in its Metals Recovery segment, along with antimony, silver and gold. Management also mentioned that high tin prices helped the business in 2025. Tin prices have been strong, so this could be a partial offset.
To be clear, I’m not saying tin perfectly hedges antimony. It depends on scrap mix, recovery rates, pricing, and how battery chemistry actually evolves. But I do think the bear case needs to account for the fact that Campine recovers more than just antimony.
Other things I like:
Campine has been around for more than 100 years, so this is not some new promotional small-cap.
They bought Ecobat’s French battery recycling assets, which expands their footprint, and they did it without issuing shares.
Share count is still around 1.5m.
Balance sheet still looks reasonable after the acquisition (even improved)
Management seems fairly conservative. They don’t come across as super promotional, and over the last year they seem to have guided cautiously and then delivered better numbers.
There may also be another acquisition in 2026 or 2027. In a Trends Talk interview on YouTube, the CEO talked about looking at further acquisition opportunities. The video had almost no views, which surprised me.
EU regulation is another possible tailwind. Stricter recycling rules should favour companies that already have permits, scale, compliance and proper facilities. It should make life harder for low-standard recyclers and increase the value of local recycling capacity.
Main risks as I see them:
2025 earnings may be peak-cycle.
Antimony prices could normalize.
Customers may substitute away from antimony.
Lead prices are weak.
Recycling businesses can have environmental liabilities.
Small-cap liquidity is limited.
Commodity spreads can move against them quickly.
So I’m not saying this is obviously cheap or risk-free. I just think it may be more than an antimony spike story.
My current view is that Campine is a small, underfollowed recycler with unusually strong exposure to antimony, tin and battery recycling. The tin angle is what makes the antimony-substitution risk less black-and-white for me.
Curious if anyone here has looked at the company or sees a flaw in the tin/antimony argument.
Not financial advice. I own shares / am considering adding, so assume I’m biased.
The risks are obvious too:
Antimony prices could normalize.
2025 may have been peak earnings.
Lead prices are weak.
Battery chemistry can change.
Commodity businesses are volatile.
Environmental liabilities always matter in recycling.
And small-cap liquidity is not great.
So this is not a “risk-free compounder” or anything like that.
But I do think Campine is more interesting than the market gives it credit for. The easy take is that it is just an antimony spike story. My view is that it is slowly becoming a European circular-metals platform, with antimony, tin and battery recycling all feeding into the same broader trend.
The tin point is especially important to me: even if antimony content in some batteries declines, that does not necessarily destroy the thesis. If tin content rises at the same time, Campine may be partially hedged through its Metals Recovery business.
Not a perfect hedge. Not guaranteed. But enough to make the story more resilient than it first looks.
Not financial advice. I own shares (over 95% of my portfolio) / am researching the company, so assume I’m biased
I’ve been looking into Campine NV and wanted to sanity-check the thesis here.
The company had a monster 2025, mostly because antimony prices went crazy. So I’m not assuming the recent EBITDA is a normal run-rate. That’s probably the biggest risk in the whole story.
The obvious bear case is that lead-acid battery makers may reduce antimony content over time. Campine itself basically said high antimony prices pushed some customers to reduce usage or look at alternatives.
But I’m not sure the conclusion is as simple as “less antimony = thesis dead.”
The part I find interesting is tin. Some newer lead-acid battery designs use lead-calcium-tin systems instead of traditional lead-antimony grids. So if antimony use declines in some battery types, tin content may rise at least partly.
Campine already recovers tin in its Metals Recovery segment, along with antimony, silver and gold. Management also mentioned that high tin prices helped the business in 2025. Tin prices have been strong, so this could be a partial offset.
To be clear, I’m not saying tin perfectly hedges antimony. It depends on scrap mix, recovery rates, pricing, and how battery chemistry actually evolves. But I do think the bear case needs to account for the fact that Campine recovers more than just antimony.
Other things I like:
Campine has been around for more than 100 years, so this is not some new promotional small-cap.
They bought Ecobat’s French battery recycling assets, which expands their footprint, and they did it without issuing shares.
Share count is still around 1.5m.
Balance sheet still looks reasonable after the acquisition (even improved)
Management seems fairly conservative. They don’t come across as super promotional, and over the last year they seem to have guided cautiously and then delivered better numbers.
There may also be another acquisition in 2026 or 2027. In a Trends Talk interview on YouTube, the CEO talked about looking at further acquisition opportunities. The video had almost no views, which surprised me.
EU regulation is another possible tailwind. Stricter recycling rules should favour companies that already have permits, scale, compliance and proper facilities. It should make life harder for low-standard recyclers and increase the value of local recycling capacity.
Main risks as I see them:
2025 earnings may be peak-cycle.
Antimony prices could normalize.
Customers may substitute away from antimony.
Lead prices are weak.
Recycling businesses can have environmental liabilities.
Small-cap liquidity is limited.
Commodity spreads can move against them quickly.
So I’m not saying this is obviously cheap or risk-free. I just think it may be more than an antimony spike story.
My current view is that Campine is a small, underfollowed recycler with unusually strong exposure to antimony, tin and battery recycling. The tin angle is what makes the antimony-substitution risk less black-and-white for me.
Curious if anyone here has looked at the company or sees a flaw in the tin/antimony argument.
Not financial advice. I own shares / am considering adding, so assume I’m biased.
The risks are obvious too:
Antimony prices could normalize.
2025 may have been peak earnings.
Lead prices are weak.
Battery chemistry can change.
Commodity businesses are volatile.
Environmental liabilities always matter in recycling.
And small-cap liquidity is not great.
So this is not a “risk-free compounder” or anything like that.
But I do think Campine is more interesting than the market gives it credit for. The easy take is that it is just an antimony spike story. My view is that it is slowly becoming a European circular-metals platform, with antimony, tin and battery recycling all feeding into the same broader trend.
The tin point is especially important to me: even if antimony content in some batteries declines, that does not necessarily destroy the thesis. If tin content rises at the same time, Campine may be partially hedged through its Metals Recovery business.
Not a perfect hedge. Not guaranteed. But enough to make the story more resilient than it first looks.
Not financial advice. I own shares (over 95% of my portfolio) / am researching the company, so assume I’m biased
I’ve been digging into Campine NV, a small Belgian metals recycling company, and I think the story is more interesting than just “antimony went up, earnings exploded.”
To be clear upfront: 2025 was probably not a normal run-rate year. Antimony prices went crazy, and Campine benefited massively. So I’m not pretending the €89m EBITDA is something you can simply extrapolate forever.
But I also think the market may be missing a few things.
The obvious bear case is that lead-acid battery producers may reduce antimony content over time. That is a real risk. Campine even mentioned that very high antimony prices pushed some customers to reduce usage or look for alternatives.
But the part I find interesting is the tin angle.
If some lead-acid battery chemistries move away from traditional lead-antimony systems, that does not automatically mean all the economics disappear. Some modern battery types use more lead-calcium-tin systems, especially maintenance-free, AGM, VRLA, stop-start and higher-performance batteries.
Tin helps with performance, corrosion resistance, casting and cycling characteristics. So in some cases, less antimony can mean more tin.
And Campine is not only a lead/antimony business. It is increasingly a multi-metal recovery business. In 2025, its Metals Recovery segment recovered metals like tin, antimony, silver and gold, and management specifically mentioned that high prices for gold, silver and tin were helping the business.
Tin prices have also been very strong recently, so this is not irrelevant.
I am not saying this is a perfect hedge. It depends on the real scrap mix, recovery rates, metal spreads, customer behaviour and battery chemistry. But I do think the simple version — “less antimony in batteries = Campine thesis broken” — is too simplistic.
The value may partly migrate from antimony to tin, and Campine is one of the few small companies actually positioned to recover both.
Another thing: the Ecobat acquisition looks strategically important. Campine acquired French battery recycling assets, expanding its European recycling footprint and adding more capacity. What I like is that they did this without blowing up the balance sheet and without issuing shares.
That matters because this is a tiny company. Dilution would have been the obvious fear. But the share count stayed at around 1.5 million shares, and the company still reported strong solvency after the deal.
So far, management seems pretty disciplined.
That is actually one of the main reasons I’m interested. Campine is not a flashy story. It has more than 100 years of industrial history, has been listed for decades, and management does not come across as overly promotional. If anything, they seem to have a habit of guiding carefully and then delivering better than expected.
In 2025, they ended up with:
Again, I would not treat this as a normal year. But it shows what the operating leverage can look like when metal prices and volumes move in their favour.
There is also a potential M&A angle that I don’t think many people are watching.
In a recent Trends Talk interview on YouTube, the CEO talked about further acquisition opportunities. The video had barely any views when I found it, which is kind of funny considering the company just made a major acquisition and still seems to have room for more.
I would not model another acquisition as guaranteed, but it sounded like another deal in 2026 or 2027 is very possible if the right asset becomes available. After Ecobat, Campine now looks more like a consolidator in European circular metals rather than just a small Belgian recycler.
The regulatory backdrop also seems favourable.
The EU is pushing harder on battery recycling, recycling efficiency, circular raw materials and local supply chains. That should generally benefit serious European recyclers with permits, compliance systems, technology and real operating assets.
Why could that support margins?
Because stricter regulation usually makes life harder for low-standard competitors. It raises barriers to entry, increases the value of compliant local capacity, and makes reliable recycling partners more important for industrial customers. Campine is already operating inside that framework, so more regulation may actually strengthen its competitive position.
What I like about Campine:
The risks are obvious too:
Antimony prices could normalize.
2025 may have been peak earnings.
Lead prices are weak.
Battery chemistry can change.
Commodity businesses are volatile.
Environmental liabilities always matter in recycling.
And small-cap liquidity is not great.
So this is not a “risk-free compounder” or anything like that.
But I do think Campine is more interesting than the market gives it credit for. The easy take is that it is just an antimony spike story. My view is that it is slowly becoming a European circular-metals platform, with antimony, tin and battery recycling all feeding into the same broader trend.
The tin point is especially important to me: even if antimony content in some batteries declines, that does not necessarily destroy the thesis. If tin content rises at the same time, Campine may be partially hedged through its Metals Recovery business.
Not a perfect hedge. Not guaranteed. But enough to make the story more resilient than it first looks.
Not financial advice. I own shares / am researching the company, so assume I’m biased.
I’ve been looking into Campine NV and wanted to sanity-check the thesis here.
The company had a monster 2025, mostly because antimony prices went crazy. So I’m not assuming the recent EBITDA is a normal run-rate. That’s probably the biggest risk in the whole story.
The obvious bear case is that lead-acid battery makers may reduce antimony content over time. Campine itself basically said high antimony prices pushed some customers to reduce usage or look at alternatives.
But I’m not sure the conclusion is as simple as “less antimony = thesis dead.”
The part I find interesting is tin. Some newer lead-acid battery designs use lead-calcium-tin systems instead of traditional lead-antimony grids. So if antimony use declines in some battery types, tin content may rise at least partly.
Campine already recovers tin in its Metals Recovery segment, along with antimony, silver and gold. Management also mentioned that high tin prices helped the business in 2025. Tin prices have been strong, so this could be a partial offset.
To be clear, I’m not saying tin perfectly hedges antimony. It depends on scrap mix, recovery rates, pricing, and how battery chemistry actually evolves. But I do think the bear case needs to account for the fact that Campine recovers more than just antimony.
Other things I like:
Campine has been around for more than 100 years, so this is not some new promotional small-cap.
They bought Ecobat’s French battery recycling assets, which expands their footprint, and they did it without issuing shares.
Share count is still around 1.5m.
Balance sheet still looks reasonable after the acquisition (even improved)
Management seems fairly conservative. They don’t come across as super promotional, and over the last year they seem to have guided cautiously and then delivered better numbers.
There may also be another acquisition in 2026 or 2027. In a Trends Talk interview on YouTube, the CEO talked about looking at further acquisition opportunities. The video had almost no views, which surprised me.
EU regulation is another possible tailwind. Stricter recycling rules should favour companies that already have permits, scale, compliance and proper facilities. It should make life harder for low-standard recyclers and increase the value of local recycling capacity.
Main risks as I see them:
2025 earnings may be peak-cycle.
Antimony prices could normalize.
Customers may substitute away from antimony.
Lead prices are weak.
Recycling businesses can have environmental liabilities.
Small-cap liquidity is limited.
Commodity spreads can move against them quickly.
So I’m not saying this is obviously cheap or risk-free. I just think it may be more than an antimony spike story.
My current view is that Campine is a small, underfollowed recycler with unusually strong exposure to antimony, tin and battery recycling. The tin angle is what makes the antimony-substitution risk less black-and-white for me.
Curious if anyone here has looked at the company or sees a flaw in the tin/antimony argument.
Not financial advice. I own shares / am considering adding, so assume I’m biased.
The risks are obvious too:
Antimony prices could normalize.
2025 may have been peak earnings.
Lead prices are weak.
Battery chemistry can change.
Commodity businesses are volatile.
Environmental liabilities always matter in recycling.
And small-cap liquidity is not great.
So this is not a “risk-free compounder” or anything like that.
But I do think Campine is more interesting than the market gives it credit for. The easy take is that it is just an antimony spike story. My view is that it is slowly becoming a European circular-metals platform, with antimony, tin and battery recycling all feeding into the same broader trend.
The tin point is especially important to me: even if antimony content in some batteries declines, that does not necessarily destroy the thesis. If tin content rises at the same time, Campine may be partially hedged through its Metals Recovery business.
Not a perfect hedge. Not guaranteed. But enough to make the story more resilient than it first looks.
Not financial advice. I own shares / am researching the company, so assume I’m biased.
Campine NV: why I think the “declining antimony in lead-acid batteries” fear is only part of the story
One concern I often see around Campine is this: what if lead-acid battery manufacturers reduce antimony content over time? That risk is real. Campine itself said extreme antimony prices in 2025 caused some customers to reduce usage or temporarily switch to alternatives, which hit demand later in the year.
But here is the important nuance: the shift away from traditional lead-antimony grids often means a shift toward lead-calcium-tin systems, especially in maintenance-free, AGM, VRLA, stop-start and higher-performance batteries. Tin is added to improve casting, cycling performance and corrosion resistance, and the International Tin Association has previously highlighted that tin use in lead-acid batteries can rise with more advanced battery designs. ()
That matters for Campine because Campine is not just a lead recycler. It is a multi-metal recovery company. In 2025, its Metals Recovery unit grew volumes by 11%, recovering metals such as tin, antimony, silver and gold.
And tin is not some sleepy side metal anymore. Tin prices have been very strong: Trading Economics showed tin around $49,721/tonne on May 5, 2026, up more than 55% year over year. Campine also explicitly stated that high prices for gold, silver and tin continue to benefit the Metals Recovery business. ()
So if battery chemistry gradually contains less antimony but more tin, Campine is not necessarily left empty-handed. Part of the value can migrate from one recoverable metal to another. It is not a perfect hedge, and it depends on battery mix, metal prices, recovery yields and process economics. But the “less antimony = bad for Campine” argument is too simplistic. Campine recovers both sides of that transition.
The Ecobat acquisition strengthens this logic. Campine added two French battery recycling plants and one downstream lead-products facility, increasing its European circular-metals footprint. The 2025 press release says Ecobat added two smelters in France and a downstream manufacturing unit, while Campine also said the acquisition was financed entirely with available cash resources.
Even better: despite that acquisition, the balance sheet still looks strong. Campine reported solvency of 56%, said it had “ample financial capacity” for further growth and expansion, and the number of shares remained 1.5 million in both 2024 and 2025 — meaning no dilution.
And this is where the next potential catalyst comes in: management does not seem done. In the recent Trends Talk interview on YouTube, CEO Wim De Vos discusses further acquisition opportunities, and the impression is that another deal in 2026 or 2027 is very possible if the right target appears. I would not model it as guaranteed, but given the Ecobat execution, the balance sheet, and management’s stated capacity for further expansion, M&A remains a realistic upside option. The fact that this interview has barely any views makes it even more interesting from an information-arbitrage perspective.
What I like about the company:
Campine is not a startup story. The company has more than 100 years of industrial history, and it has evolved into a European circular-metals platform. It is active in battery recycling, lead alloys, antimony trioxide, recycled polymers and metals recovery.
It has also become a strategic antimony player. 2025 was an extraordinary year because the global antimony market tightened sharply. Campine said the situation strengthened its position as the world’s leading antimony trioxide producer, while antimony metal prices reached around $60,000/tonne by mid-2025 — roughly three times early-2024 levels and around five times the average of the previous three years.
The 2025 numbers were exceptional: €766m revenue, €89.1m EBITDA, €56.6m net result, and €37.75 EPS. Excluding Ecobat, EBITDA was still €78.4m, so this was not only an acquisition accounting story.
The dividend also more than doubled to a proposed €10 per share, while management stayed conservative because part of the result included exceptional non-cash accounting effects. I like that. It shows they are rewarding shareholders, but not acting recklessly at the top of a commodity cycle.
Management also deserves credit for communication. They have not been promotional in the typical small-cap way. They tend to guide cautiously and then execute better than expected. In 2025, EBITDA ultimately came in at €89.1m, far above the prior year’s €41.7m.
Regulation may also help. The EU Battery Regulation is pushing higher recycling targets and stricter circularity requirements. For a compliant European recycler with scale, permits, technology, customer relationships and a real operating footprint, stricter regulation can support margins. Why? Because it raises barriers to entry, makes low-standard recycling less competitive, and increases the value of reliable local recycling capacity.
There are risks: antimony prices are volatile, substitution is real, lead prices remain low, commodity cycles can hit earnings, and environmental obligations matter. Campine itself said forecasting remains challenging because of global commodity volatility.
But the positive setup is clear:
A 100+ year industrial company.
No recent share dilution.
Strong solvency despite the Ecobat acquisition.
Record earnings.
A larger European recycling footprint.
Exposure to antimony, tin, gold and silver recovery.
Tin prices currently acting as an additional tailwind.
Potential for another acquisition in 2026/2027.
EU regulation that should favour serious, compliant recyclers.
A management team that appears conservative, disciplined and shareholder-friendly.
My view: Campine is not just an antimony spike story. It is increasingly a European circular-metals platform. The market may focus on the risk of lower antimony content in batteries, but the rising role of tin and Campine’s multi-metal recovery model make the story more resilient than it first appears.
Not financial advice — just my research and thesis
Campine NV: why I think the “declining antimony in lead-acid batteries” fear is only part of the story
One concern I often see around Campine is this: what if lead-acid battery manufacturers reduce antimony content over time? That risk is real. Campine itself said extreme antimony prices in 2025 caused some customers to reduce usage or temporarily switch to alternatives, which hit demand later in the year.
But here is the important nuance: the shift away from traditional lead-antimony grids often means a shift toward lead-calcium-tin systems, especially in maintenance-free, AGM, VRLA, stop-start and higher-performance batteries. Tin is added to improve casting, cycling performance and corrosion resistance, and the International Tin Association has previously highlighted that tin use in lead-acid batteries can rise with more advanced battery designs. ()
That matters for Campine because Campine is not just a lead recycler. It is a multi-metal recovery company. In 2025, its Metals Recovery unit grew volumes by 11%, recovering metals such as tin, antimony, silver and gold.
And tin is not some sleepy side metal anymore. Tin prices have been very strong: Trading Economics showed tin around $49,721/tonne on May 5, 2026, up more than 55% year over year. Campine also explicitly stated that high prices for gold, silver and tin continue to benefit the Metals Recovery business. ()
So if battery chemistry gradually contains less antimony but more tin, Campine is not necessarily left empty-handed. Part of the value can migrate from one recoverable metal to another. It is not a perfect hedge, and it depends on battery mix, metal prices, recovery yields and process economics. But the “less antimony = bad for Campine” argument is too simplistic. Campine recovers both sides of that transition.
The Ecobat acquisition strengthens this logic. Campine added two French battery recycling plants and one downstream lead-products facility, increasing its European circular-metals footprint. The 2025 press release says Ecobat added two smelters in France and a downstream manufacturing unit, while Campine also said the acquisition was financed entirely with available cash resources.
Even better: despite that acquisition, the balance sheet still looks strong. Campine reported solvency of 56%, said it had “ample financial capacity” for further growth and expansion, and the number of shares remained 1.5 million in both 2024 and 2025 — meaning no dilution.
And this is where the next potential catalyst comes in: management does not seem done. In the recent Trends Talk interview on YouTube, CEO Wim De Vos discusses further acquisition opportunities, and the impression is that another deal in 2026 or 2027 is very possible if the right target appears. I would not model it as guaranteed, but given the Ecobat execution, the balance sheet, and management’s stated capacity for further expansion, M&A remains a realistic upside option. The fact that this interview has barely any views makes it even more interesting from an information-arbitrage perspective.
What I like about the company:
Campine is not a startup story. The company has more than 100 years of industrial history, and it has evolved into a European circular-metals platform. It is active in battery recycling, lead alloys, antimony trioxide, recycled polymers and metals recovery.
It has also become a strategic antimony player. 2025 was an extraordinary year because the global antimony market tightened sharply. Campine said the situation strengthened its position as the world’s leading antimony trioxide producer, while antimony metal prices reached around $60,000/tonne by mid-2025 — roughly three times early-2024 levels and around five times the average of the previous three years.
The 2025 numbers were exceptional: €766m revenue, €89.1m EBITDA, €56.6m net result, and €37.75 EPS. Excluding Ecobat, EBITDA was still €78.4m, so this was not only an acquisition accounting story.
The dividend also more than doubled to a proposed €10 per share, while management stayed conservative because part of the result included exceptional non-cash accounting effects. I like that. It shows they are rewarding shareholders, but not acting recklessly at the top of a commodity cycle.
Management also deserves credit for communication. They have not been promotional in the typical small-cap way. They tend to guide cautiously and then execute better than expected. In 2025, EBITDA ultimately came in at €89.1m, far above the prior year’s €41.7m.
Regulation may also help. The EU Battery Regulation is pushing higher recycling targets and stricter circularity requirements. For a compliant European recycler with scale, permits, technology, customer relationships and a real operating footprint, stricter regulation can support margins. Why? Because it raises barriers to entry, makes low-standard recycling less competitive, and increases the value of reliable local recycling capacity.
There are risks: antimony prices are volatile, substitution is real, lead prices remain low, commodity cycles can hit earnings, and environmental obligations matter. Campine itself said forecasting remains challenging because of global commodity volatility.
But the positive setup is clear:
A 100+ year industrial company.
No recent share dilution.
Strong solvency despite the Ecobat acquisition.
Record earnings.
A larger European recycling footprint.
Exposure to antimony, tin, gold and silver recovery.
Tin prices currently acting as an additional tailwind.
Potential for another acquisition in 2026/2027.
EU regulation that should favour serious, compliant recyclers.
A management team that appears conservative, disciplined and shareholder-friendly.
My view: Campine is not just an antimony spike story. It is increasingly a European circular-metals platform. The market may focus on the risk of lower antimony content in batteries, but the rising role of tin and Campine’s multi-metal recovery model make the story more resilient than it first appears.
Not financial advice — just my research and thesis
so there is an Interview online with sub 100 views (I attached it to this post) - in which the CEO of Campine nv says that there are some interessting acquisition targets for 2026 or 2027 - but that it would be to early to go deeper into it. I think that the investors are overlooking this Interview and underestimating the developments and fundamental shifts the company made in the last few years (specialy since the Wim De Vos, the new CEO took over). They Acquired Ecobat last year, which will add over 100 million € in revenues and have synergy effects on the comanies earnings because ecobat has free smelting capacities and campine has excess rawmaterials. Another acquisition is also well timed because the 50 million€ they made in 2025 give them ample financial freedom to add more plants without taking on too much ebt, infact their solvency even increased last year to 56% (even after the acquisition). they also diversified into new materials. I think this compounder is not seen for what it is. But feel free to correct me if I am wrong and tell me what I am missing!
from minute 8:00 of the video on he talks about the acquisitions, if you dont understand the language, you can translate it easily with AI online without any costs!
have fun, get on the circular economy train! shoop shoop!
the video is on youtube an it is posted by "Trends podcast" i could not post the video becauser reddit wont let me, but maybe you want to check it out anyways or PM me!
so there is an Interview online with sub 100 views (I attached it to this post) - in which the CEO of Campine nv says that there are some interessting acquisition targets for 2026 or 2027 - but that it would be to early to go deeper into it. I think that the investors are overlooking this Interview and underestimating the developments and fundamental shifts the company made in the last few years (specialy since the Wim De Vos, the new CEO took over). They Acquired Ecobat last year, which will add over 100 million € in revenues and have synergy effects on the comanies earnings because ecobat has free smelting capacities and campine has excess rawmaterials. Another acquisition is also well timed because the 50 million€ they made in 2025 give them ample financial freedom to add more plants without taking on too much ebt, infact their solvency even increased last year to 56% (even after the acquisition). they also diversified into new materials. I think this compounder is not seen for what it is. But feel free to correct me if I am wrong and tell me what I am missing!
from minute 8:00 of the video on he talks about the acquisitions, if you dont understand the language, you can translate it easily with AI online without any costs!
have fun, get on the circular economy train! shoop shoop!
Campine NV – 2025 report
Read through the full 2025 annual report. A few key takeaways:
2025 headline numbers
Adjustments / one-offs
Ecobat impact
Operational positives
Risks / negatives
2026 outlook (based on report)
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
Campine NV – 2025 report
Read through the full 2025 annual report. A few key takeaways:
2025 headline numbers
Adjustments / one-offs
Ecobat impact
Operational positives
Risks / negatives
2026 outlook (based on report)
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
Campine NV – 2025 report
Read through the full 2025 annual report. A few key takeaways:
2025 headline numbers
Adjustments / one-offs
Ecobat impact
Operational positives
Risks / negatives
2026 outlook (based on report)
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
I think, that this shock will boos antimony prices again, or atleast leave them at these elevated levels, since there is also new supply, but the PV-shock will meaningfully increase antimony trioxde consumption again!
I think that Campine nv, the biggest antimony trioxide producer outisde of china will benefit from it. in their last press release they said that for q1 they see a rise in demand again.
what is your take? any solar company we should keep an eye on?