**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](https://www.campine.com/wp-content/uploads/2026/04/campine-jaarverslag-2025-a4-eng-esef-digi.pdf)