Campine Continues Its Profitable Growth
Regulated information – March 12th, 2025 – 08:00
2024 was another year of profitable growth for Campine. The company achieved a turnover of €365 million and recorded its highest operating cash flow (EBITDA) of €42 million, setting new records that surpassed the ones set in 2023.
The Specialty Chemicals division, particularly the antimony trioxide business unit, benefitted from favorable market conditions. Throughout the year, the supply of antimony metal, Campine’s main raw material, became increasingly limited. With stable demand downstream, this resulted in rising prices. Campine’s diversified purchasing strategy proved advantageous in the second half of the year when China imposed an export restriction on all antimony products. This restriction now seems to be an effective export ‘ban’ for Western countries. Campine’s CEO, Wim De Vos, explained that the company had deliberately reduced its purchases of antimony metal from China, from 80% in 2017 to less than 5% in the first half of 2024. This move shielded Campine from China’s restrictions, allowing the company to capture a larger market share of antimony trioxide in overseas markets, where Chinese supply had once been dominant. De Vos added that Campine had significantly improved its margins, thanks to its proprietary antimony recycling technology, which also reduced the company’s need to purchase antimony metal on the open market.
In the Circular Metals division, demand for lead metal, used in new batteries, was moderate throughout 2024, primarily due to a weak automotive market in Europe. This low demand carried over to the battery scrap market, enabling Campine to purchase its battery scraps at lower prices. In the small Metals Recovery business unit, Campine benefited from the high prices for precious metals and the recovery of antimony, tin, gold, and silver from other metallurgical waste.
Financial Results
Revenue
Campine recorded a consolidated turnover of €365.2 million in 2024, compared to €322.0 million in 2023, reflecting a 13% increase. This rise was mainly due to higher prices for antimony metal, which is used as raw material for the production of antimony trioxide, thereby driving up sales prices.
Results
EBITDA rose from €26.8 million in 2023 to €41.7 million in 2024.
| 2021 | 2023 | 2024 | |
|---|---|---|---|
| Turnover (€ million) | 226.3 | 321.9 | 365.2 |
| EBITDA (€ million) | 22.6 | 26.8 | 41.7 |
The net result (EAT) for 2024 amounted to €22.3 million, up from €13.7 million in 2023 (+63%).
Solvency
The company’s financial ratios remained solid in 2024. Despite higher metal prices (e.g., antimony, gold), which increased the need for working capital, Campine managed to maintain control by implementing shorter payment terms and even pre-payments with its customers for antimony trioxide. The company’s solvency remained strong at 55% (equity/balance sheet total), ensuring ample financial resources for further expansion.
Dividend
The board has proposed a gross dividend of €4.50 per share, representing a 50% increase over the previous year. The total dividend, based on 2024 results, amounts to €6.75 million. This dividend reflects the company’s policy to distribute approximately one-third of the net result.
Results by Division
Specialty Chemicals
Sales in this division reached €186.9 million (+47%) with an EBITDA of €14.6 million (+227%). The division consists of the business units Antimony Trioxide (ATO), Flame Retardant Masterbatches (FRMB), and recycled Polymers (rP). Sales volume in the Specialty Chemicals division grew by 6% to approximately 22,000 tonnes. The increase was primarily due to higher overseas sales volumes of antimony trioxide. Sales in Flame Retardant Masterbatches grew by 4%, while volumes in recycled Polymers declined by 4%, reflecting the challenging economic conditions in Europe.
Turnover surged in 2024, reaching €186.9 million compared to €127.5 million in 2023. This increase was driven by rising antimony metal prices, which averaged $23,150/ton in 2024, up 92% from $12,050/ton in 2023. EBITDA increased to €14.6 million, more than triple the €4.5 million achieved in the previous year.
Circular Metals
This division posted sales of €211.2 million (-11%) and an EBITDA of €27.1 million (+22%). The division includes the business units Lead (Pb), Metals Recovery (MR), and recycled Batteries (rB).
Sales volume in 2024 amounted to approximately 114,000 tons, a 10% decrease compared to 2023, mainly due to a four-month production interruption at one of the French factories caused by a fire. However, the Beerse factory maintained high sales volumes, with approximately 61,000 tons of lead alloys sold.
The average lead LME price in 2024 was €1,915/ton, about 3% lower than in 2023 (€1,975/ton). High sales premiums for specialty alloys and improved purchasing conditions helped offset inflation and other increased costs, mitigating the impact of the lower output in France.
EBITDA grew by 22%, reaching €27.1 million compared to €22.3 million in 2023.
Perspectives for 2025
Demand for antimony products from the Specialty Chemicals division remains strong in the first quarter of 2025, particularly from overseas markets. However, sourcing additional antimony raw materials to meet this higher demand continues to be a challenge. The exceptional profitability increase seen in the second half of 2024 is expected to continue, as antimony prices rise further, now reaching $50,000/ton. Output and profitability for masterbatches are also gradually improving.
In the Circular Metals division, LME lead prices are fluctuating around €1,850/ton, and demand remains average during Q1 2025. With the French Escaudoeuvres plant returning to normal production levels, Campine expects an improved contribution from France throughout the year. The availability of battery scrap remains high, and with strong antimony and gold prices, recycling margins remain favorable in the early months of 2025.
Barring drastic changes in market conditions, Campine anticipates another solid year in 2025, potentially surpassing the 2024 record.
EBITDA: Earnings before interest, taxes, depreciation, and amortization
EBIT: Earnings before interest and taxes, also referred to as operating result
EAT: Earnings after tax, also referred to as result for the year
The company’s auditor, EY Bedrijfsrevisoren BV, represented by Ludovic Deprez, confirmed that the audit procedures for the consolidated financial statements have been substantially completed, and no material modifications were found that would require changes to the accounting information included in this communiqué.
