SQM Reports Earnings for the Three Months Ended March 31, 2025

Financial Performance - SQM reported net income of US$137.5 million or US$0.48 per share for Q1 2025, a significant recovery from a net loss of US$(869.5) million or US$(3.04) per share in Q1 2024 [2][5] - Total revenues for Q1 2025 were US$1,036.6 million, down 4.4% from US$1,084.5 million in Q1 2024 [3][5] - Gross profit for Q1 2025 was US$304.7 million, representing 29.4% of revenues, compared to US$368.5 million or 34.0% of revenues in Q1 2024 [3] Market Dynamics - Lithium sales volumes increased approximately 27% year-on-year, driven by strong demand from the electric vehicle market, particularly in China, and energy storage systems [4] - Despite stable average prices in Q1 2025, lower prices have been observed recently due to an oversupplied market, leading to expectations of lower realized prices in Q2 2025 [4] - The iodine business is performing well, with steady market growth and upward pressure on prices, while global supply remains limited [4] Production and Capacity - The commissioning of the Mount Holland refinery plant is on track to deliver its first product in the upcoming months, with ongoing sales of spodumene concentrate [4] - SQM aims to reach a total capacity of 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide in Chile [4] - Construction of a seawater pipeline is progressing, which will be crucial for unlocking additional production capacity in the future [4]