Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $44.6 billion, slightly higher than the previous year, with net income of $588 million, reflecting improved market conditions and strong operational execution [5][6] - The average realized lithium price increased nearly 14% quarter-over-quarter, reaching close to $10 per kilogram in Q4 2025 [6][9] Business Line Data and Key Metrics Changes - In lithium, sales volumes exceeded 66,000 metric tons in Q4 2025, more than 50% higher year-over-year, driven by expansion efforts [6][7] - The iodine business contributed approximately 42% of SQM's total gross margin during the year, with record iodine prices observed by the end of 2025 [7][8] Market Data and Key Metrics Changes - The company noted a shift in the lithium market towards the end of 2025, with stronger demand from energy storage systems contributing to a tighter market environment [6][7] - The iodine market is expected to grow by around 3% in 2026, with stable or slightly increasing sales volumes anticipated [8] Company Strategy and Development Direction - The company signed an association agreement with Codelco, creating Nova Andino Litio, which enables long-term lithium production from the Salar de Atacama [5] - The company is focused on sustainability, having strengthened its ESG performance and received international recognition [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals for lithium, driven primarily by electric vehicles and energy storage systems [7] - The company expects a significantly stronger pricing environment in Q1 2026 due to demand momentum and limited new supply [7] Other Important Information - The company is advancing expansion plans in the Salar de Atacama and has celebrated the first shipment of lithium hydroxide from the Kwinana Refinery in Australia [7][9] - The seawater pipeline project in the Tarapacá region is expected to provide additional operational flexibility and unlock incremental production capacity [8] Q&A Session Summary Question: Expectations for lithium sales in 2026 and production mix - The company targets a strong sales volume in Q1 2026, hoping to surpass Q1 2025 sales by more than 15% [17] - The production expectation for 2026 is close to 260,000 tons of Lithium Carbonate Equivalent, with flexibility in lithium carbon and lithium hydroxide production [19][20] Question: Cost of production in Q4 - Management clarified that the cost per ton of the Lithium and Derivatives division remained similar between Q3 and Q4, with higher lease payments impacting costs [24][26] Question: Guidance on minority interest and dividends to Codelco - The company expects to pay dividends to Codelco in April, with calculations based on the net income of Novandino [29][30] Question: Iodine sales and future expectations - The company sold more iodine than expected in Q4 due to lower capacity from third parties, with stable sales expected in 2026 [36][38] Question: Risks from sodium-ion batteries - Management believes lithium will remain the dominant technology for batteries despite the emergence of sodium-ion batteries [41] Question: Update on Kwinana refinery ramp-up and expansion - The ramp-up of the Kwinana refinery is ongoing, with production expected to reach capacity in 2026 [64][65] Question: Supply disruptions in the lithium market - Disruptions were mainly related to lepidolite producers in China facing government restrictions [74]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported revenues of $44.6 billion, slightly higher than the previous year, with net income of $588 million, reflecting improved market conditions and strong operational execution [4][5] - The average realized lithium price increased nearly 14% quarter-over-quarter, reaching close to $10 per kilogram in Q4 2025 [5][6] Business Line Data and Key Metrics Changes - In lithium, sales volumes exceeded 66,000 metric tons in Q4 2025, more than 50% higher year-over-year, driven by expansion efforts [5] - The iodine business contributed approximately 42% of SQM's total gross margin during the year, with record iodine prices observed by the end of 2025 [6][7] - Specialty plant nutrition saw a 3% volume growth during the year, with expectations of moderate growth of 2%-4% in 2026 [7] Market Data and Key Metrics Changes - The company noted a shift in the lithium market towards the end of 2025, with stronger demand from energy storage systems contributing to a tighter market environment [5] - The iodine market is expected to grow by around 3% in 2026, with stable or slightly increasing sales volumes anticipated [7] Company Strategy and Development Direction - The company signed an association agreement with Codelco, creating Nova Andino Litio for long-term lithium production from the Salar de Atacama [4] - The company is focused on sustainability, having strengthened its ESG performance and received international recognition [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals for lithium, driven by electric vehicles and energy storage systems [6] - The company is entering 2026 with strong operational momentum and improving lithium market conditions [8] Other Important Information - The seawater pipeline project in the Tarapacá region is expected to provide additional operational flexibility and unlock incremental production capacity [7] - The company is focused on maintaining a diversified customer portfolio, with over 80% of lithium volume already contracted [41] Q&A Session Summary Question: Expectations for lithium sales in 2026 - The company targets a strong sales volume in Q1 2026, hoping to surpass Q1 2025 sales by more than 15% [15] Question: Cost of production in Q4 - Management clarified that the cost per ton was similar between Q3 and Q4, with higher lease payments impacting costs [21] Question: Iodine sales and future expectations - The company sold more iodine than expected in Q4 due to lower third-party capacity, but anticipates stable volumes in 2026 [32] Question: Share buyback discussions - Management stated there are no discussions regarding share buybacks due to legal restrictions in Chile [36] Question: Risks from sodium-ion batteries - Management believes lithium will remain the dominant technology for batteries despite the emergence of sodium-ion alternatives [37] Question: Lithium pricing expectations - The average sales price is expected to be substantially higher in Q1 2026 compared to Q4 2025, but prices will remain volatile [44] Question: Update on Kwinana refinery ramp-up - The ramp-up has faced intermittent issues but is expected to progress well, with production capacity anticipated in 2026 [59] Question: Exploration activities - The company is focused on exploration in Australia, Namibia, and Canada, with ongoing drilling programs and positive early results [62]

4Q2025 RESULTS PRESENTATION March 2026 Customary note regarding forward- looking statements This presentation release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among ot ...

Financial Data and Key Metrics Changes - The company experienced a favorable pricing environment for lithium, with realized average prices increasing compared to the previous period [4][5] - The total capital expenditure (CAPEX) for 2025-2027 is estimated at $2.7 billion, reflecting a focus on increasing production capacity and maintaining low costs [7][44] Business Line Data and Key Metrics Changes - Lithium sales volumes reached the highest in SQM's history, supported by low costs and strong efficiencies at Atacama operations [5] - Iodine prices remained high, averaging close to $73 per kilogram, with a balanced supply-demand environment [6][7] - The specialty plant nutrition business showed sustainable growth in both volumes and revenues compared to the previous year [6] Market Data and Key Metrics Changes - Global lithium demand is expected to exceed 1.5 million metric tons in 2025, representing over 25% growth, driven by strong EV sales and energy storage systems [11][51] - China is projected to maintain a significant lead in EV markets with a 30% year-on-year growth, accounting for over 60% of global EV sales [11] Company Strategy and Development Direction - The company is focused on high-quality production, increasing volumes, and advancing cost reduction initiatives [4][5] - The construction of a seawater pipeline is over 80% complete, which will enhance iodine production capacity [6] - The company is expanding its iodine production capacity through a new operation in MarÃa Elena, adding 1,500 tons of iodine capacity [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the lithium market despite its volatility, expecting the positive pricing trend to continue [4] - The company anticipates robust commercial activity in the fourth quarter, with strong demand fundamentals for lithium [5] - Management highlighted the importance of maintaining a strong balance sheet and commitment to investment-grade ratings [29] Other Important Information - The joint venture with Codelco received approval from China's Antitrust Authority, with expectations to advance the partnership by the end of the year [8] - The company is evaluating the expansion of production capacity in China, with plans to increase lithium sulfate production [25] Q&A Session Summary Question: Insights on lithium demand, particularly in China - Management noted improved demand expectations for 2025, driven by strong EV sales and energy storage systems, with China leading in EV markets [11] Question: Production expectations for lithium in Chile and Australia - The company expects to produce close to 230,000 tons of lithium from Atacama, with an increase in spodumene concentrate sales projected [15][16] Question: Impact of Kwinana Hydroxide Conversion Plant on pricing - Management indicated that the international price for lithium is expected to rise closer to the Chilean price as the Kwinana plant ramps up production [18][19] Question: Update on the Codelco joint venture - The agreement with Codelco is expected to be finalized soon, with a dividend to be paid based on the tonnage belonging to Codelco [24][61] Question: Expectations for iodine market conditions - Management expects tight supply and demand conditions for iodine to persist, with prices likely to remain above $70 per kilogram [56]

Financial Performance - 3Q2025 - Revenues reached US$1,173 million, showing a Q-on-Q increase of 12.5% and a Y-on-Y increase of 9%[7] - Gross Profit was US$346 million, with a Q-on-Q increase of 36% and a Y-on-Y increase of 23%[7] - Earnings per Share reached US$0.62, with a Q-on-Q increase of 50% and a Y-on-Y increase of 36%[7] Lithium Market - Lithium sales volumes increased by 43% year-on-year, despite a 15% decrease in average sales prices[10] - The global lithium market is expected to grow over 20% in 2025[16] - Battery Energy Storage Systems (BESS) represent more than 20% of the global lithium demand[16] - SQM Lithium's Last Twelve Months (LTM) revenues were US$2,084 million, with a gross profit of US$480 million, holding approximately 17% market share as of December 31, 2024[12,15] Iodine Market - Iodine average sales prices increased by 5%, while sales volumes decreased slightly by 1%[10] - The global iodine market is expected to grow approximately 3% in 2026 compared to 2025[26] - SQM Iodine & Derivatives' LTM revenues were US$996 million, with a gross profit of US$528 million, holding approximately 37% market share as of December 31, 2024[20,25] Potassium Market - Potassium sales volumes decreased significantly by 62%, while average sales prices increased by 30%[10] - SQM Potassium's LTM revenues were US$183 million, with a gross profit of US$17 million, holding less than 1% market share as of December 31, 2024[39,40] Specialty Plant Nutrition (SPN) Market - SQM SPN's LTM revenues were US$957 million, with a gross profit of US$141 million[31] - The global KNO3 market is expected to grow at a normal rate of around 4% in 2025 compared to 2024[34] - SQM holds approximately 41% market share in Specialty Plant Nutrition as of December 31, 2024[36]

Financial Performance - SQM's Q2 2025 revenue reached US$1,043 million[7], gross profit was US$254 million[7], and net income totaled US$308 million[7] - Earnings per share stood at US$0.31[7] - Lithium LTM revenue reached $1,977 million[12], with a gross profit of $410 million[12] - Iodine LTM revenue reached US$985 million[23], with a gross profit of US$523 million[23] - Specialty Plant Nutrition LTM revenue reached US$946 million[33], with a gross profit of US$146 million[33] - Potassium LTM revenue reached US$217 million[40], with a gross profit of US$28 million[40] - Industrial Chemicals LTM revenue reached US$74 million[46], with a gross profit of US$28 million[46] Market Dynamics and Outlook - The global lithium market is expected to grow by approximately 17% in 2025[18] - SQM anticipates a sales volume growth of around 10% in the Lithium Chile division compared to 2024[18] - The company expects to sell approximately 20,000 tons of LCE for the International Lithium Division in 2025[18] - Global iodine demand growth is updated to less than 1% in 2025 compared to 2024[29] - SQM expects a market growth rate of around 4-5% in 2025 for Specialty Plant Nutrition[36] - Potassium sales volume for 2025 is expected to decline by 50% compared to 2024[42] Strategic Investments - Total Capex for 2025 is estimated at US$750 million, including maintenance[21] - Iodine and Nitrates total capex for 2025 is approximately US$350 million, including maintenance[31] Market Share - SQM holds approximately 17% of the global lithium chemical market[12] - SQM holds approximately 37% of the global iodine market[28] - SQM holds approximately 41% of the global KNO3 market[38] - SQM holds less than 1% of the global potash market[43] - SQM holds approximately 32% of the global industrial potassium nitrate market[49]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved the highest first quarter lithium sales volumes in its history, with a 20% year-on-year increase, driven by strong demand from the electric vehicle market in China and Europe [6][8] - Average realized prices for lithium in Q2 2025 are expected to be lower than in Q1 due to recent price declines [7][59] Business Line Data and Key Metrics Changes - Lithium sales volumes increased significantly, while iodine prices reached record averages amid tight supply and steady demand, particularly for X-ray contrast media applications [6][8] - Specialty Plant Nutrition (SPN) sales volumes grew healthily, with an upward trend in prices due to strong demand for potassium chloride and supply disruptions [9] - Potassium business volumes were significantly lower compared to the same period last year as part of a strategy to prioritize high lithium content brines [10] Market Data and Key Metrics Changes - The company maintains a view that global lithium demand will grow by 17% in 2025, with SQM's sales expected to grow by 15% year-on-year, although this forecast remains unchanged amid current market conditions [29][64] - The lithium market is currently oversupplied, with prices under pressure, particularly in China [71][90] Company Strategy and Development Direction - The company is focused on expanding lithium production capacity to 240,000 metric tons of lithium carbonate and 100,000 metric tons of lithium hydroxide [8] - Investment in operational efficiencies and capacity expansions is ongoing, with a commitment to sustainable high-quality growth [11] - The company is confident in its strategy and ability to generate cash flow despite current pricing pressures [17][88] Management's Comments on Operating Environment and Future Outlook - Management believes the current low price environment is unsustainable and expects prices to improve in the future [88][90] - The company is well-prepared to take advantage of market recovery due to its strong position as a low-cost producer [88][90] - There is optimism regarding long-term demand growth, particularly in the electric vehicle sector [64][90] Other Important Information - The company is advancing its seawater pipeline construction to expand iodine production capacity [8] - The dividend policy established a distribution of 30% of net income for 2025, with no interim dividends planned for the first quarter [48] Q&A Session Summary Question: Will operating cash flow be breakeven or positive per metric ton in lithium in Q2? - Management indicated they are far from breakeven costs and expect to be significantly above that in Q2 [14][15] Question: How will lower lithium prices affect capital structure and funding for future projects? - Management stated that the company has a strong balance sheet and cash generation capacity from other business lines, which will not constrain future projects [16][18] Question: What is the status of the Codelco joint venture in Chile? - Management described the situation as "noise" due to election year discussions but confirmed that the transaction is progressing as planned [20][26] Question: Will SQM's lithium sales grow by 15% this year? - Management has not updated the annual volume forecast but expects similar or slightly lower volumes in Q2 compared to Q1 [29] Question: How is SQM handling pricing dynamics in China? - Management noted that pricing mechanisms with customers are confidential and cannot provide specifics [36] Question: What is the outlook for Mt. Holland production? - Management confirmed that Mt. Holland is cash positive and ramping up as planned, despite facing higher costs during the ramp-up phase [84][97] Question: What is the company's dividend policy? - The company will distribute 30% of its net income for 2025, with no interim dividends planned for the first quarter [48]