Sociedad Química y Minera de Chile S.A. Q4 FY2025 earnings call

• 2025 was important for SQM, signed association agreement with Codelco to create Novandino Lithium for long - term lithium production. - Finished 2025 with solid financial results, strong operational performance across key businesses. - In lithium, strong fourth - quarter performance with record sales volumes, market shift towards stronger demand and tighter market environment, full capacity operation at Novandino Lithium and progress in international lithium division. - Iodine business had strong contribution, expected market growth in 2026 and seawater pipeline project for additional flexibility. - Specialty plant nutrition had volume growth in 2025 and expected moderate growth in 2026. - Continued progress in sustainability with ESG recognition.

For the full year 2025, revenues were $44.6 billion and net income was $588 million. In lithium, fourth - quarter sales volumes at Novandino Lithio exceeded 66,000 metric tons, up over 50% year - over - year, average realized lithium price increased nearly 14% quarter - over - quarter to close to $10 per kilogram; for 2026, expecting strong sales volume with full capacity operation and expansion plans. Iodine business contributed approximately 42% of SQM's total gross margin in 2025, with record prices supported by tight supply and strong demand, expecting market growth of around 3% in 2026 and stable or slightly increasing sales volumes. Specialty plant nutrition saw 3% volume growth in 2025, expecting moderate volume growth of between 2% and 4% in 2026 in a stable pricing environment.

• Expect pricing environment in first quarter of 2026 to be significantly stronger. - For lithium, expect strong long - term fundamentals driven by electric vehicles and energy storage systems, target strong sales volume in Q1 2026 surpassing Q1 2025 by over 15%, production target close to 260,000 tons in 2026. - Iodine market expected to grow around 3% in 2026, sales volumes expected to remain stable or increase slightly. - Specialty plant nutrition expected moderate volume growth of between 2% and 4% in 2026 in a stable pricing environment.

• Statements made regarding business outlook are forward - looking and subject to risk and uncertainties that could cause actual results to differ materially. - Intermittent odor issues affected the ramp - up of the Kiwana refinery. - Supply disruptions in the lithium market related to some producers in China having government restrictions.

Q: Regarding lithium sales in 2026, production mix, and cost of production.

A: Felipe Smith said targeting strong Q1 sales volume, Carlos Diaz talked about production targets and flexibility in product mix, Mark Fons also mentioned production increase and mix, Gerardo Llenes clarified cost related to lease payments.

Q: EPS impact from higher minority interest and dividend to CODELCO.

A: Ricardo Ramos explained calculation of minority interest and dividend related to the agreement with CODELCO.

Q: Iodine sales in Q4 and volume in 2026, discussions on buying back shares, and risks from sodium ion batteries.

A: Pablo Altimiras explained iodine sales in Q4 and volume in 2026, stated no discussion on buying back shares as not allowed in Chile, Paulo Hernandez talked about risks from sodium ion batteries.

Q: Lithium expectation for 2Q - 4Q 2026 and pricing view.

A: Felipe said expected increasing volume quarter by quarter ending with largest volume in Q4, around 80% of volume contracted, pricing view was prices volatile but closer to current levels than last year.

Q: Chile capacity increase, iodine market profitability.

A: Carlos Diaz explained delay in Chile capacity increase as optimization, Pablo Timidez talked about positive perspective for iodine market with demand growth and investment in expansions.

Q: Kinana Refinery ramp - up, Mount Holland volume, mine and concentrator expansion, exploration activity.

A: Mark Foles updated on Kinana Refinery ramp - up, Mount Holland volume, mine and concentrator expansion CAPEX and exploration activity in Australia, Namibia, Canada.

Q: Lithium market supply disruptions and Salar Futuro permit process.

A: Carlos Diaz said supply disruptions related to China producers' government restrictions, stated to apply environmental approval for Salar Futuro in middle of 2026.