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Sociedad Química y Minera de Chile (SQM) reported a sharp turnaround for 2025, with net income of US$588.1 million or US$2.06 per share, compared to a net loss of US$404.4 million or US$(1.42) per share a year earlier. Revenues in 2025 inched up 1.0% to US$4,576.2 million, while gross profit rose to US$1,352.6 million, keeping margins close to 30%.
Fourth-quarter performance was particularly strong: revenue grew 23.3% to US$1,323.9 million, and net income increased 53.0% to US$183.8 million. Adjusted EBITDA for 2025 reached US$1,579.6 million with a 34.5% margin, improving from 32.8%.
Lithium and derivatives remained the largest business, generating US$2,288.2 million in 2025 revenue, with record quarterly sales volumes at Nova Andino Litio and new contributions from the International Lithium Division. Iodine and derivatives delivered US$1,042.8 million in revenue and about 42% of gross profit amid record prices. Specialty plant nutrition also grew modestly, while the smaller potassium segment contracted sharply as SQM intentionally reduced potash volumes.
Chemical and Mining Company of Chile Inc. (SQM) reports that its merger-related partnership with Codelco is now fully effective after a favorable Supreme Court ruling. Codelco’s subsidiary Minera Tarar SpA has been merged into SQM’s subsidiary Salar SpA, now renamed Nova Andino Litio SpA.
The partnership covers mining, production, commercial, community, and environmental development of the Salar de Atacama. The merger had been subject to a condition requiring Chile’s Supreme Court to accept an appeal filed by Inversiones TLC SpA (Tianqi’s Appeal). On January 26, 2026, the Supreme Court confirmed a prior judgment and rejected this appeal entirely, causing the condition to fail and legally confirming completion of the merger.
Sociedad Química y Minera de Chile, through Chemical and Mining Company of Chile Inc., has signed a definitive collaboration and exploration agreement with Ivanhoe Electric Inc. to explore 2,002 km² of mining property in northern Chile for copper.
The initial three-year phase includes a US$9 million investment to fund exploration, guided by a joint technical committee and using Ivanhoe Electric’s Typhoon geophysical system and CGI inversion software. If results are successful, the parties may form a 50/50 joint venture, with the Chilean company having the option to operate and select the JV’s CEO.
Sociedad Química y Minera de Chile S.A. (SQM) reports that it has completed the structural steps of its strategic partnership with Chilean state-owned miner Codelco for the development of lithium and related activities in the Salar de Atacama. The partnership was formalized through the merger by absorption of Codelco’s subsidiary Minera Tarar SpA into SQM’s subsidiary SQM Salar SpA, which has been renamed Nova Andino Litio SpA.
The merger is still subject to a resolutory condition tied to a pending Supreme Court decision on an appeal related to a Chilean financial regulator resolution. The economic rights and preferences of the new share structure between Codelco (Series A) and SQM (Series B), including how dividends are calculated and paid, have been in effect since January 1, 2025. SQM and Nova Andino Litio SpA are working to determine dividends under this methodology and to assess the accounting impacts, which will be reflected in SQM’s consolidated 2025 financial statements and in Nova Andino Litio SpA’s own financial statements.
Sociedad Química y Minera de Chile S.A. (SQM) is providing unaudited consolidated interim financial statements for the nine months ended September 30, 2025 as an exhibit to this report. These interim figures are prepared on the same basis as the audited consolidated financial statements included in the company’s Annual Report on Form 20-F for the year ended December 31, 2024.
The interim statements differ from the Spanish-language interim financial statements filed in Chile mainly in how income tax expense related to the specific tax on mining activity in Chile is recognized. In Chile, this tax expense had been applied to 2024 interim periods, while in the Form 20-F financial statements it had been recognized in the 2023 fiscal year.
Sociedad Química y Minera de Chile (SQM) reports strong interim results for the nine months ended September 30, 2025, moving to net income of $407.8M from a loss of $520.2M a year earlier. Basic earnings per share were $1.4157, supported by much lower income tax expense of $216.6M versus $1.30B in 2024.
Revenue for the first nine months reached $3.25B, slightly below $3.46B last year, while gross profit was $904.1M. In the third quarter, revenue rose to $1.17B and net income to $180.0M, lifting quarterly EPS to $0.6246. Cash generated from operating activities was $756.1M, and cash and cash equivalents totaled $1.49B against total assets of $11.73B and equity of $5.53B.
The company continued to invest in lithium growth, completing a $125.7M acquisition of Sichuan Dixin’s lithium hydroxide plant with 20,000-ton annual capacity. SQM also highlights a joint venture agreement with Codelco over the Salar de Atacama that, once conditions are satisfied, will grant Codelco a share of adjusted net income linked to 33,500 tons of lithium carbonate equivalent, recorded as non-controlling interest.
Sociedad Química y Minera de Chile (SQM) completed the placement of its local Series S hybrid bonds in the Chilean general securities market, issuing UF 10,000,000 (approximately US$430 million) as part of a 35-year bond program registered with the CMF under No. 1239.
The Series S Bonds mature on February 15, 2058, carry a fixed annual interest rate of 4% on principal expressed in UF starting November 15, 2025, and were placed at an effective rate of 3.84%, including a 1.52% spread over a Central Bank of Chile UF-denominated bond of equivalent term. SQM plans to use the proceeds for general corporate purposes and to refinance existing debt.
Sociedad Química y Minera de Chile (SQM) has issued Series S local hybrid bonds in Chile for a total of 10,000,000 UF, described as approximately US$430 million. These bonds are part of a 35-year bond program registered with the Chilean Commission for the Financial Market.
The Series S Bonds mature on February 15, 2058 and carry a fixed annual interest rate of 4% on principal expressed in UF, starting November 15, 2025. The effective placement rate was 3.84%, which reflects a 1.52% spread over a UF-denominated Central Bank of Chile bond of equivalent term.
SQM states that the proceeds from this issuance will be used for general corporate purposes and to refinance existing debt, which means the funds can both support ongoing operations and replace older borrowing.
Sociedad Química y Minera de Chile (SQM) reported net income of US$404.4 million (US$1.42 per share) for the nine months ended September 30, 2025, reversing a net loss of US$(524.5) million (US$(1.84) per share) a year earlier. Revenues for the period were US$3,252.4 million, down 5.9% year-on-year, while gross profit declined to US$904.1 million, or 27.8% of revenues.
In the third quarter, net income rose 35.8% to US$178.4 million, with revenues up 8.9% to US$1,173.0 million and gross profit up 23.1% to US$345.8 million. Lithium and derivatives drove results, with Q3 segment revenues up 21.4% to US$603.7 million on record sales volumes and a modest price recovery from Salar de Atacama operations.
Iodine and derivatives posted higher revenues supported by strong prices, and specialty plant nutrition delivered modest volume and revenue growth. Potassium revenues fell sharply as SQM deliberately reduced potash output to favor lithium in the Salar de Atacama. The company updated its 2025–2027 capex plan to US$2.7 billion and highlighted Chinese antitrust approval for its Atacama partnership with Codelco.
Sociedad Química y Minera de Chile (SQM) announced that China’s State Administration for Market Regulation (SAMR) approved the public‑private partnership between SQM and Codelco to develop extractive, productive, and commercial activities related to CORFO’s mining properties in the Salar de Atacama.
SAMR’s approval is conditioned on commitments covering: (i) safeguards against exchanging sensitive information with other lithium market participants; (ii) corporate governance practices; and (iii) supplying minimum quantities of finished lithium carbonate to Chinese customers on FRAND terms at prices that cannot exceed those set under the commitment. SQM stated these commitments are consistent with its established practices in China and estimates that, had they applied from 2023 to now, its results would not have changed substantially. An English translation of SAMR’s approval decision and the commitment will be made available to shareholders.