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    Corinne Blanchard • Deutsche Bank

    Corinne Blanchard's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership

    Corinne Blanchard's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q2 2025

    Question

    Corinne Blanchard from Deutsche Bank asked for an update on the progress of discussions with Codelco and local indigenous groups regarding the joint venture. Additionally, she inquired about the company's current lithium inventory levels.

    Answer

    CEO Ricardo Ramos reported that the Codelco process, including community consultations and Chinese regulatory review, is moving fast and positively, with final approval expected in the next two months. Carlos Díaz Ortiz, General Manager of the Lithium Potassium Division, described lithium inventory levels as 'healthy' and consistent with production and sales forecasts for the year.

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    Corinne Blanchard's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q2 2025

    Question

    Corinne Blanchard from Deutsche Bank asked for an update on the progress of discussions with Codelco and local community groups, including timing, and also inquired about the company's current lithium inventory levels.

    Answer

    CEO Ricardo Ramos expressed optimism, stating the process with communities is on track and regulatory reviews are progressing well, with a final deal expected in the next two months. Carlos Díaz, General Manager of the Lithium Division, described lithium inventories as 'healthy' and aligned with production and sales forecasts for the year, noting strong demand and recovering prices.

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    Corinne Blanchard's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q1 2025

    Question

    Corinne Blanchard of Deutsche Bank asked for SQM's view on Mt. Holland's volume guidance for 2025 and 2026, following a recent update from partner Wesfarmers, and requested a clarification on the company's current dividend policy and payment cadence.

    Answer

    Andres Fontannaz, Commercial VP of SQM International Lithium, clarified that SQM's calendar year guidance for its share of Mt. Holland production is 15,000 to 18,000 tonnes, slightly reduced due to bushfires, noting that Wesfarmers reports on a different fiscal year. Gerardo Illanes, VP of Services & Finance, reiterated that the dividend policy is to distribute 30% of 2025 net income, with payment approved at the annual shareholders' meeting in April. He added that while interim dividends are possible, none are being considered for Q1.

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    Corinne Blanchard's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q1 2025

    Question

    Corinne Blanchard of Deutsche Bank sought clarification on the Mt. Holland volume guidance for 2025-2026 following a revision by partner Wesfarmers, and asked for a reminder of SQM's dividend policy and payment cadence.

    Answer

    Andres Fontannaz, Commercial VP of SQM International Lithium, provided a 2025 calendar year guidance of 150,000 to 180,000 tonnes for SQM's share from Mt. Holland, noting a revision due to bushfires and equipment issues. Gerardo Illanes, VP of Services & Finance, reiterated that the dividend policy is to distribute 30% of the year's net income, with payment approved at the annual meeting in April. He added that no interim dividends are currently planned.

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    Corinne Blanchard's questions to Solaredge Technologies Inc (SEDG) leadership

    Corinne Blanchard's questions to Solaredge Technologies Inc (SEDG) leadership • Q2 2025

    Question

    Corinne Blanchard asked for an update on channel inventory levels in both the U.S. and Europe. She also requested a high-level view on the U.S. market outlook for 2026 and 2027.

    Answer

    CEO Shuky Nir reported that European channel inventory is now mostly at normal levels and that he has not observed any abnormal inventory buildup in the U.S. For the 2026-2027 outlook, he projected an overall U.S. market decline of around 20% as the 25D credit expires, but noted that the TPO segment, where SolarEdge is strong, is expected to grow significantly.

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    Corinne Blanchard's questions to Solaredge Technologies Inc (SEDG) leadership • Q1 2025

    Question

    Corinne Blanchard asked about the speed of securing ex-China battery supply and whether SolarEdge would reconsider using its Sella 2 facility, potentially converting it to LFP. She also requested an update on European market demand.

    Answer

    CEO Yehoshua Nir explained that the supply chain team is actively working on sourcing optimization while maintaining quality. He stated there are no plans to use the Sella 2 facility, as it uses NMC technology and converting it would require substantial time and capital, diverting focus from the core business. He described the European market as challenging but noted early signs that SolarEdge is regaining market share.

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    Corinne Blanchard's questions to Constellium SE (CSTM) leadership

    Corinne Blanchard's questions to Constellium SE (CSTM) leadership • Q2 2025

    Question

    Corinne Blanchard of Deutsche Bank inquired about the confidence behind the raised 2025 guidance, the expected performance cadence between Q3 and Q4, the updated mid-cycle EBITDA per ton target for the A&T segment, and the potential for price increases in the packaging business.

    Answer

    CEO Jean-Marc Germain attributed the guidance raise to strong packaging demand, operational improvements, cost controls, and favorable scrap spreads, while noting caution in automotive. He confirmed the A&T segment's through-the-cycle EBITDA target was raised to $1,100/ton and stated the packaging pricing environment for 2026 is very supportive. CFO Jack Guo added that Q3 performance is expected to be stronger than Q2, with Q4 showing normal seasonality.

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    Corinne Blanchard's questions to Constellium SE (CSTM) leadership • Q1 2025

    Question

    Corinne Blanchard inquired about the sustainability of strong Q1 aerospace performance into the rest of the year and asked for clarity on the cost impact and cadence of automotive tariffs.

    Answer

    CEO Jean-Marc Germain stated that while the aerospace market will remain choppy, the company's progress is sustainable. Regarding auto tariffs, he described the situation as a "big mystery" but noted that Constellium's conservative guidance already accounted for weakness. CFO Jack Guo added that the gross tariff headwind is expected to be around $20 million for the rest of the year, spread fairly evenly across the quarters before mitigation efforts.

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    Corinne Blanchard's questions to Constellium SE (CSTM) leadership • Q4 2024

    Question

    Corinne Blanchard of Wolfe Research asked for details on the key inputs and cadence for the 2025 EBITDA and free cash flow guidance, a walkthrough of the bridge to the 2028 long-term outlook, and the impact of the reporting currency switch to U.S. dollars.

    Answer

    CEO Jean-Marc Germain detailed 2025 headwinds including tight scrap spreads, weak automotive markets, and aerospace destocking, which are being offset by cost savings, operational improvements, and contract repricing. He described the path to the 2028 target as relatively linear. CFO Jack Guo added that cost-saving efforts have been accelerated, targeting over $50 million in opportunities, and deferred the currency impact question to an offline discussion.

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    Corinne Blanchard's questions to MP Materials Corp (MP) leadership

    Corinne Blanchard's questions to MP Materials Corp (MP) leadership • Q1 2025

    Question

    Corinne Blanchard asked about the company's strategy regarding the halt of concentrate shipments to China, including how long they can sustain this and the potential impact of stockpiling on EBITDA. She followed up by asking for confirmation that all production now has a destination outside of China and if demand exists for it.

    Answer

    CFO Ryan Corbett explained that stockpiling concentrate represents a minor working capital use that is manageable given the company's strong balance sheet, and that the profit is merely deferred, not lost. He then confirmed directly that 100% of the company's product is currently sold outside of China and that they are 'incredibly optimistic' about the demand from the ex-China supply chain, especially given recent events.

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    Corinne Blanchard's questions to MP Materials Corp (MP) leadership • Q4 2024

    Question

    Corinne Blanchard requested details on the specific areas within the Mountain Pass Midstream operations that require improvement and the potential solutions. She also asked for more information on the company's exploration plans for the current and upcoming year.

    Answer

    COO Michael Rosenthal identified solids handling and conveyance as a key area needing improved mechanical reliability to enhance uptime across the interconnected circuits. He explained that as one bottleneck is fixed, another may be exposed, but the team is making steady progress. Regarding exploration, Rosenthal stated that the near-term focus is on in-pit and near-pit drilling to better define the existing ore body, with potential for broader exploration in future years.

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