Lucy Owen

Lucy Owen asked about the need for SQM to raise capital in 2026, given the lowered CapEx plan and rising lithium prices, and if a capital raise is not the base case scenario. She also sought preliminary thoughts on lithium demand growth for 2026, particularly for Energy Storage Systems (ESS), and inquired about expected non-SQM iodine production growth in 2026, specifically if it's all Chile-based.

Answer

Gerardo Andrés Illanes González, Vice President of Strategies and M&A Lithium and CFO, SQM, emphasized SQM's strong balance sheet and commitment to maintaining an investment grade, indicating that a capital raise may not be needed due to several available levers. Pablo Hernandez, VP of Strategy and Development, SQM, mentioned that while other forecasts are optimistic, SQM remains relatively conservative for 2026, expecting demand to exceed 1.7 million metric tons, with EVs and ESS being main drivers. Carlos Díaz Ortiz, General Manager Lithium Potassium Division, SQM, stated that most third-party iodine production growth is expected from Chile (Calicheor) and is not anticipated to surpass total demand growth.

Lucy Owen questioned the need for SQM to raise capital in 2026, given the lowered CapEx plan and rising lithium prices. She also sought SQM's preliminary thoughts on 2026 lithium demand growth, particularly for Energy Storage Systems (ESS), and expected iodine production growth from non-SQM sources in 2026.

Answer

Gerardo Andrés Illanes González, CFO, emphasized SQM's strong balance sheet and commitment to maintaining an investment grade, indicating that capital raising may not be necessary. Pablo Hernandez, VP of Strategy and Development, acknowledged optimistic projections for 2026 demand, stating SQM is still assessing but expects over 1.7 million metric tons, with EVs and ESS as key drivers. Carlos Díaz Ortiz, General Manager Lithium Potassium Division, anticipated most third-party iodine growth in 2026 would come from Chile (Calicheor) and would not exceed total demand growth.