CHEMICAL & MINING CO OF CHILE (SQM) Company Report

Analyst Coverage

Research analysts who have asked questions during CHEMICAL & MINING CO OF CHILE earnings calls.

Corinne Blanchard

Deutsche Bank

6 questions for SQM

Also covers: CSTM, CWEN, GWH +5 more

Joel Jackson

BMO Capital Markets

6 questions for SQM

Also covers: AGCO, ALB, ALTM +11 more

Ben Isaacson

Scotiabank

4 questions for SQM

Also covers: ALB, LAAC, LAR +4 more

Lucas Ferreira

JPMorgan Chase & Co.

4 questions for SQM

Also covers: ABEV, AGRO, ASAIY +7 more

Alejandro Anibal Demichelis

Jefferies

2 questions for SQM

Also covers: CAAP, GPRK, SCCO +2 more

Andrés Castanos Müller

Berenberg

2 questions for SQM

César Pérez Novoa

BTG Pactual

2 questions for SQM

Also covers: BVN

Constanza González Muñoz

Quest Capital

2 questions for SQM

Emerson Vieira

Goldman Sachs

2 questions for SQM

Also covers: TX

Isabella Simonato Alonso

Bank of America Merrill Lynch

2 questions for SQM

Also covers: ABEV, JBS

Julia Zaniolo

Bank of America

2 questions for SQM

Juraj Domic

LarrainVial

2 questions for SQM

Also covers: SCCO

Lucy Owen

Scotiabank

2 questions for SQM

Marcio Farid Filho

Goldman Sachs

2 questions for SQM

Also covers: CSNA3.SA, ERO, GGB +5 more

Mazahir Mammadli

Rothschild & Co Redburn

2 questions for SQM

Latest news

Recent press releases and 8-K filings for SQM.

SQM Announces Completion of Association Agreement with Codelco

SQM

M&A

New Projects/Investments

Dividends

SQM has completed its strategic partnership with Codelco for the development of mining, production, commercial, community, and environmental initiatives in the Salar de Atacama.
This partnership was formalized through the merger by absorption of Codelco’s subsidiary, Minera Tarar SpA, into SQM’s subsidiary, SQM Salar SpA, which has simultaneously changed its corporate name to Nova Andino Litio SpA.
The merger remains subject to a resolutory condition pending the Supreme Court’s decision on an appeal filed by Inversiones TLC SpA.
The preferences and economic rights of Series A shares (Codelco) and Series B shares (SQM S.A.), including dividend distribution, became effective on January 1, 2025.
SQM and Nova Andino Litio SpA are currently working on determining the dividends to be distributed and reviewing other accounting effects, which will be reflected in SQM’s consolidated annual financial statements for 2025.

5 days ago

6-K

SQM Reports Q3 2025 Financial Results and Strategic Updates

SQM

Earnings

Legal Proceedings

New Projects/Investments

SQM reported net income of $180,048 ThUS$ for the third quarter of 2025, resulting in basic earnings per share of $0.6246, on revenue of $1,173,047 ThUS$.
For the nine months ended September 30, 2025, net income was $407,768 ThUS$ (compared to a net loss of $520,195 ThUS$ for the same period in 2024), with basic earnings per share of $1.4157.
As of September 30, 2025, the company's net financial debt stood at $2,248,638 ThUS$, with a liquidity ratio of 2.82 and an indebtedness ratio of 0.41.
The SEC resumed an investigation into potential anti-bribery violations during Q3 2025, though SQM's internal investigation has not found any payments it believes violate anti-bribery statutes.
In the last quarter of 2023, SQM underwent a strategic restructuring, establishing two independent business divisions: SQM Lithium and SQM Iodine and Plant Nutrition.

Dec 15, 2025, 8:15 PM

6-K

SQM Announces Issuance of Local Hybrid Bond

SQM

Debt Issuance

Sociedad Química y Minera de Chile S.A. (SQM) completed the placement of Series S Bonds in the Chilean general securities market, raising approximately US$430 million.
The bonds are part of a 35-year bond program, mature on February 15, 2058, and will accrue a fixed annual interest rate of 4% starting November 15, 2025.
The effective placement rate for the Series S Bonds was 3.84%.
Proceeds from this placement will be used for general corporate purposes and to refinance existing debt.

Dec 5, 2025, 2:08 AM

6-K

SQM announces completion of local hybrid bond placement

SQM

Debt Issuance

Sociedad Química y Minera de Chile S.A. (SQM) completed the placement of Series S Bonds in the Chilean general securities market for a total amount of UF 10,000,000 (approximately US$430 million) on December 4, 2025.
The Series S Bonds mature on February 15, 2058, and will accrue a fixed annual interest rate of 4% on the outstanding principal, with an effective placement rate of 3.84%.
Proceeds from the placement are designated for general corporate purposes and to refinance existing debt.

Dec 4, 2025, 6:28 PM

6-K

SQM Reports Strong Q3 2025 Lithium Sales, Updates CapEx, Demand Outlook, and Codelco JV Progress

SQM

Earnings

Guidance Update

New Projects/Investments

SQM experienced a favorable pricing environment for lithium in Q3 2025, achieving the highest lithium sales volumes in company history, and anticipates this positive trend to persist into Q4.
The company's CapEx program for 2025-2027 is now estimated at $2.7 billion, allocated across lithium expansions in Chile and international operations, and iodine/plant nutrition projects, without affecting production and sales objectives.
Lithium demand for 2025 is projected to exceed 1.5 million metric tons, marking over 25% growth, primarily driven by EV sales and a 40-50% year-over-year growth in Energy Storage Systems (ESS) demand, with 2026 demand expected to surpass 1.7 million metric tons.
SQM expects to produce close to 230,000 metric tons of lithium from Salar de Atacama in 2025, and has increased its Mount Holland LCE sales projection to 23,000-24,000 tons for the year.
The joint venture with Codelco received approval from China's Antitrust Authority, the final external authorization required, and is expected to close before the end of the year, pending review by Chile's Contralor\u00eda.

Nov 19, 2025, 3:00 PM

Transcript

SQM Reports Strong Q3 2025 Lithium Sales and Updates 2025-2027 CAPEX Plan

SQM

Guidance Update

New Projects/Investments

M&A

SQM experienced a more favorable lithium pricing environment in Q3 2025 and delivered the highest lithium sales volumes in company history, with expectations for robust commercial activity to continue into Q4.
The company updated its 2025 lithium production and sales forecasts, projecting close to 230,000 metric tons from Chile (including 50,000 tons processed in China) and increasing Australian LCE sales to 23,000-24,000 tons.
Total CAPEX for 2025-2027 is estimated at $2.7 billion, with significant investments planned for lithium and iodine divisions, and the Codelco joint venture is expected to close before year-end after receiving China's Antitrust Authority approval.
Lithium demand expectations for 2025 improved to over 1.5 million metric tons (over 25% growth) and are projected to reach over 1.7 million metric tons in 2026, significantly driven by 40-50% year-over-year growth in Battery Energy Storage Systems (BSS).

Nov 19, 2025, 3:00 PM

Transcript

SQM Reports Strong Q3 2025 Results, Updates Lithium Production Guidance and CAPEX Program

SQM

Earnings

Guidance Update

New Projects/Investments

SQM reported a strong Q3 2025 with a more favorable lithium pricing environment and record lithium sales volumes, anticipating this positive trend to persist into Q4.
For 2025, lithium production from Chile is expected to be 230,000 metric tons, with Mount Holland LCE sales projected at 23,000-24,000 tons. Global lithium demand is forecast to exceed 1.5 million metric tons in 2025 (over 25% growth) and 1.7 million metric tons in 2026.
The CAPEX program for 2025-2027 has been updated to $2.7 billion, allocated across lithium and iodine divisions, with delayed investments not affecting production or sales targets.
The Codelco joint venture is on track to close by year-end 2025, having received approval from China's Antitrust Authority, with final review pending from Chile's Contraloría.
The Iodine and Plant Nutrition segment showed solid performance, with revenues up 5% year-on-year and average prices around $73 per kilogram, supported by ongoing capacity expansions.

Nov 19, 2025, 3:00 PM

Transcript

CHEMICAL AND MINING COMPANY OF CHILE INC. Reports Q3 2025 Earnings and Strategic Updates

SQM

Earnings

Guidance Update

New Projects/Investments

CHEMICAL AND MINING COMPANY OF CHILE INC. reported net income of US$178.4 million or US$0.62 per share for the third quarter of 2025, an increase from US$131.4 million or US$0.46 per share in the third quarter of 2024.
Total revenues for the third quarter of 2025 were US$1,173.0 million, an 8.9% increase compared to US$1,076.9 million for the same period last year. For the nine months ended September 30, 2025, total revenues were US$3,252.4 million, with net income of US$404.4 million or US$1.42 per share.
The company achieved its highest lithium sales volumes in history during the third quarter of 2025, with realized average prices from Salar de Atacama operations increasing by 3.5% to approximately US$8.8 per kilogram compared to the previous quarter.
SQM updated its capital expenditure program for 2025–2027 to an estimated US$2.7 billion and obtained Chinese antitrust approval for its partnership with Codelco to jointly develop the Atacama salt flat.
Potassium revenues for the third quarter of 2025 decreased by 50.4% to US$33.8 million, reflecting a strategic decision to reduce potassium chloride output to prioritize lithium production.

Nov 19, 2025, 2:41 AM

6-K

CHEMICAL AND MINING COMPANY OF CHILE INC. Receives SAMR Approval for Codelco Partnership

SQM

M&A

New Projects/Investments

The State Administration for Market Regulation of People’s Republic of China (SAMR) has approved the public-private association between SQM and Codelco as of November 10, 2025.
This partnership is established to jointly develop extractive, productive, and commercial activities from mining properties in the Atacama Salt Flat.
The approval requires commitments from SQM, Codelco, and their joint venture, including safeguards against sensitive information exchange, corporate governance practices, and supplying minimum quantities of finished lithium carbonate products to Chinese customers on fair, reasonable, and non-discriminatory (FRAND) terms.
SQM estimates that these commitments, which align with its established business practices in China, would not have substantially changed its results if they had been in place since 2023.

Nov 10, 2025, 3:42 PM

6-K

CHEMICAL & MINING CO OF CHILE INC Reports Q2 2025 Financial Results

SQM

Earnings

Accounting Changes

Demand Weakening

For Q2 2025, CHEMICAL & MINING CO OF CHILE INC reported revenue of $1,042,677 thousand USD and net income of $89,386 thousand USD, with basic earnings per share of $0.3096.
Year-to-date June 2025 net income significantly improved to $227,720 thousand USD from a net loss of $(653,860) thousand USD in the prior year, primarily due to a substantial reduction in income tax expense, particularly from specific tax on lithium-related mining activity.
Year-to-date June 2025 revenue decreased to $2,079,307 thousand USD from $2,378,134 thousand USD in the prior year, with the Lithium and its derivatives segment revenue declining to $948,094 thousand USD from $1,212,087 thousand USD.
The company anticipates new accounting standards, including amendments to IFRS 9, IFRS 7, and IFRS 18, becoming mandatory for annual periods beginning on or after January 1, 2026.