Sociedad Química y Minera de Chile (SQM) Q4 2025 earnings summary

Executive summary

• Signed association agreement with Codelco, creating Nova Andino Litio for long-term lithium production from Salar de Atacama.

• Total 2025 revenues reached $4,576.2M, up 1% year-over-year; net income was $588.1M versus a net loss in 2024.

• Fourth quarter 2025 revenue reached $1,324 million, up 23% year-over-year and 13% quarter-on-quarter.

• Achieved record lithium sales volumes and strong iodine performance in Q4, with robust demand in plant nutrition.

• Advanced sustainability initiatives, earning recognition from S&P Global, Dow Jones, MSCI, and EcoVadis.

Financial highlights

• Gross profit for 2025 was $1,352.6M (29.6% margin), up from $1,327.1M (29.3%) in 2024.

• Adjusted EBITDA for 2025 reached $1,579.6M (34.5% margin), up from $1,483.6M (32.8%) in 2024.

• Lithium contributed 45% and iodine 42% to FY2025 gross profit.

• Record lithium sales volumes (+33% YoY) and higher average prices (+4% YoY).

• Iodine sales volumes increased 16% YoY, with prices up 4%.

Outlook and guidance

• Lithium market expected to grow ~25% in 2026, led by EVs and energy storage; sales volumes at Nova Andino Litio projected to rise over 10%.

• Iodine market forecasted to grow 3% in 2026; sales volumes expected to remain flat or slightly increase.

• Specialty Plant Nutrition sales volumes anticipated to grow 2–4% in 2026.

• Potash sales volumes expected to decline by ~20% in 2026.

• Industrial chemicals sales volumes and prices expected to remain stable in 2026.