Sociedad Química y Minera de Chile (SQM) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly lithium sales volumes exceeding 84,000 metric tons LCE, driven by strong demand and expanded operations in Chile and Australia.

• Revenue reached $2,468 million in 2Q2026, up 137% year-over-year and 40% quarter-on-quarter; total revenues for the first half of 2026 were $4,228.5 million, up 103.4% year-over-year.

• Net income was $660 million in Q2 and $1,024.7 million for H1 2026, with earnings per share at $2.31 for Q2 and $3.59 for H1.

• Over $1.6 billion in payments accrued to the Chilean government in the first half of 2026.

• Delivered robust results in iodine and specialty plant nutrition segments, supported by favorable market conditions.

Financial highlights

• Gross profit reached $1,260 million in Q2 and $2,038.6 million for H1 2026, with margins improving to 48.2% for H1.

• Adjusted EBITDA was $1,318 million in Q2 and $2,154.8 million for H1, with margins of 53% and 51% respectively.

• Lithium contributed 71% of gross profit, followed by iodine (21%) and specialty plant nutrition (7%).

• Full-year lithium production in Chile expected between 280,000 and 290,000 metric tons, with capacity reaching 300,000 metric tons next year.

• Specialty plant nutrition sales volumes projected to rise by 10% year-over-year.

Outlook and guidance

• Global lithium demand forecast to exceed 2.1 million metric tons in 2026, with tight supply-demand balance.

• Q3 lithium segment expected to see flat prices, volumes, and costs compared to Q2; full-year costs anticipated to be lower than 2025.

• Capital expenditures of approximately $3 billion planned for 2026-2028, focused on growth and cost competitiveness.

• Iodine market demand projected to grow 3-4% in 2026, with prices expected to remain high.

• Stable outlook for industrial chemicals and potassium segments.