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 of $404.4M in 2024.

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

• Record lithium and iodine sales volumes, strong iodine prices, and robust demand in plant nutrition drove performance.

• Advanced sustainability initiatives, earning recognition from S&P Global, Dow Jones, MSCI, EcoVadis, and inclusion in the S&P Global Sustainability Yearbook 2026.

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.

• Q4 average realized lithium price increased nearly 14% quarter-over-quarter, reaching close to $10/kg.

• Iodine contributed approximately 42% of total gross margin for the year.

• Lithium contributed 45% to FY2025 gross profit.

Outlook and guidance

• Global lithium market demand expected to grow ~25% in 2026, led by EVs and energy storage; sales volumes 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 within a stable pricing environment.

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

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