SQM 1Q26 Review: EBITDA Beats Consensus on Strong Margins; Guidance Revised Upwards

研报英文原文证据摘录

SQM 1Q26 Review: EBITDA Beats Consensus on Strong Margins; Guidance Revised Upwards

J P M O R G A N Latin America Equity Research

27 May 2026

SQM Overweight

SQM, SQM US

1Q26 Review: EBITDA Beats Consensus on Strong Price (26 May 26):$80.43

Margins; Guidance Revised Upwards

LatAm Food & Beverages and

SQM reported a robust 1Q26, with revenue of $1,760m, up 70% y/y, adjusted Agribusiness

EBITDA of $837m (+133% y/y), and net income of $365m (+165% y/y). EBITDA Lucas Ferreira AC

margin expanded sharply to 47.6% (vs 34.7% in 1Q25 ). Compared to consensus, (55-11) 4950-3629

revenue came 4% ahead, EBITDA 8% above, and net income 11% below lucas.x.ferreira@jpmorgan.com

Banco J.P. Morgan S.A.

expectations. The quarter was driven by a surge in lithium volumes and prices, as

Larissa Perez

well as margin expansion across most business lines. Notably, net debt decreased

(55-11) 4950-6400

35% q/q to $1,320m, reflecting strong cash generation. Key positives included larissa.perez@jpmchase.com

record lithium sales and pricing, while negatives were seen in lower potassium Banco J.P. Morgan S.A.

volumes and some margin pressure in specialty plant nutrition. The company Froylan Mendez

raised its lithium and SPN volume guidance, signaling confidence in market (52-55) 5540-9482

demand. Given the strong beat on EBITDA and positive guidance, we expect a froylan.mendez@jpmchase.com

positive stock reaction and see room for consensus EBITDA estimates to be revised J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

upwards.

Company Expectations

Looking ahead, SQM anticipates a robust outlook across its core businesses. The

company expects global lithium demand to exceed 1.9 million metric tons of LCE

in 2026 and has raised its own lithium sales volume growth guidance from 10% to