SQM 1Q26 Conference Call Highlights

研报英文原文证据摘录

SQM 1Q26 Conference Call Highlights

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

27 May 2026

SQM Overweight

SQM, SQM US

1Q26 Conference Call Highlights Price (26 May 26):$80.43

LatAm Food & Beverages and

• SQM expects lithium prices in Q2 to be sequentially higher, with Q1 avg Agribusiness

sales prices at $~18/kg. Realized prices remain closely linked to the main Lucas Ferreira AC

indexes, which indeed have increased QTD. That said, it is challenging to (55-11) 4950-3629

forecast beyond Q2 at this stage, given the ongoing volatility in the market. lucas.x.ferreira@jpmorgan.com

Banco J.P. Morgan S.A.

• In Q2, mgmt hopes to surpass Q1 lithium sales volumes by more than 10%, Larissa Perez

targeting a record volume for any past quarter. SQM has decided to operate at (55-11) 4950-6400

full capacity (270kt from Salar do Atacama in FY2026) and is confident in its larissa.perez@jpmchase.com

ability to allocate the additional output in the market this year. Banco J.P. Morgan S.A.

Froylan Mendez

• Lithium cash costs are expected to be lower y/y in 2026, consistent with the (52-55) 5540-9482

strategy of increasing production at low cost, driven by ongoing efficiency froylan.mendez@jpmchase.com

improvements and economies of scale from higher production levels. J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

Morgan Grupo Financiero

• SPN: mgmt is optimistic that prices will continue to increase in the coming

quarters, especially given the Middle East conflict’s impact on fertilizer

prices. As for volumes, the increase in SPN volume guidance is primarily

attributed to China’s suspension of potassium nitrate exports at the end of

March, enabling SQM to access markets it typically does not serve.

• For Salar Futuro, initial capex estimates are in the range of $3bn, though