智利化工礦業 (SQM) 2026 Q1 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to SQM first quarter 2026 conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您稍候。歡迎參加 SQM 2026 年第一季電話法說會。（接線員指示）請注意，今天的會議將被錄音。

Now it's my pleasure to hand the conference to Megan Suitor with Investor Relations. Please proceed.

現在我很榮幸將會議交給投資人關係部的 Megan Suitor。請開始。

Good day, and thanks for joining SQM's earnings conference call for the first quarter of 2026. This call is being recorded and webcast live. Our earnings press release and the accompanying results presentation are available on our website where you can also find a link to the webcast.

各位好，感謝您參加 SQM 2026 年第一季財報電話會議。本次會議將錄音並同步網路直播。我們的財報新聞稿與隨附的業績簡報已發布於公司網站，您也可在網站上找到網路直播連結。

Today's participants include Mr. Ricardo Ramos, Chief Executive Officer; Mr.Gerardo Illanes, Chief Financial Officer; Mr. Pablo Altimiras, CEO and of the iodine and Plant Nutrition division, Mr. Pablo Altimiras, Vice President of Strategy and Development of Novan Dino Lifion, Mr. Andreas Fontana, Commercial Vice President of the International Lithium Division; and Mr. Max Fial, Head of Studies of the International Lithium Division.

今天的與會者包括：執行長 Ricardo Ramos 先生；財務長 Gerardo Illanes 先生；碘與植物營養事業部執行長 Pablo Altimiras 先生；Novan Dino Lifion 策略與發展副總裁 Pablo Altimiras 先生；國際鋰事業部商務副總裁 Andreas Fontana 先生；以及國際鋰事業部研究主管 Max Fial 先生。

Before we begin, please note that statements made during this call regarding our business outlook future economic performance, anticipated profitability, revenues, expenses and other financial items, along with expected cost synergies and product or service line growth, are considered forward-looking statements under US Federal Securities laws.

在開始之前，請注意，本次會議中關於我們的業務展望、未來經濟表現、預期獲利能力、營收、費用及其他財務項目，以及預期成本綜效與產品或服務線成長的陳述，依據美國聯邦證券法規，均屬前瞻性陳述。

These statements are not historical facts and are subject to risks and uncertainties that could cause actual results to differ materially. We assume no obligation to update these statements, except as required by law.

這些陳述並非歷史事實，且存在風險與不確定性，可能導致實際結果出現重大差異。除法律要求外，我們不承擔更新這些陳述的義務。

For a full discussion of forward-looking statements, please refer to our earnings press release and presentation.

如需完整的前瞻性陳述說明，請參閱我們的財報新聞稿與簡報。

With that, I will now turn the call over to our Chief Executive Officer, Mr. Ricardo Ramos.

接下來，我將把電話交給我們的執行長 Ricardo Ramos 先生。

Good day, and thank you for joining us today. We reported strong results for the first quarter of the year, reflecting a strong performance across our key business lines.

各位好，感謝今天加入我們。我們公布了今年第一季的強勁成果，反映出我們主要業務線的優異表現。

The first quarter of 2026 also marked an important milestone for SQM and -- for tile, as our partnership with Codelco through Novandinolidio completed the first full quarter of operations.

2026 年第一季也標誌著 SQM 的一個重要里程碑，並且——對 tile 而言亦然，因為我們透過 Novandinolidio 與 Codelco 的合作夥伴關係完成了第一個完整營運季度。

This partnership represents much more than a business combination. It reflects a long-term commitment to responsibly developing Salar Atacama lithium resources while creating value not only for our shareholders but also for the country and local communities.

這項合作不僅僅是業務結合，更反映出我們對負責任開發阿塔卡馬鹽湖（Salar Atacama）鋰資源的長期承諾，同時不僅為股東，也為國家與在地社區創造價值。

We are operating at capacity, delivering strong operational and financial results while continuing to invest in future growth and production expansion.

我們目前以滿載產能運作，交出強勁的營運與財務成果，同時持續投資於未來成長與產能擴張。

Importantly, during the first quarter alone, Novandinolithium generated more than $530 million in contributions to the Chilean state through payments to Corp, taxes and transfers to local governments.

值得注意的是，僅在第一季，Novandinolithium 透過向 Corp 支付款項、稅款以及對地方政府的移轉支付，對智利國庫的貢獻就超過 5.3 億美元。

We believe this demonstrates the scale of value this operation creates and the meaningful role it plays in supporting Chile's long-term economic development, starting our business analysis with lithium, total sales volumes in the first quarter increased by 25% year-over-year, reaching approximately 69,000 metric tons of lithium carbonate equivalent across our operations.

我們認為這展現了該營運所創造的價值規模，以及其在支持智利長期經濟發展方面所扮演的重要角色。從鋰業務開始我們的業務分析：第一季總銷售量年增 25%，達到約 69,000 公噸碳酸鋰當量（LCE），涵蓋我們各項營運。

Based on our current estimates, global lithium demand will exceed 1.9 million metric tons of lithium carbonate equivalent this year, while Mark dynamics continue to suggest a tight supply-demand balance.

根據我們目前的估計，今年全球鋰需求將超過 190 萬公噸碳酸鋰當量，而市場動態仍顯示供需維持緊平衡。

As a result, we have increased our lithium sales volume guidance for the year and now expect total lithium sales volumes to grow by approximately 15% compared to 2025.

因此，我們上調了今年的鋰銷售量指引，現在預期全年鋰總銷售量將較 2025 年成長約 15%。

Given current market conditions, we also believe average realized price in the second quarter could be higher than those reported in the first quarter.

在目前市場情況下，我們也認為第二季的平均實現價格可能高於第一季所報告的水準。

In Chile, delivered a solid first quarter volumes, and we expect volumes to continue increasing quarter-over-quarter. In parallel, we continue advancing in the Salar Futuro project and expect to begin the environmental permitting process in the coming months.

在智利，我們第一季出貨量表現穩健，且預期出貨量將持續逐季增加。同時，我們持續推進 Salar Futuro 專案，並預期在未來幾個月啟動環境許可申請流程。

In our International Lithium division, operations in Australia also delivered strong results. On Holland and the concentrator are operating at full capacity, while the continued advancing in the ramp-up of Guinan refinery, which is expected to be fully operational during 2027.

在國際鋰事業部方面，澳洲營運也交出強勁成果。On Holland 與選礦廠（concentrator）以滿載產能運作，同時我們持續推進 Guinan 精煉廠的爬坡，預計將於 2027 年全面投產。

Moving to our specialty plant nutrition business line, we're also increasing our sales guidance for the year. We now expect sales volumes to grow by approximately 10% compared to 2025 driven by reduced potassium nitrate export from China, which have created supply gaps in international markets.

接著談到我們的特用植物營養（specialty plant nutrition）業務線，我們也上調了全年銷售指引。我們目前預期銷售量將較 2025 年成長約 10%，主要受中國硝酸鉀出口減少所帶動，這在國際市場造成供應缺口。

We believe SKM is well positioned to help provide the supply the market needs. In IO, we delivered a strong quarter, and we expect strength to continue into the second quarter. As the spot transaction prices have continued to increase, particularly in Asian markets.

我們認為 SKM 具備良好條件，能協助提供市場所需供給。在 IO 方面，我們第一季表現強勁，且預期強勢將延續至第二季，因為現貨交易價格持續上升，尤其是在亞洲市場。

For the full year, we continue to expect higher end sales volume to be broadly in the line with last year as slightly higher while remaining focused on operating at maximum capacity.

就全年而言，我們仍預期較高端的銷售量大致與去年相當、略為增加，同時持續專注於以最大產能運作。

At Nueva Victoria, the seawater pipeline is currently under commissioning and is expected to support future production capacity growth.

在 Nueva Victoria，海水管線目前正在試運轉（commissioning），預期將支援未來產能成長。

Overall, we continue to observe supportive market conditions across our key business lines, and we believe SQM is well positioned to continue delivering solid results and creating value for our shareholders. With that, I will now turn the call back to the operator for the Q&A. Thank you.

整體而言，我們持續觀察到主要業務線的市場環境具支撐力，並相信 SQM 已做好準備，能持續交出穩健成果並為股東創造價值。接下來我將把電話交回接線員進行問答。謝謝。

Thank you. (Operator Instructions) Joel Jackson, BMO Capital Markets.

謝謝。（接線員指示）BMO Capital Markets 的 Joel Jackson。

Hi, good afternoon. It's [Evan] on for Joel. Just have a couple here. So first one on lithium battery business movement. So does the movement over the last year make SQM feel more bullish or the same about mid cycle pricing.

嗨，午安。我是代替 Joel 的 [Evan]。我有幾個問題。第一個關於鋰電池業務的變化：過去一年市場的變動，是否讓 SQM 對於中週期（mid cycle）價格的看法更偏多，還是維持不變？

`Hey, Joel. Pablo Hernandez from Rondino speaking. So I'll refer to our pricing, if this helps answer your question.

`嗨，Joel。我是 Rondino 的 Pablo Hernandez。我將就我們的定價來回應，看看是否能回答你的問題。

So in Q1 2026, our average sales price was roughly $18 per kilo, which was substantially higher than the $10 per kilo we reached in Q4 2025 and our realized prices remain mainly linked to the pricing sixes.

2026 年第一季，我們的平均銷售價格約為每公斤 18 美元，明顯高於 2025 年第四季達到的每公斤 10 美元；而我們的實現價格仍主要與 pricing sixes 連動。

So consequently, of course, we expect our sales prices in Q2 2026 is expected to be higher than what we had in Q1 2026. We are still in a very high volatile price scenario. So it's difficult to really prices beyond Q2.

因此，當然，我們預期 2026 年第二季的銷售價格將高於 2026 年第一季。我們仍處於價格高度波動的情境，因此很難真正對第二季以後的價格做出判斷。

Okay, thank you. And also, how does plan to deploy windfall free cash flow this year driven by the higher lithium prices and higher earnings in the past, you've done special dividends, should the market expect this again.

好的，謝謝。另外，公司今年將如何運用因鋰價走高與獲利提升所帶來的超額自由現金流？過去你們曾發放特別股利，市場是否應該再次期待？

This is Gerardo. Gerardo speaking. Yes, we finished the first quarter with higher cash and cash equivalent than what we had at the end of last year.

我是 Gerardo。Gerardo 回答。是的，我們第一季結束時的現金與約當現金高於去年底。

Mainly because of higher prices of lithium, higher prices of iodine, higher prices of nitrates. But you have to consider that right after that, we pay dividends, 50% of the net income of last year.

主要是因為鋰價較高、碘價較高、硝酸鹽價格也較高。但你必須考量，之後我們立即支付了股利，金額為去年淨利的 50%。

We also have to make payments to Corfu and other payments that are tax-related payments and others. We are constantly assessing opportunities to distribute dividends. In the past, we have done that. But at this quarter, we have not taken any decision so far.

我們也必須向 Corfu 付款，以及其他與稅務相關的付款與其他款項。我們持續評估配發股利的機會，過去也曾這麼做。但截至本季，我們尚未做出任何決定。

Ben Isaacson, Scotiabank.

Scotiabank 的 Ben Isaacson。

Thank you very much, and good afternoon, everyone. I just have three questions. The first one is on the SPN business. You are -- you have announced an increase in your guidance for 10% growth in volume versus about 2% to 3% before and you've talked about really taking share away from China and Asian markets.

非常感謝，大家午安。我有三個問題。第一個是關於 SPN 業務。你們已宣布將銷量成長指引上調至 10%，先前大約是 2% 到 3%，並且提到會從中國與亞洲市場手中取得市占。

Can you just provide some color as to what's going on in China that's causing them to focus more on their domestic market? And how sustainable do you think this is?

能否請你們補充一些背景，說明中國那邊發生了什麼，導致他們更聚焦於國內市場？以及你們認為這種情況的可持續性如何？

Hello Ben, Pablo Timir speaking. Yes, that's right. We pretend to increase our volumes in 10%, as you said. This is more related with increasing potassium nitric sales. As you know, by the end of March, China suspends the export of potassium nitrate abroad.

Ben 你好，我是 Pablo Timir。是的，沒錯。我們打算如你所說將出貨量提高 10%。這主要與提高硝酸鉀銷售有關。如你所知，3 月底中國暫停對外出口硝酸鉀。

So that means that allow us to go to market where we normally are not going that open an opportunity to put more volume in the market, and that explains mainly our growth. regarding what's going on in China, well, it's difficult to say.

這表示我們可以進入一些我們通常不會進入的市場，帶來在市場投放更多量的機會，這也主要解釋了我們的成長。至於中國發生了什麼，嗯，這很難說。

In China also, you see that today is not the only restriction in that product, but as naturally, you have other products that are restricted. So it's now easy to see what we'll have in the future.

在中國，你也看到今天不只是這個產品受到限制，因為很自然地，還有其他產品也受到限制。因此，現在不容易看出未來會是什麼情況。

However, in the meantime, we have the opportunity, we are well prepared because we have the capacity, the installed capacity, inventories and our supply chain worldwide ready if the market needs more production.

不過，同時我們也有機會；我們已做好充分準備，因為我們具備產能、既有裝置產能、庫存，以及遍布全球、隨時可用的供應鏈，一旦市場需要更多產量即可因應。

Great, and my next question is on iodine. -- we've had elevated prices for quite some time and if we go back, I can't remember how long it was maybe 12 years ago, I can't remember. But when prices were at this level again at this level, it didn't last that long, and we saw supply coming to market, and then we saw prices dropping.

很好，我下一個問題是關於碘。——我們已經看到價格在相當長一段時間內維持在高檔；如果回頭看，我記不太清楚多久了，可能是 12 年前吧。但當時價格也曾到過這個水準，卻沒有維持太久，我們看到供給進入市場，接著價格就下滑。

Gives you the confidence, and I know supply is coming to market slowly, but what gives you the confidence that we won't see an acceleration in supply of iodine over the next two or three years that will disrupt this pricing environment.

是什麼讓你們有信心？我知道供給正緩慢進入市場，但你們憑什麼相信未來兩到三年碘的供給不會加速增加、從而擾亂目前的定價環境？

Well, I would say that, first of all, I mean, if you try to compare the market today with was what the market tend 12 years ago, is too much high. I think that it's not so easy to compare.

我會說，首先，如果你試圖把今天的市場和大約 12 年前的市場相比，差異太大了。我認為不太容易直接比較。

The market is much higher than before. Also, the participation of the different applications has changed. I mean, today, you have a more, for example, much more importance of ex contrast media that didn't happen before.

現在的市場規模比以前大得多。而且不同應用的占比也改變了。我的意思是，今天例如 X 光造影劑（contrast media）的重要性高出許多，這在以前並沒有發生。

So today, let's say that you have some changes in the market. Also, what we have seen is that the marginal projects are not there. But when they arrive, normally, there are higher cost than before. So that also puts some pressure in the price structure, let's say, and today, well, we are confident because the matter of supply and demand. In Q1, we saw a very strong demand.

所以今天可以說市場出現了一些變化。另外，我們看到邊際專案並不存在；但當它們出現時，通常成本會比以前更高。這也對價格結構帶來一些壓力。再者，我們之所以有信心，是因為供需面。在第一季，我們看到需求非常強勁。

We believe that the market growth in Q1 more than 3%. So that's sustained that we believe that this year, the market will grow 3%, sorry. And in the meantime that happen and the supply is not there, we believe that, well, everything is there to remain at this level of prices.

我們認為第一季市場成長超過 3%。因此我們相信今年市場將成長 3%，抱歉。與此同時，只要供給沒有跟上，我們認為各項條件都支持價格維持在目前水準。

Thank you. And then my final question is on Solar Futuro. Can you just remind us what the CapEx spend looks like and the timing of the outflow and the real question is to do with inflation. whether it's the impact of what's happened in -- with respect to the Iran war or whether it's tariffs or whether it's general inflation, we're seeing CapEx for projects on the world increase.

謝謝。最後一個問題是關於 Solar Futuro。你們能否提醒我們資本支出（CapEx）的支出規模與現金流出時點？而真正的問題與通膨有關：不論是伊朗戰爭相關影響、關稅，或是一般性通膨，我們看到全球專案的資本支出都在上升。

So can you talk about what impact on inflation is going to have on the SalarFutero project and how that could impact returns?

所以你們能談談通膨會對 SalarFutero 專案造成什麼影響，以及這可能如何影響報酬率嗎？

Hi Ricardo Ramos speaking. As you may know, we expect to file the environmental study of Salar Futero in the next few months, probably before the end of third quarter and we are assessing now what is going to be the total investment and our first estimate is in the range of $30 billion investment in Salor Futero.

我是 Ricardo Ramos。各位可能知道，我們預期在接下來幾個月提交 Salar Futero 的環境研究報告，可能在第三季末之前；我們目前正在評估總投資額，我們的初步估計是 Salar Futero 的投資規模約在 300 億美元。

You are right in terms that there is a lot of uncertainty in the world in terms of cost, in terms of the pricing of raw material and everything.

你說得沒錯，全球在成本、原物料定價等各方面都存在很大的不確定性。

We don't have a full understanding of how long it will take to solve these issues that we are facing today, especially because the world -- but yes, inflation is an issue, but inflation also is affecting the price of our different commodities.

我們尚未完全掌握解決目前所面臨問題需要多久，尤其是因為全球——是的，通膨是一個問題，但通膨同時也在影響我們不同商品的價格。

That's why if the total investment is affected by inflation and it will be -- of course, pricing of the different products that we sell worldwide like IoT and lithium, everything will be affected by flation. It means we'll increase accordingly.

因此，如果總投資因通膨而受到影響——而且確實會——那麼我們在全球銷售的不同產品（例如 IoT 和鋰等）的價格也都會受到通膨影響，意味著它們也會相應上升。

That's why we do not expect that the project will be affected in terms of the return the ability of the project. I think it's going to be an extremely good project.

因此我們不預期該專案在報酬能力方面會受到影響。我認為這將是一個極其優秀的專案。

We are very, very proud of the new technology that we will implement. We are doing things very good in the Saradaacom as we speak. We're moving as far as we can and of course, the environmental study, environmental review, a project like that takes some time.

我們對即將導入的新技術感到非常、非常自豪。我們此刻在 Saradaacom 的工作做得非常好；我們正盡可能往前推進，當然，環境研究、環境審查，像這樣的專案需要一些時間。

We think that during the year 2029, we will have the final approval that's what we expect. And we will start investment -- we will start investment in the Salar Futero to Duro project during 2030. Everything is according to our original plan with Codelco.

我們認為在 2029 年期間會取得最終核准，這是我們的預期。我們將在 2030 年開始對 Salar Futero to Duro 專案進行投資。一切都依照我們與 Codelco 的原始計畫進行。

I think that we're just a little better in the plan because we have been working very hard together. I think everything is moving in the right direction.

我認為我們的進度甚至比計畫稍微更好一些，因為我們一直非常努力地共同推進。我認為一切都朝著正確方向前進。

Corinne Blanchard, Deutsche Bank.

Corinne Blanchard，德意志銀行。

Hi, good morning, everyone. Thank you for taking my question. Can you talk about the lithium volume outlook raise. You're now targeting 15% up year-over-year, which would bring you almost close to the 300-kiloton -- can you first talk about the cadence?

嗨，各位早安。謝謝讓我提問。能否談談你們上調鋰銷量展望的部分？你們現在目標是年增 15%，這將使你們幾乎接近 30 萬噸——能否先談談節奏？

Are we seeing that increase already starting in 2Q? Or is it more like a second half of the year story? And then is it come in those volumes, are they coming from a production? Or is it also you maybe offloading some of your inventory.

我們是否已在第二季看到增量開始出現？還是更像是下半年才會發生？另外，這些增量是來自產量提升？還是你們也可能在去化部分庫存？

Hey, Corinne, Paulo Hernandez speaking. So we're expecting strong sales volumes in Q2 2026, we hope to surpass the sales volume of Q1 2025 by more than 10%, hitting a record volume for any past calendar quarter.

嗨 Corinne，我是 Paulo Hernandez。我們預期 2026 年第二季的銷售量將很強勁，我們希望較 2025 年第一季的銷售量增加超過 10%，創下任何過去曆季的單季新高。

We continue maximizing our volume as we have consistently done over the years. following our decision to operate at full capacity and expanding it in line with the anticipated market growth. So ensuring we're always prepared to meet our customers' needs -- and aligned with that strategy, we feel confident that we will successfully allocate in the market.

我們持續把量拉到最大，這些年來一直如此；依循我們決定以滿載產能運轉，並配合預期的市場成長來擴充產能的策略，確保我們隨時準備好滿足客戶需求——也基於這個策略，我們有信心能在市場上順利配置（allocate）這些量。

The additional production that we expect to achieve this year, which is going to be over 270,000 metric tons coming from came -- so there is significant appetite for lithium units in the market.

我們預期今年可達成的額外產量將超過 27 萬公噸，來自 came——因此市場對鋰單位的需求相當強勁。

Thank you. Sorry, I wanted to go -- so 2 questions here, maybe spodumene price in Montara. I think if you compare the some of your peers, I think you have got a much lower price. Can you comment maybe of the driver and the why here? And how do you view that for the rest of the year? And then quick -- another question.

謝謝。抱歉，我想再問——這裡有兩個問題，可能是關於蒙塔拉（Montara）的鋰輝石（spodumene）價格。我想如果和你們一些同業相比，你們的價格明顯更低。你能否評論一下背後的驅動因素與原因？以及你們如何看待今年剩餘時間的走勢？然後再快速——另一個問題。

I want to go back on the capital allocation. I know, Gerardo, you mentioned you're not going to -- you haven't yet decided if it's going to be special dividends. If it's not a special dividends, what are you going to do with the cash? Thank you.

我想回到資本配置。我知道 Gerardo，你提到你們尚未決定是否會發放特別股利。如果不是特別股利，你們打算如何運用這些現金？謝謝。

Hey, Corinne, and this is Fontannaz from International lithium speaking. Regarding your question on spot price, well, the difference between our realized price for concentrate and the quarterly average of some of the indexes is mainly explained by two factors.

嗨 Corinne，我是 International lithium 的 Fontannaz。關於你提到的現貨價格問題，我們精礦的實現價格與部分指數的季度平均價之間的差異，主要可由兩個因素解釋。

First, you have the market volatility during the last few months. You -- for example, December, you saw prices at around $1,300 that in March was more than $2,000 so the realized price for any given producer depends on the timing of the negotiations and the shipments within that price cycle and second, polony shipments are not continuous or evenly distributed month-to-month.

第一，過去幾個月市場波動很大。比如 12 月你看到價格約在 1,300 美元，而到 3 月已超過 2,000 美元；因此任何特定生產商的實現價格取決於在該價格循環中談判與出貨的時間點。第二，polony 的出貨並非連續，也不是每月平均分布。

So when you combine a strong price recovery with the lumpy nature of the shipments, you can see some difference between the reported realized prices and the quarter average of some of the market benchmarks.

因此，當強勁的價格回升與出貨批次不均（lumpy）的特性結合時，你會看到已揭露的實現價格與部分市場基準的季度平均價之間出現差異。

So from a commercial standpoint, we remain comfortable with our position as we continue to optimize both the timing and flexibility between exposing and downstream hydroxide sales.

因此，從商務角度來看，我們對自身的定位仍感到安心，因為我們持續在優化時點與彈性，在精礦曝險與下游氫氧化鋰銷售之間進行配置。

Hi Corinne, this is Gerardo. Regarding your question about the capital allocation, I think that there are a few things that have to be considered. First, given what Pablo just mentioned about higher volume sales from Sadara -- and with these price levels, our payments to Corfo

嗨 Corinne，我是 Gerardo。關於你資本配置的問題，我認為有幾件事需要考量。第一，鑑於 Pablo 剛提到 Sadara 的銷售量更高——在目前這些價格水準下，我們對 Corfo 的付款

The government of Chile and local communities will be higher than last year and probably higher than the first quarter in the upcoming quarters. So we will have a lot of need for cash to basically comply with these obligations.

對智利政府與在地社區的付款將高於去年，且在接下來幾季可能也會高於第一季。因此我們將需要大量現金，基本上是為了履行這些義務。

Second, we have a high CapEx program. We are expanding capacity in Chile. We're working on initiatives in the in operations as well as in the international leasing division and of course, we have a dividend policy that considers payments of dividends at the year-end.

第二，我們有一個高資本支出（CapEx）計畫。我們正在智利擴充產能；我們也在營運端以及國際租賃事業部推動各項計畫；當然，我們也有一項股利政策，會考量在年底支付股利。

Well, it's approved in the shareholders' meeting and is paid right after, but in the past, we have made interim dividend payments when we have seen the opportunity to do so and of course, this year, we are assessing that.

嗯，這是在股東會上核准，並在之後立即支付；但過去我們在看到有機會時也曾發放過期中股利，當然，今年我們也正在評估這件事。

This is just the first quarter of the year and the Board will recombine and we'll discuss about opportunities and if appropriate, interim dividends will be paid. Otherwise, we will see a final dividend paid at the end of the fiscal year.

這才是今年第一季，董事會之後會再召開，我們會討論相關機會；若合適，將發放期中股利。否則，我們會在會計年度結束時發放期末股利。

Thank you, guys.

謝謝各位。

Isabella Simonato, Bank of America.

Isabella Simonato，美國銀行。

Hi, everyone. Thank you for taking my call. Here my question. I have two -- just if you could give a little bit more details about taxes paid in the quarter. So effective tax rate was higher than what you usually have. So you can provide a little bit more details about what -- why that happened in the quarter? And second, back to the SQM business, right?

各位好，謝謝接聽我的電話。我有一個問題——其實有兩點：第一，能否請你們提供本季已繳稅款的更多細節？有效稅率比你們通常的水準更高。能否多說明一下本季為什麼會發生這種情況？第二，回到 SQM 的業務，對吧？

As you said, you are more optimistic about sales and share gains in pricing of fertilizers in general have definitely been attained right, given the war.

如你們所說，你們對銷售更樂觀，而且在肥料定價方面的市占提升，考量到戰爭因素，確實已經達成了，對吧？

So if you can comment also on how do you see prices evolving throughout the quarter -- throughout the year would be helpful. Thank you.

因此，如果你們也能評論一下，你們如何看待價格在本季——以及全年——的走勢，會很有幫助。謝謝。

Thank you. Hi, Isabella, Pablo speaking. Regarding the taxes that we pay, it's important to consider or to keep in consideration that within the tax line, of course, we have the corporate income tax that we pay in Chile, which is 27%, along with the taxes that we pay abroad, which, of course, it varies by decision, but we can say that an average is something around 30%. But on top of that, we pay a mining tax in Chile and this mining tax is basically a function of the profitability of the business.

謝謝。嗨，Isabella，我是 Pablo。關於我們繳納的稅款，重要的是要考量（或記住）在稅負項目中，當然包含我們在智利繳納的公司所得稅，稅率為 27%，以及我們在海外繳納的稅款，當然會因各地而異，但我們可以說平均大約在 30% 左右。此外，我們在智利還需繳納礦業稅，而這項礦業稅基本上取決於業務的獲利能力。

The higher the profitability of the business, the higher the bracket you fall in basically that profitability is considered or is calculated based on the total revenues you get on the exports of products from Chile and the cost that we have on those products, excluding the payments that we make to.

業務獲利能力越高，基本上就會落在越高的級距；而這個獲利能力是依據我們從智利出口產品所取得的總營收，以及這些產品的成本來計算，並排除我們所支付給……的款項。

So with the higher prices of lithium that we saw during the first quarter, the profitability of the lithium business went up and because of that, the lithium mining tax that was paid during the first quarter of this year or not paid by accrued during the first quarter of this year -- is higher than what it was in the past.

因此，隨著我們在第一季看到鋰價上漲，鋰業務的獲利能力提高；也因此，今年第一季所繳納（或更準確地說，第一季所認列應計）的鋰礦業稅，高於過去的水準。

Hello, Isabella Paulo Altimidez speaking. Well, regarding to your question, we are optimistic regarding to the price trends in our specialty fertilisers business, -- the reason is what we already explained.

你好，Isabella，我是 Paulo Altimidez。關於你的問題，我們對特種肥料業務的價格趨勢抱持樂觀——原因就是我們先前已經說明過的。

I mean today, we have some lack of supply because of the China situation. But on top of that, the environment because of the word is affecting our raw materials or other fertilizers that are related with our potassium nitrate business.

也就是說，今天因為中國的情況，我們看到供給有些不足。但除此之外，因為戰爭的環境也正在影響我們的原物料，或是其他與我們硝酸鉀業務相關的肥料。

One example is the price of potassium sulfate, it is growing and because of that, today, support the potassium nitrate price trend. So we are optimistic, and we believe that the price will continue increasing in the next quarters.

例如硫酸鉀的價格正在上漲，因此目前也支撐了硝酸鉀的價格趨勢。所以我們是樂觀的，並且相信未來幾季價格將持續上升。

Thank you very much, and Gerardo, can you give us a ballpark about how can we think about Main Texas, the rate? I know there was something between 8% to 10%. Just wanted to double check.

非常感謝。Gerardo，你能否給我們一個大概的區間，讓我們理解礦業稅（Main Texas，稅率）該怎麼看？我知道之前大約在 8% 到 10% 之間，只是想再確認一下。

Well, -- of course, I mean, all of this is public information that you can find how this is exactly calculated on public records.

嗯——當然，我的意思是，這些都是公開資訊，你可以在公開紀錄中找到其精確的計算方式。

But the mining tax goes between 0% to 14% -- and currently, based on the profitability of the business is in between 11% and 12%. Out of the profit that we get on the lithium business, excluding the corpo payments.

但礦業稅介於 0% 到 14%——而目前依據業務獲利能力，大約在 11% 到 12% 之間。是以我們鋰業務所取得的利潤為基礎計算，並排除公司（corpo）付款。

Super clear. Thank you very much.

非常清楚。非常感謝。

Emerson Viera, Goldman Sachs.

Emerson Viera，高盛。

Hello, good morning. I have two questions on Matalan. The first one, just trying to understand here when you guys expect to carry on with expansion given that we saw the news that the expense was recently approved by regulators.

你好，早安。我有兩個關於 Matalan 的問題。第一個是想了解，在我們看到最近監管機關已核准該支出（expense）的消息後，你們預期何時會繼續推進擴建？

So just, I mean, on timing for auto expansion? And what is the win cost that the operation is running right now? Thank you.

也就是說，自動擴建（auto expansion）的時程如何？以及目前該營運的單位成本（win cost）大概是多少？謝謝。

Thanks, Emerson, for the question. Andres Fontannaz speaking. So regarding the expansion, we continue executing the plan and expect to present the Man Holland expansion for the Board's review and decision early Q3 in '26.

謝謝你，Emerson，謝謝提問。我是 Andres Fontannaz。關於擴建，我們持續執行計畫，並預期在 2026 年第三季初，將 Man Holland 擴建案提交董事會審閱並做出決策。

Regarding permitting, that's progressing well, and it's currently under a public review period. At this stage, we do not have access to see if any appeals have been launched.

至於許可（permitting），進展順利，目前正處於公開審查期間。在這個階段，我們無法得知是否有人提出任何上訴。

But once the pus period officially closes, this is at midnight on May 28, we will request confirmation of whether any appeals were submitted.

但一旦公開期間正式結束——也就是 5 月 28 日午夜——我們將要求確認是否有提交任何上訴。

In parallel, you know that we remain focused on sustaining full capacity operations at the existing mine and concentrator. Regarding cost, we do not comment on the specific costs for that operation.

同時，你也知道，我們仍專注於維持現有礦山與選礦廠的滿載產能運作。關於成本，我們不評論該營運的具體成本。

Okay, thank you. Can you can you share with us what would be, I mean, ballpark CapEx for the expansion? I know -- I mean, abilities are ongoing, but any number here could be very helpful.

好的，謝謝。你們能否和我們分享一下擴建的資本支出（CapEx）大概會是多少？我知道——我的意思是——可行性研究仍在進行中，但任何數字都會很有幫助。

Yes. Regarding the CapEx, we are working it. It will be presented for the Board. As commented previously, for next year, we are planning to -- or what is considered for next year is $200 million is only for 2027. And that is the SQM share for that

可以。關於資本支出，我們正在進行中，之後會提交董事會。如先前所說，明年我們規劃——或明年所考量的是 2 億美元，且僅針對 2027 年。那是 SQM 在其中所占的份額。

Okay, thank you very much.

好的，非常感謝。

Juraj Domic, LarrainVial.

Juraj Domic，LarrainVial。

Hello, good evening, and thanks for taking our questions. I have two of them. The first one is on cash cost, excluding the depreciation and core payments, -- we saw a significant improvement in lithium and also a weaker performance in iodine and my question is, what should we expect for the rest of 2026?

你好，晚安，謝謝回答我們的問題。我有兩個問題。第一個是現金成本（不含折舊與 core payments）——我們看到鋰業務有顯著改善，而碘業務表現較弱；我的問題是，對於 2026 年剩餘期間，我們應該期待什麼？

And perhaps moving to my second question, in previous conference calls, you mentioned that the BES application accounts for around 20% of the total demand of lithium and what would you say is this best share so far in 2026? Thank you.

第二個問題，在之前的電話會議中，你們提到 BES 應用約占鋰總需求的 20%；那麼截至 2026 年目前為止，你們會說這個 BES 的占比是多少？謝謝。

So regarding the cash cost or operating cost in about no as a consequence of continued efficiency and improvement processes, together with the economies of scale of our increased production levels, we have indeed consistently been able to make cost improvements and we expect the 2026 cost to be lower than the one we had in 2025. And this is, of course, aligned with our production strategy of increasing production at low cost.

關於現金成本或營運成本，因為我們持續推動效率與改善流程，再加上產量提升所帶來的規模經濟，我們確實一直能夠持續改善成本；我們預期 2026 年的成本將低於 2025 年。這當然也與我們以低成本提升產量的生產策略一致。

Regarding the best participation in the demand of the market. for lithium, we expect something around 30% for BSS overall demand.

至於 BSS 在鋰市場需求中的占比，我們預期 BSS 在整體需求中大約為 30%。

Hello, Pablo Timirez speaking. Regarding your question about the IMCs. Well, first of all, I would remark that the increase is not too much. But there are some explanation for that.

你好，我是 Pablo Timirez。關於你對 IMCs 的問題，首先我要強調，增幅其實不算太大，但確實有一些原因可以解釋。

The first one is that where we are producing quite bit volume. Remember that we pretend this year to produce more than 15,000 metros of iodine that means that we are using some marginal facilities that they have higher cost.

第一，我們正在生產相當多的量。請記得，我們今年預計生產超過 15,000 公噸的碘，這代表我們正在使用一些邊際設施，而那些設施的成本較高。

Second, well, we are in the ramp-up of Marialena. So that means that we have some specific costs related to the ramp-up -- and third, that we cannot forget is that because of the situation of the word, because of some raw materials, mainly fuel, which is very important for our mining activity, it's been increased.

第二，我們正處於 Marialena 的爬坡（ramp-up）階段，因此會有一些與爬坡相關的特定成本——第三點也不能忽略的是，因為戰爭情勢、以及部分原物料（主要是燃料；燃料對我們的採礦活動非常重要）價格上升。

So those are the resource. However, as always, we are working in different initiatives to control the cost increase.

以上就是原因。不過一如既往，我們正在推動不同的措施來控制成本上升。

Perfect, thank you very much.

很好，非常感謝。

Thank you so much. And ladies and gentlemen, this will conclude our Q&A session and conference for today. We want to thank everyone for participating. You may now disconnect

非常感謝。各位女士先生，今天的問答環節與電話會議到此結束。我們感謝大家的參與。您現在可以中斷連線。