SQM First Take 1Q26 Earnings Beat

SQM reported a strong 1Q26 EBITDA of $837M, beating consensus by 11% behind better Lithium and SPN volumes. The company raised its 2026 lithium sales guidance despite a Neutral rating from Goldman Sachs.

Key Takeaways

• 1.SQM reported an 11% EBITDA beat versus consensus ($837M), driven by outperformance in the Lithium and Specialty Plant Nutrition (SPN) divisions.
• 2.Lithium sales guidance for 2026 was raised by 4.5% due to high demand and increased production from China refineries and tolling agreements.
• 3.The SPN division benefited from lower market availability of potassium nitrate after China halted exports following Middle East conflicts.

Table of Contents

• First take: 1Q26 Beat on stronger Lithium/SPN; Strong Momentum to Continue in 2Q26
• What to watch for during earnings call
• Valuation and key risks
• Disclosure Appendix

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