Sociedad Química y Minera de Chile S.A. reported record second-quarter results on Wednesday, driven by a surge in lithium sales volumes and prices that pushed net income to $660 million, a 646% increase from the same period last year.
Revenue rose 137% year-over-year to $2.47 billion, beating analyst expectations by nearly 13%, while earnings per share reached $2.31, exceeding forecasts by 21%. Gross profit totaled $1.26 billion, a 403% jump from Q2 2025, and adjusted EBITDA margin expanded to 53%, up 12 percentage points sequentially.
Lithium operations accounted for 71% of gross profit, with global sales volumes exceeding 84,100 metric tons of lithium carbonate equivalent. In Chile’s Novandino Litio joint venture with Codelco, sales volumes hit 75,800 metric tons at an average price of $21.80 per kilogram, more than doubling from $8.50 per kilogram a year earlier. The International Lithium Division, including the Mt Holland project in Australia, delivered 55,900 metric tons of spodumene concentrate at $2,048 per metric ton, up 152% year-over-year.
Chief Executive Ricardo Ramos highlighted the company’s growth trajectory, noting that Novandino Litio is targeting 280,000 to 290,000 metric tons of lithium carbonate equivalent production in 2026, with capacity expected to exceed 300,000 metric tons by 2027. The Mt Holland expansion, in partnership with Wesfarmers, aims to double SQM’s attributable spodumene output to 350,000 metric tons annually by 2030.
The company also advanced its Salar Futuro project in Chile, submitting environmental and technical documentation in July. The $3 billion investment through the Novandino Litio joint venture with Codelco is designed to boost capacity while reducing environmental impact in the Salar de Atacama. Ramos described the project as a shift in technology, emphasizing cost efficiency and sustainability improvements.
Beyond lithium, SQM’s iodine business, which holds a 37% global market share, reported a 9% volume increase and average prices of $73.40 per kilogram. The specialty plant nutrition segment grew 14% year-over-year, while industrial chemicals and potassium showed signs of recovery. SQM contributed over $1.6 billion to the Chilean government in the first half of 2026.
