Sociedad Quimica y Minera S.A.

Good day and thank you for standing by. Welcome to the SQM third quarter 2025 earnings conference call. At this time all participants are in a listen only mode. After the speaker's presentation there will be a question and answer session. To ask a question during the session you will need to press star 1 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star 1 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Megan Suter, Investor Relations Team. Please go ahead.

Good day, and thank you for joining SQM's Earnings Conference Call for the third quarter of 2025. This call is being recorded and webcast live. Our earnings press release and accompanying results presentation are available on our website along with a link to the webcast. Today's participants include Mr. Ricardo Ramos, Chief Executive Officer, Mr. Gerardo Allanes, Chief Financial Officer, Mr. Carlos Diaz, CEO of the Lithium Chile Division, Mr. Pablo Altamires, CEO of the Iodine and Plant Nutrition Division, and Mr. Mark Fons, CEO of the International Lithium Division. Also joining us today are members of our Commercial and Business Intelligence team. Mr. Felipe Smith, Commercial Vice President of the Lithium Chile Division. Mr. Pablo Hernandez, Vice President of Strategy and Development of the Lithium Chile Division. Mr. Juan Pablo Velolio, Commercial Vice President, Plant Nutrition and Specialty Products. And Mr. Andres Fontenas, Commercial Vice President of International Lithium Division. 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 and service line growth, are considered forward-looking statements under U.S. federal securities laws. 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. For full discussion of forward-looking statements, please refer to our earnings press release and presentation. With that, I will now turn the call over to our Chief Executive Officer, Mr. Decado Ramos.

Thank you. Good morning, everyone, and thank you for joining us today. During the third quarter, we experienced a more favorable pricing environment for lithium compared with the previous period. Although the market remains highly volatile, we are cautiously optimistic. Our realized average prices increased, and while we expect this positive trend to continue in the fourth quarter, we remain focused on high-quality production, being a reliable supplier, increasing volumes, and continuing to advance our cost reduction initiatives. Demand fundamentals remain strong, not only for electric vehicles, but also from energy storage systems, which already account for more than 20% of global lithium demand. Operationally, the quarter was very strong. We delivered the highest lithium sales volumes in SGM history, supported by low cost and strong efficiencies in our Atacama operations. Our Australian operation also continued to progress as planned, Spodumene sales increased significantly. We initiated lithium hydroxide production and we reached record sales volumes of spodumene concentrate, an important milestone from this project. We expect commercial activity to remain robust in the fourth quarter. Outside the lithium segment, performance was also solid. In iodine and plant nutrition, results remain strong. Iodine prices continue at high levels with a balanced supply-demand environment Construction of our seawater pipeline is now more than 80% complete, giving us the ability to bring additional iodine to the market earlier than expected if required. We're also expanding our iodine production capacity through the development of a third operation in Maria Elena, which will add 1.5 thousand tons of iodine capacity. This further strength our long-term supply position and reinforces our reputation as a reliable supplier. In fertilizer, we continue to see healthy demand and stable price across most key markets. Our specialty plant nutrition business delivered discrete but sustainable growth compared with last year, both in volumes and revenues. The shift toward tailor-made solutions and high-value blends continues to improve our product mix and supports our strategy of allocating products to the most attractive markets. In iodine, revenues increased 5% year-on-year, with prices averaging close to $73 per kilogram. The X-ray contrast media segment, the largest end-use application, continues to grow steadily and remains a key driver of long-term demand. We also complete a detailed review of our CAPEX program for the period 2025-2027. Total CAPEX is now estimated at 2.7 billion over the three-year period. Our plan maintains a focus on increasing production capacity, preserving low costs, ensuring high product quality, and upholding strong sustainability standards. While some investment decisions have been delayed, this does not affect our ability to meet the production and sales objectives set for each of our divisions. Finally, as announced last week by SQM and Codelco, We receive approval from China's Antitrust Authority. We look forward to advancing this joint venture before the end of the year. Thank you.