Sociedad Quimica y Minera S.A.

Good day, everyone, and thank you for standing by. Welcome to SQM First Quarter 2026 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 participate, you will need to press star 1-1 on your telephone. You will then hear a 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. Now it's my pleasure to hand the conference to Megan Suter with Investor Relations. Please proceed.

Good day, and thank you for joining SQM's earnings conference call for the first quarter of 2026. This call is being recorded in 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. Today's participants include Mr. Ricardo Ramos, Chief Executive Officer, Mr. Geraldo Allanes, Chief Financial Officer, Mr. Pablo Aguimita, CEO of the Iodine and Plant Nutrition Division, Mr. Pablo Hernandez, Vice President of Strategy and Development of No Bandino Lithium, Mr. Andres Contanas, Commercial Vice President of the International Lithium Division, and Mr. Maxial, Head of Studies of the 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 or service line growth, are considered forward-looking statements under U.S. federal securities law. 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 what's required by law. For a 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. Ricardo Ramos.

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. The first quarter of 2026 also marked an important milestone for SQM and for TILI, as our partnership with Codelco through Novandino Lidio completed the first full quarter of operations. This partnership represents much more than a business combination. It reflects a long-term commitment to responsibly developing Salar de Atacama lithium resources while creating value not only for our shareholders but also for the country and local communities. We are operating at full capacity, delivering strong operational and financial resource while continuing to invest in future growth and production expansion. Importantly, During the first quarter alone, Novandino Lithio generated more than $530 million in contributions to the Chilean state through payments to Corfo, taxes, and transfers to local governments. 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. Based on our current estimates, global lithium demand could exceed 1.9 million metric tons of lithium carbonate equivalent this year, while Mark Dynamics continues to suggest a tight supply-demand balance. 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. Given current market conditions, we also believe average realized price in the second quarter could be higher than those reported in the first quarter. In Chile, Noandino Lithium delivered a solid first quarter sales 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. In our international lithium division, operations in Australia also deliver strong results. Moon Holland and the concentrator are operating at full capacity, while they continue advancing in the ramp-up of Quinana Refinery, which is expected to be fully operational during 2027. 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. We believe SQM is well positioned to help provide the supply the market needs. In IONINE, We deliver a strong quarter, and we expect this trend to continue into the second quarter, as spot transaction prices have continued to increase, particularly in Asian markets. For the full year, we continue to expect iron cell volume to be broadly in line with last year, or slightly higher, while remaining focused on operating at maximum capacity. At Nueva Victoria, the seawater pipeline is currently under commissioning, and is expected to support future production capacity growth. Overall, we continue to observe supportive market conditions across our key business lines, and we believe SGM 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.