Sociedad Química y Minera de Chile S.A. (SQM): Business Model Canvas [Dec-2025 Updated]

You're looking at the engine room of the global battery race, and honestly, the Business Model Canvas for Sociedad Química y Minera de Chile S.A. (SQM) is all about managing a massive, state-level pivot. This isn't just about selling specialty plant nutrients anymore; for the nine months ending September 30, 2025, lithium and derivatives sales alone brought in $\mathbf{\$1,551.8}$ million, all while they commit to a $\mathbf{\$2.7}$ billion capital expenditure program through 2027 to secure that future. I've mapped out exactly how they are structuring this complex operation-from the critical Codelco joint venture to managing social license with Indigenous communities-so you can see the precise resources and revenue streams driving their valuation right now. See below for the full breakdown.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Sociedad Química y Minera de Chile S.A. (SQM) has locked in as of late 2025 to secure its future in the lithium market. These partnerships are the bedrock of their production strategy, especially with the new state involvement.

Codelco joint venture for Salar de Atacama lithium through 2060

The public-private partnership with Corporación Nacional del Cobre de Chile (Codelco) is a massive structural shift, extending SQM's lithium extraction rights in the Atacama region until 2060. This joint venture, set to begin operations during 2025 pending final approvals, is structured to give the Chilean state a majority position over time. SQM brings its operational expertise, while Codelco brings state backing and development experience.

The operational control is phased:

• SQM Salar oversees general management until 2030.
• Codelco, through its subsidiary Minera Tarar, assumes management from 2031 through 2060.

Production targets are ambitious, aiming for efficiency gains without increasing brine extraction or water use. Here's a quick look at the production goals:

Period	Additional Production Target (LCE)	Annualized Target (LCE)
2025-2030	Cumulative additional 300,000 tons	Average of 50,000 tons per year from the additional quota
2031-2060	Maintain annual production of 280,000 to 300,000 tons	280,000 to 300,000 tons annually

For the initial period, Codelco is entitled to receive the profit from an annual supply of 33,500 metric tonnes of LCE, with SQM receiving the same amount, subject to authorization. SQM's expected total production in Chile for 2025 is close to 230,000 tons, with 180,000 tons processed locally and 50,000 tons processed in China.

Global battery manufacturers for long-term lithium supply contracts

Long-term agreements are crucial for Sociedad Química y Minera de Chile S.A. to secure demand, especially as lithium prices remain volatile, more than 80% below their late-2022 peak. Strategic partnerships with major players like LG Energy Solution and SK On solidify steady demand for their output. Lithium and its derivatives are a huge part of the story, contributing 79% of Sociedad Química y Minera de Chile S.A.'s gross margin as of January 2025.

The company is investing to meet this demand:

• Reaffirmed capital expenditure budget of $750 million for 2025.
• Aiming to increase annual lithium carbonate capacity in Chile to 240,000 tons by 2026.
• Targeting lithium hydroxide capacity of 100,000 tons by the end of 2025.
• Projected 10% increase in sales volumes from Chilean operations in 2025.

The strength of these contracts is reflected in the Q3 2025 results, where revenues for lithium and derivatives hit US$603.7 million, marking a 21.4% year-over-year increase.

Wesfarmers (via the Mt. Holland/Kwinana lithium hydroxide joint venture in Australia)

Sociedad Química y Minera de Chile S.A. partners with Australian conglomerate Wesfarmers in the Covalent Lithium joint venture, a 50:50 split, to process spodumene concentrate from the Mt. Holland mine. The Kwinana lithium hydroxide refinery is a key asset, with major construction complete and commissioning ongoing as of July 2025.

Key metrics for this Australian operation include:

• Kwinana refinery expected annual nameplate capacity of 50,000 tonnes of battery-grade lithium hydroxide.
• First production from the refinery expected in the middle of 2025.
• Mt Holland mine and concentrator production was pushing north of 80 per cent capacity in calendar year 2025.
• Wesfarmers' share of spodumene concentrate production target for the July 2025-June 2026 financial year is 190,000t.

This project is expected to sustain 350 jobs once operational.

Chinese regulators for critical approval of the Codelco deal

The Codelco-SQM partnership required navigating international regulatory scrutiny, with China's State Administration for Market Regulation (SAMR) being a pivotal gatekeeper. SAMR granted conditional approval on November 10, 2025. This decision clears the final major hurdle, pending final authorization from Chile's comptroller, which is widely expected by the end of the year.

The conditions imposed by SAMR are focused on supply security for Chinese customers:

• Both partners must continue supplying Chinese customers on "fair, reasonable and non-discriminatory" terms.
• They must make reasonable and best efforts to continue supply in the event of a major supply change.
• They must not turn down, restrict or delay supply to Chinese clients.

Indigenous Atacameño communities for social license to operate

Securing the social license to operate involves ongoing, intensive dialogue with Indigenous Atacameño communities, also known as Lickanantay, whose ancestral territories overlap with the operations. Negotiations for a formal governance model began in March 2025 and are expected to conclude by year-end. The goal is to grant the communities an active role in the new venture's decision-making processes, potentially including board representation.

This engagement is critical, especially given past issues. For example, under the previous lease structure, USD 29 million intended for communities for the 2021 and 2022 periods had not been distributed by CORFO due to incomplete consultation processes. The previous SQM Salar lease agreement with CORFO was set to expire on December 31, 2030.

Finance: draft 13-week cash view by Friday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Key Activities

High-volume, low-cost lithium brine extraction and processing

• Chilean brine extraction cost: US$6,000-7,000 per tonne.
• Australian spodumene processing cost: US$10,500 per tonne.
• Current market price (December 2025): US$11,500 per tonne.
• Realized average price from Salar de Atacama operations (Q3 2025): close to US$8.8 per kilogram.
• Expected yearly sales volume increase from Chilean operations: at least 10% versus 2024.
• International Lithium Division 2025 sales guidance: approximately 20,000 metric tons of LCE.

Global distribution and sales of specialty plant nutrients

Metric	Period Ended March 31, 2025 (Q1)	Period Ended September 30, 2025 (9M)
Total Revenues (MUS$)	212.2	732.4
Total Volumes (Th. MT)	N/A	217.2
Volume Growth vs Prior Year	Approximately 6%	13.2 Th. MT increase

• Potassium Nitrate and Sodium Potassium Nitrate 9M 2025 output: 394,700t, down 4% year-on-year.
• Specialty Blends 9M 2025 output: 226,800t, up 11% year-on-year.

Iodine and nitrate production for medical and industrial applications

Metric	Period Ended June 30, 2025 (6M)	Period Ended September 30, 2025 (9M)
Iodine & Derivatives Revenues (MUS$)	526.3	770.8
Iodine & Derivatives Volume (Th. MT)	7.4	N/A
Iodine Price (Q3 2025, excl. derivatives)	N/A	US$72.7 per kilogram

• Iodine and Derivatives 9M 2025 Revenue growth: 3.8% compared to 9M 2024.
• Iodine and Nitrates total capex 2025: approximately US$350 million, including maintenance.
• Greenfield Projects for Iodine: additional 2,500 MT of capacity.

Executing the $2.7 billion 2025-2027 capital expenditure program

• Total Capex 2025 (Lithium): US$750 million, including maintenance.
• Capital Expenditures YTD September 30, 2025: -988.5m USD.
• Codelco-SQM JV targets cumulative additional lithium production: 300,000 tons of lithium carbonate equivalent between 2025 and 2030.
• Kwinana refinery expected to reach nameplate capacity of 50,000 tons of lithium hydroxide annually by the end of 2026.

Developing and implementing water recycling/cleaner extraction technologies

• Direct extraction technologies offer 70-90% water consumption reduction versus traditional methods.
• Codelco-SQM venture commits to production increases through process efficiency improvements and new technologies rather than expanding brine extraction or inland water use.
• SQM is implementing water recycling programmes in Atacama operations.

Finance: review YTD capex spend against the 2025 allocation by end of Q4.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Key Resources

You're looking at the core assets that power Sociedad Química y Minera de Chile S.A. (SQM) right now, heading into the end of 2025. These aren't just line items; they are the competitive advantages that let the company operate where it does and how it does.

The most fundamental resource is the access to the raw material itself. Sociedad Química y Minera de Chile S.A. (SQM) has exclusive access to the Salar de Atacama's vast brine reserves. This access is secured through a public-private partnership with Codelco, which effectively extends the operational rights until the year 2060, though Sociedad Química y Minera de Chile S.A. (SQM) maintains general management control only until 2030 before Codelco assumes operational leadership through 2060. This long-term security over one of the world's premier lithium sources is a massive barrier to entry for competitors.

The company backs this resource control with deep, hard-won know-how. Sociedad Química y Minera de Chile S.A. (SQM) possesses operational expertise in brine-based chemical production spanning over 25 years. This experience is critical for navigating the complexities of extraction and processing in the harsh Atacama environment.

On the downstream side, Sociedad Química y Minera de Chile S.A. (SQM) has strategically invested in processing capacity outside of Chile. This includes the Kwinana, Australia, lithium hydroxide refinery, a joint venture, which has completed major construction and is in the commissioning phase, targeting a nameplate annual capacity of 50,000 tons of lithium hydroxide. The company is also expanding its lithium refining assets in China. Furthermore, Sociedad Química y Minera de Chile S.A. (SQM) maintains a wide reach, with a global sales network spanning over 100 countries, supported by commercial offices worldwide.

Financially, the balance sheet shows solid footing for ongoing operations and capital deployment. Sociedad Química y Minera de Chile S.A. (SQM) demonstrates strong liquidity with a current ratio of 2.92 as of Q3 2025. This is a healthy buffer for short-term obligations. The total capital expenditure guidance for the 2025-2027 period is estimated at 2.7 billion dollars, showing commitment to future growth.

Here are some key operational and financial metrics that define the current resource strength:

• Lithium and Derivatives segment Adjusted Gross Margin for Q2 2025 was 21%.
• Iodine revenues increased by 5% year-on-year in Q3 2025.
• Iodine prices in Q3 2025 averaged close to $73 per kilogram.
• The company's Debt to Equity Ratio as of Q3 2025 was 0.89.
• Quick Ratio as of Q3 2025 stood at 1.93.

To give you a clearer picture of the recent financial scale supporting these resources, look at the recent performance figures:

Financial Metric	Period Ending	Amount
Total Revenues	Six Months Ended June 30, 2025	US$2,079.3 million
Net Income	Six Months Ended June 30, 2025	US$226.0 million
Total Revenues	Q2 2025	US$1,042.7 million
Net Income	Q2 2025	US$88.4 million
Total Revenues	Q3 2025	US$1.17 billion
Profit Increase (YoY)	Q3 2025	35.8%

The company's market valuation reflects this asset base, with a Market Capitalization around $16.97 billion as of the Q3 2025 reporting period. Finance: draft 13-week cash view by Friday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Value Propositions

You're looking at the core strengths Sociedad Química y Minera de Chile S.A. (SQM) offers its customers and stakeholders as of late 2025. It's about what they deliver that matters most in the market right now.

Guaranteed, high-volume supply of battery-grade lithium for the EV market is a major draw. Sociedad Química y Minera de Chile S.A. (SQM) reported the highest lithium sales volumes in its history during the third quarter of 2025. Specifically, Q3 2025 saw total lithium and derivatives volumes jump by 43% year-on-year. The company is executing capacity expansions, targeting lithium hydroxide production of 100,000 MT by the end of 2025, and lithium carbonate capacity to reach 240,000 MT in 2026. The global lithium market demand is expected to grow over 20% in 2025, with battery energy storage systems (BESS) now representing more than 20% of that global demand.

The value proposition is underpinned by a low-cost position on the global lithium cash cost curve. While specific cash cost figures aren't explicitly stated as a rank, the company continues to leverage its low-cost operations in the Atacama Desert, maintaining a strong competitive position. The realized average price from Salar de Atacama operations in Q3 2025 was near US$8.8 per kilogram. Revenues for lithium and derivatives in Q3 2025 increased by 21.4% to US$603.7 million.

For the specialty chemicals side, essential iodine for X-ray contrast media, a high-margin, resilient product, is key. Iodine revenues increased by 5% year-on-year in Q3 2025. The Iodine segment delivered an adjusted gross margin of 57% in Q2 2025, contributing more than 50% to the total company gross profit in that period. Sociedad Química y Minera de Chile S.A. (SQM) holds an estimated 37% Market Share in Iodine & Derivatives (Last Twelve Months as of September 30, 2025).

The specialty plant nutrition products (e.g., potassium nitrate) for high-value crops offer stability. This business remains stable with resilient demand across key markets. However, the company is strategically prioritizing lithium, which means potassium sales volumes for 2025 are expected to decline by 50% compared to 2024. Still, potassium prices saw an increase of 30% in Q3 2025 compared to the prior year.

You can see the segment focus in the recent operational data:

Metric	Lithium & Derivatives (Q3 2025)	Iodine & Derivatives (Q3 2025)	Potassium (Q3 2025)
Revenue Change (YoY)	Up 21.4%	Higher Revenues (Prices Up 5%)	Revenue Down Sharply (Volumes Down 62%)
Sales Volume Change (YoY)	Up 43%	Slightly Lower (Down 1%)	Down 62%
LTM Market Share Estimate	~17%	~37%	Less than 1%

The final pillar is the commitment to sustainable practices, including water reduction programs. Sociedad Química y Minera de Chile S.A. (SQM) has a goal to reduce brine extraction by at least 50% by 2028. For continental water use, the commitment is a 50% reduction by 2030. The company reported that in 2024, water extraction was 107 l/s, which was a 55% reduction. They are investing in the Seawater Pipeline, expected to finish by mid-2026. Furthermore, they aim for carbon neutrality for Lithium, KCl, SOP, and Iodine products by 2030.

These value drivers are supported by tangible operational metrics:

• Global lithium demand growth expected to be over 20% in 2025.
• Lithium hydroxide capacity expansion targeting 100,000 MT by end of 2025.
• Iodine segment gross margin reached 57% in Q2 2025.
• Continental water extraction target reduction of 50% by 2030.
• Updated 2025-2027 capital expenditure plan is set at US$2.7 billion.

Finance: draft 13-week cash view by Friday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Customer Relationships

You're looking at how Sociedad Química y Minera de Chile S.A. (SQM) manages its relationships with the buyers and stakeholders critical to its operations, especially as the company navigates the post-2024 market volatility. This isn't just about transactions; it's about securing long-term volume and managing complex regulatory environments.

Long-term, strategic supply agreements with key global customers

For the crucial Lithium segment, Sociedad Química y Minera de Chile S.A. (SQM) locks in future demand through multi-year contracts. This strategy helps stabilize revenue streams against spot market swings. For instance, in 2024, the company highlighted signing long-term lithium supply agreements with major automotive manufacturers Hyundai Motors and Kia Corporation, cementing its role in the electric mobility transition. Furthermore, the anticipated definitive agreement for the joint exploitation of the Salar de Atacama with Codelco is structured for the period spanning 2025-2060, with Sociedad Química y Minera de Chile S.A. (SQM) slated to lead operations from 2025 to 2030, representing the ultimate long-term strategic relationship.

The Specialty Plant Nutrition (SPN) business also relies on deeply embedded customer relationships, evidenced by its consistent revenue base. For the nine months ended September 30, 2025, SPN revenues totaled US$732.4 million. Within this, the Potassium Nitrate (KNO3) segment, where Sociedad Química y Minera de Chile S.A. (SQM) holds an estimated ~41% Market Share as of December 31, 2024, reported Last Twelve Months (LTM) Revenues of US$957 million and LTM Gross Profit of US$141 million.

Direct engagement and dialogue with local Indigenous communities

Sociedad Química y Minera de Chile S.A. (SQM) maintains direct engagement with local Indigenous communities as a critical component of its social license to operate in Chile, particularly around the Salar de Atacama. This dialogue focuses on shared decision-making and ensuring that operations align with community priorities and cultural protocols, which is essential for the stability of its primary resource extraction activities.

Dedicated sales and technical support for specialty plant nutrition clients

The relationship with Specialty Plant Nutrition clients is heavily supported by technical expertise, moving beyond simple product sales to offering tailored agronomic guidance. Sociedad Química y Minera de Chile S.A. (SQM) backs its products with technical expertise derived from decades of applied research and field trials conducted by agronomic teams operating in more than 100 countries. This know-how is used to develop tailored formulations and digital tools that offer expert guidance on balanced plant nutrition programs. For the first half of 2025 (6M2025), total SPN sales volumes reached 481.9 Thousand Metric Tons.

Maintaining compliance with Chinese regulators for stable supply access

Securing stable access to the Chinese market, a major driver for global lithium demand, requires navigating stringent regulatory frameworks. Following the approval of the Codelco-Sociedad Química y Minera de Chile S.A. (SQM) joint venture in November 2025, China's State Administration for Market Regulation (SAMR) imposed conditions requiring the venture to commit to continuing to fulfill existing contracts and providing a fair, reasonable and non-discriminatory supply to Chinese customers. The Phase 1 Production Framework for this venture (2025-2030) targets an annual production capacity of 300,000 tons lithium carbonate equivalent. Separately, new Ministry of Commerce (MOFCOM) export controls, effective December 1, 2025, mandate compliance checks for any product containing $\ge$ 0.1% of Chinese-origin rare earths, underscoring the need for meticulous documentation and supply chain transparency for all relevant exports.

Relationship Metric/Area	Key Data Point (As of late 2025)	Segment Focus
Long-Term Contract Examples	Agreements with Hyundai Motors and Kia Corporation signed in 2024	Lithium
Salar de Atacama Partnership Term	Preliminary agreement term through 2060; SQM operations leadership through 2030	Lithium
Specialty Plant Nutrition (SPN) Revenue (9M 2025)	US$732.4 million	Specialty Plant Nutrition
KNO3 Market Share (as of Dec 31, 2024)	~41%	Specialty Plant Nutrition
Agronomic Support Reach	Field trials led by teams across more than 100 countries	Specialty Plant Nutrition
China JV Production Target (Phase 1, Annual)	300,000 tons lithium carbonate equivalent (LCE)	Lithium/Regulatory Compliance
China Export Control Threshold	Permit required if Chinese-origin REE content is $\ge$ 0.1%	Regulatory Compliance

The relationship management for Sociedad Química y Minera de Chile S.A. (SQM) is clearly bifurcated: securing high-volume, long-term commitments with global industrial giants like battery and auto makers, while simultaneously investing heavily in technical support for its diverse agricultural customer base. Finance: draft the Q4 2025 cash flow projection incorporating the Codelco partnership timeline by next Tuesday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Channels

You're looking at how Sociedad Química y Minera de Chile S.A. (SQM) gets its products-from specialty chemicals to bulk commodities-into the hands of its global customers as of late 2025. The channels are a mix of direct engagement and leveraging strategic infrastructure and partnerships.

For specialty products, the distribution relies on a direct sales force, which supports an international trading network that spans more than 110 countries, leveraging global expertise in marketing and sales of chemical products like lithium hydroxide and carbonate. The International Lithium Division, for instance, was increasing its expected sales volumes for the full year 2025 to a range between 23 and 24,000 tons of Lithium Carbonate Equivalent (LCE).

Bulk commodity sales, particularly for Lithium and Potassium, are heavily secured through long-term contracts. While the specific terms aren't public, the strategy is clear: secure offtake amidst volatile pricing. For Lithium, the company delivered the highest lithium sales volumes in its history in the third quarter of 2025. The overall expectation for 2025 was a 15% increase in sales volumes compared to 2024, targeting 238,000 metric tonnes of LCE. For Potassium, the channel experienced lower volumes, with a -55% drop, but prices stayed firm, showing the contract structure supported revenue despite volume shifts in the last twelve months ending June 30, 2025.

The physical movement of product is critically dependent on strategic port and logistics infrastructure in Chile and international hubs. SQM's operations in the Antofagasta Region rely on this network. Recently, new facilities were inaugurated for the reception of soda ash at Puerto Andino, part of an investment nearing US$60mn by Puerto Abierto (PASA). This infrastructure established a minimum annual discharge of 350,000 tons of soda ash at that port alone. The Chilean freight and logistics market itself is estimated at 21.42 billion USD in 2025, highlighting the scale of the environment SQM operates within.

The company also channels product through joint venture partners' distribution channels, most notably the Covalent Lithium project in Australia. This integrated operation includes the Mt. Holland mine and the Kwinana lithium hydroxide refinery, a 50:50 JV with Wesfarmers.

• The Kwinana refinery is expected to produce approximately 50,000 tonnes of battery-grade lithium hydroxide per year once fully operational.
• For 2025, SQM expected to book sales of around 10,000 metric tons of LCE specifically from the Mt. Holland operation.
• The Mt. Holland mine and concentrator were reported to be operating north of 80 per cent capacity in calendar year 2025.

Here's a quick look at the scale of volumes moving through these channels in 2025:

Product/Segment	Channel Metric	2025 Figure
Lithium (Total Expected Sales Volume)	Metric Tonnes of LCE	238,000
International Lithium Division	Expected Sales Volume (Tons LCE)	23,000 - 24,000
Mt. Holland JV (Lithium)	Expected Sales Volume (Tons LCE)	10,000
Kwinana Refinery (Capacity)	Tonnes of Lithium Hydroxide per annum	50,000
Soda Ash Logistics (Puerto Andino)	Minimum Annual Discharge (Tons)	350,000
Iodine Revenue	Year-on-Year Increase (Q3 2025)	5%

The Iodine business also moves through these channels, with Q3 2025 revenues increasing 5% year on year, as prices averaged close to $73 per kilogram. The company is also advancing a seawater pipeline project, which will support the logistics for its Nitrates and Iodine segments, with a total Capex program estimated at $2.7 billion over the 2025-2027 period.

Finance: draft 13-week cash view by Friday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Sociedad Química y Minera de Chile S.A. (SQM) as of late 2025, based on their latest reported performance through the third quarter of 2025. The customer base is highly diversified across essential global industries, which helps smooth out volatility in any single market.

Electric Vehicle (EV) and Energy Storage System (ESS) battery manufacturers

This segment, driven by the need for high-purity lithium chemicals, saw significant activity through Q3 2025. Sociedad Química y Minera de Chile S.A. (SQM) reported achieving the highest lithium sales volumes in its history during the third quarter of 2025. Demand growth is strong, though prices have been volatile; the realized average price from Salar de Atacama operations in Q3 2025 was close to US$8.8 per kilogram.

The growth is broad-based across geographies:

• Global lithium market demand is expected to grow over 20% in 2025.
• Lithium demand growth is projected to reach over 25% year-over-year, heavily supported by Energy Storage Systems (ESS).
• ESS now represents more than 20% of the global lithium demand.
• China continues to lead EV market growth with an expected 30% year-on-year increase, accounting for more than 60% of global EV sales.
• Europe experienced strong EV growth of more than 30% year-over-year in the first three quarters of 2025.
• The US saw slower growth at 10% year-over-year, while the rest of the world reached 40% year-over-year growth.

For the full year 2025, the International Lithium Division sales guidance is set at approximately 20,000 of Lithium Carbonate Equivalent (LCE). The Lithium and Derivatives segment contributed 38% of Sociedad Química y Minera de Chile S.A. (SQM)'s consolidated gross profit for the nine months ended September 30, 2025.

Pharmaceutical and medical imaging companies (major iodine consumers)

Iodine and Derivatives is a high-margin business for Sociedad Química y Minera de Chile S.A. (SQM), showing resilience even when lithium prices softened. For the nine months ended September 30, 2025, revenues from iodine and derivatives totaled US$770.8 million, an increase of 3.8% compared to the same period in 2024. The segment's gross profit accounted for 46% of the company's consolidated gross profit for the nine months ended September 30, 2025.

The global iodine market was valued at USD 3.1 billion in 2025. Sociedad Química y Minera de Chile S.A. (SQM)'s estimated market share in the global iodine market as of December 31, 2024, was ~37%. Furthermore, the source of this material, Chilean brines, holds approximately 60.0% market share in 2025.

The largest end-use application, X-ray contrast media, remains a key driver of long-term demand.

Global specialty agriculture and greenhouse operators

The Specialty Plant Nutrition (SPN) business line serves global operators needing high-quality fertilizers like potassium nitrate. Revenues for this line were stable, totaling US$472.6 million for the six months ended June 30, 2025. For the third quarter of 2025 specifically, revenues reached US$259.8 million, marking a 4.3% increase year-over-year.

This segment's gross profit represented 12.7% of Sociedad Química y Minera de Chile S.A. (SQM)'s consolidated gross profit for the first half of 2025. The company expects the global potassium nitrate (KNO3) market to return to a normal growth rate of around 4-5% in 2025 compared to 2024, supported by robust potassium chloride pricing.

Industrial chemical producers and distributors

This category includes customers for the company's potassium products and other industrial chemicals. The potassium business saw a significant volume contraction, with sales volumes expected to decline by 50% in 2025 compared to 2024. Revenues from Potassium for the nine months ended September 30, 2025, were US$116.7 million, down 43.0% from the prior year period.

In contrast, the Industrial Chemicals revenue line showed modest growth, increasing by 2.7% year-over-year to reach $19.1 million in Q3 2025.

Here's a quick look at the revenue contribution by segment for the nine months ended September 30, 2025, showing the relative importance of the primary customer groups:

Segment	9M 2025 Revenue (MUS$)	9M 2025 Gross Profit Contribution (%)
Iodine and Derivatives	$770.8 million	46%
Lithium and Derivatives	Data not explicitly available as a 9M total, but Q3 was $603.7 million	38%
Specialty Plant Nutrition (SPN)	$732.4 million (for 9M 2025)	Data not explicitly available as a 9M percentage
Potassium	$116.7 million	Data not explicitly available as a 9M percentage

Finance: draft 13-week cash view by Friday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Cost Structure

The Cost Structure for Sociedad Química y Minera de Chile S.A. (SQM) is heavily weighted toward capital deployment for expansion, direct operational costs in challenging environments, and government-mandated payments tied to resource tenure.

Capital-intensive expansion is a primary cost driver, reflecting the commitment to securing future production capacity. The projected capital expenditure (CAPEX) for the 2025-2027 period is set at $2.7 billion. This investment focus is designed to increase production capacity while preserving low operational costs.

Direct operational costs are substantial, as evidenced by the Cost of Sales for the first half of 2025. This figure was US$1,521.0 million, derived from the reported H1 2025 Revenue of US$2,079.3 million and Gross Profit of US$558.3 million.

The company must manage significant expenditures related to its arid region operations in the Salar de Atacama. This involves costs associated with:

• Securing and maintaining access to scarce water resources.
• Implementing energy solutions for remote, high-altitude operations.
• Addressing stakeholder concerns regarding hydrological impacts. [cite: 12 from first search]

Government payments are a fixed component of the cost base, structured around resource extraction rights in Chile. These payments include:

• Volume-based royalty rates generally ranging from 3-8% of production value. [cite: 11 from first search]
• Export taxation mechanisms that contribute to government revenue streams. [cite: 11 from first search]

You can see a breakdown of the key financial metrics that inform this cost structure below:

Financial Metric	Period	Amount (US$)	Source Context
Projected CAPEX	2025-2027	$2.7 billion	Investment for production capacity increase.
Total Revenues	Six Months Ended June 30, 2025	2,079.3 million	Total revenue for H1 2025.
Gross Profit	Six Months Ended June 30, 2025	558.3 million	Gross profit for H1 2025.
Cost of Sales (Calculated)	First Half of 2025	1,521.0 million	Calculated as Revenue minus Gross Profit for H1 2025.
Iodine Price	Q3 2025 Average	$72.7 per kilogram	Relevant operational cost/pricing input. [cite: 3 from second search]

The company continues to focus on preserving low costs as part of its strategy, leveraging its low-cost deposits in the Atacama Desert. [cite: 1, 6 from second search]

Finance: draft 13-week cash view by Friday.

Sociedad Química y Minera de Chile S.A. (SQM) - Canvas Business Model: Revenue Streams

You're looking at the core ways Sociedad Química y Minera de Chile S.A. (SQM) brings in cash, based on their performance through the first nine months of 2025. This is where the real value capture happens, driven by their key commodity sales.

The total revenue for Sociedad Química y Minera de Chile S.A. (SQM) for the nine months ended September 30, 2025, was reported at US$3,252.4 million.

The primary revenue drivers are detailed below, showing the financial muscle behind each business line for the nine months ended September 30, 2025:

Revenue Stream Component	Revenue (US$ million) for 9M Ended Sep 30, 2025
Lithium and Derivatives sales	US$1,551.8 million
Iodine and Derivatives sales	US$770.8 million
Specialty Plant Nutrition sales	US$732.4 million
Potassium revenues	US$116.7 million
Industrial Chemicals revenues	US$57.1 million
Other Commodity Fertilizers & Other Income	US$23.6 million
Total Reported Revenue	US$3,252.4 million

The structure of revenue streams is heavily weighted toward the battery materials sector, which is clear when you look at the numbers. For instance, Lithium and Derivatives alone accounted for a significant portion of the total top line.

Here's a breakdown of the specific components that make up the Potassium and Industrial Chemicals category, plus related income:

• Potassium revenues for the nine months ended September 30, 2025, totaled US$116.7 million, which was a 43.0% decrease compared to the same period in 2024.
• Industrial chemicals revenues for the nine months ended September 30, 2025, reached US$57.1 million, a 6.4% decrease year-over-year.
• Revenues from sales of other commodity fertilizers and other income reached US$23.6 million for the nine months ended September 30, 2025.

Regarding the final point on the outline, you need to know that while Sociedad Química y Minera de Chile S.A. (SQM) has joint ventures, such as the one in Australia, the specific revenue line item for 'Dividends from joint ventures' was not separately itemized in the reported segment revenue breakdown that sums to the total revenue of US$3,252.4 million for the period. The Australian operations, like the Kwinana refinery, likely have their output figures reflected within the Lithium and Derivatives sales total.