CHEMICAL & MINING CO OF CHILE Business Summary

SQM generates revenue through the global extraction and commercialization of high-value industrial minerals, primarily lithium, iodine, and specialty plant nutrients. Its business model is vertically integrated, leveraging the unique brine chemistry of the Salar de Atacama to maintain a position as one of the world’s lowest-cost producers of battery-grade lithium carbonate and hydroxide. The company operates through five core segments: Lithium and Derivatives (the primary growth engine), Iodine and Derivatives (where it holds a dominant global market share), Specialty Plant Nutrition (SPN), Industrial Chemicals, and Potassium. SQM competes directly with Albemarle, Ganfeng Lithium, and ICL Group. Within this landscape, SQM distinguishes itself by its massive scale in iodine and its strategic 2025-2026 transition into the 'Nova Andino Litio' joint venture with state-owned Codelco, which secures its operational rights in Chile through 2060 while increasing state participation in the lithium value chain. Originally established in 1968 as a mixed state-private entity and later privatized, SQM is currently led by CEO Ricardo Ramos, a veteran executive who has been with the firm for over 35 years and previously served as CFO. The executive team includes CFO Gerardo Illanes, who oversees the company's complex capital allocation and global expansion projects, including spodumene operations in Australia. The Board of Directors is chaired by Gina Ocqueteau Tacchini, who was appointed in May 2025, with Gonzalo Guerrero Yamamoto serving as Vice Chairman. Notable influence is exerted by major shareholders including the Pampa Group, controlled by the Ponce Lerou family, and China’s Tianqi Lithium, which remains a significant minority investor despite recent stake adjustments. This leadership structure balances deep institutional knowledge of Chilean mining with the strategic interests of global capital, focusing on navigating the 'National Lithium Strategy' and maintaining SQM’s role as a critical supplier in the global electric vehicle battery supply chain.