The information in this Item 5 should be read in conjunction with the Company’s Consolidated Financial Statements and the notes thereto included elsewhere in this Annual Report. The Company’s Consolidated Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). 5.A.Operating Results Introduction The following discussion should be read in conjunction with the Company’s Consolidated Financial Statements. Certain calculations (including percentages) that appear herein have been rounded. The consolidated financial statements of the Company and subsidiaries have been prepared in accordance with IFRS as issued by the IASB. These consolidated financial statements fairly present the Company’s financial position as of December 31, 2025 and 2024 and the results of its operations, changes in equity and cash flows for the three years in the period ended December 31, 2025, 2024 and 2023. IFRS establish certain alternatives for their application, those applied by the Company are detailed in this Note 2 and Note 3. The accounting policies used in the preparation of these consolidated financial statements comply with each IFRS in force at their date of presentation. We operate as an independent corporation. Overview of Our Results of Operations We divide our operations into the following business lines: •the production and sale of specialty plant nutrients; •the production and sale of iodine and its derivatives; •the production and sale of lithium and its derivatives; •the production and sale of potassium, including potassium chloride and potassium sulfate; •the production and sale of industrial chemicals, principally industrial nitrates and solar salts; and •the purchase and sale of other commodity fertilizers for use primarily in Chile. We sell our products through three primary channels: our own sales offices, a network of distributors and, in the case of our fertilizer products, through third-party distribution network in countries where its presence and commercial infrastructure are larger than ours. Similarly, in those markets where our presence is larger, both our specialty plant nutrients and third-party products are marketed through our offices. Factors Affecting Our Results of Operations Our results of operations substantially depend on: •trends in demand for and supply of our products, including global economic conditions, which impact prices and sales volumes; •efficient operations of our facilities, particularly as some of them run at production capacity; •our ability to accomplish our capital expenditures program in a timely manner; •the levels of our inventories; •trends in the exchange rate between the U.S. dollar and Chilean peso, as a significant portion of the cost of sales is in Chilean pesos, and trends in the exchange rate between the U.S. dollar and the euro, as a significant portion of our sales is denominated in euros; and •energy, logistics, raw materials, labor and maintenance costs. Impact of Foreign Exchange Rates We transact a significant portion of our business in U.S. dollars, which is the currency of the primary economic environment in which we operate and is our functional and presentation currency for financial reporting purposes. A significant portion of our costs is related to the Chilean peso as most of our operations occur in Chile, and therefore an increase or decrease in the exchange rate between the Chilean peso and the U.S. dollar affects our costs of production. Additionally, as an international company operating in Chile and several other countries, we transact a portion of our business and have assets and liabilities in Chilean pesos and other non-U.S. dollar currencies, such as the euro, the South African rand and the Mexican peso. As a result, fluctuations in the exchange rate of such currencies to the U.S. dollar may affect our financial condition and results of operations. See Note 24 to our consolidated financial statements. We monitor and attempt to balance our non-U.S. dollar assets and liabilities position, including through foreign exchange contracts and other hedging instruments, to minimize our exposure to foreign exchange rate risk. As of December 31, 2025, for hedging purposes we had open contracts to buy U.S. dollars and sell Chinese yuan for approximately US$432.73 million (CNY 3,039.7 million), to sell Australian Dollars for approximately US$ 39.73 million (AUD 60.1 million), to sell euros for approximately US$36.21 million (EUR 30.4 million), and to sell South African rand for approximately US$27.77 million (ZAR 470.2 million), as well as forward exchange contracts to sell U.S. dollars and buy Chilean pesos for US$601.42 million (Ch$548,925.068 million). All the UF 18.95 million outstanding principal amount of bonds issued in the Chilean market were hedged with cross-currency swaps to the U.S. dollar for approximately US$752.16 million as of December 31, 2025. In addition, we had open forward exchange contracts to buy U.S. dollars and sell Chilean pesos to hedge our time deposits in Chilean pesos for approximately US$516.78 million. The following table shows our revenues (in millions of US$) and the percentage of revenues accounted for by each of our product lines for each of the periods indicated: 2025 2024 2023 % US$ % US$ % US$ Specialty plant nutrition 21 % 982.4 21 % 941.9 12 % 913.9 Iodine and derivatives 23 % 1,042.8 21 % 968.3 12 % 892.2 Lithium and derivatives 50 % 2,288.2 49 % 2,241.3 69 % 5,180.1 Potassium 3 % 155.5 6 % 270.8 4 % 279.1 Industrial chemicals 2 % 75.4 2 % 78.2 2 % 175.2 Other products and services 1 % 31.9 1 % 28.3 0 % 27.0 Total 100 % 4,576.2 100 % 4,528.8 100 % 7,467.5 The following table shows certain financial information of the Company (in millions of US$) for each of the periods indicated, as a percentage of revenues: Year Ended December 31, 2025 2024 2023 (in millions of US$) US$ % US$ % US$ % Revenues 4,576.2 100.0 4,528.8 100.0 7,467.5 100.0 Cost of sales (1) (3,223.6) 70.4 (3,201.7) 70.7 (4,392.4) 58.8 Gross profit 1,352.6 29.6 1,327.1 29.3 3,075.1 41.2 Other income 12.5 0.3 32.2 0.7 40.6 0.5 Administrative expenses (195.6) 4.3 (186.0) 4.1 (175.8) 2.4 Other expenses (96.3) 2.1 (104.7) 2.3 (93.4) 1.3 Impairment gains or reversal (losses) of financial assets 0.97 0.0 (0.6) 0.0 0.2 0.0 Other gains (losses) (11.1) 0.2 (2.1) 0.0 (2.3) 0.0 Finance income 85.7 1.9 103.6 2.3 122.7 1.6 Finance costs (192.7) 4.2 (197.5) 4.3 (138.4) 1.9 Share of profit of associates and joint ventures accounted for using the equity method 6.7 0.1 11.0 0.2 0.6 0.0 Foreign currency exchange differences (2.1) 0.0 (8.6) 0.2 (22.3) (0.3) Income before taxes 960.7 21.0 974.4 21.5 2,807.0 37.6 Income tax expense (2) (320.1) 7.0 (282.6) 6.2 (1,876.8) 25.1 Net income attributable to: Controlling interests 588.1 12.9 685.1 15.1 923.2 12.4 Non-controlling interests 52.5 1.1 6.7 0.0 7.1 0.1 Net income 640.6 14.0 691.8 15.3 930.3 12.5 ________________________________________________ (1)Cost of sales includes the payment obligations under lease contract with Corfo, which includes quarterly lease payments based on product sales from leased mining properties and since 2018, annual contributions to research and development, to local communities, to the Antofagasta Regional Government and to the municipalities of San Pedro de Atacama, María Elena and Antofagasta. The expenses related to Corfo were US$302.9 million in 2025, US$397 million in 2024, and US$1,868.9 million in 2023. (2)Income tax expenses for the year 2023 includes the net effect of the payment of the specific tax on mining activities in Chile applied to the extraction of lithium in the total amount of US$1,089.5 million. See Notes 20.3 to the consolidated financial statements, “Item 3.D. Risk Factors— Risks Relating to Chile—The Chilean government could levy additional taxes on mining companies, which may include lithium exploitation companies, operating in Chile" and "Item 8.A.7 Legal Proceedings—Chilean Tax Litigation". Results of Operations – 2025 compared to 2024 Revenues Revenues increased by 1.0% to US$4,576.2 million in 2025 from US$4,528.8 million in 2024. The main factors that caused the increase in revenues and variations in different product lines are described below. Lithium and Derivatives Revenues from lithium and derivatives totaled US$2,288.2 million during the twelve months ended December 31, 2025, an increase of 2.1% compared to US$2,241.3 million recorded for the twelve months ended December 31, 2024. Set forth below are lithium and derivatives sales volume data for the specified years: 2025 2024 % Change Sales Volumes (Th. MT) 257.9 208.8 24 % Novandino Litio (LCE) 233.1 204.9 14 % International Lithium Division (LCE) 24.8 3.9 536 % Lithium sales volumes in 2025 reached nearly 258 thousand metric tons of Lithium Carbonate Equivalent ("LCE"), representing a 24% increase compared to 2024. As a result of market oversupply, our average realized price declined by a total of 70% over the past three years, from US$30,467 per metric ton in 2023 to US$10,936 per metric ton in 2024, and further to US$9,174 per metric ton in 2025. By the end of 2025, we began to observe a shift in lithium market prices, with a reversal of the trend driven by stronger-than-expected demand growth, coupled with some supply disruptions. This leads us to expect higher prices in 2026 compared to 2025. The average price figures refer only to the Novandino Litio business, as our International Lithium division primarily sells spodumene concentrate. Specialty Plant Nutrition Revenues from our Specialty Plant Nutrition business line for the twelve months ended December 31, 2025 totaled US$982.4 million, an increase of 4.3% when compared to US$941.9 million reported for the twelve months ended December 31, 2024. Set forth below are Specialty Plant Nutrition sales volume data for the specified years by product category in this product line: (in Th. MT) 2025 2024 % Change Specialty Plant Nutrition Sales Volumes 1,012.9 982.9 3 % Sodium nitrate 8.6 12.5 (31) % Potassium Nitrate and Sodium Potassium Nitrate 517.5 534.0 (3) % Specialty Blends 301.6 276.7 9 % Other specialty plant nutrients (*) 185.3 159.7 16 % ________________________________________________ *Includes trading of other specialty fertilizers. In 2025, Specialty Plant Nutrition sales volumes grew by approximately 3% compared to the previous year, reaching nearly 1,012.9 thousand tons. However, our average realized price for the year increased by around 1.2% compared to 2024, from US$958 per metric ton to US$970 per metric ton, resulting in moderate revenue growth for this business line, at approximately 7% year-over-year. We estimate that the Specialty Plant Nutrition market experienced continued recovery in 2025. We estimate that the market grew by approximately 3% compared to the previous year and has now reached and slightly exceeded 2020 levels by around 5%, reflecting a sustained recovery in market conditions. Iodine and Derivatives Revenues from sales of iodine and derivatives during the twelve months ended December 31, 2025, totaled US$1,042.8 million, an increase of 7.7% compared to US$968.3 million reported for the twelve months ended December 31, 2024. Set forth below are iodine and derivatives sales volume data for the specified years: (in Th. MT) 2025 2024 % Change Iodine and derivatives 14.5 14.5 — % In 2025, our sales volumes grew by 0.2%, achieving sales volumes of more than 14.5 thousand metric tons of iodine, including its derivatives. We estimate that the market grew by 0.6% in 2025 compared to 2024. This growth was driven by increased demand across nearly all iodine applications, particularly in X-ray contrast media. Potassium Potassium revenues for the twelve months ended December 31, 2025, totaled US$155.5 million, lower than revenues reported during the twelve months ended December 31, 2024, which totaled US$270.8 million, representing a 42.6% decrease. Set forth below are potassium sales volume data for the specified years: (in Th. MT) 2025 2024 % Change Potassium chloride 327.6 695.0 (53)% As anticipated, potassium sales volumes declined by 53% in 2025 compared to 2024, in line with our guidance of an approximately 50% planned reduction in potash sales and production as we continue to focus on lithium production over potassium production from the Salar de Atacama. This decrease was partially offset by higher sales prices, which increased by more than 30% year-on-year. For 2026, we expect potash sales volumes to continue declining, while maintaining potassium sulfate trading activities within this business line. Overall, we expect total sales volumes to decrease approximately by 20% in 2026, with prices expected to follow prevailing market trends. Industrial Chemicals Industrial chemicals revenues for the twelve months ended December 31, 2025 reached US$75.4 million, 3.5% lower than US$78.2 million recorded for the twelve months ended December 31, 2024. Set forth below are industrial chemicals sales volume data for the specified years by product category: (in Th. MT) 2025 2024 % Change Industrial chemicals 51.0 52.6 (3)% Industrial chemicals sales volumes declined by 3% in 2025 compared to 2024. For the year 2026, we expect similar sales volumes as 2025 with stable prices. Other Products and Services Revenues from sales of other commodity fertilizers and other income reached US$31.9 million for the twelve months ended December 31, 2025, an increase compared to US$28.3 million for the twelve months ended December 31, 2024, due to positive market demand of the fertilizer industry. Cost of Sales Cost of sales amounted to US$3,223.6 million for the twelve months ended December 31, 2025, an increase of 0.7% compared to US$3,201.7 million for the same period in 2024, mainly due to lower payments to Corfo related to lower lithium prices under the formula for lease payment rate tight to lithium sales prices. Lithium and Derivatives Lithium and derivatives cost of sales increased 1.1% to US$1,684.8 million in 2025 from US$1,666.3 million in 2024, primarily as a result of decreased average prices which impact cost of sales as described below. Our costs of sales related to our lithium and derivatives business line fluctuate with our price of lithium under the Corfo Agreements. For technical and battery grade lithium carbonate, the following structure of progressive lease payment rates based on the final sale price applies: Price US$/MT Li2CO3 Lease payment rate $0 - $4,000 6.8 % Over $4,000 - $5,000 8.0 % Over $5,000 - $6,000 10.0 % Over $6,000 - $7,000 17.0 % Over $7,000 - $10,000 25.0 % Over $10,000 40.0 % Similarly for technical grade and battery grade lithium hydroxide, the following structure of progressive lease payment rates based on the final sale price applies: Price US$/MT LiOH Lease payment rate $0 - $5,000 6.8 % Over $5,000 - $6,000 8.0 % Over $6,000 - $7,000 10.0 % Over $7,000 - $10,000 17.0 % Over $10,000 - $12,000 25.0 % Over $12,000 40.0 % See Note 18.2 to our consolidated financial statements for the disclosure of lease payments made to Corfo for all periods presented. Specialty Plant Nutrition Specialty plant nutrition cost of sales increased 8.0% to US$837.3 million in 2025 from US$775.2 million in 2024, as a result of higher sales volumes in 2025 when compared to 2024. The average cost of sales in the specialty plant nutrition business line was US$827/MT in 2025, higher than US$789/MT in 2024. Iodine and Derivatives Iodine and derivatives cost of sales increased 8.2% to US$481.2 million in 2025 from US$444.9 million in 2024. The average cost of sales in the iodine and derivatives business line was US$33.1/kilogram in 2025, an increase of 7.9% from US$30.7/kilogram in 2024. The increase in average cost of sales in the iodine and derivative business line is mainly a result of increased production costs associated with the Pampa Blanca operation which has a higher operating cost than the Nueva Victoria operation. Potassium Potassium cost of sales decreased 39.4% to US$143.3 million in 2025 from US$236.4 million in 2024, as a result of planned decreased production and sales volumes. The average cost of sales in the potassium business line of US$438/MT in 2025 approximately a 28.6% increase when compared to US$340/MT in 2024. Our costs of sales related to our potassium business line fluctuate with our price of potassium under the Corfo Agreements. For potassium chloride, the following structure of progressive lease payment rates based on the final sale price applies: Price US$/MT KCl Lease payment rate $0 - $300 3.0 % Over $300 - $400 7.0 % Over $400 - $500 10.0 % Over $500 - $600 15.0 % Over $600 20.0 % See Note 18.2 to our consolidated financial statements for the disclosure of lease payments made to Corfo for all periods presented. Industrial Chemicals Industrial chemicals cost of sales decreased 5.6% to US$44.8 million in 2025 from US$47.5 million in 2024, as a result of lower sales volumes in the business line. The average cost of sales in the industrial chemicals business line was US$879/MT in 2025, a decrease of 2.7% from US$903/MT in 2024. Gross Profit Gross profit increased 2% to US$1,352.6 million in 2025, which represented 29.6% of revenues, from US$1,327.1 million in 2024, which represented 29.3% of revenues. This increase is attributable to the increase in revenues as a result of the higher sales volumes of lithium and iodine and derivatives. Other Income Other income decreased 61.2%% to US$12.5 million in 2025, which represented 0.3%% of revenues, from US$32.2 million in 2024, which represented 0.7% of revenues. Administrative Expenses Administrative expenses totaled US$195.6 million (4.3% of revenues) for the twelve months ended December 31, 2025, compared to US$186 million (4.1% of revenues) for the twelve months ended December 31, 2024. Other Expenses Other expenses increased 12.1% to US$96.3 million in 2025, which represented 2.1% of revenues, from US$104.7 million in 2024, which represented 2.3% of revenues. Other Gains (Losses) Other losses were US$11.1 million in 2025, compared to losses of US$2.1 million in 2024. Finance Income Finance income decreased 17.3% to US$85.7 million in 2025, which represented 1.9% of revenues, from US$103.6 million in 2024, which represented 15.6% of revenues, due to lower interest rates earned on our investments in US dollars and Chilean pesos. Finance Costs Financial costs for the twelve months ended December 31, 2025 totaled US$192.7 million, compared to financial costs of US$197.5 million for the twelve months ended December 31, 2024. Share of Profit of Associates and Joint Ventures accounted for using the Equity Method Share of profit of associates and joint ventures accounted for using the equity method decreased 39.1% to US$6.7 million in 2025, which represented 0.15% of revenues, from US$11 million in 2024, which represented 0.24% of revenues. Foreign Currency Exchange Differences Losses from foreign currency exchange differences amounted to US$2.1 million in 2025, which represented 0.04% of revenues, compared with a loss of US$8.6 million in 2024, which represented 0.2% of revenues. A significant portion of our costs is related to the Chilean peso as most of our operations occur in Chile. Because the U.S. dollar is our functional currency, we are subject to currency fluctuations. We seek to mitigate this impact through an active hedging program. Profit Before Taxes Profit before taxes decreased by US$13.7 million or 1.4%, to US$960.7 million in 2025 from US$974.4 million in 2024. This decrease was primarily attributable to lower income from "other income" and higher losses on "other gain (losses)" on the non-operational segment. Income Tax Expense The Company reported an income tax expense of US$320.1 million for the year ended December 31, 2025, higher than the income tax expense of US$282.6 million reported in for the year ended December 31, 2024. The income tax expense reported for the year 2025 contains the accounting of the payment of the specific tax on mining applied to lithium exploitation that the Board started to account as expense as of April, 2024. See "Item 8.A.7 Legal Proceedings— Chilean Tax Litigation" Net income The net income for the year decreased US$51.2 million or 7.4% to a profit of US$640.6 million in 2025 from US$691.8 million in 2024. The decrease in net income was primarily driven by a higher income tax expense, which increased by US$37.5 million year-over-year, mainly due to the application of the specific mining tax (EIAM). Additionally, the Company recorded lower finance income and higher administrative expenses, which further impacted overall profitability. Additionally, the Company recorded lower finance income and higher administrative expenses, which further impacted overall profitability. Results of Operations – 2024 compared to 2023 For a discussion of the comparison of our results of operations for the fiscal years 2024 and 2023, see “Part I, Item 5.A. Operating Results—Results of Operations – 2024 compared to 2023” of our Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC in April, 2025. 5.B.Liquidity and Capital Resources As of December 31, 2025, we had US$2.5 billion of cash and cash equivalents and time deposits. In addition, as of December 31, 2025, we had US$1,740 million of unused uncommitted working capital credit lines. Our Net Financial Debt to Adjusted EBITDA ratio was 1.3x as of December 31, 2025. In January 2025 we repaid US$250 million of debt which reached maturity. Shareholders’ equity increased to US$8,053.9 million as of December 31, 2025 from US$5,198.1 million as of December 31, 2024. Our ratio of total liabilities to total equity (including non-controlling interest) on a consolidated basis decreased to 0.80 as of December 31, 2025 from 1.21 as of December 31, 2024. We evaluate from time to time our cash requirements to fund capital expenditures, dividend payouts and increases in working capital, but we believe our working capital is sufficient for our present requirements. As debt requirements also depend on the level of accounts receivable and inventories, we cannot accurately determine the amount of debt we will require nor are our requirements typically seasonal. The table below shows our cash flows for 2025, 2024 and 2023: (in millions of US$) 2025 2024 2023 Net cash flow from operating activities 1,314.4 1,274.7 (196.6) Net cash flow from (used in) financing activities (147.0) 282.4 66.3 Net cash flow from (used in) investing activities (771.8) (1,214.0) (1,481.5) Effects of exchange rate fluctuations on cash and cash equivalents (23.2) (6.6) (2.0) Net increase (decrease) in cash and cash equivalents 372.5 336.5 (1,613.9) The Company was able to generate $372.5 million USD during the year 2025, approximately 10% more than 2024. The cash generated from operating activities in 2025 was $1,314.4 million USD, 3% higher than the cash generated from operating activities in 2024. At the same time, the cash used in financing activities in 2025 was $147 million USD, lower than the $282.4 million USD generated in 2024. Similarly, the net cash used in investing activities in 2025 was $771.8 million USD, 36% lower than the cash used in investing activities in 2024. We operate a capital-intensive business that requires significant investments in revenue-generating assets. Our past growth strategies have included purchasing production facilities and equipment and the improvement and expansion of existing facilities. Funds for capital expenditures and working capital requirements have been obtained from net cash from operating activities, borrowing under credit facilities and issuing debt securities. We announced a three-year capital expenditures program for 2025-2027 of approximately US$2.7 billion focused mainly in expand our production capacity, primarily related to lithium carbonate and lithium hydroxide capacity expansions in Chile, building a seawater pipeline and expansion of iodine capacity in Chile, and development of lithium projects in Australia, including the Kwinana refinery and other exploration projects. The capex plan also includes the maintenance of our production facilities in order to strengthen our ability to meet our production goals. See “Item 4.A. History and Development of the Company—Capital Expenditure Program.” Our other major use of funds is for dividend distributions. During the last several years dividends have been reduced dramatically due to lower net income related to the strong decrease in lithium prices. In the consolidated statement of cash flows, we reported dividends paid of US$4.3 million and US$67.2 million during 2025 and 2024, respectively, compared to US$1.5 billion distributed in 2023. For a disclosure of our 2025 dividend policy and payments, see “Item 8.A.8. Dividend Policy.” The proposed dividend policy for 2025 was announced at the Annual General Shareholders’ Meeting held on April 24, 2025. We have not entered into any transactions with unconsolidated entities whereby we have financial guarantees, retained or contingent interests in transferred assets, derivative instruments or other contingent arrangements that would expose us to material continuing risks, contingent liabilities, or any other obligations arising out of a variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to us or that engages in leasing, hedging or research and development services with us. Our future cash position could be impacted by, among other things, an operational shutdown, unforeseen expenses, a decreased ability of our customers to pay us for products or services or lower average prices or sales volumes in our business lines, which could have an impact on our cash position and could lead to a material adverse effect on our business, financial condition and results of operations. See “Item 3.D. Risk Factors” Financing Activities Our current ratio, defined as current assets divided by current liabilities, increased to 3.27 as of December 31, 2025 from 2.5 as of December 31, 2024. The following table shows key information about our outstanding long- and short-term debt as of December 31, 2025. Debt Instrument(1) Current Amount (MillionUS$) Non-Current Amount (MillionUS$) Interest Rate Issue Date Maturity Date Amortization 4.25% Notes due 2029—US$450 million 2.2 448.4 4.25% May 7, 2019 May 7, 2029 Bullet 6.50% Notes due 2033—US$750 million (Green Bond) 5.7 739.0 6.50% Nov 7, 2023 Nov 7, 2033 Bullet 5.50% Notes due 2034 - US$850 million 12.5 835.2 5.50% Sep 10, 2024 Sep 10, 2034 Bullet 4.25% Notes due 2050 - US$400 million 7.3 394.6 4.25% Jan 22, 2020 Jan 22, 2050 Bullet 3.50% Notes due 2051—US$700 million (Green Bond) 7.0 686.3 3.50% Sep. 10, 2021 Sep. 10, 2051 Bullet Series H Bond — UF 4 million. 17.4 552.0 4.90% Jan. 13, 2009 Jan. 05, 2030 Semiannual, beginning in 2019 Series O Bond — UF 1.5 million 0.9 65.2 3.80% Apr. 04, 2012 Feb. 01, 2033 Bullet Series P Bond — UF 3 million 1.9 131.4 3.25% Mar. 31, 2018 Jan. 15, 2028 Bullet Series Q Bond — UF 3 million 0.4 131.1 3.45% Nov. 8, 2018 Jun. 1, 2038 Bullet Series S Bond - UF 10 million 1.5 439.1 4.00% Dec. 9, 2025 Feb. 2, 2058 Bullet ________________________________________________ (1)UF denominated bonds are fully hedged to U.S. dollars with cross-currency swaps. Note 12.4 b and d As of December 31, 2025, we had total long-term financial debt of US$4,220.6 million compared to US$3,600.6 million as of December 31, 2024. The total short-term debt as of December 31, 2025, was US$470.8 million, and as of December 31, 2024, was US$1,163.5 million. As of December 31, 2025, all of our long-term debt, including the current portion, was denominated in U.S. dollars, and all our UF-denominated bonds were hedged with cross-currency swaps to the U.S. dollar. The financial covenants related to our debt instruments include: (i) limitations on the ratio of NFD to equity (including non-controlling interest) on a consolidated basis, and (ii) minimum production assets. We believe that the terms and conditions of our debt agreements are standard and customary. The following table shows the maturities of our nominal long-term debt by year as of December 31, 2025 (in millions of US dollars): Maturity(1) Amount 2026 58.4 2027 58.4 2028 186.5 2029 508.4 2030 and thereafter 3,455.7 Total 4,267.4 ________________________________________________ (1)Only the principal amount has been included. For the UF-denominated local bonds, the amounts presented reflect the real U.S. dollar obligation as of December 31, 2025 not including the effects of the cross-currency swaps that hedge these bonds to the U.S. dollar and which had, as of December 31, 2025, a market value of US$19.75 million in favor of SQM. Environmental and Occupational Safety and Health Projects We spent approximately US$150.4 million on environmental, safety and health projects in 2025. This amount forms part of the capital expenditure program discussed above. Non-IFRS Financial Measures This Form 20-F makes reference to certain non-IFRS financial measures, namely Net Financial Debt, EBITDA and adjusted EBITDA, as well as the ratio of Net Financial Debt to Adjusted EBITDA. These non-IFRS financial measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Net Financial Debt (NFD) Net Financial Debt represents Other Current Financial Liabilities + Non-current Financial Liabilities - Cash and Cash Equivalent - Other Current Financial Assets - Other Non-current Hedging Assets. NFD is a financial metric used by management as a tool for assessing the Company's financial health and its ability to manage its debt obligations. When considering new investments or expansion opportunities, management may use NFD/Adjusted EBITDA ratios to assess the impact of additional debt on the company's overall financial position and its ability to generate sufficient earnings to cover debt obligations. NFD/Adjusted EBITDA ratios are also used in communications with stakeholders, such as investors, creditors, and analysts, to provide insight into the company's financial stability and its ability to generate earnings relative to its debt levels. For the year ended December 31, 2025 2024 2023 (+) Other Current Financial Liabilities 470.8 1,163.5 1,256.5 (+) Other non-current Financial Liabilities 4,220.6 3,600.6 3,213.4 (-) Cash and Cash Equivalent 1,750.3 1,377.9 1,041.4 (-) Other Current Financial Assets 976.6 1,079.6 1,325.8 (-) Other Non-current Hedging Assets 19.7 3.0 16.0 Net Financial Debt 1,944.8 2,303.7 2,086.7 EBITDA represents Net Income + Depreciation and Amortization Expenses + Finance Costs + Income Tax and Adjusted EBITDA is defined as EBITDA – Other income – Other gains (losses) - Share of Profit of associates and joint ventures accounted for using the equity method + Other expenses by function + Net impairment gains on reversal (losses) of financial assets – Finance income – Foreign currency translation differences. We have included EBITDA and adjusted EBITDA to provide investors with a supplemental measure of our operating performance. We believe EBITDA and adjusted EBITDA are important supplemental measures of operating performance because it eliminates items that have less bearing on our operating performance and thus highlights trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. EBITDA and adjusted EBITDA have important limitations as analytical tools. For example, EBITDA and adjusted EBITDA do not reflect (a) our cash expenditures, or future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and (d) tax payments or distributions to our parent to make payments with respect to taxes attributable to us that represent a reduction in cash available to us. Although we consider the items excluded in the calculation of non-IFRS measures to be less relevant to evaluate our performance, some of these items may continue to take place and accordingly may reduce the cash available to us. We believe that the presentation of the non-IFRS financial measures described above is appropriate. However, these non-IFRS measures have important limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under IFRS. Because of these limitations, we primarily rely on our results as reported in accordance with IFRS and use EBITDA and adjusted EBITDA only supplementally. For the years ended December 31, 2025 2024 2023 (ThUS$) (ThUS$) (ThUS$) Net income 640.6 691.8 930.3 (+) Depreciation and amortization expenses 422.6 342.4 280.8 (+) Finance costs 192.7 197.5 138.4 (+) Income tax expense 320.1 282.6 1,876.8 EBITDA 1,576.0 1,514.3 3,226.3 (-) Other income 12.5 32.2 40.6 (-) Other gains (losses) (11.1) (2.1) (2.3) (-) Share of Profit of associates and joint ventures accounted for using the equity method 6.7 11.0 0.6 (+) Other Expenses* (96.3) (104.7) (93.4) (+) impairment gains on reversal (losses) of financial assets 1.0 (0.6) 0.2 (-) Finance income 85.7 103.6 122.7 (-) Foreign currency translation differences 2.1 (8.6) (22.3) Adjusted EBITDA 1,579.6 1,483.6 3,180.1 *Other expenses are disclosed in Note 21.5 of the Audited Consolidated Financial Statements found on this Form 20-F. 5.C.Research and Development, Patents and Licenses, etc. One of the main objectives of our research and development team is to develop new processes and products in order to maximize the returns obtained from the resources that we exploit. Our research is performed by three different units, whose research covers topics, such as design, modeling and simulation of chemical processes for optimization of existing products or development of new products, physical-chemistry of concentrated brines, development of chemical analysis and measurement methodologies of physical properties of finished products, considering all the relevant processes in the production of our products. Our research and development policy emphasizes the following: (i) optimizing current or developing new processes in order to decrease costs and improve product quality through the implementation of new technology, (ii) developing higher-margin products from current products through vertical integration or different product specifications, (iii) adding value to inventories and (iv) using renewable energy in our processes. Our research and development activities have been instrumental in improving our production processes and developing new value-added products. As a result, new methods of extraction, crystallization and finishing products have been developed. Technological advances in recent years have enabled us to improve process efficiency for the nitrate, potassium and lithium operations, particularly in sustain recoveries from the ore resources with dynamic or complex behaviour, improve the physical quality of our prilled products and reduce dust emissions and caking by applying specially designed additives to our products handled in bulk. Our research and development efforts have also resulted in new, value-added markets for our products. One example is the use of sodium nitrate and potassium nitrate as thermal storage in solar power plants. Among the main projects worked on during 2025 in the Iodine-Plant Nutrition Division were: •Validation of real‑time plant‑condition monitoring techniques using biosignal sensors. •Development continued on molecules that improve water‑use efficiency, applied either directly or as an additive to SQM’s specialty soluble nutrient line. •Validation of nanobubble technology as part of plant nutrition. •Use of iodine as a beneficial element in agriculture, given that iodine is part of various plant proteins and activates multiple genes that generate beneficial effects in plants, such as higher yields, better stress tolerance, earlier maturity, and improved root development, among others. •Nutrient‑use efficiency through molecules that enhance the availability of phosphorus and certain cations. Among the main projects worked on during 2025 in Novadino Litio were: •An innovation strategy which focused efforts on strengthening the value‑generation chain across the different products and by‑products generated from operations in the Salar de Atacama. For example, lithium sulfate production was increased with higher yields and lower average costs to a production equivalent to more than 50 kton LCE, making it the Company’s second‑largest product by volume. •The Lithium Chemical Plant in Antofagasta achieved new production and recovery milestones by leveraging advanced evaporation systems and the use of specific membranes, which translates into direct value for the Company’s sustainability and cost‑leadership position. The recovery of residual brines from the process has enabled yields above 90%, making the Lithium Chemical Plant not only the world’s largest lithium complex, with high recovery rates, high‑quality products, and the lowest costs in the industry. •At the Sichuan lithium processing plant, the process has been converted to continuous lithium carbonate production, allowing for improvements in yield, productivity, and costs through collaborative work. •To advance the innovation roadmap, the conceptual engineering design for “Salar Futuro” has been completed, enabling progress on the strategy for new technologies and greater water‑use efficiency to meet our commitment by 2030. During 2025, more than US$55 million was allocated to research and development (R&D) projects, as well as to initiatives for process and product improvement and optimization. •Novandino Litio: New products, R&D, as well as process improvement and optimization. In addition, initiatives related to support and sustainability in the Salar de Atacama and throughout the rest of the division, including investments associated with environmental matters and regulatory compliance. •International Lithium Division: Development of R&D projects associated with a pilot plant and other technological initiatives. •Iodine–Plant Nutrition Division: Process improvement and optimization, along with applied research in the iodine and nitrates businesses. 5.D.Trend Information Our revenues increased 1.0% to US$4,576.2 million in 2025 from US$4,528.8 in 2024. Gross profit reached US$1,352.6 million (29.6% of revenues) in 2025, higher than US$1,327.1 million (29.3% of revenues) recorded in 2024. Profit attributable to controlling interests decreased to US$588.1 million in 2025 from US$685.1 million in 2024. Revenues for lithium and derivatives totaled US$2,288.2 million during the twelve months ended December 31, 2025, an increase of 2.1% compared to US$2,241.3 million recorded for the twelve months ended December 31, 2024. Lithium sales volumes in 2025 reached nearly 258 thousand metric tons of LCE, an increase of 24% compared to 2024. This volume includes our 50% share of the Mount Holland operation, primarily consisting of spodumene concentrate volumes converted to LCE. In June 2025, we observed the lowest lithium market price during the year, reaching approximately US$7.5 per kilogram. By November 2025, we began to see a an upward shift in the price trend. We anticipate that the average realized price in 2026 will be higher than in 2025, with first-quarter 2026 prices exceeding those recorded in the fourth quarter of 2025. Revenues from sales of iodine and derivatives during the twelve months ended December 31, 2025, totaled US$1,042.8 million, an increase of 7.7% compared to US$968.3 million reported for the twelve months ended December 31, 2024. In 2025, our sales volumes grew by 0.2%, achieving sales volumes of more than 14.5 thousand metric tons of iodine, including its derivatives. We estimate that the market grew by 0.6% in 2025 compared to 2024. This growth was driven by increased demand across nearly all iodine applications, particularly in X-ray contrast media. We anticipate these market conditions to persist throughout 2026, with prices remaining relatively stable, due to limited market supply. Overall, we expect market demand to stabilize, with market growth of approximately 3% in 2026 compared to 2025. Sales volumes are projected to increase slightly due to the additional production capacity we will obtain from the completion of our seawater pipeline. Revenues from our Specialty Plant Nutrition (SPN) business line for the twelve months ended December 31, 2025 totaled US$982.4 million, a slight increase when compared to US$941.9 million reported for the twelve months ended December 31, 2024. In 2025, Specialty Plant Nutrition sales volumes grew by approximately 3.1% compared to the previous year, reaching 1,012.9 thousand tons. Our average realized price for the year increased by around 1.2% compared to 2024, from US$958 per metric ton to US$970 per metric ton, resulting in moderate revenue growth for this business line, at approximately 7% year-over-year. The SPN market experienced continued recovery in 2025. We estimate that the market grew by approximately 3% compared to the previous year and has now reached and slightly exceeded 2020 levels by around 5%, clearly reflecting a sustained recovery in market conditions. Additionally, we expect a 2-4% increase in our sales volumes, within a stable pricing environment. Potassium revenues for the twelve months ended December 31, 2025, totaled US$155.5 million, lower than revenues reported during the twelve months ended December 31, 2024, which totaled US$270.8 million, representing a 42.6% decrease. As anticipated, potassium sales volumes declined by more than 52.9% in 2025 compared to 2024. We estimate that global demand in 2025 reached approximately 73.6 million metric tons, an increase from approximately 72.8 million tons during 2024, reflecting sustained structural fundamentals in the global fertilizer market. For 2026, we anticipate a continued reduction in our potassium sales volumes due to lower production in the Salar de Atacama. This aligns with our plan to reduce brine extraction, prioritizing high-lithium-content brines. Additionally, by prioritizing potassium chloride production as a feedstock to increase potassium nitrate production in our Specialty Plant Nutrition business line, there will be less potassium available for third-party sales, which will become a lower priority. 5.E.Critical Accounting Estimates For information on our critical accounting estimates, see Note 3.34 to our consolidated financial statements. 5.F.Safe Harbor The information contained in Item 5.E contains statements that may constitute forward-looking statements. See “Cautionary Statement Regarding Forward-Looking Statements” in this Annual Report, for safe harbor provisions.