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Disclosures on equity | 12 Months Ended
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Dec. 31, 2024
Miscellaneous equity [abstract] |
Disclosures on equity | Disclosures on equity The detail and movements in the funds of equity accounts are shown in the consolidated statement of changes in equity. 19.1 Capital management The main object of capital management relative to the administration of the Company’s financial debt and equity is to ensure the regular conduct of operations and business continuity in the long term, with the constant intention of maintaining an adequate level of liquidity and in compliance with the financial safeguards established in the debt contracts in force. Within this framework, decisions are made in order to maximize the value of the company. Capital management must comply with, among others, the limits contemplated in the Financing Policy approved by the Shareholders’ Meeting, which establish a maximum consolidated indebtedness level of 1 times the debt to equity ratio. This limit can be exceeded only if the Company’s management has first obtained express approval at an Extraordinary Shareholders’ Meeting. The Company’s management controls capital management based on the following ratios:
Capital Management |  | As of December 31, 2024 |  | As of December 31, 2023 |  | Description (1) |  | Calculation (1)
Net Financial Debt (ThUS$) |  | 2,303,673 |  |  | 2,086,717 |  |  | Financial Debt – Financial Resources |  | Other current Financial Liabilities + Other Non-Current Financial Liabilities– Cash and Cash Equivalents – Other Current Financial Assets – Hedging Assets, non-current
Liquidity |  | 2.51 |  |  | 2.33 |  |  | Current Assets divided by Current Liabilities |  | Total Current Assets / Total Current Liabilities
ROE |  | -13.31 % |  | 20.78 % |  | Net income the year divided by Total Equity |  | Net income the year / Equity
Adjusted EBITDA (ThUS$) |  | 1,483,571 |  |  | 3,180,071 |  |  | Adjusted EBITDA |  | 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 – Currency differences.
EBITDA (ThUS$) |  | 1,514,382 |  |  | 3,226,202 |  |  | EBITDA |  | Net income + Depreciation and Amortization Expense adjustments + Finance Costs + Income Tax
ROA |  | 13.60 % |  | 35.90 % |  | Adjusted EBITDA – Depreciation divided by Total Assets net of financial resources less related parties’ investments |  | (Gross Profit – Administrative Expenses)/ (Total Assets – Cash and Cash Equivalents – Other Current Financial Assets – Other Non-Current Financial Assets – Equity accounted Investments) (LTM)
Indebtedness |  | 0.44 |  |  | 0.47 |  |  | Net Financial Debt on Equity |  | Net Financial Debt / Total Equity
The Company’s capital requirements change according to variables such as: working capital needs, new investment financing and dividends, among others. The SQM Group manages its capital structure and makes adjustments bases on the predominant economic conditions so as to mitigate the risks associated with adverse market conditions and take advantage of the opportunities there may be to improve the liquidity position of the SQM Group. There have been no changes in the capital management objectives or policy within the years reported in this document, no breaches of external requirements of capital imposed have been recorded. There are no contractual capital investment commitments. 19.2 Operational restrictions and financial limits Bond issuance contracts in the local market require the Company to maintain a Total Borrowing Ratio no higher than 1 for Series H, Series O and Series Q bonds, calculated over the last consecutive 12 months. Capital management must ensure that the Borrowing Ratio remains below 1.0, with respect to the Series H, Series O and Series Q bonds. As of December 31, 2024 this ratio was 0.44. The financial restrictions with respect to the bonds issued by the Company for the periods ended December 31, 2024 and 2023 are as follows.
As of December 31, 2024 |  | Financial restrictions
| Financial restrictions |  | Financial restrictions |  | Financial restrictions |  | Financial restrictions
Instrument with restriction |  | Bonds |  | Bonds |  | Bonds |  | Bank loans
Reporting party or subsidiary restriction |  |  |  |  |  |  |  |
Creditor |  | Bondholders |  | Bondholders |  | Bondholders |  | Scotiabank
Registration number |  | H |  | Q |  | O |  | PB 70M
Name of financial indicator or ratio (See definition in Note 19.1) |  | NFD/Equity |  | NFD/Equity |  | NFD/Equity |  | NFD/Equity
Measurement frequency |  | Quarterly |  | Quarterly |  | Quarterly |  | Quarterly
Restriction (Range, value and unit of measure) |  | Must be less than |  | Must be less than |  | Must be less than |  | Must be less than
| 1.00 |  | 1.00 |  | 1.00 |  | 1.00
Indicator or ratio determined by the company |  | 0.44 |  | 0.44 |  | 0.44 |  | 0.44
Fulfilled YES/NO |  | yes |  | yes |  | yes |  | yes
As of December 31, 2023 |  | Financial restrictions
| Financial restrictions |  | Financial restrictions |  | Financial restrictions |  | Financial restrictions
Instrument with restriction |  | Bonds |  | Bonds |  | Bonds |  | Bank loans
Reporting party or subsidiary restriction |  |  |  |  |  |  |  |
Creditor |  | Bondholders |  | Bondholders |  | Bondholders |  | Scotiabank
Registration number |  | H |  | Q |  | O |  | PB 70M
Name of financial indicator or ratio (See definition in Note 19.1) |  | NFD/Equity |  | NFD/Equity |  | NFD/Equity |  | NFD/Equity
Measurement frequency |  | Quarterly |  | Quarterly |  | Quarterly |  | Quarterly
Restriction (Range, value and unit of measure) |  | Must be less than |  | Must be less than |  | Must be less than |  | Must be less than
| 1.00 |  | 1.00 |  | 1.00 |  | 1.00
Indicator or ratio determined by the company |  | 0.47 |  | 0.47 |  | 0.47 |  | 0.47
Fulfilled YES/NO |  | yes |  | yes |  | yes |  | yes
Bond issuance contracts in foreign markets require that the Company does not merge, or dispose of, or encumber all or a significant portion of its assets, unless all of the following conditions are met: (i) the legal successor is an entity constituted under the laws of Chile or the United States, which assumes all the obligations of the Company in a supplemental indenture, (ii) immediately after the merger or disposal or encumbrance there is no default by the issuer, and (iii) the issuer has provided a legal opinion indicating that the merger or disposal or encumbrance and the supplemental indenture comply with the requirements of the original indenture.The Company is also committed to provide quarterly financial information. The Company and its subsidiaries are complying with all the aforementioned limitations, restrictions and obligations. 19.3 Disclosures on share capital Issued share capital is divided into Series A shares and Series B shares. All such shares are nominative, have no par value and are fully issued, subscribed and paid. Series B shares may not exceed 50% of the total issued, subscribed and paid-in shares of the Company and have a limited voting right, in that all of them can only elect one director of the Company, regardless of their equity interest and preferences: (a)require the calling of an Ordinary or Extraordinary Shareholders’ Meeting when requested by Series B shareholders representing at least 5% of the issued shares thereof; and (b)require the calling of an extraordinary meeting of the board of directors, without the president being able to qualify the need for such a request, when so requested by the director who has been elected by the shareholders of said Series B. The limitation and preferences of Series B shares have a duration of 50 consecutive and continuous years as of June 3, 1993. The Series A shares have the preference of being able to exclude the director elected by the Series B shareholders in the voting process in which the president of the board of directors and of the Company must be elected and which follows the one in which the tie that allows such exclusion resulted. The preference of Series A shares will have a term of 50 consecutive and continuous years as of June 3, 1993. The form of the titles of the shares, their issuance, exchange, disablement, loss, replacement, assignment and other circumstances thereof shall be governed by the provisions of Law No, 18,046 and its regulations. Detail of capital classes in shares:
Type of capital in preferred shares |  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2022
| Series A |  | Series B |  | Series A |  | Series B |  | Series A |  | Series B
Description of type of capital in shares |  |  |  |  |  |  |  |  |  |  |  |
Number of authorized shares |  | 142,818,904 |  | 142,818,904 |  | 142,819,552 |  | 142,818,904 |  | 142,819,552 |  | 142,818,904
Number of fully subscribed and paid shares |  | 142,818,904 |  | 142,818,904 |  | 142,819,552 |  | 142,818,904 |  | 142,819,552 |  | 142,818,904
Number of subscribed, partially paid shares |  | — |  | — |  | — |  | — |  | — |  | —
Increase (decrease) in the number of current shares |  | — |  | — |  | — |  | — |  | — |  | —
Number of outstanding shares |  | 142,818,904 |  | 142,818,904 |  | 142,818,904 |  | 142,818,904 |  | 142,818,904 |  | 142,818,904
Number of shares owned by the Company or its subsidiaries or associates |  | — |  | — |  | 648 |  | — |  | 648 |  | —
Number of shares whose issuance is reserved due to the existence of options or agreements to dispose shares |  | — |  | — |  | — |  | — |  | — |  | —
Capital amount in shares ThUS$ |  | 134,730 |  |  | 1,442,893 |  |  | 134,750 |  |  | 1,442,893 |  |  | 134,750 |  |  | 1,442,893 |
Total number of subscribed shares |  | 142,818,904 |  | 142,818,904 |  | 142,819,552 |  | 142,818,904 |  | 142,819,552 |  | 142,818,904
19.4 Disclosures on reserves in Equity and non-controlling interests As of December 31, 2024, 2023 and 2022, this caption comprises the following:
Disclosure of reserves within shareholders' equity |  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$ |  | ThUS$
Reserve for currency exchange conversion (1) |  | (38,024) |  |  | (4,921) |  |  | (8,042) |
Reserve for cash flow hedges (2) |  | 7,314 |  |  | (930) |  |  | (14,575) |
Reserve for gains and losses from financial assets measured at fair value through other comprehensive income (3) |  | (5,702) |  |  | 122,294 |  |  | (10,973) |
Reserve for actuarial gains or losses in defined benefit plans (4) |  | (11,179) |  |  | (13,454) |  |  | (9,198) |
Other reserves |  | 10,175 |  |  | 11,881 |  |  | 11,663 |
Total |  | (37,416) |  |  | 114,870 |  |  | (31,125) |
________________________________________________ (1)This balance reflects retained earnings for changes in the exchange rate when converting the financial statements of subsidiaries whose functional currency is different from the US dollar. (2)The Company maintains, as hedge instruments, financial derivatives related to obligations with the public issued in UF and Chilean pesos, Changes from the fair value of derivatives designated and classified as hedges are recognized under this classification. (3)Reserve related to the fair value variation of equity financial instruments. (4)This caption reflects the effects of changes in actuarial assumptions, mainly changes in the discount rate. Movements in other reserves and changes in interest were as follows:
Movements |  | Foreign currency translation difference (1) |  | Reserve for cash flow hedges |  | Reserve for actuarial gains and losses from defined benefit plans |  | Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income |  | Other reserves |  | Total reserves
| Before taxes |  | Before taxes |  | Deferred taxes |  | Before taxes |  | Deferred taxes |  | Before Taxes |  | Deferred taxes |  | Before taxes |  | Reserves |  | Deferred taxes |  | Total reserves
|  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
Opening balance as of January 1, 2022 |  | (7,913) |  |  | (46,589) |  |  | 12,564 |  |  | (5,879) |  |  | 1,705 |  |  | (15,271) |  |  | 4,125 |  |  | 13,103 |  |  | (62,549) |  |  | 18,394 |  |  | (44,155) |
Movement of reserves |  | (129) |  |  | 36,079 |  |  | — |  |  | (6,276) |  |  | — |  |  | 190 |  |  | — |  |  | (985) |  |  | 28,879 |  |  | — |  |  | 28,879 |
Impact to Income statement |  | — |  |  | (9,457) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (455) |  |  | (9,912) |  |  | — |  |  | (9,912) |
Income taxes |  | — |  |  | — |  |  | (7,172) |  |  | — |  |  | 1,252 |  |  | — |  |  | (17) |  |  | — |  |  | — |  |  | (5,937) |  |  | (5,937) |
Reclassification to retained earnings |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Closing balance as of December 31, 2022 |  | (8,042) |  |  | (19,967) |  |  | 5,392 |  |  | (12,155) |  |  | 2,957 |  |  | (15,081) |  |  | 4,108 |  |  | 11,663 |  |  | (43,582) |  |  | 12,457 |  |  | (31,125) |
Movement of reserves |  | 3,121 |  |  | 126 |  |  | — |  |  | (5,836) |  |  | — |  |  | 190,509 |  |  | — |  |  | 218 |  |  | 188,138 |  |  | — |  |  | 188,138 |
Impact to Income statement |  | — |  |  | 18,566 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,566 |  |  | — |  |  | 18,566 |
Income taxes |  | — |  |  | — |  |  | (5,047) |  |  | — |  |  | 1,580 |  |  | — |  |  | (57,242) |  |  | — |  |  | — |  |  | (60,709) |  |  | (60,709) |
Closing balance as of December 31, 2023 |  | (4,921) |  |  | (1,275) |  |  | 345 |  |  | (17,991) |  |  | 4,537 |  |  | 175,428 |  |  | (53,134) |  |  | 11,881 |  |  | 163,122 |  |  | (48,252) |  |  | 114,870 |
Movement of reserves |  | (33,103) |  |  | 2,520 |  |  | — |  |  | 3,137 |  |  | — |  |  | (183,289) |  |  | — |  |  | (1,706) |  |  | (212,441) |  |  | — |  |  | (212,441) |
Impact to Income statement |  | — |  |  | 8,773 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,773 |  |  | — |  |  | 8,773 |
Income taxes |  | — |  |  | — |  |  | (3,049) |  |  | — |  |  | (862) |  |  | — |  |  | 55,293 |  |  | — |  |  | — |  |  | 51,382 |  |  | 51,382 |
Closing balance as of December 31, 2024 |  | (38,024) |  |  | 10,018 |  |  | (2,704) |  |  | (14,854) |  |  | 3,675 |  |  | (7,861) |  |  | 2,159 |  |  | 10,175 |  |  | (40,546) |  |  | 3,130 |  |  | (37,416) |
________________________________________________ (1)See details on reserves for foreign currency translation differences on conversion in Note 23, letter a). Other reserves This caption corresponds to the legal reserves reported in the stand-alone financial statements of the subsidiaries and associates that are mentioned below and that have been recognized in SQM’s equity through the application of the equity method.
Subsidiary – Associate |  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Iberian S.A. |  | 9,464 |  |  | 9,464 |  |  | 9,464 |
SQM Europe NV |  | 354 |  |  | 1,957 |  |  | 1,957 |
Soquimich European holding B.V. |  | 828 |  |  | 828 |  |  | 828 |
Soquimich Comercial S.A. |  | (393) |  |  | (393) |  |  | (401) |
SQM Australia Pty Ltd |  | 87 |  |  | 94 |  |  | — |
SQM Iberian S.A. |  | (1,677) |  |  | (1,677) |  |  | (1,677) |
Orcoma Estudios SpA |  | 2,121 |  |  | 2,121 |  |  | 2,121 |
Pavoni & C. SpA |  | 7 |  |  | 7 |  |  | 7 |
SQM Vitas Fzco. |  | 85 |  |  | 85 |  |  | 85 |
SAS Adionics |  | — |  |  | 116 |  |  | — |
Others |  | (701) |  |  | (721) |  |  | (721) |
Total Other reserves |  | 10,175 |  |  | 11,881 |  |  | 11,663 |
Non-controlling interests
Subsidiary |  | % of interests in the ownership held by non- controlling interests |  | Net income attributable to non-controlling interests for the year ended |  | Equity, non-controlling interests for the year ended |  | Dividends paid to non-controlling interests for the year ended
|  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2024 |  | As of December 31, 2023
|  |  |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$ |  | ThUS$
SQM Potasio S.A. |  | 0.0000001% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ajay SQM Chile S.A. |  | 49.00000% |  | 3,261 |  |  | 3,238 |  |  | 10,611 |  |  | 9,795 |  |  | 2,446 |  |  | 2,429 |
Soquimich Comercial S.A. |  | 39.36168% |  | 3,463 |  |  | 3,838 |  |  | 26,637 |  |  | 26,435 |  |  | 3,463 |  |  | 3,837 |
Comercial Agrorama Ltda. |  | 30.00000% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
SQM Indonesia S.A. |  | 20.00000% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
SQM Thailand Limited |  | 0.00200% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  |  | 6,724 |  |  | 7,076 |  |  | 37,248 |  |  | 36,230 |  |  | 5,909 |  |  | 6,266 |
19.5 Dividend policies As required by Article 79 of the Chilean Companies Act, unless otherwise decided by unanimous vote of the holders of issued and subscribed shares, a publicly traded corporation must annually distribute a cash dividend to its shareholders, prorated based on their shares or the proportion established in the company’s bylaws if there are preferred shares, with at least 30% of our consolidated net income for each year. Dividend policy for commercial year 2024 The Company’s dividend policy for the 2024 business year was agreed upon by the Board of Directors on April 25, 2024 based on the financial statements filed by the Company with the Chilean Financial Market Commission (“Comisión para el Mercado Financiero” or “CMF”). On that occasion, the following was decided: (a)Distribute and pay a dividend to the respective shareholders as a percentage of the profits representing 30% of profits for 2024. (b)Notwithstanding the aforementioned, the percentage indicated in (a) above may be increased if the Company’s Board of Directors deems that such increase does not materially and adversely affect the Company’s ability to make its investments and to comply with the estimates on future cash use, also considering the following financial parameters: (i)100% of the net income for 2024 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 2.5 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 0.8 times. (ii)80% of the net income for 2024 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 2.0 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 0.9 times. (iii)60% of the net income for 2024 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 1.5 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 1.0 times. (c)Distribute and pay in 2024 and the first quarter of 2025, dividends, which will be charged against the aforementioned final dividend. (d)In the ordinary meeting to be held in 2025, the Company’s Board of Directors will propose a final dividend discounting the amount of dividends previously distributed, considering that it does not materially and negatively affect the Company’s ability to make its investments, meet its obligations and, in general, comply with the investment and financing policy approved by the ordinary shareholders’ meeting. (e)Any remaining amount from the net income from 2024 can be retained and used to finance the Company’s own operations or one or more of its investment projects, notwithstanding a possible distribution of dividends charged to accumulated earnings that might be approved by the shareholders’ meeting or the possible future capitalization of all or part of it. (f)The payment of additional dividends is not being considered. It must be expressly stated that this dividends policy details the intention of the Company’s Board of Directors and its fulfillment depends on the actual net income obtained, as well as on the results indicated by the projections the Company makes from time to time or on the existence of particular conditions, as appropriate. In any case, if the dividend policy set forth by the Board of Directors should undergo any substantial change, the Company must communicate it as a material event. 19.6 Final dividends On April 25, 2024, the 49th ordinary general shareholders' meeting of the Company was held, at which it was agreed to distribute and pay an amount of US$0.21339 per share, which the Company must payment to complete the amount of US$2.11386 as a final dividend. Such final dividend already considers the first dividend of US$0.78760 per share, the second dividend of US$0.60940 per share and the third dividend of US$0.50347 per share, which were paid during 2023. 19.7 Potential and provisional dividends Dividends discounted from equity from January to December 2024 and 2023 were the following:
Dividends |  | As of December 31, 2024 |  | As of December 31, 2023 |  | As of December 31, 2022
|  | ThUS$ |  | ThUS$ |  | ThUS$
Interim dividend |  | — |  | 542,847 |  | 2,204,229
Final dividend |  | — |  | 920,819 |  | —
Dividend according to policy |  | — |  | 60,953 |  | —
Owners of the Parent |  | — |  | 1,524,619 |  | 2,204,229
Dividend eventual |  | — |  | — |  | —
Dividends according to policy |  | 5,909 |  | 6,266 |  | 7,369
Non-controlling interests |  | 5,909 |  | 6,266 |  | 7,369
Dividends discounted from equity for the period |  | 5,909 |  | 1,530,885 |  | 2,211,598

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