6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of December, 2023.

Commission File Number 33-65728

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Translation of registrant’s name into English)

El Trovador 4285, Santiago, Chile (562) 2425-2000

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F: ☒ Form 40-F

Santiago, Chile. December 13, 2023.- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reports the translation of its financial statements for the nine months ended September 30, 2023, the Spanish version of which was filed with the Chilean Commission for the Financial Market (Comisión para el Mercado Financiero or “CMF”) on November 15, 2023.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

As of and for the period ended

September 30, 2023

Sociedad Química y Minera de Chile S.A. and subsidiaries

In thousands of United States dollars

This document includes:

-    Consolidated Interim Statements of Financial Position

-    Consolidated Interim Statements of Income

-    Consolidated Interim Statements of Comprehensive Income

-    Consolidated Interim Statements of Cash Flows

-    Consolidated Interim Statements of Changes in Equity

-    Notes to the Consolidated Interim Financial Statements

Notes to the Consolidated Interim Financial Statements September 30, 2023

Table of Contents –Consolidated Financial Statements
Consolidated Interim Classified Statements of Financial Position	1
Consolidated Interim Classified Statements of Financial Position	2
Consolidated Interim Statements of Income (Unaudited)	3
Consolidated Interim Statements of Comprehensive Income (Unaudited)	4
Consolidated Interim Statements of Cash Flows (Unaudited)	5
Consolidated Interim Statements of Changes in Equity (Unaudited)	7
Note 1Identification and Activities of the Company and Subsidiaries	10
1.1Historical background	10
1.2Main domicile where the Company performs its production activities	10
1.3Codes of main activities	10
1.4Description of the nature of operations and main activities	10
1.5Other background	12
Note 2Basis of presentation for the consolidated financial statements	14
2.1Accounting period	14
2.2Consolidated financial statements	14
2.3Basis of measurement	15
2.4Accounting pronouncements	15
2.5Basis of consolidation	17
2.6Investments in associates and joint ventures	17
Note 3Significant accounting policies	19
3.1Classification of balances as current and non-current	19
3.2Functional and presentation currency	19
3.3Accounting policy for foreign currency translation	19
3.4Consolidated statement of cash flows	21
3.5Financial assets	21
3.6Financial assets impairment	22
3.7Financial liabilities	22
3.8Estimated fair value of financial instruments	23
3.9Reclassification of financial instruments	24
3.10Financial instruments derecognition	24
3.11Derivative and hedging financial instruments	24
3.12Derivative financial instruments not considered as hedges	25
3.13Deferred acquisition costs from insurance contracts	25
3.14Leases	25
3.15Inventory measurement	26
3.16Non-controlling interests	27
3.17Related party transactions	27
3.18Property, plant and equipment	27
3.19Depreciation of property, plant and equipment	28
3.20Goodwill	29

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.21Intangible assets other than goodwill	29
3.22Research and development expenses	30
3.23Exploration and evaluation expenses	30
3.24Impairment of non-financial assets	31
3.25Minimum dividend	31
3.26Earnings per share	32
3.27Other provisions	32
3.28Obligations related to employee termination benefits and pension commitments	32
3.29Compensation plans	33
3.30Revenue recognition	33
3.31Finance income and finance costs	33
3.32Current income tax and deferred	34
3.33Operating segment reporting	35
3.34Primary accounting criteria, estimates and assumptions	35
3.35 Government grants	36
Note 4Financial risk management	37
4.1Financial risk management policy	37
4.2Risk Factors	37
4.3Financial risk measurement	42
Note 5Separate information on the main office, parent entity and joint action agreements	43
5.1Parent’s stand-alone assets and liabilities	43
5.2Parent entity	43
Note 6Board of Directors, Senior Management and Key management personnel	44
6.1Remuneration of the Board of Directors and Senior Management	44
6.2Key management personnel compensation	46
Note 7Background on companies included in consolidation and non-controlling interests	47
7.1Background on companies included in consolidation	47
7.2Assets, liabilities and profit of consolidated subsidiaries as of and for the period ended September 30, 2023.	49
7.3Non-controlling interests	53
Note 8 Equity-accounted investees	54
8.1Investments in associates recognized according to the equity method of accounting	54
8.2Assets, liabilities, revenue and expenses of associates	56
8.3Disclosures regarding interests in associates	57
Note 9 Joint Ventures	58
9.1Investment in joint ventures accounted for under the equity method of accounting.	58
9.2Assets, liabilities, revenue and expenses from joint ventures	60
9.3Other Joint Venture disclosures	61
9.4Disclosure of interests in joint ventures	62
9.5Joint Operations	62
Note 10Cash and cash equivalents	63

Notes to the Consolidated Interim Financial Statements September 30, 2023

10.1Types of cash and cash equivalents	63
10.2Short-term investments, classified as cash equivalents	63
10.3Amount restricted cash balances	63
10.4Short-term deposits, classified as cash equivalents	65
Note 11Inventories	67
Note 12Related party disclosures	69
12.1Related party disclosures	69
12.2Relationships between the parent and the entity	69
12.3Detailed identification of related parties and subsidiaries	70
12.4Detail of related parties and related party transactions	73
12.5Trade receivables due from related parties, current:	74
12.6Current trade payables due to related:	74
12.7Other disclosures:	74
Note 13 Financial instruments	75
13.1Types of other current and non-current financial assets	75
13.2Trade and other receivables	76
13.3Hedging assets and liabilities	78
13.4Financial liabilities	80
13.5Trade and other payables	93
13.6Financial asset and liability categories	95
13.7Fair value measurement of finance assets and liabilities	97
13.8Reconciliation of net debt and lease liabilities.	100
Note 14 Right-of-use assets and lease liabilities	101
14.1Right-of-use assets	101
14.2Lease liabilities	102
Note 15    Intangible assets and goodwill	112
15.1    Reconciliation of changes in intangible assets and goodwill	112
Note 16Property, plant and equipment	115
16.1Types of property, plant and equipment	115
16.2Reconciliation of changes in property, plant and equipment by type:	117
16.3Detail of property, plant and equipment pledged as guarantee	118
16.4Cost of capitalized interest, property, plant and equipment	118
Note 17 Other current and non-current non-financial assets	119
Note 18Employee benefits	122
18.1Provisions for employee benefits	122
18.2Policies on defined benefit plan	122
18.3Other long-term benefits	123
18.4Post-employment benefit obligations	123
18.5Staff severance indemnities	124
18.6Executive compensation plan	125
Note 19Provisions and other non-financial liabilities	126
19.1Types of provisions	126

Notes to the Consolidated Interim Financial Statements September 30, 2023

19.2Description of other provisions	127
19.3Changes in provisions	129
19.4Other non-financial liabilities, Current	130
Note 20Disclosures on equity	131
20.1Capital management	131
20.2Operational restrictions and financial limits	132
20.3Disclosures on preferred share capital	133
20.4Disclosures on reserves in Equity	134
20.5Dividend policies	136
20.6Interim and provisional dividends	137
20.7Potential and provisional dividends	138
Note 21Contingencies and restrictions	139
21.1Lawsuits and other relevant events	139
21.2Environmental contingencies	141
21.3Tax Contingencies	142
21.4Contingencies regarding to the Contracts with Corfo	143
21.5Indirect guarantees	143
Note 22Environment	144
22.1Disclosures of disbursements related to the environment	144
22.2Detailed information on disbursements related to the environment	145
Note 23Gains (losses) from operating activities in the statement of income of expenses, included according to their nature	156
23.1Revenue from operating activities customer activities	156
23.2Cost of sales	158
23.3Other income	159
23.4Administrative expenses	159
23.5Other expenses	160
23.6Other gains (losses)	160
23.7(Impairment) reversal of value of financial assets impairment losses	160
23.8Summary of expenses by nature	161
23.9Finance expenses	161
23.10Finance income	162
Note 24Reportable segments	163
24.1Reportable segments	163
24.2Reportable segment disclosures:	165
24.3Statement of comprehensive income classified by reportable segments based on groups of products	167
24.4Disclosures on geographical areas	169
24.5Disclosures on main customers	169
24.6Segments by geographical areas	170
Note 25 Effect of fluctuations in foreign currency exchange rates	171
Note 26 Disclosures on the effects of fluctuations in foreign currency exchange rates	172

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 27 Income tax and deferred taxes	178
27.1Current and non-current tax assets	178
27.2Current tax liabilities	179
27.3Income tax and deferred taxes	180
Note 28Events occurred after the reporting date	188
28.1Authorization of the financial statements	188
28.2Disclosures on events occurring after the reporting date	188

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Classified Statements of Financial Position

ASSETS			As of December 31, 2022
	ThUS	ThUS
Current Assets
Cash and cash equivalents			2,655,236
Other current financial assets			961,355
Other current non-financial assets			196,335
Current trade and other receivables			1,087,420
Current trade receivables due from related parties			81,622
Current inventories			1,784,281
Current tax assets			224,914
Total current assets other than those classified as held for sale or disposal			6,991,163
Non-current assets or groups of assets classified as held for sale			346
Total non-current assets held for sale			346
Total current assets			6,991,509
Non-current assets
Other non-current financial assets			32,126
Other non-current non-financial assets			52,396
Non-current trade receivables			2,091
Investments measured under the equity method			54,386
Intangible assets other than goodwill			166,336
Goodwill			967
Property, plant and equipment net			2,726,838
Right-of-use assets			60,867
Non-current tax assets			127,114
Deferred tax assets			604,471
Total non-current assets			3,827,592
Total assets			10,819,101

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Classified Statements of Financial Position

Liabilities and Equity			As of December 31, 2022
	ThUS	ThUS
Current liabilities
Other current financial liabilities			522,999
Current lease liabilities			12,149
Current trade and other payables			374,789
Current trade payables due to related parties			-
Other current provisions			1,303,146
Current tax liabilities			356,611
Current provisions for employee benefits			35,376
Other current non-financial liabilities			446,477
Total current liabilities			3,051,547
Non-current liabilities
Other non-current financial liabilities			2,394,218
Non-current lease liabilities			49,585
Other non-current provisions			58,053
Deferred tax liabilities			289,825
Non-current provisions for employee benefits			43,872
Total non-current liabilities			2,835,553
Total liabilities			5,887,100
Equity
Equity attributable to owners of the Parent
Share capital			1,577,643
Retained earnings			3,350,114
Other reserves			(31,125)
Equity attributable to owners of the Parent			4,896,632
Non-controlling interests			35,369
Total equity			4,932,001
Total liabilities and equity			10,819,101

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Statements of Income (Unaudited)

Consolidated Interim Statements of Income
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Revenue					2,958,348
Cost of sales					(1,325,684)
Gross profit					1,632,664
Other income					2,665
Administrative expenses					(35,399)
Other expenses					(31,762)
(Impairment) reversal of value of financial assets impairment losses					2,712
Other gains (losses)					(36)
Profit from operating activities					1,570,844
Finance income					8,238
Finance costs					(16,605)
Share of profit from associates and joint ventures accounted for using the equity method					3,322
Foreign currency translation differences					(11,481)
Profit before taxes					1,554,318
Income tax expense					(451,498)
Net profit					1,102,820
Profit attributable to:
Profit attributable to Owners of the Parent					1,099,906
Profit attributable to Non-controlling interests					2,914
					1,102,820

All values are in US Dollars.

Earnings per share
	2022	2023	2022
	ThUS	ThUS	ThUS
Common shares
Basic earnings per share (US per share)				3.8507
Diluted common shares
Diluted earnings per share (US per share)				3.8507

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Statements of Comprehensive Income (Unaudited)

Consolidated Interim Statements of Comprehensive Income
	2023	2022	2023	2022
	ThUS$	ThUS	ThUS	ThUS
Net profit					1,102,820
Items of other comprehensive income that will not be reclassified to profit for the year, before taxes
(Losses) gains from measurements of defined benefit plans					570
(losses) gains from financial assets measured irrevocably at fair value through other comprehensive income					(4,779)
Total other comprehensive losses that will not be reclassified to profit for the year, before taxes					(4,209)
Items of other comprehensive income that will be reclassified to profit for the year, before taxes
Foreign currency exchange (losses) gains					(180)
Cash flow hedges- effective portion of changes in far value					(67,819)
Cash flow hedges-reclassified to profit or loss					36,323
Total other comprehensive income (loss)that will be reclassified to profit for the year					(31,676)
Other items of other comprehensive income, before taxes					(35,885)
Income taxes related to items of other comprehensive income that will not be reclassified to profit for the year
Income tax benefit (expense) related to measurement of defined benefit pension plans through other comprehensive income					82
Income tax benefit (expense) related to (losses) gains on financial assets measured irrevocably at fair value through other comprehensive income					1,290
Total income tax relating to components of other comprehensive income that will be not reclassified to profit for the year					1,372
Income taxes relating to components of other comprehensive income that will be reclassified to profit for the year
Income tax (expense) benefit related to gains on cash flow hedges					8,504
Total income tax (expense) benefit relating to components of other comprehensive income that will be reclassified to profit for the year					8,504
Total other comprehensive income					(26,009)
Total comprehensive income					1,076,811
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent					1,073,831
Comprehensive income attributable to non-controlling interest					2,980
					1,076,811

All values are in US Dollars.

See note 20.

The accompanying notes form an integral part of these consolidated interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Statements of Cash Flows (Unaudited)

Consolidated Interim Statements of Cash Flows
	2023	2022
	ThUS	ThUS
Cash flows generated from (used in) operating activities
Classes of cash receipts generated from operating activities
Cash receipts from sales of goods and rendering of services			8,030,510
Cash receipts from premiums and benefits, annuities and other benefits from policies entered			1,129
Cash receipts derived from sub-leases			106
Classes of Payments
Cash payments to suppliers for the provision of goods and services			(3,771,408)
Cash payments relating to variable leases			(2,441)
Other payments related to operating activities			(13,222)
Net cash generated from operating activities			4,244,674
Dividends received			5,321
Interest paid			(89,700)
Interest paid on lease liabilities			(927)
Interest received			13,517
Income taxes paid			(1,282,964)
Other cash (outflows) inflows (1)			49,878
Net Cash generated from operating activities			2,939,799
			182,234
Cash flows generated from (used in) investing activities
Sale of interests in associates and joint ventures			4,745
Proceeds from the purchase of ownership in associates			(18,866)
Proceeds from the sale of property, plant and equipment			85
Acquisition of property, plant and equipment			(621,570)
Proceeds from sales of intangible assets			2,586
Proceeds (payments) related to futures, forward options and swap contracts			41,326
Loans to related parties			1,735
Purchase of other long-term assets			(6,714)
Other cash (outflows) inflows (2) (3)			620,510
Cash flow (used in) generated from investing activities			23,837

All values are in US Dollars.

(1) Other inflows (outflows) of cash from operating activities include net increases (decreases) of value added tax, banking expenses, expenses associated with obtaining loans and taxes associated with interest payments.

(2) Other inflows (outflows) of cash include investments and redemptions of time deposits and other financial instruments that do not qualify as cash and cash equivalent in accordance with IAS 7, paragraph 7, since they mature in more than 90 days from the original investment date.

(3) Other inflows (outflows) of cash from investing activities include guarantees deposits described in note 13.2.

The accompanying notes form an integral part of these consolidated interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Statements of Cash Flows (Unaudited)

Consolidated Statements of Cash Flows
	2023	2022
	ThUS	ThUS
Cash flows generated from (used in) financing activities
Repayment of lease liabilities			(7,635)
Proceeds from long-term loans			-
Proceeds from short-term loans			-
Dividends paid			(829,983)
Repayment of borrowings			(14,110)
Net cash flows generated from (used in) financing activities			(851,728)
Net (decrease) increase in cash and cash equivalents before the effect of changes in the exchange rate			2,111,908
Effects of exchange rate fluctuations on cash and cash equivalents			(120,724)
(Decrease) increase in cash and cash equivalents			1,991,184
Cash and cash equivalents at beginning of period			1,515,051
Cash and cash equivalents at end of period			3,506,235

All values are in US Dollars.

The accompanying notes form an integral part of these consolidated interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Consolidated Interim Statements of Changes in Equity (Unaudited)

Consolidated Interim Statements of Changes in Equity
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Equity at January 1, 2023
Net profit
Other comprehensive income
Comprehensive income
Dividends (1)
Other increases in equity
Total changes in equity
Equity as of September 30, 2023

All values are in US Dollars.

Consolidated Interim Statements of Changes in Equity
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Equity at January 1, 2022
Net profit
Other comprehensive income
Comprehensive income
Dividends (1)
Total changes in equity
Equity as of September 30, 2022

All values are in US Dollars.

(1)See Note 20.7

The accompanying notes form an integral part of these consolidated Interim financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Glossary

The Following capitalized terms in these financial statements (including their notes) will have the following meaning:

“ADS’’ American Depositary Shares;

“CAM’’ Arbitration and Mediation Center of the Santiago Chamber of Commerce;

“CCHEN’’ Chilean Nuclear Energy Commission;

“CCS’’ cross currency swap;

“CINIIF’’ International Financial Reporting Interpretations Committee;

“CMF’’ Financial Market Commission;

“Directors’ Committee” The Company’s Directors’ Committee;

“Corporate Governance Committee’’ The Company’s Corporate Governance Committee;

“Health, Safety and Environment Committee’’ The Company’s Health, Safety and Environment Committee;

“Lease Agreement’’ the mining concessions lease agreement signed by SQM Salar and Corfo in 1993, as subsequently amended;

“Project Contract” project contract for Salar de Atacama undersigned by Corfo and SQM Salar in 1993, as subsequently amended”;

“Corfo” Chilean Economic Development Agency;

“DCV’’ Central Securities Depository;

“DGA’’ General Directorate of Water Resources;

“Board” The Company’s Board of Directors;

“Dollar’’ o “US$’’ Dollars of the United States of America;

“DPA’’ Deferred Prosecution Agreement;

“PFIC’’ Passive foreign investment company;

“United States” United States of America;

“FNE’’ Chilean National Economic Prosecutor's Office;

“Management’’ the Company’s management;

"SQM Group’’ The corporate group composed of the Company and its subsidiaries

“Pampa Group’’ Jointly the Sociedad de Inversiones Pampa Calichera S.A., Potasios de Chile S.A. and Inversiones Global Mining (Chile) Limitada;

“IASB’’ International Accounting Standards Board;

“SSI’’ Staff severance indemnities;

“Proyect agreement’’ Proyect agreement for the Salar de Atacama signed by Corfo and SQM Salar in 1993, as subse quently amended;

“IFRIC’’ International Financial Reporting Interpretations Committee;

“CPI” Consumer Price Index;

“IRSW” interest rate swap;

“Securities Market Law” Securities Market Law No. 18,045;

Notes to the Consolidated Interim Financial Statements September 30, 2023

“Corporate Law'' Ley 18,046 on corporations;

“ThUS$'' thousands of Dollars;

“MUS$'' millions of Dollars;

“IAS” International Accounting Standard;

“IFRS” International Financial Reporting Standard;

“ILO” International Labor Organization;

“WHO” World Health Organization;

“Pesos’’ or “Ch$” Chilean pesos, legal tender in Chile;

“SEC’’ Securities and Exchange Commission;

“Sernageomin’’ National Geology and Mining Service;

“SIC’’ Standard Interpretations Committee;

“IRS”Internal Revenue Service of Chile;

“SMA” Environmental Superintendent’s Office;

“Company” Sociedad Química y Minera de Chile S.A.;

“SOFR” Secured overnight financing rate;

“SQM Industrial” SQM Industrial S.A.;

“SQM NA” SQM North America Corporation;

“SQM Nitratos” SQM Nitratos S.A.;

“SQM Potasio” SQM Potasio S.A.;

“SQM Salar” SQM Salar S.A.;

“Tianqi” Tianqi Lithium Corporation;

“UF” Unidad de Fomento (a Chilean Peso based inflation indexed currency unit);

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 1    Identification and Activities of the Company and Subsidiaries

1.1Historical background

Sociedad Química y Minera de Chile S.A. is an open stock corporation organized under the laws of the Republic of Chile and its Chilean Tax Identification Number is 93.007.000-9.

The Company was incorporated through a public deed dated June 17, 1968 by the public notary of Santiago Mr. Sergio Rodríguez Garcés. Its existence was approved by Decree No. 1,164 of June 22, 1968 of the Ministry of Finance, and it was registered on June 29, 1968 in the Registry of Commerce of Santiago, on page 4,537 No. 1,992. SQM’s headquarters are located at El Trovador 4285, Floor 6, Las Condes, Santiago, Chile, The Company's telephone number is +(56 2) 2425-2000.

The Company is registered in the CMF under number 184 of March 18, 1983 and is therefore subject to oversight by that entity.

1.2Main domicile where the Company performs its production activities

The Company’s main domiciles are: Calle Dos Sur plot No. 5 - Antofagasta; Arturo Prat 1060 - Tocopilla; Administration Building w/n - Maria Elena; Administration Building w/n Pedro de Valdivia - María Elena, Anibal Pinto 3228 - Antofagasta, Kilometer 1378 Ruta 5 Norte Highway - Antofagasta, Coya Sur Plant w/n - Maria Elena, kilometer 1760 Ruta 5 Norte Highway - Pozo Almonte, Salar de Atacama (Atacama Saltpeter deposit) potassium chloride plant w/n - San Pedro de Atacama, potassium sulfate plant at Salar de Atacama w/n – San Pedro de Atacama, Minsal Mining Camp w/n CL Plant CL, Potassium– San Pedro de Atacama, formerly the Iris Saltpeter office w/n, Commune of Pozo Almonte, Iquique, Level 1 and 225 Dt Georges Tce Perth WA 6000, Australia.

1.3Codes of main activities

The codes of the main activities as established by the CMF, as follows:

•1700 (Mining)

•2200 (Chemical products)

•1300 (Investment)

1.4Description of the nature of operations and main activities

The products of the Company are mainly derived from mineral deposits found in northern Chile where mining takes place and caliche and brine deposits are processed.

(a) Specialty plant nutrition: Four main types of specialty plant nutrients are produced: potassium nitrate, sodium nitrate, sodium potassium nitrate and specialty blends. In addition, other specialty fertilizers are sold including third party products.

(b) Iodine: The Company produces iodine and iodine derivatives, which are used in a wide range of medical, pharmaceutical, agricultural and industrial applications, including x-ray contrast media, polarizing films for LCD and LED, antiseptics, biocides and disinfectants, in the synthesis of pharmaceuticals, electronics, pigments and dye components.

(c) Lithium: The Company produces lithium carbonate, which is used in a variety of applications, including electrochemical materials for batteries, frits for the ceramic and enamel industries, and it is an important ingredient in the manufacture of gunpowder, heat-resistant glass (ceramic glass), air conditioning chemicals, continuous casting powder for steel extrusion, primary aluminum smelting process, pharmaceuticals and lithium derivatives. We are also a leading supplier of lithium hydroxide, which is primarily used as an input for the lubricating greases industry and for certain cathodes for batteries.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(d) Industrial chemicals: The Company produces three industrial chemicals: sodium nitrate, potassium nitrate and potassium chloride. Sodium nitrate is used primarily in the production of glass, explosives, and metal treatment. Potassium nitrate is used in the manufacturing of specialty glass, and it is also an important raw material to produce of frits for the ceramics and enamel industries. Solar salts, a combination of potassium nitrate and sodium nitrate, are used as a thermal storage medium in concentrated solar power plants. Potassium chloride is a basic chemical used to produce potassium hydroxide, and it is also used oil drilling, and to produce carrageenan.

(e) Potassium: The Company produces potassium chloride and potassium sulfate from brines extracted from the Salar de Atacama. Potassium chloride is a commodity fertilizer used to fertilize a variety of crops including corn, rice, sugar, soybean and wheat. Potassium sulfate is a specialty fertilizer used mainly in crops such as vegetables, fruits and industrial crops.

(f) Other products and services: The Company also sells other fertilizers and blends, some of which we do not produce, mainly potassium nitrate, potassium sulfate and potassium chloride. This business line also includes revenue from commodities, services, interests, royalties and dividends.

Notes to the Consolidated Interim Financial Statements September 30, 2023

1.5Other background

(a)Employees

As of September 30, 2023, and December 31, 2022, the workforce was as follows:

Employees		As of September 30, 2023						As of December 31, 2022
	SQM S.A.		Other subsidiaries		Total		SQM S.A.		Other subsidiaries		Total
Executives		32		129		161		32		128		160
Professionals		195		2,833		3,028		177		2,506		2,683
Technicians and operators		343		4,059		4,402		309		3,845		4,154
Total		570		7,021		7,591		518		6,479		6,997
Place of work		As of September 30, 2023						As of December 31, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
	SQM S.A.		Other subsidiaries		Total		SQM S.A.		Other subsidiaries		Total
In Chile		570		6,438		7,008		518		6,015		6,533
Outside Chile		-		583		583		-		464		464
Total		570		7,021		7,591		518		6,479		6,997

(b)Main shareholders

As of September 30, 2023, there were 1,174 shareholders.

Following table shows information about the main shareholders of the Company’s Series A or Series B shares in circulation as of September 30, 2023, and as of December 31, 2022, in line with information provided by the DCV, with respect to each shareholder that, to our knowledge, owns more than 5% of the outstanding Series A or Series B shares. The following information is derived from our registry and reports managed by the DCV and informed to the CMF and the Chilean Stock Exchange:

Shareholders as of September 30, 2023	No. of Series A	% of Series A shares	No. of Series B	% of Series B shares	% of total shares
Inversiones TLC Spa	62,556,568	43.80%	-	-	21.90%
The Bank Of New York Mellon ADRs	-	-	52,660,144	36.87%	18.44%
Sociedad De Inversiones Pampa Calichera S.A.	43,133,789	30.20%	1,611,227	1.13%	15.66%
Potasios De Chile S.A.	18,179,147	12.73%	-	-	6.36%
Banco De Chile on behalf of State Street	-	0.00%	11,541,572	8.08%	4.04%
AFP Habitat S.A.	542,930	0.38%	9,962,955	6.98%	3.68%
Global Mining Spa	8,798,539	6.16%	-	-	3.08%
Banco Santander on behalf of foreign investors	-	-	8,233,535	5.77%	2.88%
AFP Cuprum S.A.	-	-	7,645,042	5.35%	2.68%
AFP Capital S.A.	-	-	7,457,507	5.22%	2.61%
AFP Provida S.A.	-	-	6,729,088	4.71%	2.36%
Banco De Chile on behalf of Citi NA New York Clie.	67,463	0.05%	5,590,952	3.91%	1.98%

Notes to the Consolidated Interim Financial Statements September 30, 2023

Shareholders as of December 31, 2022	No. of Series A	% of Series A shares	No. of Series B	% of Series B shares	% of total shares
The Bank of New York Mellon, ADRs	-	-	64,555,045	45.20%	22.60%
Inversiones TLC Spa (1)	62,556,568	43.80%	-	-	21.90%
Sociedad de Inversiones Pampa Calichera S.A. (2)	43,133,789	30.20%	1,611,227	1.13%	15.66%
Potasios De Chile S.A.	18,179,147	12.73%	-	-	6.36%
Banco de Chile via State Street	79,265	0.06%	10,979,388	7.69%	3.87%
AFP Habitat S.A.	-	-	9,504,885	6.66%	3.33%
Inv. Global Mining Chile Ltda.	8,798,539	6.16%	-	-	3.08%
Banco Santander via foreign investor accounts	545,729	0.38%	8,181,775	5.73%	3.06%
AFP Cuprum S.A.	-	-	6,535,039	4.58%	2.29%
Banco de Chile non-resident third party accounts	62,829	0.04%	6,181,476	4.33%	2.19%
AFP Capital S.A.	-	-	5,652,982	3.96%	1.98%
AFP Provida S.A.	-	-	5,263,361	3.69%	1.84%

(1) As reported by DCV, which manages the Company's shareholders' register as of September 30, 2023 and December 31, 2022, Inversiones TLC SpA, a subsidiary wholly owned Tianqi Lithium Corporation, is the direct owner of 62,556,568 Series A shares of The Company equivalent to 21.90% of SQM’s shares. In addition, as reported by Tianqi Lithium Corporation, it owns 748,490 Series B SQM shares as reported by Inversiones TLC Spa. So as of September 30, 2023, and December 31, 2022, Tianqi Lithium Corporation owns 22.16% of SQM's through Series A shares and ADS holders of Series B shares.

(2) As of September 30, 2023, and December 31, 2022, Sociedad de Inversiones Pampa Calichera S.A. owned 46,600,458 Series A and B shares with 1,855,442 Series A shares held in custody by stockbrokers.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 2    Basis of presentation for the consolidated financial statements

2.1Accounting period

These consolidated financial statements cover the following periods:

(a)Consolidated Interim Statements of Financial Position as of September 30, 2023 and December 31, 2022.

(b)Consolidated Interim Statements of Income for the three and nine-month periods ended September 30, 2023 and 2022.

(c)Consolidated Interim Statements of Comprehensive Income for the three and nine-month periods ended September 30, 2023 and 2022.

(d)Consolidated Interim Statements of Changes in Equity for the nine-month periods ended September 30, 2023 and 2022.

(e)Consolidated Interim Statements of Cash Flows for the nine-month periods ended September 30, 2023 and 2022.

2.2Consolidated financial statements

The consolidated interim financial statements of Sociedad Química y Minera de Chile S.A. and its subsidiaries were prepared in accordance with IAS 34 “Interim Financial Reporting”.

The consolidated interim financial statements should be read in conjunction with the annual financial statements as of December 31, 2022.

The accounting principles and criteria used in these interim financial statements were consistently applied throughout both periods and to the annual financial statements as of December 31, 2022. There have been no changes in the methods used to calculate accounting estimates during the periods reported.

IFRS establish certain alternatives for their application, those applied by the Company are detailed in this Note and Note 3.

Notes to the Consolidated Interim Financial Statements September 30, 2023

2.3Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except for the following:

(a)Inventories are recorded at the lower of cost and net realizable value.

(b)Financial derivatives measured at fair value.

(c)Certain financial investments measured at fair value with an offsetting entry in other comprehensive income.

2.4Accounting pronouncements

New accounting pronouncements

(a)The following standards, interpretations and amendments are mandatory for the first time for annual periods beginning on January 1, 2023:

Amendments and improvements	Description	Mandatory for annual periods beginning on or after
Amendment to IAS 12 – Deferred taxes related to assets and liabilities that arise from a single transaction	These amendments require companies to recognize deferred taxes on transactions that result in equal amounts in taxable and deductible temporary differences in the initial recognition.	01-01-2023
Amendment to IAS 12 "Income Taxes" on International Tax Reform - Pillar Two Model Rules	This amendment provides companies with a temporary exemption from accounting for deferred taxes arising from the Organization for Economic Cooperation and Development (OECD) international tax reform. The amendments also introduce specific disclosure requirements for affected companies.	01-01-2023
Amendments to IAS 1 "Presentation of Financial Statements" about the classification of liabilities.	This amendment clarifies that liabilities are classified as either current or non-current, depending on their rights as of the reporting date. The classification is not affected by the expectations of the entity or events after the reporting date. For example, the receipt of a waiver or non-compliance with an agreement. The amendment also clarifies what IAS 1 means when it refers to the “settlement" of a liability. The amendment should be applied retrospectively in accordance with IAS 8.	01-01-2023

Management determined that the adoption of the aforementioned standards, amendments and interpretations did not significantly impact the company’s consolidated financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(b)Standards, interpretations and amendments issued that had not become effective for financial statements beginning on January 1, 2023 and which the Company has not adopted early are as follows:

Standards and Interpretations	Description	Mandatory for annual periods beginning on or after
Amendment to IAS 1 “Non-current liabilities with covenants”.	The amendment is aimed at improving the information that an entity provides when the payment terms of its liabilities can be deferred depending on compliance with covenants within the twelve months following the date of issue of the financial statements.	01-01-2024
Amendments to IFRS 16 “Leases”	On sales with leaseback, which explains how an entity should recognize the rights to use the asset and how the profits or losses from the sale and leaseback should be recognized in the financial statements.	01-01-2024
Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures" on supplier financing arrangements.	These amendments require disclosures that improve the transparency of supplier financing arrangements and their effects on a company's liabilities, cash flows and exposure to liquidity risk.	01-01-2024
Amendments to IAS 21 - Lack of exchangeability	This amendment affects an entity that has a transaction in a foreign currency that cannot be exchanged with another currency for a specific purpose as of the measurement date. One currency is exchangeable into another when the other currency can be obtained with a normal administrative delay, and the transaction is performed using a market or exchange mechanism that creates enforceable rights and obligations. This amendment contains instructions regarding the exchange rate to be used when the currency is not exchangeable, as previously described. Early adoption is permitted.	01-01-2025

Management believes that the adoption of the above standards, amendments and interpretations will not have a significant impact on the Company’s financial statements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

2.5Basis of consolidation

(a)Subsidiaries

The Company established control as the basis of consolidation of its financial statements. The Company controls a subsidiary when it is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through its power over the subsidiary.

The consolidation of a subsidiary starts when the Group controls it and it is no longer included in the consolidation when control is lost.

Subsidiaries are consolidated through the line by line method, adding items that represent assets, liabilities, income and expenses with a similar content, and eliminating operations between companies within the SQM Group.

Results for dependent companies acquired or disposed of during the period are included in the consolidated accounts from the date on which control is transferred to the SQM Group or until the date when this control ends, as relevant.

To account for an acquisition of a business, the Company uses the acquisition method. Under this method, the acquisition cost is the fair value of assets delivered, equity securities issued, and incurred or assumed liabilities at the date of exchange. Assets, liabilities and contingencies identifiable assumed in a business combination are measured initially at fair value at the acquisition date. For each business combination, the Company will measure the non-controlling interest of the acquiree either at fair value or as proportional share of net identifiable assets of the acquire.

The details of the consolidated companies can be found in Note 7.

2.6Investments in associates and joint ventures

Investments in joint arrangements are classified as joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement.

(a)Joint operations

The Company recognizes its direct right to the assets, liabilities, income and expenses of the joint arrangement.

(b)Joint ventures and investments in associates

Interests in companies over which joint control is exercised (joint ventures) or where an entity has significant influence (associates) are recognized using the equity accounting method. Significant influence is presumed when the investor owns over 20% of the investee’s share capital. The investment is recognized using this method in the statement of financial position at cost plus changes subsequent to acquisition and includes the proportional share of the associate’s equity. For these purposes, the percentage interest in the associate is used. The associated acquired goodwill is included in the investee’s book value and is not amortized. The debit or credit to the income statement reflects the proportional share of the profit or loss of the associate.

Unrealized gains from transactions with joint ventures or associates are eliminated in accordance with the Company's percentage interest in such entities. Any unrealized losses are also eliminated, unless that transaction provides evidence that the transferred asset is impaired.

Changes in associate’s or joint ventures equity are recognized proportionally with a charge or credit to "Other Reserves" and are classified according to their origin. The reporting dates of the associate or joint ventures, the Company and related policies are similar for equivalent transactions and events in similar circumstances.

Notes to the Consolidated Interim Financial Statements September 30, 2023

In the event that significant influence is lost, or the investment is sold, or held for sale, the equity method is suspended, not recognizing the proportional share of the gain or loss. If the resulting value under the equity method is negative, the share of profit or loss is reflected as zero in the consolidated financial statements, unless there is a commitment by the Company to restore the capital position of the Company, in which case the related risk provision and expense are recorded.

Dividends received by these companies are recorded by reducing the value of the investment and are shown in cash flows from operating activities, and the proportional share of the gain or loss recognized in accordance with the equity method is included in the consolidated income statement under "Share of Gains (Losses) of Associates and Joint Ventures Accounted for Using the Equity Method''.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 3    Significant accounting policies

3.1Classification of balances as current and non-current

In the consolidated statement of financial position, balances are classified in consideration of their maturity dates; i.e., those maturing within a period equal to or less than 12 months are classified as current counted from the closing date of the consolidated financial statements and those with maturity dates exceeding the aforementioned period are classified as non-current.

The exception to the foregoing relates to deferred taxes, which are classified as non-current, regardless of the maturity they have.

3.2Functional and presentation currency

The Company’s consolidated financial statements are presented in United States dollars, without decimal places, which is the Company’s functional and presentation currency and is the currency of the main economic environment in which it operates. Consequently, the term foreign currency is defined as any currency other than the U.S. dollar.

3.3Accounting policy for foreign currency translation

(a)SQM group entities:

The revenue, expenses, assets and liabilities of all entities that have a functional currency other than the presentation currency are converted to the presentation currency as follows:

-Assets and liabilities are converted at the closing exchange rate prevailing on the reporting date.

-Revenues and expenses of each profit or loss account are converted at monthly average exchange rates.

-All resulting foreign currency translation gains and losses are recognized as a separate component in translation reserves.

In consolidation, foreign currency differences arising from the translation of a net investment in foreign entities are recorded in shareholder’s equity (“foreign currency translation reserve”). At the date of disposal, such foreign currency translation differences are recognized in the statement of income as part of the gain or loss from the sale.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The main exchange rates and UF used to translate monetary assets and liabilities, expressed in foreign currency at the end and average of each period in respect to U.S. dollars, are as follows:

Currencies
	As of September 30, 2023	As of December 31, 2022	As of September 30, 2023	As of December 31, 2022
	ThUS	ThUS	ThUS	ThUS
Brazilian real
New Peruvian sol
Japanese yen
Euro
Mexican peso
Australian dollar
Pound Sterling
South African rand
Chilean peso
Chinese yuan
Indian rupee
Thai Baht
Turkish lira
Korean Won
Indonesian Rupiah
United Arab Emirates dirham
Polish Zloty
UF (*)

All values are in US Dollars.

(*) US$ per UF

(b)Transactions and balances

The Company’s non-monetary transactions in currencies other than the functional currency (Dollar) are translated to the respective functional currencies of Group entities at the exchange rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. All differences are recorded in the statement of income except for all monetary items that provide an effective hedge for a net investment in a foreign operation. These items are recognized in other comprehensive income until disposal of the investment, when they are recognized in the statement of income. Charges and credits attributable to foreign currency translation differences on those hedge monetary items are also recognized in other comprehensive income.

Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are retranslated to the functional currency at the historical exchange rate of the transaction. Non-monetary items measured based on fair value in a foreign currency are translated using the exchange rate at the date on which the fair value is determined.

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.4     Consolidated statement of cash flows

Cash equivalents correspond to highly liquid short-term investments that are easily convertible into known amounts of cash and subject to insignificant risk of changes in their value and mature in less than three months from the date of acquisition of the instrument.

For the purposes of the statement of cash flows, cash and cash equivalents comprise cash and cash equivalents as defined above.

The statement of cash flows present cash transactions performed during the period, determined using the direct method.

3.5     Financial assets

Management determines the classification of its financial assets at fair value (either through other comprehensive income, or through profit or loss), and at amortized cost. The classification depends on the business model of the entity to manage the financial assets and the contractual terms of the cash flows.

The initial value of the Company's financial assets valued at fair value through comprehensive income includes the transaction costs that are directly attributable to acquiring that financial asset on the date the Company commits to acquiring it, whereas the transaction costs for financial assets valued at fair value through profit or loss are expensed. The initial value of trade and other receivables that do not include a significant financial component is their transaction price.

After initial recognition, the Company measures its financial assets according to the Company's business model for managing its financial assets and the contractual terms of its cash flows:

(a)Financial debt instruments measured at amortized cost. Financial assets that meet the following conditions are included in this category the business model that supports it aims to maintain the financial assets to obtain the contractual cash flows and the contractual conditions of the financial asset give place, on specified dates, to cash flows that are only payments of the principal and interest on the outstanding principal amount. The Company’s financial assets that meet these conditions are: (i) cash equivalents, (ii) related party receivables, (iii) trade debtors and (iv) other receivables.

(b)Financial instruments at fair value. A financial asset should be measured at fair value through profit or loss or fair value through other comprehensive income, depending on the following:

(i)"Fair Value Through Other Comprehensive Income": Assets held to collect contractual cash flows and to be sold, where the asset cash flows are only capital and interest payments, are measured at fair value through other comprehensive income. Changes in book values are through other comprehensive income, except for the recognition of impairment losses, interest income and exchange gains and losses, which are recognized in the income statement. When a financial asset is derecognized, the cumulative gain or loss previously recognized in other comprehensive income is reclassified from equity to the income statement. Interest income from these financial assets is included in financial income using the effective interest method.

(ii)"Fair Value Through Profit and Loss": Assets that do not meet the amortized cost or "Fair Value Through Other Comprehensive Income" criteria are valued at "Fair Value Through Profit and Loss".

(c)Financial equity instruments at fair value through other comprehensive income. Equity instruments that are not classified as held for trading and which the Group has irrevocably chosen to recognize in this category. Amounts presented in other comprehensive income will not be subsequently transferred to profit or loss.

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.6     Financial assets impairment

The Company evaluates expected credit losses associated with its debt instruments carried at amortized cost. The impairment method used depends on whether there has been a significant increase in credit risk.

The Company assumes that the credit risk of a financial asset has increased significantly when it is more than 30 days past due. It is in default when the financial asset is more than 90 days past due and an individual analysis has concluded that it has a negative credit impairment.

The Company assesses the credit impairment of its receivables as of each reporting date. A financial asset has credit impairment when one or more events have a negative impact on the expected cash flows from it. Evidence of credit impairment for a debtor is as follows:

-Significant financial hardship

-Breach of contract due to default

-Probability of going bankrupt

The Company applies the simplified approach to measure expected credit losses using the lifetime expected loss on all trade receivables. Expected credit losses are measured by grouping receivables by their shared credit risk characteristics and days overdue.

The Company has concluded that the expected loss rates for trade receivables are a reasonable approximation of the loss rates for these assets. Expected loss rates are based on sales payment profiles and historical credit losses within this period. Historical loss rates are adjusted to reflect current expectations and information regarding macroeconomic factors that affect the ability of customers to meet their commitments. Impairment losses from receivables and contract assets are shown as net impairment losses in the line “Impairment of financial assets and reversal of impairment losses,” see Note 23.7. Any subsequent recoveries of financial assets previously charged off are credited to the same line.

The gross value of a financial asset is charged off to the income statement when the Company has no reasonable expectation of recovering all or a portion of it, following an individual analysis prepared by management.

3.7     Financial liabilities

Management accounts for its financial liabilities at amortized cost.

Upon initial recognition, the Company measures its financial liabilities by their fair value less the transaction costs that are directly attributable to the acquisition of the financial liability. The Company subsequently measures its financial liabilities at amortized cost.

Financial liabilities measured at amortized cost are commercial accounts payable and other accounts payable and other financial liabilities.

Amortized cost is based using the effective interest rate method. Amortized cost is calculated by considering any premium or discount on the acquisition and includes transaction costs that are an integral part of the effective interest rate.

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.8     Estimated fair value of financial instruments

The fair value of financial assets and liabilities is estimated using the following information. Although the data represent Management's best estimates, it is subjective and involves significant estimates regarding current economic conditions, market conditions and risk characteristics.

Methodologies and assumptions used depend on the risk terms and characteristics of instruments and include the following as a summary:

Fair value estimation

Financial assets and liabilities measured at fair value consist of forwards hedging the mismatch in the balance sheet and cash flows, options hedging the mismatch in the balance sheet and cross currency swaps to hedge bonds issued in local currency (Peso/UF).

The fair value of the Company’s assets and liabilities recognized by cross currency swaps contracts is calculated as the difference between the present value of discounted cash flows of the asset (Peso/UF) and liability (Dollar) parts of the derivative. In the case of the IRSW, the asset value recognized is calculated as the difference between the discounted cash flows of the asset (variable rate) and liability (fixed rate) parts of the derivative. Forwards are calculated as the difference between the strike price of the contract and the spot price plus the forwards points at the date of the contract. Financial options: the value recognized is calculated using the Black-Scholes method.

In the case of CCS, the entry data used for the valuation models are UF, Peso, Dollar and basis swap rates. In the case of fair value calculations for interest rate swaps, the Forward Rate Agreement rate and ICVS 23 Curve (Bloomberg: cash/deposits rates, futures, swaps). In the case of forwards, the forwards curve for the currency in question is used. Finally, for options, the spot price, risk-free rate and volatility of exchange rate are used, all in accordance with the currencies used in each valuation. The financial information used as entry data for the Company’s valuation models is obtained from Bloomberg, the well-known financial software company. Conversely, the fair value provided by the counterparties of derivatives contracts is used only as a control and not for valuation purposes.

The effects on profit or loss of movements in these amounts is recognized in the caption finance costs, foreign currency translation gain (loss) or cash flow hedge reserve in the statement of comprehensive income, depending on each particular case.

Estimate of fair value for disclosure purposes

•Cash equivalent approximates fair value due to the short-term maturities of these instruments.

•The fair value of current trade receivables is considered to be equal to the carrying amount due to the maturity of such accounts at short-term.

•Payables, current lease liabilities and other current financial liabilities are considered fair value equal to book value due to the short-term maturity of these accounts.

•The fair value of the debt (long-term secured and unsecured debentures; bonds denominated in local currency (Peso/UF) and foreign currency (Dollar), borrowings denominated in foreign currency (Dollar) and lease liabilities of the Company are calculated at current value of cash flows subtracted from market rates upon valuation, considering the terms of maturity and exchange rates. The UF and Peso rate curves are used as inputs for the valuation model. This information is obtained through from the renowned financial software company, Bloomberg, and the Association of Banks and Financial Institutions.

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.9     Reclassification of financial instruments

When the Company changes its business model for managing financial assets, it will reclassify all its financial assets affected by the new business model. Financial liabilities cannot be reclassified.

3.10     Financial instruments derecognition

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred; and the control of the financial assets has not been retained.

The Company derecognizes a financial liability when its contractual obligations or a part of these are discharged, paid to the creditor or legally extinguished from the principal responsibility contained in the liability.

3.11     Derivative and hedging financial instruments

The financial instruments derivatives are recognized initially at fair value as of the date on which the derivatives contract is signed and, they are subsequently assessed at fair value. The method for recognizing the resulting gain or loss depends on whether the derivative has been designated as an accounting hedge instrument and, if so, it depends on the type of hedging, which may be as follows:

a)Fair value hedge of assets and liabilities recognized (fair value hedges).

b)Hedging of a single risk associated with a recognized asset or liability or a highly probable forecast transaction (cash flow hedge).

At the beginning of the transaction, the Company documents the relationship that exists between hedging instruments and those items hedged, as well as their objectives for risk management purposes and the strategy to conduct different hedging operations.

The Company also documents its evaluation both at the beginning and at the end of each period if the derivatives used in hedging transactions are highly effective to offset changes in the fair value or in cash flows of hedged items.

The fair value of derivative instruments used for hedging purposes is shown in Note 13.3.

Derivatives that are not designated or do not qualify as hedging derivatives are classified as current assets or liabilities, and changes in the fair value are directly recognized through profit or loss.

a)Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in profit or loss, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating to the effective portion of interest rate swaps that hedge fixed rate borrowings is recognized in profit or loss within finance costs, together with changes in the fair value of the hedged fixed rate borrowings attributable to interest rate risk. The gain or loss relating to the ineffective portion is recognized in profit or loss within other income or other expenses. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortized to profit or loss over the period to maturity using a recalculated effective interest rate.

Notes to the Consolidated Interim Financial Statements September 30, 2023

b)Cash flow hedges

The effective portion of the gain or loss on the hedging instrument is initially recognized with a debit or credit to other comprehensive income, while any ineffective portion is immediately recognized to income, as appropriate, depending on the nature of the hedged risk. The amounts accumulated in other comprehensive income are carried over to results when the hedged items are settled or when these have an impact on income.

When a hedging instrument no longer meets the criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in equity at that time remains in equity until the forecast transaction occurs.

When the forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of hedging that were reported in other comprehensive income are immediately reclassified to profit or loss.

3.12     Derivative financial instruments not considered as hedges

Derivative financial instruments not considered as hedges are recognized at fair value with the effect in the profit of the year. The Company has derivative financial instruments to hedge foreign currency risk exposure.

The Company continually evaluates the existence of embedded derivatives in both its contracts and in its financial instruments. As of September 30, 2023, and December 31, 2022, the Company does not have any embedded derivatives.

3.13     Deferred acquisition costs from insurance contracts

Acquisition costs from insurance contracts are classified as prepayments and correspond to insurance contracts in force, recognized using the straight-line method and on an accrual basis independent of payment date. These are recognized under other non-financial assets current.

3.14     Leases

(a)Right-of-use assets

The Company recognizes right-of-use assets on the initial lease date (i.e., the date on which the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, adjusted by any new measurement of the lease liability. The cost of right-of-use assets includes the amount of recognized lease liabilities, direct initial costs incurred and lease payments made on the start date or sooner, less the lease incentives received. Unless the Company is reasonably sure it will take ownership of the leased asset at the end of the lease period, the assets recognized through right-of-use are depreciated in a straight line during the shortest period of their estimated useful life and lease period. Right-of-use assets are subject to impairment.

(b)Lease liabilities

On the lease start date, the Company recognizes lease liabilities measured at present value of lease payments that will be made during the lease period. Lease payments include fixed payments (including payments that are essentially fixed), less incentives for lease receivables, variable lease payments that are dependent on an index or rate and amounts that are expected to be paid as guaranteed residual value. Lease payments also include the exercise price of a purchase option if the Company is reasonably sure it will exercise this and penalty payments for terminating a lease, if the lease period reflects that the Company will exercise the option to terminate. Variable lease payments that are not dependent on an index or rate are recognized as expenses in the period that produces the event or condition that triggers payment.

Notes to the Consolidated Interim Financial Statements September 30, 2023

When calculating the present value of lease payments, the Company uses the incremental borrowing rate on the initial lease date if the interest rate implicit in the lease cannot be determined easily. After the start date, the lease liability balance will increase to reflect the accumulation of interest and will diminish as lease payments are made. Furthermore, the book value of lease liabilities is remeasured in the event of an amendment, a change in the lease period, a change in the fixed lease payments in substance or a change in the assessment to buy the underlying asset.

Payments made that affect lease liabilities are presented as part of the financing activities in the cash flow statement.

(c)Short-term leases and low-value asset leases

The Company applies the short-term lease recognition exemption to leases with a lease term of 12 months or less starting on the start date and that don’t have a purchase option. It also applies the low-value asset lease recognition exemptions to leases less than the limit specified in the respective accounting standard. Lease payments in short-term leases and low-value asset leases are recognized as lineal expenses during the lease term.

(d)Significant judgments in the determination of the lease term for contracts with renewal options.

The Company determines the lease term as the non-cancellable period of the lease, together with periods covered by an option to extend the lease if it is reasonably certain that this will be exercised, or any period covered by an option to terminate the lease, if it is reasonably certain that this will not be exercised.

The Company has the option, under some of its leases, to lease assets for additional terms. The Company applies its judgment when assessing whether it is reasonably certain that it will exercise the option to renovate. In other words, it considers all the relevant factors that create an economic incentive for it to exercise the option to renovate. After the start date, the Company reevaluates the lease term if there is a significant event or change in the circumstances that are under its control and affect its capacity to exercise (or not exercise) the option to renovate.

3.15     Inventory measurement

The method used to determine the cost of inventories is the weighted average monthly cost of warehouse storage. In determining production costs for own products, the company includes the costs of labor, raw materials, materials and supplies used in production, depreciation and maintenance of the goods that participate in the production process, the costs of product movement necessary to maintain stock on location and in the condition in which they are found, and also includes the indirect costs of each task such as laboratories, process and planning areas, and personnel expenses related to production, among others.

For finished and in-process products, the company has four types of provisions, which are reviewed quarterly:

(a)Provision associated with the lower value of stock: The provision is directly identified with the product that generates it and involves three types: (i) provision of lower realizable value, which corresponds to the difference between the inventory cost of intermediary or finished products, and the sale price minus the necessary costs to bring them to the same conditions and location as the product with which they are compared; (ii) provision for future uncertain use that corresponds to the value of those products in process that are likely not going to be used in sales based on the company’s long-term plans; (iii) reprocessing costs of products that are unfeasible for sale due to current specifications.

(b)Provision associated with physical differences in inventory: A provision is made for differences that exceed the tolerance considered in the respective inventory process (physical and annual inventories are taken for the productive units in Chile and the port of Tocopilla; the business subsidiaries depend on the last zero ground obtained, but in general it is at least once a year), these differences are recognized immediately.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(c)Potential errors in the determination of stock: The company has an algorithm that is reviewed at least once a year and corresponds to diverse percentages assigned to each inventory based on the product, location, complexity involved in the associated measurement, rotation and control mechanisms.

Inventories of raw materials, materials and supplies for production are recorded at acquisition cost. Cyclical inventories are performed in warehouses, as well as general inventories every three years. Differences are recognized at the moment they are detected. The company has a provision based on quarterly calculations from percentages associated with each type of material (classification by warehouse and rotation), these percentages use the lower value resulting from deterioration or obsolescence as well as potential losses. This provision is reviewed at least annually, and considers the historical profit and loss obtained in the inventory processes.

3.16     Non-controlling interests

Non-controlling interests are recorded in the consolidated statement of financial position within equity but separate from equity attributable to the owners of the Parent.

3.17     Related party transactions

Transactions between the Company and its subsidiaries are part of the Company’s normal operations within its scope of business activities. Conditions for such transactions are those normally effective for those types of operations with regard to terms and market prices. The maturity conditions vary according to the originating transaction.

3.18     Property, plant and equipment

Property, plant and equipment are stated at acquisition cost, net of the related accumulated depreciation, amortization and impairment losses that they might have experienced.

In addition to the price paid for the acquisition of property, plant and equipment, the Company has considered the following concepts as part of the acquisition cost, as applicable:

(a)    Accrued interest expenses during the construction period that are directly attributable to the acquisition, construction or production of qualifying assets, which are those that require a substantial period prior to being ready for use. The interest rate used is that related to the project’s specific financing or, should this not exist, the average financing rate of the investor company.

(b)    The future costs that the Company will have to experience, related to the closure of its facilities at the end of their useful life, are included at the present value of disbursements expected to be required to settle the obligation and are recorded as a liability and its subsequent variation is recorded directly in results.

Having initially recognized provisions for closure and refurbishment, the corresponding cost is capitalized as an asset in “Property, plant and equipment” and amortized in line with the amortization criteria for the associated assets.

Construction-in-progress is transferred to property, plant and equipment in operation once the assets are available for use and the related depreciation and amortization begins on that date.

Extension, modernization or improvement costs that represent an increase in productivity, ability or efficiency or an extension of the useful lives of property, plant and equipment are capitalized as a higher cost of the related assets. All the remaining maintenance, preservation and repair expenses are charged to expense as they are incurred.

The replacement of assets, which increase the asset’s useful life or its economic capacity, are recorded as a higher value of property, plant and equipment with the related derecognition of replaced or renewed elements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Gains or losses which are generated from the sale or disposal of property, plant and equipment are recognized as income or (loss) in the period and calculated as the difference between the asset’s sales value and its net carrying value.

Costs derived from the daily maintenance of property, plant and equipment are recognized when incurred.

The cost of interest is recognized by applying an average or average weighted interest rate for all financing costs incurred by the Company to the final monthly balances for works underway and complies with the requirements of the required standard.

Financing costs are not activated for periods that exceed the normal term for acquisition, construction or installation of the property; such is the case for delays, interruptions or temporary suspension of the project due to technical, financial or other problems that make it impossible to leave the property in usable conditions.

3.19     Depreciation of property, plant and equipment

Property, plant and equipment are depreciated through the straight-line distribution of cost over the estimated technical useful life of the asset, which is the period in which the Company expects to use the asset. When components of one item of property, plant and equipment have different useful lives, they are recorded as separate assets and depreciated over their expected useful lives. Useful lives are reviewed on an annual basis.

Fixed assets located in the Salar de Atacama consider useful life to be the lesser value between the technical useful life and the years remaining until 2030.

In the case of certain mobile equipment, depreciation is performed depending on the hours of operation.

The useful lives used for the depreciation and amortization of assets included in property, plant and equipment in years are presented below:

Classes of property, plant and equipment	Minimum life or rate (years)	Maximum life or rate (years)	Life or average rate in years
Mining assets (*)	5	10	8
Energy generating assets	5	16	9
Buildings	4	25	13
Supplies and accessories	4	15	7
Office equipment	5	10	9
Transport equipment	6	20	10
Network and communication equipment	4	12	7
IT equipment	4	11	7
Machinery, plant and equipment	3	24	11
Other fixed assets	4	15	10

(*) Mining equipment includes SQM Australia's exploration assets, which are depreciated on a unit of production basis.

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.20     Goodwill

Goodwill acquired represents the excess in acquisition cost on the fair value of the Company's ownership of the net identifiable assets of the subsidiary on the acquisition date. Goodwill acquired related to the acquisition of subsidiaries is included in the line-item goodwill, which is subject to impairment tests annually or more frequently if events or changes in circumstances indicate that it might be impaired and is stated at cost less accumulated impairment losses. Gains and losses related to the sale of an entity include the carrying value of goodwill related to the entity sold.

This intangible asset is assigned to cash-generating units with the purpose of testing impairment losses. It is allocated based on cash-generating units expected to obtain benefits from the business combination from which the aforementioned goodwill acquired arose.

3.21     Intangible assets other than goodwill

Intangible assets other than goodwill mainly relate to water rights, costs for rights of way for electricity lines, software and licensing costs, the development of computer software and mining property and concession rights.

(a)Water rights

Water rights acquired by the Company relate to water from natural sources and are recorded at acquisition cost. The Company separates water rights into:

i) Finite rights with amortization using the straight-line method, and

ii) Indefinite rights, which are not amortized, given that these assets represent rights granted in perpetuity to the Company, which are subject to an annual impairment assessment.

(b)Rights of way for electric lines

As required for the operation of industrial plants, the Company has paid rights of way to install wires for the different electric lines on third party land. Amounts paid are capitalized at the date of the agreement and amortized in the statement of income, according to the life of the right of way.

(c)Computer software

Licenses for IT programs acquired are capitalized based on their acquisition and customization costs. These costs are amortized over their estimated useful lives. The useful lives of IT programs are defined by their contracts or rights.

Expenses related to the development or maintenance of IT programs are recognized as an expense as and when incurred. Costs directly related to the production of unique and identifiable IT programs controlled by the Group, and which will probably generate economic benefits that are higher than its costs during more than a year, are recognized as intangible assets. Direct costs include the expenses of employees who develop information technology software and general expenses in accordance with corporate charges received.

The costs of development for IT programs are recognized as assets are amortized over their estimated useful lives.

(d)Mining property and concession rights

The Company holds mining property and concession rights from the Chilean and Western Australian Governments. Property rights from the State of Chile are usually obtained at no initial cost (other than the payment of mining patents and minor recording expenses) and once the rights on these concessions have been obtained, they are retained by the Company while annual patents are paid. Such patents, which are paid annually, are recorded as prepaid assets and amortized over the following twelve months. Amounts

Notes to the Consolidated Interim Financial Statements September 30, 2023

attributable to mining concessions acquired from third parties different from the Chilean Government are recorded at acquisition cost within intangible assets.

The finite useful life of mining properties is calculated using the productive unit method, except for the mining properties owned by Corfo, which have been leased to the Company and grant it the right to exclusively exploit them until December 31, 2030.

Minimum and maximum amortization lives or rates of intangible assets:

Estimated useful life or amortization rate	Minimum Life or Rate	Maximum Life or Rate
Water rights	5 years	Indefinite
Rights of way	Indefinite	Indefinite
Corfo Mining properties	7 years	7 years
Mining rights	Unit-production method
Intellectual property	9 years	9 years
IT programs	3 years	9 years

3.22     Research and development expenses

Research and development expenses are charged to profit or loss in the period in which the expenditure was incurred.

3.23     Exploration and evaluation expenses

The Company holds mining concessions for exploration and exploitation of ore, the Company gives the following treatment to expenses associated:

Once the rights have been obtained, the Company records the disbursements directly associated with the exploration and evaluation of the deposit in execution as property, plant and equipment (construction in progress) at its cost. These disbursements include the following items: geological surveys, drilling, borehole extraction and sampling, activities related to the technical assessment and commercial viability of the extraction, and in general, any disbursement directly related to specific projects where the objective is to find ore resources. If the technical studies determine that the ore grade is not economically viable, the asset is directly charged to profit and loss. If determined otherwise, the asset described above is associated with the extractable ore tonnage which is amortized as it is used.

(a) Limestone and metallic exploration

These assets are included in Other Non-Current Non-Financial Assets, and the portion related to the area to be exploited in the year is reclassified to Inventories, if applicable. Costs related to metal exploration are charged to profit or loss in the period in which they are recognized if the project assessed doesn't qualify as advanced exploration otherwise, these are amortized during the development stage.

(b) Exploration and evaluation at the Mt. Holland Project

Exploration and evaluation costs incurred prior to the commencement of mining are presented in Construction in progress, until mining had commenced, subsequently these are reclassified to Mining assets.

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.24     Impairment of non-financial assets

Assets subject to depreciation and amortization are also subject to impairment testing, provided that an event or change in the circumstances indicates that the amounts in the accounting records may not be recoverable, an impairment loss is recognized for the excess of the book value of the asset over its recoverable amount.

For assets other than goodwill, the Group annually assesses whether there is any indication that a previously recognized impairment loss may no longer exist or may have decreased. Should such indications exist, the recoverable amount is estimated.

The recoverable amount of an asset is the higher between the fair value of an asset or cash generating unit less costs of sales and its value in use and is determined for an individual asset unless the asset does not generate any cash inflows that are clearly independent from other assets or groups of assets.

In evaluating value in use, estimated future cash flows are discounted using a pre-tax discount rate that reflects current market assessment, the value of money over time and the specific asset risks.

Impairment losses from continuing operations are recognized with a debit to profit or loss in the categories of expenses associated with the impaired asset function.

For assets other than goodwill, a previously recognized impairment loss is only reversed if there have been changes in the estimates used to determine the asset’s recoverable amount since the last time an impairment loss was recognized. If this is the case, the carrying value of the asset is increased to its recoverable amount. This increased amount cannot exceed the carrying value that would have been determined, net of depreciation, if an asset impairment loss had not been recognized in prior years. This reversal is recognized with a credit to profit or loss.

Assets with indefinite lives are assessed for impairment annually.

3.25     Minimum dividend

As required by Chilean law and regulations, the dividend policy is decided upon from time to time by the Board of Directors and is announced at the Annual Ordinary Shareholders’ Meeting, which is generally held in April of each year. Shareholder’s approval of the dividend policy is not required. However, each year the Board must submit the declaration of the final dividend or dividends in respect of the preceding year, consistent with the then-established dividend policy, to the Annual Ordinary Shareholders’ Meeting for approval. As required by the Chilean Companies Act, unless otherwise decided by unanimous vote of the holders of issued shares, the Company must distribute a cash dividend in an amount equal to at least 30% of our consolidated net income for that year (determined in accordance with CMF regulations), unless and to the extent there is a deficit in retained earnings. (See Note 20.5).

Notes to the Consolidated Interim Financial Statements September 30, 2023

3.26     Earnings per share

The basic earnings per share amounts are calculated by dividing the profit for the year attributable to the ordinary owners of the parent by the weighted average number of ordinary shares outstanding during the year.

Earnings per Share	For the period from January to September of the year				For the period from July to
		2022		2023		2022
Profit attributable to the owners of the parent (ThUS)	1,809,490		2,755,287		479,368		1,099,906
Weighted average number of shares	285,638,456		285,638,456		285,638,456		285,638,456
Basic earnings per share (US)	6.3349		9.6461		1.6782		3.8507
Profit attributable to the owners of the parent (ThUS)	1,809,490		2,755,287		479,368		1,099,906
Weighted average number of shares	285,638,456		285,638,456		285,638,456		285,638,456
Diluted earnings per share (US)	6.3349		9.6461		1.6782		3.8507
Serie A common share	142,819,552		142,819,552		142,819,552		142,819,552
Serie B common share	142,818,904		142,818,904		142,818,904		142,818,904
Total weighted average number of share	285,638,456		285,638,456		285,638,456		285,638,456

All values are in US Dollars.

The Company has no instruments that could potentially dilute earnings per share for the three and six months ended September 30, 2023 and 2022.

3.27     Other provisions

Provisions are recognized when:

•The Company has a present, legal or constructive obligation as the result of a past event.

•It is more likely than not that certain resources must be used, to settle the obligation.

•A reliable estimate can be made of the amount of the obligation.

In the event that the provision or a portion of it is reimbursed, the reimbursement is recognized as a separate asset solely if there is certainty of income.

The expense for any provision is presented net of any reimbursements in the consolidated statement of income.

Should the effect of the value of money over time be significant, provisions are discounted using a discount rate before tax that reflects the liability’s specific risks. When a discount rate is used, the increase in the provision over time is recognized as a finance cost.

The Company’s policy is to maintain provisions to cover risks and expenses based on a better estimate to deal with possible or certain and quantifiable responsibilities from current litigation, compensations or obligations, pending expenses for which the amount has not yet been determined, collaterals and other similar guarantees for which the Company is responsible. These are recorded at the time the responsibility or the obligation that determines the compensation or payment is generated.

3.28     Obligations related to employee termination benefits and pension commitments

Obligations towards the Company’s employees comply with the provisions of the collective bargaining agreements in force, which are formalized through collective employment agreements and individual employment contracts, except for the United States which is detailed in Note 18.4.

These obligations are measured using actuarial calculations, according to the projected unit credit method which considers such assumptions as the mortality rate, employee turnover, interest rates, retirement dates, effects related to increases in employees’ salaries, as well as the effects on variations in services derived from variations in the inflation rate.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Actuarial gains and losses that may be generated by variations in defined, pre-established obligations are directly recorded in “Other Comprehensive Income”.

Actuarial losses and gains have their origin in deviations between the estimate and the actual behavior of actuarial assumptions or in the reformulation of established actuarial assumptions.

The Company’s subsidiary SQM North America has established pension plans for its retired employees that are calculated by measuring the projected obligation using a net salary progressive rate net of adjustments for inflation, mortality and turnover assumptions, deducting the resulting amounts at present value. The net balance of this obligation is presented under the “Non-Current Provisions for Employee Benefits” (refer to Note 18.4).

3.29     Compensation plans

Compensation plans implemented through benefits provided in share-based payments settled in cash are recognized in the financial statements at their fair value, in accordance with IFRS 2. Changes in the fair value of options granted are recognized with a charge to payroll in the results for the period (see Note 18.6).

3.30     Revenue recognition

Revenue includes the fair value of considerations received or receivable for the sale of goods and services during the performance of the Company's activities. Revenue is presented net of value added tax, estimated returns, rebates and discounts and after the elimination of sales among subsidiaries.

Revenues are recognized when the specific conditions for each income stream are met, as follows:

(a)Sale of goods

The sale of goods is recognized when the Company has delivered products to the customer, and there is no obligation pending compliance that could affect the acceptance of products by the customer. The delivery does not occur until products have been shipped to the customer or confirmed as received by the customer, and the related risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the conditions established in the sale, when the acceptance period has ended, or when there is objective evidence that those criteria required for acceptance have been met.

Sales are recognized in consideration of the price set in the sales agreement, net of volume discounts and estimated returns at the date of the sale. Volume discounts are evaluated in consideration of annual foreseen purchases and in accordance with the criteria defined in agreements.

(b)Sale of services

Revenue associated with the rendering of services is recognized considering the degree of completion of the service as of the date of presentation of the consolidated classified statement of financial position, provided that the result from the transaction can be estimated reliably.

(c)Income from dividends

Income from dividends is recognized when the right to receive the payment is established.

3.31     Finance income and finance costs

Finance income is mainly composed of interest income from financial instruments such as term deposits and mutual fund deposits. Interest income is recognized in profit or loss at amortized cost, using the effective interest rate method.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Finance costs are mainly composed of interest on bank borrowing, interest on bonds issued less interest capitalized for borrowing costs for the acquisition, construction or production or qualifying assets. Borrowing costs and bonds issued are also recognized in profit or loss using the effective interest rate method.

3.32     Current income tax and deferred

Corporate income tax for the year is determined as the sum of current and deferred income taxes from the different consolidated companies.

Current taxes are based on the application of the various types of taxes attributable to taxable income for the period. The Company periodically assesses the positions taken in the determination of taxes with respect to situations in which the applicable tax regulation is subject to interpretation and considers whether it is probable that a tax authority will accept an uncertain tax treatment. A provision is created if it is probable that a payment will be required to a taxation authority. The Company measures its tax balances based on the most probable amount or expected value, depending on which method provides a better prediction of the resolution of uncertainty.

Differences between the book value of assets and liabilities and their tax basis generate the balance of deferred tax assets or liabilities, which are calculated using the tax rates expected to be applicable when the assets and liabilities are realized.

In conformity with current tax regulations, the provision for corporate income tax and taxes on mining activity is recognized on an accrual basis, presenting the net balances of accumulated monthly tax provisional payments for the fiscal period and associated credits. The balances of these accounts are presented in current income taxes recoverable or current taxes payable, as applicable.

Income tax and variations in deferred tax assets or liabilities that are not the result of business combinations are recorded in income or equity, considering the origin of the gains or losses which have generated them.

Deferred tax assets are recognized to the extent that future taxable profits are expected to absorb them.

With respect to deductible temporary differences associated with investments in subsidiaries, associated companies and interest in joint ventures, deferred tax assets are recognized solely provided that it is more likely than not that the temporary differences will be reversed in the near future and that there will be taxable income with which they may be used. The deferred taxes related to items directly recognized in equity is recorded with effect on other comprehensive income.

Deferred tax assets and liabilities are offset if there is a legally receivable right of offsetting tax assets against tax liabilities and the deferred tax is related to the same tax entity and authority.

The recognized deferred tax assets refer to the amount of income tax to recover in future periods, related to:

a)deductible temporary differences;

b)compensation for losses obtained in prior periods, which have not yet been subject to tax deduction; and

c)compensation for unused credits from prior periods.

The Company recognizes deferred tax assets when it has the certainty that they can be offset with tax income from subsequent periods, unused tax losses or credits to date, but only when this availability of future tax income is probable and can be used for offsetting these unused tax losses or credits.

The recognized deferred tax liabilities refer to the amount of income tax to pay in a future period, related to taxable temporary differences.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The Company does not recognize deferred tax liabilities in all cases of taxable temporary differences associated with investments in subsidiaries, branches and associates, or with joint ventures, because based on the standard, the two following conditions both apply:

(i)the parent company, investor or shareholder is capable of controlling the moment of the reversal of temporary differences; and

(ii)it is probable that the temporary difference will not be reversed in the foreseeable future.

Moreover, the Company does not recognize deferred tax assets for all the deductible temporary differences that originate from investments in subsidiaries, branches and associates, or from joint ventures, because it is unlikely that they meet the following requirements:

(i)temporary differences are reversed in the foreseeable future; and

(ii)there is taxable profit available against which temporary differences can be used.

3.33     Operating segment reporting

IFRS 8 requires that companies adopt a management approach to disclose information on the operations generated by its operating segments. In general, this is the information that management uses internally for the evaluation of segment performance and making the decision on how to allocate resources for this purpose.

An operating segment is a group of assets and operations responsible for providing products or services subject to risks and performance that are different from those of other business segments. A geographical segment is responsible for providing products or services in a given economic environment subject to risks and performance that are different from those of other segments operating in other economic environments.

Allocation of assets and liabilities, to each segment is not possible given that these are associated with more than one segment, except for depreciation, amortization and impairment of assets, which are directly allocated in accordance with the criteria established in the costing process for product inventories to the corresponding segments.

3.34     Primary accounting criteria, estimates and assumptions

Management is responsible for the information contained in these consolidated annual accounts, which expressly indicate that all the principles and criteria included in IFRS, as issued by the IASB, have been applied in full.

In preparing the consolidated financial statements of the Company and its subsidiaries, management has made significant judgments and estimates to quantify certain assets, liabilities, revenues, expenses and commitments included therein. Basically, these estimates refer to:

•Estimated useful lives are determined based on current facts and past experience and take into consideration the expected physical life of the asset, the potential for technological obsolescence, and regulations. (See Notes 3.21, 15 and 16).

•Impairment losses of certain assets - Goodwill and intangible assets that have an indefinite useful life are not amortized and are assessed for impairment on an annual basis, or more frequently if the events or changes in circumstances indicate that these may have deteriorated Other assets, including property, plant and equipment, exploration assets, goodwill and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts exceed their recoverable amounts. If an impairment assessment is required, the assessment of fair value or value in use often requires estimates and assumptions such as discount rates, exchange rates, commodity prices, future capital requirements and future operating performance. Changes in such estimates could impact the recoverable values of these assets. Estimates are reviewed regularly by management (See Notes 15 and 16).

Notes to the Consolidated Interim Financial Statements September 30, 2023

•Assumptions used in calculating the actuarial amount of pension-related and severance indemnity payment benefit commitments (See Note 18).

•Contingencies – The amount recognized as a provision, including legal, contractual, constructive and other exposures or obligations, is the best estimate of the consideration required to settle the related liability, including any related interest charges, considering the risks and uncertainties surrounding the obligation. In addition, contingencies will only be resolved when one or more future events occur or fail to occur. Therefore, the assessment of contingencies inherently involves the exercise of significant judgment and estimates of the outcome of future events. The Company assesses its liabilities and contingencies based upon the best information available, relevant tax laws and other appropriate requirements (See Note 21). If the Company is unable to rationally estimate the obligation or concluded no loss is probable but it is reasonably possible that a loss may be incurred, no provision is recorded but disclosed in the notes to the consolidated financial statements.

•Volume determination for certain in-process and finished products is based on topographical measurements and technical studies that cover the different variables (density for bulk inventories and density and porosity for the remaining stock, among others), and related allowance.

•Estimates for obsolescence provisions to ensure that the carrying value of inventory is not in excess of the net realizable Inventory valuation. (See Note 11).

Even though these estimates have been made on the basis of the best information available on the date of preparation of these consolidated financial statements, certain events may occur in the future and oblige their amendment (upwards or downwards) over the next few years, which would be made prospectively.

3.35 Government grants

The Company recognizes an unconditional government grant in the income statement as part of other income when the associated cash flows are received.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 4    Financial risk management

4.1Financial risk management policy

The Company’s financial risk management policy is focused on safeguarding the stability and sustainability of the Company and its subsidiaries regarding all such relevant financial uncertainty components.

The Company’s operations are subject to certain financial risk factors that may affect its financial position or results. The most significant risk exposures are market risk, liquidity risk, currency risk, credit risk, and interest rate risk, among others.

There could also be additional risks, which are either unknown or known but not currently deemed to be significant, which could also affect the Company’s business operations, its business, financial position, or profit or loss.

The financial risk management structure includes identifying, determining, analyzing, quantifying, measuring and controlling these events. Management and in particular, Finance Management, is responsible for constantly assessing the financial risk.

4.2Risk Factors

(a)Credit risk

A global economic contraction may have potentially negative effects on the financial assets of the Company, which are primarily made up of financial investments and trade receivables, and the impact on of our customers could extend the payment terms of the Company's receivables by increasing its exposure to credit risk. Although measures are taken to minimize the risk, this global economic situation could mean losses with adverse material effects on the business, financial position or profit and loss of the Company's operations.

Trade receivables: to mitigate credit risk, the Company maintains active control of collection and requires the use of credit insurance. Credit insurance covers the risk of insolvency and unpaid invoices corresponding to 80% of all receivables with third parties. The credit risk associated with receivables is analyzed in Note 13.2 b) and the related accounting policy can be found in Note 3.6.

Bank promissory notes: These are negotiable promissory notes issued by a bank payable upon maturity at the request of customers to guarantee collection. These notes are accepted based on the credit quality of the issuing banks.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Financial institution		Financial assets		Rating				As of<br><br>September 30,<br><br>2023
	Moody´s		S&P		Fitch		ThUS
Agricultural Bank of China		Bank notes		P-1		A-1		385
Bank of China		Bank notes		P-1		A-1		1,940
Bank of Communications		Bank Notes		P-1		A-2		306
BANK of JiangSu		Bank Notes		P-2		-		135
BANK of NingBo		Bank Notes		P-2		-		1,162
BANK of Shanghai		Bank Notes		P-2		-		14
China CITIC Bank		Bank notes		P-2		A-2		4,016
China Construction Bank Corporation		Bank notes		-		A-1		506
China Everbright Bank		Bank notes		(P)P-2		A-2		104
China Guangfa Bank		Bank notes		P-3		A-3		924
China Merchants		Bank notes		-		A-2		11,516
China Minsheng Bank		Bank notes		-		A-3		1,942
China Zheshang Bank		Bank notes		-		A-3		1,006
HuaXia Bank		Bank notes		-		A-3		225
Industrial & Commercial Bank of China Limited		Bank notes		P-1		A-1		937
Industrial Bank		Bank notes		P-1		A-1+		1,437
Nanyang Commercial Bank		Bank notes		P-2		-		15
Ping An Bank		Bank notes		P-2		A-2		2,673
Postal Savings Bank of China		Bank notes				A-1		1,971
Shanghai Pudong Development Bank		Bank notes		P-2		A-2		2,591
Shanghai Rural Commercial Bank		Bank notes		-		A-2		14
Standard Chartered Bank		Bank notes		-		A-2		41
Others		Bank notes		-		-		9,110
Total								42,970

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>December 31, 2022
	Moody´s		S&P		Fitch		ThUS
Agricultural Bank of China		Bank notes		P-1		A-1		10,334
Bank of China		Bank notes		P-1		A-1		27,936
Bank of Jiujiang		Bank notes		P-2		-		1,964
Bank of Ningbo		Bank notes		P-2		-		3,148
Others		Bank notes		-		-		1,887
Total								45,269

All values are in US Dollars.

Concentrations of credit risk with regard to trade receivables are reduced, owing to the Company’s large number of clients and their distribution around the globe.

No significant modifications have been made during the period to risk models or parameters used in comparison to September 30, 2023, and no modifications have been made to contractual cash flows that have been significant during this period. In December 2022, cash flows received from insurance claims were included in the determination of the allowance for doubtful accounts as compared with prior periods. The effect of this change was not significant to the overall financial statements as of December 31, 2022.

Financial investments: correspond to time deposits whose maturity date is greater than 90 days and less than 360 days from the date of investment, so they are not exposed to excessive market risks. The counterparty risk in implementation of financial operations is assessed on an ongoing basis for all financial institutions in which the Company holds financial investments.

The credit quality of financial assets that are not past due or impaired can be evaluated by reference to external credit ratings (if they are available) or historical information on counterparty late payment rates:

Notes to the Consolidated Interim Financial Statements September 30, 2023

Financial institution		Financial assets		Rating				As of<br><br>September 30,<br><br>2023
	Moody´s		S&P		Fitch		ThUS
Banco Santander- Santiago		Time deposits		P-1		A-2		6,304
Scotiabank Sud Americano		Time deposits		-		-		208,003
JP Morgan US dollar Liquidity Fund Institutional		Investment fund		Aaa-mf		AAAm		213,318
Legg Mason - Western Asset Institutional cash reserves		Investment fund		-		AAAm		211,712
Total								639,337

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>September 30,<br><br>2023
	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones		Time deposits		P-1		A-2		329,132
Banco Morgan Stanley		Margin Call		P-1		A-2		5,590
Banco Santander		Time deposits		P-1		A-2		323,442
Banco Itaú CorpBanca		Time deposits		P-2		A-2		262,098
Scotiabank Sud Americano		Time deposits		-		-		491,525
Sumitomo Mitsui Banking		Time deposits		P-2		A-2		90,508
Total								1,502,295

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>December 31, 2022
	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones		Time deposits		-		A-2		150,578
Banco Itaú Corpbanca		Time deposits		P-2		A-2		284,915
Banco Santander - Santiago		Time deposits		P-1		A-2		124,689
Scotiabank Chile		Time deposits		-		-		416,026
Sumitomo Mitsui Banking		Time deposits		P-1		-		122,631
Banco de Chile		Time deposits		-		A-1		602
JP Morgan US dollar Liquidity Fund Institutional		Investment fund		Aaa-mf		AAAm		435,485
Legg Mason - Western Asset Institutional cash reserves		Investment fund		-		AAAm		590,661
Total								2,125,587

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>December 31, 2022
	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones		Time deposits		-		A-2		187,707
Banco Itaú Corpbanca		Time deposits		P-2		A-2		15,048
Banco Santander - Santiago		Time deposits		P-1		A-2		51,444
Banco Estado		Time deposits		P-1		A-1		85,055
Scotiabank Chile		Time deposits		-		-		250,362
Banco de Chile		Time deposits		-		A-1		150,259
Sumitomo Mitsui Banking		Time deposits		P-1		-		210,292
Total								950,167

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(b)Exchange risk

The functional currency of the company is the US dollar, due to its influence on the determination of price levels, its relation to the cost of sales and considering that a significant part of the Company’s business is conducted in this currency. However, the global nature of the Company’s business generates an exposure to exchange rate variations of several currencies with the US dollar. Therefore, the Company maintains hedge contracts to mitigate the exposure generated by its main mismatches (net between assets and liabilities) in currencies other than the US dollar against the exchange rate variation, updating these contracts periodically depending on the amount of mismatching to be covered in these currencies. Occasionally, subject to the approval of the Board, the Company ensures short-term cash flows from certain specific line items in currencies other than the US dollar.

A significant portion of the Company’s costs, especially salary payments, is associated with the Peso. Therefore, an increase or decrease in its exchange rate with the US dollar will provoke a respective decrease or increase to these accounting costs, which would be reflected in the Company’s profit and loss. By the third quarter of 2023, approximately US$643 million accumulated in expenses are associated with the Peso.

As of September 30, 2023, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all the bond obligations denominated in UF, for a net asset fair value of US$13.80 million, this significant variation is explained primarily by the USD/CLP exchange rate observed at the end of the period. As of December 31, 2022, this value corresponds to a net liability amounting US$ 11.73 million.

Furthermore, on of September 30, 2023, the Company held derivative instruments classified as hedges of foreign exchange risks associated with 100% of all nominative term deposits in UF and in pesos, at a net asset fair value of US 73.30 million. As of December 31, 2022, a net assets fair value was recognized for an amount of US$29.98 million of net liabilities.

The Company contracted derivatives to hedge its exposure to cash flow variations in Australian dollars for the Mt Holland project (See note 9.5) classified as foreign exchange hedging for all the expected disbursements. The fair value of this hedge was a net liability of US$ 8.32 million as of September 30, 2023.

The Company had the following derivative contracts as of September 30, 2023 (at the absolute value of the sum of their notional values), to hedge the difference between its assets and liabilities: US$ 65.00 million CLP/US dollar derivative contracts, US$ 19.02 million Euro/US dollar derivative contracts, US$ 28.45 million in South African rand/US dollar derivative contracts, US$ 477.82 million in Chinese renminbi/US dollar derivative contracts, US$ 63.20 million in Australian dollar/US dollar derivative contracts and US$ 8.01 million in other currencies.

These derivative contracts are held with domestic and foreign banks, which have the following credit ratings as of September 30, 2023.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Financial institution		Financial assets		Rating
	Moody´s		S&P		Fitch
Banco Estado		Derivative		P-1		A-1	-
Merrill Lynch International		Derivative		-		A-1	-
JP Morgan		Derivative		P-1		A-2	F1+
Morgan Stanley		Derivative		P-1		A-2	F1
The Bank of Nova Scotia		Derivative		P-1		A-1	F1+
Banco Itaú Corpbanca		Derivative		P-2		A-2	-
Goldman Sachs		Derivative		P-1		A-2	F1

(c)Interest rate risk

Interest rate fluctuations, primarily due to the uncertain future behavior of markets, may have a material impact on the financial results of the Company. Significant increases in the rate could make it difficult to access financing at attractive rates for the Company's investment projects.

The Company maintains current and non-current financial debt at fixed rates and SOFR rate plus spread.

As of September 30, 2023, the Company has 8.4% of its financial liabilities subject to variations in the SOFR rate.

(d)Liquidity risk

Liquidity risk relates to the funds needed to comply with payment obligations. The Company’s objective is to maintain financial flexibility through a comfortable balance between fund requirements and cash flows from regular business operations, bank borrowings, bonds, short term investments and marketable securities, among others. For this purpose, the Company keeps a high liquidity ratio1, which enables it to cover current obligations with clearance. (As of September 30, 2023, this was 2.28 and 2.29 for December 31, 2022).

The Company has an important capital expense program which is subject to change over time.

On the other hand, world financial markets go through periods of contraction and expansion that are unforeseeable in the long-term and may affect The Company’s access to financial resources. Such factors may have a material adverse impact on the Company’s business, financial position and results of operations.

The Company constantly monitors the matching of its obligations with its investments, taking due care of maturities of both, from a conservative perspective, as part of this financial risk management strategy. As of September 30, 2023, the Company had unused, available revolving credit facilities with banks, for a total of US$1,216 million.

1 All current assets divided by all current liabilities.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Cash and cash equivalents are invested in highly liquid mutual funds with an AAA risk rating.

As of September 30, 2023<br><br>(Figures expressed in millions of US dollars)		Nature of undiscounted cash flows
	Carrying amount		Less than 1 year		1 to 5 years		Over 5 years		Total
Bank borrowings		1,404.59		1,118.02		271.47		71.36		1,460.85
Unsecured obligations		2,216.36		98.88		720.91		2,735.61		3,555.40
Sub total		3,620.95		1,216.90		992.38		2,806.97		5,016.25
Hedging liabilities		30.54		7.93		42.95		7.46		58,34
Derivative financial instruments		2.52		2.52		-		-		2,52
Sub total		33.06		10.45		42.95		7.46		60.86
Current and non-current lease liabilities		72.14		18.63		53.65		4.75		77.03
Trade accounts payable and other accounts payable		538.45		538.45		-		-		538.45
Total		4,264.6		1,784.43		1,088.98		2,819.18		5,692.59
As of December 31, 2022<br><br>(Figures expressed in millions of US dollars)		Nature of undiscounted cash flows
---	---	---	---	---	---	---	---	---	---	---
	Carrying amount		Less than 1 year		1 to 5 years		Over 5 years		Total
Bank borrowings		330.80		144.83		220.33		-		365.16
Unsecured obligations		2,550.60		405.17		616.66		2,935.15		3,956.98
Sub total		2,881.40		550.00		836.99		2,935.15		4,322.14
Hedging liabilities		62.53		40.76		20.43		12.68		73.87
Derivative financial instruments		5.82		5.82		-		-		5.82
Sub total		68.35		46,58		20,43		12.68		79.69
Current and non-current lease liabilities		61,73		13.94		36.33		27.85		78.12
Trade accounts payable and other accounts payable		374.79		374.79		-		-		374.79
Total		3,386.27		985.31		893.75		2,975.68		4,854.74

As of September 30, 2023, the nominal value of the agreed cash flows in US dollars of the CCS contracts were ThUS$ 484,918 (ThUS$ 512,236 as of December 31, 2022).

4.3Financial risk measurement

The Company documents and maintains methods for qualitatively measuring the effectiveness and efficiency of financial risk management strategies. These methods are consistent with SQM Group’s risk management profile.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 5        Separate information on the main office, parent entity and joint action agreements

5.1Parent’s stand-alone assets and liabilities

Parent’s stand-alone assets and liabilities
	ThUS	ThUS
Assets
Liabilities
Equity

All values are in US Dollars.

5.2Parent entity

Pursuant to Article 99 of the Securities Market Law, the CMF may determine that a company does not have a controlling entity in accordance with the distribution and dispersion of its ownership. On November 30, 2018, the CMF issued the ordinary letter No. 32,131 whereby it determined that the Pampa Group do not exert decisive power over the management of the Company since it does not have a predominance in the ownership that allows it to make management decisions. Therefore, the CMF has determined not to consider Pampa Group the controlling entity of the Company and that the Company does not have a controlling entity given its current ownership structure.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 6     Board of Directors, Senior Management and Key management personnel

6.1Remuneration of the Board of Directors and Senior Management

(a)Board of directors

SQM S.A. is managed by a Board of Directors which is composed of 8 directors, who are elected for a three-year period. The Board of Directors was elected during the ordinary shareholders’ meeting held on April 26, 2023, which included the election of 2 independent directors. Subsequent to such election, the following is the integration of the Company's committees:

-Directors’ Committee: This committee is comprised by Gina Ocqueteau Tacchini, Antonio Gil Nievas and Ashley Ozols and fulfills the functions established in Article 50 bis of Chilean Law on publicly-held corporations. This committee takes on the role of the audit committee in accordance with the US-based Sarbanes Oxley law.

-The Company’s Health, Safety and Environment Committee: This committee is comprised of Antonio Schneider, Patricio Contesse Fica and Gonzalo Guerrero Yamamoto.

-Corporate Governance Committee: This committee is comprised of Hernán Büchi Buc, Patricio Contesse Fica and Xu Tieying.

During the periods covered by these financial statements, there are no pending receivable and payable balances between the Company, its directors or members of Senior Management, other than those related to remuneration, fee allowances and profit-sharing. There were no transactions between the Company, its directors and senior management in the period between January and September 2023.

(b)Board of Directors’ Compensation

Board members’ compensation for 2022, that is from April 26, 2022 to April 26, 2023, was determined by the Annual General Shareholders Meeting held on April 26, 2022. It is as follows:

(i)The payment of a fixed, gross and monthly amount of UF 800 in favor of the Chairman of the Board of Directors, of UF 700 in favor of the vice-president of the board of directors and of UF 600 in favor of the remaining six directors and regardless of the number of Board of Directors’ Meetings held or not held during the related month.

(ii)A variable gross amount payable to the Chairman and Vice President of the board of directors equivalent to 0.12% of the net liquid income earned by the Company in the respective business year for each; and

(iii)A variable gross amount payable to each Company director, excluding the Chairman and Vice President of the board of directors, equivalent to 0.06% of the net liquid income earned in the respective business year.

To calculate the variable compensation amount for 2022, net earnings from 2022 will be considered, up to a maximum of 110% of the 2021 net earnings.

Compensation of the Board for 2023, that is from April 26, 2023 to April 26, 2024, was determined by the Annual General Shareholders Meeting held on April 26, 2023. It is as follows:

(i)The payment of a fixed, gross and monthly amount of UF 800 in favor of the Chairman of the Board of Directors, of UF 700 in favor of the vice-president of the board of directors and of UF 600 in favor of the remaining six directors and regardless of the number of Board of Directors’ Meetings held or not held during the related month.

(ii)A variable gross amount payable to the Chairman and Vice President of the board of directors equivalent to 0.12% of the net liquid income that the Company effectively obtains during the respective business year for each; and

(iii)A variable gross amount payable in local currency to each Company director, excluding the Chairman and Vice President of the Company, equivalent to 0.06% of the net liquid income that the Company effectively obtains during the respective business year.

Profit for the 2023 fiscal year will be considered for the calculation of variable compensation for 2023. The amount of variable compensation for 2023 will be capped at 110% of the amount paid to the Company’s directors for variable compensation in 2022.

These fixed and variable amounts for both periods shall not be challenged and those expressed in percentage terms shall be paid immediately after the respective annual general shareholders meeting approves the

Notes to the Consolidated Interim Financial Statements September 30, 2023

financial statements, the annual report, the account inspectors report and the external auditors report for the respective year.

Accordingly, the compensation and profit sharing paid to members of the Directors' Committee and the directors as of September 30, 2023, amounted to ThUS$ 6,802 and as of September 30, 2022 to ThUS$ 6,002.

(c)Directors’ Committee compensation

Compensation for the Board of Directors is the same for both 2022 and 2023, as follows:

(i)The payment of a fixed, gross and monthly amount of UF 200 in favor of each of the 3 directors who were members of the Directors’ Committee, regardless of the number of meetings of the Directors’ Committee that have or have not been held during the month concerned.

(ii)The payment in domestic currency and in favor of each of the 3 directors of a variable and gross amount equivalent to 0.02% of total net profit from the respective business year.

To calculate the variable compensation amount for 2022, the net income from 2022 will be considered, up to a maximum of 110% of the 2021 net income.

Profit for the 2023 fiscal year will be considered for the calculation of variable compensation for 2023. The amount of variable compensation for 2023 will be capped at 110% of the amount paid to the Company’s directors for variable compensation in 2022.

These fixed and variable amounts for both periods shall not be challenged and those expressed in percentage terms shall be paid immediately after the respective annual general shareholders meeting approves the financial statements, the annual report, the account inspectors report and the external auditors report for the respective year.

(d)Health, Safety and Environmental Matters Committee:

The remuneration of this committee for the 2022 period was composed of the payment of a fixed, gross, monthly amount of UF 100 for each of the 3 directors on the committee regardless of the number of meetings it has held. For the 2023 period, this remuneration remains unchanged.

(e)Corporate Governance Committee

The remuneration for this committee for the 2022 period was composed of the payment of a fixed, gross, monthly amount of UF 100 for each of the 3 directors on the committees regardless of the number of meetings it has held. For the 2023 period, this remuneration remains unchanged.

(f)Guarantees constituted in favor of the directors

No guarantees have been constituted in favor of the directors.

(g)Senior management compensation:

(i)This includes monthly fixed salary and variable performance bonuses. (See Note 6.2)

(ii)The Company has an annual bonus plan based on goal achievement and individual contribution to the Company’s results. These incentives are structured as a minimum and maximum number of gross monthly salaries and are paid once a year.

(iii)In addition, there are retention bonuses for its executives (see Note 18.6)

(h)Guarantees pledged in favor of the Company’s management

No guarantees have been pledged in favor of the Company’s management.

(i)Pensions, life insurance, paid leave, shares in earnings, incentives, disability loans, other than those mentioned in the above points.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The Company’s Management and Directors do not receive or have not received any benefit during the ended September 30, 2023 and the year ended December 31, 2022 or compensation for the concept of pensions, life insurance, paid time off, profit sharing, incentives, or benefits due to disability other than those mentioned in the preceding points.

6.2     Key management personnel compensation

As of September 30, 2023 and 2022, the number of the key management personnel is 155 and 138, respectively.

Key management personnel compensation
	ThUS	ThUS
Key management personnel compensation

All values are in US Dollars.

Please also see the description of the compensation for executives in Note 18.6.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 7    Background on companies included in consolidation and non-controlling interests

7.1Background on companies included in consolidation

The following tables detail general information as of September 30, 2023 and 2022 on the companies in which the group exercises control:

Subsidiaries		TAX ID No.		Address	Country of Incorporation		Functional Currency	Ownership Interest
	Direct		Indirect			Total
SQM Nitratos S.A.		96.592.190-7		El Trovador 4285, Las Condes	Chile		Dollar	99.9999	0.0001	100.0000
SQM Potasio S.A.		96.651.060-9		El Trovador 4285, Las Condes	Chile		Dollar	99.9999	0.0001	100.0000
Serv. Integrales de Tránsito y Transf. S.A.		79.770.780-5		Arturo Prat 1060, Tocopilla	Chile		Dollar	0.0003	99.9997	100.0000
Isapre Norte Grande Ltda.		79.906.120-1		Aníbal Pinto 3228, Antofagasta	Chile		Peso	1.0000	99.0000	100.0000
Ajay SQM Chile S.A.		96.592.180-K		Av. Pdte. Eduardo Frei 4900, Santiago	Chile		Dollar	51.0000	-	51.0000
Almacenes y Depósitos Ltda.		79.876.080-7		El Trovador 4285, Las Condes	Chile		Peso	1.0000	99.0000	100.0000
SQM Salar S.A.		79.626.800-K		El Trovador 4285, Las Condes	Chile		Dollar	18.1800	81.8200	100.0000
SQM Industrial S.A.		79.947.100-0		El Trovador 4285, Las Condes	Chile		Dollar	99.0470	0.9530	100.0000
Exploraciones Mineras S.A.		76.425.380-9		El Trovador 4285, Las Condes	Chile		Dollar	0.2691	99.7309	100.0000
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.		76.534.490-5		Aníbal Pinto 3228, Antofagasta	Chile		Peso	-	100.0000	100.0000
Soquimich Comercial S.A.		79.768.170-9		El Trovador 4285, Las Condes	Chile		Dollar	-	60.6383	60.6383
Comercial Agrorama Ltda. (1)		76.064.419-6		El Trovador 4285, Las Condes	Chile		Dollar	-	60.6383	60.6383
Comercial Hydro S.A.		96.801.610-5		El Trovador 4285, Las Condes	Chile		Dollar	-	100.0000	100.0000
Agrorama S.A.		76.145.229-0		El Trovador 4285, Las Condes	Chile		Dollar	-	60.6383	60.6383
Orcoma Estudios SPA		76.359.919-1		Apoquindo 3721 OF 131, Las Condes	Chile		Dollar	100.0000	-	100.0000
Orcoma SPA		76.360.575-2		Los Militares 4290, Las Condes	Chile		Dollar	100.0000	-	100.0000
SQM MaG SpA		76.686.311-9		Los Militares 4290, Las Condes	Chile		Dollar	-	100.0000	100.0000
Sociedad Contractual Minera Búfalo		77.114.779-8		Los Militares 4290, Las Condes	Chile		Dollar	99.9000	0.1000	100.0000
SQM North America Corp.		Foreign		2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA	United States of America		Dollar	40.0000	60.0000	100.0000
RS Agro Chemical Trading Corporation A.V.V.		Foreign		Caya Ernesto O. Petronia 17, Orangestad	Aruba		Dollar	98.3333	1.6667	100.0000
Nitratos Naturais do Chile Ltda.		Foreign		Al. Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo	Brazil		Dollar	-	100.0000	100.0000
SQM Corporation N.V.		Foreign		Pietermaai 123, P.O. Box 897, Willemstad, Curacao	Curacao		Dollar	0.0002	99.9998	100.0000
SQM Ecuador S.A.		Foreign		Av. José Orrantia y Av. Juan Tanca Marengo Edificio Executive Center Piso 2 Oficina 211	Ecuador		Dollar	0.00401	99.9960	100.0000
SQM Brasil Ltda.		Foreign		Al. Tocantis 75, 6° Andar, Conunto 608 Edif. West Gate, Alphaville Barureri, CEP 06455-020, Sao Paulo	Brazil		Dollar	0.5300	99.470	100.0000
SQMC Holding Corporation.		Foreign		2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta	United States of America		Dollar	0.1000	99.9000	100.0000
SQM Japan Co. Ltd.		Foreign		From 1st Bldg 207, 5-3-10 Minami- Aoyama, Minato-ku, Tokio	Japan		Dollar	0.1597	99.8403	100.0000

Notes to the Consolidated Interim Financial Statements September 30, 2023

Subsidiaries		TAX ID No.		Address	Country of Incorporation		Functional Currency	Ownership Interest
	Direct		Indirect			Total
SQM Europe N.V. (3)		Foreign		Houtdok-Noordkaai 25a B-2030 Amberes	Belgium		Dollar	0.5800	99.4200	100.0000
SQM Indonesia S.A.		Foreign		Perumahan Bumi Dirgantara Permai, Jl Suryadarma Blok Aw No 15 Rt 01/09 17436 Jatisari Pondok Gede	Indonesia		Dollar	-	80.0000	80.0000
North American Trading Company		Foreign		2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA	United States of America		Dollar	-	100.0000	100.0000
SQM Virginia LLC		Foreign		2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA	United States of America		Dollar	-	100.0000	100.0000
SQM Comercial de México S.A. de C.V.		Foreign		Av. Moctezuma 144-4 Ciudad del Sol. CP 45050, Zapopan, Jalisco México	Mexico		Dollar	0.0100	99.9900	100.0000
SQM Investment Corporation N.V.		Foreign		Pietermaai 123, P.O. Box 897, Willemstad, Curacao	Curacao		Dollar	1.0000	99.0000	100.0000
Royal Seed Trading Corporation A.V.V.		Foreign		Caya Ernesto O. Petronia 17, Orangestad	Aruba		Dollar	1.6700	98.3300	100.0000
SQM Lithium Specialties Limited Partnership		Foreign		2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA	United States of America		Dollar	-	100.0000	100.0000
Comercial Caimán Internacional S.A. (2)		Foreign		Edificio Plaza Bancomer	Panama		Dollar	-	100.0000	100.0000
SQM France S.A.		Foreign		ZAC des Pommiers 27930 FAUVILLE	France		Dollar	-	100.0000	100.0000
Administración y Servicios Santiago S.A. de C.V.		Foreign		Av. Moctezuma 144-4 Ciudad del Sol, CP 45050, Zapopan, Jalisco México	Mexico		Dollar	-	100.0000	100.0000
SQM Nitratos México S.A. de C.V.		Foreign		Av. Moctezuma 144-4 Ciudad del Sol, CP 45050, Zapopan, Jalisco México	Mexico		Dollar	-	100.0000	100.0000
Soquimich European Holding B.V.		Foreign		Luna Arena, Herikerbergweg 238 1101 CM Amsterdan	Holland		Dollar	-	100.0000	100.0000
SQM Iberian S.A.		Foreign		Provenza 251 Principal 1a CP 08008, Barcelona	Spain		Dollar	-	100.0000	100.0000
SQM África Pty Ltd.		Foreign		Tramore House, 3 Wterford Office Park, Waterford Drive, 2191 Fourways, Johannesburg	South Africa		Dollar	-	100.0000	100.0000
SQM Oceanía Pty Ltd.		Foreign		Level 9, 50 Park Street, Sydney NSW 2000, Sydney	Australia		Dollar	-	100.0000	100.0000
SQM Beijing Commercial Co. Ltd.		Foreign		Room 1001C, CBD International Mansion N 16 Yong An Dong Li, Jian Wai Ave Beijing 100022, P.R.	China		Dollar	-	100.0000	100.0000
SQM Thailand Limited		Foreign		Unit 2962, Level 29, N° 388, Exchange Tower Sukhumvit Road, Klongtoey Bangkok	Thailand		Dollar	-	99.9980	99.9980
SQM Colombia SAS		Foreign		Cra 7 No 32 – 33 piso 29 Pbx: (571) 3384904 Fax: (571) 3384905 Bogotá D.C. – Colombia.	Colombia		Dollar	-	100.0000	100.0000
SQM Australia Pty		Foreign		Level 16, 201 Elizabeth Street Sydney	Australia		Dollar	-	100.0000	100.0000
SQM (Shanghai) Chemicals Co. Ltd.		Foreign		Room 3802, 38F, No. 300 Middle Huaihai Road, Huangpu District, Shanghai, 200021 China	China		Dollar	-	100.0000	100.0000
SQM Korea LLC		Foreign		Suite 22, Kyobo Building, 15th Floor, 1 Jongno Jongno-gu, Seoul, 03154 South Korea	South Korea		Dollar	-	100.0000	100.0000
SQM Holland B.V.		Foreign		Herikerbergweg 238, 1101 CM Amsterdam Zuidoost	Holland		Dollar	-	100.0000	100.0000

(1)SQM has control over Comercial Agrorama Ltda.´s management.

(2)Comercial Caiman Internacional S.A. is liquidated at June 30, 2023.

(3)On July 1, 2023, SQM Europe N.V. absorbed its subsidiary SQM International N.V.

Notes to the Consolidated Interim Financial Statements September 30, 2023

7.2Assets, liabilities and profit of consolidated subsidiaries as of and for the period ended September 30, 2023.

Subsidiaries
	Currents	Non-currents	Currents	Non-currents
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Nitratos S.A.
SQM Potasio S.A.
Serv. Integrales de Tránsito y Transf. S.A.
Isapre Norte Grande Ltda.
Ajay SQM Chile S.A.
Almacenes y Depósitos Ltda.
SQM Salar S.A.
SQM Industrial S.A.
Exploraciones Mineras S.A.
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
Soquimich Comercial S.A.
Comercial Agrorama Ltda.
Comercial Hydro S.A.
Agrorama S.A.
Orcoma SpA
Orcoma Estudio SpA
SQM MaG SPA
Sociedad Contractual Minera Búfalo
SQM North America Corp.
RS Agro Chemical Trading Corporation A.V.V.
Nitratos Naturais do Chile Ltda.
SQM Corporation N.V.
SQM Ecuador S.A.
SQM Brasil Ltda.
Subtotal

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Subsidiaries
	Currents	Non-currents	Currents	Non-currents
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQMC Holding Corporation L.L.P.
SQM Japan Co. Ltd.
SQM Europe N.V.
SQM Indonesia S.A.
North American Trading Company
SQM Virginia LLC
SQM Comercial de México S.A. de C.V.
SQM Investment Corporation N.V.
Royal Seed Trading Corporation A.V.V.
SQM Lithium Specialties LLP
SQM France S.A.
Administración y Servicios Santiago S.A. de C.V.
SQM Nitratos México S.A. de C.V.
Soquimich European Holding B.V.
SQM Iberian S.A.
SQM Africa Pty Ltd.
SQM Oceania Pty Ltd.
SQM Beijing Commercial Co. Ltd.
SQM Thailand Limited
SQM Colombia SAS
SQM Shanghai Chemicals Co. Ltd.
SQM Australia Pty Ltd.
SQM Korea LLC
SQM Holland B.V.
Subtotal
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Assets and, liabilities of consolidated subsidiaries as of December 31, 2022 and profit of consolidated subsidiaries for the period ended September 30, 2022.

Subsidiaries
	Currents	Non-currents	Currents	Non-currents
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Nitratos S.A.
SQM Potasio S.A.
Serv. Integrales de Tránsito y Transf. S.A.
Isapre Norte Grande Ltda.
Ajay SQM Chile S.A.
Almacenes y Depósitos Ltda.
SQM Salar S.A.
SQM Industrial S.A.
Exploraciones Mineras S.A.
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
Soquimich Comercial S.A.
Comercial Agrorama Ltda.
Comercial Hydro S.A.
Agrorama S.A.
Orcoma SpA
Orcoma Estudio SpA
SQM MaG SPA
Sociedad Contractual Minera Búfalo
SQM North America Corp.
RS Agro Chemical Trading Corporation A.V.V.
Nitratos Naturais do Chile Ltda.
SQM Corporation N.V.
SQM Perú S.A.
SQM Ecuador S.A.
SQM Brasil Ltda.
Subtotal

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Subsidiaries
	Currents	Non-currents	Currents	Non-currents
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQMC Holding Corporation L.L.P.
SQM Japan Co. Ltd.
SQM Europe N.V.
SQM Indonesia S.A.
North American Trading Company
SQM Virginia LLC
SQM Comercial de México S.A. de C.V.
SQM Investment Corporation N.V.
Royal Seed Trading Corporation A.V.V.
SQM Lithium Specialties LLP
Comercial Caimán Internacional S.A.
SQM France S.A.
Administración y Servicios Santiago S.A. de C.V.
SQM Nitratos México S.A. de C.V.
Soquimich European Holding B.V.
SQM Iberian S.A.
SQM Africa Pty Ltd.
SQM Oceania Pty Ltd.
SQM Beijing Commercial Co. Ltd.
SQM Thailand Limited
SQM Colombia SAS
SQM International NV
SQM Shanghai Chemicals Co. Ltd.
SQM Australia Pty Ltd.
SQM Korea LLC
SQM Holland B.V.
Subtotal
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

7.3Non-controlling interests

Subsidiary
	As of September 30,2023	As of September 30,2022	As of September 30,2023	As of September 30,2022	As of September 30,2023	As of September 30,2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Potasio S.A.							-
Ajay SQM Chile S.A.							-
Soquimich Comercial S.A.							4,675
Comercial Agrorama Ltda. (4)							-
SQM Indonesia S.A.							-
SQM Thailand Limited							-
Total							4,675

All values are in US Dollars.

(4)As of December 31, 2022, a 30% non-controlling interest was acquired by Comercial Hydro S.A., a Company subsidiary.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 8 Equity-accounted investees

8.1Investments in associates recognized according to the equity method of accounting

As of September 30, 2023, and December 31, 2022, in accordance with criteria established in Note 2:

Associates
	As ofSeptember 30,2023	As ofDecember 31,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Ajay North America
Ajay Europe SARL
Azure Minerals Limited
SAS Adionics
Electric Era Technologies Inc.
Altilium Metals Ltd.
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Associate			Country of incorporation	Share of ownership in associates	Dividends received for the periods ending
	September 30, 2023	September 30, 2022
	ThUS	ThUS
Abu Dhabi Fertilizer Industries WWL			Emiratos Árabes	37%	633	3,000
Ajay North America			United States of America	49%	3,010	543
Ajay Europe SARL			France	50%	4,670	1,778
Azure Minerals Limited			Australia	19.99%	-	-
SAS Adionics			France	20%	-	-
Electric Era Technologies, Inc.			United States of America	6.82%	-	-
Altilium Metals Ltd.			United Kingdom	3%	-	-
Total					8,313	5,321

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

8.2Assets, liabilities, revenue and expenses of associates

Associate
	Assets		Liabilities		Revenue	Net income (loss)	Other comprehensive income	Comprehensive income
	Current	Non-current	Current	Non-current
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Ajay North America
Ajay Europe SARL
Azure Minerals Limited
SAS Adionics
Electric Era Technologies, Inc.
Altilium Metals Ltd.
Total

All values are in US Dollars.

Associate
	Assets		Liabilities		Revenue	Net income (loss)	Other comprehensive income	Comprehensive income
	Current	Non-current	Current	Non-current
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Ajay North America
Ajay Europe SARL
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

8.3     Disclosures regarding interests in associates

(a) Transactions for the period ended September 30, 2023:

•During the first quarter of 2023, the Company made an investment of ThUS$13,480 to acquire a 19.99% interest in Azure Minerals Limited (a company listed on the Australian Stock Exchange). SQM and Azure have entered into an acquisition agreement under which SQM has the right to acquire 25% of all lithium products in which Azure has an interest on commercially competitive market terms. During the third quarter of 2023, the Company invested an additional ThUS$12,904, to maintain its ownership interest.

•During the second quarter of 2023, the Company received dividends from Abu Dhabi Fertilizer Industries WWL totaling ThUS$ 633, which were presented under "Other gains (losses).

•During the third quarter of 2023, the Company invested ThUS$20,383 to acquire a 20% interest in Adionics Société par actions simplifiée.

•During the third quarter of 2023, the Company invested ThUS$2,575 to acquire a 3% interest in Altilium Metals Ltd., and ThUS$3,000 to acquire a 6.82% interest in Electric Era Techonologies Inc. The Company has the right to appoint a director, specific rights over share transfers, and first refusal rights in future capital increases.

(b) Transactions for the period ended September 30, 2022

•During February 2022, the Company received dividends of ThUS$ 3,000 from Abu Dhabi Fertilizer Industries WWL which triggered a income of ThUS$ 523 recorded in the line item other (losses), corresponding to the excess over the account receivable recognized in December 2021.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 9 Joint Ventures

9.1Investment in joint ventures accounted for under the equity method of accounting.

Joint Venture
	As of September 30, 2023	As of December 31, 2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Fzco.
Pavoni & C. Spa
Covalent Lithium Pty Ltd. (*)
Total

All values are in US Dollars.

(*) Equity method investments with a negative value are presented under "Other non-current provisions" and total ThUS$ 1,365.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The following companies were included in the consolidation:

Joint Venture
	As of September 30, 2023	As ofDecember 31,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Brasil Agroindustria (**)
SQM Vitas Perú S.A.C. (1)
Total

All values are in US Dollars.

(**) As of September 30, 2023, the investment in SQM Vitas Brasil Agroindustria was reclassified to “Non-current assets or groups of assets classified as held for sale”.

(1)These companies are subsidiaries of:

SQM Vitas Fzco.

Joint venture			Country of incorporation	Share of interest in ownership	Dividends received for the period ending
	September 30, 2023	September 30, 2022
	ThUS	ThUS
SQM Vitas Fzco.			United Arab Emirates	50%	-	-
Pavoni & C. Spa			Italy	50%	-	-
Covalent Lithium Pty Ltd.			Australia	50%	-	-
SQM Vitas Brasil Agroindustria (1)			Brazil	49.99%	-	-
SQM Vitas Perú S.A.C. (1)			Peru	50%	-	-
Total					-	-

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

9.2Assets, liabilities, revenue and expenses from joint ventures

Joint Venture
	Assets		Liabilities		Revenue	Net income (loss)	Other comprehensive income	Comprehensive income
	Current	Non-current	Current	Non-current
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Fzco. (*)
SQM Vitas Brasil Agroindustria (**)
SQM Vitas Perú S.A.C. (*)
Pavoni & C. Spa (*)
Covalent Lithium Pty Ltd.
Total

All values are in US Dollars.

Joint Venture
	Assets		Liabilities		Revenue	Net income (loss)	Other comprehensive income	Comprehensive income
	Current	Non-current	Current	Non-current
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Fzco. (*)
SQM Vitas Brasil Agroindustria (*)
SQM Vitas Perú S.A.C. (*)
Pavoni & C. Spa (*)
Covalent Lithium Pty Ltd.
Total

All values are in US Dollars.

(*) The financial figures figures exclude consolidation adjustments (unrealized gains and losses).

Notes to the Consolidated Interim Financial Statements September 30, 2023

9.3Other Joint Venture disclosures

Joint Venture
	As of September 30, 2023	As of December 31, 2022	As of September 30, 2023	As of December 31, 2022	As of September 30, 2023	As of December 31, 2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Fzco.
SQM Vitas Brasil Agroindustria
SQM Vitas Perú S.A.C.
Pavoni & C. Spa
Covalent Lithium Pty Ltd.
Total

All values are in US Dollars.

Joint Venture
	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022	September 30, 2023	September 30, 2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Fzco.
SQM Vitas Brasil Agroindustria
SQM Vitas Perú S.A.C.
Pavoni & C. Spa
Covalent Lithium Pty Ltd.
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

9.4     Disclosure of interests in joint ventures

a)Transactions for the period ended September 30, 2023

•As of September 30, 2023, there are no transactions to disclose.

b)Transactions for the period ended September 30, 2022

•As of September 30, 2022, there are no transactions to disclose.

9.5     Joint Operations

In 2017, together with our subsidiary SQM Australia Pty, we entered into an agreement to acquire 50% of the assets of the Mt Holland lithium project in Western Australia. The Mt Holland Lithium Project consist, to design, construct and operate a mine, concentrator and refinery to produce lithium hydroxide.

On February 17, 2021, the Board of Directors approved the investment in the Mount Holland lithium project in Western Australia. SQM's share of the project investment is expected to be approximately US$700 million, between 2021 and 2025. The feasibility study confirms an expected initial production capacity of 50,000 metric tons of lithium hydroxide during the second half of 2024.

As of September 30, 2023, a total of US$681.4 million has been contributed to the Mt Holland lithium project. The revised investment budget for this project considers an outstanding investment balance of US$156.7 million.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 10     Cash and cash equivalents

10.1 Types of cash and cash equivalents

As of September 30, 2023, and December 31, 2022, cash and cash equivalents are detailed as follows:

Cash
	ThUS	ThUS
Cash on hand
Cash in banks
Other demand deposits
Total Cash

All values are in US Dollars.

Cash equivalents
	ThUS	ThUS
Short-term deposits, classified as cash equivalents
Short-term investments, classified as cash equivalents
Total cash equivalents
Total cash and cash equivalents

All values are in US Dollars.

10.2    Short-term investments, classified as cash equivalents

As of September 30, 2023, and December 31, 2022, the short-term investments classified as cash and cash equivalents relate to mutual funds (investment liquidity funds) for investments in:

Institution
	ThUS	ThUS
Legg Mason - Western Asset Institutional Cash Reserves
JP Morgan US dollar Liquidity Fund Institutional
Total

All values are in US Dollars.

Short-term investments are highly liquid mutual funds that are basically invested in short-term fixed rate notes in the U.S. market.

10.3Amount restricted cash balances

The Company has granted a guarantee consisting of financial instruments, specified in deposits, custody and administration to Banco de Chile, for its subsidiary Isapre Norte Grande Ltda., in compliance with the provisions of the Superintendence of Health, which regulates social security health institutions.

According to the regulations of the Superintendence of Health, this guarantee is for the total payable to its affiliates and medical providers. Banco de Chile reports the current value of the guarantee to the Superintendence of Health and Isapre Norte Grande Ltda. on a daily basis.

Notes to the Consolidated Interim Financial Statements September 30, 2023

As of September 30, 2023, and December 31, 2022 pledged assets are as follows:

Restricted cash balances
	ThUS	ThUS
Isapre Norte Grande Ltda.
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

10.4Short-term deposits, classified as cash equivalents

The detail at the end of each balance date is as follows:

Receiver of the deposit			Interest<br><br>Rate		Expiration date	Principal	Interest accrued to-date	As of<br><br>September 30,<br><br>2023
	ThUS	ThUS		ThUS
Banco Santander			0.30%		10-12-2023	1,500	2	1,502
Banco Santander			0.17%		10-06-2023	500	-	500
Banco Santander			0.12%		10-04-2023	2,000	1	2,001
Banco Santander			0.34%		10-20-2023	1,300	-	1,300
Banco Santander			0.27%		10-16-2023	1,000	-	1,000
Scotiabank Sud Americano			1.25%		11-06-2023	200,000	1,300	201,300
Scotiabank Sud Americano			0.24%		10-11-2023	1,400	1	1,401
Scotiabank Sud Americano			0.31%		10-16-2023	1,300	1	1,301
Scotiabank Sud Americano			0.20%		10-10-2023	2,000	1	2,001
Scotiabank Sud Americano			0.11%		10-05-2023	500	-	500
Scotiabank Sud Americano			0.11%		10-06-2023	1,500	1	1,501
Total						213,000	1,307	214,307

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Receiver of the deposit			Interest<br><br>Rate		Expiration date	Principal	Interest accrued to-date	As of<br><br>December 31,<br><br>2022
	ThUS	ThUS		ThUS
Banco Crédito e Inversiones			0.95%		01-25-2023	42,998	609	43,607
Banco Crédito e Inversiones			0.94%		01-25-2023	100,817	537	101,354
Itaú Corpbanca			0.96%		01-05-2023	41,421	343	41,764
Itaú Corpbanca			0.96%		01-25-2023	100,660	644	101,304
Itaú Corpbanca			0.95%		01-25-2023	32,248	458	32,706
Itaú Corpbanca			0.95%		01-25-2023	73,831	1,070	74,901
Itaú Corpbanca			0.96%		01-25-2023	30,146	183	30,329
Santander			0.95%		01-25-2023	103,288	523	103,811
Santander			0.94%		01-05-2023	20,710	168	20,878
Scotiabank Sud Americano			0.96%		01-25-2023	50,330	322	50,652
Scotiabank Sud Americano			0.98%		01-25-2023	100,487	621	101,108
Scotiabank Sud Americano			0.96%		01-25-2023	70,341	428	70,769
Scotiabank Sud Americano			0.97%		01-25-2023	100,258	584	100,842
Scotiabank Sud Americano			0.38%		01-25-2023	82,000	424	82,424
Sumitomo Mitsui Banking			0.38%		01-25-2023	122,000	631	122,631
Banco Crédito e Inversiones			0.42%		01-06-2023	2,000	7	2,007
Banco Crédito e Inversiones			0.44%		01-03-2023	1,500	6	1,506
Banco Crédito e Inversiones			0.22%		01-06-2023	2,103	1	2,104
Banco de Chile			0.95%		02-14-2023	600	2	602
Itaú Corpbanca			1.02%		02-16-2023	500	2	502
Itaú Corpbanca			0.46%		01-03-2023	1,000	4	1,004
Itaú Corpbanca			0.42%		01-06-2023	700	2	702
Itaú Corpbanca			1.07%		02-27-2023	1,700	3	1,703
Scotiabank Sud Americano			0.66%		01-27-2023	1,000	3	1,003
Scotiabank Sud Americano			0.64%		01-03-2023	2,500	15	2,515
Scotiabank Sud Americano			0.72%		02-13-2023	2,200	1	2,201
Scotiabank Sud Americano			0.96%		03-03-2023	500	-	500
Scotiabank Sud Americano			0.58%		01-03-2023	1,500	8	1,508
Scotiabank Sud Americano			0.38%		01-13-2023	1,500	3	1,503
Scotiabank Sud Americano			0.87%		02-16-2023	1,000	1	1,001
Total						1,091,838	7,603	1,099,441

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 11    Inventories

The composition of inventory at each period-end is as follows:

Type of inventory
	ThUS	ThUS
Raw material
Production supplies
Products-in-progress
Finished product
Total

All values are in US Dollars.

As of September 30, 2023, the Company held caliche stockpiles, solutions in solar ponds and intermediary salts amounting ThUS$ 529,727 and as of December 31, 2022 was ThUS$ 513,209 (including products in progress). As of September 30, 2023, bulk inventories recognized within work in progress were ThUS$ 198,510, while as of December 31, 2022 this value amounted to ThUS$ 122,284.

As of September 30, 2023 and December 31, 2022, bulk inventories recognized within finished goods were ThUS$ 166,131 and ThUS$ 198,796, respectively.

As of September 30, 2023 and December 2022, recognized inventory allowances recognized, amounted to ThUS$ 111,145 and ThUS$ 104,057, respectively. For finished and in-process products, recognized allowances include the provision associated with the lower value of stock (considers lower realizable value, uncertain future use, reprocessing costs of off-specification products, etc.), provision for inventory differences and the provision for potential errors in the determination of inventories (e.g., errors in topography, grade, moisture, etc.). (See Note 3.15).

For raw materials, supplies, materials and parts, the lower value provision was associated to the proportion of defective materials and potential differences.

The breakdown of inventory allowances is detailed as follows:

Type of inventory
	ThUS	ThUS
Raw material and supplies for production
Products-in-progress
Finished product
Total

All values are in US Dollars.

The Company has not pledged inventory as collateral for the periods indicated above.

Notes to the Consolidated Interim Financial Statements September 30, 2023

As of September 30, 2023, and December 31, 2022, movements in provisions are detailed as follows:

Conciliation
	ThUS	ThUS
Beginning balance
Increase in provision for lower value
Additional provision for differences in inventories
Provision used
Total changes
Final balance

All values are in US Dollars.

For further details, see accounting policy for inventory measurement in Note 3.15.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 12     Related party disclosures

12.1Related party disclosures

Balances pending at period-end are not guaranteed, accrue no interest and are settled in cash, no guarantees have been delivered or received for trade and other receivables due from related parties or trade and other payables due to related parties.

12.2Relationships between the parent and the entity

Pursuant to Article 99 of Law of the Securities Market Law, the CMF may determine that a company does not have a controlling entity in accordance with the distribution and dispersion of its ownership. On November 30, 2018, the CMF issued the ordinary letter No. 32,131 whereby it determined that Pampa Group, do not exert decisive power over the management of the Company since it does not have a predominance in the ownership that allows it to make management decisions. Therefore, the CMF has determined not to consider Pampa Group as the controlling entity of the Company and that the Company does not have a controlling entity given its current ownership structure.

Notes to the Consolidated Interim Financial Statements September 30, 2023

12.3Detailed identification of related parties and subsidiaries

As of September 30, 2023 and December 31, 2022, the detail of entities that are identified as subsidiaries or related parties of the SQM Group is as follows:

Tax ID No	Name	Country of origin	Functional currency	Nature
Foreign	Nitratos Naturais Do Chile Ltda.	Brazil	Dollar	Subsidiary
Foreign	SQM North America Corp.	United States	Dollar	Subsidiary
Foreign	SQM Europe N.V. (4)	Belgium	Dollar	Subsidiary
Foreign	Soquimich European Holding B.V.	Netherlands	Dollar	Subsidiary
Foreign	SQM Corporation N.V.	Curacao	Dollar	Subsidiary
Foreign	SQM Comercial De México S.A. de C.V.	Mexico	Dollar	Subsidiary
Foreign	North American Trading Company	United States	Dollar	Subsidiary
Foreign	Administración y Servicios Santiago S.A. de C.V.	Mexico	Dollar	Subsidiary
Foreign	SQM Perú S.A. (2)	Peru	Dollar	Subsidiary
Foreign	SQM Ecuador S.A.	Ecuador	Dollar	Subsidiary
Foreign	SQM Nitratos Mexico S.A. de C.V.	Mexico	Dollar	Subsidiary
Foreign	SQMC Holding Corporation L.L.P.	United States	Dollar	Subsidiary
Foreign	SQM Investment Corporation N.V.	Curacao	Dollar	Subsidiary
Foreign	SQM Brasil Limitada	Brazil	Dollar	Subsidiary
Foreign	SQM France S.A.	France	Dollar	Subsidiary
Foreign	SQM Japan Co. Ltd.	Japan	Dollar	Subsidiary
Foreign	Royal Seed Trading Corporation A.V.V.	Aruba	Dollar	Subsidiary
Foreign	SQM Oceania Pty Limited	Australia	Dollar	Subsidiary
Foreign	Rs Agro-Chemical Trading Corporation A.V.V.	Aruba	Dollar	Subsidiary
Foreign	SQM Indonesia S.A.	Indonesia	Dollar	Subsidiary
Foreign	SQM Virginia L.L.C.	United States	Dollar	Subsidiary
Foreign	Comercial Caimán Internacional S.A. (3)	Panama	Dollar	Subsidiary
Foreign	SQM África Pty. Ltd.	South Africa	Dollar	Subsidiary
Foreign	SQM Colombia SAS	Colombia	Dollar	Subsidiary
Foreign	SQM Internacional N.V.	Belgium	Dollar	Subsidiary
Foreign	SQM (Shanghai) Chemicals Co. Ltd.	China	Dollar	Subsidiary
Foreign	SQM Lithium Specialties LLC	United States	Dollar	Subsidiary
Foreign	SQM Iberian S.A.	Spain	Dollar	Subsidiary
Foreign	SQM Beijing Commercial Co. Ltd.	China	Dollar	Subsidiary
Foreign	SQM Thailand Limited	Thailand	Dollar	Subsidiary
Foreign	SQM Australia PTY	Australia	Dollar	Subsidiary
Foreign	SQM Holland B.V.	Netherlands	Dollar	Subsidiary
Foreign	SQM Korea LLC	South Korea	Dollar	Subsidiary
96.801.610-5	Comercial Hydro S.A.	Chile	Dollar	Subsidiary
96.651.060-9	SQM Potasio S.A.	Chile	Dollar	Subsidiary
96.592.190-7	SQM Nitratos S.A.	Chile	Dollar	Subsidiary
96.592.180-K	Ajay SQM Chile S.A.	Chile	Dollar	Subsidiary
79.947.100-0	SQM Industrial S.A.	Chile	Dollar	Subsidiary
79.906.120-1	Isapre Norte Grande Ltda.	Chile	Peso	Subsidiary
79.876.080-7	Almacenes y Depósitos Ltda.	Chile	Peso	Subsidiary

Notes to the Consolidated Interim Financial Statements September 30, 2023

Tax ID No	Name	Country of origin	Functional currency	Nature
79.770.780-5	Servicios Integrales de Tránsitos y Transferencias S.A.	Chile	Dollar	Subsidiary
79.768.170-9	Soquimich Comercial S.A.	Chile	Dollar	Subsidiary
79.626.800-K	SQM Salar S.A.	Chile	Dollar	Subsidiary
76.534.490-5	Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.	Chile	Peso	Subsidiary
76.425.380-9	Exploraciones Mineras S.A.	Chile	Dollar	Subsidiary
76.064.419-6	Comercial Agrorama Ltda.	Chile	Peso	Subsidiary
76.145.229-0	Agrorama S.A.	Chile	Peso	Subsidiary
76.359.919-1	Orcoma Estudios SPA	Chile	Dollar	Subsidiary
76.360.575-2	Orcoma SPA	Chile	Dollar	Subsidiary
76.686.311-9	SQM MaG SpA	Chile	Dollar	Subsidiary
77.114.779-8	Sociedad Contractual Minera Búfalo	Chile	Dollar	Subsidiary
Foreign	Ajay North America	United States	Dollar	Associate
Foreign	Abu Dhabi Fertilizer Industries WWL	Arab Emirates	Arab Emirates dirham	Associate
Foreign	Ajay Europe SARL	France	Euro	Associate
Foreign	Azure Minerals Limited	Australia	Australian dollar	Associate
Foreign	Electronic era Technologies Inc.	United States	Dollar	Associate
Foreign	Altilium Metals Ltd.	United Kingdom	Pound Sterling	Associate
Foreign	SAS Adionics	France	Euro	Associate
Foreign	SQM Vitas Fzco.	Arab Emirates	Arab Emirates dirham	Joint venture
Foreign	Covalent Lithium Pty Ltd.	Australia	Dollar	Joint venture
Foreign	Pavoni & C, SPA	Italy	Euro	Joint venture
96.511.530-7	Sociedad de Inversiones Pampa Calichera	Chile	Dollar	Other related parties
96.529.340-K	Norte Grande S.A.	Chile	Peso	Other related parties
Foreign	SQM Vitas Brasil Agroindustria (1)	Brazil	Brazilian real	Other related parties
Foreign	SQM Vitas Perú S.A.C. (1)	Peru	Dollar	Other related parties

(1)These Companies are subsidiaries of the joint venture SQM Vitas Fzco.

(2)This Company was liquidated in December 2022.

(3)This Company was liquidated in March 2023.

(4)On July 1, 2023, SQM Europe N.V. absorbed SQM International N.V.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The following other related parties correspond to mining contractual corporations.

Tax ID No.	Name	Country of origin	Functional currency	Relationship
N/A	Sociedad Contractual Minera Pampa Unión	Chile	Peso	Other related parties

Below is a list of transactions with clients and suppliers with whom a relationship with key Company personnel was identified:

Tax ID No	Name	Country of origin	Nature
90.193.000-7	El Mercurio S.A.P.	Chile	Other related parties
92.580.000-7	Empresa Nacional de Telecomunicaciones S.A.	Chile	Other related parties
96.806.980-2	Entel PCS Telecomunicaciones S.A.	Chile	Other related parties
97.004.000-5	Banco de Chile	Chile	Other related parties
99.012.000-5	Compañía de Seguros de Vida Consorcio Nacional	Chile	Other related parties
65.614.340-1	Corporación Endeavor Chile	Chile	Other related parties
82.135.600-8	Instituto Chileno administración empresas	Chile	Other related parties

Notes to the Consolidated Interim Financial Statements September 30, 2023

12.4Detail of related parties and related party transactions

Transactions between the Company and its subsidiaries, associated businesses, joint ventures and other related parties are part of the Company's common transactions. Their conditions are those customary for this type of transactions in respect of terms and market prices. Maturity terms for each case vary by virtue of the transaction giving rise to them.

As of September 30, 2023 and 2022, the detail of significant transactions with related parties is as follows:

Tax ID No			Country of origin	Transaction	As of<br><br>September 30,<br><br>2023	As of<br><br>September 30,<br><br>2022
	ThUS	ThUS
Foreign			France	Sale of products	35,996	34,149
Foreign			France	Dividends	4,670	1,778
Foreign			United States of America	Sale of products	23,812	31,350
Foreign			United States of America	Dividends	3,010	543
Foreign			Emiratos Árabes	Dividends	633	3,000
Foreign			Brazil	Sale of products	7,119	58,593
Foreign			Peru	Sale of products	8,831	42,225
Foreign			Italy	Sale of products	3,810	3,573
Chile			Chile	Service Provider	(14,391)	(11,607)
Chile			Chile	Service Provider	-	34
Chile			Chile	Service Provider	(355)	(15)
Chile			Chile	Service Provider	-	(8)
Chile			Chile	Service Provider	(94)	(32)
Chile			Chile	Service Provider	(797)	(194)
Chile			Chile	Service Provider	(1)	-
Chile			Chile	Service Provider	(1)	(1)

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

12.5Trade receivables due from related parties, current:

Tax ID No			Country of origin	Currency	As of<br><br>September 30,<br><br>2023	As of<br><br>December 31,<br><br>2022
	ThUS	ThUS
Foreign			France	Euro	10,700	7,967
Foreign			United States of America	Dollar	2,164	8,354
96.511.530-7			Chile	Dollar	5	5
Foreign			Brazil	Dollar	5,603	32,054
Foreign			Peru	Dollar	27,533	31,081
Foreign			United Arab Emirates	United Arab Emirates Dirham	232	232
Foreign			Italy	Euro	1,681	888
Foreign			Australia	Australian dollar	-	1,041
Total					47,918	81,622

All values are in US Dollars.

As of September 30, 2023 and December 31, 2022, receivables are net of provision for ThUS$ 808 and ThUS$ 1,378, respectively.

12.6Current trade payables due to related:

Tax ID No			Country of origin	Currency	As of<br><br>September 30,<br><br>2023	As of<br><br>December 31,<br><br>2022
	ThUS	ThUS
Foreign			Australia	Dollar	2,394	-
Total					2,394	-

All values are in US Dollars.

12.7Other disclosures:

Note 6 describes the remuneration of the board of directors, administration and key management personnel.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 13 Financial instruments

13.1 Types of other current and non-current financial assets

Description of other financial assets
	ThUS	ThUS
Financial assets at amortized cost (1)
Derivative financial instruments
- For hedging
- Non-hedging (2)
Total other current financial assets
Financial assets at fair value through other comprehensive income
Derivative financial instruments
- For hedging
Other financial assets at amortized cost
Total other non-current financial assets

All values are in US Dollars.

Institution
	ThUS	ThUS
Banco de Crédito e Inversiones
Banco Morgan Stanley (3)
Banco Santander
Banco Itaú CorpBanca
Banco Estado
Banco de Chile
Scotiabank Sud Americano
Sumitomo Mitsui Banking
Total

All values are in US Dollars.

(1)Corresponds to term deposits whose maturity date is greater than 90 days and less than 360 days from the investment date constituted in the aforementioned financial institutions.

(2)Correspond to forwards and options that were not classified as hedging instruments (See detail in Note 13.3).

(3)As of September 30, 2023, collateral guarantees total ThUS$ 5,590. December 31, 2022, no margin calls were recorded.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.2     Trade and other receivables

Trade and other receivables
	Current	Non-current	Total	Current	Non-current	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Trade receivables, current
Prepayments, current
Other receivables, current
Guarantee deposits (1)
Total trade and other receivables

All values are in US Dollars.

See discussion about credit risk in Note 4.2.

Trade and other receivables
	Gross receivables	Impairment provision for doubtful receivables	Trade receivables, net	Gross receivables	Impairment provision for doubtful receivables	Trade receivables, net
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Receivables related to credit operations, current
Prepayments, current
Other receivables, current
Guarantee deposits (1)
Other receivables, non-current
Total trade and other receivables

All values are in US Dollars.

(1) During the third quarter of 2022, the Company signed an agreement for an option to potentially acquire a battery-grade lithium hydroxide monohydrate plant with a production capacity of approximately 20,000 tons per year from lithium sulfate salts. In addition, the transaction secures rights to adjacent land for future expansion.

The acquisition cost totals CNY 869 million (ThUS$ 119,575) from which a deposit was paid in advance amounting CNY 204.5 million (ThUS$ 29,322) in the first quarter of 2023. The disbursement of the remaining amounts is subject to compliance with various conditions. The Company´s payments would be backed by various guarantees granted by the seller and any failure to fulfil the conditions required by the contract would be considered a material breach of contract, giving the Company the right to demand the restitution of the amounts already paid.

Notes to the Consolidated Interim Financial Statements September 30, 2023

As of September 30, 2023 and December 31, 2022, the renegotiated portfolio represented 0% of total trade receivables.

(a) Impairment provision for doubtful receivables

As of September 30, 2023
Trade and other receivables										Trade	Trade receivables due from related parties
	Current		1 to 30 days			61 to 90 days		Over 90 days
		ThUS		ThUS
Expected Loss Rate on				1%	20%		5%		66%	-	-
Total Gross Book Value				62,292	10,348		1,282		2,344	910,592	48,726
Impairment Estimate				485	2,112		66		1,555	5,582	808

All values are in US Dollars.

As of December 31, 2022
Trade and other receivables										Trade	Trade receivables due from related parties
	Current		1 to 30 days			61 to 90 days		Over 90 days
		ThUS		ThUS
Expected Loss Rate on				1%	7%		6%		81%	-	-
Total Gross Book Value				30,187	1,457		3,336		3,873	1,006,982	83,000
Impairment Estimate				391	108		186		3,126	4,759	1,378

All values are in US Dollars.

As of September 30, 2023, and December 31, 2022, movements in provisions are as follows:

Provisions
	ThUS	ThUS
Impairment provision of Accounts receivable at the beginning of the year
Increase (decrease) impairment of accounts receivable
Write-off of receivables
Difference in exchange rate
Impairment provision of Accounts Receivable Provision at the end of the year
(1) Trade and other Receivables Provision
(2) Current Other Receivables Provision
(3) Trade receivables with related parties, current Provision
Impairment provision of Accounts Receivable Provision
Renegotiated receivables
Non-renegotiated receivables

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.3     Hedging assets and liabilities

The balance represents derivative financial instruments measured at fair value which have been classified as hedges for exchange and interest rate risks relating to the total obligations with the public associated with bonds in UF and investments in Chilean pesos. (See more detail in Note 4.2 b).

As of September 30, 2023	Assets	Liabilities	Total Realized	Hedging Reserve in Gross Equity (1)
Type of Instrument: Cross currency interest rate swaps and Forwards
Cash flow hedge derivatives
Short term	77,115	6,177	-	-
Long term	4,617	16,051	-	-
Subtotal	81,732	22,228	64,344	(4,840)
Type of Instrument: Forwards
Non-hedging derivatives disbursement SQM Australia Pty
Short term	-	1,518
Long term	-	6,799	-	(8,317)
Subtotal	-	8,317	-	(8,317)
Underlying Investments Hedge	81,732	30,545	64,344	(13,157)
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect on income
Short term	6,520	2,520	-	-
Underlying Investments Hedge	6,520	2,520	34,673	-
Total Instruments	88,252	33,065	99,017	(13,157)

The Company recouponed the CCS with Santander Bank who had hedged the Series Q bond, by moving the UF/USD exchange rate upwards. This change increased the USD value of the bond by ThUS$16,440 and its interest payable. Santander Bank paid the company ThUS$17,320 on August 18, 2023 in exchange for this amendment.

As of December 31, 2022	Assets	Liabilities	Total Realized	Hedging Reserve in Gross Equity (1)
Type of Instrument: Cross currency interest rate swaps and Forwards
Cash flow hedge derivatives
Short term	7,014	42,754	-	-
Long term	15,467	19,772	-	-
Subtotal	22,481	62,526	(12,939)	(27,106)
Type of Instrument: Forwards
Non-hedging derivatives disbursement SQM Australia Pty
Long term	7,139	-	-	7,139
Subtotal	7,139	-	-	7,139
Underlying Investments Hedge	29,620	62,526	(12,939)	(19,967)
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect on income
Short term	4,174	5,816	-	-
Underlying Investments Hedge	4,174	5,816	38,653	-
Total Instruments	33,794	68,342	25,714	(19,967)
(1) See underlying hedges in Note 4.2 letters b) and d) and movement of cash flow hedge reserve in Note 20.4.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The balances in the column “Total Realized” consider the intermediate effects of the contracts that were in place between January 1 and September 30, 2023, and January 1 and December 31, 2022.

Reconciliation of asset and liability hedging derivatives	As of December 31, 2022	Cash Flow	Income statement	Equity and Others	As of September 30, 2023
Hedge-to-debt derivatives	(10,061)	(16,110)	(5,021)	17,397	(13,795)
Hedging derivatives to investment	(29,984)	-	100,327	2,955	73,298
Non-hedging derivatives disbursement SQM Australia Pty liability	7,139	(1,913)	-	(13,543)	(8,317)
Non-hedging derivatives	(1,643)	(29,029)	34,673	-	4,001

Derivative contract maturities are detailed as follows:

Series		Currency	Maturity date
	ThUS
H		UF	01/05/2024
O		UF	02/01/2030
P		UF	01/15/2028
Q		UF	06/01/2030

All values are in US Dollars.

Effectiveness

The Company uses CCS, Forwards and IRSW to hedge the potential financial risk associated with exchange rate and interest rate volatility. The objective is to hedge the exchange rate and inflation financial risks associated with bond obligations, exchange rate financial risks associated with investments in Chilean pesos, exchange rate financial risk associated with projects under construction in Australian dollars and interest rate financial risk associated with bank loans. Hedges are documented and qualitatively assessed to demonstrate their effectiveness based on a comparison of their critical terms.

The hedges used by the Company as of the reporting date are highly effective given that the amounts, currencies, exchange dates and rates of the hedged item and the hedge are aligned, maintaining a close economic relationship.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.4     Financial liabilities

Other current and non-current financial liabilities

As of September 30, 2023 and December 31, 2022, the detail is as follows:

Other current and non-current financial liabilities
	Currents	Non-Current	Total	Currents	Non-Current	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Liabilities at amortized cost
Bank borrowings
Unsecured obligations
Derivative financial instruments
For hedging
Non-Hedging
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

a)Bank borrowings, current:

As of September 30, 2023, the detail of this caption is as follows:

Debtor			Creditor			Currency or adjustment index	Payment of interest	Repayment	Effective rate	Nominal rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM S.A.	Chile	O-E	Bank of Nova Scotia	United States of America	Dollar	Upon maturity	12-20-2023	5.83%	6.68%
93.007.000-9	SQM S.A.	Chile	O-E	Banco Santander/Kexim	Spain/Korea	Dollar	Upon maturity	12-21-2023	6.29%	6.42%
93.007.000-9	SQM S.A.	Chile	97.036.000-K	Banco Santander	Chile	Dollar	Upon maturity	05-17-2024	5.95%	5.95%
93.007.000-9	SQM S.A.	Chile	97.036.000-K	Banco Santander	Chile	Dollar	Upon maturity	08-26-2024	6.88%	6.88%
93.007.000-9	SQM S.A.	Chile	97.018.000-1	Scotiabank Chile	Chile	Dollar	Upon maturity	05-30-2024	6.19%	6.19%
93.007.000-9	SQM S.A.	Chile	97.030.000-7	Banco Estado	Chile	Dollar	Upon maturity	02-20-2024	6.18%	6.18%
93.007.000-9	SQM S.A.	Chile	97.030.000-7	Banco Estado	Chile	Dollar	Upon maturity	06-10-2024	6.19%	6.19%
93.007.000-9	SQM S.A.	Chile	97.006.000-6	BCI	Chile	Dollar	Upon maturity	04-18-2024	6.01%	6.01%
93.007.000-9	SQM S.A.	Chile	97.006.000-6	BCI	Chile	Dollar	Upon maturity	10-23-2023	5.84%	5.84%
93.007.000-9	SQM S.A.	Chile	97.006.000-6	BCI	Chile	Dollar	Upon maturity	05-24-2024	6.17%	6.17%
93.007.000-9	SQM S.A.	Chile	97.023.000-9	Banco Itau	Chile	Dollar	Upon maturity	07-05-2024	6.50%	6.50%
79.947.100-0	SQM Industrial S.A.	Chile	97.004.000-5	Banco de Chile	Chile	Dollar	Upon maturity	05-16-2024	5.85%	5.85%
79.947.100-0	SQM Industrial S.A.	Chile	97.023.000-9	Banco Itau	Chile	Dollar	Upon maturity	07-05-2024	6.50%	6.50%
79.626.800-K	SQM Salar S.A.	Chile	97.023.000-9	Banco Itau	Chile	Dollar	Upon maturity	07-05-2024	6.50%	6.50%
79.626.800-K	SQM Salar S.A.	Chile	97.023.000-9	Banco Itau	Chile	Dollar	Upon maturity	07-05-2024	6.50%	6.50%
79.626.800-K	SQM Salar S.A.	Chile	97.018.000-1	Scotiabank Chile	Chile	Dollar	Upon maturity	05-17-2024	6.07%	6.07%
79.626.800-K	SQM Salar S.A.	Chile	97.018.000-1	Scotiabank Chile	Chile	Dollar	Upon maturity	05-30-2024	6.19%	6.19%
79.626.800-K	SQM Salar S.A.	Chile	97.030.000-7	Banco Estado	Chile	Dollar	Upon maturity	07-18-2024	5.92%	5.92%
79.626.800-K	SQM Salar S.A.	Chile	97.030.000-7	Banco Estado	Chile	Dollar	Upon maturity	06-10-2024	6.19%	6.19%
79.626.800-K	SQM Salar S.A.	Chile	97.004.000-5	Banco de Chile	Chile	Dollar	Upon maturity	05-16-2024	5.85%	5.85%
79.626.800-K	SQM Salar S.A.	Chile	97.004.000-5	Banco de Chile	Chile	Dollar	Upon maturity	06-21-2024	6.25%	6.25%

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor
Company									Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.									3,785
SQM S.A.									122,559
SQM S.A.									201,108
SQM S.A.									1,801
SQM S.A.									25,503
SQM S.A.									15,332
SQM S.A.									20,378
SQM S.A.									102,639
SQM S.A.									102,564
SQM S.A.									51,037
SQM S.A.									10,143
SQM Industrial S.A.									30,629
SQM Industrial S.A.									20,285
SQM Salar S.A.									10,144
SQM Salar S.A.									20,285
SQM Salar S.A.									51,088
SQM Salar S.A.									51,006
SQM Salar S.A.									70,813
SQM Salar S.A.									81,513
SQM Salar S.A.									40,839
SQM Salar S.A.									71,142
Total									1,104,593

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

As of December 31, 2022

Debtor			Creditor			Currency or adjustment index	Payment of interest	Repayment	Effective rate	Nominal rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM S.A.	Chile	O-E	Scotiabank Cayman	United States of America	Dollar	Upon maturity	05-30-2023	0.97%	5.22%
93.007.000-9	SQM S.A.	Chile	97.023.000-9	Itaú	Chile	Dollar	Upon maturity	01-05-2023	4.50%	4.50%
93.007.000-9	SQM S.A.	Chile	97.030.000-7	Banco Estado	Chile	Dollar	Upon maturity	01-05-2023	4.59%	4.59%
Debtor
---	---	---	---	---	---	---	---	---	---
Company									Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.									70,244
SQM S.A.									20,062
SQM S.A.									40,128
SQM S.A.									406
Total									130,840

All values are in US Dollars.

b)Unsecured obligations, current:

As of September 30, 2023, the detail of current unsecured interest-bearing obligations is composed of promissory notes and bonds, as follows:

Debtor			Number of registration or ID of the instrument		Series	Maturity date	Currency or adjustment index	Periodicity		Effective rate	Nominal rate
Tax ID No.	Company	Country		Payment of interest
93.007.000-9	SQM S.A.	Chile	-		ThUS250	01/28/2024	US$	Semiannual	Upon maturity	0.80%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450	11/07/2023	US$	Semiannual	Upon maturity	2.60%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400	01/22/2024	US$	Semiannual	Upon maturity	3.62%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700	04/10/2024	US$	Semiannual	Upon maturity	3.30%	3.50%
93.007.000-9	SQM S.A.	Chile	564		H	01/05/2024	UF	Semiannual	Semiannual	1.11%	4.90%
93.007.000-9	SQM S.A.	Chile	699		O	01/02/2024	UF	Semiannual	Upon maturity	1.68%	3.80%
93.007.000-9	SQM S.A.	Chile	563		P	01/15/2024	UF	Semiannual	Upon maturity	1.41%	3.25%
93.007.000-9	SQM S.A.	Chile	700		Q	12/01/2023	UF	Semiannual	Upon maturity	2.50%	3.45%

All values are in US Dollars.

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Company			Nominal amounts as of September 30, 2023			Carrying amounts of maturities as of September 30, 2023
	Up to 90 days	90 days to 1 year	Total	Up to 90 days	90 days to 1 year	Subtotal	Borrowing costs	Total
	ThUS	ThUS	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$
SQM S.A.			-	1,884	1,884	-	1,884	1,884	(433)	1,451
SQM S.A.			7,597	-	7,597	7,597	-	7,597	(677)	6,920
SQM S.A.			-	3,211	3,211	-	3,211	3,211	(235)	2,976
SQM S.A.			-	1,361	1,361	-	1,361	1,361	(555)	806
SQM S.A.			-	15,789	15,789	-	15,789	15,789	(172)	15,617
SQM S.A.			-	374	374	-	374	374	(82)	292
SQM S.A.			-	814	814	-	814	814	(12)	802
SQM S.A.			1,371	-	1,371	1,371	-	1,371	(21)	1,350
Total			8,968	23,433	32,401	8,968	23,433	32,401	(2,187)	30,214

All values are in US Dollars.

As of December 31, 2022

Debtor			Number of registration or ID of the instrument		Series	Maturity date	Currency or adjustment index	Periodicity		Effective rate	Nominal rate
Tax ID No.	Company	Country		Payment of interest
93.007.000-9	SQM S.A.	Chile	-		ThUS250	01/28/2023	US$	Semiannual	Upon maturity	1.17%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS300	04/03/2023	US$	Semiannual	Upon maturity	0.56%	3.63%
93.007.000-9	SQM S.A.	Chile	-		ThUS450	05/07/2023	US$	Semiannual	Upon maturity	3.01%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400	01/22/2023	US$	Semiannual	Upon maturity	3.79%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700	03/10/2023	US$	Semiannual	Upon maturity	3.44%	3.50%
93.007.000-9	SQM S.A.	Chile	564		H	01/05/2023	UF	Semiannual	Semiannual	1.23%	4.90%
93.007.000-9	SQM S.A.	Chile	699		O	02/01/2023	UF	Semiannual	Upon maturity	1.89%	3.80%
93.007.000-9	SQM S.A.	Chile	563		P	01/15/2023	UF	Semiannual	Upon maturity	1.72%	3.25%
93.007.000-9	SQM S.A.	Chile	700		Q	06/01/2023	UF	Semiannual	Upon maturity	2.63%	3.45%

All values are in US Dollars.

Effective rates of bonds in Pesos and UF are expressed and calculated in Dollars based on the flows agreed in Cross Currency Swap Agreements.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Company			Nominal amounts as of December 31, 2022			Carrying amounts of maturities as of December 31, 2022
	Up to 90 days	90 days to 1 year	Total	Up to 90 days	90 days to 1 year	Subtotal	Borrowing costs	Total
	ThUS	ThUS	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$	ThUS$
SQM S.A.			4,648	-	4,648	4,648	-	4,648	(433)	4,215
SQM S.A.			-	302,658	302,658	-	302,658	302,658	(170)	302,488
SQM S.A.			-	2,869	2,869	-	2,869	2,869	(679)	2,190
SQM S.A.			7,508	-	7,508	7,508	-	7,508	(237)	7,271
SQM S.A.			-	7,554	7,554	-	7,554	7,554	(555)	6,999
SQM S.A.			17,566	-	17,566	17,566	-	17,566	(172)	17,394
SQM S.A.			965	-	965	965	-	965	(82)	883
SQM S.A.			1,830	-	1,830	1,830	-	1,830	(12)	1,818
SQM S.A.			-	351	351	-	351	351	(20)	331
Total			32,517	313,432	345,949	32,517	313,432	345,949	(2,360)	343,589

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

c)Classes of bank borrowings, non-current

The following table shows the details of bank borrowings as of September 30, 2023:

Debtor			Creditor			Currency or adjustment index	Type of amortization	Effective rate	Nominal rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM S.A.	Chile	O-E	Bank of Nova Scotia	Canada	Dollar	Upon maturity	6.06%	6.68%
93.007.000-9	SQM S.A.	Chile	O-E	Banco Santander/Kexim	Spain/Korea	Dollar	Upon maturity	5.25%	6.42%
Debtor		Nominal non-current maturities as of September 30, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Between 1 and 2										Total
	ThUS		ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.		-										198,142
SQM S.A.		-										97,088
Total												295,230

All values are in US Dollars.

As of December 31, 2022

Debtor			Creditor			Currency or adjustment index	Type of amortization	Effective rate	Nominal rate
Tax ID No.	Company	Country	Tax ID No.	Financial institution	Country
93.007.000-9	SQM S.A.	Chile	O-E	Scotiabank Cayman	United States of America	Dollar	Upon maturity	2.33%	3.19%
93.007.000-9	SQM S.A.	Chile	O-E	Scotiabank	Canada	Dollar	Upon maturity	5.10%	6.08%
Debtor		Nominal non-current maturities as of December 31, 2022
---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Between 1 and 2										Total
	ThUS		ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.		-										-
SQM S.A.		-										197,522
Total												197,522

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

d)Unsecured obligations, non-current

The following table shows the details of “unsecured debentures that accrue non-current interest” as of September 30, 2023:

Debtor			Number of registration or ID of the instrument		Series	Maturity date	Currency or adjustment index	Periodicity		Effective rate	Nominal rate
Tax ID No.	Company	Country		Payment of interest
93.007.000-9	SQM S.A.	Chile	-		ThUS250	01/28/2025	US$	Semiannual	Upon maturity	4.24%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450	05/07/2029	US$	Semiannual	Upon maturity	4.14%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400	01/22/2050	US$	Semiannual	Upon maturity	4.23%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700	09/10/2051	US$	Semiannual	Upon maturity	3.45%	3.50%
93.007.000-9	SQM S.A.	Chile	564		H	01/05/2030	UF	Semiannual	Semiannual	4.76%	4.90%
93.007.000-9	SQM S.A.	Chile	699		O	02/01/2033	UF	Semiannual	Upon maturity	3.69%	3.80%
93.007.000-9	SQM S.A.	Chile	563		P	01/15/2028	UF	Semiannual	Upon maturity	3.24%	3.25%
93.007.000-9	SQM S.A.	Chile	700		Q	06/01/2038	UF	Semiannual	Upon maturity	3.54%	3.45%

All values are in US Dollars.

Series
	Over 2 years to 3	Over 3 Years to 4	Over 4 Years to 5	Over 5 years	Total	Over 1 year to 2	Over 2 years to 3	Over 3 Years to 4	Over 4 Years to 5	Over 5 years	Subtotal	Bond issuance costs	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
ThUS250
ThUS450
ThUS400
ThUS700
H
O
P
Q
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

As of December 31, 2022

Debtor			Number of registration or ID of the instrument		Series	Maturity date	Currency or adjustment index	Periodicity		Effective rate	Nominal rate
Tax ID No.	Company	Country		Payment of interest
93.007.000-9	SQM S.A.	Chile	-		ThUS250	01/28/2025	US$	Semiannual	Upon maturity	4.08%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450	05/07/2029	US$	Semiannual	Upon maturity	4.10%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400	01/22/2050	US$	Semiannual	Upon maturity	4.19%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700	09/10/2051	US$	Semiannual	Upon maturity	3.42%	3.50%
93.007.000-9	SQM S.A.	Chile	564		H	01/05/2030	UF	Semiannual	Semiannual	4.76%	4.90%
93.007.000-9	SQM S.A.	Chile	699		O	02/01/2033	UF	Semiannual	Upon maturity	3.69%	3.80%
93.007.000-9	SQM S.A.	Chile	563		P	01/15/2028	UF	Semiannual	Upon maturity	3.24%	3.25%
93.007.000-9	SQM S.A.	Chile	700		Q	06/01/2038	UF	Semiannual	Upon maturity	3.43%	3.45%

All values are in US Dollars.

Series
	Over 2 years to 3	Over 3 Years to 4	Over 4 Years to 5	Over 5 years	Total	Over 1 year to 2	Over 2 years to 3	Over 3 Years to 4	Over 4 Years to 5	Over 5 years	Subtotal	Bond issuance costs	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
ThUS250
ThUS450
ThUS400
ThUS700
H
O
P
Q
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

e)Additional information

Bonds

The details of each issuance are as follows:

(i)Series “H” bonds

On January 5, 2009, the Company placed the Series H bond for UF 4,000,000 equivalent to ThUS$ 139,216 at an annual interest rate of 4.9%, with a term of 21 years and amortizations of principal beginning in July, 2019.

During 2021, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 14,870 with an associated cross currency swap hedge loss of ThUS$ 760.For more details on restrictions. See Note 20.1.

During 2022, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 13,117 with an associated cross currency swap hedge loss of ThUS$ 993.

During 2023, amortization of principal amounted to UF 363,636.36, equivalent to ThUS$ 15,717 with an associated cross currency swap hedge gain of Th US$1,607.

As of September 30, 2023, and 2022, the Company has made the following payments with a charge to the Series H bonds and their associated CCS hedging:

Payments made
	ThUS	ThUS
Payments of interest, Series H bonds
CCS Coverage

All values are in US Dollars.

(ii)Series “O” bonds

On February 14, 2012, the Company issued “Series O” for UF 1,500,000 (ThUS$ 69,901) at a term of 21 years with a single payment at the maturity of the term and an annual interest rate of 3.80%. See more details with respect a restriction in Note 20.1.

As of September 30, 2023, and 2022, the Company has made the following payments with a charge to Series O bonds and their associated CCS hedging:

Payments made
	ThUS	ThUS
Payment of interest, Series O bonds
CCS Coverage

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(iii)Single series bonds, third issue ThUS $ 300

On April 3, 2013, the Company issued a non-secured bond in the United States with a value of US$ 300 million. pursuant to Rule 144-A and Regulation S of the SEC. The bond is for a 10-year term with an annual coupon rate of 3.625%.

As of September 30, 2023, and 2022, no payments have been made.

Payments made
	ThUS	ThUS
Payment of interest

All values are in US Dollars.

(iv)Single series bonds, fourth issuance ThUS $250

On October 23, 2014, the Company issued unsecured bonds amounting ThUS$ 250,000 in international markets, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission. These bonds mature in 2025 and have annual interest rate of 4.375%.

As of September 30, 2023, and 2022, the following payments have been made:

Payments made
	ThUS	ThUS
Payment of interest

All values are in US Dollars.

(v)Series “P” bonds

The Company on January 15, 2018 issued the placement on the stock market of the Series “P” bond (the "Bonds” Series P) with a value of UF 3,000,000, with a charge to the 10 years Bonds Line registered in the CMF Securities Registry under number 563.

The bonds Series P (i) mature on January 15, 2028; (ii) will accrue on the unpaid principal, expressed in UF, at an annual interest rate of 3.25% from January 15, 2018; and (iii) can be early redeemed by the Company starting from the date of placement, that was, as of April 5, 2018.

As of September 30, 2023, and 2022, the following payments and their associated CCS have been made:

Payments made
	ThUS	ThUS
Payment of interest series P
CCS Coverage

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(vi) Series Q bonds

On October 31, 2018, the issuance of Series Q bonds was authorized in the general stock market for the amount of UF 3,000,000, which were registered in the Securities Registry of your Commission on February 14, 2019 under number 700.

The bonds Series Q (i) mature on the first day of June 2038; (ii) will earn an interest rate of 3.45% per annum on the outstanding capital, expressed in UF, from June 1, 2018 thereon; and (iii) may be early redeemed by the Company starting from the placement date, that was, as of November 8, 2018.

On November 8, 2018, all the Series Q Bonds have been placed and sold to Euroamerica S.A. for a total amount of $ 83,567,623,842, which was paid in full and in cash by Euroamerica S.A. to the Company.

As of September 30, 2023, and 2022, no payments have been made.

Payments made
	ThUS	ThUS
Payment of interest
Cobertura CCS

All values are in US Dollars.

(vii) Single series fifth issue bonds ThUS$ 450

On May 2, 2019, the CMF was informed that the Company issued and placed unsecured bonds for ThUS$ 450,000 pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission on international markets. These bonds will mature in 2029 and carry an interest rate of 4.25% per annum.

As of September 30, 2023, and 2022, no payments have been made:

Payments made
	ThUS	ThUS
Payment of interest

All values are in US Dollars.

(viii)Single series sixth issue bonds ThUS $ 400

On January 16, 2020, the Company has placed unsecured bonds in international markets for US$ 400 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 4.250% and a maturity in the year 2050.

As of September 30, 2023, and 2022, the following payments have been made:

Payments made
	ThUS	ThUS
Payment of interest

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(ix)Single series seventh issue bonds ThUS $ 700

On September 13, 2021, the Company has placed unsecured bonds in international markets for US$ 700 million, pursuant to Rule 144-A and Regulation S of the Securities and Exchange Commission, at an annual interest rate of 3.50% and a maturity in the year 2051.

As of September 30, 2023, and 2022, the following payments have been made:

Payments made
	ThUS	ThUS
Payment of interest

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.5     Trade and other payables

a)Details trade and other payables

Details trade and other payables
	Current	Non-current	Current	Current	Non-current	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Accounts payable
Other accounts payable
Prepayments from customers
Total

All values are in US Dollars.

As of September 30, 2023, and December 31, 2022, the balance of current and past due accounts payable is made up as follows:

Suppliers current on all payments

Type of Supplier
	Up to 30<br>Days		31 - 60<br>days		61 - 90<br>Days		91 - 120<br>days		121 - 365<br>days		366 and more<br>days		Total
		ThUS
Goods				923		332		4		-		-		219,524
Services				50		4		111		65		-		104,279
Others				-		47		-		-		-		37,179
Total				973		383		115		65		-		360,982

All values are in US Dollars.

Type of Supplier
	Up to 30<br>Days		31 - 60<br>days		61 - 90<br>Days		91 - 120<br>days		121 - 365<br>days		366 and more<br>days		Total
		ThUS
Goods				786		877		339		-		-		241,110
Services				1,270		73		-		65		-		92,907
Others				-		-		-		-		-		34,325
Total				2,056		950		339		65		-		368,342

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Suppliers past due on payments

Type of Supplier
	Up to 30<br>Days		31 - 60<br>days		61 - 90<br>Days		91 - 120<br>days		121 - 365<br>days		366 and more<br>days		Total
		ThUS
Goods				88		125		56		77		-		565
Services				35		88		4		31		-		786
Others				48		-		-		24		-		83
Total				171		213		60		132		-		1,434

All values are in US Dollars.

Type of Supplier
	Up to 30<br>Days		31 - 60<br>days		61 - 90<br>Days		91 - 120<br>days		121 - 365<br>days		366 and more<br>days		Total
		ThUS
Goods				135		64		24		1,363		-		2,880
Services				174		20		1		196		-		1,939
Others				27		-		-		27		-		190
Total				336		84		25		1,586		-		5,009

All values are in US Dollars.

Purchase commitments held by the Company are recognized as liabilities when the goods and services are received by the Company. As of September 30, 2023, the Company has purchase orders amounting to ThUS$ 221,221 and ThUS$ 191,319 as of December 31, 2022.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.6     Financial asset and liability categories

a)Financial Assets

Description of financial assets
	Current	Non-current	Total	Current	Non-current	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Cash and cash equivalent
Trade receivables due from related parties at amortized cost
Financial assets measured at amortized cost
Trade and other receivables
Total financial assets measured at amortized cost
Financial instruments for hedging purposes
Financial instruments held for trading
Financial assets classified as available for sale at fair value through equity
Total financial assets at fair value
Total financial assets

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

b)Financial Liabilities

Description of financial liabilities
	Current	Non-current	Total	Current	Non-current	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
For hedging purposes through equity
Held for trading at fair value through profit or loss
Financial liabilities at fair value
Bank loans
Unsecured obligations
Lease Liabilities
Trade and other payables
Total financial liabilities at amortized cost
Total financial liabilities

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.7     Fair value measurement of finance assets and liabilities

The fair value hierarchy is detailed as follows:

(a)Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Company is the current bid price. These instruments are included in level 1.

(b)Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

(c)Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Fair value measurement of assets and liabilities
	Carrying Amount at Amortized Cost	Fair value (disclosure purposes)	Fair Amountregistered	Level 1	Level 2	Level 3
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Financial Assets
Cash and cash equivalents
Other current financial assets
- Time deposits
- Derivative financial instruments
- Forwards
- Options
- Hedging assets
- Swaps
Non-current accounts receivable
Other non-current financial assets:
- Other
- Equity instruments
- Hedging assets – Swaps
Other current financial liabilities
- Bank borrowings
- Derivative instruments
- Forwards
- Options
- Hedging liabilities – Swaps
- Swaps hedges, investments
- Cash flow hedges
- Unsecured obligations
Other non-current financial liabilities
- Bank borrowings
- Unsecured obligations
- Non-current hedging liabilities

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Fair value measurement of assets and liabilities
	Carrying Amount at Amortized Cost	Fair value (disclosure purposes)	Fair Amountregistered	Level 1	Level 2	Level 3
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Financial Assets
Cash and cash equivalents
Other current financial assets
- Time deposits
- Derivative financial instruments
- Forwards
- Options
- Hedging assets
- Swaps
Non-current accounts receivable
Other non-current financial assets:
- Other
- Equity instruments
- Hedging assets – Swaps
Other current financial liabilities
- Bank borrowings
- Derivative instruments
- Forwards
- Options
- Hedging liabilities – Swaps
- Swaps hedges, investments
- Unsecured obligations
Other non-current financial liabilities
- Bank borrowings
- Unsecured obligations
- Non-current hedging liabilities

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

13.8     Reconciliation of net debt and lease liabilities.

This section presents an analysis of net debt plus lease liabilities and their movements for each of the reported periods. The table below presents net debt ass described in Note 20.1. plus current and non-current lease liabilities to complete its analysis.

Net debt
	ThUS	ThUS
Cash and cash equivalents
Other current financial assets
Other non-current financial hedge assets
Other current financial liabilities
Lease liabilities, current
Other non-current financial liabilities
Non-current Lease liabilities
Total

All values are in US Dollars.

Cash and cash equivalents			From cash flow						Not from cash flow
	Amounts from loans
	ThUS	ThUS		ThUS		ThUS		ThUS		ThUS	ThUS
Obligations with the public and bank loans			(734,283)		92,435		3,134		(100,323)
Current and non-current lease liabilities			11,407		1,410		-		(23,220)
Debt Hedging Derivative Financial Instruments			(18,927)		2,817		-		(5,021)
Derivatives for investment hedges SQM Australia liability			-		-		(1,913)		-
Current and Non-Current Financial Liabilities			(741,803)		96,662		1,221		(128,564)
Cash and cash equivalents			-		(44,633)		(1,497,167)		71,959
Financial instruments derived from hedging			-		-		-		100,327
Non-hedging Derivatives on Other Financial Assets			-		-		(29,029)		34,673
Deposits that do not qualify as cash and cash equivalents			-		(21,036)		619,424		(46,261)
Total			(741,803)		30,993		(905,551)		32,134

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 14 Right-of-use assets and lease liabilities

14.1Right-of-use assets

Reconciliation of changes in right-of-use assets as of<br><br>September 30, 2023, net value
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Opening Balance
Additions
Depreciation expenses
Transfer to property, plant and equipment
Other increases (decreases)
Total changes
Closing balance

All values are in US Dollars.

Reconciliation of changes in right-of-use assets as of<br><br>December 31, 2022, net value
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Opening Balance
Additions
Depreciation expenses
Transfer to property, plant and equipment
Other increases / decreases
Total changes
Closing balance

All values are in US Dollars.

The Company’s lease activities included the following aspects:

(a) The nature of the Company’s lease activities is related to contracts focused primarily on business operations, mainly rights-of-use to equipment and real estate,

(b) The Company does not estimate any significant future cash outflows that would potentially expose the Company, and these are likewise not reflected in the measurement of lease liabilities, related to concepts such as: (i) Variable lease payments, (ii) Expansion options and termination options, (iii) Guaranteed residual value and (iv) Leases not yet undertaken but committed by the Company.

(c) These are not subject to restrictions or agreements imposed by contracts.

There were no sales transactions with leasebacks in the period.

Notes to the Consolidated Interim Financial Statements September 30, 2023

14.2Lease liabilities

Lease liabilities
	Current	Non-Current	Current	Non-Current
	ThUS	ThUS	ThUS	ThUS
Lease liabilities
Total

All values are in US Dollars.

(a)As of September 30, 2023, and December 31, 2022, current lease liabilities are analyzed as follows:

Debtor			Creditor					Effective rate					Amounts at amortized cost as of September 30, 2023
Tax ID No.		Country	TAX ID No.			Up to 90 days				Up to 90 days	90 days to 1 year	Total
	ThUS			ThUS	ThUS		ThUS	ThUS	ThUS
79.626.800-K		Chile	83.776.000-3							540	1,618	2,158	501	1,543	2,044
79.626.800-K		Chile	76.327.820-4							100	300	400	93	286	379
79.626.800-K		Chile	76.327.820-4							48	145	193	45	139	184
79.626.800-K		Chile	76.327.820-4							8	23	31	7	22	29
79.626.800-K		Chile	76.951.498-8							108	145	253	110	143	253
79.626.800-K		Chile	76.536.499-K							130	391	521	114	348	462
79.626.800-K		Chile	83.472.500-2							55	164	219	48	146	194
79.626.800-K		Chile	76.005.787-8							294	882	1,176	272	825	1,097
79.626.800-K		Chile	76.976.580-8							20	59	79	20	59	79
79.626.800-K		Chile	76.051.171-4							2	7	9	2	7	9
79.626.800-K		Chile	76.158.471-5							55	74	129	55	74	129
79.626.800-K		Chile	76.954.619-7							76	228	304	74	222	296
79.626.800-K		Chile	76.364.171-6							216	972	1,188	166	835	1,001
79.626.800-K		Chile	76.364.171-6							-	229	229	97	100	197
79.947.100-0		Chile	96.856.400-5							466	1,399	1,865	384	1,170	1,554
79.947.100-0		Chile	76.976.580-8							180	421	601	177	417	594
79.947.100-0		Chile	76.536.499-K							29	89	118	28	87	115
79.947.100-0		Chile	76.175.835-7							52	154	206	51	153	204
96.592.190-7		Chile	76.536.499-K							18	55	73	18	54	72
93.007.000-9		Chile	76.536.499-K							20	59	79	19	58	77
76.359.919-1		Chile	70.017.320-8							1	4	5	1	2	3
76.359.919-1		Chile	73.190.800-1							1	3	4	1	3	4
76.359.919-1		Chile	6.848.218-6							1	3	4	1	2	3
Subtotal											7,424	9,844	2,284	6,695	8,979

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor					Effective rate					Amounts at amortized cost as of September 30, 2023
Tax ID No.		Country	TAX ID No.			Up to 90 days				Up to 90 days	90 days to 1 year	Total
	ThUS			ThUS	ThUS		ThUS	ThUS	ThUS
79.768.170-9		Chile	91.577.000-2							43	127	170	37	114	151
79.768.170-9		Chile	91.577.000-2							101	303	404	90	276	366
79.768.170-9		Chile	76.722.280-7							157	471	628	135	411	546
79.768.170-9		Chile	96.565.580-8							58	174	232	55	168	223
79.768.170-9		Chile	96.662.540-0							86	257	343	83	252	335
79.768.170-9		Chile	77.810.750-3							16	47	63	15	45	60
79.768.170-9		United States	Foreign							58	176	234	50	155	205
Foreign		United States	Foreign							34	90	124	33	89	122
Foreign		United States	Foreign							1	1	2	1	1	2
Foreign		United States	Foreign							2	2	4	2	2	4
Foreign		United States	Foreign							2	6	8	2	6	8
Foreign		United States	Foreign							2	4	6	2	4	6
Foreign		United States	Foreign							2	5	7	2	5	7
Foreign		United States	Foreign							1	4	5	1	3	4
Foreign		United States	Foreign							1	4	5	1	4	5
Foreign		Mexico	Foreign							99	296	395	89	271	360
Foreign		Mexico	Foreign							7	-	7	6	0	6
Foreign		Mexico	Foreign							2	-	2	2	0	2
Foreign		Mexico	Foreign							136	409	545	125	386	511
Foreign		Mexico	Foreign							272	635	907	269	632	901
Foreign		Mexico	Foreign							235	705	940	216	668	884
Foreign		Belgium	Foreign							121	364	485	93	285	378
Foreign		Australia	Foreign							27	15	42	27	15	42
Foreign		Australia	Foreign							417	1,168	1,585	417	1,168	1.585
Foreign		Australia	Foreign							22	64	86	20	61	81
Foreign		Australia	Foreign							20	60	80	19	59	78
Subtotal											5,387	7,309	1,792	5,080	6,872

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor						Effective rate			Amounts at amortized cost as of September 30, 2023
Tax ID No.			TAX ID No.			Up to 90 days		90 days to 1 year		Up to 90 days	90 days to 1 year	Total
	ThUS	ThUS		ThUS	ThUS		ThUS		ThUS
Foreign			Foreign						5.00%	50	67	16	47	63
Foreign			Foreign						2.01%	1	1	-	1	1
Foreign			Foreign						2.72%	7	10	2	7	9
Foreign			Foreign						2.17%	9	12	3	9	12
Foreign			Foreign						8.51%	24	48	18	20	38
Foreign			Foreign						10.35%	365	477	67	240	307
Foreign			Foreign						8.73%	607	802	162	532	694
Foreign			Foreign						3.25%	46	61	14	42	56
Subtotal										1,109	1,478	282	898	1,180
Total										13,920	18,631	4,358	12,673	17,031

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor					Effective rate					Amounts at amortized cost as of December 31, 2022
Tax ID No.		Country	TAX ID No.			Up to 90 days				Up to 90 days	90 days to 1 year	Total
	ThUS			ThUS	ThUS		ThUS	ThUS	ThUS
79.626.800-K		Chile	83.776.000-3							540	1,619	2,159	482	1,483	1,965
79.626.800-K		Chile	76.327.820-4							100	300	400	92	280	372
79.626.800-K		Chile	76.327.820-4							48	145	193	44	136	180
79.626.800-K		Chile	76.158.471-5							49	49	98	49	49	98
79.626.800-K		Chile	76.327.820-4							8	23	31	7	21	28
79.626.800-K		Chile	76.951.498-8							108	325	433	108	325	433
79.626.800-K		Chile	76.536.499-K							130	390	520	112	340	452
79.626.800-K		Chile	83.472.500-2							55	164	219	47	143	190
79.626.800-K		Chile	76.005.787-8							294	882	1,176	267	810	1,077
79.626.800-K		Chile	76.976.580-8							20	59	79	20	59	79
79.947.100-0		Chile	96.856.400-5							466	1,399	1,865	376	1,144	1,520
79.947.100-0		Chile	76.976.580-8							180	540	720	173	526	699
79.947.100-0		Chile	76.536.499-K							30	88	118	28	85	113
96.592.190-7		Chile	76.536.499-K							18	55	73	17	52	69
93.007.000-9		Chile	76.536.499-K							20	59	79	18	55	73
76.359.919-1		Chile	70.017.320-8							1	4	5	1	2	3
76.359.919-1		Chile	73.190.800-1							1	4	5	1	4	5
76.359.919-1		Chile	6.848.218-6							1	3	4	1	2	3
79.768.170-9		Chile	91.577.000-2							84	182	266	77	165	242
79.768.170-9		Chile	91.577.000-2							43	59	102	44	59	103
79.768.170-9		Chile	76.722.280-7							157	471	628	131	401	532
79.768.170-9		Chile	96.565.580-8							58	174	232	54	165	219
79.768.170-9		United States	Foreign							56	173	229	47	148	195
Foreign		United States	Foreign							34	100	134	31	97	128
Foreign		United States	Foreign							1	4	5	1	4	5
Foreign		United States	Foreign							1	1	2	2	1	3
Foreign		United States	Foreign							2	6	8	2	6	8
Subtotal											7,278	9,783	2,232	6,562	8,794

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor					Effective rate					Amounts at amortized cost as of December 31, 2022
Tax ID No.		Country	TAX ID No.			Up to 90 days				Up to 90 days	90 days to 1 year	Total
	ThUS			ThUS	ThUS		ThUS	ThUS	ThUS
Foreign		United States	Foreign							2	6	8	2	6	8
Foreign		United States	Foreign							2	6	8	2	5	7
Foreign		United States	Foreign							2	5	7	2	5	7
Foreign		United States	Foreign							1	4	5	1	3	4
Foreign		United States	Foreign							1	3	4	1	4	5
Foreign		Mexico	Foreign							99	296	395	86	264	350
Foreign		Mexico	Foreign							20	46	66	18	44	62
Foreign		Mexico	Foreign							7	16	23	7	16	23
Foreign		Belgium	Foreign							102	306	408	96	290	386
Foreign		Australia	Foreign							15	-	15	14	-	14
Foreign		Australia	Foreign							105	387	492	54	94	148
Foreign		Australia	Foreign							25	74	99	23	71	94
Foreign		Australia	Foreign							640	1,828	2,468	538	1,573	2,111
Foreign		Australia	Foreign							22	66	88	19	60	79
Foreign		Colombia	Foreign							1	4	5	1	4	5
Foreign		Colombia	Foreign							2	6	8	2	6	8
Foreign		Colombia	Foreign							2	7	9	2	7	9
Foreign		South Africa	Foreign							12	36	48	8	27	35
Subtotal											3,096	4,156	876	2,479	3,355
Total											10,374	13,939	3,108	9,041	12,149

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(b)As of September 30, 2023, and December 31, 2022, the non-current lease liabilities are analyzed as follows:

Debtor			Creditor						Effective rate				Amounts at amortized cost as of September 30, 2023
Tax ID No.			TAX ID No.			1-2 Years		2-3 Years				2-3 Years	3-4 Years	Total
	ThUS	ThUS		ThUS	ThUS		ThUS		ThUS	ThUS	ThUS
79.626.800-K			83.776.000-3						5.39%			1,079	1,063	-	-	1,063
79.626.800-K			76.327.820-4						2.89%			534	523	-	-	523
79.626.800-K			76.327.820-4						2.89%			225	221	-	-	221
79.626.800-K			76.327.820-4						3.26%			52	50	-	-	50
79.626.800-K			76.536.499-K						2.90%			1,779	1,088	722	-	1,810
79.626.800-K			83.472.500-2						2.90%			804	406	357	-	763
79.626.800-K			76.005.787-8						2.61%			2,548	1,126	1,155	195	2,476
79.626.800-K			76.976.580-8						0.00%			138	79	59	-	138
79.626.800-K			76.051.171-4						3.56%			2	2	-	-	2
79.626.800-K			76.954.619-7						1.47%			406	225	177	-	402
79.626.800-K			76.364.171-6						3.57%			5,076	2,337	2,399	-	4,736
79.626.800-K			76.364.171-6						3.57%			1,197	551	566	-	1,117
79.947.100-0			96.856.400-5						3.10%			10,101	3,256	5,271	771	9,298
79.947.100-0			76.536.499-K						3.49%			10	10	-	-	10
79.947.100-0			76.175.835-7						1.02%			120	120	-	-	120
96.592.190-7			76.536.499-K						3.49%			6	6	-	-	6
93.007.000-9			76.536.499-K						3.49%			7	7	-	-	7
76.359.919-1			70.017.320-8						6.16%			56	5	9	27	41
76.359.919-1			6.848.218-6						7.44%			27	3	3	16	22
79.768.170-9			91.577.000-2						1.30%			405	112	70	191	373
79.768.170-9			76.722.280-7						3.38%			2,301	1,147	1,016	-	2,163
79.768.170-9			96.565.580-8						2.97%			116	172	-	-	172
79.768.170-9			96.662.540-0						3.26%			116	85	-	-	85
79.768.170-9			77.810.750-3						3.10%			79	62	16	-	78
79.768.170-9			91.577.000-2						4.11%			357	711	-	-	711
Foreign			Foreign						3.36%			811	453	314	-	767
Foreign			Foreign						3.33%			-	-	-	-	-
Subtotal												28,352	13,820	12,134	1,200	27,154

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor						Effective rate				Amounts at amortized cost as of September 30, 2023
Tax ID No.			TAX ID No.			1-2 Years		2-3 Years				2-3 Years	3-4 Years	Total
	ThUS	ThUS		ThUS	ThUS		ThUS		ThUS	ThUS	ThUS
Foreign			Foreign						1.34%			2	2	-	-	2
Foreign			Foreign						4.19%			10	4	-	-	4
Foreign			Foreign						5.64%			7	5	-	-	5
Foreign			Foreign						4.44%			5	4	-	-	4
Foreign			Foreign						3.45%			855	757	66	-	823
Foreign			Foreign						6.79%			227	223	-	-	223
Foreign			Foreign						5.85%			470	462	-	-	462
Foreign			Foreign						1.30%			3,677	390	402	2,485	3,277
Foreign			Foreign						3.55%			3,429	2,201	-	-	2,201
Foreign			Foreign						3.55%			17,954	2,013	15,941	-	17,954
Foreign			Foreign						5.00%			17	16	-	-	16
Foreign			Foreign						5.75%			212	118	84	-	202
Foreign			Foreign						5.00%			175	94	-	-	94
Foreign			Foreign						2.72%			1	1	-	-	1
Foreign			Foreign						2.17%			4	4	-	-	4
Foreign			Foreign						8.51%			96	95	-	-	95
Foreign			Foreign						10.35%			1,825	379	460	706	1,545
Foreign			Foreign						8.73%			936	818	73	-	891
Foreign			Foreign						3.25%			153	57	60	32	149
Subtotal												30,055	7,643	17,086	3,223	27,952
Total												58,407	21,463	29,220	4,423	55,106

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor						Effective rate				Amounts at amortized cost as of December 31, 2022
Tax ID No.			TAX ID No.			1-2 Years		2-3 Years				2-3 Years	3-4 Years	Total
	ThUS	ThUS		ThUS	ThUS		ThUS		ThUS	ThUS	ThUS
79.626.800-K			83.776.000-3						5.39%			2,698	2,606	-	-	2,606
79.626.800-K			76.327.820-4						2.89%			833	775	33	-	808
79.626.800-K			76.327.820-4						2.89%			370	359	-	-	359
79.626.800-K			76.327.820-4						3.26%			75	59	13	-	72
79.626.800-K			76.536.499-K						2.90%			144	145	-	-	145
79.626.800-K			83.472.500-2						2.90%			2,299	943	999	215	2,157
79.626.800-K			76.005.787-8						2.61%			969	397	421	91	909
79.626.800-K			Foreign						3.55%			3,430	1,104	1,133	1,064	3,301
79.626.800-K			Foreign						0.00%			197	79	79	40	198
79.947.100-0			Foreign						3.10%			11,501	3,182	5,152	2,135	10,469
79.947.100-0			Foreign						2.72%			420	417	-	-	417
79.947.100-0			Foreign						3.49%			98	97	-	-	97
96.592.190-7			Foreign						3.49%			61	60	-	-	60
93.007.000-9			Foreign						3.49%			66	65	-	-	65
76.359.919-1			Foreign						6.16%			60	5	8	29	42
76.359.919-1			Foreign						2.53%			4	3	-	-	3
76.359.919-1			Foreign						7.44%			30	3	3	18	24
79.768.170-9			Foreign						1.30%			533	153	90	244	487
79.768.170-9			Foreign						3.38%			2,772	1,119	1,455	-	2,574
79.768.170-9			Foreign						2.97%			349	340	-	-	340
Foreign			Foreign						3.36%			987	431	491	-	922
Foreign			Foreign						3.33%			90	89	-	-	89
Foreign			Foreign						1.33%			1	1	-	-	1
Foreign			Foreign						2.81%			2	2	-	-	2
Foreign			Foreign						1.34%			8	8	-	-	8
Foreign			Foreign						1.51%			4	4	-	-	4
Foreign			Foreign						4.19%			12	9	-	-	9
Subtotal												28,013	12,455	9,877	3,836	26,168

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Debtor			Creditor						Effective rate				Amounts at amortized cost as of December 31, 2022
Tax ID No.			TAX ID No.			1-2 Years		2-3 Years				2-3 Years	3-4 Years	Total
	ThUS	ThUS		ThUS	ThUS		ThUS		ThUS	ThUS	ThUS
Foreign			Foreign						5.64%			9	5	4	-	9
Foreign			Foreign						4.44%			8	5	3	-	8
Foreign			Foreign						3.45%			1,151	738	356	-	1,094
Foreign			Foreign						1.30%			1,452	861	559	-	1,420
Foreign			Foreign						5.00%			25	24	-	-	24
Foreign			Foreign						3.55%			4,653	2,858	-	-	2,858
Foreign			Foreign						3.55%			28,672	61	1,619	16,102	17,782
Foreign			Foreign						5.00%			83	80	-	-	80
Foreign			Foreign						2.72%			7	7	-	-	7
Foreign			Foreign						2.17%			11	11	-	-	11
Foreign			Foreign						8.51%			96	82	42	-	124
Subtotal												36,167	4,732	2,583	16,102	23,417
												64,180	17,187	12,460	19,938	49,585

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Other lease disclosures

Total lease expenses related to leases that did not qualify under the scope of IFRS 16 were ThUS$ 67,548 and ThUS$ 58,607 for the periods ended September 30, 2023 and 2022. See Note 23.8.

Expenses related to variable payments not included in lease liabilities were ThUS$ 3,282 and ThUS$ 2,441 for the periods ending September 30, 2023 and 2022.

Income from subleases of right-of-use assets were ThUS$ 5 and ThUS$ 106 as of September 30, 2023 and 2022, respectively.

Payments for contractual operating leases are disclosed in Note 4.2 Liquidity Risk.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 15 Intangible assets and goodwill

15.1     Reconciliation of changes in intangible assets and goodwill

As of September 30, 2023
Intangible assets and goodwill	Useful life
		ThUS
IT programs	Finite
Mining rights	Finite
Water rights and rights of way	Indefinite
Water rights	Finite
Intellectual property	Finite
Other intangible assets	Finite
Intangible assets other than goodwill
Goodwill	Indefinite
Total Intangible Asset

All values are in US Dollars.

As of December 31, 2022
Intangible assets and goodwill	Useful life
		ThUS
IT programs	Finite
Mining rights	Finite
Water rights and rights of way	Indefinite
Water rights	Finite
Intellectual property	Finite
Other intangible assets	Finite
Intangible assets other than goodwill
Goodwill	Indefinite
Total Intangible Asset

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

a)Movements in identifiable intangible assets as of September 30, 2023 and December 2022:

Movements in Identifiable intangible assets
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Equity at January 1, 2023
Additions
Amortization for the year
Impairment losses recognized in profit or loss for the year
Other increases / decreases for foreign currency exchange rates
Other increases (decreases)
Subtotal
Equity as of September 30, 2023
Historical cost
Accumulated amortization
Equity at January 1, 2022
Additions
Amortization for the year
Impairment losses recognized in profit or loss for the year (2)
Other increases / decreases for foreign currency exchange rates
Other increases (decreases)
Subtotal
Equity as of December 31, 2022
Historical cost
Accumulated amortization

All values are in US Dollars.

(1)See Note 23.5

(2)A definition made in the fourth quarter of 2022 led to the identification of assets that are not in the company’s long-term business plan. Therefore, the Company recognized impairment for the value of certain intangible assets and associated goodwill in an amount of ThUS$34,149, which are related to the Iodine and derivatives cash generating unit.

Notes to the Consolidated Interim Financial Statements September 30, 2023

b)Movements in identifiable goodwill as of September 30, 2023 and December 2022:

Accumulated impairment<br>Movements in identifiable goodwill
	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Iberian S.A.
SQM Investment Corporation
Soquimich European Holding B.V. (*)
SQM Potasio S.A.
Total Increase (decreases)
Ending balance as of September 30,2023

All values are in US Dollars.

Accumulated impairment<br>Movements in identifiable goodwill
	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A. (*)
SQM Iberian S.A.
SQM Investment Corporation
Soquimich European Holding B.V. (*)
SQM Potasio S.A.
Total Increase (decreases)
Ending balance as of December 31,2022

All values are in US Dollars.

(*) Based on a qualitative analysis conducted by management, this goodwill was adjusted for impairment based on the assessment that its partial or total book value is not recoverable.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 16     Property, plant and equipment

As of September 30, 2023, and December 31, 2022, the detail of property, plant and equipment is as follows:

16.1Types of property, plant and equipment

Description of types of property, plant and equipment
	ThUS	ThUS
Property, plant and equipment, net
Land
Buildings
Other property, plant and equipment
Transport equipment
Supplies and accessories
Office equipment
Network and communication equipment
Mining assets
IT equipment
Energy generating assets
Constructions in progress
Machinery, plant and equipment
Total
Property, plant and equipment, gross
Land
Buildings
Other property, plant and equipment
Transport equipment
Supplies and accessories
Office equipment
Network and communication equipment
Mining assets
IT equipment
Energy generating assets
Constructions in progress
Machinery, plant and equipment
Total
Accumulated depreciation and value impairment of property, plant and equipment, total
Accumulated depreciation and impairment of buildings
Accumulated depreciation and impairment of other property, plant and equipment
Accumulated depreciation and impairment of transport equipment
Accumulated depreciation and impairment of supplies and accessories
Accumulated depreciation and impairment of office equipment
Accumulated depreciation and impairment of network and communication equipment
Accumulated depreciation and impairment of mining assets
Accumulated depreciation and impairment of IT equipment
Accumulated depreciation and impairment of energy generating assets
Accumulated depreciation and impairment of machinery, plant and equipment
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Description of classes of property, plant and equipment
	ThUS	ThUS
Property, plant and equipment, net
Pumps
Conveyor Belt
Crystallizer
Plant Equipment
Tanks
Filter
Electrical equipment/facilities
Other Property, Plant & Equipment
Site Closure
Piping
Well
Pond
Spare Parts (1)
Total

All values are in US Dollars.

(1)The reconciliation of the spare parts provisions as of September 30, 2023 and December 31, 2022 is as follows:

Reconciliation
	ThUS	ThUS
Opening balance
Increase in provision
Closing balance

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

16.2     Reconciliation of changes in property, plant and equipment by type:

Reconciliation of changes in property, plant and equipment by class as of September 30, 2023 and December 31, 2022:

Reconciliation of changes in property, plant and equipment by class
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Equity at January 1, 2023
Additions
Disposals
Depreciation for the year
Impairment (2)
Increase (decrease) in foreign currency translation difference
Reclassifications
Other increases (decreases) (1)
Decreases for classification as held for sale
Subtotal
Equity as of September 30, 2023
Historical cost
Accumulated depreciation
Equity at January 1, 2022
Additions
Disposals
Depreciation for the year
Impairment (2)
Increase (decrease) in foreign currency translation difference
Reclassifications
Other increases (decreases) (1)
Decreases for classification as held for sale
Subtotale
Equity as of December 31, 2022
Historical cost
Accumulated depreciation

All values are in US Dollars. (1) The net balance of “Other Increases (Decreases)” corresponds to all those items that are reclassified to or from “Property, Plant and Equipment” and they can have the following origin: (i) work in progress which is expensed to profit or loss, forming part of operating costs or other expenses per function, as appropriate; (ii) the variation representing the purchase and use of materials and spare parts; (iii) projects corresponding mainly to exploration expenditures and ground studies that are reclassified to the item other non-current financial assets; (iv) software that is reclassified to “Intangibles (v) Provisions related to the investment plan and assets related to closing the site. (2) See note 23.5. This corresponds to assets identified as not being used in the operation due to their specific characteristics.

Notes to the Consolidated Interim Financial Statements September 30, 2023

16.3     Detail of property, plant and equipment pledged as guarantee

There are no restrictions in title or guarantees for compliance with obligations that affect property, plant and equipment.

16.4     Cost of capitalized interest, property, plant and equipment

The rates and costs for capitalized interest of property, plant and equipment are detailed as follows:

Capitalized interest costs
	ThUS	ThUS
Weighted average capitalization rate of capitalized interest costs
Amount of interest costs capitalized

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 17 Other current and non-current non-financial assets

As of September 30, 2023, and December 31, 2022, the detail of “Other Current and Non-current Assets” is as follows:

Other non-financial assets, current
	ThUS	ThUS
Domestic Value Added Tax
Foreign Value Added Tax
Prepaid mining licenses
Prepaid insurance
Other prepayments
Reimbursement of Value Added Tax to exporters
Other taxes
Other assets
Total

All values are in US Dollars.

Other non-financial assets, non-current
	ThUS	ThUS
Exploration and evaluation expenses
Guarantee deposits
Foreign VAT (1)
Total

All values are in US Dollars.

(1)Value-added taxes to be recovered from the commercial office of SQM Shanghai Chemicals Co. Ltd., where that recovery is expected to take longer than 12 months.

Movements in assets for the exploration and evaluation of mineral resources as of September 30, 2023, and December 31, 2022:

Conciliation
	ThUS	ThUS
Opening balance
Change in assets for exploration and evaluation of mineral resources
Additions
Short term reclassifications
Increase (decrease) due to transfers and other charges
Total changes
Total

All values are in US Dollars.

As of the presentation date, no reevaluations of assets for exploration and assessment of mineral resources have been conducted.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Mineral resource exploration and evaluation expenditure

Given the nature of operations of the Company and the type of exploration it undertakes, disbursements for exploration can be found in 4 stages: Execution, economically feasible, not economically feasible and in exploitation:

(a)Not economically feasible: Exploration and evaluation disbursements, once finalized and concluded to be not economically feasible, will be charged to profit and loss. As of September 30, 2023, and December 31, 2022, there were no disbursements for this concept.

(b)Execution: Disbursements for exploration and evaluation under implementation and therefore prior to determination of economic feasibility, are presented as part of property, plant and equipment as constructions in progress.

Explorations in execution
	ThUS	ThUS
Chile
Total

All values are in US Dollars.

Conciliation of explorations in execution
	ThUS	ThUS
Opening balance
Disbursements
Reclassifications
Total changes
Total

All values are in US Dollars.

(c)Economically feasible: Reimbursements for exploration and evaluation whose study concluded that its economic viability is viable are classified in “Other non-financial assets, non-current.”

Prospecting			As of<br><br>December 31,<br><br>2022
	ThUS	ThUS
Chile (1)			36,327
Total			36,327

All values are in US Dollars.

(1) The value presented for Chile is composed as of September 2023 for ThUS 13,290 corresponding to non-metallic explorations and evaluations and ThUS$ 32,729 associated with metallic explorations. In December 2022, the amounts of non-metallic and metallic explorations were ThUS$ 11,417 ThUS$ 24,910, respectively.

(2) Reclassification of the Mt Holland Project following the commencement of operations in Australia.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Prospecting conciliation
	ThUS	ThUS
Opening balance
Additions
Reclassifications from Exploration in execution – Chile
Reclassifications to Exploration in Exploitation-Chile
Total changes
Total

All values are in US Dollars.

(d)In Exploitation: Caliche exploration disbursements that are found in this area are amortized based on the material exploited, the portion that is expected to be exploited in the following 12 months is presented as current assets in the “Inventories in process” and the remaining portion is classified as “Other Non-current Non-Financial Assets”.

Short-term exploitation reconciliation
	ThUS	ThUS
Opening balance
Amortization
Reclassifications
Total changes
Total

All values are in US Dollars.

Long-term exploitation reconciliation
	ThUS	ThUS
Opening balance
Amortization
Reclassifications
Total changes
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 18     Employee benefits

18.1 Provisions for employee benefits

Classes of benefits and expenses by employee
	ThUS	ThUS
Current
Profit sharing and bonuses
Performance bonds and operational targets
Total
Non-current
Profit sharing and bonuses
Severance indemnity payments
Total

All values are in US Dollars.

18.2Policies on defined benefit plan

This policy is applied to all benefits received for services provided by the Company's employees. This is divided as follows:

a)Short-term benefits for active employees are represented by salaries, social welfare benefits, paid time off, sickness and other types of leave, profit sharing and incentives and non-monetary benefits; e.g., healthcare service, housing, subsidized or free goods or services. These will be paid in a term which does not exceed twelve months. The Company maintains incentive programs for its employees, which are calculated based on the net result at the close of each period by applying a factor obtained from an evaluation based on their personal performance, the Company’s performance and other short-term and long-term indicators.

b)Staff severance indemnities are agreed and payable based on the final salary, calculated in accordance with each year of service to the Company, with certain maximum limits in respect of either the number of years or in monetary terms. In general, this benefit is payable when the employee or worker ceases to provide his/her services to the Company and there are a number of different circumstances through which a person can be eligible for it, as indicated in the respective agreements; e.g. retirement, dismissal, voluntary retirement, incapacity or disability, death, etc. See Note 18.3.

c)Obligations after employee retirement, described in Note 18.4.

d)Retention bonuses for a group of Company executives, described in Note 18.6.

Notes to the Consolidated Interim Financial Statements September 30, 2023

18.3Other long-term benefits

The actuarial assessment method has been used to calculate the Company’s obligations with respect to staff severance indemnities, which relate to defined benefit plans consisting of days of remuneration per year served at the time of retirement under conditions agreed in the respective agreements established between the Company and its employees.

Under this benefit plan, the Company retains the obligation to pay staff severance indemnities related to retirement, without establishing a separate fund with specific assets, which is referred to as not funded.

Benefit payment conditions

The staff severance indemnity benefit relates to remuneration days for years worked for the Company without a limit being imposed in regard of amount of salary or years of service. It applies when employees cease to work for the Company because they are made redundant or in the event of their death. This benefit is applicable up to a maximum age of 65 for men and 60 for women, which are the usual retirement ages according to the Chilean pensions system as established in Decree Law 3,500 of 1980.

Methodology

The determination of the defined benefit obligation is made under the requirements of IAS 19 “Employee benefits”.

18.4Post-employment benefit obligations

Our subsidiary SQM NA, together with its employees established a pension plan until 2002 called the “SQM North America Retirement Income Plan”. This obligation is calculated measuring the expected future forecast staff severance indemnity obligation using a net salary gradual rate of restatements for inflation, mortality and turnover assumptions, discounting the resulting amounts at present value using the interest rate defined by the authorities.

For workers under contract, since 2003, SQM NA offers benefits related to pension plans based on the 401-K system to its employees, which does not generate obligations for the Company.

As of September 30, 2023, and December 31, 2022, the value of assets associated with the SQM NA pension plan amounts to ThUS$4,703.

Notes to the Consolidated Interim Financial Statements September 30, 2023

18.5Staff severance indemnities

As of September 30, 2023, and December 31, 2022, severance indemnities calculated at the actuarial value are as follows:

Staff severance indemnities
	ThUS	ThUS
Opening balance
Current cost of service
Interest cost
Actuarial gain loss
Exchange rate difference
Benefits paid during the year
Total

All values are in US Dollars.

(a)Actuarial assumptions

The liability recorded for staff severance indemnity is valued at the actuarial value method, using the following actuarial assumptions:

Actuarial assumptions	As of<br><br>September 30,<br><br>2023	As of<br><br>December 31,<br><br>2022	Annual/Years
Mortality rate	RV - 2014	RV - 2014
Discount interest rate	6.08%	5.12%
Voluntary retirement rate:
Men	3.82%	6.49%	Annual
Women	3.82%	6.49%	Annual
Salary increase	4.01%	3.00%	Annual
Retirement age:
Men	65	65	Years
Women	60	60	Years

(b)Sensitivity analysis of assumptions

As of September 30, 2023 and December 31, 2022, the Company has conducted a sensitivity analysis of the main assumptions of the actuarial calculation, determining the following:

Sensitivity analysis as of September 30, 2023
	ThUS	ThUS
Discount rate
Employee turnover rate

All values are in US Dollars.

Sensitivity analysis as of December 31, 2022
	ThUS	ThUS
Discount rate
Employee turnover rate

All values are in US Dollars.

Sensitivity relates to an increase/decrease of 100 basis points.

Notes to the Consolidated Interim Financial Statements September 30, 2023

18.6Executive compensation plan

The Company currently has a compensation plan with the purpose of motivating the Company’s executives and encouraging them to remain with the Company. There are two compensation plans in effect as of September 30, 2023:

I)Financial target compensation plan

(a)Plan characteristics

This compensation plan is paid in cash.

(b)Plan participants and payment dates

A total of 41 Company executives are entitled to this benefit, provided they remain with the Company until year end of 2025. The payment dates, where relevant, will be during the first quarter of 2026.

This compensation plan was approved by the Board and was first applied on January 1, 2022. Expenditure for the period corresponds to ThUS$15,111 and ThUS$ 8,495 as of September 30, 2023 and 2022 respectively. The income statement was charged with ThUS$ 6,615 and ThUS$ 5,505 during the periods ended September 30, 2023 and 2022 respectively.

II)Share-based compensation plan

During the first quarter of 2023, the remaining balance of this plan, which ended on December 31, 2022, was paid in the amount of ThUS$2,390.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 19    Provisions and other non-financial liabilities

19.1Types of provisions

Types of provisions
	Current	Non-current	Total	Current	Non-current	Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Provision for legal complaints (1)
Provision for dismantling, restoration and rehabilitation cost (2)
Other provisions (3)
Total

All values are in US Dollars.

(1) These provisions correspond to legal processes that are pending resolution or that have not yet been disbursed, these provisions are mainly related to litigation involving the subsidiaries located in Chile, Brazil and the United States (see note 21.1).

(2) Sernageomin commitments for the restoration of the location of the production sites have been incorporated. This cost value is calculated at discounted present value, using flows associated with plans with an evaluation horizon that fluctuates between 8 and 25 years for potassium-lithium operations and 11 to 22 years for nitrate-iodine operations. The rates used to discount future cash flows are based on market rates for the aforementioned terms.

(3) See Note 19.2.

Notes to the Consolidated Interim Financial Statements September 30, 2023

19.2     Description of other provisions

Current provisions, other short-term provisions
	ThUS	ThUS
Rent under Lease contract (1)
Provision for additional tax related to foreign loans
End of agreement bonus
Employee bonus
Directors’ per diem allowance
Miscellaneous provisions
Total

All values are in US Dollars.

(1) Payment Obligations for the lease contract with CORFO: These correspond to obligations assumed in the Lease Agreement. Our subsidiary SQM Salar holds exclusive rights to exploit the mineral resources in an area covering approximately 140,000 hectares of land in the Salar de Atacama in northern Chile, of which SQM Salar is only entitled to exploit the mineral resources in 81,920 hectares. These rights are owned by Corfo and leased to SQM Salar pursuant to the Lease Agreement. Corfo cannot unilaterally amend the Lease Agreement and the Project Agreement, and the rights to exploit the resources cannot be transferred. The Lease Agreement establishes that SQM Salar is responsible for making quarterly lease payments to Corfo according to specified percentages of the value of production of minerals extracted from the Salar de Atacama brines, maintaining Corfo’s rights over the Mining Exploitation Concessions and making annual payments to the Chilean government for such concession rights. The Lease Agreement was entered into in 1993 and expires on December 31, 2030. On January 17, 2018, SQM and CORFO reached an agreement to end an arbitration process directed by the arbitrator, Mr. Héctor Humeres Noguer, in case 1954-2014 of the Arbitration and Mediation Center of Santiago Chamber of Commerce and other cases related to it.

The agreement signed in January 2018, includes important amendments to the lease agreement and project agreement signed between CORFO and SQM in 1993. The main modifications became effective on April 10, 2018 and require (i) higher lease payments as a result of increased lease rates associated with the sale of the different products produced in the Salar de Atacama, including lithium carbonate, lithium hydroxide and potassium chloride; (ii) SQM Salar commits to contribute between US$10.8 and US$18.9 million per year to research and development efforts, between US$10 and US$15 million per year to the communities near the Salar de Atacama basin, and to annually contribute 1.7% of SQM Salar’s total annual sales to regional development; (iii) Corfo authorization for CCHEN to establish a total production and sales limit for lithium products produced in the Salar de Atacama of up to 349,553 metric tons of lithium metal equivalent (1,860,671 tons of lithium carbonate equivalent), which is in addition to the approximately 64,816 metric tons of lithium metal equivalent (345,015 tons of lithium carbonate equivalent) remaining from the originally authorized amount; (iv) provisions relating to the return of real estate and movable property leased to Corfo, the transfer of environmental permits to Corfo at no cost and the granting of purchase options to Corfo for production facilities and water rights in the Salar de Atacama upon termination of Corfo agreements; and (v) prohibitions on the sale of lithium brine extracted from leased mining concessions.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The fee structure is as follows:

Price US$/MT Li2CO3	Lease rental rate
$0 - $4,000	6.8%
$4,000 - $5,000	8.0%
$5,000 - $6,000	10.0%
$6,000 - $7,000	17.0%
$7,000 - $10,000	25.0%
> $10,000	40.0%
Price US$/MT LiOH	Lease rental 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 $12,000	40.0%
Price US$/MT KCl	Lease rental rate
$0 - $300	3.0%
Over $300 - $400	7.0%
Over $400 - $500	10.0%
Over $500 - $600	15.0%
Over $600	20.0%

The Lease Agreement and the Project Agreement are subject to early termination in the case of certain default events. Under these, Corfo is obliged to use its best efforts to initiate a public bidding process or the corresponding contracting procedure for the execution of an act or contract for the exploitation of the OMA mining properties currently leased by SQM no later than June 30, 2027, and to resolve it no later than July 30, 2029.

Notes to the Consolidated Interim Financial Statements September 30, 2023

19.3     Changes in provisions

Description of items that gave rise to changes<br><br>as of September 30, 2023
	ThUS	ThUS	ThUS	ThUS
Total provisions, initial balance
Changes
Additional provisions
Provision used
Increase(decrease) in foreign currency exchange
Others
Total Increase (decreases)
Total

All values are in US Dollars.

Description of items that gave rise to changes<br><br>as of December 31, 2022
	ThUS	ThUS	ThUS	ThUS
Total provisions, initial balance
Changes
Additional provisions
Provision used
Increase(decrease) in foreign currency exchange
Others
Total Increase (decreases)
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

19.4     Other non-financial liabilities, Current

Description of other liabilities
	ThUS	ThUS
Tax withholdings
VAT payable
Guarantees received
Accrual for dividend
Monthly tax provisional payments
Deferred income
Withholdings from employees and salaries payable
Accrued vacations (1)
Other current liabilities
Total

All values are in US Dollars.

(1) Vacation benefit (short-term benefits to employees, current) is in line with the provisions established in Chile’s Labor Code, which indicates that employees with more than a year of service will be entitled to annual vacation for a period of at least fifteen paid business days. The Company provides the benefit of two additional vacation days.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 20    Disclosures on equity

The detail and movements of equity accounts are shown in the consolidated statement of changes in equity.

20.1Capital 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 establishes 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 controls over capital management are based on the following ratios:

Capital Management	As of<br><br>September 30,<br><br>2023	As of December 31, 2022	Description (1)	Calculation (1)
Net Financial Debt (ThUS$)	845,035	(721,980)	Financial Debt – Financial Resources	Other current Financial Liabilities + Other Non-Current Financial Liabilities – Cash and Cash Equivalents – Other Current Financial Assets – Hedging Assets, non-current
Liquidity	2.28	2.29	Current Assets divided by Current Liabilities	Total Current Assets / Total Current Liabilities
ROE	56.15%	79.37%	Profit for the year divided by Total Equity	Profit for the year / Equity
Adjusted EBITDA (ThUS$)	2,752,454	5,838,439	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$)	2,827,691	5,817,605	EBITDA	Profit (loss) + Depreciation and Amortization Expense adjustments + Finance Costs + Income Tax
ROA	51.24%	78.61%	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	0.16	(0.15)	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 based 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.

Notes to the Consolidated Interim Financial Statements September 30, 2023

20.2Operational 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. As of September 30, 2023 this ratio was 0.16.

The financial restrictions with respect to the bonds issued by the Company for the periods ended September 30, 2023 and December 31, 2022.

As of September 30, 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 20.1)		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 1.00		Must be less than 1.00		Must be less than 1.00		Must be less than 1.00
Indicator or ratio determined by the company		0.16		0.16		0.16		0.16
Fulfilled YES/NO		yes		yes		yes		yes
As of December 31, 2022		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 20.1)		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 1.00		Must be less than 1.00		Must be less than 1.00		Must be less than 1.00
Indicator or ratio determined by the company		(0.15)		(0.15)		(0.15)		(0.15)
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 and its subsidiaries are complying with all the aforementioned limitations, restrictions and obligations.

20.3Disclosures on preferred share capital

Notes to the Consolidated Interim Financial Statements September 30, 2023

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 so 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 the 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.

At September 30, 2023, the Group hold 648 Series A shares treasury shares.

Detail of capital classes in shares:

Type of capital in preferred shares	As of September 30, 2023				As of December 31, 2022
		Series B		Series A		Series B
Description of type of capital in shares
Number of authorized shares	142,819,552		142,818,904		142,819,552		142,818,904
Number of fully subscribed and paid shares	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
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	134,750		1,442,893		134,750		1,442,893
Total number of subscribed shares	142,819,552		142,818,904		142,819,552		142,818,904

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

20.4Disclosures on reserves in Equity

This caption comprises the following:

Disclosures on reserves in equity
	ThUS	ThUS
Reserve for currency exchange conversion (1)
Reserve for cash flow hedges (2)
Reserve for gains and losses from financial assets measured at fair value through other comprehensive income (3)
Reserve for actuarial gains or losses in defined benefit plans (4)
Other reserves
Total

All values are in US Dollars.

(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) This caption includes the fair value of equity investments that are not held for trading and that the group has irrevocably opted to recognize in this category upon initial recognition. In the event that such equity instruments are fully or partially disposed of, the proportional accumulated effect of accumulated fair value will be transferred to retained earnings.

(4) This caption reflects the effects of changes in actuarial assumptions, mainly changes in the discount rate.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Movements in other reserves and changes in interest were as follows:

Movements
	Before taxes	Before taxes	Tax	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
As of January 1, 2022
Movement of reserves
Reclassification adjustments
Related taxes
As of December 31, 2022
Movement of reserves
Reclassification adjustments
Related taxes
Balances as of September 30, 2023

All values are in US Dollars.

(1) See details on reserves for foreign currency translation differences on conversion in Note 25, letter a).

Notes to the Consolidated Interim Financial Statements September 30, 2023

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
	ThUS	ThUS
SQM Iberian S.A.
SQM Europe NV
Soquimich European holding B.V.
Soquimich Comercial S.A.
SQM Vitas Fzco.
Pavoni & C. Spa
SQM Iberian S.A.
Orcoma Estudios SPA
Other
Total Other reserves

All values are in US Dollars.

20.5     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 profit for each year.

Dividend policy for commercial year 2023

Company’s dividend policy for the 2023 business year was agreed upon by the Board of Directors on April 26, 2023. On that occasion, the following was decided:

(a)Distribute and pay to the corresponding shareholders, a percentage of the net income that shall be determined per the following financial parameters as a final dividend:

(i)100% of the profit for 2023 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 profit for 2023 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 profit for 2023 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.

If none of the foregoing financial parameters are met, the Company shall distribute and pay, as a final dividend, and in favor of the respective shareholders, 50% of the 2023 net income.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(b)Distribute and pay in 2023 interim dividends, which will be charged against the aforementioned final dividend.

(c)The amount of the provisional dividends may be higher or lower, provided that, based on the information available to the Board of Directors on the date when their distribution is agreed to, this will not have a negative or material effect on the Company's ability to carry out its investments, meet its obligations, and in general to comply with the investment and financing policy approved by the Ordinary Shareholders’ Meeting.

(d)At the ordinary meeting to be held in 2024, the Company's Board of Directors will propose a final dividend in line with the percentage corresponding to the financial parameters outlined in (a) above, discounting the provisional dividends previously distributed in 2023.

(e)Any remaining amount from the net profits from 2023 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 profit 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 profits 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.

20.6     Interim and provisional dividends

On April 26, 2023, the Board of Directors agreed to pay a final dividend equivalent to US$ 3.22373 per share which the Company must pay to reach the amount of US$10.94060 for the final dividend as per the Policy. This final dividend already considers the first interim dividend of US$ 2.78716 per share, the second interim dividend of US$ 1.84914 per share, and the eventual dividend of US$ 3.08056 per share that were paid in 2022.

On May 17, 2023, the Company’s Board of Directors agreed to pay an interim dividend equivalent to US$0.78760 per share charged to the Company’s 2023 fiscal year profits. This amount will be paid in its equivalent in Chilean pesos, national currency based on the observed US dollar value that appears in the Official Gazette on July 17, 2023.

On August 16, 2023, the Board agreed to pay an interim dividend of US$0.60940 per share from the Company's earnings for 2023. This dividend will be paid in Chilean pesos at the official US dollar exchange rate published in the Official Gazette as of November 6, 2023.

Notes to the Consolidated Interim Financial Statements September 30, 2023

20.7     Potential and provisional dividends

Dividends discounted from equity were as follows:

Dividends
	ThUS	ThUS
Interim dividend
Final dividend
Dividend according to policy
Owners of the Parent
Dividend according to policy
Non-controlling interests
Dividends discounted from equity for the period

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 21     Contingencies and restrictions

In accordance with note 19.1, the Company recognizes a provision for those lawsuits in which there is a probability that the judgments will be unfavorable to the Company. The Company is party to the following lawsuits and other relevant legal actions:

21.1Lawsuits and other relevant events

(a)In 1995, Nitratos Naturais do Chile Ltda. was sanctioned by the Fazenda do Estado de Sao Paulo for shipping goods to a different branch without proper authorization. The Sao Paulo State Treasury initiated legal proceedings to collect almost ThUS$ 352. There has been no movement with respect to this case since May 2017.

(b)In August 1996, Nitratos Naturais do Chile Ltda. was fined by Fazenda do Estado de Sao Paulo for concluding activities without attaching the necessary documentation for submission to the competent authorities. The treasury of the State of Sao Paulo initiated legal actions to collect close to ThUS$ 492. Nitratos Naturais do Chile has presented a case to the federal court of Brazil to request a reduction in the fine, which is currently pending.

(c)In August 2004, Nitratos Naturais do Chile Ltda. was fined by Fazenda do Estado de Sao Paulo for failing to report trade activities. The treasury of the State of Sao Paulo initiated legal actions to collect close to ThUS$ 265. In 2018, the Court of Appeals agreed to a reduction in the fine and the Fazenda do Estado de Sao Paulo appealed to the Court of Brazil, and this appeal is still pending.

(d)In December 2010, the city of Pomona in the state of California, United States, filed a claim against SQM NA, which was heard before the US District Court for the Central District of California. The plaintiff requested the payment of expenses and other values related to treatment of groundwater to make it apt for consumption, which involved the extraction of perchlorate in this water, which allegedly came from Chilean fertilizers. These proceedings have been suspended.

(e)In May 2014, a claim of compensation for damages was filed against SQM Nitratos for its alleged liability derived from an explosion occurring in 2010 in the vicinity of the town of Baquedano, which caused the death of six workers. The portion of the claim that has not been settled in court is approximately US$ 1.2 million. On May 7, 2019, the 18th Civil Court of Santiago dismissed the claim. The case currently is in the Santiago Court of Appeals, awaiting a ruling.

(f)In January 2018, the company Transportes Buen Destino S.A. filed an arbitration claim under CAM rules against SQM Salar for controversies resulting from the execution of transport contracts for lithium brine and transport of salts. The amount of the claim is close to US$ 3 million. The arbitration is currently in the evidence stage.

(g)In September 2018, representatives Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans Araya, Camila Ruzla and Rojas Valderrama filed a public right annulment suit against Corfo regarding the Salar de Atacama Project Contract signed between Corfo and SQM Salar. The Company has intervened as an independent third party. This discussion stage has concluded. For more information, see Note 21.4.

(h)The Company and FPC Ingeniería y Construcción SpA were sued in May 2019 for compensation for damages resulting from alleged extracontractual liability derived from the traffic accident occurring on March 5, 2018, involving the overturn of a truck owned by FPC and the subsequent death of its two

Notes to the Consolidated Interim Financial Statements September 30, 2023

occupants, both employees of FPC. The four children of one of the deceased workers are the plaintiffs in this case and are seeking compensation for moral damages. The case is in the 19th Civil Court of Santiago and is in the evidence stage. The amount of the claim is close to US$ 1.2 million.

(i)Through resolution dated April 14, 2020, the General Water Bureau (DGA) fined SQM Salar S.A. an amount of 4,180 UTM for the alleged violation of article 294 of the Water Code. This resolution was appealed for reconsideration, and its resolution is currently pending.

(j)On April 6, 2021, Empresa Eléctrica Cochrane SpA requested the constitution of arbitration to resolve a dispute in relation to electricity supply contracts signed on March 30, 2012, and February 1, 2013. The trial is currently in the discussion stage. On January 17, 2022, the Company filed a claim for early termination of the electricity supply contracts against Empresa Eléctrica Cochrane SpA. at the same arbitration tribunal. The discussion. Both trials have reached the evidence stage

(k)In October 2021, the Company requested the constitution of an arbitration against Chilena Consolidada Seguros Generales S.A. to resolve differences in relation to the interpretation and execution of the directors' and officers' liability insurance policy. The case has reached the evidence stage.

(l)In February 2022, the company Montajes Eléctricos y Construcciones RER Limitada filed a claim for damages before the 21st Civil Court of Santiago against SQM Industrial S.A. for its alleged liability derived from the breach of an electrical installation contract. The case has reached the evidence stage and amounts to approximately ThUS$542.

(m)In March 2023, Mr. Josué Merari Trujillo Montejano filed a lawsuit against SQM Comercial de México, S.A. de C.V. for damages for third-party civil liability for the death of his brother Mr. Manuel Agustín Trujillo Montejano, before the First Instance Judge of the Civil Branch of the city of Zapopan, Mexico. The lawsuit is currently under discussion. The amount of the lawsuit is approximately ThUS$330.

(n)In May 2023, Mrs. Nicole Denise Contreras Cereceda, filed a claim for compensation for moral damages, consequential damages and loss of profits, derived from injuries suffered as a result of a work-related accident, before the Labor Court of Antofagasta against a contractor company and also against the Company. The case has reached the preparatory hearing stage. The amount of the lawsuit is approximately ThUS$217.

(o)In May 2023, the heirs of Sami Al Taweel, a shareholder of Abu Dhabi Fertilizer Industries Company LLC ("Adfert"), filed a claim against SQM Corporation NV, other shareholders and former officers and directors of Adfert appointed by SQM Corporation NV, with the Settlement Center of the Abu Dhabi Commercial Court of First Instance, which alleges a debt of AED 73.5 million. United Arab Emirates rules require a mandatory reconciliation process prior to the judicial stage. The case has reached the discussion stage.

(p)In May 2023, Mr. Luis Guillermo Benítez Peña and 17 other employees filed a lawsuit against a contractor, the Company and six other companies with the Labor Court of San Miguel for indirect dismissal, annulment of dismissal and payment of employment benefits. The lawsuit has been served on the defendants and a preparatory hearing is pending. The lawsuit totals approximately ThUS$ 358.

The Company and its subsidiaries have been involved and will probably continue to be involved either as plaintiffs or defendants in certain judicial proceedings that have been and will be heard by the arbitration or ordinary courts of justice that will make the final decision. Those proceedings that are regulated by the appropriate legal regulations are intended to exercise or oppose certain actions or exceptions related to certain mining claims either granted or to be granted and that do not or will not affect in an essential manner the development of the Company and its subsidiaries.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Soquimich Comercial S.A. has been involved and will probably continue being involved either as plaintiff or defendant in certain judicial proceedings through which it intends to collect and receive the amounts owed, the total nominal value of which is approximately US$ 1.05 million.

The Company and its subsidiaries have made efforts and continues making efforts to obtain payment of certain amounts that are still owed to the Company due to its activities. Such amounts will continue to be required using judicial or non-judicial means by the plaintiffs, and the actions and exercise related to these are currently in full force and effect.

21.2Environmental contingencies

The SMA issued a resolution dated November 28, 2016, rectified by a resolution dated December 23, 2016, which filed charges against SQM Salar for brine extraction in excess of authorized amounts, progressive impairment of the vitality of carob trees, providing incomplete information modification of follow-up plan variables, and other charges. SQM Salar S.A. presented a compliance program that was accepted by the SMA. On December 2019, the Environmental Court of Antofagasta rendered the accepted compliance program null. In October 2020, the SMA formulated new observations for the compliance program, which will enable the incorporation of improvements in line with the ruling of the Environmental Court of Antofagasta. On August 29, 2022, the SMA approved the compliance program presented by SQM Salar, which triggered an appeal filed by the Council of Atacameño Peoples before the Environmental Court of Antofagasta. The Atacameño communities of Peine and Coyo filed requests for injunction against SMA’s resolution, which have been dismissed by the Supreme Court. If the Council of Atacameño Peoples’ claim against SMA’s resolution that approved the compliance program is accepted and the program is annulled, the sanction process against SQM Salar could be resumed. This latter event may consider the application of fines up to ThUS$ 9, temporary or permanent closure of facilities and in extreme circumstances, revocation of the respective environmental permit.

21.3Tax Contingencies

The IRS wants to extend the specific mining tax to lithium mining, which cannot be concessioned under the legal system. As of September 30, 2023, SQM Salar has filed three tax claims against the IRS for specific mining tax on lithium for the tax years 2012 to 2018 (business years 2011 to 2017) and has received assessments for the tax years 2020 to 2022 (business years 2019 to 2021) and tax claims are pending against them as of the reporting date. The pending tax claims against these assessments total ThUS$ 127.1 and ThUS$ 74.2. Both amounts have been paid by SQM Salar and ThUS$ 201.3 is recorded in the Company's consolidated financial statements under "Tax assets, non-current" as of September 30, 2023, and ThUS$ 127.1 as of December 31, 2022.

The claims are as follows.

(a)On August 26, 2016, a tax claim was filed before the Third Tax and Customs Court of the Metropolitan Region against IRS assessments 169, 170, 171 and 172, for the tax years 2012 to 2014. The amount in dispute is ThUS$ 17.8, where (i) ThUS$ 11.5 is tax claimed net of corporate income tax, and (ii) ThUS$ 6.3 is associated interest and penalties. The case reached the evidence stage on August 10, 2023.

(b)On March 24, 2017, a tax claim was filed before the Third Tax and Customs Court of the Metropolitan Region against assessment 207 and resolution 156 both issued by the IRS for the tax years 2015 to 2016. The amount in dispute is ThUS$ 8.6, where (i) ThUS$ 1.3 is overpaid taxes, (ii) ThUS$ 6.9 is tax claimed net of corporate income tax, and (iii) ThUS$ 0.4 is associated interest and penalties. The case reached the evidence stage on August 10, 2023.

(c)On July 15, 2021, SQM Salar filed before the First Tax and Customs Court of the Metropolitan Region a tax annulment and claim against assessments 65 and 66 for the tax years 2017 and 2018. The amount in dispute is ThUS$ 63.9, where (i) ThUS$ 17.6 is overpaid taxes, (ii) ThUS$ 30.2 is tax claimed net of corporate income tax, and (iii) ThUS$ 16.1 is associated interest and penalties. On November 7, 2022, the First Tax and Customs Court upheld SQM Salar's claim and ordered the annulment of these tax assessments.

(d)On June 30, 2023, SQM Salar filed before the First Tax and Customs Court of the Metropolitan Region a tax annulment and claim against assessment 23 for the tax year 2019. The amount in dispute is ThUS$

Notes to the Consolidated Interim Financial Statements September 30, 2023

36.7, where (i) ThUS$ 9.7 is overpaid taxes, and (ii) ThUS$ 26.9 is tax claimed net of corporate income tax. The trial is currently at the discussion stage.

The assessments and pending claims are as follows:

On April 17, 2023, the IRS assessed differences for the tax years 2020, 2021 and 2022 (business years 2019 to 2021) with respect to specific mining tax of ThUS$ 74.2, which includes overpaid taxes of ThUS$ 20.0. The IRS issued resolution 56/2023 for ThUS$ 20.7 for the tax years 2020 and 2021, where ThUS$ 5.6 is overpaid taxes, and ThUS$ 15.1 is tax claimed net of corporate income tax. On the same date, the IRS issued assessment 1/2023 for the tax year 2022 that totals ThUS$ 53.5, restated as of the date of payment, where ThUS$ 14.5 is overpaid taxes, ThUS$ 36.1 is tax claimed net of corporate income tax, and ThUS$ 3.0 is associated interest and penalties.

The IRS has not issued an assessment claiming differences in specific mining tax filed for business years 2022 onward. If the IRS uses criteria similar to that used in previous years, it may issue an assessment in the future for this period. The Company estimates that the SII settlement for 2022 through September 2023 will be ThUS$933,1 net of corporate income tax, but excluding interest and penalties.

To date, the Company has recorded no effect corresponding to this tax on its profit and loss.

21.4    Contingencies regarding to the Contracts with Corfo

On September 6, 2018, representatives Claudia Nathalie Mix Jiménez, Gael Fernanda Yeomans Araya and Camila Ruzlay Rojas Valderrama and the Poder Ciudadano political party filed an annulment suit against Corfo, which requested that the Salar de Atacama Project Agreement between Corfo and the Company, SQM Potasio and SQM Salar be annulled. The Companies have taken part of the process as interested third parties.

In the event that the annulment claim is approved for the Salar de Atacama Project Agreement, SQM Salar may be prevented from the exploitation of the mining assets in the Salar de Atacama that it has leased from Corfo.

21.5    Indirect guarantees

As of September 30, 2023, there are no indirect guarantees.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 22    Environment

22.1Disclosures of disbursements related to the environment

The Company is currently operating under an Environmental Management System (EMS) that has allowed it to strengthen its environmental performance through the effective application of the Company’s Sustainable Development Policy. In 2020, the company announced an ambitious Sustainable Development Plan, which establishes specific measurable internal goals that seek to make SQM a leader in sustainability around the world. The main goals proposed are:

i)A 65% reduction in the use of fresh water by the year 2040 and 40% by 2030, with respect to BAU (Business as usual).

ii)A 50% reduction in brine extraction from the Salar de Atacama by 2030, starting with 20% by November 2020, compared to the environmental permit.

iii)Ensure that all our products are carbon neutral by 2040 and in the case of lithium, iodine and potassium chloride, this goal is for 2030.

iv)Stimulate more and better instances for dialog with the communities near the operations.

During the year 2023 we have been making progress with each of these goals, starting with quarterly management of sustainability indicators and monitoring them on a quarterly basis. This has helped us to identify initiatives that help us to achieve these goals.

The Company carries out environmental follow-up and monitoring plans based on specialized scientific studies. Follow-up on relevant variables defined for each project enables the Company to verify the status, for example, of vegetation, flora, fauna and aquatic life in the ecosystems to protect. Follow-up plans are supported by a broad control network that includes monitoring points such as meteorological stations and wells, satellite images, plots for recording the status of vegetation and fauna, etc. The activities comprised in these plans are reported regularly to authorities based on the Company’s commitments made through resolutions that approve different SQM projects. For the specific case of the Salar de Atacama, the Company has implemented an online platform (www.sqmsenlinea.com), which enables any person to access all the environmental information compiled by the Company in keeping with its commitments.

In this context, the Company maintains environmental monitoring across the systems where it operates, which is supported by numerous studies that integrate diverse scientific efforts from prestigious research centers on a national and international level, such as the Spanish National Research Council (CSIC) and the Universidad Católica del Norte.

Notes to the Consolidated Interim Financial Statements September 30, 2023

22.2Detailed information on disbursements related to the environment

The cumulative disbursements by the Company and its subsidiaries as of September 30, 2023, on investment projects associated with environmental issues that affect production processes and verify compliance with regulations and laws governing industrial processes and facilities total ThUS$ 33,158. The principal environmental expenses are as follows:

• Other environmental expenses 38%: Expenses associated with standardization, procedures, consultancy and compliance with business programs that minimize its effects on the environment.

• Environmental departments 34%: Expenses incurred by various departments on environmental verification, maintenance and control.

• Water impeller system 21%: Expenses related to developing a 400 l/s seawater impulsion system for Pampa Orcoma.

• Improvements to ME houses due to rains 7%: Costs associated with a roofing, electrical and sanitary systems replacement project in ME.

Notes to the Consolidated Interim Financial Statements September 30, 2023

The main disbursements for the period by subsidiary and project are as follows:

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
Miscellaneous			Not classified		11,272	14,955	7,077	12-31-2023
SQM S.A.			Sustainability: Environment and Risk Prevention		681	854	1,038	12-31-2023
SQM S.A.			Environmental processing		395	434	491	12-31-2023
SQM S.A.			Environmental processing		394	844	405	12-31-2023
SQM S.A.			Sustainability: Environment and Risk Prevention		470	410	112	12-31-2023
SQM S.A.			Environmental processing		42	201	281	12-31-2023
SQM S.A.			Environmental processing		1	44	78	12-31-2023
SQM S.A.			Sustainability: Environment and Risk Prevention		171	219	363	12-31-2023
SQM S.A.			Sustainability: Environment and Risk Prevention		1,064	405	190	12-31-2023
SQM S.A.			Sustainability: Environment and Risk Prevention		5	33	53	12-31-2023
SQM S.A.			Sustainability: Environment and Risk Prevention		2	36	28	12-31-2023
SQM S.A.			Environmental processing		149	71	175	12-31-2023
SQM S.A.			Environmental processing		4	44	46	12-31-2023
Subtotal					14,650	18,550	10,337

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary				Asset / Expense	Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS	ThUS
SQM S.A.				Expense	45	4	53	12-31-2023
SQM S.A.				Expense	-	102	184	12-31-2023
SQM S.A.				Expense	-	45	260	12-31-2023
SQM S.A.				Expense	-	1	-	12-31-2022
SQM S.A.				Expense	-	448	-	12-31-2022
SQM S.A.				Expense	-	188	-	12-31-2022
SQM S.A.				Assets	45	-	195	12-31-2023
SQM S.A.				Assets	95	-	75	12-31-2025
SQM S.A.				Expense	-	30	-	12-31-2022
SQM S.A.				Assets	88	162	280	12-31-2023
SIT S.A.				Assets	3	8	28	12-31-2023
SIT S.A.				Assets	10	8	8	12-31-2023
SIT S.A.				Assets	580	184	-	09-30-2023
Subtotal					866	1,180	1,083

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SIT S.A.			Sustainability: Environment and Risk Prevention		62	766	490	12-31-2023
SQM Industrial S.A.			Environmental processing		3	-	147	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	512	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	11	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	316	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		697	941	2,565	12-31-2023
SQM Industrial S.A.			Environmental processing		4	60	63	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		12	139	138	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		347	722	664	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		30	129	285	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		2,372	-	398	12-31-2023
Subtotal					3,527	3,596	4,750

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	1,440	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	5	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	15	-	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	7	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	13	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	17	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	34	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	280	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	18	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	25	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	20	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	163	-	12-31-2022
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		129	835	976	12-31-2023
Subtotal					129	2,872	976

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		7,034	5,256	277	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		10	-	166	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		78	-	-	09-30-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		148	4	79	12-31-2023
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		13	6	2	12-31-2023
SQM Industrial S.A.			Environmental processing		161	126	270	12-31-2023
SQM Nitratos S.A.			Environmental processing		-	1	-	12-31-2022
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		-	212	-	12-31-2022
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		96	-	4,707	12-31-2023
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		82	320	217	12-31-2023
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		71	-	264	12-31-2023
SQM Potasio S.A.			Environmental processing		2	18	128	12-31-2023
Subtotal					7,695	5,943	6,110

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement			Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Potasio S.A.			Environmental processing		Assets	36	53	106	12-31-2023
Minera Búfalo			Sustainability: Environment and Risk Prevention		Expense	226	99	41	12-31-2023
Orcoma Spa			Environmental processing		Expense	1,451	2,447	271	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	4,394	-	12-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	5	-	12-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	46	-	03-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	24	-	05-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	8	-	02-14-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	2	-	31-12-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	75	-	12-31-2022
SQM Salar S.A.			Environmental processing		Assets	-	36	-	31-12-2022
SQM Salar S.A.			Environmental processing		Expense	-	15	-	31-12-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	7	-	31-12-2022
Subtotal						1,713	7,211	418

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	2,102	-	12-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	4	-	12-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		13	-	101	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	110	-	31-12-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		3	-	47	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		795	-	-	06-30-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		93	-	7	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		21	-	254	03-31-2024
SQM Salar S.A.			Environmental processing		56	-	56	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		467	-	-	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		1	-	6	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	1	-	12-31-2022
Subtotal					1,449	2,217	471

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		1,399	56	878	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		25	-	100	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		5	2	14	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		24	-	11	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		61	-	14	12-31-2023
SQM Salar S.A.			Environmental processing		350	48	482	12-31-2023
SQM Salar S.A.			Environmental processing		167	-	303	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		399	76	175	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		23	28	19	03-31-2023
SQM Salar S.A.			Environmental processing		-	34	21	03-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	19	164	12-31-2023
SQM Salar S.A.			Environmental processing		23	55	208	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		28	64	42	12-31-2023
Subtotal					2,504	382	2,431

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		3	58	59	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		112	151	238	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		40	38	26	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		63	240	237	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		231	41	179	12-31-2023
SQM Salar S.A.			Environmental processing		54	-	196	06-30-2025
SQM Salar S.A.			Environmental processing		35	-	215	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		14	-	186	12-31-2023
SQM Salar S.A.			Environmental processing		26	-	374	12-31-2023
SQM Salar S.A.			Environmental processing		-	735	-	12-31-2022
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	752	-	12-31-2022
Subtotal					578	2,015	1,710

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended September 30, 2023	Amount disbursed during the period ended December 31, 2022	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		3	81	79	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		34	-	36	12-31-2023
SQM Salar S.A.			Environmental processing		1	9	17	12-31-2023
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		9	124	117	12-31-2023
Subtotal					47	214	249
Total					33,158	44,180	28,535

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 23    Gains (losses) from operating activities in the statement of income of expenses, included according to their nature

23.1Revenue from operating activities customer activities

The Group derives revenues from the sale of goods (which are recognized at one point in time) and from the provision of services (which are recognized over time) and are distributed among the following geographical areas and main product and service lines:

(a)Geographic areas:

For the period ended September 30, 2023
Geographic areas	Specialty plant nutrition	Iodine and derivatives	Lithium and derivatives	Potassium	Industrial chemicals	Other	Total<br>ThUS$
Chile	76,554	1,205	1,692	24,942	934	798	106,125
Latin America and the Caribbean	54,554	16,025	6,947	77,917	8,317	188	163,948
Europe	101,047	272,172	232,941	26,783	17,106	15,731	665,780
North America	321,628	94,898	111,132	57,018	36,206	900	621,782
Asia and Others	136,381	289,715	4,035,961	41,587	93,857	715	4,598,216
Total	690,164	674,015	4,388,673	228,247	156,420	18,332	6,155,851
For the period ended as of September 30, 2022
---	---	---	---	---	---	---	---
Geographic areas	Specialty plant nutrition	Iodine and derivatives	Lithium and derivatives	Potassium	Industrial chemicals	Other	Total<br>ThUS$
Chile	95,517	1,013	1,758	61,473	384	18,956	179,101
Latin America and the Caribbean	101,323	10,038	2,768	170,291	8,477	821	293,718
Europe	155,612	210,386	285,633	16,398	21,808	733	690,570
North America	363,365	107,450	123,338	56,283	47,511	690	698,637
Asia and Others	182,318	212,896	5,214,341	52,218	53,005	175	5,714,953
Total	898,135	541,783	5,627,838	356,663	131,185	21,375	7,576,979

(b)Main product and service lines:

Notes to the Consolidated Interim Financial Statements September 30, 2023

Products and Services
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Specialty plant nutrition
- Sodium Nitrates
- Potassium nitrate and sodium potassium nitrate
- Specialty Blends
- Other specialty fertilizers
Iodine and derivatives
Lithium and derivatives
Potassium
Industrial chemicals
Other
- Services
- Income from property leases
- Income from subleases on right-of-use assets
- Commodities
- Other ordinary income of Commercial Offices
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

23.2Cost of sales

Cost of sales broken down by nature of expense:

Nature of expense
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Raw materials and consumables used
Classes of employee benefit expenses
Depreciation expense
Depreciation of Right-of-use Assets (contracts under IFRS 16)
Amortization expense
Investment plan expenses
Provision for materials, spare parts and supplies
Contractors
Operating leases
Mining patents
Operational transportation
Freight / product transportation costs
Purchase of products from third parties
Insurance
Corfo rights and other agreements
Export costs
Expenses related to variable lease payments (contracts under IFRS 16)
Variation in gross inventory
Variation in inventory provision
Other
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

23.3Other income

Other income
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Discounts obtained from suppliers
Fines charged to suppliers
Amounts recovered from insurance
Overestimate of provisions for third-party obligations
Sale of assets classified as property, plant and equipment
Sales of materials, parts and supplies
Easements, pipelines and roads
Recovery of legal expenses for the California project
Government Grants (1)
Others
Total

All values are in US Dollars.

(1) The Company received an unconditional government grant for US$24,387 in September 2023, related to the permanence of its commercial office of SQM Shanghai Chemicals Co. Ltd. in the current district, which was recognized as part of this category.

23.4Administrative expenses

Administrative expenses
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Employee benefit expenses
Marketing costs
Amortization expenses
Entertainment expenses
Advisory services
Lease of buildings and facilities
Insurance
Office expenses
Contractors
Depreciation of Right-of-use Assets (contracts under IFRS 16)
Other expenses
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

23.5Other expenses

Other expenses
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Depreciation and amortization expense
Depreciation of assets not in use
Subtotal
Impairment losses / reversals of impairment losses recognized in profit for the year
Properties, plant and equipment
Intangible assets other than goodwill
Goodwill
Amortization of intangible assets
Subtotal
Other expenses, by nature
Legal expenses
VAT and other unrecoverable taxes
Fines paid
Investment plan expenses
Contributions and donations
Other operating expenses
Subtotal
Total

All values are in US Dollars.

23.6Other gains (losses)

Other gains (losses)
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Adjustment to prior periods due to applying the equity method
Impairment of interests in associates
Others
Totals

All values are in US Dollars.

23.7(Impairment) reversal of value of financial assets

(Impairment) reversal of value of financial assets
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
(Impairment) reversal of value of financial assets (See Note 13.2)
Totals

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

23.8Summary of expenses by nature

The following summary considers notes 22.2, 22.4 and 22.5

Expenses by nature
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Raw materials and consumables
Employee benefit expenses
Depreciation expense
Depreciation of right-of-use assets
Impairment of properties, plant and equipment, intangible and Goodwill
Amortization expense
Legal expenses
Investment plan expenses
Provision for materials, spare parts and supplies
Contractors
Operational leases
Mining patents
Operational transportation
Freight and product transportation costs
Purchase of products from third parties
Corfo rights y other agreements
Export costs
Expenses related to variable lease payments (contracts under IFRS 16)
Insurance
Consultant and advisor services
Variation in gross inventory
Variation in inventory provision
Other expenses
Total expenses by nature

All values are in US Dollars.

23.9Finance expenses

Finance expenses
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Interest expense from bank borrowings and overdrafts
Interest expense from bonds
Interest expense from loans
Reversal of capitalized interest expenses
Financial expenses for restoration and rehabilitation provisions
Interest on lease agreement
Other finance costs
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

23.10Finance income

Finance income
	2023	2022	2023	2022
	ThUS	ThUS	ThUS	ThUS
Interest from term deposits
Interest from marketable securities
Interest from maintenance of minimum bank balance in current account
Other finance income
Other finance interests
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 24    Reportable segments

24.1Reportable segments

(a)General information:

The amount of each item presented in each operating segment is equal to that reported to the highest authority that makes decisions regarding the operation, in order to decide on the allocation of resources to the defined segments and to assess its performance.

These operating segments mentioned are consistent with the way the Company is managed and how results will be reported by the Company. These segments reflect separate operating results that are regularly reviewed by the executive responsible for operational decisions in order to make decisions about the resources to be allocated to the segment and assess its performance (See Note 24.2).

The performance of each segment is measured based on net income and revenues. Inter-segment sales are made using terms and conditions at current market rates.

(b)Factors used to identify segments on which a report should be presented:

The segments covered in the report are strategic business units that offer different products and services. These are managed separately because each business requires different technology and marketing strategies.

(c)Description of the types of products and services from which each reportable segment obtains its income from ordinary activities

The operating segments as follows:

(i)Specialty plant nutrients

(ii)Iodine and its derivatives

(iii)Lithium and its derivatives

(iv)Industrial chemicals

(v)Potassium

(vi)Other products and services

(d)Description of income sources for all the other segments

Information regarding assets, liabilities, profits and expenses that cannot be assigned to the segments indicated in Note 24.2 y 24.3 due to the nature of production processes, is included under the "Unallocated amounts” category of the disclosed information.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(e)Description of the nature of the differences between measurements of results of reportable segments and the result of the entity before the expense or income tax expense of incomes and discontinued operations

The information reported in the segments is extracted from the Company’s consolidated financial statements and therefore there is no need to prepare reconciliations between the data mentioned above and those reported in the respective segments, according to what is stated in paragraph 28 of IFRS 8, "Operating Segments".

For the allocation of inventory valuation costs, we identify the direct expenses (can be directly allocated to products) and the common expenses (belong to coproduction processes, for example common leaching expenses for production of Iodine and Nitrates), Direct costs are directly allocated to the product and the common costs are distributed according to percentages that consider different variables in their determination, such as margins, rotation of inventories, revenue, production etc.

The allocation of other common costs that are not included in the inventory valuation process, but go straight to the cost of sales, use similar criteria: the costs associated with a product or sales in particular are assigned to that particular product or sales, and the common costs associated with different products or business lines are allocated according to the sales.

(f)Description of the nature of the differences between measurements of assets of reportable segments and the Company´s assets

Assets are not shown classified by segments, as this information is not readily available, some of these assets are not separable by the type of activity by which they are affected since this information is not used by management in decision-making with respect to resources to be allocated to each defined segment. All assets are disclosed in the "unallocated amounts" category.

(g)Description of the nature of the differences between measurements of liabilities of reportable segments and the Company’s liabilities

Liabilities are not shown classified by segments, as this information is not readily available, some of these liabilities are not separable by the type of activity by which they are affected, since this information is not used by management in decision-making regarding resources to be allocated to each defined segment. All liabilities are disclosed in the "unallocated amounts" category.

Notes to the Consolidated Interim Financial Statements September 30, 2023

24.2     Reportable segment disclosures:

Operating segment items as of and for the period ended September 30, 2023
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue
Revenues from transactions with other operating segments of the same entity
Revenues from external customers and transactions with other operating segments of the same entity
Costs of sales
Administrative expenses
Finance expense
Depreciation and amortization expense
The entity’s interest in the profit or loss of associates and joint ventures accounted for by the equity method
Income before taxes
Income tax expense
Net income (loss)
Assets
Equity-accounted investees
Incorporation of non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts
Liabilities
Impairment loss of financial assets recognized in profit or loss
Impairment loss of non-financial assets recognized in profit or loss
Cash flows
Cash flows from operating activities
Cash flows used in investing activities
Cash flows from financing activities

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Operating segment items as of September 30, 2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue
Revenues from transactions with other operating segments of the same entity
Revenues from external customers and transactions with other operating segments of the same entity
Costs of sales
Administrative expenses
Finance expense
Depreciation and amortization expense
The entity’s interest in the profit or loss of associates and joint ventures accounted for by the equity method
Income before taxes
Income tax expense
Net income (loss)
Assets
Equity-accounted investees
Incorporation of non-current assets other than financial instruments, deferred tax assets, net defined benefit assets and rights arising from insurance contracts
Liabilities
Impairment loss of financial assets recognized in profit or loss
Impairment loss of non-financial assets recognized in profit or loss
Cash flows
Cash flows from operating activities
Cash flows used in investing activities
Cash flows from financing activities

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

24.3     Statement of comprehensive income classified by reportable segments based on groups of products

Items in the statement of comprehensive income as of and for the period ended September 30, 2023
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue
Costs of sales
Gross profit
Other incomes by function
Administrative expenses
Other expenses by function
Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9
Other losses
Financial income
Financial costs
Interest in the profit (loss) of associates and joint ventures accounted for by the equity method
Exchange differences
Profit (loss) before taxes
Income tax expense
Profit (loss) net

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Items in the statement of comprehensive income<br><br>as of September 30, 2022
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue
Costs of sales
Gross profit
Other incomes by function
Administrative expenses
Other expenses by function
Impairment of gains and review of impairment losses (impairment losses) determined in accordance with IFRS 9
Other losses
Financial income
Financial costs
Interest in the profit (loss) of associates and joint ventures accounted for by the equity method
Exchange differences
Profit (loss) before taxes
Income tax expense
Profit (loss) net

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

24.4     Disclosures on geographical areas

As indicated in paragraph 33 of IFRS 8, the entity discloses geographical information on its revenue from operating activities with external customers and from non-current assets that are not financial instruments, deferred income tax assets, assets related to post-employment benefits or rights derived from insurance contracts.

24.5     Disclosures on main customers

With respect to the degree of dependency of the Company on its customers, in accordance with paragraph 34 of IFRS 8, the Company has no external customers who individually represent 10% or more of its revenue.

Notes to the Consolidated Interim Financial Statements September 30, 2023

24.6     Segments by geographical areas

Segments by geographical areas
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue for the period ended September 30, 2023
Non-current assets at September 30, 2023
Investment accounted for under the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment, net
Right-of-use assets
Other non-current assets
Non-current assets

All values are in US Dollars.

Segments by geographical areas
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue at September 30, 2022
Non-current assets at December 31, 2022
Investment accounted for under the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment, net
Right-of-use assets
Other non-current assets
Non-current assets

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 25 Effect of fluctuations in foreign currency exchange rates

(a)Reserves for foreign currency exchange differences:

For the periods ended September 30, 2023, and December 2022, are detailed as follows:

Details
	ThUS	ThUS
Changes in equity generated by the equity method value through conversion:
Comercial Hydro S.A.
SQMC Internacional Ltda.
Proinsa Ltda.
Comercial Agrorama Ltda.
Isapre Norte Grande Ltda.
Almacenes y Depósitos Ltda.
Sacal S.A.
Sociedad Prestadora de Servicios de Salud Cruz del Norte S.A.
Agrorama S.A.
SQM Vitas Fzco
Ajay Europe
SQM Oceanía Pty Ltd.
SQM Indonesia S.A.
SQM Holland B.V.
SQM Thailand Limited
SQM Europe
SQM Australia Pty Ltd.
Pavoni & C. Spa
SQM Colombia SAS
Total

All values are in US Dollars.

(b)Functional and presentation currency

The functional currency of these companies corresponds to the currency of the country of origin of each entity, and its presentation currency is the dollar.

(c)Reasons to use one presentation currency and a different functional currency

A relevant portion of the revenues of these subsidiaries are associated with the local currency.

The cost structure of these companies is affected by the local currency.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 26 Disclosures on the effects of fluctuations in foreign currency exchange rates

a)Assets held in foreign currency subject to fluctuations in exchange rates are detailed as follows:

Class of assets		As of<br><br>December 31,<br><br>2022
	ThUS
Cash and cash equivalents		1,637,507
Cash and cash equivalents		806,106
Cash and cash equivalents		92,394
Cash and cash equivalents		14,963
Cash and cash equivalents		1
Cash and cash equivalents		89,602
Cash and cash equivalents		1,406
Cash and cash equivalents		2
Cash and cash equivalents		686
Cash and cash equivalents		11,647
Cash and cash equivalents		918
Cash and cash equivalents		3
Cash and cash equivalents		1
Subtotal cash and cash equivalents		2,655,236
Other current financial assets		722,165
Other current financial assets		39
Other current financial assets		239,151
Subtotal other current financial assets		961,355
Other current non-financial assets		35,237
Other current non-financial assets		9,516
Other current non-financial assets		259
Other current non-financial assets		85,608
Other current non-financial assets		56,404
Other current non-financial assets		1,046
Other current non-financial assets		217
Other current non-financial assets		4,685
Other current non-financial assets		2
Other current non-financial assets		158
Other current non-financial assets		3,203
Other current non-financial assets		-
Subtotal other non-financial current assets		196,335
Trade and other receivables		788,596
Trade and other receivables		22
Trade and other receivables		550
Trade and other receivables		58,412
Trade and other receivables		161,492
Trade and other receivables		36,318
Trade and other receivables		76
Trade and other receivables		889
Trade and other receivables		3,116
Trade and other receivables		129
Trade and other receivables		1,708
Trade and other receivables		33,361
Trade and other receivables		2,751
Trade and other receivables		-
Subtotal trade and other receivables		1,087,420
Receivables from related parties		79,331
Receivables from related parties		1,250
Receivables from related parties		1,041
Subtotal receivables from related parties		81,622

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Class of assets		As of<br><br>December 31,<br><br>2022
	ThUS
Current inventories		1,784,281
Subtotal Current Inventories		1,784,281
Current tax assets		127,068
Current tax assets		1
Current tax assets		2,125
Current tax assets		77,397
Current tax assets		14,042
Current tax assets		59
Current tax assets		28
Current tax assets		1,481
Current tax assets		2,713
Subtotal current tax assets		224,914
Non-current assets or groups of assets classified as held for sale		346
Subtotal Non-current assets or groups of assets classified as held for sale		346
Total current assets		6,991,509
Other non-current financial assets		32,126
Subtotal Other non-current financial assets		32,126
Other non-current non-financial assets		52,396
Subtotal Other non-current non-financial assets		52,396
Other receivables, non-current		713
Other receivables, non-current		77
Other receivables, non-current		88
Other receivables, non-current		-
Other receivables, non-current		1,213
Subtotal Other receivables, non-current		2,091
Investments classified using the equity method of accounting		22,959
Investments classified using the equity method of accounting		19,597
Investments classified using the equity method of accounting		11,830
Subtotal Investments classified using the equity method of accounting		54,386
Intangible assets other than goodwill		166,336
Subtotal intangible assets other than goodwill		166,336
Purchases goodwill, gross		967
Subtotal Purchases goodwill, gross		967
Property, plant and equipment		2,726,838
Subtotal property, plant and equipment		2,726,838
Right-of-use assets		60,867
Subtotal Right-of-use assets		60,867
Non-current tax assets		127,114
Subtotal non-current tax assets		127,114
Deferred Tax Assets		604,471
Subtotal Deferred Tax Assets		604,471
Total non-current assets		3,827,592
Total assets		10,819,101

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Class of liability
	Currency		More than 90 days to 1 year	Total	Up to 90 days	More than 90 days to 1 year	Total
			ThUS	ThUS	ThUS	ThUS	ThUS
Current liabilities
Other current financial liabilities
Other current financial liabilities		CLF
Subtotal other current financial liabilities
Lease liabilities, current
Lease liabilities, current		CLF
Lease liabilities, current		MXN
Lease liabilities, current
Lease liabilities, current		AUD
Subtotal Lease liabilities, current
Trade and other payables
Trade and other payables		CLF
Trade and other payables		BRL
Trade and other payables		THB
Trade and other payables		CLP
Trade and other payables		CNY
Trade and other payables
Trade and other payables
Trade and other payables		MXN
Trade and other payables		AUD
Trade and other payables		ZAR
Trade and other payables		AED
Trade and other payables		CHF
Trade and other payables		COP
Trade and other payables		KRW
Subtotal trade and other payables
Trade payables due to related parties
Subtotal Trade payables due to related parties
Other current provisions
Other current provisions		CLP
Other current provisions
Subtotal other current provisions

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Class of liability
	Currency	Up to90 days	91 days to 1 year	Total	Up to90 days	91 days to 1 year	Total
		ThUS	ThUS$	ThUS$	ThUS	ThUS$	ThUS$

All values are in US Dollars.

Current tax liabilities	USD	-	27,848	27,848	-	348,658	348,658
Current tax liabilities	CLP	-	286	286	-	999	999
Current tax liabilities	EUR	-	864	864	-	1,386	1,386
Current tax liabilities	MXN	-	-	-	-	5,568	5,568
Current tax liabilities	CNY	-	997	997	-	-	-
Current tax liabilities	JPY	-	10	10	-	-	-
Current tax liabilities	KRW	-	414	414	-	-	-
Subtotal current tax liabilities		-	30,419	30,419	-	356,611	356,611
Provisions for employee benefits, current	USD	16,367	-	16,367	25,867	8,631	34,498
Provisions for employee benefits, current	AUD	397	-	397	390	-	390
Provisions for employee benefits, current	EUR	54	-	54	385	-	385
Provisions for employee benefits, current	MXN	1	-	1	103	-	103
Provisions for employee benefits, current	CLP	558	-	558	-	-	-
Subtotal Provisions for employee benefits, current		17,377	-	17,377	26,745	8,631	35,376
Other current non-financial liabilities	USD	235,614	1,644	237,258	393,401	98	393,499
Other current non-financial liabilities	BRL	15	-	15	1	-	1
Other current non-financial liabilities	CLP	29,734	1,980	31,714	8,281	39,456	47,737
Other current non-financial liabilities	CNY	74	-	74	92	-	92
Other current non-financial liabilities	EUR	1,383	933	2,316	1,564	250	1,814
Other current non-financial liabilities	MXN	856	-	856	725	14	739
Other current non-financial liabilities	JPY	197	15	212	47	-	47
Other current non-financial liabilities	COP	40	22	62	250	-	250
Other current non-financial liabilities	ARS	6	-	6	26	-	26
Other current non-financial liabilities	ZAR	30	-	30	-	1	1
Other current non-financial liabilities	KRW	20,132	-	20,132	2,271	-	2,271
Subtotal other current non-financial liabilities		288,081	4,594	292,675	406,658	39,819	446,477
Total current liabilities		1,643,744	1,086,066	2,729,810	2,249,142	802,405	3,051,547

Notes to the Consolidated Interim Financial Statements September 30, 2023

Class of liability
	Currency		Over 2 years to 3 years	Over 3 years to 4 years	Over 4 years to 5 years	Over 5 years	Total
			ThUS	ThUS	ThUS	ThUS	ThUS
Non-current liabilities
Other non-current financial liabilities
Other non-current financial liabilities		CLF
Subtotal Other non-current financial liabilities
Non-current lease liabilities
Non-current lease liabilities		CLP
Non-current lease liabilities		CLF
Non-current lease liabilities		MXN
Non-current lease liabilities
Non-current lease liabilities		AUD
Subtotal non-current lease liabilities
Non-current Trade and other payables
Subtotal Non-current Trade and other payables
Other non-current provisions
Subtotal Other non-current provisions
Deferred tax liabilities
Subtotal Deferred tax liabilities
Provisions for employee benefits, non-current
Provisions for employee benefits, non-current		CLP
Provisions for employee benefits, non-current		MXN
Provisions for employee benefits, non-current		AUD
Provisions for employee benefits, non-current
Provisions for employee benefits, non-current
Subtotal Provisions for employee benefits, non-current
Total non-current liabilities
Total liabilities

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Class of liability
	Currency		Over 2 years to 3 years	Over 3 years to 4 years	Over 4 years to 5 years	Over 5 years	Total
			ThUS	ThUS	ThUS	ThUS	ThUS
Non-current liabilities
Other non-current financial liabilities
Other non-current financial liabilities		CLF
Subtotal Other non-current financial liabilities
Non-current lease liabilities
Non-current lease liabilities		CLP
Non-current lease liabilities		CLF
Non-current lease liabilities		MXN
Non-current lease liabilities
Subtotal non-current lease liabilities
Non-current Trade and other payables
Subtotal Non-current Trade and other payables
Other non-current provisions
Subtotal Other non-current provisions
Deferred tax liabilities
Subtotal Deferred tax liabilities
Provisions for employee benefits, non-current
Provisions for employee benefits, non-current		CLP
Subtotal Provisions for employee benefits, non-current
Total non-current liabilities
Total liabilities

All values are in US Dollars.

b)Effects of changes in foreign currency exchange rates on the statement of net income and other comprehensive income.

Foreign currency exchange rate changes
	2023	2022
	ThUS	ThUS
Foreign currency loss
Foreign currency translation reserve
Total

All values are in US Dollars.

The average and closing exchange rate for foreign currency is disclosed in Note 3.3

Notes to the Consolidated Interim Financial Statements September 30, 2023

Note 27 Income tax and deferred taxes

Tax receivables as of September 30, 2023 and December 31, 2022, are as follows:

27.1Current and non-current tax assets

(a)    Current

Current tax assets
	ThUS	ThUS
Monthly provisional income tax payments, Chilean companies
Monthly provisional income tax payments, foreign companies
Corporate tax credits (1)
1st category tax absorbed by tax losses (2)
Taxes in recovery process
Total

All values are in US Dollars.

(b) Non-current

Non-current tax assets
	ThUS	ThUS
Total tax paid by SQM Salar (see note 21.3)
Total

All values are in US Dollars.

(1)These credits are available for companies and are related to corporate tax payments in April of the following year. These credits include, among others, credits for training expenses (SENCE) and credits in Chile for taxes paid abroad.

(2)This concept corresponds to the tax loss absorption determined by the company at the end of the year, which must be attributed to the dividends received during the year.

Notes to the Consolidated Interim Financial Statements September 30, 2023

27.2Current tax liabilities

Current tax liabilities
	ThUS	ThUS
1st Category income tax
Foreign company income tax
Total

All values are in US Dollars.

Income tax is calculated based on the profit or loss for tax purposes that is applied to the effective tax rate applicable in Chile. As established by Law No. 20,780 is 27%.

The royalty is determined by applying the taxable rate to the net operating income obtained, according to the chart in force. The Company currently provisioned 6.48% for mining royalties that involve operations in the Salar de Atacama and 8.12% for caliche extraction operations.

The income tax rate for the main countries where the Company operates is presented below:

Country		Income tax		Income tax
	2023		2022
Spain		25%		25%
Belgium		25%		25%
Mexico		30%		30%
United States		21% + 3.44%		21% + 3.51%
South Africa		27%		28%
South Korea		24% (2)		25%
China		25%+12% (1)		25%+12% (1)

(1)Additional tax of 12% on VAT payable.

(2)Sliding scale from 9% to 24% of taxable income.

Notes to the Consolidated Interim Financial Statements September 30, 2023

27.3Income tax and deferred taxes

(a)Deferred tax assets and liabilities as of September 30, 2023

Description of deferred tax assets and liabilities as of September 30, 2023
	Assets	Liabilities
	ThUS	ThUS
Unrealized loss
Property, plant and equipment and capitalized interest (1)
Restoration and rehabilitation provision
Manufacturing expenses
Employee benefits and unemployment insurance
Vacation accrual
Inventory provision
Materials provision
Others employee benefits
Research and development expenses
Bad debt provision
Provision for legal complaints and expenses
Loan acquisition expenses
Financial instruments recorded at market value
Specific tax on mining activity
Tax loss benefit
Other
Foreign items (other)
Balances to date
Net balance

All values are in US Dollars.

(1)This includes right-of-use assets.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(b) Deferred tax assets and liabilities as of December 31, 2022

Description of deferred tax assets and liabilities as of December 31, 2022
	Assets	Liabilities
	ThUS	ThUS
Unrealized loss
Property, plant and equipment and capitalized interest (1)
Restoration and rehabilitation provision
Manufacturing expenses
Employee benefits and unemployment insurance
Vacation accrual
Inventory provision
Materials provision
Others employee benefits
Research and development expenses
Bad debt provision
Provision for legal complaints and expenses
Loan acquisition expenses
Financial instruments recorded at market value
Specific tax on mining activity
Tax loss benefit
Other
Foreign items (other)
Balances to date
Net balance

All values are in US Dollars.

(1)This item includes right-of-use assets.

Deferred tax assets and liabilities in the consolidated statement of financial position as of September 30, 2023 and December 31, 2022, are as follows:

Movements of deferred tax assets and liabilities
	ThUS	ThUS
Deferred tax assets
Deferred tax liabilities
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(c)     Reconciliation of changes in deferred tax assets (liabilities) as of September 30, 2023

Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of September 30, 2023
	ThUS	ThUS	ThUS	ThUS	ThUS
Unrealized loss
Property, plant and equipment and capitalized interest
Restoration and rehabilitation provision
Manufacturing expenses
Employee benefits and unemployment insurance
Vacation accrual
Inventory provision
Materials provision
Derivative financial instruments
Others employee benefits
Research and development expenses
Bad debt provision
Provision for legal complaints and expenses
Loan approval expenses
Financial instruments recorded at market value
Specific tax on mining activity
Tax loss benefit
Others
Foreign items (other)
Total temporary differences, unused losses and unused tax credits

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(d)    Reconciliation of changes in deferred tax liabilities (assets) as of December 31, 2022

Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of December 31, 2022
	ThUS	ThUS	ThUS	ThUS	ThUS
Unrealized loss
Property, plant and equipment and capitalized interest
Restoration and rehabilitation provision
Manufacturing expenses
Employee benefits and unemployment insurance
Vacation accrual
Inventory provision
Materials provision
Derivative financial instruments
Others employee benefits
Research and development expenses
Bad debt provision
Provision for legal complaints and expenses
Loan approval expenses
Financial instruments recorded at market value
Specific tax on mining activity
Tax loss benefit
Others
Foreign items (other)
Total temporary differences, unused losses and unused tax credits

All values are in US Dollars.

(e) Deferred taxes related to benefits for tax losses

The Company’s tax loss carryforwards were mainly generated by losses in Chile, which in accordance with current Chilean tax regulations have no expiration date.

As of September 30, 2023, and December 31, 2022, tax loss carryforwards are detailed as follows:

Deferred taxes related to benefits for tax losses
	ThUS	ThUS
Chile
Foreign
Total

All values are in US Dollars.

The tax losses as of September 30, 2023, which are the basis for these deferred taxes correspond mainly to Servicios Integrales de Tránsitos y Transferencias S.A., SQM Potasio S.A., Comercial Hydro S.A., Orcoma SpA., Orcoma Estudio SpA, SCM Búfalo, SQM Holland B.V., SQM Comercial de México S.A., SQM África Pty Ltd, SQM Iberia S.A. SQM Colombia., SQM Ecuador S.A. y Soquimich LLC.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(f)     Movements in deferred tax assets and liabilities

Movements in deferred tax assets and liabilities as of September 30, 2023 and December 31, 2022 are detailed as follows:

Movements in deferred tax assets and liabilities
	As ofSeptember 30,2023	As of December 31, 2022
	ThUS	ThUS
Deferred tax assets and liabilities, net opening balance
Increase (decrease) in deferred taxes in profit or loss
Increase (decrease) deferred taxes in equity
Total

All values are in US Dollars.

(g)    Disclosures on income tax (expenses) benefit

Current and deferred tax (expenses) benefit are detailed as follows:

Disclosures on income tax (expense) benefit
	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022
	ThUS	ThUS
Current income tax (expense) benefit
Current tax expense
Adjustments to prior year current income tax (expense) benefit
Current income tax expense, net, total
Deferred tax (expense) benefit
Deferred tax benefits relating to the creation and reversal of temporary differences
Tax adjustments related to the creation and reversal of temporary differences from the previous year
Total deferred tax benefits, net
Income tax expense

All values are in US Dollars.

Income tax (expenses) benefits for foreign and domestic parties are detailed as follows:

Income tax (expense) benefit
	For the period endedSeptember 30,2023	For the period endedSeptember 30,2022
	ThUS	ThUS
Current income tax benefit (expense) by foreign and domestic parties, net
Current income tax (expenses), foreign parties, net
Current income tax (expenses), domestic, net
Current income tax expense, net, total
Deferred tax benefit (expense) by foreign and domestic parties, net
Current income tax benefit (expense) benefit, foreign parties, net
Current income tax benefits, domestic, net
Deferred tax expense, net, total
Income tax expense

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(h)    Disclosures on the tax effects of other comprehensive income components:

Income tax related to other income and expense components with a charge or credit to net equity
	Amount before taxes (expense) gain	(Expense) income for income taxes	Amount after taxes
	ThUS	ThUS	ThUS
(Losses) gains from defined benefit plans
Cash flow hedge
Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income
Total

All values are in US Dollars.

Income tax related to other income and expense components with a charge or credit to net equity
	Amount before taxes (expense) gain	(Expense) income for income taxes	Amount after taxes
	ThUS	ThUS	ThUS
Gains (losses) from defined benefit plans
Cash flow hedges
Reserve for gains (losses) from financial assets measured at fair value through other comprehensive income
Total

All values are in US Dollars.

(i)     Explanation of the relationship between (expense) benefit for tax purposes and accounting income.

Based on IAS 12, paragraph 81, letter “c”, the company has estimated that the method that discloses the most significant information for users of the financial statements is the numeric conciliation between the tax benefit (expense) and the result of multiplying the accounting profit by the current rate in Chile. The aforementioned choice is based on the fact that the Company and subsidiaries established in Chile generate a large part of the Company’s tax benefit (expense). The amounts provided by subsidiaries established outside Chile have no relative importance in the overall context.

Notes to the Consolidated Interim Financial Statements September 30, 2023

Reconciliation between the tax benefit (expense) and the tax calculated by multiplying income before taxes by the Chilean corporate income tax rate.

Income Tax Expense (Benefit)
	For the period ended September 30, 2023	For the period ended September 30, 2022
	ThUS	ThUS
Consolidated income before taxes
Statutory Income tax rate in Chile
Tax expense using the statutory tax rate
Net effect of specific mining tax payments
Tax effect of income from regular activities exempt from taxation and dividends from abroad
Tax rate effect of non-tax-deductible expenses for determining taxable profit (loss)
Tax effect of tax rates supported abroad
Other tax effects of reconciliation of accounting income to tax expense
Other tax effects to reconcile accounting profit with the income tax expense
Tax expense using the effective tax rate

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements September 30, 2023

(j)    Tax periods potentially subject to verification:

The Group’s Companies are potentially subject to income tax audits by tax authorities in each country. These audits are limited to a number of interim tax periods, which, in general, when they elapse, give rise to the expiration of these inspections.

Tax audits, due to their nature, are often complex and may require several years. Below, we provide a summary of tax periods that are potentially subject to verification, in accordance with the tax regulations in force in the country of origin:

(i)Chile

According to article 200 of Decree Law No 830, the taxes will be reviewed for any deficiencies in terms of payment and to generate any taxes that might arise. There is a 3-year prescriptive period for such review, dating from the expiration of the legal deadline when payment should have been made. This prescriptive period can be extended to 6 years for the revision of taxes subject to declaration, when such declaration has not been filed or has been presented with maliciously false information.

(ii)United States

In the United States, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error is detected in the tax return of sales or cost of sales, the review can be extended for a period of up to 6 years.

(iii)Mexico:

In Mexico, the tax authority can review tax returns up to 5 years from the expiration date of the tax return.

(iv)Spain:

In Spain, the tax authority can review tax returns up to 4 years from the expiration date of the tax return.

(v)Belgium:

In Belgium, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return if no tax losses exist. In the event of detecting an omission or error in the tax return, the review can be extended for a period of up to 5 years.

(vi)South Africa:

In South Africa, the tax authority may review tax returns for up to 3 years from the expiration date of the tax return. In the event that an omission or error in the tax return is detected, the review can be extended for a period of up to 5 years.

(vii)China:

Tax returns up to 3 years old from the due date of the return can be reviewed, in special circumstances this can be extended to 5 years. When tax evasion or fraud is involved, the tax authorities will pursue the collection of tax and there is no time limit.

(viii)South Korea:

Tax returns up to 5 years old from the due date of the return can be reviewed, but this can be extended to 7 years for cross-border transactions. Failure to file the tax return on the legal due date will result in this deadline being

Notes to the Consolidated Interim Financial Statements September 30, 2023

extended by up to 5 years and 10 years for cross-border transactions. When tax evasion or fraud is involved, it will be extended by up to 10 years and 15 years for cross-border transactions.

Note 28     Events occurred after the reporting date

28.1Authorization of the financial statements

The consolidated financial statements of the Company and its subsidiaries, prepared in accordance with IAS 34 “Interim Financial Reporting” for the year ended September 30, 2023, were approved and authorized for issuance by the Company´s Board of Directors on November 15, 2023.

28.2Disclosures on events occurring after the reporting date

(a)On October 25, 2023, the Company issued an offer to acquire an 80% interest in Azure Minerals Limited (AUD$3.52 per share), which equates to approximately US$900 million.

(b)On November 7, 2023, the Company reported placing an unsecured senior bond for US$750 million, at an annual interest rate of 6.500%, maturing in 2033, pursuant to Rule 144-A and Regulation S of the US Securities and Exchange Commission, under the US Securities Act of 1933. This bond was issued and sold to qualified institutional buyers in the United States of America under the Securities Act. The proceeds will be used to finance green projects.

(c)On November 15, 2023, the Board approved an interim dividend of US$0.50347 per share, to be paid from the Company's earnings for 2023. This dividend will be paid in Chilean pesos at the official US dollar exchange rate published in the Official Gazette as of December 11, 2023.

Management is not aware of any other significant events that occurred between September 30, 2023, and the date of issuance of these consolidated financial statements that may significantly affect them.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

CHEMICAL AND MINING COMPANY OF CHILE INC.

(Registrant)

Date: December 13, 2023                             /s/ Gerardo Illanes

By: Gerardo Illanes

CFO

Persons who are to respond to the collection of information contained SEC 1815 (04-09) in this form are not required to respond unless the form displays currently valid OMB control number.