6-K - SQM - Equibles

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 June, 2024.

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. June 18, 2024.- 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 three months ended March 31, 2024, the Spanish version of which was filed with the Chilean Commission for the Financial Market (Comisión para el Mercado Financiero or “CMF”) on May 22, 2024.

CONSOLIDATED INTERIM FINANCIAL STATEMENTS

As of and for the period ended

March 31, 2024

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

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	3
Consolidated Interim Statements of Comprehensive Income	4
Consolidated Interim Statements of Cash Flows	5
Consolidated Interim Statements of Cash Flows	6
Consolidated Interim Statements of Changes in Equity	7
Glossary	8
Note 1 Identification and Activities of the Company and Subsidiaries	10
1.1. Historical background	10
1.2. Main domicile where the Company performs its production activities	10
1.3. Codes of main activities	10
1.4. Description of the nature of operations and main activities	10
1.5. Other background	12
1.6. Specific mining tax applied to lithium exploitation	13
Note 2 Basis of presentation for the consolidated financial statements	14
2.1 Accounting period	14
2.2 Consolidated financial statements	14
2.3 Basis of measurement	15
2.4 Accounting pronouncements	15
2.5 Basis of consolidation	17
2.6 Investments in associates and joint ventures	20
Note 3 Significant accounting policies	21
3.1 Classification of balances as current and non-current	21
3.2 Functional and presentation currency	21
3.3 Accounting policy for foreign currency translation	21
3.4 Consolidated statement of cash flows	23
3.5 Financial assets accounting policy	23
3.6 Financial assets impairment	24
3.7 Financial liabilities	24
3.8 Estimated fair value of financial instruments	25
3.9 Reclassification of financial instrument	25
3.10 Financial instruments derecognition	26
3.11 Derivative and hedging financial instruments	26
3.12 Derivative financial instruments not considered as hedges	27
3.13 Deferred acquisition costs from insurance contracts	27
3.14 Leases	27
3.15 Inventory measurement	28
3.16 Non-controlling interests	29
3.17 Related party transactions	29
3.18 Property, plant and equipment	29
3.19 Depreciation of property, plant and equipment	30

3.20 Goodwill	30
3.21 Intangible assets other than goodwill	31
3.22 Research and development expenses	32
3.23 Exploration and evaluation expenses	32
3.24 Impairment of non-financial assets	32
3.25 Minimum dividend	33
3.26 Earnings per share	34
3.27 Other provisions	34
3.28 Obligations related to employee termination benefits and pension commitments	34
3.29 Compensation plans	35
3.30 Revenue recognition	35
3.31 Finance income and finance costs	35
3.32 Current income tax and deferred	35
3.33 Operating segment reporting	36
3.34 Primary accounting criteria, estimates and assumptions	37
3.35 Government grants	38
Note 4 Financial risk management	39
4.1 Financial risk management policy	39
4.2 Risk Factors	39
4.3 Financial risk management	44
Note 5 Separate information on the main office, parent entity and joint action agreements	45
5.1 Parent’s stand-alone assets and liabilities	45
5.2 Parent entity	45
Note 6 Board of Directors, Senior Management and Key management personnel	46
6.1 Remuneration of the Board of Directors and Senior Management	46
6.2 Key management personnel compensation	48
Note 7 Background on companies included in consolidation and non-controlling interests	49
7.1 Assets, liabilities and profit of consolidated subsidiaries as of and for the period ended March 31, 2024.	49
7.2 Non-controlling interests	53
Note 8 Equity-accounted investees	54
8.1 Investments in associates recognized according to the equity method of accounting	54
8.2 Assets, liabilities, revenue and expenses of associates	56
8.3 Disclosures regarding interests in associates	57
Note 9 Joint Ventures	58
9.1 Investment in joint ventures accounted for under the equity method of accounting.	58
9.2 Assets, liabilities, revenue and expenses from joint ventures	60
9.3 Other Joint Venture disclosures	61
9.4 Disclosure of interests in joint ventures	62
9.5 Joint Operations	62
Note 10 Cash and cash equivalents	63
10.1 Types of cash and cash equivalents	63
10.2 Short-term investments, classified as cash equivalents	63
10.3 Amount restricted cash balances	64
10.4 Short-term deposits, classified as cash equivalents	65

Note 11 Inventories	67
Note 12 Related party disclosures	69
12.1 Related party disclosures	69
12.2 Relationships between the parent and the entity	69
12.3 Detailed identification of related parties and subsidiaries	70
12.4 Detail of related parties and related party transactions	73
12.5 Trade receivables due from related parties, current:	74
12.6 Current trade payables due to related:	74
12.7 Other disclosures	74
Note 13 Financial instruments	75
13.1 Types of other current and non-current financial assets	75
13.2 Trade and other receivables	76
13.3 Hedging assets and liabilities	78
13.4 Financial liabilities	80
13.5 Trade and other payables	90
13.8 Reconciliation of net debt/cash and lease liabilities.	97
Note 14 Right-of-use assets and lease liabilities	99
14.1 Right-of-use assets	99
14.2 Lease liabilities	100
Note 15 Intangible assets and goodwill	105
15.1 Reconciliation of changes in intangible assets and goodwill	105
Note 16 Property, plant and equipment	108
16.1 Types of property, plant and equipment	108
16.2 Reconciliation of changes in property, plant and equipment by type:	110
16.3 Detail of property, plant and equipment pledged as guarantee	111
16.4 Cost of capitalized interest, property, plant and equipment	111
Note 17 Other current and non-current non-financial assets	112
Note 18 Employee benefits	115
18.1 Provisions for employee benefits	115
18.2 Policies on defined benefit plan	115
18.3 Other long-term benefits	116
18.4 Post-employment benefit obligations	116
18.5 Staff severance indemnities	117
18.6 Executive compensation plan	118
Note 19 Provisions and other non-financial liabilities	119
19.1 Types of provisions	119
19.2 Description of other provisions	120
19.3 Changes in provisions	122
19.4 Other non-financial liabilities, Current	123
Note 20 Disclosures on equity	124
20.1 Capital management	124
20.2 Operational restrictions and financial limits	125
20.3 Disclosures on preferred share capital	126
20.4 Disclosures on reserves in Equity	127
20.5 Dividend policies	129

20.6 Interim and provisional dividends	130
20.7 Potential and provisional dividends	131
Note 21 Contingencies and restrictions	132
21.1 Lawsuits and other relevant events	132
21.2 Environmental contingencies	134
22.3 Tax Contingencies	134
21.5 Indirect guarantees	136
Note 22 Gains (losses) from operating activities in the statement of income of expenses, included according to their nature.	137
22.1 Revenue from operating activities customer activities	137
22.2 Cost of sales	139
22.3 Other income	140
22.4 Administrative expenses	140
22.5 Other expenses	141
22.6 Other (losses)	141
22.7 Impairment losses and reversals for financial assets	141
22.8 Summary of expenses by nature	142
22.9 Finance expenses	142
22.9 Finance income	143
Note 23 Reportable segments	144
23.1 Reportable segments	144
23.3 Statement of comprehensive income classified by reportable segments based on groups of products	148
23.4 Disclosures on geographical areas	150
23.5 Disclosures on main customers	150
23.6 Segments by geographical areas	151
Note 24 Effect of fluctuations in foreign currency exchange rates	152
Note 25 Disclosures on the effects of fluctuations in foreign currency exchange rates	153
Note 26 Income tax and deferred taxes	159
26.1 Current and non-current tax assets	159
26.2 Current tax liabilities	160
26.3 Income tax and deferred taxes	161
Note 27 Environment	169
27.1 Disclosures of disbursements related to the environment	169
27.2 Detailed information on disbursements related to the environment	169
Note 28 Events occurred after the reporting date	180
28.1 Authorization of the financial statements	180
28.2 Disclosures on events occurring after the reporting date	180

Consolidated Interim Classified Statements of Financial Position

Assets			As of December 31, 2023
	ThUS	ThUS
Current Assets
Cash and cash equivalents			1,041,369
Other current financial assets			1,325,843
Other current non-financial assets			136,750
Current trade and other receivables			907,181
Current trade receivables due from related parties			43,253
Current inventories			1,774,594
Current tax assets			637,033
Total current assets other than those classified as held for sale or disposal			5,866,023
Non-current assets or groups of assets classified as held for sale			118
Total non-current assets held for sale			118
Total current assets			5,866,141
Non-current assets
Other non-current financial assets			248,281
Other non-current non-financial assets			373,700
Non-current trade receivables			2,559
Investments accounted for under the equity method			86,417
Intangible assets other than goodwill			155,874
Goodwill			958
Property, plant and equipment net			3,609,937
Right-of-use assets			73,193
Non-current tax assets			986,274
Deferred tax assets			302,236
Total non-current assets			5,839,429
Total assets			11,705,570

All values are in US Dollars.

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

Consolidated Interim Classified Statements of Financial Position

Liabilities and Equity			As of December 31, 2023
	ThUS	ThUS
Current liabilities
Other current financial liabilities			1,256,499
Current lease liabilities			18,192
Current trade and other payables			449,633
Current trade payables due to related parties			2,346
Other current provisions			392,322
Current tax liabilities			20,890
Current provisions for employee benefits			23,946
Other current non-financial liabilities			187,305
Total current liabilities			2,351,133
Non-current liabilities
Other non-current financial liabilities			3,213,422
Non-current lease liabilities			56,966
Other non-current provisions			60,450
Deferred tax liabilities			394,688
Non-current provisions for employee benefits			62,006
Total non-current liabilities			3,787,532
Total liabilities			6,138,665
Equity
Equity attributable to owners of the Parent
Share capital			1,577,643
Retained earnings			3,838,162
Other reserves			114,870
Equity attributable to owners of the Parent			5,530,675
Non-controlling interests			36,230
Total equity			5,566,905
Total liabilities and equity			11,705,570

All values are in US Dollars.

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

Consolidated Interim Statements of Income

Consolidated Interim Statements of Income
	2024	2023
	ThUS	ThUS
Revenue			2,263,850
Cost of sales			(1,198,250)
Gross profit			1,065,600
Other income			17,661
Administrative expenses			(41,472)
Other expenses			(15,959)
Reversal (impairment) of value of financial assets			(977)
Others (losses)			(287)
Income from operating activities			1,024,566
Finance income			30,694
Finance costs			(27,348)
Share of profit from associates and joint ventures accounted for using the equity method			425
Foreign currency translation differences			5,102
Income before taxes			1,033,439
Income tax expense			(281,901)
Net income			751,538
Net income attributable to:
Net income attributable to owners of the parent			749,895
Net Income attributable to Non-controlling interests			1,643
			751,538

All values are in US Dollars.

Earnings per share
	2023
	ThUS
Common shares
Basic earnings per share (US per share)		2.6253
Diluted common shares
Diluted earnings per share (US per share)		2.6253

All values are in US Dollars.

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

Consolidated Interim Statements of Comprehensive Income

Consolidated Interim Statements of Comprehensive Income
	2024	2023
	ThUS$	ThUS
Net income			751,538
Items of other comprehensive income that will not be reclassified to income for the year, before taxes
Gain (losses) from measurements of defined benefit plans			(1,724)
(Losses) gains from financial assets measured at fair value through other comprehensive income			(1,619)
Total other comprehensive losses that will not be reclassified to income for the year, before taxes			(3,343)
Items of other comprehensive income that will be reclassified to income for the year, before taxes
Foreign currency exchange (losses) gains			651
Cash flow hedges- effective portion of changes in far value			48,338
Cash flow hedges-reclassified to income for the year			(35,582)
Total other comprehensive income (loss) that will be reclassified to income for the year			13,407
Other items of other comprehensive income, before taxes			10,064
Income taxes related to items of other comprehensive income that will not be reclassified to profit for the year
Income (tax) interest related to revaluation of defined benefit pension plans through other comprehensive income			705
Income tax (expense) benefit relating to gains (losses) on financial assets measured irrevocably at fair value through other comprehensive income			437
Total income tax relating to components of other comprehensive income that will be not reclassified to profit for the year			1,142
Income taxes relating to components of other comprehensive income that will be reclassified to profit for the year
Income tax related to income from cash flow hedges			(3,444)
Total income tax (expense) benefit relating to components of other comprehensive income that will be reclassified to profit for the year			(3,444)
Total other comprehensive income (losses)			7,762
Total comprehensive income			759,300
Comprehensive income attributable to
Comprehensive income attributable to owners of the parent			757,836
Comprehensive income attributable to non-controlling interest			1,464
			759,300

All values are in US Dollars.

See note 20.

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

Consolidated Interim Statements of Cash Flows

Consolidated Interim Statements of Cash Flows
	2024	2023
	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			1,939,288
Cash receipts from premiums and benefits, annuities and other benefits from policies entered			-
Cash receipts derived from sub-leases			56
Classes of Payments
Cash payments to suppliers for the provision of goods and services			(1,762,252)
Cash payments relating to variable leases			(1,204)
Other payments related to operating activities			(14,953)
Net cash generated from operating activities			160,935
Dividends received			1,003
Interest paid			(35,890)
Interest paid on lease liabilities			(360)
Interest received			19,950
Income taxes paid			(588,165)
Other cash inflows (outflows) (1)			(176,284)
Net Cash generated (used in) from operating activities			(618,811)
			182,234
Cash flows generated from (used in) investing activities
Purchase of ownership interest in associates and joint ventures			-
Acquisition of equity instruments			(13,372)
Acquisition of subsidiaries			-
Proceeds from the sale of property, plant and equipment			5
Adquisition of property, plant and equipment			(246,354)
Proceeds from sales of intangible assets			-
Proceeds related to futures, forward options and swap contracts			6,550
Loans to related parties			525
Purchase of other long-term assets			(1,153)
Other cash outflows (2) (3)			221,541
Cash flow generated (used in) from investing activities			(32,258)

All values are in US Dollars.

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

(2) Other (cash outflows) 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.

Consolidated Interim Statements of Cash Flows

Consolidated Interim Statements of Cash Flows
	2024	2023
	ThUS	ThUS
Cash flows generated from (used in) financing activities
Payments of lease liabilities			(3,134)
Proceeds from long-term loans			10,000
Receipts from short-term loans			25,000
Loan repayments			(7,477)
Proceeds (payments) from hedges associated to loans			422
Dividends paid			-
Net cash flows generated from (used in) financing activities			24,811
Net increase in cash and cash equivalents before the effect of changes in the exchange rate			(626,258)
Effects of exchange rate fluctuations on cash and cash equivalents			59,585
increase in cash and cash equivalents			(566,673)
Cash and cash equivalents at beginning			2,655,236
Cash and cash equivalents at end			2,088,563

All values are in US Dollars.

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

Consolidated Interim Financial Statements March 31, 2024

Consolidated Interim Statements of Changes in Equity

Consolidated Interim Statements of Changes in Equity
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Equity at January 1, 2024
Net profit
Other comprehensive income
Comprehensive income
Dividends (1)
Capital decrease
Other increases in equity
Total changes in equity
Equity as of March 31, 2024

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, 2023
Net profit
Other comprehensive income
Comprehensive income
Dividends (1)
Other (decreases) in equity
Total changes in equity
Equity as of March 31, 2023

All values are in US Dollars.

(a)See Note 20.7

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 Standards Interpretations Committee;

“CPI” Consumer Price Index;

“IRSW” interest rate swap;

Notes to the Consolidated Interim Financial Statements March 31, 2024

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

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

“ThUS$'' thousands of Dollars;

“MUS$'' millions of Dollars;

“IAS” International Accounting Standard;

“IFRS” International Financial Reporting Standards;

“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 March 31, 2024

Note 1 Identification and Activities of the Company and Subsidiaries

1.1.Historical 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.

1.2.Main 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; 225 Dt Georges Tce Perth WA 6000, Australia.

1.3.Codes of main activities

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

•1700 (Mining)

•2200 (Chemical products)

•1300 (Investment)

1.4.Description 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 March 31, 2024

(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 March 31, 2024

1.5.Other background

(a)Employees

As of March 31, 2024, and December 31, 2023, the workforce was as follows:

Employees		As of March 31, 2024						As of December 31, 2023
	SQM S.A.		Other subsidiaries		Total		SQM S.A.		Other subsidiaries		Total
Executives		29		150		179		33		137		170
Professionals		190		2,903		3,093		190		2,663		2,853
Technicians and operators		344		3,858		4,202		364		4,295		4,659
Total		563		6,911		7,474		587		7,095		7,682
Place of work		As of March 31, 2024						As of December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
	SQM S.A.		Other subsidiaries		Total		SQM S.A.		Other subsidiaries		Total
In Chile		563		6,229		6,792		587		6,447		7,034
Outside Chile		-		682		682		-		648		648
Total		563		6,911		7,474		587		7,095		7,682

(b)Main shareholders

As of March 31, 2024, there were 1,157 shareholders.

Following table shows information about the main shareholders of the Company’s Series A or Series B shares in circulation as of March 31, 2024, and as of December 31, 2023, 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 March 31, 2024	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%
Sociedad De Inversiones Pampa Calichera S.A.	42,085,389	29.47%	1,611,227	1.13%	15.30%
The Bank Of New York Mellon ADRS	-	-	42,825,375	29.99%	14.99%
Potasios De Chile S.A.	18,179,147	12.73%	-	-	6.36%
Banco De Chile Por Cuenta De State Street	-	-	12,387,236	8.67%	4.34%
AFP Habitat S.A.	611,099	0.43%	9,991,205	7.00%	3.71%
Global Mining Spa	8,798,539	6.16%	-	-	3.08%
Banco Santander Por Cuenta De Inv. Extranjeros	-	-	8,742,261	6.12%	3.06%
AFP Cuprum S.A.	-	-	8,278,796	5.80%	2.90%
AFP Provida S.A.	-	-	7,901,193	5.53%	2.77%
AFP Capital S.A.	-	-	7,704,740	5.39%	2.70%
Banco De Chile Por Cuenta De Citi NA New York Clie.	67,463	0.05%	6,491,622	4.55%	2.30%

Notes to the Consolidated Interim Financial Statements March 31, 2024

Shareholders as of December 31, 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	-	-	46,174,681	32.33%	16.17%
Sociedad De Inversiones Pampa Calichera S.A.	42,640,389	29.86%	1,611,227	1.13%	15.49%
Potasios De Chile S.A.	18,179,147	12.73%	-	-	6.36%
Banco De Chile on behalf of State Street	-	-	11,744,230	8.22%	4.11%
AFP Habitat S.A.	603,789	0.42%	9,991,619	7.00%	3.71%
Global Mining Spa	8,798,539	6.16%	-	-	3.08%
Banco Santander on behalf of foreign investors	-	-	8,499,930	5.95%	2.98%
AFP Provida S.A.	-	-	8,299,626	5.81%	2.91%
AFP Cuprum S.A.	-	-	7,979,983	5.59%	2.79%
AFP Capital S.A.	-	-	7,525,912	5.27%	2.63%
Banco De Chile on behalf of Citi NA New York	67,463	0.05%	6,339,986	4.44%	2.24%

(1) As reported by DCV, which manages the Company's shareholders' register as of March 31, 2024, and Decembre 31, 2023, 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. Accordingly as of March 31, 2024, and December 31, 2023, Tianqi Lithium Corporation owns 22.16% of SQM's through Series A shares and ADS holders of Series B shares.

(2) As March 31, 2024, and December 31, 2023, Sociedad de Inversiones Pampa Calichera S.A. owned 46,600,458 Series A and B shares with 2,908,842 Series A shares held in custody by stockbrokers.

1.6.Specific mining tax applied to lithium exploitation

On April 5, 2024, the Santiago Court of Appeals issued a judgment in one of the claims against the Chilean IRS regarding extending the specific mining tax to lithium mining (tax case No. 312-2022) and reversed the judgment previously issued by the Tax and Customs Court of the Metropolitan Region, which upheld the annulment suit filed by SQM Salar, corresponding to liquidations for tax years 2017 and 2018. Although the ruling of the Santiago Court of Appeals does not affect the rest of the claims filed by SQM Salar against the Chilean IRS—and is still subject to appeal by SQM Salar—it prompted the Company’s Board of Directors to review the accounting treatment of the tax claims. Consequently, the Company recognized a tax expense of US$1,097.6 million for the period ended March 31, 2024. See Note 21.3 Tax contingencies and Note 28.2 Disclosures on events occurring after the reporting date.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 2 Basis of presentation for the consolidated financial statements

2.1 Accounting period

These consolidated financial statements cover the following periods:

(a)Consolidated Interim Statements of Financial Position as of March 31, 2024 and December 31, 2023.

(b)Consolidated Interim Statements of Income for the three-month periods ended March 31, 2024 and 2023.

(c)Consolidated Interim Statements of Comprehensive Income for the three-month periods ended March 31, 2024 and 2023.

(d)Consolidated Interim Statements of Changes in Equity for the three-month periods ended March 31, 2024 and 2023.

(e)Consolidated Interim Statements of Cash Flows for the three-month periods ended March 31, 2024 and 2023.

2.2 Consolidated financial statements

The consolidated financial statements of the Company and subsidiaries have been prepared in accordance with IAS 34 “Interim Financial Reporting”.

The interim consolidated financial statements should be read in conjunction with the annual financial statements as of December 31, 2023.

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, 2023. 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 March 31, 2024

2.3 Basis 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.

2.4 Accounting pronouncements

New accounting pronouncements

(a)The following standards, interpretations and amendments are mandatory for the first time for annual periods beginning on January 1, 2024:

Amendments and improvements	Description	Mandatory for annual periods beginning on or after
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.	01-01-2024
Amendment to IAS 1 “Non-current Liabilities with Covenants”.	The amendment improves the information that an entity discloses when its payment terms are deferred, provided it complies with covenants within twelve months of issuing the financial statements.	01-01-2024
Amendment to IFRS 16, “Leases”	Amendments to sale and leaseback transactions, including explanations of how an entity should recognize its right of use leased assets and how the gains or losses arising from sale and leaseback transactions 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 finance arrangements.	These amendments require disclosures that improve the transparency of supplier finance arrangements and their effects on a company’s liabilities, cash flows and exposure to liquidity risk.	01-01-2024

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 March 31, 2024

(b)Standards, interpretations and amendments issued that had not become effective for financial statements beginning on January 1, 2024 and which the Company has not adopted early are as follows:

Standards and Interpretations	Description	Mandatory for annual periods beginning on or after
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 March 31, 2024

2.5 Basis of consolidation

(a)Subsidiaries

The Company established control as the basis of consolidation for 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 Company 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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

The following tables detail general information as of March 31, 2024 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		Peso	-	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		Peso	-	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. (5)		Foreign		Caya Ernesto O, Petronia 17, Orangestad	Aruba		Dollar	-	-	-
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	0.49000	99.5100	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 March 31, 2024

Subsidiaries		TAX<br><br>ID<br><br>No.		Address	Country of Incorporation		Functional Currency	Ownership Interest
	Direct		Direct			Direct
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 (4)		Foreign		2727 Paces Ferry Road, Building Two, Suite 1425, Atlanta, GA	United States of America		Dollar	-	100.0000	100.0000
SQM Virginia LLC (4)		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. (6)		Foreign		Caya Ernesto O. Petronia 17, Orangestad	Aruba		Dollar	-	-	-
SQM Lithium Specialties Limited Partnership (4)		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 Amsterdam	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
Soquimich Comercial Brasil Ltda.		Foreign		Avenida Bento Rocha, N° 821, Vila Alboitt, CEP 83221-565. Paranaguá	Brazil		Dollar	-	100.0000	100.0000
Blue Energy Business and Trade (Shanghai) Co., Ltd. (7)		Foreign		300 Huaihai Middle Road, distrito de Huangpu, Shanghai	China		Dollar	-	100.0000	100.0000
SQM Vitas Perú S.A.C. (8)		Foreign		Av. Juan de Arona 187, Torre B, Oficina 301-II, San Isidro, Lima	Peru		Dollar	0.00001	999.999	100.0000

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

(b)Comercial Caiman Internacional S.A. was liquidated at September 30, 2023.

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

(d)SQM Virginia LLC, North American Trading Company and SQM Lithium Specialties Limited Partnership have been liquidated as of December 31, 2023.

(e)During the first quarter of 2024, RS Agro Chemical Trading Corporation A.V.V. was liquidated.

(f)During the first quarter of 2024, Royal Seed Trading Corporation A.V.V. was liquidated.

(g)Blue Energy Business and Trade (Shanghai) Co., Ltd. was incorporated on March 21, 2024.

(h)On March 27, 2024, 100% of SQM Vitas Perú S.A.C. was acquired.

Notes to the Consolidated Interim Financial Statements March 31, 2024

2.6 Investments 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 method. Significant influence is presumed to exist when the investor owns over 20% of the investee’s share capital. Under the equity method, the investment is recognized in the statement of financial position at cost and is adjusted to recognize changes in the Company's share of the net assets of the associate or joint venture since the date of acquisition. The Company's statement of income reflects the portion of the operating results of the associate or joint venture and any changes in other comprehensive income or direct changes in the associate's equity are reflected in the Company's equity. For such purposes, the percentage of ownership interest in the associate is used. At the time of acquisition, the difference between the investment cost and the net fair value of identifiable assets and liabilities of the investee is recognized as goodwill, which is presented as part of the carrying value of the investee and is not amortized. The debit or credit to the income statement reflects the proportional share of the associate's net income (loss).

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. 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''.

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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 3 Significant accounting policies

3.1 Classification 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.

3.2 Functional 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.

3.3 Accounting 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 statement of income 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 March 31, 2024

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 March 31, 2024	As of December 31, 2023	As of March 31, 2024	As of December 31, 2023
	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 March 31, 2024

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 accounting policy

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 other 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 (i) the business model that supports it aims to maintain the financial assets to obtain the contractual cash flows and (ii) 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 income 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 or loss: Assets that do not meet the amortized cost or "Fair value through other comprehensive income" criteria are valued at "Fair value through income".

Notes to the Consolidated Interim Financial Statements March 31, 2024

(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 from its initial recognition to the reporting date. Amounts presented in other comprehensive income will not be subsequently transferred to the statement income.

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 22.7. 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: (i) commercial accounts payable, (ii) other accounts payable and (iii) 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 March 31, 2024

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.

Fair value estimates for disclosure purposes

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

•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´s 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) 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.

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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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

Derivative financial instruments 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 hedged items, as well as their objectives for risk management purposes and strategy to conduct the 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 income.

(a)Fair value hedge

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the statement of income, 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 the statement of in income 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 income within other income or other expenses captions. 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 income over the period to maturity using a recalculated effective interest rate.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(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 the statement of income.

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 statement of income for 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 March 31, 2024, and December 31, 2023, 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.

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,

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 three 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 March 31, 2024

(c)Potential errors in the determination of stock: The company has an algorithm (reviewed at least once a year) that 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 results 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.

Financing costs are not capitalized for periods that exceed the normal term of acquisition, construction or installation of an asset, such as delays, interruptions or temporary suspension of the project due to technical, financial or other problems that prevent the asset from reaching a usable condition.

(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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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.

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

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.

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 and residual values are reviewed annually.

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	8
Buildings	4	25	13
Supplies and accessories	4	15	8
Office equipment	5	10	6
Transport equipment	6	20	9
Network and communication equipment	4	12	7
IT equipment	4	11	7
Machinery, plant and equipment	3	24	11
Other fixed assets	3	20	9

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

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 and 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.

(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 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:

Notes to the Consolidated Interim Financial Statements March 31, 2024

Estimated useful life or amortization rate	Minimum Life or Rate	Maximum Life or Rate
Water rights	2 years	Indefinite
Rights of way	Indefinite	Indefinite
Corfo Mining properties (1)	7 years	7 years
Mining rights	Unit-production method
Intellectual property	9 years	9 years
IT programs	3 years	9 years

(1) Mining properties owned by CORFO and leased to the Company, which grant it the exclusive right to exploit them until December 31, 2030.

3.22 Research and development expenses

Research and development expenses are charged to the statement of income 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 the associated expenses:

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 the statement of income. 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 the statement of to income 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 as part of its property, plant and equipment.

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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 the statement of income 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 the statement of income.

Assets with indefinite lives are assessed for impairment annually.

3.25 Minimum dividend

As required by Chilean law and regulations, the dividend policy is established by the Board of Directors and announced at the annual ordinary shareholders’ meeting. 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 unless and to the extent there is a deficit in retained earnings. (See Note 20.5).

Notes to the Consolidated Interim Financial Statements March 31, 2024

3.26 Earnings per share

The basic earnings per share amounts are calculated by dividing the net income 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 year ended March 31
		2023
Net income attributable to the owners of the parent (ThUS)	(869,508)		749,895
Weighted average number of shares	285,638,240		285,638,456
Basic earnings per share (US)	(3.0440)		2.6253
Net income attributable to the owners of the parent (ThUS)	(869,508)		749,895
Weighted average number of shares	285,638,240		285,638,456
Diluted earnings per share (US)	(3.0440)		2.6253
Serie A common share	142,819,336		142,819,552
Serie B common share	142,818,904		142,818,904
Total weighted average number of share	285,638,240		285,638,456

All values are in US Dollars.

The Company has no instruments that could potentially dilute earnings per share as of March 31, 2024 and 2023.

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.

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.

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 above is applicable except in the United States, where our 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 statement of income (see Note 18.6).

3.30 Revenue recognition

Revenue is an amount that reflects the consideration that the Company expects to earn in exchange for the sale of goods and services in the regular course of business. 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 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 the statement of income at amortized cost, using the effective interest rate method.

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 the statement of income using the effective interest rate method.

3.32 Current income tax and deferred

Notes to the Consolidated Interim Financial Statements March 31, 2024

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.

Current taxes and changes in deferred tax assets and liabilities that do not arise from business combinations are recognized in the statement of net income or in equity in the consolidated statement of financial position, depending on where the gains or losses that caused them were recognized.

Deferred tax assets and liabilities are offset when a legally enforceable right exists to offset tax assets with tax liabilities and the deferred tax is levied by the same tax authority on the same entity.

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

Company does not recognize deferred tax liabilities for taxable temporary differences associated with investments in subsidiaries, branches and associates, or with interests in joint ventures, because in accordance with the standard, the following two conditions are jointly met:

(a)the parent company, investor or participant is able to control the timing of the reversal of the temporary difference; and

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

Recognized deferred tax assets are income taxes recoverable 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.

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:

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

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

3.33 Operating segment reporting

Notes to the Consolidated Interim Financial Statements March 31, 2024

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).

•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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 March 31, 2024

Note 4 Financial risk management

4.1 Financial 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 statement income.

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.

4.2 Risk 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 statement income 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 of the Company. These notes are accepted based on the credit quality of the issuing banks.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Financial institution		Financial assets		Rating				As of<br><br>March 31,<br><br>2024
	Moody´s		S&P		Fitch		ThUS
Agricultural Bank of China		Bank notes		P-1		A-1		11,488
Agricultural Development of China		Bank notes		P-1		A-1		55
Bank of China		Bank notes		P-1		A-1		11,382
Bank of ChongQing		Bank notes		-		A-3		28
Bank of Communications		Bank notes		P-1		A-2		2,201
Bank of JiangSu		Bank notes		P-2		-		436
Bank of NingBo		Bank notes		P-2		-		7,256
Bank of Shanghai		Bank notes		P-2		-		487
Bank Of Suzhou		Bank notes		NP		-		245
China BOHAI Bank		Bank notes		-		A-3		8,210
China CITIC Bank		Bank notes		P-2		A-2		20,924
China Construction Bank Corporation		Bank notes		-		A-1		881
China Everbright Bank		Bank notes		(P)P-2		A-2		6,541
China Guangfa Bank		Bank notes		P-3		A-3		2,877
China Merchants		Bank notes		-		A-2		1,999
China Minsheng Bank		Bank notes		-		A-3		574
China Zheshang Bank		Bank notes		-		A-3		4,201
HuaXia Bank		Bank notes		-		A-3		1,135
Industrial & Commercial Bank of China Limited		Bank notes		P-1		A-1		866
Industrial Bank		Bank notes		P-1		A-1+		22,678
Ping An Bank		Bank notes		P-2		A-2		164
Postal Savings Bank of China		Bank notes		-		A-1		115
Shanghai Pudong Development Bank		Bank notes		P-2		A-2		16,299
Shanghai Rural Commercial Bank		Bank notes		-		A-2		41
Others		Bank notes		-		-		36,700
Total								157,783

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>December 31,<br><br>2023
	Moody´s		S&P		Fitch		ThUS
Agricultural Bank of China		Bank notes		P-1		A-1		2,061
Bank of Communications		Bank notes		P-1		A-2		8,783
Bank of NingBo		Bank notes		P-2		-		1,065
China CITIC Bank		Bank notes		P-2		A-2		35,477
China Construction Bank Corporation		Bank notes		-		A-1		1,802
China Everbright Bank		Bank notes		(P)P-2		A-2		2,647
China Guangfa Bank		Bank notes		P-3		A-3		1,245
China Merchants		Bank notes		-		A-2		8,661
China Minsheng Bank		Bank notes		-		A-3		3,097
China Zheshang Bank		Bank notes		-		A-3		3,167
HuaXia Bank		Bank notes		-		A-3		3,639
Industrial & Commercial Bank of China Limited		Bank notes		P-1		A-1		8,998
Industrial Bank		Bank notes		P-1		A-1+		12,177
International Bank of Macau		Bank notes		P-1		-		4,122
Shanghai Pudong Development Bank		Bank notes		P-2		A-2		20,549
Others		Bank notes		-		-		8,441
Total								125,931

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 December 31, 2023, and no modifications have been made to contractual cash flows that have been significant during this period. In December 2023, 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, 2023.

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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:

Financial institution		Financial assets		Rating				As of<br><br>March 31,<br><br>2024
	Moody´s		S&P		Fitch		ThUS
Banco Santander- Santiago		Time deposits		P-1		A-2		109,267
Banco Crédito e Inversiones		Time deposits		P-1		A-2		3,023
Corpbanca		Time deposits		P-2		A-2		8,972
Banco de Chile		Time deposits		P-1		A-1		3,610
Scotiabank Chile		Time deposits		-		-		9,651
Banco Crédito e Inversiones		Investment fund		AA+		-		4,121
JP Morgan US dollar Liquidity Fund Institutional		Investment fund		Aaa-mf		-		41,634
Legg Mason - Western Asset Institutional cash reserves		Investment fund		-		AAAm		297,504
Total								477,782

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>March 31,<br><br>2024
	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones		Time deposits		P-1		A-2		50,993
Banco Morgan Stanley		Margin Call		P-1		A-2		13,670
Banco Santander		Time deposits		P-1		A-2		171,758
Banco Itaú CorpBanca		Time deposits		P-2		A-2		169,692
Scotiabank Chile		Time deposits		-		-		121,926
Bank of Nova Scotia		Time deposits		P-1		-		354,557
Banco Consorcio		Time deposits		-		-		31,835
BTG Pactual		Time deposits		-		B		24,633
Total								939,064

All values are in US Dollars.

Financial institution		Financial assets		Rating				As of<br><br>December 31,<br><br>2023
	Moody´s		S&P		Fitch		ThUS
Banco Santander- Santiago		Time deposits		P-1		A-2		6,318
Banco Crédito e Inversiones		Time deposits		P-1		A-2		1,001
Corpbanca		Time deposits		P-2		A-2		5,014
Banco de Chile		Time deposits		P-1		A-1		4,460
Scotiabank Chile		Time deposits		-		-		6,752
Banco Crédito e Inversiones		Investment fund		AA+		-		5,031
JP Morgan US dollar Liquidity Fund Institutional		Investment fund		Aaa-mf		AAAm		22,845
Legg Mason - Western Asset Institutional cash reserves		Investment fund		-		AAAm		312,924
Total								364,345

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Financial institution		Financial assets		Rating				As of<br><br>December 31,<br><br>2023
	Moody´s		S&P		Fitch		ThUS
Banco Crédito e Inversiones		Time deposits		P-1		A-2		74,459
Banco Morgan Stanley		Margin Call		P-1		A-2		5,590
Banco Santander		Time deposits		P-1		A-2		100,083
Banco Itaú CorpBanca		Time deposits		P-2		A-2		372,061
Scotiabank Chile		Time deposits		-		-		319,128
Bank of Nova Scotia		Time deposits		P-1		-		353,592
Sumitomo Mitsui Banking		Time deposits		P-1		-		91,884
Total								1,316,797

All values are in US Dollars.

(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 statement income. By the first quarter of 2024, approximately US$182 million accumulated in expenses are associated with the Peso.

As of March 31, 2024, 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 liability fair value of US$35.39 million, this significant variation is explained primarily by the USD/CLP exchange rate observed at the end of the period. As of December 31, 2023, this value corresponds to a net asset amounting US$ 2.52 million.

Furthermore, on of March 31, 2024, 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 liabilities fair value of US 18.96 million. As of December 31, 2023, a net assets fair value was recognized for an amount of US$18.30 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 liabilities of US$ 2.11 million as of March 31, 2024.

The Company had the following derivative contracts as of March 31, 2024 (at the absolute value of the sum of their notional values), to hedge the difference between its assets and liabilities: US$ 87.32 million CLP/US dollar derivative contracts, US$ 51.64 million Euro/US dollar derivative contracts, US$ 17.60 million in South African rand/US dollar derivative contracts, US$ 601.28 million in Chinese renminbi/US dollar derivative contracts, US$ 33.76 million in Australian dollar/US dollar derivative contracts and US$ 8.59 million in other currencies.

Notes to the Consolidated Interim Financial Statements March 31, 2024

These derivative contracts are held with domestic and foreign banks, which have the following credit ratings as of March 31, 2024.

Financial institution		Financial assets		Rating
	Moody´s		S&P		Fitch
MUFG		Derivative		P-1		-	F1
Merrill Lynch International		Derivative		P-1		A-2	F1+
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	-
Banco de Chile		Derivative		P-1		A-1	-
Barclays		Derivative		P-2		A-2	F1
HSBC		Derivative		P-2		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 March 31, 2024, the Company has 6.9% 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 March 31, 2024, this was 2.34 and 2.50 for December 31, 2023).

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 March 31, 2024, the Company had unused, available revolving credit facilities with banks, for a total of US$1,385 million.

1 All current assets divided by all current liabilities.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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

As of March 31, 2024<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		1,486.54		1,199.9		268.80		62.05		1,530.75
Unsecured obligations		2,952.95		394.4		638.61		3,667.90		4,700.91
Sub total		4,439.49		1,594.30		907.41		3,729.95		6,231.66
Hedging liabilities		38.78		10.13		44.94		17.08		72.15
Derivative financial instruments		1.22		1.22		-		-		1.22
Sub total		40.00		11.35		44.94		17.08		73.37
Current and non-current lease liabilities (1)		69.79		19.44		50.95		3.17		73.56
Trade accounts payable and other accounts payable		391.87		391.87		-		-		391.87
Total		4,941.15		2,016.96		1,003.30		3,750.20		6,770.46

(1) Leases subject to variability are not included.

As of December 31, 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		1,464.26		1,117.86		268.80		62.05		1,448.71
Unsecured obligations		2,999.17		98.88		729.56		2,733.92		3,562.36
Sub total		4,463.43		1,216.74		998.36		2,795.97		5,011.07
Hedging liabilities		25.37		24.11		30.08		1.30		55.49
Derivative financial instruments		14.81		14.81		-		-		14.81
Sub total		40.18		38.92		30.08		1.30		70.30
Current and non-current lease liabilities (1)		75.16		19.94		56.45		3.79		80.18
Trade accounts payable and other accounts payable		449.63		449.63		-		-		449.63
Total		5,028.40		1,725.23		1,084.89		2,801.06		5,611.18

(1) Leases subject to variability are not included.

As of March 31, 2024, the nominal value of the agreed cash flows in US dollars of the CCS contracts were ThUS$ 472,072 (ThUS$ 504,393 as of December 31, 2023).

4.3 Financial risk management

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 March 31, 2024

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

5.1 Parent’s stand-alone assets and liabilities

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

All values are in US Dollars.

5.2 Parent 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 March 31, 2024

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

6.1 Remuneration 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 25, 2024, 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 Hernán Büchi Buc, with Ms. Ocqueteau and Mr. Gil as independent members.

•The Company’s Health, Safety and Environment Committee: This committee is comprised of Georges de Bourguignon, Patricio Contesse Fica and Gonzalo Guerrero Yamamoto.

•Corporate Governance Committee: This committee is comprised of Patricio Contesse Fica, Hernán Büchi Buc 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 between January and March 2024.

(b)Board of Directors’ Compensation

Board members’ compensation for 2024, that is from April 25, 2024 to April 26, 2025, was determined by the Annual General Shareholders Meeting held on April 25, 2024. It is as follows:

(a)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.

(b)A variable gross amount payable to the Chairman and Vice President of the board of Directors, equivalent to 0.12% of net income before tax earned by the Company (the “Profit”) during the respective business year for each; and

(c)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 net income before tax earned by the Company during the respective business year.

For calculation of the variable compensation for 2024 that directors will be entitled to receive, the upper threshold will be set at 110% of the amount paid to the Company’s directors as variable compensation for the 2023 business year.

Compensation of the Board for 2023, that is from April 25, 2023 to April 25, 2024, was determined by the Annual General Shareholders Meeting held on April 25, 2023. It is as follows:

(d)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.

(e)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

(f)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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Net income 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.

Accordingly, the compensation and profit sharing paid to members of the Directors' Committee and the directors as of March 31, 2024, amounted to ThUS$ 729 and as of March 31, 2023 to ThUS$ 824.

(c)Directors’ Committee compensation

Compensation for the Board of Directors is the same for both 2024 and 2023, as follows:

(a)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.

(b)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 income from the respective business year 2023 business year, and 0.02% of the net income before tax obtained by the Company during the respective business year for 2024.

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.

(d)Health, Safety and Environmental Matters Committee:

The remuneration of this committee for the 2023 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 2024 period, this remuneration remains unchanged.

(e)Corporate Governance Committee

The remuneration for this committee for the 2023 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 2024 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:

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

(b)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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(c)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.

The Company’s Management and Directors do not receive or have not received any benefit during the ended March 31, 2024 and the year ended December 31, 2023 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 March 31, 2024 and 2023, the number of the key management personnel is 171 and 154, 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 March 31, 2024

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

7.1 Assets, liabilities and profit of consolidated subsidiaries as of and for the period ended March 31, 2024.

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 March 31, 2024

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.
Soquimich Comercial Brasil Ltda.
SQM Vitas Perú S.A.C.
Subtotal
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Assets and, liabilities of consolidated subsidiaries as of December 31, 2023 and profit of consolidated subsidiaries for the period ended March 31, 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 March 31, 2024

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 Shanghai Chemicals Co. Ltd.
SQM International NV
SQM Australia Pty Ltd.
SQM Korea LLC
SQM Holland B.V.
Soquimich Comercial Brasil Ltda.
Subtotal
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

7.2 Non-controlling interests

Subsidiary
	As of March 31,2024	As of March 31,2023	As of March 31,2024	As of March 31,2023	As of March 31,2024	As of March 31,2023
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Potasio S.A.							-
Ajay SQM Chile S.A.							-
Soquimich Comercial S.A.							796
Comercial Agrorama Ltda.							-
SQM Indonesia S.A.							-
SQM Thailand Limited							-
Total							796

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 8 Equity-accounted investees

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

As of March 31, 2024, and December 31, 2023, in accordance with criteria established in Note 2:

Associates
	As ofMarch 31,2024	As ofDecember 31,2023	As ofMarch 31,2024	As ofMarch 31,2023	As ofMarch 31,2024	As ofMarch 31,2023	As ofMarch 31,2024	As ofMarch 31,2023
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Ajay North America
Ajay Europe SARL
SAS Adionics
Electric Era Technologies Inc.
Altilium Metals Ltd.
Salinity Solutions Ltd.
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Associate			Country of incorporation	Share of ownership in associates	Dividends received for the period ending
	March 31, 2024	March 31, 2023
	ThUS	ThUS
Abu Dhabi Fertilizer Industries WWL			United Arab Emirates	37%	-	-
Ajay North America			United States of America	49%	-	1,003
Ajay Europe SARL			France	50%	-	-
SAS Adionics			France	20%	-	-
Electric Era Technologies, Inc.			United States of America	6.82%	-	-
Altilium Metals Ltd.			United Kingdom	11%	-	-
Salinity Solutions Ltd.			United Kingdom	14.86%	-	-
Total					-	1,003

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

8.2 Assets, 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
SAS Adionics
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
SAS Adionics
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

8.3 Disclosures regarding interests in associates

(a) Transactions for the period ended March 31, 2024:

•During the first quarter of 2024, the Company made a new investment in Altilium Metals Ltd in the amount of ThUS$4,380, completing an investment of ThUS$12,000, increasing its shareholding to 11% in this associate. The Company maintains a director, specific rights over share transfers, and first refusal rights in future capital increases.

•During the first quarter of 2024, the Company made a contribution of ThUS$1,285 to acquire a 14.86% share in Salinity Solutions Ltd. The Company maintains a director, specific rights over share transfers, and first refusal rights in future capital increases.

(b) Transactions for the period ended December 31, 2023

•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$7,620 to acquire a 3% interest in Altilium Metals Ltd., and ThUS$3,000 to acquire a 6.82% interest in Electric Era Technologies Inc. The Company has the right to appoint a director, specific rights over share transfers, and first refusal rights in future capital increases.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 9 Joint Ventures

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

Joint Venture
	As ofMarch 31,2024	As ofDecember 31,2023	As ofMarch 31,2024	As ofMarch 31,2023	As ofMarch 31,2024	As ofMarch 31,2023	As ofMarch 31,2024	As ofMarch 31,2023
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Fzco. (1)
Pavoni & C. Spa
Covalent Lithium Pty Ltd. (*)
Pirra 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$ 1,127.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(a)The amounts shown in the following table represent those used in the recognition of the equity method for SQM Vitas Fzco:

Joint Venture
	As ofMarch 31,2024	As ofDecember 31,2023	As ofMarch 31,2024	As ofMarch 31,2023	As ofMarch 31,2024	As ofMarch 31,2023	As ofMarch 31,2024	As ofMarch 31,2023
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM Vitas Brasil Agroindustria (**)
SQM Vitas Perú S.A.C. (***)
Total

All values are in US Dollars.

Joint venture			Country of incorporation	Share of interest in ownership	Dividends received for the year ending
	As of March 31, 2024	As ofMarch 31,2023
	ThUS	ThUS
SQM Vitas Fzco.			United Arab Emirates	50%	12,500	-
Pavoni & C. Spa			Italy	50%	-	-
Covalent Lithium Pty Ltd.			Australia	50%	-	-
SQM Vitas Brasil Agroindustria (**)			Brazil	0%	-	-
SQM Vitas Perú S.A.C. (***)			Peru	0%	-	-
Pirra Lithium Pty Ltd.			Australia	40%	-	-
Total					12,500	-

All values are in US Dollars.

(**) As of December 31, 2023, the investment in SQM Vitas Brasil Agroindustria was sold.

(***) As of March 27, 2024, the investment in SQM Vitas Peru S.A.C was sold. As of December 31, 2023, Vitas Fzco’s share in SQM Vitas Peru was 50%.

Notes to the Consolidated Interim Financial Statements March 31, 2024

9.2 Assets, 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 Perú S.A.C. (*)
Pavoni & C. Spa (*)
Covalent Lithium Pty Ltd.
Pirra 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.
Pirra 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 March 31, 2024

9.3 Other Joint Venture disclosures

Joint Venture
	As of March 31, 2024	As of December 31, 2023	As of March 31, 2024	As of December 31, 2023	As of March 31, 2024	As of December 31, 2023
	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
	As of March 31, 2024	As of March 31, 2023	As of March 31, 2024	As of March 31, 2023	As of March 31, 2024	As of March 31, 2023
	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 March 31, 2024

9.4 Disclosure of interests in joint ventures

(a)Transactions in 2024

•Con On March 27, 2024, the joint venture SQM Vitas Fzco sold 100% of its shares in SQM Vitas Perú S.A.C. The sale was for ThUS$ 10,116, generating a loss of ThUS$ 4,975 recognized in the caption “other gains (losses)”.

•During the first quarter of 2024, the share percentage in Pirra Lithium Pty Ltd increased to 40%.

(b)Operaciones efectuadas en el año 2023

•On December 19, 2023, the joint venture SQM Vitas Fzco sold its 100% interest in SQM Vitas Brasil, generating an effect on the consolidated financial statements of a loss of ThUS$2.6. Prior to the sale of Vitas Brasil, Vitas Brasil distributed dividends to SQM Vitas Fzco for ThUS$14,282. Subsequently, in 2024 SQM Vitas Fzco distributed and paid dividends to the Company in the amount of ThUS$12,500.

•During the fourth quarter of 2023, the Company made an investment of ThUS$3,544 in Pirra Lithium Pty Ltd with an equity interest of 37.5%. The Company has the right to nominate a director and anti-dilution rights in terms of its shareholding. In addition, it has the right to nominate a member of the technical committee in charge of exploration plans and budgets.

•On December 19, 2023, the SQM Vitas Fzco joint venture made an agreement with the Company to purchase 50% of the SQM Vitas Peru joint venture, which will be completed during the second quarter of 2024 for approximately US$5 subject to compliance with certain regulatory requirements.

9.5 Joint Operations

In 2017, the Company acquired 50% of assets of the Mt Holland lithium project in Western Australia. The Mt Holland lithium project consists of designing, constructing and operating a mine, concentrator and refinery to produce lithium hydroxide.

As of March 31, 2024, a total of US$752.1 million has been contributed to the Mt Holland lithium project. The revised investment budget for this project considers an outstanding investment balance of US$92.5 million.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 10 Cash and cash equivalents

10.1 Types of cash and cash equivalents

As of March 31, 2024, and December 31, 2023, 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 March 31, 2024, and December 31, 2023, the short-term investments classified as 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
Banco Crédito e Inversiones
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. and in Chile market.

Notes to the Consolidated Interim Financial Statements March 31, 2024

10.3 Amount 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.

As of March 31, 2024, and December 31, 2023 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 March 31, 2024

10.4 Short-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>March 31,<br><br>2024
	ThUS	ThUS		ThUS
Banco Crédito e Inversiones			0.66%		04-01-2024	2,000	13	2,013
Banco Crédito e Inversiones			1.07%		04-01-2024	1,000	11	1,011
Banco de Chile			0.70%		04-29-2024	3,600	10	3,610
Banco Santander			1.04%		04-30-2024	1,400	8	1,408
Banco Santander			0.70%		05-02-2024	1,200	2	1,202
Banco Santander			1.01%		04-29-2024	500	3	503
Banco Santander			0.36%		04-08-2024	5,300	13	5,313
Banco Santander			1.10%		04-18-2024	50,000	420	50,420
Banco Santander			1.21%		04-25-2024	50,000	420	50,420
Itaú Corpbanca			0.48%		04-29-2024	3,000	1	3,001
Itaú Corpbanca			0.99%		05-02-2024	800	4	804
Itaú Corpbanca			1.25%		04-30-2024	1,400	11	1,411
Itaú Corpbanca			0.68%		04-22-2024	1,000	3	1,003
Itaú Corpbanca			0.14%		04-04-2024	2,750	2	2,752
Scotiabank Chile			0.54%		04-29-2024	2,000	2	2,002
Scotiabank Chile			0.92%		04-15-2024	1,500	10	1,510
Scotiabank Chile			0.61%		04-30-2024	3,000	5	3,005
Scotiabank Chile			0.60%		04-30-2024	1,500	2	1,502
Scotiabank Chile			0.14%		04-01-2024	1,630	2	1,632
Total						133,580	942	134,522

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Receiver of the deposit			Interest<br><br>Rate		Expiration date	Principal	Interest accrued to-date	As of<br><br>December 31,<br><br>2023
	ThUS	ThUS		ThUS
Banco Santander			0.39%		01-05-2024	5,000	16	5,016
Banco Santander			0.28%		01-08-2024	1,300	2	1,302
Banco Crédito e Inversiones			0.80%		02-16-2024	1,000	-	1,000
Itaú Corpbanca			0.27%		01-05-2024	3,000	6	3,006
Itaú Corpbanca			0.54%		01-08-2024	2,000	8	2,008
Scotiabank Chile			0.45%		01-16-2024	2,700	5	2,705
Scotiabank Chile			0.23%		01-04-2024	2,200	4	2,204
Scotiabank Chile			0.16%		01-05-2024	1,140	1	1,141
Scotiabank Chile			0.78%		01-31-2024	700	2	702
Banco de Chile			0.70%		02-09-2024	1,850	1	1,851
Banco de Chile			1.02%		02-05-2024	1,300	6	1,306
Banco de Chile			0.77%		01-31-2024	1,300	4	1,304
Total						23,490	55	23,545

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 March 31, 2024, the Company held caliche stockpiles, solutions in solar ponds and intermediary salts amounting ThUS$ 462,790 and as of December 31, 2023 was ThUS$ 503,318 (including products in progress), As of March 31, 2024, bulk inventories recognized within work in progress were ThUS$ 223,195, while as of December 31, 2023 this value amounted to ThUS$ 221,559.

As of March 31, 2024 and December 31, 2023, bulk inventories recognized within finished goods were ThUS$ 145,321 and ThUS$ 164,029, respectively.

As of March 31, 2024 and December 31, 2023, recognized inventory allowances recognized, amounted to ThUS$ 112,226 and ThUS$ 133,768, 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 March 31, 2024

As of March 31, 2024 and December 31, 2023, movements in provisions are detailed as follows:

Reconciliation
	ThUS	ThUS
Beginning balance
Increase in 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 March 31, 2024

Note 12 Related party disclosures

12.1 Related 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.

12.2 Relationships 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 March 31, 2024

12.3 Detailed identification of related parties and subsidiaries

As of March 31, 2024 and December 31, 2023, 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 of America	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 of America	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 of America	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 of America	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 of America	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
Foreign	Soquimich Comercial Brasil Ltda (5)	Brazil	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 March 31, 2024

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	Blue Energy Business and Trade (Shanghai) Co., Ltd. (7)	China	Dollar	Subsidiary
Foreign	Soquimich Comercial Brasil Ltda.	Brazil	Dollar	Subsidiary
Foreign	SQM Vitas Perú S.A.C. (1)	Peru	Dollar	Subsidiary
Foreign	Ajay North America	United States of America	Dollar	Associate
Foreign	Abu Dhabi Fertilizer Industries WWL	United Arab Emirates	Arab Emirates dirham	Associate
Foreign	Ajay Europe SARL	France	Euro	Associate
Foreign	Electronic era Technologies Inc.	United States of America	Dollar	Associate
Foreign	Altilium Metals Ltd.	United Kingdom	Pound Sterling	Associate
Foreign	SAS Adionics	France	Euro	Associate
Foreign	Pirra Lithium Pty Ltd.	Australia	Australian Dollar	Associate
Foreign	Salinity Solutions Ltd.	United States of America	Dollar	Associate
Foreign	SQM Vitas Fzco	United 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 (6)	Brazil	Brazilian real	Other related parties

(a)On March 27, 2024, the Company acquired 100% of shares in SQM Vitas Perú S.A.C. as a subsidiary. As of December 31, 2023, this Company was a subsidiary of the joint venture SQM Vitas Fzco.

(b)This Company was liquidated in December 2022.

(c)This Company was liquidated in March 2023.

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

(e)This new company was incorporated on December 11, 2023.

(f)This company was sold on December 19, 2023.

(g)This new company was incorporated on March 21, 2024.

(h)This Company was liquidated during the first quarter of 2024.

(i)This Company was liquidated during the first quarter of 2024.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 March 31, 2024

12.4 Detail 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.

For the period ended March 31, 2024, and 2023, the detail of significant transactions with related parties is as follows:

Tax ID No			Country of origin	Transaction	As of <br>March 31, <br>2024	As of <br>March 31, <br>2023
	ThUS	ThUS
Foreign			France	Sale of products	9,707	12,326
Foreign			United States of America	Sale of products	11,940	8,262
Foreign			United States of America	Dividends	-	1,003
Foreign			Brazil	Sale of products	5,991	15,460
Foreign			Peru	Sale of products	6,515	23
Foreign			Italy	Sale of products	2,091	1,430
Foreign			United Arab Emirates	Dividends	12,500	-
Chile			Chile	Service Provider	(13,030)	(13,537)
Chile			Chile	Service Provider	(45)	(5)
Chile			Chile	Service Provider	(7)	(8)
Chile			Chile	Service Provider	(107)	(39)
Chile			Chile	Service Provider	(114)	(904)
Chile			Chile	Service Provider	-	(27)
Chile			Chile	Service Provider	(18)	(40)

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

12.5 Trade receivables due from related parties, current:

Tax ID No			Country of origin	Currency	As of<br><br>March 31,<br><br>2024	As of<br><br>December 31,<br><br>2023
	ThUS	ThUS
Foreign			France	Euro	9,018	8,932
Foreign			United States of America	Dollar	7,088	4,393
96.511.530-7			Chile	Dollar	4	5
Foreign			Peru	Dollar	-	27,115
Foreign			United Arab Emirates	Arab Emirates dirham	-	232
Foreign			Italy	Euro	3,368	2,576
Total					19,478	43,253

All values are in US Dollars.

As of March 31, 2024 and December 31, 2023, receivables are net of provision for ThUS$ 496 and ThUS$ 800, respectively.

12.6 Current trade payables due to related:

Tax ID No			Country of origin	Currency	As of<br><br>March 31,<br><br>2024	As of<br><br>December 31,<br><br>2023
	ThUS	ThUS
Foreign			Australia	Australian dollar	1,133	2,346
Foreign			United Arab Emirates	Dollar	5,763	-
Total					6,896	2,346

All values are in US Dollars.

12.7 Other disclosures:

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 (4)
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 Consorcio
Banco Morgan Stanley (3)
Banco Santander
Banco Itaú CorpBanca
BTG Pactual
Scotiabank Chile
Bank of Nova Scotia
Sumitomo Mitsui Banking
Total

All values are in US Dollars.

(a)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.

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

(c)As of March 31, 2024, collateral guarantees total ThUS$ 13,670, which are related to hedging derivative instruments. As December 31, 2023 there are collateral guarantees recorded for ThUS$5,590.

(d)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). In the third and fourth quarter, the Company made additional investments of ThUS$12,904 and ThUS$4,317, respectively, to maintain its percentage of ownership. As of March 31, 2024 and December 31, 2023, the Company has exercised no significant influence over this entity and therefore it has been irrevocably recognized as a financial instrument at fair value through other comprehensive income. The impact on other comprehensive income from this investment is ThUS$123,628, net of tax. Further details can be found in note 28.2 letter d).

Notes to the Consolidated Interim Financial Statements March 31, 2024

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
Trade receivables, 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$ 28,152) 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 March 31, 2024

As of March 31, 2024 and December 31, 2023, the renegotiated portfolio represented 0% of total trade receivables.

(a)Impairment provision for doubtful receivables

As of March 31, 2024
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%	6%		21%		33%	-	-
Total Gross Book Value				25,922	7,506		333		4,980	797,780	19,974
Impairment Estimate				205	415		70		1,647	3,376	496

All values are in US Dollars.

As of December 31, 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				2%	7%		2%		39%	-	-
Total Gross Book Value				18,732	2,684		3,509		3,961	787,667	44,053
Impairment Estimate				422	197		67		1,552	3,245	800

All values are in US Dollars.

As of March 31, 2024 and December 31, 2023, movements in provisions are as follows:

Provisions
	ThUS	ThUS
Impairment provision of Accounts receivable at the beginning of the year
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
The allowance for impairment of accounts receivable is analyzed below
Trade and other Receivables Provision
Current Other Receivables Provision
Trade receivables with related parties, current Provision
Impairment provision of Accounts Receivable

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 March 31, 2024	Assets	Liabilities	Total Realized	Hedging Reserve in Gross Equity
Type of Instrument: Cross currency interest rate swaps and Forwards
Cash flow hedge derivatives
Short term	18,955	7,910	-	-
Long term	1,273	28,757	-	-
Subtotal	20,228	36,667	(16,514)	75
Type of Instrument: Forwards
Non-hedging derivatives disbursement SQM Australia Pty
Short term	-	277	-	-
Long term	-	1,833	-	(2,110)
Subtotal	-	2,110	-	(2,110)
Underlying Investments Hedge	20,228	38,777	(16,514)	(2,035)
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect on income
Short term	6,787	1,225	-	-
Underlying Investments Hedge	6,787	1,225	20,309	-
Total Instruments	27,015	40,002	3,795	(2,035)
As of December 31, 2023	Assets	Liabilities	Total Realized	Hedging Reserve in Gross Equity
---	---	---	---	---
Type of Instrument: Cross currency interest rate swaps and Forwards
Cash flow hedge derivatives
Short term	7,038	30,442	-	-
Long term	15,993	8,368	-	-
Subtotal	23,031	38,810	(13,067)	(2,712)
Type of Instrument: Forwards
Non-hedging derivatives disbursement SQM Australia Pty
Short term	1,489	-	-	-
Long term	-	52	-	1,437
Subtotal	1,489	52	-	1,437
Underlying Investments Hedge	24,520	38,862	(13,067)	(1,275)
Type of Instrument: Forwards/Options
Non-hedge derivatives with effect on income
Short term	519	14,795	-	-
Underlying Investments Hedge	519	14,795	5,401	-
Total Instruments	25,039	53,657	(7,666)	(1,275)

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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

The balances in the “Total Realized” column consider the interim effects of the contracts in effect from January 1 to March 31, 2024, and from January 1 to December 31, 2023.

Reconciliation of asset and liability hedging derivatives	As of December 31, 2023	Cash flow	Profit (loss)	Equity and other	As of<br><br>March 31,<br><br>2024
Debt hedging derivatives	24,520	-	(23,247)	-	1,273
Investment hedging derivatives	(18,300)	(1,457)	19,782	(25)	-
Hedging derivatives expenditure for SQM Australia Pty asset	1,437	1,921	(1,921)	(3,546)	(2,109)
Non-hedging derivatives	(14,275)	(470)	20,307	-	5,562

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 IRS 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 March 31, 2024

13.4 Financial liabilities

Other current and non-current financial liabilities

As of March 31, 2024 and December 31, 2023, 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 March 31, 2024

a) Bank borrowings, current:

As of March 31, 2024, 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	06-21-2024	5.88%	6.64%
93.007.000-9	SQM S.A.	Chile	O-E	Banco Santander/Kexim	Spain/South Korea	Dollar	Upon maturity	06-21-2024	4.49%	6.36%
93.007.000-9	SQM S.A.	Chile	97.043.000-8	JP Morgan	Chile	Dollar	Upon maturity	05-28-2024	6.69%	6.69%
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	02-14-2025	5.95%	5.95%
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	10-17-2024	6.46%	6.46%
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	6.15%	6.15%
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 March 31, 2024

Debtor										Current amounts as of March 31, 2024
Company									Company	Financial institution	Up to 90 days	90 days to 1 year	Company	Financial institution
	ThUS	ThUS$	MUS$	MUS$	ThUS$	ThUS$	ThUS	ThUS
SQM S.A.									-	-	3,764	3,764	-	3,764
SQM S.A.									120,000	126,188	-	126,188	-	126,188
SQM S.A.									200,000	-	208,103	208,103	-	208,103
SQM S.A.									50,000	51,134	-	51,134	-	51,134
SQM S.A.									-	-	1,786	1,786	-	1,786
SQM S.A.									25,000	26,290	-	26,290	-	26,290
SQM S.A.									15,000	-	15,099	15,099	-	15,099
SQM S.A.									20,000	-	21,008	21,008	-	21,008
SQM S.A.									100,000	105,696	-	105,696	-	105,696
SQM S.A.									100,000	-	102,871	102,871	-	102,871
SQM S.A.									50,000	52,605	-	52,605	-	52,605
SQM S.A.									10,000	-	10,473	10,473	-	10,473
SQM Industrial S.A.									30,000	31,521	-	31,521	-	31,521
SQM Industrial S.A.									20,000	-	20,946	20,946	-	20,946
SQM Salar S.A.									10,000	-	10,475	10,475	-	10,475
SQM Salar S.A.									20,000	-	20,946	20,946	-	20,946
SQM Salar S.A.									50,000	52,632	-	52,632	-	52,632
SQM Salar S.A.									50,000	52,579	-	52,579	-	52,579
SQM Salar S.A.									70,000	-	73,002	73,002	-	73,002
SQM Salar S.A.									80,000	-	84,031	84,031	-	84,031
SQM Salar S.A.									40,000	42,028	-	42,028	-	42,028
SQM Salar S.A.									70,000	-	73,365	73,365	-	73,365
Total									1,130,000	540,673	645,868	1,186,542	-	1,186,542

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

As of December 31, 2023

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	06-21-2024	5.88%	6.64%
93.007.000-9	SQM S.A.	Chile	O-E	Banco Santander/Kexim	Spain/South Korea	Dollar	Upon maturity	06-21-2024	4.49%	6.36%
93.007.000-9	SQM S.A.	Chile	97.043.000-8	JP Morgan	Chile	Dollar	Upon maturity	05-28-2024	6.69%	6.69%
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	10-17-2024	5.84%	6.46%
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 Itaú	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 Itaú	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 Itaú	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 Itaú	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%	6.15%
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 March 31, 2024

Debtor
Company									Total
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.									406
SQM S.A.									124,383
SQM S.A.									204,625
SQM S.A.									50,288
SQM S.A.									177
SQM S.A.									25,898
SQM S.A.									15,569
SQM S.A.									20,695
SQM S.A.									104,176
SQM S.A.									101,238
SQM S.A.									51,825
SQM S.A.									10,309
SQM Industrial S.A.									31,077
SQM Industrial S.A.									20,618
SQM Salar S.A.									10,311
SQM Salar S.A.									20,618
SQM Salar S.A.									51,864
SQM Salar S.A.									51,797
SQM Salar S.A.									71,913
SQM Salar S.A.									82,779
SQM Salar S.A.									41,436
SQM Salar S.A.									72,260
Total									1,164,262

All values are in US Dollars.

b) Unsecured obligations, current:

Notes to the Consolidated Interim Financial Statements March 31, 2024

As of March 31, 2024, 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	-		ThUS250,000	07/28/2024	Dollar	Semiannual	Upon maturity	0.59%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450,000	05/07/2024	Dollar	Semiannual	Upon maturity	2.39%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400,000	07/22/2024	Dollar	Semiannual	Upon maturity	3.52%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700,000	09/10/2024	Dollar	Semiannual	Upon maturity	3.22%	3.50%
93.007.000-9	SQM S.A.	Chile	-		ThUS750,000	05/07/2024	Dollar	Semiannual	Upon maturity	6.89%	6.50%
93.007.000-9	SQM S.A.	Chile	564		H	07/05/2024	UF	Semiannual	Semiannual	1.05%	4.90%
93.007.000-9	SQM S.A.	Chile	699		O	08/01/2024	UF	Semiannual	Upon maturity	1.59%	3.80%
93.007.000-9	SQM S.A.	Chile	563		P	07/15/2024	UF	Semiannual	Upon maturity	1.25%	3.25%
93.007.000-9	SQM S.A.	Chile	700		Q	06/01/2024	UF	Semiannual	Upon maturity	2.41%	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.

Company			Nominal amounts as of March 31, 2024			Carrying amounts of maturities as of March 31, 2024
	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.			-	251,914	251,914	-	251,914	251,914	(361)	251,553
SQM S.A.			7,650	-	7,650	7,650	-	7,650	(677)	6,973
SQM S.A.			-	3,258	3,258	-	3,258	3,258	(235)	3,023
SQM S.A.			-	1,429	1,429	-	1,429	1,429	(555)	874
SQM S.A.			19,500	-	19,500	19,500	-	19,500	(1,527)	17,973
SQM S.A.			-	14,693	14,693	-	14,693	14,693	(172)	14,521
SQM S.A.			-	356	356	-	356	356	(80)	276
SQM S.A.			-	772	772	-	772	772	(12)	760
SQM S.A.			-	1,293	1,293	-	1,293	1,293	(22)	1,271
Total			27,150	273,715	300,865	27,150	273,715	300,865	(3,641)	297,224

All values are in US Dollars.

As of December 31, 2023

Notes to the Consolidated Interim Financial Statements March 31, 2024

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	-		ThUS250,000	01/28/2024	Dollar	Semiannual	Upon maturity	0.80%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450,000	05/07/2024	Dollar	Semiannual	Upon maturity	2.39%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400,000	01/22/2024	Dollar	Semiannual	Upon maturity	3.62%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700,000	03/10/2024	Dollar	Semiannual	Upon maturity	3.30%	3.50%
93.007.000-9	SQM S.A.	Chile	-		ThUS750,000	05/07/2024	Dollar	Semiannual	Upon maturity	6.89%	6.50%
93.007.000-9	SQM S.A.	Chile	564		H	01/05/2024	UF	Semiannual	Semiannual	1.58%	4.90%
93.007.000-9	SQM S.A.	Chile	699		O	02/01/2024	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	06/01/2024	UF	Semiannual	Upon maturity	2.41%	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.

Company			Nominal amounts as of December 31, 2023			Carrying amounts of maturities as of December 31, 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.			4,648	-	4,648	4,648	-	4,648	(433)	4,215
SQM S.A.			-	2,869	2,869	-	2,869	2,869	(677)	2,192
SQM S.A.			7,508	-	7,508	7,508	-	7,508	(235)	7,273
SQM S.A.			7,554	-	7,554	7,554	-	7,554	(555)	6,999
SQM S.A.			-	7,312	7,312	-	7,312	7,312	(1,521)	5,791
SQM S.A.			17,599	-	17,599	17,599	-	17,599	(172)	17,427
SQM S.A.			987	-	987	987	-	987	(82)	905
SQM S.A.			1,871	-	1,871	1,871	-	1,871	(12)	1,859
SQM S.A.			-	359	359	-	359	359	(21)	338
Total			40,167	10,540	50,707	40,167	10,540	50,707	(3,708)	46,999

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

c) Classes of bank borrowings, non-current

The following table shows the details of bank borrowings as of March 31, 2024:

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	5.88%	6.64%
93.007.000-9	SQM S.A.	Chile	O-E	Banco Santander/Kexim	Spain/South Korea	Dollar	Upon maturity	4.49%	6.36%
Debtor		Nominal non-current maturities as of December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Between 1 and 2										Total
	ThUS		ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.		200,000										198,562
SQM S.A.		-										97,245
Total												295,807

All values are in US Dollars.

As of December 31, 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	5.88%	6.64%
93.007.000-9	SQM S.A.	Chile	O-E	Banco Santander/Kexim	Spain/South Korea	Dollar	Upon maturity	5.49%	6.36%
Debtor		Nominal non-current maturities as of December 31, 2023
---	---	---	---	---	---	---	---	---	---	---	---	---
Company		Between 1 and 2										Total
	ThUS		ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
SQM S.A.		-										198,352
SQM S.A.		-										97,166
Total												295,518

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

d) Unsecured obligations, non-current

The following table shows the details of “unsecured debentures that accrue non-current interest” as of March 31, 2024:

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	-		ThUS250,000	01/28/2025	Dollar	Semiannual	Upon maturity	4.24%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450,000	05/07/2029	Dollar	Semiannual	Upon maturity	4.14%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400,000	01/22/2050	Dollar	Semiannual	Upon maturity	4.23%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700,000	09/10/2051	Dollar	Semiannual	Upon maturity	3.45%	3.50%
93.007.000-9	SQM S.A.	Chile	-		ThUS750,000	11/07/2033	Dollar	Semiannual	Upon maturity	6.89%	6.50%
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
ThUS250,000
ThUS450,000
ThUS400,000
ThUS700,000
ThUS750,000
H
O
P
Q
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

As of December 31, 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	-		ThUS250,000	01/28/2025	Dollar	Semiannual	Upon maturity	4.24%	4.38%
93.007.000-9	SQM S.A.	Chile	-		ThUS450,000	05/07/2029	Dollar	Semiannual	Upon maturity	4.14%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS400,000	01/22/2050	Dollar	Semiannual	Upon maturity	4.23%	4.25%
93.007.000-9	SQM S.A.	Chile	-		ThUS700,000	09/10/2051	Dollar	Semiannual	Upon maturity	3.45%	3.50%
93.007.000-9	SQM S.A.	Chile	-		ThUS750,000	11/07/2033	Dollar	Semiannual	Upon maturity	6.89%	6.50%
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
ThUS250,000
ThUS450,000
ThUS400,000
ThUS700,000
ThUS750,000
H
O
P
Q
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 March 31, 2024 and December 31, 2023, 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				3,486		36		72		954		-		203,432
Services				34		1		-		81		-		88,985
Others				-		-		-		5		-		33,766
Total				3,520		37		72		1,040		-		326,183

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				2,654		2		-		1,653		-		251,098
Services				243		4		-		65		-		142,937
Others				-		-		-		7		-		50,342
Total				2,897		6		-		1,725		-		444,377

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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				267		8		47		341		-		1,721
Services				211		9		2		26		-		926
Others				35		-		-		1		-		57
Total				513		17		49		368		-		2,704

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				158		77		66		185		-		1,350
Services				57		24		8		19		-		1,665
Others				9		-		-		59		-		78
Total				224		101		74		263		-		3,093

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 March 31, 2024, the Company has purchase orders amounting to ThUS$ 156,824 and ThUS$ 296,598 as of December 31, 2023.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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
Derivative financial instruments with effect in profit or loss (no hedge)
Financial assets classified as available for sale at fair value through other comprehensive income
Total financial assets at fair value
Total financial assets

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 other comprehensive income
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

March 31, 2024

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 March 31, 2024

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 March 31, 2024

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
- Lease liabilities, current
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 March 31, 2024

13.8 Reconciliation of net debt/cash and lease liabilities.

This section presents an analysis of net debt/cash plus lease liabilities and their movements for each of the reported periods. The table below presents net debt/cash ass described in Note 20. 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			7,571		32,374		42		(17,216)
Financial instruments derived from hedging			(516)		2,222		-		(19,185)
Derivatives for investment hedges			-		-		(1,457)		19,782
Non-hedging Derivatives in Other financial liabilities			-		-		-		13,570
Current and non-current lease liabilities			4,785		578		-		10
Hedging derivatives reimbursement of SQM Australia asset			-		-		1,921		(1,921)
Current and Non-Current Financial Liabilities			11,840		35,174		506		(4,960)
Cash and cash equivalents			-		(11,403)		259,857		25,914
Deposits that do not qualify as cash and cash equivalents			-		(15,175)		(340,195)		(22,363)
Debt Hedging Derivative Financial Instruments			-		-		-		(23,247)
Derivatives for investment hedges			-		-		-		18,955
Non-hedging derivatives on other financial assets			-		-		(470)		6,737
Current and Non-Current Financial Assets			-		(26,578)		(80,808)		5,996
Total			11,840		8,596		(80,302)		1,036

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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			(1,534,282)		117,145		18,346		(168,598)
Financial instruments derived from hedging			(18,927)		4,077		-		11,731
Derivatives for investment hedges			-		-		(10,082)		18,171
Non-hedging Derivatives in Other financial liabilities			-		-		-		(8,979)
Current and non-current lease liabilities			15,914		2,038		-		(31,376)
Current and Non-Current Financial Liabilities			(1,537,295)		123,260		8,264		(179,051)
Cash and cash equivalents			-		(53,539)		(1,615,863)		55,535
Deposits that do not qualify as cash and cash equivalents			-		(49,226)		341,742		74,114
Debt Hedging Derivative Financial Instruments			-		-		-		(5,100)
Derivatives for investment hedges			-		-		-		-
Non-hedging derivatives on other financial assets			-		-		(18,034)		14,380
Hedging derivatives reimbursement of SQM Australia asset			-		-		1,183		(1,183)
Current and Non-Current Financial Assets			-		(102,765)		(1,290,972)		137,746
Total			(1,537,295)		20,495		(1,282,708)		(41,305)

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 14 Right-of-use assets and lease liabilities

14.1 Right-of-use assets

Reconciliation of changes in right-of-use assets as of<br><br>March 31, 2024, 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, 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.

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.

There were no sales transactions with leasebacks in the period.

Notes to the Consolidated Interim Financial Statements March 31, 2024

14.2 Lease 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 March 31, 2024, and December 31, 2023, current lease liabilities are analyzed as follows:

Debtor			Creditor								Amounts at amortized cost as of March 31, 2024
Tax ID No.			Supplier		Up to 90 days	90 days to 1 year	Total			90 days to 1 year		Total
	ThUS	ThUS		ThUS	ThUS	ThUS		ThUS
93.007.00-9			Contract supplier					26	46		20		26	46
79.626.800-K			Contract supplier					3,935	5,266		1,252		3,675	4,927
79.626.800-K			Contract supplier					1,082	1,479		369		1,012	1,381
79.947.100-0			Contract supplier					154	205		51		153	204
79.947.100-0			Contract supplier					1,498	2,174		598		1,288	1,886
96.592.190-7			Contract supplier					24	42		18		24	42
79.768.170-9			Contract supplier					1,123	1,497		316		965	1,281
76.359.919-1			Contract supplier					7	9		1		4	5
76.359.919-1			Contract supplier					-	1		1		-	1
Foreign			Contract supplier					1,874	2,535		658		1,865	2,523
Foreign			Contract supplier					2,156	2,875		642		1,980	2,622
Foreign			Contract supplier					653	916		244		628	872
Foreign			Contract supplier					364	485		95		289	384
Foreign			Contract supplier					245	355		100		223	323
Foreign			Contract supplier					1,026	1,375		277		859	1,136
Foreign			Contract supplier					22	29		7		22	29
Foreign			Contract supplier					46	61		14		44	58
Foreign			Contract supplier					65	88		22		64	86
Total								14,300	19,438		4,685		13,121	17,806

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Debtor			Creditor								Amounts at amortized cost as of December 31, 2023
Tax ID No.			Supplier		Up to 90 days	90 days to 1 year	Total			90 days to 1 year		Total
	ThUS	ThUS		ThUS	ThUS	ThUS		ThUS
93.007.00-9			Contract supplier					46	66		19		46	65
79.626.800-K			Contract supplier					1,034	1,378		321		977	1,298
79.626.800-K			Contract supplier					4,040	5,532		1,400		3,718	5,118
79.947.100-0			Contract supplier					1,863	2,589		645		1,640	2,285
96.592.190-7			Contract supplier					43	61		18		42	60
79.768.170-9			Contract supplier					1,123	1,497		336		956	1,292
76.359.919-1			Contract supplier					7	9		2		2	4
76.359.919-1			Contract supplier					2	3		1		2	3
Foreign			Contract supplier					1,896	2,621		721		1,884	2,605
Foreign			Contract supplier					2,131	2,842		633		1,953	2,586
Foreign			Contract supplier					789	1,051		240		747	987
Foreign			Contract supplier					364	485		94		287	381
Foreign			Contract supplier					267	373		97		244	341
Foreign			Contract supplier					1,007	1,351		267		820	1,087
Foreign			Contract supplier					17	22		5		17	22
Foreign			Contract supplier					48	63		14		44	58
Total								14,677	19,943		4,813		13,379	18,192

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(b) As of March 31, 2024, and December 31, 2023, the non-current lease liabilities are analyzed as follows:

Debtor			Creditor								Amounts at amortized cost as of March 31, 2024
Tax ID No.			Supplier		1-2 Years	2-3 Years	3-4 Years					3-4 Years		Total
	ThUS	ThUS		ThUS	ThUS	ThUS		ThUS	ThUS	ThUS
79.626.800-K			Contract supplier					4,221	-	5,883	2,836		4,482		-	7,318
79.626.800-K			Contract supplier					1,623	-	2,940	1,256		1,572		-	2,828
79.947.100-0			Contract supplier					-	-	17	17		-		-	17
79.947.100-0			Contract supplier					5,439	-	9,169	3,306		5,197		-	8,503
79.768.170-9			Contract supplier					946	162	2,951	1,729		922		155	2,806
76.359.919-1			Contract supplier					26	35	78	8		12		40	60
Extranjero			Contract supplier					206	-	767	522		204		-	726
Extranjero			Contract supplier					-	-	85	82		-		-	82
Extranjero			Contract supplier					753	-	3,486	2,618		742		-	3,360
Extranjero			Contract supplier					17,934	-	22,866	4,385		16,615		-	21,000
Extranjero			Contract supplier					602	507	2,180	991		506		441	1,938
Extranjero			Contract supplier					-	-	30	28		-		-	28
Extranjero			Contract supplier					485	2,465	3,435	396		408		2.279	3,083
Extranjero			Contract supplier					63	-	124	58		62		-	120
Extranjero			Contract supplier					-	-	111	110		-		-	110
Total								32,298	3,169	54,122	18,342		30,722		2,915	51,979

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Debtor			Creditor								Amounts at amortized cost as of December 31, 2023
Tax ID No.			Supplier		1-2 Years	2-3 Years	3-4 Years					3-4 Years		Total
	ThUS	ThUS		ThUS	ThUS	ThUS		ThUS	ThUS	ThUS
79.626.800-K			Contract supplier					1,079	-	2,255	1,133		1,064		-	2,197
79.626.800-K			Contract supplier					3,728	-	9,913	5,901		3,630		-	9,531
79.947.100-0			Contract supplier					5,594	311	9,704	3,348		5,312		310	8,970
79.768.170-9			Contract supplier					969	181	2,994	2,020		938		173	3,131
76.359.919-1			Contract supplier					26	37	81	8		12		41	61
Foreign			Contract supplier					265	-	789	484		260		-	744
Foreign			Contract supplier					-	-	91	90		-		-	90
Foreign			Contract supplier					1,131	-	4,328	3,040		1,105		-	4,145
Foreign			Contract supplier					18,236	-	23,860	5,618		16,916		-	22,534
Foreign			Contract supplier					591	659	2,526	1,182		483		581	2,246
Foreign			Contract supplier					-	-	1	1		-		-	1
Foreign			Contract supplier					485	2,586	3,556	393		405		2,383	3,181
Foreign			Contract supplier					61	16	138	58		60		17	135
Total								32,165	3,790	60,236	23,276		30,185		3,505	56,966

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Other lease disclosures

Total lease expenses related to leases that did not qualify under the scope of IFRS 16 were ThUS$ 22,270 and ThUS$ 23,816 for the periods ended March 31, 2024, and 2023. See Note 22.8.

Expenses related to variable payments not included in lease liabilities that qualified under IFRS 16 amounted to were ThUS$ 1,535 and ThUS$ 1,204 for the periods ending March 31, 2024, and 2023.

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 15 Intangible assets and goodwill

15.1 Reconciliation of changes in intangible assets and goodwill

As of March 31, 2024
Intangible assets and goodwill		Net Value
	ThUS
IT programs		2,810
Mining rights		134,624
Water rights and rights of way		4,909
Water rights		6,632
Intellectual property		5,254
Other intangible assets		239
Intangible assets other than goodwill		154,468
Goodwill		958
Total Intangible Asset		155,426

All values are in US Dollars.

As of December 31, 2023
Intangible assets and goodwill		Net Value
	ThUS
IT programs		3,190
Mining rights		134,924
Water rights and rights of way		4,909
Water rights		7,580
Intellectual property		5,201
Other intangible assets		70
Intangible assets other than goodwill		155,874
Goodwill		958
Total Intangible Asset		156,832

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(a) Movements in identifiable intangible assets as of March 31, 2024 and December 31, 2023:

Movements in Identifiable intangible assets
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
At January 1, 2024
Additions
Amortization for the period
Impairment losses recognized in income for the period
Other increases / decreases for foreign currency exchange rates
Other increases (decreases)
Subtotales
As of March 31, 2024
Historical cost
Accumulated amortization
At January 1, 2023
Additions
Amortization for the year
Impairment losses recognized in income for the year (1)
Other increases / decreases for foreign currency exchange rates
Other increases (decreases)
Subtotales
As of December 31, 2023
Historical cost
Accumulated amortization

All values are in US Dollars.

(a)See Note 22.5

Notes to the Consolidated Interim Financial Statements March 31, 2024

(b) Movements in identifiable goodwill as of March 31, 2024 and December 31, 2023:

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

All values are in US Dollars.

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

All values are in US Dollars.

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 16 Property, plant and equipment

As of March 31, 2024, and December 31, 2023, the detail of property, plant and equipment is as follows:

16.1 Types 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 March 31, 2024

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.

(a)The reconciliation of the spare parts provisions as of March 31, 2024, and December 31, 2023 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 March 31, 2024

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

Reconciliation of changes in property, plant and equipment by class as of March 31, 2024, and December 31, 2023:

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, 2024
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 March 31, 2024
Historical cost
Accumulated depreciation
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 December 31, 2023
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 statement of income, 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 impairment correspond to identified assets identified that will not be used in the operation due to their specific characteristics relating to the iodine and nitrate segments.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 in the period, of property, plant and equipment are detailed as follows:

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

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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

As of March 31, 2024, and December 31, 2023, 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)
Other non-current assets
Total

All values are in US Dollars.

(a)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 expenditure on exploration projects and ground studies as of March 31, 2024, and December 31, 2023:

Conciliation
	ThUS	ThUS
Opening balance
Changes
Additions
Reclassifications from/to short-term (inventory)
Amortization of ground studies
Reclassification from construction in progress
Total changes
Ending balance (*)

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.

(*) This corresponds to the sum of expenditures for economically feasible exploration and exploration under operation (long-term).

Notes to the Consolidated Interim Financial Statements March 31, 2024

Mineral resource exploration, evaluation and Exploitation 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 income. As of March 31, 2024 and December 31, 2023, 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. As of March 31, 2024, and December 31, 2023, this amounts to ThUS$10,823 and ThUS$9,062.

(c) Economically feasible: Exploration and assessment expenditures resulting in studies concluding that their economic feasibility is viable are classified under “Other non-current non-financial assets”.

Prospecting			As of<br><br>December 31,<br><br>2023
	ThUS	ThUS
Chile (1)			50,844
Total			50,844

All values are in US Dollars.

(1) The value presented for Chile is composed as of March 2024 for ThUS 13,851 corresponding to non-metallic explorations and evaluations and ThUS$ 38,736 associated with metallic explorations. In December 2023, the amounts of non-metallic and metallic explorations were ThUS$ 13,803 ThUS$ 37,041, respectively.

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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(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 of ground studies
Reclasifications from/to short term (inventories)
Total changes
Total

All values are in US Dollars.

Long-term exploitation reconciliation
	ThUS	ThUS
Opening balance
Amortization of ground studies
Reclasifications from/to short term (inventories)
Total changes
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 18 Employee benefits

18.1 Provisions for employee benefits

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

All values are in US Dollars.

18.2 Policies 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 March 31, 2024

18.3 Other 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”.

18.4 Post-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.

A settlement was reflected in the last quarter of 2023 for the purchase of annuities by the pension plan for all its inactive participants.

As of March 31, 2024, and December 31, 2023, the value of assets associated with the SQM NA pension plan amounts to ThUS$5,095.

Notes to the Consolidated Interim Financial Statements March 31, 2024

18.5 Staff severance indemnities

As of March 31, 2024, and December 31, 2023, 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>March 31, 2024	As of<br><br>December 31, 2023	Annual/Years
Mortality rate	RV–2020/CB–2020	RV – 2020/CB-2020
Discount interest rate	5.70%	5.32%
Inflation rate	3.00%	3.00%
Voluntary retirement rate:
Men	3.82%	3.82%	Annual
Women	3.82%	3.82%	Annual
Salary increase	4.01%	4.01%	Annual
Retirement age:
Men	65	65	Years
Women	60	60	Years

(b) Sensitivity analysis of assumptions

As of March 31, 2024, and December 31, 2023, the Company has conducted a sensitivity analysis of the main assumptions of the actuarial calculation, determining the following:

Sensitivity analysis as of March 31, 2024
	ThUS	ThUS
Discount rate
Employee turnover rate

All values are in US Dollars.

Sensitivity analysis as of December 31, 2023
	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 March 31, 2024

18.6 Executive 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 March 31, 2024:

(a)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. The liability related to this compensation plan amounts to ThUS$ 19,809 and ThUS$ 18,428 as of March 31, 2024 and December 31, 2023 respectively. The income statement was charged with ThUS$ 1,381 and ThUS$ 3,232 during the periods ended March 31, 2024 and 2023, respectively.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 19 Provisions and other non-financial liabilities

19.1 Types 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 March 31, 2024

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
Other bonuses to workers
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 March 31, 2024

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 March 31, 2024

19.3 Changes in provisions

Description of items that gave rise to changes<br><br>as of March 31, 2024
	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, 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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

19.4 Other non-financial liabilities, Current

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

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 20 Disclosures on equity

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

20.1 Capital management

The main object of capital management relative to the administration of the Company’s financial debt and equity is to ensure the regular conduct of operations and business continuity in the long term, with the constant intention of maintaining an adequate level of liquidity and in compliance with the financial safeguards established in the debt contracts in force. Within this framework, decisions are made in order to maximize the value of the company.

Capital management must comply with, among others, the limits contemplated in the Financing Policy approved by the Shareholders’ Meeting, which 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>March 31,<br><br>2024	As of<br><br>December 31, 2023	Description (1)	Calculation (1)
Net Financial Debt/cash (ThUS$)	2,151,679	2,086,717	Financial Debt – Financial Resources	Other current Financial Liabilities + Other Non-Current Financial Liabilities – Cash and Cash Equivalents – Other Current Financial Assets – Hedging Assets, non-current
Liquidity	2.34	2.50	Current Assets divided by Current Liabilities	Total Current Assets / Total Current Liabilities
ROE	(14.72) %	36.28%	Net income for the year divided by Total Equity	Net income for the year / Equity
Adjusted EBITDA (ThUS$)	403,594	3,180,071	Adjusted EBITDA	EBITDA – Other income – Other gains (losses) - Share of Profit of associates and joint ventures accounted for using the equity method + Other expenses by function + Net impairment gains on reversal (losses) of financial assets – Finance income – Currency differences,
EBITDA (ThUS$)	420,401	3,226,202	EBITDA	Net income + Depreciation and Amortization Expense adjustments + Finance Costs + Income Tax
ROA	27.56%	32.20%	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	0.46	0.37	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 March 31, 2024

20.2 Operational restrictions and financial limits

Bond issuance contracts in the local market require the Company to maintain a Total Borrowing Ratio no higher than 1 for Series H, Series O and Series Q bonds, calculated over the last consecutive 12 months.

Capital management must ensure that the Borrowing Ratio remains below 1.0. As of March 31, 2024 this ratio was 0.46.

The financial restrictions with respect to the bonds issued by the Company for the periods ended March 31, 2024, and December 31, 2023.

As of March 31, 2024		Financial restrictions
	Financial restrictions		Financial restrictions		Financial restrictions		Financial restrictions
Instrument with restriction		Bonds		Bonds		Bonds		Bank loans
Reporting party or subsidiary restriction
Creditor		Bondholders		Bondholders		Bondholders		Scotiabank
Registration number		H		Q		O		PB 70M
Name of financial indicator or ratio (See definition in Note 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		0.46		0.46		0.46		0.46
Fulfilled YES/NO		yes		yes		yes		yes
As of December 31, 2023		Financial restrictions
---	---	---	---	---	---	---	---	---
	Financial restrictions		Financial restrictions		Financial restrictions		Financial restrictions
Instrument with restriction		Bonds		Bonds		Bonds		Bank loans
Reporting party or subsidiary restriction
Creditor		Bondholders		Bondholders		Bondholders		Scotiabank
Registration number		H		Q		O		PB 70M
Name of financial indicator or ratio (See definition in Note 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		0.37		0.37		0.37		0.37
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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

20.3 Disclosures on preferred share capital

Issued share capital is divided into Series A shares and Series B shares. All such shares are nominative, have no par value and are fully issued, subscribed and paid.

Series B shares may not exceed 50% of the total issued, subscribed and paid-in shares of the Company and have a limited voting right, in that all of them can only elect one director of the Company, regardless of their equity interest and preferences:

(a) require the calling of an Ordinary or Extraordinary Shareholders' Meeting when 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.

Detail of capital classes in shares:

Type of capital in preferred shares	As of March 31, 2024				As of December 31, 2023
		Series B		Series A		Series B
Description of type of capital in shares
Number of authorized shares	142,818,904		142,818,904		142,819,552		142,818,904
Number of fully subscribed and paid shares	142,818,904		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		-
Number of shares whose issuance is reserved due to the existence of options or agreements to dispose shares	-		-		-		-
Capital amount in shares ThUS	134,730		1,442,893		134,750		1,442,893
Total number of subscribed shares	142,818,904		142,818,904		142,819,552		142,818,904

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

20.4 Disclosures on reserves in Equity

As of March 31, 2024, and December 31, 2023 the composition is as follows:

Disclosure of reserves within shareholders' 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 March 31, 2024

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, 2023
Movement of reserves
Reclassification income statements
Related taxes
As of December 31, 2023
Movement of reserves
Reclassification income statements
Related taxes
Balances as of March 31, 2024

All values are in US Dollars.

(1) See details on reserves for foreign currency translation differences on conversion in Note 24, letter a).

Notes to the Consolidated Interim Financial Statements March 31, 2024

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
SAS Adionics
SQM Australia Pty Ltd
Other
SQM Iberian S.A.
Orcoma Estudios SPA
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 net income for each year.

Dividend policy for commercial year 2024

Company’s dividend policy for the 2024 business year was agreed upon by the Board of Directors on April 25, 2024. On that occasion, the following was decided:

(a) Distribute and pay a dividend to the respective shareholders as a percentage of the profits representing 30% of profits for 2024.

(b) Notwithstanding the aforementioned, the percentage indicated in (a) above may be increased if the Company’s Board of Directors deems that such increase does not materially and adversely affect the Company’s ability to make its investments and to comply with the estimates on future cash use, also considering the following financial parameters:

(a)100% of the net income for 2024 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 2.5 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 0.8 times.

(b)80% of the net income for 2024 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 2.0 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 0.9 times.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(c)60% of the net income for 2024 if all the following financial parameters are met: (a) “all current assets” divided by “all current liabilities” is equal to or greater than 1.5 times, and (b) the sum of “all current liabilities” and “all non-current liabilities”, less “cash equivalents”, less “other current financial assets”, all of the above divided by “total equity” in equal or less than 1.0 times.

(c) Distribute and pay interim dividends in 2024 and the first quarter of 2025, interim dividends, which will be charged against the aforementioned final dividend.

(d) In the ordinary meeting to be held in 2025, the Company’s Board of Directors will propose a final dividend discounting the amount of interim dividends previously distributed, considering that it does not materially and negatively affect the Company’s ability to make its investments, meet its obligations and, in general, comply with the investment and financing policy approved by the ordinary shareholders’ meeting.

(e) Any remaining amount from the net income from 2024 can be retained and used to finance the Company’s own operations or one or more of its investment projects, notwithstanding a possible distribution of dividends charged to accumulated earnings that might be approved by the shareholders’ meeting or the possible future capitalization of all or part of it.

(f) The payment of additional dividends is not being considered.

It must be expressly stated that this dividends policy details the intention of the Company’s Board of Directors and its fulfillment depends on the actual net income obtained, as well as on the results indicated by the projections the Company makes from time to time or on the existence of particular conditions, as appropriate. In any case, if the dividend policy set forth by the Board of Directors should undergo any substantial change, the Company must communicate it as a material event.

20.6 Interim and provisional dividends

As of March 31, 2024 there is no information to disclose.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 eventual
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 March 31, 2024

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:

21.1 Lawsuits 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 Lindsay 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. On February 5, 2024, the Court ordered the resumption of proceedings, as they had 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. On February 1, 2024, the Santiago Court of Appeals revoked the first instance ruling and issued another one in its place, partially accepting the claim, ordering the Company to pay the total amount of ThUS$52. The Company has filed an appeal on the merits, which is pending.

(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 awaiting a ruling.

(g)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 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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(h)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.

(i)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. Both proceedings are awaiting a ruling.

(j)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. On December 14, 2023, the arbitrator accepted the Company's claim in its entirety and ordered the defendant to pay US$ 32.2 million. The case is currently before the Court of Appeals to hear the appeals and the to hear the cassation and appeal appeals filed by the defendant.

(k)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. The amount of the lawsuit is approximately ThUS$ 542.

(l)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.

(m)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. The lawsuit is being heard by the Abu Dhabi Commercial Court of First Instance and is awaiting the report of the expert appointed by the court.

(n)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 case has reached the evidence stage. The lawsuit totals approximately ThUS$ 358.

(o)In January 2024, Mr. José Luis Carreño Soto filed a lawsuit for protection of fundamental rights against a contractor company and the Company before the Labor Court of Antofagasta. The case is currently under discussion. The lawsuit totals approximately ThUS$ 227.

(p)In February 2024, Mr. Emiliano Malebrán Pallauta, Mr. Rubén Valenzuela González and Mr. José Aguilera Flores filed a lawsuit against the Company through the Labor Court of Iquique for protection of fundamental rights and secondarily for wrongful dismissal and collection of unpaid wages and severance pay. The case is currently in the evidentiary stage. The lawsuit totals approximately ThUS$369.

(q)In February 2024, Mr. Manuel Jesús Lobos Cortés filed a lawsuit against the Company through the Labor Court of Iquique for damages caused by occupational illness. The case is currently under discussion. The lawsuit totals approximately ThUS$279.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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.

Soquimich Comercial S.A., subsidiaries 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.

21.2 Environmental contingencies

Through a ruling dated November 28, 2016, which was amended by a ruling dated December 23, 2016, the SMA filed charges against SQM Salar for extracting brine in excess of authorized amounts, progressively impacting the vitality of algarrobo trees, delivering incomplete information, modifying variables in the follow-up plan, and other matters. SQM Salar submitted a compliance program that was accepted by the SMA, although rendered null and void by the Environmental Court of Antofagasta in December 2019. In October 2020, the SMA made further observations to the compliance program, which were addressed through the submission of a reformulated compliance program, incorporating improvements in line with the Antofagasta Environmental Court ruling. On August 29, 2022, the SMA approved the compliance program submitted by SQM Salar, which was subjected to a claim filed by the Council of Atacameño Peoples with the Antofagasta Environmental 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 process may conclude with the application of fines up to US$ 9 million, temporary or permanent closure of facilities and in extreme circumstances, revocation of the respective environmental permit.

22.3 Tax Contingencies

Claims for the application of the specific tax on mining activities associated with lithium exploitation.

The Chilean IRS wants to extend the specific mining tax to lithium mining, which cannot be concessioned under the legal system. As of December 31, 2023, the Chilean IRS has charged SQM a total of US$986.3 million, which SQM has paid, for the specific mining tax applied to lithium, corresponding to tax years 2012 to 2023 (business years 2011 to 2022). SQM Salar has filed seven tax claims against the Chilean IRS. The total amount associated with tax claims is US$201.3 million and it has a pending claim for US$785.0 million. Both amounts, already paid by SQM Salar, totaled US$986.3 million as of December 31, 2023, including an overpaid amount of US$59.5 million, US$818.0 million in taxes claimed (net of corporate income tax effect) and US$108.8 million in interest and fines. On April 5, 2024, the Santiago Court of Appeals issued a judgment in one of the claims (tax case No. 312-2022) and reversed the judgment that had previously been issued by the Tax and Customs Court of the Metropolitan Region, which upheld the annulment suit filed by SQM Salar, corresponding to liquidations for tax years 2017 and 2018. Although the ruling of the Santiago Court of Appeals does not affect the rest of the claims filed by SQM Salar against the Chilean IRS—and is still subject to appeal by SQM Salar—it prompted the Company’s Board of Directors to review the accounting treatment of the tax claims. Consequently, the Company recognized a tax expense of US$1,097.6 million for the period ended March 31, 2024 (US$926.7 million for business years 2011 to 2022, US$162.7 million for business year 2023 and US$8.2 million for the first quarter of 2024), which corresponds to the impact that the interpretation of the ruling of the Santiago Court of Appeals could have on the Claims. As of March 31, 2024, and December 31, 2023, the Company has non-current tax receivables of US$59.5 million and US$986.3 million, respectively.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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 US$ 17.8 million, where (i) US$ 11.5 million is the tax claim, after its effect on corporate income taxes and (ii) US$ 6.3 million is associated interest and penalties. The case is currently in the evidentiary stage.

(b)On March 24, 2017, a tax claim was filed before the Third Tax and Customs Court of the Metropolitan Region against resolution 156 issued by the Chilean IRS for the tax year 2015. The amount in dispute is US$ 3.2 million is the tax claim, after its effect on corporate income taxes. The case is currently in the evidentiary stage.

(c)On March 24, 2017, a tax claim was filed before the Third Tax and Customs Court of the Metropolitan Region against assessment 207 issued by the Chilean IRS for the tax year 2016. The amount in dispute is US$ 5.5 million, where (i) US$ 1.2 million is overpaid taxes, (ii) US$ 3.8 million is the tax claim, after its effect on corporate income taxes and (iii) US$0.5 million is associated interest and penalties. The case is currently in the evidentiary stage.

(d)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 US$ 63.9 million, where (i) US$ 17.6 million is overpaid taxes, (ii) US$ 30.2 million is tax claimed net of corporate income tax, and (iii) US$ 16.1 million 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. On April 5, 2024, the Santiago Court of Appeals reversed the first instance ruling insofar as it accepted the annulment suit aimed at challenging the liquidations, accepting the claim only in terms of the miscalculated items recognized by the Chilean IRS.

(e)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 US$ 36.7 million, where (i) US$ 9.7 million is overpaid taxes, and (ii) US$ 27.0 million is the tax claim, after its effect on corporate income taxes. The trial is currently at the discussion stage.

(f)On January 19, 2024, SQM Salar filed with the Third Tax and Customs Court of the Metropolitan Region, a tax annulment and claim against Resolution No. 56/2023 for the tax years 2020 and 2021. The amount in dispute is US$ 20.7 million, where US$ 5.6 million is overpaid taxes and US$ 15.1 million is the tax claim, after its effect on corporate income taxes. The case is currently at the discussion stage.

(g)On January 19, 2024, SQM Salar filed before the Third Tax and Customs Court of the Metropolitan Region a tax annulment and claim against assessment 1 for the tax year 2022. The amount in dispute is US$ 53.5 million, restated to the date of payment, of which US$ 14.4 million is overpaid taxes, US$ 36.1 million is the tax claim, after its effect on corporate income taxes and US$ 3 million is associated interest and penalties. The trial is currently at the discussion stage.

The assessments and pending claims are as follows:

On December 19, 2023, the Chilean IRS invoiced the Company for a sum of US$785 million for the tax year 2023 (covering the 2022 business year), pertaining to the specific tax on mining activities. Within this total, US$785 million represents the tax claimed net of corporate income tax, while US$10.9 million accounts for excess tax payments, and US$ 774.1 million corresponds to the tax claimed net of corporate income tax.

Notes to the Consolidated Interim Financial Statements March 31, 2024

The Chilean IRS has not issued a settlement for differences on specific mining tax with respect to the 2024 tax year (2023 business year). If the Chilean IRS uses criteria similar to that used in previous years, then it may issue settlements in the future covering this year. The Company estimates that the Chilean IRS settlement for 2023 will be US$ 170.9 million is the tax claim, after its effect on corporate income taxes, but excluding interest and penalties.

Others claims.

(a)Exploraciones Mineras S.A. has filed a tax claim with the First Tax and Customs Court of the Metropolitan Region against Resolution Ex. No. 1130 issued by the Tax Department No. 2 of the Chilean IRS for East Santiago on April 30, 2019, which disallowed the tax loss of US$3.8 million declared in the 2016 tax year. The case is awaiting sentencing.

(b)SQM Salar maintains a tax claim with the Fourth Tax and Customs Court of the Metropolitan Region, due to the rejection of expenses for donations in the amount of ThUS$209.1. The case is awaiting resolution to commence the evidentiary stage.

(c)SQM Salar has filed a tax claim with the First Tax and Customs Court of the Metropolitan Region against Resolution Ex. DGC 17200 No. 152 of August 30, 2022, which disallowed the donation expense under Article 21 of the Income Tax Law. The case amounts to ThUS$319.4 million and is awaiting resolution to commence the evidentiary stage.

(d)The Company has filed a tax claim with the First Tax and Customs Court of the Metropolitan Region against Assessment No. 16 of August 30, 2022, which disallowed the donation expense under Article 21 of the Income Tax Law. The questioned donations were made to the same beneficiary institutions referred to in the previous liquidation. The case amounts to ThUS$511 million and is awaiting resolution to commence the evidentiary stage.

21.4 Other matters

The Company must comply with applicable Chilean and foreign anti-corruption, money laundering and other regulatory laws and regulations, including the U.S. Foreign Corrupt Practices Act (“FCPA”). The Company received an information request and subpoena from the SEC requesting information regarding our business operations, compliance program and allegations of possible violations of the FCPA and other anti-corruption laws. The SEC has indicated that the investigation is not public and we are not aware of any findings to date. Management has initiated an internal review to identify information that responds to the SEC’s request and to actively cooperate in the SEC’s investigation.

21.5 Indirect guarantees

As of March 31, 2024, there are no indirect guarantees.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 22 Gains (losses) from operating activities in the statement of income of expenses, included according to their nature.

22.1 Revenue 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 March 31, 2024
Geographic areas	Specialty plant nutrition	Iodine and derivatives	Lithium and derivatives	Potassium	Industrial chemicals	Other	Total<br>ThUS$
Chile	14,274	408	-	3,823	340	3,360	22,205
Latin America and the Caribbean	21,566	5,710	609	22,175	1,771	21	51,852
Europe	33,869	101,619	35,499	13,785	6,404	140	191,316
North America	89,073	38,478	13,275	15,335	11,690	158	168,009
Asia and Others	48,969	93,887	498,014	8,517	1,645	103	651,135
Total	207,751	240,102	547,397	63,635	21,850	3,782	1,084,517
For the period ended March 31, 2023
---	---	---	---	---	---	---	---
Geographic areas	Specialty plant nutrition	Iodine and derivatives	Lithium and derivatives	Potassium	Industrial chemicals	Other	Total<br>ThUS$
Chile	16,770	213	1,391	3,437	425	3,471	25,707
Latin America and the Caribbean	14,840	6,876	3,252	41,624	3,386	126	70,104
Europe	30,831	101,475	120,097	12,902	7,263	331	272,899
North America	109,369	39,902	45,498	20,111	13,011	200	228,091
Asia and Others	49,131	91,182	1,475,984	8,858	41,851	43	1,667,049
Total	220,941	239,648	1,646,222	86,932	65,936	4,171	2,263,850

Notes to the Consolidated Interim Financial Statements March 31, 2024

(b)Main product and service lines:

Products and Services
	2024	2023
	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
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

22.2 Cost of sales

Cost of sales broken down by nature of expense:

Nature of expense
	2024	2023
	ThUS	ThUS
Raw materials and consumables used
Classes of employee benefit expenses
Depreciation expense
Depreciation of Right-of-use Assets (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 March 31, 2024

22.3 Other income

Other income
	2024	2023
	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, spare parts and supplies
Options on mining properties
Government Grants (1)
Others
Total

All values are in US Dollars.

(1) The Company received an unconditional government grant for US$ 12,243 in March 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.

22.4 Administrative expenses

Administrative expenses
	2024	2023
	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 March 31, 2024

22.5 Other expenses

Other expenses
	2024	2023
	ThUS	ThUS
Impairment losses / reversals of impairment losses recognized in income for the year
Properties, plant and equipment
Goodwill
Subtotal
Other expenses, by nature
Legal expenses
VAT and other unrecoverable taxes
Fines paid
Investment plan expenses
Contributions and donations
Contract expenses in locations
Other operating expenses
Subtotal
Total

All values are in US Dollars.

22.6 Other (losses)

Other (losses)
	2024	2023
	ThUS	ThUS
Adjustment to prior periods due to applying the equity method
Effects from acquisition of subsidiary
Others
Total

All values are in US Dollars.

22.7 Impairment losses and reversals for financial assets

(Impairment) reversal of value of financial assets
	2024	2023
	ThUS	ThUS
(Impairment) reversal of value of financial assets (See Note 13.2)
Total

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

22.8 Summary of expenses by nature

The following summary considers notes 22.2, 22.4 and 22.5

Expenses by nature
	2024	2023
	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 and 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.

22.9 Finance expenses

Finance expenses
	2024	2023
	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 March 31, 2024

22.9 Finance income

Finance income
	2024	2023
	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 March 31, 2024

Note 23 Reportable segments

23.1 Reportable 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 23.2).

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 are 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 23.2 and 23.3 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 March 31, 2024

(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 co- production 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 March 31, 2024

23.2 Reportable segment disclosures:

Operating segment items for as of March 31, 2024
	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 March 31, 2024

Operating segment items for as of March 31, 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 March 31, 2024

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

Items in the statement of comprehensive income as of March 31, 2024
	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 March 31, 2024

Items in the statement of comprehensive income as of March 31, 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 March 31, 2024

23.4 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.

23.5 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 March 31, 2024

23.6 Segments by geographical areas

Segments by geographical areas
	ThUS	ThUS	ThUS	ThUS	ThUS	ThUS
Revenue as of March 31, 2024
Non-current assets at March 31, 2024
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 as of March 31, 2023
Non-current assets at December 31, 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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 24 Effect of fluctuations in foreign currency exchange rates

(a)Reserves for foreign currency exchange differences:

For the periods ended March 31, 2024, and December 31, 2023, 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 March 31, 2024

Note 25 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>2023
	ThUS
Cash and cash equivalents		855,001
Cash and cash equivalents		3,425
Cash and cash equivalents		31,362
Cash and cash equivalents		11,183
Cash and cash equivalents		26
Cash and cash equivalents		108,883
Cash and cash equivalents		649
Cash and cash equivalents		6
Cash and cash equivalents		899
Cash and cash equivalents		8
Cash and cash equivalents		10,559
Cash and cash equivalents		19,364
Cash and cash equivalents		3
Cash and cash equivalents		1
Subtotal cash and cash equivalents		1,041,369
Other current financial assets		879,612
Other current financial assets		10
Other current financial assets		446,221
Subtotal other current financial assets		1,325,843
Other current non-financial assets		22,092
Other current non-financial assets		4,870
Other current non-financial assets		227
Other current non-financial assets		85,079
Other current non-financial assets		529
Other current non-financial assets		1,304
Other current non-financial assets		294
Other current non-financial assets		2,014
Other current non-financial assets		2
Other current non-financial assets		2,267
Other current non-financial assets		41
Other current non-financial assets		18,031
Subtotal other non-financial current assets		136,750
Trade and other receivables		516,261
Trade and other receivables		8
Trade and other receivables		1,330
Trade and other receivables		61,146
Trade and other receivables		282,117
Trade and other receivables		25,542
Trade and other receivables		147
Trade and other receivables		670
Trade and other receivables		1,467
Trade and other receivables		382
Trade and other receivables		2,598
Trade and other receivables		12,295
Trade and other receivables		3,210
Trade and other receivables		8
Subtotal trade and other receivables		907,181
Receivables from related parties		40,236
Receivables from related parties		3,017
Subtotal receivables from related parties		43,253

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Class of assets		As of<br><br>December 31,<br><br>2023
	ThUS
Current inventories		1,774,594
Subtotal Current Inventories		1,774,594
Current tax assets		611,841
Current tax assets		2
Current tax assets		3,637
Current tax assets		-
Current tax assets		13,556
Current tax assets		5,216
Current tax assets		-
Current tax assets		11
Current tax assets		29
Current tax assets		2,741
Subtotal current tax assets		637,033
Non-current assets or groups of assets classified as held for sale		118
Subtotal Non-current assets or groups of assets classified as held for sale		118
Total current assets		5,866,141
Other non-current financial assets		248,281
Subtotal Other non-current financial assets		248,281
Other non-current non-financial assets		65,616
Other non-current non-financial assets		308,084
Subtotal Other non-current non-financial assets		373,700
Other receivables, non-current		705
Other receivables, non-current		9
Other receivables, non-current		179
Other receivables, non-current		667
Other receivables, non-current		999
Subtotal Other receivables, non-current		2,559
Investments classified using the equity method of accounting		76,532
Investments classified using the equity method of accounting		2,778
Investments classified using the equity method of accounting		7,107
Subtotal Investments classified using the equity method of accounting		86,417
Intangible assets other than goodwill		155,874
Subtotal intangible assets other than goodwill		155,874
Purchases goodwill, gross		958
Subtotal Purchases goodwill, gross		958
Property, plant and equipment		3,609,937
Subtotal property, plant and equipment		3,609,937
Right-of-use assets		73,193
Subtotal Right-of-use assets		73,193
Non-current tax assets		986,274
Subtotal non-current tax assets		986,274
Deferred Tax Assets		302,236
Subtotal Deferred Tax Assets		302,236
Total non-current assets		5,839,429
Total assets		11,705,570

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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		CAD
Trade and other payables		KRW
Subtotal trade and other payables
Trade payables due to related parties
Trade payables due to related parties		AUD
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 March 31, 2024

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	-	10,913	10,913	-	9,805	9,805
Current tax liabilities	CLP	-	2,550	2,550	-	513	513
Current tax liabilities	EUR	-	4,814	4,814	-	4,850	4,850
Current tax liabilities	CNY	-	274	274	-	356	356
Current tax liabilities	JPY	-	15	15	-	-	-
Current tax liabilities	AUD	-	194	194	-	169	169
Current tax liabilities	ZAR	-	786	786	-	-	-
Current tax liabilities	KRW	-	547	547	-	5,197	5,197
Subtotal current tax liabilities		-	20,093	20,093	-	20,890	20,890
Provisions for employee benefits, current	USD	8,479	-	8,479	21,575	-	21,575
Provisions for employee benefits, current	AUD	657	-	657	492	-	492
Provisions for employee benefits, current	EUR	474	-	474	560	-	560
Provisions for employee benefits, current	MXN	206	-	206	202	-	202
Provisions for employee benefits, current	PEN	37	-	37	-	-	-
Provisions for employee benefits, current	CLP	66	-	66	1,117	-	1,117
Subtotal Provisions for employee benefits, current		9,919	-	9,919	23,946	-	23,946
Other current non-financial liabilities	USD	74,926	301	75,227	57,114	61,037	118,151
Other current non-financial liabilities	BRL	13	-	13	17	-	17
Other current non-financial liabilities	CLP	30,297	436	30,733	32,780	24,787	57,567
Other current non-financial liabilities	CNY	62	-	62	134	-	134
Other current non-financial liabilities	EUR	2,111	767	2,878	669	969	1,638
Other current non-financial liabilities	MXN	1,134	-	1,134	966	16	982
Other current non-financial liabilities	PEN	93	-	93	-	-	-
Other current non-financial liabilities	JPY	40	10	50	49	-	49
Other current non-financial liabilities	COP	86	-	86	202	-	202
Other current non-financial liabilities	ARS	-	482	482	-	-	-
Other current non-financial liabilities	ZAR	66	-	66	550	-	550
Other current non-financial liabilities	KRW	1,794	-	1,794	8,015	-	8,015
Subtotal other current non-financial liabilities		110,622	1,996	112,618	100,496	86,809	187,305
Total current liabilities		1,282,660	1,123,635	2,406,295	1,741,687	609,446	2,351,133

Notes to the Consolidated Interim Financial Statements March 31, 2024

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
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 March 31, 2024

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
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.

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

Foreign currency exchange rate changes
	2024	2023
	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 March 31, 2024

Note 26 Income tax and deferred taxes

Tax receivables as of March 31, 2024, and December 31, 2023, are as follows:

26.1 Current 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) The monthly provisional tax payments (PPM in Spanish) of Chilean companies are presented net of the lithium mining specific tax liability in the amount of ThUS$170.9. See note 21.3 Tax contingencies.

(2) 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.

(3) 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 March 31, 2024

26.2 Current tax liabilities

Current tax liabilities
	ThUS	ThUS
Chilean 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 6.10% for mining royalties that involve operations in the Salar de Atacama the SQM Salar S.A., and 5% for caliche the SQM Nitratos S.A. extraction operations.

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

Country		Income tax		Income tax
	2024		2023
Spain		25%		25%
Belgium		25%		25%
Mexico		30%		30%
United States		21% +3%		21% + 3%
South Africa		27%		27%
South Korea		24% (2)		24%
China		25%+12% (1)		25%+12% (1)

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

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

26.3 Income tax and deferred taxes

(a)Deferred tax assets and liabilities as of March 31, 2024

Description of deferred tax assets and liabilities as of March 31, 2024
	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.

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

Notes to the Consolidated Interim Financial Statements March 31, 2024

(b)Deferred tax assets and liabilities as of December 31, 2023

Description of deferred tax assets and liabilities as of December 31, 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.

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

Deferred tax assets and liabilities in the consolidated statement of financial position as of March 31, 2024, and December 31, 2023, 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 March 31, 2024

(c)Reconciliation of changes in deferred tax assets (liabilities) as of March 31, 2024

Reconciliation of changes in deferred tax assets (liabilities) in deferred tax as of March 31, 2024
	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 March 31, 2024

(d) Reconciliation of changes in deferred tax assets (liabilities) as of December 31, 2023

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

(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 March 31, 2024, and December 31, 2023, 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 March 31, 2024, 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., SCM Búfalo, SQM Europe N.V, SQM North América Corp., SQM Holland B.V., SQM Comercial de Mexico S.A. de CV, SQM Iberian S.A., SQM Shanghai Chemicals Co, SQM Colombia S.A.A. and Soquimich LLC.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(f) Movements in deferred tax assets and liabilities

Movements in deferred tax assets and liabilities as of March 31, 2024, and December 31, 2023 are detailed as follows:

Movements in deferred tax assets and liabilities
	As ofMarch 31,2024	As of December 31, 2023
	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) benefits
	As ofMarch 31,2024	As of December 31, 2023
	ThUS	ThUS
Current income tax (expense) benefit
Current tax (expenses)
Deferred (expense) benefit from taxes related to the origination and reversal of temporary differences
Current income tax expense, net, total
(Expenses) for specific taxes on lithium-related mining activity (see note 21.3)
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
	As ofMarch 31,2024	As of December 31, 2023
	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
(Expenses) for specific taxes on lithium-related mining activity (see note 21.3)
Current income tax expense, net, total
Deferred tax benefit (expense) by foreign and domestic parties, net
Current income tax (expense) benefit, foreign parties, net
Current income tax (expense) benefit, domestic, net
Deferred tax expense, net, total
Income tax expense

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(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) income 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
(Losses) income 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 March 31, 2024

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)
	As ofMarch 31,2024	As ofMarch 31,2023
	ThUS	ThUS
Consolidated income before taxes
Statutory Income tax rate in Chile
Tax expense using the statutory tax rate
Net effect of royalty tax payments
Net effect from payment of the specific tax on lithium-related mining activities (see note 21.3)
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)
Effect due to the difference in tax rates related to abroad subsidiaries
Other tax effects of reconciliation of accounting income to tax expense
Tax expense using the effective tax rate

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

(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:

(a)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.

(b)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.

(c)Mexico:

In Mexico, the tax authority can review tax returns up to 5 years from the expiration date of the tax return.

(d)Spain:

In Spain, the tax authority can review tax returns up to 4 years from the expiration date of the tax return.

(e)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.

(f)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.

(g)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.

(h)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 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.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 27 Environment

27.1 Disclosures 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:

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

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

(c)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.

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

During the year 2024 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.

27.2 Detailed information on disbursements related to the environment

The cumulative disbursements by the Company and its subsidiaries as of March 31, 2024, 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$ 13,658. The principal environmental expenses are as follows:

Environmental departments 50%: Implementation of environmental commitments, Tente en el Aire project that applies bischofite on access roads to the town of Colonia Pintados, improvement of animal drinking troughs and corrals in Bellavista, and support for cultural activities
Other environmental expenses 35%: Expenses associated with standardization, procedures, consultancy and compliance with business programs that minimize its effects on the environment.
Water impeller system 15%: Expenses related to developing a 400 l/s seawater impulsion system for Pampa Orcoma.

Notes to the Consolidated Interim Financial Statements March 31, 2024

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

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
Miscellaneous			Not classified		3,703	16,326	24,339	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		422	846	16,954	12-31-2024
SQM S.A.			Environmental processing		-	519	7,059	12-31-2024
SQM S.A.			Environmental processing		91	422	852	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		-	340	926	12-31-2024
SQM S.A.			Environmental processing		-	111	322	03-31-2024
SQM S.A.			Environmental processing		-	2	88	03-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		4	183	977	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		6,778	1,887	1,773	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		-	5	58	03-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		-	2	-	12-31-2023
SQM S.A.			Environmental processing		6	155	393	12-31-2024
SQM S.A.			Environmental processing		-	13	54	03-31-2024
Subtotal					11,004	20,811	53,795

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM S.A.			Sustainability: Environment and Risk Prevention		-	54	98	12-31-2024
SQM S.A.			Environmental processing		-	-	260	12-31-2024
SQM S.A.			Environmental processing		225	97	693	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		4	-	146	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		-	223	317	12-31-2024
SQM S.A.			Environmental processing		-	95	170	12-31-2025
SQM S.A.			Environmental processing		-	-	500	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		42	209	376	12-31-2024
SQM S.A.			Sustainability: Environment and Risk Prevention		9	6	122	12-31-2023
SIT S.A.			Sustainability: Environment and Risk Prevention		-	3	32	12-31-2024
SIT S.A.			Sustainability: Environment and Risk Prevention		-	9	89	12-31-2024
Subtotal					280	696	2,803

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SIT S.A.			Sustainability: Environment and Risk Prevention		-	586	659	12-31-2024
SIT S.A.			Sustainability: Environment and Risk Prevention		-	62	552	12-31-2024
SQM Industrial S.A.			Environmental processing		-	7	120	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	18	506	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	331	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		9	-	1,413	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		7	750	3,936	12-31-2024
SQM Industrial S.A.			Environmental processing		11	4	62	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		2	17	148	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		2	158	1,008	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		21	61	355	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	110	-	12-31-2023
SQM Industrial S.A.			Environmental processing		-	47	100	04-30-2024
Subtotal					52	1,820	9,190

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	3,001	2,772	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	1,423	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	256	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	34	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		38	4	4	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	335	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	27	1,268	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	11	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	114	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	87	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	-	190	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		151	181	11,510	12-31-2024
Subtotal					189	3,213	18,004

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		1,451	11,146	5,860	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		30	11	275	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	78	55	09-30-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	148	227	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	13	15	12-31-2024
SQM Industrial S.A.			Environmental processing		24	211	584	12-31-2024
SQM Industrial S.A.			Environmental processing		188	3	1,492	12-31-2024
SQM Industrial S.A.			Sustainability: Environment and Risk Prevention		-	21	-	12-31-2023
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		-	-	216	12-31-2024
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		-	96	4,803	12-31-2024
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		71	71	3,403	12-31-2024
SQM Nitratos S.A.			Sustainability: Environment and Risk Prevention		-	109	426	12-31-2024
SQM Potasio S.A.			Environmental processing		-	2	-	12-31-2023
Subtotal					1,764	11,909	17,356

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement			Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Potasio S.A.			Environmental processing		Assets	-	48	-	12-31-2023
Minera Búfalo			Sustainability: Environment and Risk Prevention		Expense	-	-	300	12-31-2024
Orcoma Spa			Environmental processing		Expense	22	1,679	1,700	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	-	29	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	-	66	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	-	66	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	-	18	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	-	72	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	1	-	79	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Expense	-	-	60	09-30-2024
SQM Salar S.A.			Environmental processing		Assets	25	-	345	12-31-2024
SQM Salar S.A.			Environmental processing		Expense	-	-	30	01-01-2025
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		Assets	-	-	240	09-30-2024
Subtotal						48	1,727	3,005

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	-	346	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	-	115	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		23	39	121	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	-	90	06-30-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	3	50	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	1,347	613	06-30-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		110	142	290	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		54	103	221	12-31-2024
SQM Salar S.A.			Environmental processing		-	56	112	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	467	-	03-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	2	-	03-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		72	1,642	2,205	12-31-2024
Subtotal					259	3,801	4,163

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		4	25	171	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	5	18	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	24	35	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	61	-	03-31-2024
SQM Salar S.A.			Environmental processing		-	398	832	12-31-2024
SQM Salar S.A.			Environmental processing		-	167	470	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	150	574	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	23	-	03-31-2024
SQM Salar S.A.			Environmental processing		-	-	21	09-30-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		15	73	150	09-30-2024
SQM Salar S.A.			Environmental processing		-	40	230	09-30-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	28	-	03-31-2024
Subtotal					19	994	2,501

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the period ended March 31, 2024	Amount disbursed during the period ended December 31, 2023	Future amount to be disbursed	Exact or Estimated Date of Disbursement
	ThUS	ThUS		ThUS
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	3	-	03-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		12	223	338	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	40	-	03-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	62	302	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	231	710	12-31-2024
SQM Salar S.A.			Environmental processing		31	98	319	06-30-2025
SQM Salar S.A.			Environmental processing		-	96	350	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	198	-	03-31-2024
SQM Salar S.A.			Environmental processing		-	385	-	03-31-2024
Subtotal					43	1,336	2,019

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Parent Company or Subsidiary			Reason for Disbursement		Amount disbursed during the year ended December 31, 2023	Amount disbursed during the year 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	-	03-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	34	-	03-31-2024
SQM Salar S.A.			Environmental processing		-	1	18	12-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	390	465	12-31-2025
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	267	1,303	03-31-2024
SQM Salar S.A.			Sustainability: Environment and Risk Prevention		-	23	126	12-31-2024
Subtotal					-	718	1,912
Total					13,658	47,025	114,748

All values are in US Dollars.

Notes to the Consolidated Interim Financial Statements March 31, 2024

Note 28 Events occurred after the reporting date

28.1 Authorization of the financial statements

The Company and its subsidiaries’ consolidated financial statements have been prepared in accordance with IFRS for the year ended March 31, 2024, and they were approved for issue by the Board of Directors on May 22, 2024.

28.2 Disclosures on events occurring after the reporting date

(a)On April 7, 2024, the Company reported that the Santiago Court of Appeals ruled against the Company in one of the tax claims filed by SQM Salar, due to the erroneous application of the specific tax on mining activities, as reported in note 21.3 of the latest financial statements reported in Chile by the Company (the “Claims”). The Company reported that for 2024 first quarter accounting purposes, it could recognize lower profit close to US$1,100 million, which corresponds to the impact that the Court of Appeals ruling could have on the Claims.

(b)On April 25, 2024, the Company reported on its 49th ordinary general meeting of shareholders and the matters that were resolved therein. In addition, a Board meeting was held on the same date and included the election of Chairman and Vice Chairman of the Company, as well as the composition of the various Board of Directors’ committees.

(c)On April 29, 2024, the Company reported that it filed its annual report with the SEC on Form 20-F (the “20-F”) for the fiscal year ended December 31, 2023.

(d)On April 29, 2024, the Company reported on the Board’s review of the Company’s accounting for Claims, among others. As a result of this review, the Company’s financial statements that covered the 20-F filing included differences with respect to the last financial statements issued in Chile, which included (i) settled taxes (net of corporate income tax plus interest) presented as an adjustment of US$926.7 million to “tax assets, non-current”; (ii) accrued taxes (net of corporate income tax) presented as an adjustment of US$162.7 million to “current tax liabilities” and (iii) overcharges (including interest) of US$59.5 million maintained in “tax assets, non-current”. The Company also reported that the impact of this adjustment will be reflected in these consolidated financial statements for the period ended March 31, 2024.

(e)On May 2, 2024, the Company reported that on that date, the Australian company Azure Minerals Limited (“Azure”) submitted a copy to the Australian Securities and Investments Commission of the Supreme Court of Western Australia resolution approving the joint acquisition with Hancock Prospecting Pty Ltd for up to 100% of the shares they do not own in Azure. With this, they met all the conditions of the scheme of arrangement for the acquisition of the Azure shares. The acquisition was made on May 09, 2024.

Management is not aware of any significant events that occurred between March 31, 2024 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: June 18, 2024	/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.

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