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Audited Financial Results For The Year Ended 30 June 2025 and Changes to Board Committee Membership
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(Sasol, the Company or the Equity issuer)
Sasol Financing Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/019838/06)
Company code: SFIE
LEI: 378900A5BC68CC18C276
(Sasol Financing or the Debt issuer)
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025 AND CHANGES TO
BOARD COMMITTEE MEMBERSHIP
Simon Baloyi, President and Chief Executive Officer, said:
"This year's results reflect the decisive actions we are taking to reshape Sasol for the future. We
contained cash fixed cost increases below inflation, optimised capital spend, generated higher free
cash flow and strengthened our balance sheet. We are advancing our strategic initiatives to
restore the Southern Africa value chain, reset International Chemicals, and deliver our growth and
transform ambitions. However, the global environment remains complex and volatile."
Sasol is making encouraging progress on our key priorities communicated at Capital Markets Day
2025 despite a challenging macro and operating environment with free cash flow after tax, interest
and capital expenditure increasing by 75% to R12,6 billion. Earnings (pre-tax) were supported by
non-recurring items, including the Transnet net cash settlement of R4,3 billion and the reduction in
the environmental rehabilitation provision of R2,9 billion, offset by lower unrealised gains of
R2 billion from the translation of monetary assets and liabilities and revaluation of derivatives
(compared to R4,7 billion the prior year). This improvement was further supported by
management actions in line with our goal to deliver sustainable long-term value to our
stakeholders.
A 15% decline in the Rand oil price, significant reductions in refining margins and fuel price
differentials, along with 3% lower sales volumes resulted in a 9% decrease in Turnover to
R249 billion. Adjusted earnings before interest, tax, depreciation and amortisation (adjusted
EBITDA) was R51,8 billion, a decline of 14%.
Through disciplined cost and capital management, cash fixed cost increases were kept below
inflation, while capital expenditure of R25,4 billion was 16% lower than the prior year.
Total impairments of R20,7 billion were significantly lower than the R74,9 billion in the prior year,
with R13 billion related to the Secunda and Sasolburg liquid fuel refinery cash generating units
(CGU), which remain fully impaired. The recoverable amount improved through management
actions but was negatively impacted by lower forecast macroeconomic price assumptions.
Additional management initiatives need to be progressed before their benefits can be incorporated
in the impairment calculations.
Additional impairments were recorded on Mozambique and Italy Care Chemicals CGUs, offset by
the reversal of impairment for the China Care Chemicals CGU.
Basic earnings per share (EPS) increased by more than 100% to R10,60 per share compared to a
loss per share of R69,94 in the prior year. Headline earnings per share (HEPS) improved by 93%
to R35,13 per share.
The balance sheet was strengthened due to strong free cash flow generation supported by the
impact of non-recurring items such as the Transnet settlement. Our net debt (excluding leases)
declined 13% to R65,0 billion (US$3,7 billion) while total long-term debt reduced by 12% to
R103,3 billion (US$5,8 billion).
Liquidity was further enhanced through the successful closure of a R5,3 billion ZAR floating rate
bond in July 2025. This issuance supports our strategy to better align the currencies of our
regional liabilities and cash flow and at a lower cost relative to other capital market options.
Proactive hedging further helps to manage risk in a volatile macroeconomic environment.
Key metrics 2025 2024 Change %
Turnover 249 096 275 111 (9)
Adjusted EBITDA (R million) 51 764 60 012 (14)
EBIT/(LBIT) (R million) 18 819 (27 305) > 100
Basic earnings/(loss) per share (Rand) 10,60 (69,94) > 100
Headline earnings per share (Rand) 35,13 18,19 93
Capital expenditure (R million) 25 413 30 159 16
Free cash flow1 (R million) 12 558 7 173 75
Net debt (excluding leases) (R million) 64 964 74 501 13
Interim dividend (Rand per share) - 2,00 (100)
Final dividend (Rand per share) - - -
1 Free cash flow is defined as cash available from operating activities less first order capital and related
capital accruals.
Net asset value 2025 2024 Change %
Total assets (R million) 359 555 364 980 (1)
Total liabilities (R million) 201 944 217 553 7
Total equity (R million) 157 611 147 427 7
Turnover EBIT/(LBIT)1
2025 2024 2025 2024
R million R million R million R million
Southern Africa Energy and
Chemicals
30 373 28 876 Mining 3 954 3 210
13 133 12 158 Gas 3 048 6 703
98 419 118 864 Fuels 5 222 18 947
63 528 66 883 Chemicals Africa 5 009 6 290
International Chemicals
38 703 41 805 America 1 666 (61 209)
42 571 42 201 Eurasia (1 211) (2 388)
- - Business Support 1 131 1 142
286 727 310 787 Group performance 18 819 (27 305)
(37 631) (35 676) Intersegmental turnover
249 096 275 111 External turnover
1 Loss before interest and tax
Dividend
The Company's dividend policy is based on 30% of free cash flow generated provided that net
debt (excluding leases) is sustainably below US$3 billion. Net debt at 30 June 2025 was US$3,7
billion. In keeping with the policy, no dividend was declared by the Sasol Limited board of directors
(the Board).
Changes to Board Committee membership
In compliance with the JSE Limited Listings Requirements and the JSE Debt Listings
Requirements, shareholders and noteholders are advised that Ms Xikongomelo Maluleke, an
independent non-executive director, has been appointed as member of the Audit Committee and
the Safety, Social and Ethics Committee with effect from 22 August 2025. Mr Manuel Cuambe will
step down as member of the Safety, Social and Ethics Committee with effect from
22 August 2025.
Short-form statement
This announcement is the responsibility of the Board and is only a summary of the information in
Sasol Limited's Annual Financial Statements for the year ended 30 June 2025 (the Annual
Financial Statements). The Annual Financial Statements have been audited by Sasol's external
auditors, KPMG, who expressed an unmodified opinion thereon. Financial figures in this
announcement have been correctly extracted from the audited Annual Financial Statements. The
information in this announcement has not been audited and reported on by Sasol Limited's
external auditors.
Any investment decision should also take into consideration the information contained in the
Annual Financial Statements, published on SENS on 25 August 2025, via the JSE link. The
Annual Financial Statements, including KPMG's unmodified opinion, are available through a
secure electronic manner at the election of the person requesting inspection, and have been
published and can be found on the company's website,
https://www.sasol.com/investor-centre/financial results, and can also be viewed on the JSE link,
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/SOL/FY25Result.pdf
Important information
Sasol will present its 2025 financial results on Monday, 25 August 2025 at 09h00 (SA time). This
will be followed by a market call, hosted by President and Chief Executive Officer, Simon Baloyi,
and Chief Financial Officer, Walt Bruns, to address questions.
Please connect to the call via the webcast link: https://www.corpcam.com/Sasol25082025
or via teleconference call link:
https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=3605690&
linkSecurityString=89ae33f44
A recording of the presentation will be available on the website thereafter at
https://www.sasol.com/investor-centre/financial-results.
25 August 2025
Equity sponsor: Merrill Lynch South Africa (Pty) Limited t/a BofA Securities
Debt sponsor: Absa Corporate and Investment Bank, a division of Absa Bank Limited
Disclaimer - Forward-looking statements
Sasol may, in this document, make certain statements that are not historical facts, based on
management's current views and assumptions, and which are conditioned upon and also involve
known and unknown risks and uncertainties that could cause actual results, performance or
events to differ materially from those anticipated by such statements. Should one or more of these
risks materialise, or should underlying assumptions prove incorrect, our actual results may differ
materially from those anticipated. Examples of such forward-looking statements include, but are
not limited to, the capital cost of our projects and the timing of project milestones; our ability to
obtain financing to meet the funding requirements of our capital investment programme, as well as
to fund our ongoing business activities and to pay dividends; statements regarding our future
results of operations and financial condition, and regarding future economic performance including
cost containment, cash conservation programmes and business optimisation initiatives; our
business strategy, performance outlook, plans, objectives or goals; statements regarding future
competition, volume growth and changes in market share in the industries and markets for our
products; our existing or anticipated investments, acquisitions of new businesses or the disposal
of existing businesses, including estimates or projection of internal rates of return and future
profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation,
legislative, regulatory and fiscal developments, including statements regarding our ability to
comply with future laws and regulations; future fluctuations in refining margins and crude oil,
natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil,
gas and petrochemical products; changes in the fuel and gas pricing mechanisms in South Africa
and their effects on costs and product prices, statements regarding future fluctuations in exchange
and interest rates and changes in credit ratings; assumptions relating to macroeconomics,
including changes in trade policies, tariffs and sanction regimes; the impact of climate change, our
development of sustainability within our businesses, our energy efficiency improvement, carbon
and greenhouse gas emission reduction targets, our net zero carbon emissions ambition and
future low-carbon initiatives, including relating to green hydrogen and sustainable aviation fuel;
our estimated carbon tax liability; cyber security; and statements of assumptions underlying such
statements.
Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may",
"endeavour", "target", "forecast" and "project" and similar expressions are intended to identify
forward-looking statements but are not the exclusive means of identifying such statements. By
their very nature, forward-looking statements involve inherent risks and uncertainties, both general
and specific, and there are risks that the predictions, forecasts, projections, and other forward-
looking statements will not be achieved. These risks and uncertainties are discussed more fully in
our most recent annual report on Form 20-F filed on 6 September 2024 and in other filings with
the United States Securities and Exchange Commission. The list of factors discussed therein is
not exhaustive; when relying on forward-looking statements to make investment decisions, you
should carefully consider both the foregoing factors and other uncertainties and events, and you
should not place undue reliance on forward-looking statements. Forward-looking statements apply
only as of the date on which they are made, and we do not undertake any obligation to update or
revise any of them, whether as a result of new information, future events or otherwise.
Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard
cubic feet, mmscf – million standard cubic feet, oil references Brent crude, mmboe – million
barrels oil equivalent. All references to years refer to the financial year ending 30 June. Any
reference to a calendar year is prefaced by the word "calendar".
Date: 25-08-2025 07:05:00
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