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Business Performance Metrics For The Six Months Ended 31 December 2025
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, Equity issuer)
Sasol Financing Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/019838/06)
Company code: SFIE
LEI: 378900A5BC68CC18C276
(Sasol Financing, Debt issuer)
BUSINESS PERFORMANCE METRICS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
Sasol has published its business performance metrics for the six months ended 31 December
2025 on the Company´s website at www.sasol.com, under the Investor Centre section:
https://www.sasol.com/investor-centre/financial-results.
During the quarter, the business remained focused on stable and reliable operational
performance, while reinforcing the importance of safety in everything that we do. Progress was
made on key Capital Market Day priorities, with discipline and delivery maintained on factors
within our control amid a challenging and uncertain macroeconomic environment.
Safety
Safety remains our foremost value and we are pleased to report that Q2 FY26 was fatality-free.
Learnings from the fatality at Mining in Q1 FY26 are being embedded, with continued efforts to
strengthen the safety culture across our business and ensure every employee returns home
safely.
Business performance
In the Southern Africa business, the destoning plant reached beneficial operation (BO) in
December 2025, marking an important milestone in improving coal quality. Ramp-up is
progressing, with average sinks now tracking the lower end of the 12% -14% guidance range.
Given the progress on destoning, all previously closed low-quality mining sections are now fully
operational. This, together with improved gasifier and equipment availability at Secunda
Operations (SO), supported higher SO production during the quarter.
Gas supply from Mozambique was lower compared to the previous quarter, mainly resulting from
the expected natural decline from our Petroleum Production Agreement (PPA) asset.
Improvements are expected in FY26 H2 as the Production Sharing Agreement (PSA) ramps up.
Gas and coal supply continue to be managed on an integrated basis to support reliable SO
operations and value optimisation.
Natref delivered improved production performance during the quarter, further supported by
additional volumes from Sasol's utilisation of the Prax South Africa (Pty) Limited (Prax SA)
shareholding capacity. Stronger SO and Natref operations supported higher fuels sales volumes
and the continued placement of product in higher-margin channels in line with our strategy.
Chemicals market conditions remained soft across all regions, resulting in lower revenue. In
Chemicals Africa, sales volumes increased compared to the previous quarter, supported by
operational improvements with a continued ramp up in sales volumes in the next half.
In the International Chemicals business, lower US ethylene and Palm Kernel Oil (PKO) pricing
and lower volumes weighed on revenue for the quarter. The Louisiana Integrated Polyethylene
JV LLC (LIP JV) cracker experienced an extended outage in Q2 FY26. The plant was
successfully restarted at the end of December 2025. Our self-help measures continued to deliver
benefits, which led to lower costs and capital expenditure.
We continue to hedge our exposure to oil prices and currency movements. Given the prevailing
market conditions, a broader range of hedging instruments has been utilised to maintain
downside protection.
Business updates
Strengthen the foundation business:
As previously communicated, Sasol received notice in October 2025 that Prax SA filed for
business rescue. As agreed with the business rescue practitioners, Sasol continues to operate
the Natref refinery, utilising available Prax SA capacity, with product supply remaining
uninterrupted.
The previously communicated mothballing and closure programme in our International
Chemicals business is progressing to plan.
Grow and Transform:
In Q2 FY26, the third and final new low-carbon boiler at Natref was successfully commissioned,
improving steam and operational reliability while supporting our decarbonisation objectives.
In November 2025, the National Energy Regulator of South Africa approved Sasol's electricity
trading license application (trading as Nomusize (Pty) Ltd), supporting our integrated power
business objectives.
Outlook
Fuel sales volumes for FY26 have been revised upward from 0 - 3% higher than FY25 to 5 - 10%
higher, supported by the improved Natref performance. Gas production volumes have been
revised down from 0 – 10% above FY25 to 0 - 5% below FY25 due to PSA and Central Térmica
de Temane (CTT) delays, as well as lower internal and external demand. Performance across
the rest of the portfolio remains in line with market guidance.
Looking ahead, the operating environment is expected to remain challenging, given heightened
geopolitical tensions, evolving global trade dynamics and continued softness in certain end
markets impacting financial performance.
We remain focused on what is within our control and responding proactively to changes in the
operating environment.
22 January 2026
Sandton
Equity Sponsor
Merrill Lynch South Africa Proprietary 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 that relate to
analyses and other information which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to our future prospects,
expectations, developments and business strategies. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and
"project" and similar expressions are intended to identify such 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. If one or more of these risks materialise, or should underlying assumptions prove
incorrect, our actual results may differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in such forward-looking statements.
These factors are discussed more fully in our most recent annual report on Form 20-F filed on 29
August 2025 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 these 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. Forward looking statements, financial information and
targets included in this statement have not been reviewed or reported on by Sasol's auditors.
Date: 22-01-2026 07:05:00
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