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Business Performance Metrics For The Nine Months Ended 31 March 2026 And Revised Guidance
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 NINE MONTHS ENDED 31 MARCH 2026
AND REVISED GUIDANCE
Sasol has published its business performance metrics for the nine months ended 31 March 2026
on the Company´s website at www.sasol.com, under the Investor Centre section:
https://www.sasol.com/investor-centre/financial-results.
The importance of domestic supply of both energy and chemical products and Sasol's role in
delivering it was reinforced during this quarter following the conflict in the Middle East and the
associated closure of the Strait of Hormuz.
Our response has been focused on sustaining uninterrupted operations and leveraging our
integrated value chain to ensure consistent supply of products to our customers while
maintaining discipline on cost and capital spend.
Safety
Safety remains our foremost value. While we have seen improvements in key indicators,
including hospitalisations and fire, explosion and release (FER) metrics, we are deeply saddened
to report that a fatality occurred on 16 April 2026 at our Secunda Operations (SO). It serves as a
stark reminder of the critical importance of safety in everything we do. We remain focused on
strengthening our safety culture across the business, with a clear commitment to ensuring every
employee and service provider returns home safely, every day.
Following recent developments in the Middle East, we confirm that all employees in our
operations and offices in affected areas are safe.
Business performance
In the Southern Africa business, the destoning plant continued to deliver improved coal quality,
with average sinks in line with expectations and higher coal production reducing external coal
purchases. In Mozambique, country-wide flooding impacted condensate logistics and
transportation, that necessitated reducing gas production. Overall SO production benefitted from
improved coal quality and gasifier availability despite plant outages in Q3, however, was 8%
higher than the prior year.
Natref increased production during the quarter, supported by strong market demand linked to
energy security concerns. Despite the Middle East conflict constraining sour crude supply, Sasol
mitigated this through sourcing sour crude from other regions, resulting in continued strong sales
volumes for the quarter. ORYX GTL production was significantly lower, following the shutdown of
the plant due to gas supply disruption in early March, with the timing of a restart remaining
uncertain. Revenue for Chemicals Africa increased compared to the previous quarter, driven by
higher volumes and prices.
In the International Chemicals business, performance reflected a mixed macro environment. In
the United States, the business benefited from more favourable pricing and improved production
performance. In Eurasia, sales were higher on tightened global supply, but higher input costs
and feedstock constraints impacted production, resulting in the force majeure on certain
products. While tight supply is supporting current demand, we remain cautious on the medium-
term outlook, focusing on managing input cost pressures to support margins and optimising
production across our value chains.
We continue to actively manage our exposure to oil price and currency volatility through our
hedging programme. During the quarter, we completed our FY27 oil hedging programme,
securing downside protection while retaining upside participation. The ZAR/USD hedging
programme for FY27 is still underway.
Business updates
Strengthen the foundation business:
The Integrated Processing Facility (IPF) for the PSA (Production Sharing Agreement) became
operational in March 2026, which enabled the first in-country production of LPG. This displaces a
significant quantity of imported LPG, while also contributing additional natural gas, light oil and
condensate production.
In March 2026, Sasol successfully issued a US$750 million seven-year bond at a coupon rate of
8,75%. The proceeds were used to partially repurchase the 2028 and 2029 bonds, resulting in
the transaction being debt-neutral, while successfully extending the debt maturity profile and
retaining a strong liquidity position.
Grow and Transform:
Sasol achieved a significant milestone in Q3 FY26, with Natref becoming the first refinery in
Africa to attain International Sustainability & Carbon Certification PLUS (ISCC PLUS) product
sustainability certification. The certification covers Sustainable Aviation Fuel (SAF) and
Renewable Diesel produced through the co-processing of used cooking and vegetable oil
feedstocks, as well as the production of certified sustainable chemicals at Sasol's Secunda
Operations.
Outlook
Our previous FY26 guidance remains unchanged, except for the following:
• Fuel sales volumes have been revised upwards from 5 - 10% higher to 10 - 15% higher
than FY25 due to stable SO production, higher Natref volumes and increased demand;
• Gas production volumes have been revised down from 0 - 5% below FY25 to 5 - 10%
below FY25, due to the Mozambican flooding and well availability constraints at the
Petroleum Production Agreement (PPA) asset;
• Capital expenditure has been revised downwards from R22 - 24bn to R20 - 22bn,
supported by ongoing capital optimisation and the deferral of non-critical shutdowns.
Working capital has increased following the Middle East conflict. Prudent working capital
management remains a key focus area for the business for the remainder of FY26.
Looking ahead, the operating environment is expected to remain volatile, driven by ongoing
geopolitical uncertainty and evolving market dynamics. We remain focused on maintaining
operational continuity, supporting our customers and proactively responding to changing market
conditions.
23 April 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: 23-04-2026 07:05:00
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