Wrap Text
Trading Statement 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 code: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
("Sasol" or "the Company")
Sasol Financing Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/019838/06)
Company code: SFIE
LEI: 378900A5BC68CC18C276
(Sasol Financing, Debt issuer)
TRADING STATEMENT FOR THE SIX MONTHS ENDED 31 DECEMBER 2025
In terms of paragraph 3.4(b)(i) of the Listing Requirements of the JSE Limited (JSE)
stakeholders are advised that, for the six months ended 31 December 2025:
- Earnings per share (EPS) is expected to be between R0,10 and R0,80 per share
(prior period EPS of R7,22), a decrease of 89% to 99% compared to the prior period;
- Headline earnings per share (HEPS) is expected to be between R8,50 and R10,00
per share (prior period HEPS of R14,13), a decrease of 29% to 40% compared to
the prior period; and
- Adjusted earnings before interest, tax, depreciation and amortisation (adjusted
EBITDA*) is expected to be between R19 billion and R23 billion (prior period
adjusted EBITDA of R24 billion), a decrease of 4% to 21% compared to the prior
period.
The decrease in earnings for the period was mainly driven by:
- a 17% decline in the average Rand per barrel Brent crude oil price;
- a 3% decrease in the average US$ per ton chemicals basket price; and
- impairments of R7,8 billion (before tax) (summary below), compared to R5,7 billion
in the prior period.
The decrease in earnings was partially offset by:
- a >100% increase in refining margin following improved fuel differentials;
- a 3% increase in sales volumes supported by the improved operational
performance, as detailed in the Business Performance Metrics published on 22
January 2026: https://www.sasol.com/index.php/investor-centre/financial-results;
and
- a reduction in costs driven by disciplined cost management.
Overall free cash flow generation is expected to improve compared to the prior period
despite the lower earnings, due to lower capital expenditure.
Summary of significant impairments in the current period:
• The Secunda liquid fuels refinery cash generating unit (CGU) remains fully
impaired. The full amount of costs capitalised during the current period of R3 billion
have been impaired; and
• Impairment of our Production Sharing Agreement (PSA) development in
Mozambique of R3,9 billion. While the total quantum of gas remains unchanged, a
revision of the expected production profile has resulted in a deferral of gas
monetisation. The strengthening of the Rand against the US Dollar also contributed
to the impairment.
The financial information underpinning this trading statement has not been reviewed
and reported on by the Company's external auditors.
Sasol will present its 2026 interim financial results on Monday, 23 February 2026 at
11h00 (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/Sasol23022026
or via teleconference call link:
https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=3
605690&linkSecurityString=89ae33f44
* Adjusted EBITDA is calculated by adjusting operating profit for depreciation,
amortisation, share-based payments, remeasurement items, change in discount rates of
our rehabilitation provisions, all unrealised translation gains and losses, and all
unrealised gains and losses on our derivatives and hedging activities.
Adjusted EBITDA is not a defined term under International Financial Reporting
Standards and may not be comparable with similarly titled measures reported by other
companies. The aforementioned adjustments are the responsibility of the directors of
Sasol. The adjustments have been prepared for illustrative purposes only and due to
their nature, may not fairly present Sasol´s financial position, changes in equity, results
of operations or cash flows.
5 February 2026
Johannesburg
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,
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 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 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.
Date: 05-02-2026 07:05:00
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