SSL

This article first appeared on GuruFocus. Adjusted EBITDA: Increased by 17% to ZAR61 billion. Cash Fixed Costs: Held flat compared to the prior year. Capital Expenditure: Reduced by 18% to ZAR21 billion. Free Cash Flow: Approximately ZAR12 billion generated. Secunda Production: Reached a five-year high of 7.26 million tonnes. Southern African Oil Breakeven: Reduced to $49 per barrel. International Chemicals Adjusted EBITDA: Delivered USD604 million. Sales Volumes: Increased by 4%. Net Debt: Reduced by 11% to USD3.3 billion, the lowest level in 10 years. Working Capital: 18.3% on a 12-month turnover basis, above the target of 15.5% to 16.5%. Gross Margin: Increased by 13%. Enterprise Value: Grew 32% during the year. Available Liquidity: Increased by 21% to approximately USD5 billion. Warning! GuruFocus has detected 2 Warning Sign with SSL. Is SSL fairly valued? Test your thesis with our free DCF calculator. Release Date: September 01, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sasol Ltd (NYSE:SSL) delivered a 17% increase in adjusted EBITDA to ZAR61 billion, exceeding its financial year '26 targets. The company strengthened its balance sheet, reducing net debt by 11% to USD3.3 billion, the lowest level in 10 years and ahead of its target. Operational performance improved significantly, with Secunda reaching a five-year high production of 7.26 million tonnes and the Southern African oil breakeven reducing to $49 per barrel. The International Chemicals reset is delivering measurable progress, with adjusted EBITDA of USD604 million and improved competitiveness, positioning the business to capture market opportunities. Sasol Ltd (NYSE:SSL) made tangible progress on its growth and transformation agenda, bringing over 500 megawatts of renewable energy online and achieving a first-in-Africa sustainability certification for Natref. The company reduced capital expenditure by 18% to ZAR21 billion without compromising safety or asset integrity, while generating approximately ZAR12 billion of free cash flow. Sasol Ltd (NYSE:SSL) experienced the tragic loss of two colleagues during the year, highlighting ongoing safety challenges despite broader improvements in safety metrics. The company's working capital was above its target range at 18.3% on a 12-month turnover basis, primarily due to higher commodity prices and increased inventory levels. Chemical markets remain challenging with excess capacity and weaker demand, and full-year US ethylene margins were still 8% below the prior year. The company recognized impairments on the Secunda liquid fuels refinery CGU and the South African polyethylene CGU due to a stronger rand outlook and lower long-term pricing assumptions. Sasol Ltd (NYSE:SSL) faces uncertainty in the macro environment, including volatile oil prices and a stronger rand, which continue to pose significant earnings headwinds. The company's credit ratings remain on negative outlook from Moody's and S&P, constrained by the sovereign rating of South Africa, despite a stronger balance sheet. Q: What is the pathway for working capital to return to target, and is it driven by inventory reduction or lower Natref-related working capital?A: Walt Bruns, CFO, explained that the working capital increase was driven by three factors: approximately 60% related to pricing, particularly from the Middle East conflict in the last quarter; 30% related to stepping into Prax's shareholding capacity at Natref during the business rescue process; and around 10% related to volumes. He expects the inventory portion to unwind in the first quarter of FY27, aided by planned shutdowns at Secunda and Natref. The Prax-related working capital will depend on the business rescue process finding a partner. He noted that on a six-month annualized basis, working capital was 16.6%, only slightly above the target range. Q: Can you provide clarity on the rationale for the restart of the paraffin unit in Italy, as it appears to contrast with the original reset strategy of exiting structurally underperforming assets?A: Antje Gerber, EVP of International Chemicals, stated that the paraffin unit restart demonstrates the agility of the business to capture market opportunities. The team moved quickly to restart the plant in August to address a shortage situation for paraffin and LAB, helping customers and securing additional business. She confirmed that the company remains committed to its 15% to 20% fixed cost reduction target by FY28, noting that costs have already been reduced by 10% since FY24, with enough measures in place to deliver the target. The main remaining one-off cost is related to the ERP S/4HANA implementation, which will conclude in FY28. Q: What is the guidance for International Chemicals in FY27, and what assumptions are you making regarding prices and run rates?A: Antje Gerber explained that the FY27 guidance of $450 million to $600 million assumes that the tailwind from the Middle East conflict in Q4 FY26 will not repeat. The guidance is based on management-controlled activities, including ongoing cost reduction, commercial excellence programs, portfolio optimization, and increasing operational reliability. She noted that ethylene margins have already come down from a spike of $0.24 per pound in May to $0.12 per pound in June. Regarding the Rhine River low water levels, the company has moved to multimodal transportation and does not see a major impact. Both crackers have been running above nameplate capacity and are expected to continue as long as markets remain profitable. Q: What is the current status of the PSA reserves and progress with PT5C in Mozambique?A: Victor Bester, EVP of Energy Operations and Projects, stated that PSA has three reserves: two small and one large. The company is in the appraisal phase, needing to get wells online to confirm confidence levels. One small reserve has been confirmed at the low case, and it will take another two to three years to confirm the larger reserve and the other small reserve. On PT5C, after two successful gas discoveries, activities have been paused while exploring partnership opportunities for further development. Submissions for initial appraisal plans have been made to the Mozambican regulator, with feedback received on one well and the other still in progress. Q: Where are you cutting CapEx, and how do you assess the risk of spending less on capital projects?A: Walt Bruns, CFO, clarified that the capital reduction is part of a long-term capital excellence program, not a one-off effort. The ZAR12 billion to ZAR14 billion cumulative reduction versus CMD guidance is roughly half sustainable cost and scope improvements and half project timing and phasing. Approximately 60% of first-order capital is spent on asset sustenance, with about 30% on feedstock replacement. The company is shifting some capital towards mining to support coal feedstock. Victor Bester added that the program is fully resourced and risk-based, ensuring reductions do not compromise asset integrity or safety. Q: What does it take for credit rating agencies to change their negative outlook, and what would be the impact of moving to investment grade?A: Walt Bruns noted that the company is currently constrained by the South African sovereign rating. He stated that Moody's and S&P will complete their annual reviews after the results announcement, and Sasol will highlight that its balance sheet is in its strongest position in over 10 years, with net debt to EBITDA close to 1.1 times on their definitions. The company continues to deleverage and build a more resilient business. Achieving investment grade would help reduce the cost of debt, which is a key goal alongside reducing the absolute quantum of debt and improving the regional mix of debt. Q: Can you go ahead and spend capital on MRG supply bridging projects without visibility on future gas prices from NERSA?A: Simon Baloyi, CEO, stated that Sasol will not proceed with significant capital expenditure for MRG supply until the competition assessment is finished and the full pricing on MRG is known to all parties. He expressed confidence in the working relationship with NERSA and noted that gas supports 700,000 jobs in the South African economy. The company has been transparent with NERSA about the need to confirm that alternative products that could be made are protected. Q: What is the current run rate profitability, and could free cash flow reach ZAR50 billion next year if current conditions persist?A: Walt Bruns declined to give specific EBITDA run rate figures but noted that the company achieved almost ZAR40 billion in EBITDA in the second half of FY26, a level not seen since H2 FY22. He expressed concern about the demand side, particularly in chemicals, where prolonged higher oil prices and energy costs might erode customer buying behavior. He noted that if current macro conditions continue, the company is setting up for a good year from both earnings and free cash flow perspectives, but emphasized the focus remains on controllable factors like volumes, costs, capital, and working capital. Q: What is the plan for Natref going forward, and is there a scenario where Sasol would continue to operate it alone?A: Simon Baloyi explained that Sasol owns 64% of Natref, with Prax owning 36%. Since Prax entered business rescue, the business rescue practitioner is in the process of selling Prax's stake. Sasol has a right of first refusal on that stake and will evaluate the opportunity. Any decision will be based on whether it is value-accretive for the business. Q: What is the timeline for bringing sufficient coal production capacity online?A: Sandile S For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Tuesday, Sept. 1, 2026 at 5:00 a.m. ET Investor Relations - Tiffany Sydow President and Chief Executive Officer - Simon Baloyi Chief Financial Officer - Walt Bruns Head of International Chemicals - Antje Gerber Head of Mining - Sandile Siyaya Executive Vice President for Operations in Southern Africa - Victor Bester Executive Vice President, Commercial and Legal - Vuyo Kahla Executive Vice President, Marketing and Sales, Energy and Chemicals South Africa - Christian Herrmann Executive Vice President, People, SHE, Risk and Corporate Affairs - Thabile Makgala Executive Vice President, Business Building Strategy and Technology - Sarushen Pillay Tiffany Sydow: Good morning, and welcome to Sasol's Annual Results Presentation for financial year '26. My name is Tiffany Sydow from Investor Relations. And on behalf of the Sasol executive management team, we are pleased that you could join us today. With me is Simon Baloyi, our President and CEO of Sasol; and Walt Bruns, the Chief Financial Officer. The group executive team is present today as well and will join for the market call, which follows directly after the presentations. As a reminder, the presentation and all supporting materials are available on our website since this morning. As a reminder, our strategy follows a 2-pillar approach: Firstly, to strengthen our foundation business, where Simon will begin today's presentation with a business overview, which is then followed by Walt, who will take us through the financial performance for the full year. The second pillar addresses our pathway to grow and transform the business in the long term, where Simon will conclude and provide an update on our progress in this area. A market call will follow immediately after the presentation where you can submit your questions via the webcast or join the teleconference facilities. As a reminder, the presentation contains some forward-looking information and more detail is shared on the slide in front of you. I would now like to hand over to Simon to commence his presentation. Thank you. Simon Baloyi: Good day, everyone, and thank you for joining us today. We appreciate your time. The past year has been about turning commitments into delivery. At Capital Markets Day, we set out a clear road map. Today, we can demonstrate meaningful progress in strengthening the foundation business. In the past year, we have done the following: improved reliability across the value chain, strengthened the balance sheet, advanced the reset in international chemicals and continue to progress our grow and transform agenda. However, today's results reflect more than improved market conditions. They are evidence of a business that is becoming stronger, more resilient and more competitive. I wish to thank every member of Team Sasol who has contributed to this excellent set of results. While there is still work ahead, financial year '26 gives us greater confidence that the foundation we are building is becoming stronger and that we are moving in the right direction. Before getting into the detail, let me highlight the 5 key messages I would like our stakeholders to take away today. Firstly, safety remains our foremost value. While we are deeply disappointed by the loss of 2 colleagues, there are encouraging signs that the interventions we have implemented are strengthening our safety culture. Secondly, we are restoring stability across the Southern African value chain. Improvements in coal quality, reliability, operational performance are translating into better outcomes. Thirdly, international chemicals reset is delivering measurable progress and improving competitiveness. Fourthly, improved execution is translating into a stronger balance sheet and increased financial resilience. And finally, we continue to advance our grow and transform strategy in a pragmatic and value-accretive manner. Taken together, these outcomes show that we are not only delivering today, we are positioning Sasol for tomorrow. At Capital Markets Day, we committed to strengthening the foundation business. What matters most is delivery. And today, I'm pleased to say that we have delivered or exceeded our key financial year '26 targets. We improved coal quality, exceeded our Secunda production target, reduced the Southern African oil breakeven to $49 per barrel and strengthened the balance sheet below our target. In International Chemicals, performance benefited from both self-help actions and a more supportive fourth quarter market environment. The recent actions we have implemented effectively position the business to capture those opportunities. We also continue to make tangible progress on our grow and transform agenda. During this year, we brought more than 500 megawatts of renewable energy online in South Africa. We remain on track towards our renewable energy targets. This progress supports our emission reduction road map, while at the same time, creating long-term returns and future growth optionality. These outcomes reinforce an important point. We understand the challenges in our business. We understand the levers within our control, and we are executing accordingly. This is how credibility is built by doing what we said we will do and consistently delivering against our commitments. Turning to safety. The loss of 2 colleagues during the year is unacceptable and deeply regrettable. Once again, let me extend our heartfelt condolences to the families, friends and colleagues of Mr. Godfrey Mamafa and Mr. Sonwabo Makamba. Any loss of life reminds us that no matter how strong our operational or financial performance may be, there is nothing that matters more than ensuring that every person returns home safely every day. Following these incidents, we implemented targeted actions plans focused on the following: strengthening leadership accountability, improving risk identification and reinforcing safety ownership across our people, leaders and service providers. Our safety culture interventions focus on disciplined execution and process safety management so that the rules are followed every time on every shift. While we remain deeply disappointed by the fatalities, the broader trends are encouraging. Hospitalization fell to record lows and process safety performance improved. This is reflected in the meaningful reduction in significant process safety incidents like fires, explosions and releases. We again had no major process safety incidents in the past year. This was accompanied by substantial lower human-related safety failures, indicating progress in the behavior and discipline that underpin a stronger safety culture. This improvement also reflects in the recordable case rate. However, we will not measure success by statistics alone. Our objective remains unchanged. Every employee and every service provider must return home safely every day to their loved ones. I will now briefly touch on the financial highlights. Walt will provide a more detailed review of the performance and underlying business drivers later. For much of the past year, we operated in a volatile and uncertain environment. We experienced geopolitical disruption, supply chain pressures and changing market conditions. I am proud to say that Team Sasol acted decisively to manage the direct and indirect consequences of events in the Middle East. The business captured the benefits of supportive macro conditions in fourth quarter due to improvements we've made in operational reliability, cost discipline and commercial agility. While we do not control geopolitics, exchange rates or market cycles, we remain intensely focused on what we can control. In that context, we delivered a 17% increase in adjusted EBITDA of ZAR 61 billion. We held cash fixed costs flat compared to prior year. We reduced capital expenditure by 18% to ZAR 21 billion without compromising safety or asset integrity, and we generated approximately ZAR 12 billion of free cash flow. This reflects a business that is becoming more disciplined, more resilient and increasingly focused on what we can control. Feedstock security remains fundamental to the competitiveness of the Southern African value chain. In mining, the implementation of the destoning plant has materially improved coal quality to strengthen Secunda operation by achieving our goal of reducing sinks below 12% -- looking ahead, we will ensure sustained coal quality while focusing on increasing own coal production, reducing external coal purchases and improving the cost competitiveness of our feedstock. The assessment of scenarios to ensure our long-term coal supply is progressing well. We will give feedback to the market in 2027. In gas, although production was impacted during the year by some well constraints and flooding events, we continue to make progress across multiple horizons. We achieved a significant milestone with PSA reaching beneficial operation. This enabled the first in-country production of LPG in Mozambique, reducing imported LPG requirements while also contributing additional natural gas, light oil and condensate production. Gas remains a critical bridge to the future for the Southern African value chain. As with the rest of the foundation business, our focus is on balancing short-term reliability with long-term optionality. NERSA approved our gas pricing application for financial year '27 and part of '28 with financial year '29 and '30 pending. This is a positive step towards enabling the MRG bridge solution. Our focus remains on maximizing existing gas supply, managing the transition as natural gas declines and preserving future optionality through LNG and broader gas solutions. Here, we believe Sasol can play a critical aggregation role. Importantly, we assess all opportunities through an integrated value chain lens because reliability, affordability and value creation must remain linked. Our objective is clear to protect feedstock security and sustain the competitiveness of the value chain. The Southern African business delivered one of its strongest operational performances in recent years. Production reached a 5-year high at Secunda, where we produced 7.26 million tonnes because of improved coal quality, improved gas availability and more stable operations. Natref also delivered stable performance. These improvements enabled us to capture stronger margins when market conditions became more favorable in quarter 4. Sales continue to grow as a result of driving our strategy to increase our market share in higher value retail and commercial fuel channels. ORYX was shut down earlier this year following the geopolitical disruptions experienced in the Middle East. However, the facility successfully brought back online during the earlier month of August. Chemicals performance improved during the second half, supported by higher sales volumes and recovery in basket prices during the fourth quarter. All of these improvements resulted in the Southern African oil breakeven reducing to $49 per barrel. While this result includes $6 to $9 per barrel improvement due to macro tailwinds and the absence of a Secunda shutdown, it also reflects genuine progress in restoring the value chain and improving performance. The value chain is not yet where we want it to be, but reliability is improving. Competitiveness is improving and the direction of travel is clear. For financial year '27, our focus remains on the following: gasified turnaround initiatives in Secunda as well as the safe execution of the shutdown. Implementing the hybrid refinery project at Natref, which includes the production of Clean Fuels II compliant fuels. driving our strategy to increase our share in higher-value retail and commercial fuel channels; and finally, improving value delivery across our chemicals portfolio. The reset in international chemicals continue to gain momentum. Over the past 2 years, we have streamlined the portfolio, reduced the costs, improve operational performance and strengthen commercial excellence. In financial year '26, we continue to see the benefits of these actions. We delivered further cost savings during the year and also went live with our ERP program in Germany, Slovakia and the United Kingdom during July this year. This gives us more efficient way of working across the business. From a market perspective, we continue to strengthen commercial excellence and agility across the business. When market conditions improved in the fourth quarter, the business was better positioned to capture value and respond quickly to opportunities. Against this backdrop, we delivered an adjusted EBITDA of USD 604 million. What is particularly encouraging is that the improvement we saw during the year was not driven by one initiative alone. It reflects combined impact of several efforts across the business. Teams across commercial, supply chain, planning, manufacturing and operation work more closely together to improve competitiveness and unlock value. One example was a dedicated focus on shifting sales into differentiated applications, specifically in Europe linked to our alcohol and alumina portfolios. Another example is that we initiated the restart of the paraffin unit in Augusta to take advantage of attractive market conditions created by supply constraints and better serve customer demand. Beyond the short-term benefit, this positions us to strengthen customer relationships and capture sustainable margin upside through higher value and more differentiated applications. While we are encouraged by the strong performance in quarter 4, it is too early to assume these market conditions will persist. We continue to plan the business on prudent assumptions and do not only rely on market recovery to deliver our objectives. The objective is to build a business that is competitive, delivers peer level returns and remains resilient through the cycle. The business is better positioned today than it was 2 years ago, but there is still more work ahead. We will continue to strengthen the portfolio, maintain cost discipline, improve cash conversion and optimize asset availability in line with demand. At the same time, we will continue to act on opportunities that strengthen the portfolio and improve returns. The Brunsbüttel Alumina investment is a good example. We are building out our Advanced Materials business, thereby strengthening our position in higher-value specialty markets and supporting the long-term quality of the portfolio. Sasol's role extends beyond our own operation. This matters because our strategy is not only about financial performance. It is also about building a responsible company that continues to contribute to skills development, local communities, energy security, industrial activity and economic resilience. We continue to invest in communities and enterprise growth in the past year. We expanded access to water in Mozambique. We trained more than 450 artisans and supported the development of small businesses across our operating regions. These initiatives reflect our belief that long-term business success and social progress must go hand-in-hand. Sasol remains a force for good in a changing world, creating shared value and positively impacting the lives of our communities. As we look ahead to financial year '27, our priorities remains unchanged. We will stay focused on the following areas within our control: safety, operational excellence, commercial excellence, cost efficiency, cash generation and disciplined capital allocation. We will continue strengthening the foundation business while advancing our grow and transform pillar in a pragmatic and value-accretive manner. As the markets continue to normalize, maintaining focus on these priorities becomes even more critical to sustaining our momentum. Financial year '26 gives us confidence, but we are not complacent. Credibility is earned through consistent delivery over time, and our focus remains on executing against these commitments we have made. With that, I'll now hand over to Walt, who will take you through the performance against our financial framework in more detail. Walt Bruns: Thank you, Simon, and good morning, everyone. At our Capital Markets Day in May last year, we set out 4 clear and connected priorities for our robust financial framework. Firstly, improve sustainable free cash flow; secondly, strengthen the balance sheet through deleveraging; thirdly, allocate capital with discipline; and lastly, resume dividends when it is prudent to do so. These priorities are underpinned by proactive risk management and a clear focus on the factors within our control. FY '26 represents meaningful progress against this framework. While market conditions became more supportive in the second half of FY '26, the stronger result was not simply market-driven. Improved operational performance, strict cost management and disciplined capital allocation created operating leverage across the business to convert the opportunity into stronger earnings and further balance sheet strengthening. This progress gives us greater confidence in the operating and financial platform we are building. Our work is, however, not complete. Our focus now is to sustain the momentum, improve cash conversion and deliver against the FY '28 targets we set out at Capital Markets Day. First, some context on the macro environment. FY '26 remained volatile with geopolitical developments driving significant movements in commodity prices and currencies, especially during the second half of the year. Overall, the year-on-year impact of pricing was mixed with the rand oil price and U.S. dollar per tonne chemical sales prices broadly flat and only refining margins improving materially. Oil prices strengthened following the conflict in the Middle East before moderating towards year-end as geopolitical concerns eased. We continue to expect volatility in oil markets in the near to medium term. The stronger rand remained a significant earnings headwind given the U.S. dollar-linked nature of much of our revenue, although it also reduced the rand value of our U.S. dollar-denominated debt. Refining margins were a notable positive, supported by stronger fuel differentials and improved operational performance at Natref. Chemical markets remain challenging with excess capacity and weaker demand continuing to put pressure on prices and margins. While conditions improved in the fourth quarter, margins still remain below historical levels and recovery is expected to be gradual. As an example, full year U.S. ethylene margins were still 8% below FY '25. As always, our focus remains on what we can control, operational performance, costs, capital discipline, debt reduction and risk management. Overall, we delivered against the majority of these items and the associated targets we set for FY '26. Sales volumes increased by 4%, reflecting improved operational performance across the business. Cash fixed costs remained flat despite inflation, extending our cost optimization track record to 3 consecutive years of absorbing inflation. Capital expenditure of ZAR 21 billion was in line with our revised lower guidance, while net debt reduced to USD 3.3 billion, well ahead of our FY '26 target of below USD 3.7 billion. Working capital was 18.3% on a 12-month turnover basis and above our target of 15.5% to 16.5%. The increase was mainly driven by higher commodity prices in the second half of the year, the utilization of Prax's shareholding capacity at Natref during the ongoing business rescue process and higher inventory due to lower demand in May and June and planned shutdowns in the first half of FY '27. Given ongoing pricing volatility, we believe a 6-month annualized turnover measure better reflects current trading conditions. On this basis, working capital was 16.6% and only slightly above the target range. Managing working capital remains a key focus area as we work to improve cash conversion in FY '27. Finally, we continue to execute our hedging program in line with our risk management framework, completing the FY '27 oil program, while the FY '27 foreign exchange program remains in progress. Turning to the details of the group financial performance. FY '26 delivered a materially stronger earnings outcome. Gross margin and adjusted EBITDA increased by 13% and 17%, respectively. Higher sales volume, stronger oil prices and significantly improved fuel differentials more than offset the headwinds from a stronger rand exchange rate and the absence of the Transnet legal settlement received in the prior year. Cash fixed costs remained broadly flat despite inflationary pressure, reflecting the benefit of the cost-saving initiatives we have been driving. The current year includes impairments on the Secunda liquid fuels refinery CGU, which remains fully impaired, the South African polyethylene CGU due to a stronger forecast rand exchange rate and lower longer-term polyethylene pricing outlook and an impairment of the Mozambique development, which we recognized at the interim results. Importantly, the Secunda impairment should not be interpreted as a deterioration in the underlying business performance. The recoverable amount improved through the actions we have implemented. The impairment was primarily driven by changes in long-term valuation assumptions, particularly a stronger rand outlook and relates only to the liquid fuels refinery CGU. The broader Secunda complex, including the chemical CGUs, continues to retain significant headroom when comparing the total recoverable amount to the net book value. As such, the accounting treatment and value should not be viewed as a direct reflection of the underlying economic value of the Secunda complex. Further improvement initiatives are still being progressed with benefits thereof and the benefits thereof will be included in future impairment assessments once sufficiently advanced. Free cash flow, as defined in our capital allocation framework was ZAR 11.9 billion, 5% lower than the prior year. Excluding the prior year's once-off Transnet benefit, free cash flow increased by 26% year-on-year. Cash flow from operations increased by 22%, reflecting stronger operational performance, improved earnings quality and a greater contribution from International Chemicals. As I already mentioned, working capital was the primary headwind to cash conversion during the year, and we expect part of this to unwind in quarter 1 of FY '27. Overall, FY '26 demonstrates that stronger operational execution is translating into stronger financial outcomes. The business generated higher quality earnings, stronger underlying cash flows and continued progress on our deleveraging, which I will address later. Turning to capital management. One of our key priorities has been improving capital efficiency across the portfolio. This is not simply about reducing capital expenditure. It is about ensuring every rand of capital is allocated to the areas that create the greatest value while maintaining safe and reliable operations. Capital expenditure in FY '26 was 18% lower than the prior year, reflecting the completion of the Mozambique PSA project and environmental compliance programs in South Africa as well as lower maintenance expenditure due to the absence of a Secunda phase shutdown during the year. Importantly, lower capital spend has not come at the expense of delivery. During the year, the destoning plant, PSA project and 3 Natref low-carbon boilers all reached beneficial operation and are already contributing to improved operational performance. Beyond project completion, we have continued to systematically challenge scope, timing and cost across the portfolio. As a result, our FY '27 capital guidance is lower, resulting in a cumulative capital reduction of approximately ZAR 12 billion to ZAR 14 billion compared to the ranges that we communicated at Capital Markets Day. Approximately half of this reduction reflects sustainable cost and scope improvements with the balance largely related to project timing and phasing. Looking forward, we will continue to drive capital efficiency as it remains an important contributor to improving free cash flow. At our Capital Markets Day, we set out a clear vision for capital allocation, build a more resilient business by derisking and growing the enterprise value and increase the share of that value that belongs to shareholders. Deleveraging was a key enabler of that strategy, and we've made good progress over the past 2 years. In FY '26, net debt reduced by a further 11% to USD 3.3 billion, the lowest level in 10 years and ahead of the profile we had at CMD. That keeps us firmly on track toward our objective of sustainably reducing net debt below USD 3 billion between FY '27 and FY '28. Enterprise value grew 32% during the year with the equity share of that value increasing from 37% to 57%. Put simply, shareholders today own a larger share of a significantly larger enterprise. We also improved our liquidity position with available liquidity increasing by 21% to approximately USD 5 billion. During the year, we also successfully issued a ZAR 5.3 billion bond in exchange for USD 300 million and a USD 750 million bond maturing in 2033. These proceeds were applied for a partial repayment of our 2028 and 2029 bond maturities, which was, therefore, debt neutral. Collectively, these actions have materially extended our debt maturity profile, further reduced near-term refinancing risk and improved the currency mix of our debt to better match the cash generation of our assets. Sasol's balance sheet is, therefore, in one of its strongest positions for many years. As we move closer to our net debt target, attention naturally turns to dividends. Our policy remains unchanged. Returning capital to shareholders is important and net debt of sustainably below USD 3 billion remains the threshold for the resumption of dividends. Sustainably is the key word. We will continue to test the balance sheet against a range of commodity price, currency and other scenarios to ensure that any return of capital is supported through the cycle by sufficient free cash flow generation. Once that objective has been achieved, and we are distributing 30% of free cash flow as dividends, we will have a broader range of capital allocation options available. These include a combination of further debt reduction, investment in value-accretive growth and transformation opportunities and/or additional shareholder returns. Each will compete for capital based on strategic fit, risk-adjusted returns and affordability as part of our commitment to creating long-term shareholder value. As we continue to deleverage, hedging remains an important part of our risk management framework. Our objective is not to eliminate exposure to commodity price and currency movements. It is to protect the balance sheet against material downside, manage the cost of protection and retain appropriate upside participation. During the year, we completed our FY '27 oil hedging program and also secured protection for the first quarter of FY '28. While oil prices increased following the Middle East conflict, the medium-term forward curve did not move to the same extent and remained largely in backwardation with premiums elevated. As a result, we continued using a combination of put options, locking in an average floor of approximately USD 59 per barrel at an acceptable cost. Our FY '27 rand dollar program is approximately 60% complete with the second half of FY '27 fully hedged. We have mainly used 0 cost collars with an average collar range of approximately ZAR 16.50 to ZAR 19 to the U.S. dollar. Recent U.S. dollar weakness has made it more challenging to execute the remaining cover at appropriate levels in H1 FY '27. But with commodity prices remaining elevated, the risk at an enterprise level is reduced. Lastly, hedging complements but does not replace strong operational performance and balance sheet strength. As the business becomes more resilient and leverage continues to reduce, we will continue to calibrate our hedge cover to the group's financial position and risk capacity while maintaining appropriate downside protection. Turning to adjusted EBITDA by segment. Market conditions varied across our businesses, but strength in fuels and International Chemicals helped offset pressure in mining, Gas and Chemicals Africa, supporting materially stronger group earnings. Mining was impacted by the planned phaseout of export coal sales, partly offset by redirecting volumes to Secunda operation, which benefits the broader SA value chain, while gas was negatively affected by lower volumes and a stronger rand exchange rate. Fuels delivered a particularly strong performance, benefiting from improved operational performance and stronger refining margins and product differentials, partly offset by the Transnet legal settlement in the prior year. Chemicals Africa remained under pressure largely from the stronger rand, offset by higher volumes and a marginal increase in prices in Q4. International Chemicals EBITDA increased in both Chemicals America and Eurasia and maintained its contribution of 16% to group EBITDA, reflecting the benefits of our reset strategy and the more supportive market environment that emerged during the fourth quarter. In summary, FY '26 demonstrated the value of our diversified portfolio with a broader contribution to earnings across the group than we have seen in recent years. Our priorities for FY '27 remain fully aligned with the financial framework we set out at Capital Markets Day. Our focus remains on delivering volumes in line with our targets, maintaining cost discipline, driving further capital efficiency, improving cash conversion and continuing to strengthen the balance sheet through deleveraging. Together, these actions will further improve resilience, support transformation and create sustainable long-term shareholder value. While there is still more work to do, FY '26 has clearly demonstrated that disciplined performance is translating into stronger operating and financial outcomes giving us confidence and credibility to deliver our FY '28 commitments. With that, I will now hand back to Simon for the strategic update, and I look forward to engaging with you in the Q&A session later. Simon Baloyi: Thank you, Walt. I will now turn to our strategic update, the grow and transform pillar of our strategy. The foundation business funds today and our future. That is why strengthening the foundation remains crucial. But at the same time, we must continue to position Sasol for long-term relevance, resilience and value creation. Our grow and transform strategy is not about growth at all costs. It is about creating future value while preserving financial flexibility and applying disciplined capital allocation. Sasol plays a uniquely important role in all areas where we operate, especially in South Africa. Every day, we help to keep the country moving by supplying fuels and chemicals that support energy security and economic activity. We enable critical industrial value chain through the products we supply. We supply -- we support hundred thousands of jobs across the economy and contribute meaningfully to South Africa's growth and development. Recent global disruptions have reinforced the importance of reliable domestic energy and industrial capability. As one of South Africa's largest industrial companies, we have a responsibility not only to create value for our shareholders, but also to contribute to the country's energy security, economic resilience and future industrial strength. That is why our transition pathway must remain pragmatic and value accretive. We must reduce our emission intensity and build future opportunities while safeguarding jobs, energy security, industrial growth and competitiveness. We do not see these as trade-offs. We believe they can and must advance together. We continue to move our grow and transform agenda from strategy to delivery. In renewable energy, we now have over 1.3 gigawatts secured and more than 500 megawatts operational, keeping us on track towards our target of 2 gigawatts by financial year '30. These projects are already lowering costs, reducing emissions and improving competitiveness aligned with our value-accretive approach to reducing carbon intensity. We achieved a milestone in sustainable fuels and products by receiving a first in Africa sustainability certification. This makes Natref the first refinery in Africa to achieve product sustainability certification for key fuels production pathways alongside certified chemicals production at Secunda operations. This certification is imperative because it gives us credible route into low carbon markets as they mature and become economically attractive. On sustainable aviation fuel, we continue to work with Topsoe through our technology and licensing collaboration. Zaffra is being operationally [ wound down ], but the SAF opportunities are still being progressed. Notably, our strategy is built on leveraging capabilities we already have. Whether in renewable energy, sustainable fuels or sustainable products, we are advancing opportunities where there's a clear pathway to future value creation. This is a pragmatic value-led and disciplined approach to transformation. Capital Markets Day was about setting a clear road map, strengthen the foundation business, advance our grow and transform agenda and create long-term value for all our stakeholders. Two years later, we are demonstrating tangible progress against that road map. We have a stronger foundation business with improved operational performance, a more resilient balance sheet and a growing strategic optionality. We are not declaring victory, but we are increasingly confident that we are building a more competitive and more resilient business that can deliver our financial year '28 aspiration. However, our ambition extends beyond 2028. The foundation business remains at the core of Sasol. Our priority is to continue strengthening these businesses, ensuring they remain profitable, resilient and cash generative well beyond 2030. The stronger our foundation becomes, the more choices we create for the future. We are already looking at how Sasol can create value well into the next decade. We are doing this by building on our core strength, leveraging the capabilities we have developed across the group and creating additional future growth opportunities where they make commercial sense. As we do that, our focus remains on creating more choices for the future through a stronger balance sheet, greater flexibility across our value chains and a disciplined approach to capital allocation. Put simply, 2028 is not the destination. It is an important milestone in building sustainable long-term value on top of a strong and enduring foundation business. To close, financial year '26 demonstrated that our strategy is working. We have improved reliability across the value chain. We continue to strengthen the foundation business, strengthen the balance sheet and position Sasol for future growth. There's still work ahead, but the foundation is stronger than last year. The business is better positioned, and we are becoming increasingly resilient through the cycle. I would like to thank team Sasol for their commitment and resilience. The progress we have achieved is because of our people. We are delivering against the commitments we made and building credibility through performance to create sustainable value for our shareholders and stakeholders. Thank you. Tiffany Sydow: Thank you, Simon and Walt, for your presentations, and welcome back to everyone for the Q&A session where you have the opportunity to direct your questions to the Simon Walt and the rest of the executive management team. So joining us on stage today, we have Antje Gerber, who's Head of International Chemicals; Sandile Siyaya, who's Head of Mining; and Victor Bester, the EVP for Operations in South Africa -- Southern Africa. In addition, we also have Vuyo Kahla supporting on Commercial and Legal; Christian Herrmann, Marketing and Sales, Energy and Chemicals South Africa; Thabile Makgala, EVP, People, SHE, Risk and Corporate Affairs; and Sarushen Pillay, Business Building Strategy and Technology. [Operator Instructions] So I'm going to start today with some of the online questions. And if we can go to the financial questions, please. We'd like to have some clarity I think the first question comes from -- sorry, just getting there from Michael at NPV Investments, who wants to understand the principle which underpins the calculation of the breakeven and what that entails? And then a second question from Sashank Lanka from Bank of America, who says, thank you for the presentation and the opportunity to ask questions. I'd like to understand the pathway for the working capital to return to target. Is it inventory reduction or lower Natref-related working capital? So I'd like to ask Walt to please start with those questions. Walt Bruns: Thanks, Tiffany. I'll handle the first one. Thanks, Michael. Yes. So on the calculation of breakeven, we bring in all costs, including variable costs, cash fixed costs and our capital expenditure and we use that in the calculation of breakeven. We obviously -- we take a credit on some of the refining margin and chemical prices. So it is impacted by the macros. And you would have seen in the results that we presented that we did give a bit of a range in terms of the impact of that. Total impact between not having the Secunda shutdown and then also the Middle East conflict was around $6 to $9 per barrel of the $49 per barrel that we achieved. So Sashank, moving to the working capital. We did see a large increase in working capital during the year. About 60% of that was related to pricing, particularly in the last quarter with regards to the Middle East conflict. 30% of the increase is related to Prax and Natref, where we stepped into the capacity there during the business rescue process. And then around 10% is related to volumes. There's a little bit of noncash items also in there. But I think that gives a fair approximation of the split. We expect certainly on the inventory side, that portion to unwind now in the first quarter. We have the planned shutdown at Secunda again with the phase shutdown and then also at Natref. So that inventory rewind will happen. And then on Prax, we continue to utilize that shareholding capacity. At the moment, there is a process being run by the business rescue practitioner to find a partner for that, and we continue to engage with them actively. And then I think lastly, on the pricing, there is still a lot of volatility in pricing at the moment. But we believe that the working capital at year-end sets us up nicely for FY '27 in terms of cash and our ability to generate cash. And so we look forward to showing that to you later in this year. Tiffany Sydow: Thank you, Walt. The next theme of questions is around our Southern Africa operations. I'm going to start with [ Thobela's ] question from Nedbank, and he wants to understand a bit more around the sinks at currently below 12% and what remains a constraint for coal operations with your sinks there. Your volume and cost guidance seem to show a constrained mining or SO business. what can we expect from external coal purchases? And then some more around the coal capital expenditure that's planned for the 2027 year, which includes -- does it include spend for shaft expansion projects, geographic expansion and sustenance projects. I think let's deal those actually 3 questions in one. So if I could ask, Simon, you perhaps address the coal business more broadly. Simon Baloyi: Yes. Thank you, Tiffany. Let me start, and I'll hand over to Sandile. At Capital Markets Day, you will recall that we identified coal sinks and gasifier availability as the 3 key levers that we needed to pull to improve Secunda to more than 7.4 million tonnes. And yes, we are on track with the coal quality and the gasifier work is ongoing. So that's where you still see the constraint that we've put for the FY '27 budget. I think, Sandile, you can handle the coal purchases and the capital expenditure for Sasol Mining. Sandile Siyaya: Sure. Maybe in answering this question, I will just maybe first outline Sasol Mining main objective, which is to enable SO to perform optimally. And mining is doing this and achieving this through integrated approach of providing or supplying coal of the right quality as demanded by SO and SNO, which is Secunda operation and Sasol Pc operations and also ensuring that we supply the right volumes at the right cost or competitive cost. Now if one then looks at the performance for FY '26, we have seen year-on-year improvement in terms of the coal qualities, mainly driven by the beneficial operation of the destoning plant. But also in terms of the volumes, we are planning to improve the volumes performance coming through from Sasol Mining. And the impact of that is that there will be a reduction of the coal purchases, again, which is a year-on-year improvement compared to -- or moving from FY '25 to FY '26, also further improvement in FY '27. Just speaking of the exact numbers, in FY '26, we purchased 8.8 million tonnes. For FY '27, we are planning to purchase between 5 million to 7 million tonnes, which is a significant improvement. And that has got a positive impact on cost of supplying coal to SO, and that's a trend that we will continue with. So there will definitely be a reduction of the coal purchases. Maybe answering the capital question, whether -- the capital allocation is reflective of that, yes. So the capital allocation at Sasol Mining is reflective of the mandate that I've spoken about of supplying the right coal quality at the right volumes at a competitive price. And given that some of our operations are approaching the end of life, we are also busy with the long-term coal supply road map with clear quarterly milestones. And therefore, the capital allocation is also aligned with those milestones. And if we look at the performance against those milestones, we are seeing that we are currently meeting those milestones. And the plan for FY '27 is also to continue working on that long-term coal supply road map. Tiffany Sydow: Thank you, Sandile. I'm going to turn the focus to the rest of SA operations, including Secunda. There's a number of questions from some people. So I'll try and cluster them into themes. Starting with Michael from NPV Investments. Trying to understand the overall benefit of the destoning and improved sinks on the overall SO production improvement. So if you strip out the benefit from not having a shutdown, what is the estimate on production? I think similarly also on the same theme, the current challenges with improving gasifier availability and expediting the GOs. Is there a resource constraint? Are we seeing a reduced number of gasifier or equipment failures with destoning now operational and an overall reduction in unplanned shutdowns? And I think one more on the same theme is how confident are you in maintaining the FY '26 operational performance through the '27 Secunda shutdown, and that comes from [ Sashank Lanka ] Simon, would you like to start? Simon Baloyi: Yes, I'll start and hand over to Victor. The impact of not having the shutdown is about 100 kilotons. So we can subtract that from the volume performance that we did this year, if you wanted to know where we'll end without the shutdown. Victor, you can handle the gasifier questions and the question from Sashank. Victor Bester: Thank you, Simon. I think when it comes to gasifiers and gasifier availability, we've made significant progress. And I think to position it as a challenge, I would say that the program is fully resourced -- and it's really this trade-off between gasifier availability and gasifiers on maintenance as well as gasifier utilization. And that's a business trade-off that we make. But the program itself is fully resourced, and we are delivering. I think there was another question around the breakdowns. We've actually seen with the destoning plant coming on stream, we've seen less breakdowns in our gasifier components. And here, specifically referring to our coal locks, which are highway equipment items and our ash locks. So that has gone some way in terms of helping us to improve gasifier availability. And then, of course, we've also worked on reducing the downtime duration, and we've seen a positive trend in that regard. Is there another question? Tiffany Sydow: Thank you. I think if we can move to Natref. Refining -- also from Sashank from Bank of America. Refining margins are very elevated currently. How is this impacting your fuels business? And how is the Middle East conflict impacted your crude oil supply and differentials? Also on the Natref refinery, it's now been confirmed that ADNOC was the preferred bidder for Shell's downstream assets. Can Sasol confirm if it bid for the assets and the acquisition of the assets would have increased your retail footprint, which is a high-margin channel? So how does this tie into the strategy, and that comes from Michael again at NPV Investments. Simon Baloyi: Thank you, Michael. Let me start with your question then hand over to Christian. The Middle East conflict, I mean, that did intensify the focus on domestic ability to be able to supply fuels during those times. We saw other economies running out of jet fuel and petrol and diesel during that time. And Sasol actually did manage to move around some of the shutdowns to make sure that we can produce those critical products for the country at that time. And I think with that, we've shown the importance of where Natref fit, Natref and Sasol in particular, fits into the energy security of the country. Christian can then take the rest of your questions. Christian Herrmann: Thank you very much, Simon. Yes, certainly, the higher crack spreads and also the higher crude prices, they were really benefiting our refining margin. So we had roughly $25 last year. That was, I have to say, a very good year. From a crude supply, we have quite a good diversified portfolio where we source our crude. And in addition, Victor's team in Natref have also changed the diet, the crude diet for the operations. And that also helped us to be less dependent on sour crude and actually source more from Latin America and West African crude. So we feel quite comfortable to weather that storm also to continue going forward. We also have -- we don't just procure spot on the day. So we have a longer-term strategy, how we secure our supply. Going forward with regards to -- I think the question was on ADNOC. We are not commenting on any external developments and if we were bidding or not. But to the question, what is our strategy? Our strategy is organic growth, certainly in the retail sector. We have been quite successful. The market in retail overall was actually declining last year, and our market share in retail has been increasing. So we have now a market share of roughly 13%. And just 5 years ago, we were at 9%. So I think the refresh and premium strategy over the last years is really paying off, and we are quite satisfied with that development. Certainly, we welcome ADNOC in South Africa. It's a formidable competitor like Shell was also in the past. and it keeps us humble and honest. And the last one, I think there was one more question. No, I think that's it. Thank you. Tiffany Sydow: Thank you, Christian. I'm going to move to Chorus Call. If we can -- operator, if we can have 2 callers with their questions, please. Operator: First question comes from Chris Nicholson of RMB Morgan Stanley. Christopher Nicholson: Well done on your -- hitting all your operational metrics this year. I've got a few couple of questions around International Chemicals. Your guidance for FY '27, $450 million to $600 million would imply a decrease on this year's level. Just trying to understand what you're assuming to get to that level? Are you assuming that prices fall on average from those that you realized in FY '26? And maybe it's quite opaque to the market, what that would imply from kind of the type of run rates of prices we've seen in the chemical business over July and August so far? And then just 2 questions linked to that. Just levels of water in the Rhine River are currently exceptionally low, I think, close to all-time lows. Last time that happened in 2018, it did have a material negative impact on your business in Germany. Should we expect any risk from that in this year? And then I see Lyondell's guided their operating rates to 85% for the North American business. Is that roughly what you're assuming for your cracker and polyethylene plant run rates for 2027? Tiffany Sydow: Thank you, Chris. Can I also have the next caller's questions if they may be on a similar theme. Operator: Next caller is Adrian Hammond of SBG. Adrian Hammond: Good day, everyone. I'll be brief since we're collecting everyone's questions here. First one for Antje, your volume growth expectations for alumina Brunsbüttel and perhaps you could expand a bit on the margins that you see there versus the business unit average. Secondly, a question for Victor. Could you just give us some color on your update to the PSA reserves percentage increase? And any update on your progress with PT5C in Mozambique? And then for Walt, I'm just curious that your credit ratings still remain negative outlook for both Moody's and S&P. What does it take for them to change that outlook? And noticeably, you are one notch below investment grade. So what should the impact be on your credit cost of capital or cost of financing, should I say, should you move into investment grade? Simon Baloyi: Thank you, Chris and Adrian. Let me start with IC. I think Antje, when you're done, you can just hand over to Victor to deal with the PSA and PT5C. Before Antje weighs in, Chris and Adrian, I mean, let me remind you that the structural I mean, challenges in the chemical market of oversupply have not gone away. What we've seen was that the disruption from the Middle East, but the challenges are still there and the business is still, I mean, faced with all of this. And that is why we focus on what we can do internally. I think Antje, we can take over the 2 questions from both Chris and Adrian. Antje Gerber: Yes. Thank you, Chris and Adrian and also Simon, for the question. So with regard to the guidance in fiscal year '27, our assumptions are that we have seen a tailwind from the Middle East increase in the last quarter of the fiscal year '26, which will not repeat. So we see that basically for the fiscal year '27 our guidance is lower because, yes, we can factor in only management activities, which are under management control, which includes the delivery of a transformation program. So ongoing cost reduction, commercial excellence programs, portfolio optimization and also increasing the operational reliability throughout the year while we implement further our ERP system. So those are the biggest variables which remain basically market-related ethylene margins and also the European demand structure. So the energy costs in Europe are also elevated, Chinese exports and also inventory effects. So in a nutshell, what we say that if you normalize for the European -- for the Middle Eastern benefits, our real story is not that the margins stood still in '26 and are still kind of on a good level. We are quite happy with that. We absorbed in that year roughly ZAR 100 million of ethylene margin, which was lower than in the fiscal year '25. We delivered on 7% fixed cost savings and executed on our other levers as well, which we had laid out before. So if we look into '27, we continue with all of these measures further on, and they are under our control, what we think. And despite then upside will depend on potential market conditions. Our strategy, nevertheless, does not rely on market recovery, but to create value for Sasol on the long run. The river Rhine risk is existing. We see that every year. I mean, this year earlier than the other years. Nevertheless, it's not impacting our business massively. We have immediately moved to multimodal transportation for our raw materials and also for our finished goods. So we do not see a big dependency on that low level of the river Rhine at the moment. In terms of our cracker run rate, the cracker -- both of the crackers, the joint venture cracker and our own have run above nameplate, and we expect that to continue as long as the market is profitable and beneficial for us. Nevertheless, we've seen already that ethylene margins have come down dramatically from the spike of $0.24 on the spot market in May to $0.12 per pound in June. Adrian, I think your questions were around our Brunsbüttel site, the demand for the alumina products, which we have there. Alumina is our highest margin business, which we have in international chemicals. So there, we enjoy an EBITDA margin of 25% to 30% in rough terms. We have increased the volume, but for competitive reasons, we don't want to issue that number, which we are doing, but it's all backed up with customer demand. We see an increased demand right now and have made also customer commitments for our expansion in Brunsbüttel. With that, I'd like to hand over to you, Victor. Victor Bester: Thank you, Antje. So Adrian, I think when it comes to PSA, we have 3 reserves in PSA, 2 small reserves and one large one. And here, I think we're still busy in the appraisal phase or surveillance phase where we are -- we need to get wells online to confirm the confidence levels around these reserves. And as you would know, CTT has been delayed. But what we do have is one of the reserves has been confirmed to be at the low case, which is the smaller reserve. And it will take another 2 to 3 years for us to actually confirm the larger reserve and the other small reserve. So that's our status on the PSA. On PT5C, you'll recall that we've had -- we've had 2 wells where we discovered gas. We've also paused our activities on PT5C, and we're exploring opportunities to partner with others for further development. What we have done, though, is we've made submissions to the regulator in Mozambique in terms of our initial appraisal plans, and we've received feedback on one of those wells and the other one is still in progress. Tiffany Sydow: Thank you, Victor, Antje for the extra color. If I could go to the next caller, and then we'll switch back to the online questions. Operator: Next question comes from Gerhard Engelbrecht of Absa CIB. Gerhard Engelbrecht: It's great that you are on track to achieve your 2028 targets despite all the volatility that we're seeing in markets. So I've got 3 questions. One is around CapEx. You've now for 3 years in a row come in below your guidance, and that could be seen as a good thing. But there are examples in the past where spending less CapEx leads to problems later on. Exactly where are you cutting CapEx, I think, is the question. And how do you assess the risk when you decide to reduce your CapEx? Second question, it seems that NERSA is going to do a competition assessment before it's going to make long-term decisions on long-term gas prices. Can you actually go ahead and spend capital on this MRG supply bridging supply projects if you don't have good visibility on future prices? And how do you see this impact the long-term profitability supplying more MRG at the expense of production of other products in Synfuels? And then lastly, maybe a little market insight, if you can. The nature of your competition in South African markets are changing significantly from oil companies in the past now to companies that have a more trading orientation. And you also talked in some of your quarterly production numbers about seeing more imports into the country impacting your ability to supply product. How is this going to evolve? And how do you kind of strengthen your strategic position if the market is overrun by oil and product traders, the local market? Tiffany Sydow: Thank you Gerhard. If I could ask Walt to please also just address the question from Adrian earlier on the credit ratings as part of your response on CapEx as well. Walt Bruns: Thanks, Tiffany. So first, thanks, Adrian, on the credit rating. So at the moment, we are constrained still by the sovereign rating of South Africa. Moody's and S&P will complete their annual review after our results announcement. You can be sure that we'll remind them that our balance sheet is in its strongest position for more than 10 years. We will remind them that our net debt to EBITDA is on their definition, is close to almost 1.1x. So we're certainly in a much stronger position from a credit perspective. What do we continue to do is what we've said to you is keep deleveraging. We are looking to make sure that we build a more resilient business. that can move through the commodities, both the good and the bad and that we are resilient through the cycle. So those are -- they'll apply their own assumptions. But needless to say, I think our results and the state of our balance sheet will be a positive signal to them, and we await the outcome of their upgrade there. I think on the capital side, I'll start and then maybe, Victor, if you want to add too, from the ops perspective. I think the capital -- this is not just a once-off thing, Gerhard, where we look at it and we try to trim and look like a hero in 1 year and then pay the price 2 or 3 years later. It's part of a capital excellence program that Victor and the team have been running for a number of years now. We're systematically looking at our spend, the scope, who we contract to do the work and find -- and then the risk rating associated with it. And if we can find more efficient or effective ways to complete the capital expenditure, we do that. There is some of the reduction that I've mentioned. I mentioned the ZAR 12 billion to ZAR 14 billion. I mean that's a massive reduction in the past 3 years with regards to the capital expenditure. About half of that is a phasing and timing. I think it's part of it's linked to mining where we are allocating a little bit more capital in FY '27 for the reasons that Sandile has already highlighted. And then also on things like the ERR and compliance capital where we can find noncapital solutions we are pursuing that. So it's a trade-off that we make, but it is risk-based. And certainly, it's not at the expense of the asset integrity or safety. But Victor, do you want to add anything else? Victor Bester: No, I thought it was well covered. Simon Baloyi: I'll cover the -- Gerhard, thank you for your question, the NERSA and the nature of competition. Firstly, on NERSA, I mean, let me start by saying we had good engagement and good working relationship with them. from our side, we -- of course, before we spend any significant capital to enable the supply of MRG, we will lack the competition assessment to be finished and NERSA understands that. So we're confident that, that will be done consistently and most adequately. As we look into this, I mean, MRG opportunity we need to make sure and confirm that, I mean, the alternative in terms of the products that we could make that is protected, and we've also been transparent and open with NERSA. Gas plays a significant role in the South African economy, supporting 700,000 jobs. And from a Sasol point of view, we will like to continue, I mean, supporting our customers and then all the -- I mean, people that depends on the entire gas economy. So we're confident that, that will be resolved appropriately. But to answer your question, we will not be able to go ahead until the entire pricing on MRG is known to all parties. Secondly, on the nature of the competition, you're right. This is a dynamic and changing landscape that we are alive to. Christian has already covered, I mean, one of our key response areas to move our products into, I mean, high-margin channels and also to continue with our organic growth strategy. So we'll continue with that. We also believe we've got, I mean, a serious security of supply because our assets are here in the country, almost insulated from, I mean, all the geopolitics. So that makes us, I mean, for customers also a preferred supplier. And those products, we can make -- I mean from imported crude, we can make it from coal. So we also have optionality and flexibility to make the products for our customers. We've also completed the Clean Fuels investment, which was a ZAR 7 billion investment. That investment also comes with significant tank storage as well, which also allows us to have flexibility. And on the transformation agenda, we are busy. I mean, what you've seen when we set the targets for 2028 was to make sure that our business continues to be competitive. And like we've said, our focus is beyond 2028. 2028 is just laying a very, very strong foundation. And on that foundation, we'll continue to make sure that the South African businesses are profitable well into the future, and that will give us the ability to be able to compete with the traders. Tiffany Sydow: Thank you, Simon. I'm going to move back to the online platform for questions. There are a few more follow-ups on the international chemicals business. going to address a couple of questions from [ Ntebogang ] from Investec. If we could have some clarity around the rationale for the restart of the paraffin unit in Italy, it appears to contrast with the original reset strategy of exiting structurally underperforming assets. Could you help us understand what has changed and what is driving the restart? Also on International Chemicals, reflecting on the 15% to 20% reduction in cash fixed costs by '28, which was communicated at CMD. If the Paraffin unit is restarted, can we expect a reversal of some of those cost savings? Or have you structurally removed enough costs from the business to still achieve this target? And last question on the reset is, can you help us identify the remaining once-off costs associated with the International Chemicals reset? Simon Baloyi: Antje you can take the questions. Antje Gerber: Thank you, Simon, and thank you for the question. The paraffin unit restart is a great example of our change trajectory in International Chemicals. It demonstrated agility and also the ability to take quickly decisions if we see that markets are changing, which is extremely important right now given the dynamic nature of the chemical global markets. So I'm very proud of the team to move quickly ahead and capture that and also demonstrating through that customer intimacy because basically, we are helping our customers very much in a shortage situation of paraffin and also LAB, which are key components for many other products. So we saw that opportunity and therefore, restarted our iso plant in August and yes, securing with that business continuity and also the potential, obviously, for us of additional business. Nevertheless, we stick to our cost -- fixed cost reduction target of 15% to 20% by fiscal year '28. We are well underway. As I've said, I mean, since fiscal year '24, we have reduced by 10%. Only this year, last year, it was 7%. So therefore, we think that we have enough measures still open to deliver on that target going forward. There is one big one-off cost, which will go off in fiscal year '28, which is related to our ERP S/4HANA implementation. So that's one example of a one-off cost. Tiffany Sydow: Thank you, Antje, for providing a bit of color. If I can move back to the balance sheet theme, there's a couple from a number of people regarding the net debt projections. I'll start with Nick van Rensburg from All Weather. Based on the high crack spreads and Brent price, debt will likely be below ZAR 3 billion by December. What is the reason for keeping the net debt target at ZAR 3.3 billion for the year? And what CapEx is associated perhaps to support that? Also a question from Themba at Excelsia Capital. Where does the majority of the CapEx go? And what level of CapEx is required across the mining operations to increase coal production? Another question from Stella Cridge from Barclays. Thank you for the updates. How do you plan to address the upcoming 2026 bonds and for the bond balances in the coming years, do you plan to return to the market in the near term? I just want to link to us another question from [ Themba ] also at Excelsior regarding the coal capital. So what time line should we expect for bringing sufficient coal production capacity online? I'm going to ask Walt, if you could address the balance sheet questions, please. Walt Bruns: Yes. Thanks, Tiffany. Thanks, Nick and [ Themba ] and Stella. Nice to hear from you. I think on the -- we haven't kept the net debt target at $3.3 billion for the year. We're just guiding that it will be below that. At this stage, Nick, you'll appreciate, I mean, obviously, the macroeconomic environment is very volatile. So it's difficult to predict exactly. I mean our goal is obviously to get that net debt below USD 3 billion sustainably as soon as possible. We're guiding it will be between FY '27 and FY '28 as we did at Capital Markets Day. That hasn't changed, and we'll continue to push that deleveraging to get to that target as soon as possible. On the capital portion, around 60% of -- so we have first order capital and then we have a small portion of selective grow and transform at this stage. Our first order capital, around 60% of that is spent on sustenance of the assets. And then about 30% is on feedstock replacement. Up until these last few years, we've been spending the money in Mozambique on the PSA project. As Victor already mentioned, that spend is nearing completion with the beneficial operation that we achieved during this year. So some of the CapEx will shift towards our mining business and supporting coal as a feedstock. And Sandile, you can unpack a little bit on the mining operations. But the guidance that we've given of ZAR 23 billion to ZAR 26 billion includes a higher allocation to mining in FY '27. And then in terms of the upcoming maturities, we certainly are in a much better position, Stella, from a balance sheet perspective than we've been for a number of years. We have almost USD 5 billion in liquidity. So we can manage it with our current liquidities, particularly the 2026. And we'll continue to look for opportunities for some of the nearer term. We've got the convert in 2027 and then we've already refinanced part of the '28 and '29. I think for me, our goal with regards to overall on the debt side is one is to reduce the absolute quantum of debt, which I think we've shown, again, down 11% this year; two, reduce the cost of debt. And I think Adrian alluded to it, but getting our investment-grade rating up will certainly help with that. And then three, the regional mix of our debt, and that was part of the transaction that we did in July, where we repaid some $300 million of U.S. debt and took on and listed a ZAR 5.3 billion debt. Tiffany Sydow: Sandile, if we can address the coal capacity. Sandile Siyaya: If I can maybe address the question from [ Themba ]. Thanks, [ Themba ]. And the question was what time line should be expected to bring sufficient coal production capacity online. As indicated earlier, the coal supply to our operations require a fine balance between coal qualities, volumes and competitiveness. Now having said that, that optimal supply requires about 34 million tonnes coming through from our internal collieries. What we have seen coming through from Sasol Mining is a year-on-year improvement in terms of the volume -- supply and volume production. We are planning to continue with that trend to FY '27, and we have given guidance of between 30 million and 32 million tonnes. And we also are committed during CMD that we will reach that optimal point by FY '28 of supplying 34 million tonnes from our internal collieries. Tiffany Sydow: Thank you, Sandile. I'm going to take the next call from Chorus Call. Operator, if you could direct that, please. Operator: Next question comes from Alex Comer of JPMorgan. Alex Comer: Look, obviously, nobody really knows what's going to happen with regard to the moves and situation in Ukraine. But maybe you could just give me a little bit of guidance on what your run rate profitability is. I mean it looks to me like EBITDA in the final quarter was around about sort of ZAR 25 billion. So if you ignore the working capital -- assume the working capital sort of balance itself out this year, you could be close to sort of ZAR 50 billion of free cash flow next year if that continues. So just maybe you could just give an indication of what current run rate EBITDA is maybe in the quarter, if you couldn't do that well, if you can, maybe on a monthly basis as well. Tiffany Sydow: Thank you, Alex. Any further questions from your side? Alex Comer: No, that's it. Tiffany Sydow: Walt, if I could ask you to address that one, please? Walt Bruns: Yes. I mean I think I'm not going to give specifics, Alex, with regards to the EBITDA run rate in the last quarter. I mean, needless to say, we did almost ZAR 40 billion in -- if you think back to the H1, we were talking about a ZAR 21 billion EBITDA. We ended up at closer to ZAR 61 billion for the year. So that's ZAR 40 billion in the second half of the year. we look back -- I mean, we hadn't done that since H2 of FY '22 when the Russian invasion of the Ukraine took place. So we obviously saw a big benefit on earnings, and we built up some nice momentum with regards to that. I think what we're worried about on our side is more on the demand side and particularly, I would say, in the chemical space where prolonged higher oil prices, energy costs might erode on the customer buying behavior. Certainly, we did see that also in our SA business in May and June, where you can imagine oil prices moving every day by huge amounts impacted on purchases, and it's part of the reason why we ended up with slightly higher inventory. But certainly, if the macros continue for longer, and we run a number of different scenarios, I think I drive the team crazy trying to figure out what's going to happen in the Strait of Hormuz. But I think we certainly -- if it continues, we're setting ourselves up for a good year, both from an earnings perspective, but I think importantly, from a free cash flow point of view. But we just need to stay focused on what we can control. I think the volumes that Simon has spoken to, the cost, the capital, bringing working capital down a few basis points will certainly help to improve free cash flow conversion and obviously accelerate that deleveraging pathway that we've been talking about. Tiffany Sydow: Thank you, Walt. I'm going to move to our sustainability section and address some questions from [ Luis Ribeiro ] from Banco and then [ Larry Claasen ] from Cape Business News. Maybe the first set of questions relates to the recent CREA findings about the emissions from Secunda and the assumptions, which assumptions does it specifically dispute? Also, given the growing scrutiny around Secunda's A emissions, do you see any risk -- increased risk of tighter SO2 and NOx regulations or litigation coming in the future? And how much capital would be associated with those incremental projects that would be required? Secondly, I think from Larry, at Cape Business News, you have opted to be a catalyst and integrator and bring in partners for your Boegoebaai Green Hydrogen project. Does this mean you'll be looking for IPPs to generate electricity? And if so, has there been any interest in partnering with Sasol on this initiative? I'll pause there. Simon? Simon Baloyi: Yes. Thanks, Stephanie. I will start and Sarushen can then take the rest of the questions. On the CREA report, we've not yet seen the report. I mean it will be released, I mean, sometimes during the week. We will interrogate it to look at those assumptions. But I want to confirm that we have monitoring stations, air quality monitoring stations around Secunda and all our operations within all the licenses that we have to operate that facility. Sarushen, you can answer the rest of the questions. Sarushen Pillay: Thanks, Simon, and thanks, Louise and Larry for those questions. So on air quality, we are not standing still. Over the last -- since 2018, we spent almost ZAR 11 billion on air quality improvements at our Secunda operations. And some of the notable achievements in the past year, we have abated 27 of our boilers with low NOx burners, improved the particulate emission performance of those boilers. In this year, we've shut down all the incinerators at our Secunda operations and diverted our bio sludge to our gasifiers, which then becomes recycled into fuels and other products. So we are certainly not standing still on air quality improvements. But air quality is a complex matter. It's not just the industrial emissions. In an air shed, emissions from other sources such as domestic fuel burning, waste burning and then obviously, vehicle emissions also play a role. So we're working quite closely with the department and with our communities on how we can improve the quality of the air shed. A significant example of that was the solution we proposed on sulfur dioxide, where the solution we proposed gave a better health and air quality outcome than just simply meeting emission standards. So it's something that we're working very closely, and we are committed to working with the department on how we can improve that. On Boegoebaai and Green Hydrogen, firstly, let me say, I mean, we certainly see the potential of the Northern Cape. The Northern Cape is one of the best areas in the world, blessed with both wind and solar and an immense amount of land. So if a green hydrogen project is going to be successful anywhere in the world, the Northern Cape is certainly one of the prime destinations. We're working quite closely with the Northern Cape government and with other industrial partners, BUSA and the national government on how do we then unlock that region. And 2 things are going to be critical to unlock the Boegoebaai development. Firstly is grid access for that region because the region does not have a strong connection to the South African grid. So we're working with the department on how do we now improve and strengthen that grid. And I think you'll see the department is moving in terms of bringing IPPs on board to participate in grid development. So that will help unlock it. And then the second one is the port development for the Boegoebaai region. That port will then allow international access for the products. So it's something that we're working to unlock, and we certainly see the potential of that opportunity. Tiffany Sydow: Thank you, Simon. I'm going to remind everyone if you have any further questions to please submit online. We are seeing not many coming through. There's one last one from Lisa at News24. The production from Natref seems a major boost. What is the plan going forward? Do you want or need a partner? And is there a scenario where Sasol would continue to operate it alone? Simon Baloyi: The Sasol owns 64% of Natref already. 36% was owned by Prax. And I mean, as you all know, Prax then went into business rescue. So the BRP is busy, I mean, trying to sell Prax's state. I think for Sasol, we've got the ROFR on that, and I think we'll analyze it and evaluate it and when we see everything. I think all the decisions that we're going to take will be value accretive for the business. That will be the basis of how we're going to make that decision. Tiffany Sydow: Great. Thank you, Simon. I'm going to just check with Chorus Call if there are any further queued people online. Operator: Thank you. At this point, we have no further questions from the telephone lines. Tiffany Sydow: Thank you very much. Okay. So that concludes our market call and Q&A session today. On behalf of the executive management team, I'd like to thank you for your participation in the call and for your attention on the presentation. We'd like to conclude the session today. We wish you a safe and pleasant day further. Thank you. 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Interested in Sasol Ltd.? Here are five stocks we like better. Sasol’s fiscal 2026 adjusted EBITDA rose 17% to ZAR 61 billion, supported by stronger operations, cost discipline, improved refining margins and progress in International Chemicals. Free cash flow totaled ZAR 11.9 billion. The balance sheet strengthened as net debt fell 11% to $3.3 billion and capital expenditure declined 18% to ZAR 21 billion. Sasol is targeting net debt below $3 billion by fiscal 2027–2028, a threshold linked to resuming dividends. Southern African operations improved, with Secunda production reaching a five-year high and Natref benefiting from stronger refining margins, while International Chemicals faces continued oversupply and weak demand despite higher earnings. Sasol also expanded renewable-energy commitments and maintained its focus on safety and pragmatic energy-transition investments. Sasol (NYSE:SSL) reported stronger financial and operating performance for fiscal 2026, citing improved reliability across its Southern African value chain, cost discipline, stronger refining margins and progress in its International Chemicals reset. Adjusted EBITDA increased 17% to ZAR 61 billion, while gross margin rose 13%. The company generated ZAR 11.9 billion in free cash flow under its capital-allocation framework, down 5% from the prior year but up 26% when excluding a once-off Transnet legal-settlement benefit recorded in fiscal 2025. → OneMain’s Yield Comes With a Catch “The stronger result was not simply market-driven,” Chief Financial Officer Walt Bruns said. He attributed the results to improved operations, strict cost management and disciplined capital allocation, alongside more supportive market conditions in the second half. Net debt declined 11% to $3.3 billion, its lowest level in a decade and below Sasol’s fiscal 2026 target of less than $3.7 billion. Available liquidity increased 21% to about $5 billion. The company remains targeting sustainably reducing net debt below $3 billion between fiscal 2027 and fiscal 2028, which is also the threshold it has set for resuming dividends. → Apple’s Foldable iPhone Could Be a Catalyst, But Not a Cure-All Capital expenditure fell 18% to ZAR 21 billion, reflecting completed projects in Mozambique and South Africa as well as the absence of a Secunda phase shutdown during the year. Bruns said Sasol’s fiscal 2027 capital guidance implies a cumulative ZAR 12 billion to ZAR 14 billion reduction from ranges presented at its Capital Markets Day, with about half resulting from sustainable scope and cost improvements. Cash fixed costs were flat despite inflation, extending Sasol’s record of absorbing inflation through cost initiatives for three consecutive years. Sales volumes increased 4%. → Strike a Balance Between Growth and Stability With These 3 Names Ready to Rally Working capital measured 18.3% of 12-month turnover, above the company’s 15.5% to 16.5% target range. On a six-month annualized turnover basis, it was 16.6%. Bruns said roughly 60% of the increase was related to higher commodity prices, 30% to Sasol’s use of Prax’s capacity at Natref during its business rescue process, and about 10% to volumes. The company expects part of the inventory-related increase to unwind during the first quarter of fiscal 2027. President and CEO Simon Baloyi said Secunda production reached a five-year high of 7.26 million tons, supported by improved coal quality, gasifier availability and more stable operations. The company’s destoning plant helped reduce coal “sinks” below 12%, a target Sasol had outlined previously. The Southern African oil breakeven declined to $49 per barrel. Bruns said the calculation includes variable and fixed costs as well as capital expenditure, while giving credit for refining margins and chemical prices. The result benefited by an estimated $6 to $9 per barrel from the absence of a Secunda shutdown and conditions related to the Middle East conflict. Sasol Mining purchased 8.8 million tons of external coal in fiscal 2026 and expects to purchase between 5 million and 7 million tons in fiscal 2027. Head of Mining Sandile Siyaya said the company aims to supply 34 million tons from its internal collieries by fiscal 2028. Natref delivered stable performance and benefited from stronger refining margins and fuel differentials. Sasol said it adjusted refinery operations to source more crude from Latin America and West Africa, reducing dependence on sour crude. Christian Herrmann, executive vice president of marketing and sales for energy and chemicals, said Sasol’s retail market share increased to about 13%, from 9% five years earlier, while the overall retail market declined during the year. International Chemicals generated adjusted EBITDA of $604 million, aided by cost savings, improved commercial execution and a more supportive fourth-quarter market environment. The segment maintained a 16% contribution to group EBITDA. Head of International Chemicals Antje Gerber said fiscal 2027 guidance of $450 million to $600 million assumes that favorable market effects linked to Middle East disruptions in late fiscal 2026 will not repeat. The company continues to face structural challenges from oversupply, weaker demand, elevated European energy costs and Chinese exports. Sasol restarted its paraffin unit in Augusta in August to respond to supply constraints and customer demand for paraffin and linear alkylbenzene components. Gerber said the restart does not change the company’s target to cut International Chemicals cash fixed costs by 15% to 20% by fiscal 2028. She said the business has reduced those costs by 10% since fiscal 2024. The company also highlighted its alumina business as its highest-margin International Chemicals operation, with an EBITDA margin of approximately 25% to 30%. Sasol is expanding the business at Brunsbüttel, with Gerber saying the investment is supported by customer demand and commitments. Baloyi said Sasol recorded the deaths of two colleagues during the year, Godfrey Mamafha and Sonwabo Makamba. The company introduced targeted action plans focused on leadership accountability, risk identification and safety ownership. Sasol said hospitalizations fell to record lows and that it recorded no major process-safety incidents during the year. On its growth and transformation strategy, Sasol said it has secured more than 1.3 gigawatts of renewable energy and has more than 500 megawatts operational in South Africa. The company is targeting 2 gigawatts by fiscal 2030. Sasol also said Natref became the first refinery in Africa to receive product sustainability certification for key fuel-production pathways, alongside certified chemicals production at Secunda. Baloyi said the company will continue to assess energy-transition opportunities through a “pragmatic and value-accretive” approach while prioritizing operational reliability, cash generation and deleveraging. Sasol Limited is an integrated energy and chemical company headquartered in Johannesburg, South Africa. The company's core operations encompass the conversion of natural gas, coal and heavy hydrocarbons into liquid fuels and a wide array of chemical products. Sasol leverages proprietary Fischer-Tropsch and gas-to-liquids (GTL) technologies to deliver cleaner-burning diesel, jet fuel and naphtha, alongside solvents, surfactants and specialty polymers for industrial and consumer applications. In addition to its GTL business, Sasol operates downstream facilities for the manufacture of alpha olefins, ethylene, propylene and other base-chemical intermediates. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Sasol H2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for September 2026.

JOHANNESBURG, Sept. 1, 2026 /PRNewswire/ -- Sasol released its operating and financial results for the year ended 30 June 2026. Highlights: Adjusted EBITDA of R61 billion up 17%, driven by a combination of management actions and a more supportive macroeconomic environment during the last quarter of the financial year Sales volumes increased by 4% compared to the prior year, through improved operational performance Cash fixed costs remained flat compared to prior year, through continued delivery of cost saving initiatives Basic earnings per share (EPS) of R18,99 per share, 79% higher than prior year and Headline earnings per share (HEPS) of R38,31 per share, 9% higher than prior year Disciplined capital spend of R21 billion, 18% lower than prior year Free cash flow decreased by 5% to R11,9 billion, impacted by elevated working capital and once-off Transnet SOC Limited net settlement after tax of R3,1 billion, received in the prior year Net debt excluding leases reduced by 11% to US$3,3 billion, with deleveraging prioritised until the net debt target of sustainably below US$3 billion is achieved Strong liquidity position of ~US$5 billion, ensuring financial resilience Statement by Simon Baloyi, President and Chief Executive Officer of Sasol: "2026 was a decisive year of delivery against the commitments we set out at our Capital Markets Day (CMD), as we met or exceeded our commitments across all our production and sales metrics. We strengthened the foundation business, continued to build resilience and created a stronger platform for future growth and transformation. The importance of domestic supply of both energy and chemical products and Sasol's role in delivering it was reinforced in the fourth quarter of the financial year following the commencement of the conflict in the Middle East (ME) and associated closure of the Strait of Hormuz. We responded by sustaining uninterrupted operations and leveraging our integrated value chain to ensure reliable product supply to customers, while maintaining cost and capital discipline to convert improving market conditions into stronger financial results. Safety remains our foremost priority. Tragically, we lost two colleagues during the year. While we saw encouraging improvements in several key safety indicators, we remain unwavering in our commitment to strengthen our safety culture and ensure everyone returns home safely. In Southern Africa, Secunda Operations achieved its highest annual production in five years and exceeded market guidance. This was supported by improved coal quality following the successful implementation of the destoning plant and higher overall equipment availability. These improvements, together with the fourth quarter macroeconomic tailwinds, contributed to a lower oil break-even price. In International Chemicals, the reset strategy continued to improve the competitiveness of the portfolio, helping to offset the challenging market conditions experienced for most of the year, including lower US ethylene margins and continued muted market demand. Supported by stronger markets in the fourth quarter, US$ Adjusted EBITDA increased by 47% compared to the prior year. Capital expenditure was 18% lower than the prior year, mainly due to the conclusion of major gas and environmental compliance projects, together with the absence of the Secunda shutdown in the financial year and ongoing capital optimisation initiatives. Net working capital was higher than target, driven by elevated pricing following the ME conflict and fuels inventory build. Overall, management actions and the more supportive macroeconomic environment during the fourth quarter of the financial year translated into robust cash generation and further balance sheet strengthening. We delivered on our 2026 net debt target of below US$3,7 billion, reducing net debt by 11% to US$3,3 billion. We extended our debt maturity profile through refinancing initiatives, and maintained a strong liquidity position throughout the year while using our strategic hedging program to manage risk. This progress has increased our financial resilience, as we progress towards achieving our net debt target of below US$3 billion on a sustainable basis before the resumption of dividends. We also continued to advance our Grow and Transform agenda. During the year, a further 330 MW of renewable energy came online, increasing renewable energy in operation to more than 500 MW, while total secured renewable energy increased to more than 1 350 MW through our power purchase agreements. The progress achieved during 2026 demonstrates that, while there is still more work to do, consistent execution against our CMD commitments is building a stronger, more competitive and resilient Sasol, better positioned to deliver sustainable shareholder returns." Financial performance Sasol closed the financial year with strong momentum. Improved operational performance, strict cost management and disciplined capital allocation created operating leverage across the business, positioning Sasol to convert improved market conditions in the latter part of the year into stronger earnings and further balance sheet strengthening. Adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) of R61 billion was 17% higher than the prior year. This performance was driven by a combination of management actions and a more supportive macroeconomic environment during the final quarter of the financial year. This included a 4% increase in sales volumes associated with improved production, a 7% increase in the average US$ per barrel Brent crude oil price, and a more than 100% increase in refining margins, following improved fuel differentials. The increase was partially offset by a 7% stronger average Rand/US$ exchange rate and the once-off Transnet SOC Limited settlement of R5,5 billion, received in the prior year. Cost containment remains one of our key focus areas. Cash fixed costs were maintained at R70 billion for the third year in a row, with cost inflation offset by continued cost optimisation initiatives. Earnings before interest and tax (EBIT) of R25,7 billion was 37% higher than the prior year due to the abovementioned reasons, and was further impacted by non-cash remeasurement items including impairments of R16,8 billion compared to R20,7 billion in the prior year, and unrealised losses of R1,1 billion on the translation of monetary assets and liabilities, and valuation of financial instruments and derivative contracts compared to unrealised gains of R2 billion in the prior year. Total impairments of R16,8 billion mainly related to the Secunda liquid fuels refinery cash generating unit (CGU) (R7,7 billion), the Polyethylene CGU (R3,7 billion) and the Production Sharing Agreement development in Mozambique (R3,8 billion). While management actions improved the recoverable amount of the Secunda CGU, these benefits were offset by the stronger forecast Rand/US$ exchange rate. We remain focused on progressing initiatives further to enable the benefits to be incorporated in the impairment calculations. As a result of the above, EPS increased by 79% to R18,99 per share and HEPS increased by 9% to R38,31 per share compared to the prior year. Net working capital as a percentage of turnover for the year, increased to 18,3% (16,6% on a 6-month annualised basis), above our guidance range of 15,5% - 16,5%. This was driven by higher pricing in the fourth quarter of 2026, the impact of utilising Prax shareholding capacity at Natref and higher fuels volumes at year end. These volumes will, however, support planned shutdowns early in 2027. Improving working capital remains a key priority and represents a significant opportunity to strengthen cash conversion over the coming year. Capital expenditure of R21 billion was 18% lower than the prior year, mainly due to the conclusion of major feedstock gas and environmental compliance projects, together with the absence of the Secunda Operation shutdown in the financial year. Cash flow from operations of R56,7 billion increased 22%, reflecting the stronger operational performance. Free cash flow (FCF) of R11,9 billion declined 5% compared to the prior year, despite higher earnings and lower capital expenditure, mainly as a result of the higher afore-mentioned year-end working capital. Excluding the Transnet SOC Limited net cash settlement (after tax) received in the prior year, FCF improved 26%. Net debt (excluding leases) reduced by 11% to US$3,3 billion compared to US$3,7 billion in the prior year, and below our guidance of less than US$3,7 billion, reflecting continued cash generation and disciplined capital allocation. Total debt also decreased from US$5,8 billion (R103,3 billion) to US$5,7 billion (R93,9 billion), while liquidity remained strong at US$5 billion, providing sufficient financial resilience. During the year, we further optimised our debt maturity profile through the successful issuance of both a 5-year R5,3 billion floating rate bond in exchange for US$300 million and a US$750 million bond maturing in 2033, together with the partial repayment of our 2028 and 2029 bond maturities, resulting in a debt neutral transaction. This materially extended our debt maturity profile, further reduced near-term refinancing risk and improved the regional mix of our debt to better match the underlying cash generation of our assets. Our proactive hedging programme continues to mitigate the volatility arising from oil price and exchange rate movements. Our strategy is to provide downside protection while retaining upside participation and managing hedging costs. The 2027 oil hedging programme is complete, while the 2027 ZAR/USD hedging programme remains underway. Dividend The Company's dividend policy provides for the distribution of 30% of free cash flow, subject to net debt (excluding leases) being sustainably below US$3 billion. Although net debt reduced to US$3,3 billion at 30 June 2026, it remained above this threshold. Accordingly, the Sasol Limited board of directors did not declare a final dividend. 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 2026 (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 1 September 2026, via the JSE cloudlink. 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 cloudlink, https://senspdf.jse.co.za/documents/2026/JSE/ISSE/SOL/FY26Result.pdf Important information Sasol will present its 2026 financial results on Tuesday, 1 September 2026 at 11:00 (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/Sasol01092026 or via teleconference call link: choruscall.it A recording of the presentation will be available on the website thereafter at https://www.sasol.com/investor-centre/financial-results. For further information, please contact:Sasol Investor Relations,Tiffany Sydow, VP Investor RelationsTelephone: +27 (0) 71 673 [email protected] 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 after 12:00 SAST (South African Standard Time) on 1 September 2026 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 ended 30 June. Any reference to a calendar year is prefaced by the word "calendar". View original content:https://www.prnewswire.com/news-releases/audited-financial-results-for-the-year-ended-30-june-2026-302865913.html

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL JOHANNESBURG, April 14, 2026 /PRNewswire/ -- Sasol Financing USA LLC (NYSE: SSL) ("Sasol" or the "Company") announced today the early tender results of its previously announced tender offer (the "Capped Tender Offer") to purchase for cash up to $333,796,000 aggregate principal amount (the "Capped Maximum Amount") of its 8.750% notes due 2029 (the "2029 Notes"). The Capped Tender Offer is being made pursuant to the terms and conditions set forth in the Offer to Purchase dated March 30, 2026 (the "Offer to Purchase"). The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Capped Tender Offer. Unless otherwise defined herein, terms defined in the Offer to Purchase (as defined below) are used herein as therein defined. As of 5:00 p.m., New York City time, on April 13, 2026 (such date and time, the "Early Tender Date"), according to information provided to Kroll Issuer Services Limited, the tender agent for the Capped Tender Offer, the aggregate principal amount of the 2029 Notes listed in the table below has been validly tendered and not validly withdrawn. Withdrawal rights for the 2029 Notes will expire at 5:00 p.m., New York City time, April 28, 2026, unless extended by the Company in its sole discretion. Subject to the satisfaction or waiver of the conditions to the Capped Tender Offer, the Company expects to accept for purchase all 2029 Notes that were validly tendered at or prior to the Early Tender Date up to the Capped Maximum Amount. The Company expects to make payment for the accepted 2029 Notes on April 30, 2026 (the "Capped Tender Offer Settlement Date"). The Company intends to fund the purchase of validly tendered and accepted 2029 Notes on the Capped Tender Offer Settlement Date with the net proceeds from its $750,000,000 senior notes due 2033 issued on April 10, 2026. The Capped Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on April 28, 2026. However, because the aggregate principal amount of 2029 Notes validly tendered as of the Early Tender Date exceeds the Capped Maximum Amount, the Company does not expect to accept any 2029 Notes tendered after the Early Tender Date. The consideration to be paid for the 2029 Notes validly tendered and not validly withdrawn per $1,000 principal amount of such 2029 Notes validly tendered and accepted for purchase pursuant to the Capped Tender Offer is the amount set forth in the table above under the heading "Total Consideration." The amounts set forth in the table above under "Total Consideration" include an early tender premium of $30.00 per $1,000 principal amount of 2029 Notes accepted for purchase (the "Early Tender Premium"). Each holder who validly tendered and did not validly withdraw its 2029 Notes at or prior to the Early Tender Date and whose 2029 Notes are accepted for purchase will be entitled to receive the applicable "Total Consideration" set forth in the table above under the heading "Total Consideration," which includes the Early Tender Premium, on a prorated basis if applicable. All holders of 2029 Notes accepted for purchase will also receive accrued interest from, and including, the most recent applicable interest payment date preceding the Capped Tender Offer Settlement Date to, but not including, the Capped Tender Offer Settlement Date, if and when such 2029 Notes are accepted for payment. INFORMATION RELATING TO THE CAPPED TENDER OFFER The complete terms and conditions of the Capped Tender Offer are set forth in the Offer to Purchase. Investors with questions regarding the terms and conditions of the Capped Tender Offer may contact J.P. Morgan Securities plc at +44 20 2468 or by email to [email protected] (Attention: Liability Management) and MUFG Securities EMEA plc at +44 20 7577 1374 or by email to [email protected] (Attention: Liability Management Group). Kroll Issuer Services Limited is the tender agent for the Capped Tender Offer. Any questions regarding procedures for tendering 2029 Notes or request for copies of the Offer to Purchase should be directed to Kroll Issuer Services Limited by any of the following means: by telephone at +44 20 7704 0880; by email at [email protected]; or by internet at the following web address: https://deals.is.kroll.com/sasol. This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the 2029 Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Capped Tender Offer is being made solely pursuant to the Offer to Purchase made available to holders of the 2029 Notes. Further, nothing contained herein shall constitute an offer to sell or a solicitation of an offer to buy any debt securities that are the subject of the Debt Financing. None of the Company or its affiliates, their respective boards of directors, the dealer managers, the tender agent or the trustee with respect to the 2029 Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their 2029 Notes in response to the Capped Tender Offer. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender 2029 Notes in the Capped Tender Offer, and, if so, the principal amount of 2029 Notes to tender. This document and any documents detailing the investment or investment activity to which this announcement relates are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 43(2) ("members and creditors of certain bodies corporate") of the Financial Promotion Order, (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iv) are outside the United Kingdom, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. This tender offer is not intended to be offered or otherwise made available to and should not be offered or otherwise made available to any retail investor in any member state of the EEA in circumstances in which this tender offer is restricted to non-retail investors. For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. ABOUT SASOL A global chemicals and energy company, Sasol harnesses its knowledge and over 75 years' experience in the production and marketing of chemicals and fuels to integrate sophisticated technologies and processes into world-scale operating facilities, striving to safely and sustainably source, produce and market a range of high-quality products globally. Additional information can be found on the Company's website at https://www.sasol.com/ or at the Company's address below: Sasol Financing USA LLC 12120 Wickchester Lane Houston, Texas 77079 United States of America FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. 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 materialize, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated in such forward-looking statements. 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 include among others, and without limitation: the outcome in pending and developing regulatory matters and the effect of changes in regulation and government policy; the political, social and fiscal regime and economic conditions and developments in the world, especially in those countries in which we operate; the outcome of legal proceedings including tax litigation and assessments; our ability to maintain key customer relations in important markets; our ability to improve results despite increased levels of competition; our ability to exploit our oil, gas and coal reserves as anticipated; the continuation of substantial growth in significant developing markets; the ability to benefit from our capital investment program; the accuracy of our assumptions in assessing the economic viability of our large capital projects and growth in significant developing areas of our business; the ability to gain access to sufficient competitively priced gas, oil and coal reserves and other commodities; the impact of environmental legislation and regulation on our operations and access to natural resources; our success in continuing technological innovation; the success of our Broad Based Black Economic Empowerment ownership transaction; our ability to maintain sustainable earnings despite fluctuations in oil, gas and commodity prices, foreign currency exchange rates and interest rates; our ability to maintain sufficient levels of cash at all times; our ability to attract and retain sufficient skilled employees; the impact of the imposition of tariffs, sanctions, and trade restrictions in the countries we operate, or targeting the countries in which we operate; our ability to consummate the Tender Offers or the Debt Financing on the anticipated terms, if at all; and our success at managing the foregoing risks. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent current report on Form 6-K that we file, available from the SEC's website. Sasol undertakes no duty to publicly update or revise any forward-looking statements. Contact: [email protected] View original content:https://www.prnewswire.com/news-releases/sasol-financing-usa-llc-announces-early-results-of-cash-tender-offer-for-outstanding-debt-securities-302741716.html

JOHANNESBURG, April 10, 2026 /PRNewswire/ -- Sasol Financing USA LLC (NYSE: SSL) ("Sasol" or the "Company") announced today that the capped maximum amount of its 8.750% notes due 2029 (the "2029 Notes") to be purchased in connection with its previously announced tender offer for a portion of its outstanding 2029 Notes (the "Capped Tender Offer") will be the aggregate principal amount of $333,796,000, pursuant to the acceptance for purchase of $416,204,000 aggregate principal amount of the Company's 6.500% notes due 2028 (the "Any and All Tender Offer"). The $416,204,000 aggregate principal amount of 2028 Notes purchased pursuant to the Any and All Tender Offer will be retired and cancelled, and will no longer be outstanding obligations of the Company. The Capped Tender Offer is being made pursuant to the terms and conditions set forth in the Offer to Purchase dated March 30, 2026 (the "Offer to Purchase"). The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Capped Tender Offer. Unless otherwise defined herein, terms defined in the Offer to Purchase (as defined below) are used herein as therein defined. The Capped Tender Offer and the Company's concurrent tender offer to purchase for cash any and all of its outstanding 6.500% Notes due 2028 were conditioned upon, among other things, the successful completion (in the sole determination of the Company) of one or more debt financing transactions raising aggregate gross proceeds of an amount at least equal to $750,000,000 (the "Debt Financing" and such condition, the "Financing Condition"). The Company satisfied the Financing Condition on April 10, 2026, with the closing of its offering of 8.750% senior notes due 2033. INFORMATION RELATING TO THE ANY AND ALL TENDER OFFER The complete terms and conditions of the Any and All Tender Offer are set forth in the Offer to Purchase. Investors with questions regarding the terms and conditions of the Any and All Tender Offer may contact J.P. Morgan Securities plc at +44 20 2468 or by email to [email protected] (Attention: Liability Management) and MUFG Securities EMEA plc at +44 20 7577 1374 or by email to [email protected] (Attention: Liability Management Group). Kroll Issuer Services Limited is the tender agent for the Any and All Tender Offer. Any questions regarding procedures for tendering 2028 Notes or request for copies of the Offer to Purchase should be directed to Kroll Issuer Services Limited by any of the following means: by telephone at +44 20 7704 0880; by email at [email protected]; or by internet at the following web address: https://deals.is.kroll.com/sasol. This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the 2028 Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Any and All Tender Offer is being made solely pursuant to the Offer to Purchase made available to holders of the 2028 Notes. Further, nothing contained herein shall constitute an offer to sell or a solicitation of an offer to buy any debt securities that are the subject of the Debt Financing. None of the Company or its affiliates, their respective boards of directors, the dealer managers, the tender agent or the trustee with respect to the 2028 Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their 2028 Notes in response to the Any and All Tender Offer. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender 2028 Notes in the Any and All Tender Offer, and, if so, the principal amount of 2028 Notes to tender. This document and any documents detailing the investment or investment activity to which this announcement relates are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 43(2) ("members and creditors of certain bodies corporate") of the Financial Promotion Order, (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iv) are outside the United Kingdom, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. This tender offer is not intended to be offered or otherwise made available to and should not be offered or otherwise made available to any retail investor in any member state of the EEA in circumstances in which this tender offer is restricted to non-retail investors. For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. ABOUT SASOL A global chemicals and energy company, Sasol harnesses its knowledge and over 75 years' experience in the production and marketing of chemicals and fuels to integrate sophisticated technologies and processes into world-scale operating facilities, striving to safely and sustainably source, produce and market a range of high-quality products globally. Additional information can be found on the Company's website at https://www.sasol.com/ or at the Company's address below: Sasol Financing USA LLC 12120 Wickchester Lane Houston, Texas 77079 United States of America FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. 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 materialize, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated in such forward-looking statements. 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 include among others, and without limitation: the outcome in pending and developing regulatory matters and the effect of changes in regulation and government policy; the political, social and fiscal regime and economic conditions and developments in the world, especially in those countries in which we operate; the outcome of legal proceedings including tax litigation and assessments; our ability to maintain key customer relations in important markets; our ability to improve results despite increased levels of competition; our ability to exploit our oil, gas and coal reserves as anticipated; the continuation of substantial growth in significant developing markets; the ability to benefit from our capital investment program; the accuracy of our assumptions in assessing the economic viability of our large capital projects and growth in significant developing areas of our business; the ability to gain access to sufficient competitively priced gas, oil and coal reserves and other commodities; the impact of environmental legislation and regulation on our operations and access to natural resources; our success in continuing technological innovation; the success of our Broad Based Black Economic Empowerment ownership transaction; our ability to maintain sustainable earnings despite fluctuations in oil, gas and commodity prices, foreign currency exchange rates and interest rates; our ability to maintain sufficient levels of cash at all times; our ability to attract and retain sufficient skilled employees; the impact of the imposition of tariffs, sanctions, and trade restrictions in the countries we operate, or targeting the countries in which we operate; our ability to consummate the Tender Offers or the Debt Financing on the anticipated terms, if at all; and our success at managing the foregoing risks. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent current report on Form 6-K that we file, available from the SEC's website. Sasol undertakes no duty to publicly update or revise any forward-looking statements. View original content:https://www.prnewswire.com/news-releases/sasol-financing-usa-llc-announces-capped-maximum-amount-for-its-capped-tender-offer-and-final-results-for-its-any-and-all-tender-offer-302739423.html

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFUL JOHANNESBURG, April 7, 2026 /PRNewswire/ -- Sasol Financing USA LLC (NYSE: SSL) ("Sasol" or the "Company") announced today the results of its previously announced tender offer (the "Any and All Tender Offer") to purchase for cash any and all of its outstanding 6.500% Notes due 2028 (the "2028 Notes"). The Any and All Tender Offer is being made pursuant to the terms and conditions set forth in the Offer to Purchase dated March 30, 2026 (the "Offer to Purchase") and the related Notice of Guaranteed Delivery. The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Any and All Tender Offer. Unless otherwise defined herein, terms defined in the Offer to Purchase (as defined below) are used herein as therein defined. As of 5:00 p.m., New York City time, on April 6, 2026 (such date and time, the "Any and All Tender Offer Expiration Date"), according to information provided to Kroll Issuer Services Limited, the tender agent for the Any and All Tender Offer, the aggregate principal amount of 2028 Notes listed in the table below has been validly tendered and not validly withdrawn. As of the date hereof, tender instructions for $236,000 aggregate principal amount of 2028 Notes have been received using the Notice of Guaranteed Delivery procedures described in the Offer to Purchase. The Any and All Guaranteed Delivery Expiration Date is 5:00 p.m., New York City time, on April 8, 2026. Withdrawal rights for the 2028 Notes expired at 5:00 p.m., New York City time, on the Any and All Tender Offer Expiration Date. Subject to the satisfaction or waiver of the conditions to the Any and All Tender Offer, the Company expects to accept for purchase all 2028 Notes that were validly tendered at or prior to the Any and All Tender Offer Expiration Date. The Company expects to make payment for the accepted 2028 Notes on April 10, 2026 (the "Any and All Tender Offer Settlement Date"). The Company intends to fund the purchase of validly tendered and accepted 2028 Notes on the Any and All Tender Offer Settlement Date with the net proceeds from the Debt Financing (as defined herein). The Any and All Tender Offer is conditioned upon, among other things, the successful completion (in the sole determination of the Company) of one or more debt financing transactions raising aggregate gross proceeds of an amount at least equal to $750,000,000 (the "Debt Financing" and such condition, the "Financing Condition"). The Company expects to satisfy the Financing Condition with the closing of its offering of new 8.750% senior notes due 2033, which is expected to occur on April 10, 2026. However, no assurances can be given that the Company will complete the Debt Financing. The consideration to be paid for the 2028 Notes validly tendered and not validly withdrawn per $1,000 principal amount of such 2028 Notes validly tendered and accepted for purchase pursuant to the Any and All Tender Offer is the amount set forth in the table above under the heading "Total Consideration." Each holder who validly tendered and did not validly withdraw its 2028 Notes at or prior to the Any and All Tender Offer Expiration Date and whose 2028 Notes are accepted for purchase will be entitled to receive the applicable "Total Consideration" set forth in the table above under the heading "Total Consideration." All holders of 2028 Notes accepted for purchase will also receive accrued interest from, and including, the most recent applicable interest payment date preceding the Any and All Tender Offer Settlement Date to, but not including, the Any and All Tender Offer Settlement Date. INFORMATION RELATING TO THE ANY AND ALL TENDER OFFER The complete terms and conditions of the Any and All Tender Offer are set forth in the Offer to Purchase. Investors with questions regarding the terms and conditions of the Any and All Tender Offer may contact J.P. Morgan Securities plc at +44 20 2468 or by email to [email protected] (Attention: Liability Management) and MUFG Securities EMEA plc at +44 20 7577 1374 or by email to [email protected] (Attention: Liability Management Group). Kroll Issuer Services Limited is the tender agent for the Any and All Tender Offer. Any questions regarding procedures for tendering 2028 Notes or request for copies of the Offer to Purchase should be directed to Kroll Issuer Services Limited by any of the following means: by telephone at +44 20 7704 0880; by email at [email protected]; or by internet at the following web address: https://deals.is.kroll.com/sasol. This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the 2028 Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The Any and All Tender Offer is being made solely pursuant to the Offer to Purchase made available to holders of the 2028 Notes. Further, nothing contained herein shall constitute an offer to sell or a solicitation of an offer to buy any debt securities that are the subject of the Debt Financing. None of the Company or its affiliates, their respective boards of directors, the dealer managers, the tender agent or the trustee with respect to the 2028 Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their 2028 Notes in response to the Any and All Tender Offer. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender 2028 Notes in the Any and All Tender Offer, and, if so, the principal amount of 2028 Notes to tender. This document and any documents detailing the investment or investment activity to which this announcement relates are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 43(2) ("members and creditors of certain bodies corporate") of the Financial Promotion Order, (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iv) are outside the United Kingdom, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. This tender offer is not intended to be offered or otherwise made available to and should not be offered or otherwise made available to any retail investor in any member state of the EEA in circumstances in which this tender offer is restricted to non-retail investors. For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II. ABOUT SASOL A global chemicals and energy company, Sasol harnesses its knowledge and over 75 years' experience in the production and marketing of chemicals and fuels to integrate sophisticated technologies and processes into world-scale operating facilities, striving to safely and sustainably source, produce and market a range of high-quality products globally. Additional information can be found on the Company's website at https://www.sasol.com/ or at the Company's address below: Sasol Financing USA LLC 12120 Wickchester Lane Houston, Texas 77079 United States of America FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. 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 materialize, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated in such forward-looking statements. 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 include among others, and without limitation: the outcome in pending and developing regulatory matters and the effect of changes in regulation and government policy; the political, social and fiscal regime and economic conditions and developments in the world, especially in those countries in which we operate; the outcome of legal proceedings including tax litigation and assessments; our ability to maintain key customer relations in important markets; our ability to improve results despite increased levels of competition; our ability to exploit our oil, gas and coal reserves as anticipated; the continuation of substantial growth in significant developing markets; the ability to benefit from our capital investment program; the accuracy of our assumptions in assessing the economic viability of our large capital projects and growth in significant developing areas of our business; the ability to gain access to sufficient competitively priced gas, oil and coal reserves and other commodities; the impact of environmental legislation and regulation on our operations and access to natural resources; our success in continuing technological innovation; the success of our Broad Based Black Economic Empowerment ownership transaction; our ability to maintain sustainable earnings despite fluctuations in oil, gas and commodity prices, foreign currency exchange rates and interest rates; our ability to maintain sufficient levels of cash at all times; our ability to attract and retain sufficient skilled employees; the impact of the imposition of tariffs, sanctions, and trade restrictions in the countries we operate, or targeting the countries in which we operate; our ability to consummate the Tender Offers or the Debt Financing on the anticipated terms, if at all; and our success at managing the foregoing risks. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent current report on Form 6-K that we file, available from the SEC's website. Sasol undertakes no duty to publicly update or revise any forward-looking statements. Contact: [email protected] View original content:https://www.prnewswire.com/news-releases/sasol-financing-usa-llc-announces-results-of-cash-tender-offer-for-any-and-all-outstanding-debt-securities-302735638.html

This article first appeared on GuruFocus. Free Cash Flow: Positive free cash flow achieved, marking the first time in four years for the first half of a financial year. Net Debt: Ended at USD 3.8 billion, with a target to reduce below USD 3.7 billion by year-end. Adjusted EBITDA: Lower year-on-year due to weaker macro conditions, but International Chemicals adjusted EBITDA improved by 10% year-on-year. Gross Margin: Declined by 6%, impacted by a 17% lower rand oil price and higher variable costs. Capital Expenditure: 43% lower year-on-year, with full-year guidance revised to ZAR 22 billion to ZAR 24 billion. Cash Fixed Costs: Reduced by 2%, driven by lower labor costs and reduced external spend. Sales Volumes: Increased by 3% in the first half of FY26. Refining Margins: Supported by improved diesel differentials and stronger operational performance at Natref. Impairments: ZAR 7.8 billion, including ZAR 3 billion on the Secunda liquid fuels refinery and ZAR 3.9 billion on Mozambique and PSA gas development. Renewable Energy: Secured more than 1.2 gigawatts, moving towards a 2-gigawatt target by 2030. Warning! GuruFocus has detected 6 Warning Signs with SSL. Is SSL fairly valued? Test your thesis with our free DCF calculator. Release Date: February 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Sasol Ltd (NYSE:SSL) achieved a Southern Africa value chain cash breakeven price of USD53 per barrel, ahead of the full-year target range of USD60 to USD55 per barrel. The destoning plant reached beneficial operation in December, improving coal quality and supporting more stable operations at Secunda. Sasol Ltd (NYSE:SSL) secured an additional 300 megawatts of renewable energy, bringing the total to more than 1.2 gigawatts on the path to 2 gigawatts by 2030. Adjusted EBITDA for International Chemicals improved year-on-year despite challenging markets, supported by early benefits from self-help measures. Sasol Ltd (NYSE:SSL) generated positive free cash flow despite challenging macroeconomic conditions, demonstrating effective execution on cash flow levers. A tragic fatality in September highlighted ongoing safety challenges, with gaps identified in risk awareness and adherence to safety rules. The macroeconomic environment remains challenging, with a 14% year-on-year decline in Brent crude oil prices and a stronger rand impacting earnings. Softer chemical pricing and a stronger rand outlook led to a revision of full-year adjusted EBITDA and margin guidance for International Chemicals. Net debt ended at USD3.8 billion, slightly above the full-year target, with ongoing focus required on cash generation and deleveraging. Start-up delays at the CTT gas-to-power project in Mozambique affected the timing of PSA volumes, resulting in a PSA impairment. Q: Could you comment on the Secunda volumes and the potential to achieve top-end guidance sooner than expected? Also, what is your view on the proposed carbon tax suspension? A: Simon Baloyi, CEO, explained that while current performance is promising, they are not adjusting guidance yet due to ongoing coal quality and gasifier maintenance programs. Regarding carbon tax, Sasol supports a carbon tax recycle mechanism to aid transition efforts rather than a punitive tax. Q: How do you plan to reduce net debt by the end of the financial year given the current macroeconomic environment? A: Walt Bruns, CFO, stated that despite challenges, they expect to generate free cash flow in the second half through higher volumes, cost discipline, and optimized capital expenditure. They are confident in achieving net debt below USD3.7 billion by year-end. Q: What is Sasol's strategy for its operations in Europe given the high energy costs and plant closures? A: Antje Gerber, EVP of International Chemicals, noted that Sasol is focusing on value over volume and optimizing its portfolio in Europe. They are confident in meeting FY28 EBITDA guidance through self-help measures despite the challenging environment. Q: Can you provide more details on the gas from the PSA and the impairment related to it? A: Simon Baloyi, CEO, explained that the impairment was driven by the rand-dollar exchange rate and timing issues with gas flow due to the CTT power plant delay. The volumes are intact, and they are working on solutions to optimize gas flow. Q: What is the status of the destoning plant and its impact on coal quality? A: Sandile Siyaya, EVP of Mining, confirmed that the destoning plant is operating at full capacity, achieving coal quality targets of 12% to 14% ash content, which supports improved production stability. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Financials: Sasol generated positive free cash flow for the first time in four years, cut capex 43%, but recorded ZAR 7.8 billion of impairments (ZAR 3.0bn Secunda, ZAR 3.9bn Mozambique PSA, ZAR 0.5bn CTT), leaving EBIT down 52% and net debt at $3.8bn with a year-end target below $3.7bn. Operations & safety: Management emphasized safety after a fatality and reported improving delivery—its de-stoning plant is operating at full capacity and Secunda production rose 10%—but gas startup delays and revised PSA volumes deferred monetization and constrained throughput. Grow-and-transform: Sasol has contracted over 1.2 GW of renewables toward a 2 GW 2030 target, secured ~9 million tonnes of carbon offsets, and its Zaffra JV won a EUR 350 million grant for a ~2,000 bpd eSAF project targeting first production around 2030. Interested in Sasol Ltd.? Here are five stocks we like better. Sasol (NYSE:SSL) executives focused on safety, operational stability and cash generation during the company’s interim results presentation for financial year 2026, describing progress on internal performance levers amid what management repeatedly characterized as a volatile and challenging macro environment. President and CEO Simon Baloyi opened the call by reiterating Sasol’s two-pillar strategy—strengthening the foundation business while positioning the company to “grow and transform”—which he said remains unchanged since the May 2025 Capital Markets Day. → Gold and Silver Pulled Back—Here’s Why the Bull Case Is Intact Baloyi said safety remains the company’s top priority, noting a “tragic fatality” in September 2025. He said an investigation found gaps in risk awareness and inconsistent adherence to safety rules. Sasol’s response includes strengthening leadership and personal accountability, reinforcing standards, intensifying focus on high-risk activities, and improving service-provider safety management. He added that leading indicators have improved, including fewer hospitalizations and lost workday cases, lower injury severity, and “no major process safety incidents over the past 18 months.” Baloyi said operational delivery in Southern Africa is improving, citing progress on coal quality and reliability. The de-stoning plant reached beneficial operation in December “on plan” and is already improving coal quality. Mining EVP Sandile Siyaya later said the plant is operating at full capacity and that Sasol is achieving its commitment for coal supplied to Secunda Operations at “below between 12% and 14%” (with Sasol targeting below 12% in later periods). → Hinge Health’s AI Moat Might Be Its Patient Movement Data Baloyi said external coal purchases were elevated in the first half during the ramp-up of the de-stoning plant. He said purchases should be lower in the second half and are expected to normalize in financial year 2027 as Sasol focuses on increasing its own production volumes and reducing external purchases. On the gas portfolio, management said plateau extension projects remain on track to support supply through financial year 2028. However, startup delays at the CTT Gas-to-Power project in Mozambique affected the timing of PSA volumes. Baloyi said “total gas volumes are unchanged,” but a revised production profile deferred monetization and, together with a stronger rand/U.S. dollar exchange rate, resulted in a PSA impairment. Management also said Sasol is using approved sub-gas arrangements to maintain flows to South Africa while CTT progresses, and is evaluating performance testing and potential infrastructure improvements to optimize production. → Opendoor Pops After Earnings, But the Big Question Hasn’t Changed In Q&A, EVP Victor Bester added that after achieving “Ready for Operations” on the PSA asset in the second quarter, Sasol identified physical restrictions limiting throughput of excess gas to South Africa. He said a performance test run will inform options to address the constraint and that the fix is expected to require “low or no capital solutions.” Bester also said Sasol lowered gas guidance due to reduced external customer demand and higher “pure gas” production from Secunda’s gasifiers displacing natural gas, along with other factors including recent flooding in Mozambique and work needed on wells and licensing. Baloyi said Secunda production increased 10% year-on-year, supported by the absence of a phase shutdown, improved coal quality, and gasifier availability. Responding to questions about whether the company could raise guidance given improved run rates, Bester said Sasol is “optimistic” but is following a ramp-up curve toward FY 2028. He said the gasifier restoration program has covered 25% of the fleet to date and is expected to reach 40% by year-end, and that Sasol wants a fuller understanding of required restoration work before changing guidance. At the Natref refinery, management said operational performance improved and commissioning of the last low-carbon boiler supports reliability and emissions objectives. Baloyi also said Sasol stepped into capacity after Prax SA entered business rescue, to maintain supply to South Africa and OR Tambo Airport. In Q&A, Baloyi said Sasol can utilize that portion of volume while business rescue continues, but an M&A process is underway with timing potentially around December. He said Natref was running around “480-500” (versus a possible 620-650), depending on the ability to place volumes, and that higher utilization has working capital implications as Sasol carries crude and finished product components for the refinery. CFO Walt Bruns said the macro backdrop remained difficult in the first half of FY 2026, with Brent crude down 14% year-on-year and a stronger rand contributing to a 17% decline in the rand oil price. While the stronger rand weighed on earnings, Bruns said it reduced the rand value of U.S. dollar-denominated debt. He also pointed to refining margins as a “notable positive,” supported by improved diesel differentials and stronger performance at Natref. Bruns said sales volumes rose 3% in the first half, supported by improved production and a better sales mix into higher-margin channels. He said cash fixed costs declined 2% overall, driven by lower labor costs and reduced external spend. Capital expenditure fell 43% year-on-year, mainly due to the absence of a Secunda phase shutdown, lower Mozambique PSA spend, and reduced environmental compliance capital as programs near completion. As a result, Sasol revised its full-year capital guidance down by ZAR 2 billion to a range of ZAR 22 billion to ZAR 24 billion, with Bruns emphasizing the reduction is “not a deferral” and “not rolling over” into later years. In response to questions about higher expected second-half spending, Bruns said Sasol anticipates an increase due to projects progressing through gates in the second half, including mining investments to raise own production and reduce external purchases, as well as non-phase shutdown capital at Secunda. Bruns highlighted positive free cash flow in the first half—“for the first time in 4 years”—and said it was more than a 100% improvement from the prior period. Gross margin declined 6% due to the lower rand oil price and chemical pricing pressure, partially offset by stronger refining margins and higher sales volumes. EBIT decreased 52%, which Bruns said was mainly driven by non-cash remeasurement items, including impairments of ZAR 7.8 billion (vs. ZAR 5.7 billion in the prior year). He said the current period included: ZAR 3.0 billion impairment related to the Secunda Liquid Fuels Refinery (which he said is now fully impaired), with recoverable amount improved through management actions but impacted by lower forecast price assumptions and a stronger exchange rate. ZAR 3.9 billion impairment on the Mozambican PSA gas development, reflecting the revised production profile and stronger rand-dollar exchange rate. ZAR 500 million impairment of Sasol’s equity-accounted investment in the CTT Gas-to-Power project due to startup delays and a higher end-of-job cost estimate. Bruns also said mining EBITDA was lower, largely due to the phaseout of export coal sales, partly offset by redirecting volumes to Secunda and income from leasing Richards Bay Coal Terminal (RBCT) capacity. In Q&A, management said leasing the entitlement generated about “ZAR 500 million, give or take,” and that it was leased to more than one operator. Sasol reported net debt of $3.8 billion at the half, with Bruns saying the company remains on track to achieve net debt below $3.7 billion by year-end, supported by expected higher second-half cash generation and working capital unwind. He said Sasol’s longer-term path remains to reach the $3 billion net debt level that triggers dividends, but given the macro outlook, that target will “likely be achieved in FY 2028.” Bruns also said liquidity headroom exceeds $4 billion. Bruns said Sasol completed its FY 2026 hedging program and has begun FY 2027 hedging. For the second half of FY 2026, he said oil price risk is hedged at an effective cover ratio of 55%-60% with an average floor around $59 per barrel, and 25%-30% of rand/U.S. dollar exposure is hedged, primarily through zero-cost collars in a ZAR 18 to ZAR 22 range. In Q&A, he said Sasol has broadened the instruments used, including put spreads and “butterflies,” to balance protection, cost, and upside participation. In International Chemicals, Baloyi said a “reset” is progressing but markets are “tougher than we anticipated.” He said adjusted EBITDA increased 10% year-on-year despite challenging markets, supported by early benefits from self-help measures, but the company revised full-year adjusted EBITDA guidance from the prior range of $375 million to $450 million and revised margin outlook to 8% to 10%. EVP Antje Gerber said Europe remains a challenging environment due to weak demand, overcapacity, high and volatile energy costs, and regulatory complexity. She said Sasol is operating on a “value over volume” basis, emphasizing specialty and contracted positions, and that “Europe must perform on its own merits.” Gerber also said Sasol remains confident in its FY 2028 International Chemicals EBITDA target of $750 million to $850 million, noting that management expects two-thirds of the improvement to come from self-help measures rather than market recovery assumptions. Baloyi said Sasol’s decarbonization approach remains “pragmatic and value accretive,” and that the company will scale solutions in line with market demand. He said Sasol secured an additional 300 MW of renewable energy (a solar and battery storage project reaching financial close and expected online in 2028), bringing contracted renewables to more than 1.2 GW in South Africa toward a 2 GW target by 2030. Management said 180 MW is operational and 740 MW is under construction, and that Sasol received a renewable energy trading license from NERSA in December 2025. Baloyi said Sasol has contracted approximately 9 million tons of carbon offsets over the next three years, covering around 60% of offset requirements, and that following a renewable diesel pilot at Natref, certification is nearing completion and planned for the second half. Management also highlighted a EUR 350 million grant secured in January by Zaffra, Sasol’s joint venture with Topsoe, for an eSAF project in Germany. In Q&A, Sasol said the project is designed as a “small plant” of about 2,000 barrels per day, translating to around 40,000 tons of sustainable aviation fuel, with first production expected around 2030, subject to progressing feasibility work and securing offtakes before a final investment decision. Sasol Limited is an integrated energy and chemical company headquartered in Johannesburg, South Africa. The company's core operations encompass the conversion of natural gas, coal and heavy hydrocarbons into liquid fuels and a wide array of chemical products. Sasol leverages proprietary Fischer-Tropsch and gas-to-liquids (GTL) technologies to deliver cleaner-burning diesel, jet fuel and naphtha, alongside solvents, surfactants and specialty polymers for industrial and consumer applications. In addition to its GTL business, Sasol operates downstream facilities for the manufacture of alpha olefins, ethylene, propylene and other base-chemical intermediates. The article "Sasol H1 Earnings Call Highlights" was originally published by MarketBeat.