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Business Performance Metrics For The Three Months Ended 30 September 2025
Sasol Limited
(Incorporated in the Republic of South Africa)
(Registration number 1979/003231/06)
Sasol Ordinary Share codes: JSE: SOL NYSE: SSL
Sasol Ordinary ISIN codes: ZAE000006896 US8038663006
Sasol BEE Ordinary Share code: JSE: SOLBE1
Sasol BEE Ordinary ISIN code: ZAE000151817
(Sasol, the Company, Equity issuer)
Sasol Financing Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/019838/06)
Company code: SFIE
LEI: 378900A5BC68CC18C276
(Sasol Financing, Debt issuer)
BUSINESS PERFORMANCE METRICS FOR THE THREE MONTHS ENDED 30 SEPTEMBER
2025
Sasol has published its business performance metrics for the three months ended 30 September
2025 on the Company´s website at www.sasol.com, under the Investor Centre section:
https://www.sasol.com/investor-centre/financial-results.
We continue to make solid progress on the delivery of our Capital Market's Day (CMD) plans to
strengthen our foundation business and position Sasol to remain resilient amid ongoing macro
volatility, global tariffs and geopolitical tensions.
Safety
Safety remains our foremost value, and we are firmly committed to improving our safety
performance to ensure everyone returns home safely. Mining recorded its first fatality-free
financial year in 2025, a milestone that demonstrates meaningful progress. However we
regrettably experienced a fatality at the Thubelisha Colliery in September 2025, and the
investigation is underway to determine the cause and ensure learnings are implemented to
prevent a recurrence of this tragic incident.
Business performance
In the Southern Africa business, the ramp-up of the destoning plant is progressing to plan,
resulting in average sinks for Q1 FY26 reducing below 14%, which has enabled the phased
start-up of the previously closed low coal quality sections and increased coal production for the
quarter. The successful destoning commissioning activities led to improved coal quality which,
together with improved equipment availability at Secunda Operations (SO), resulted in higher
SO production for the quarter.
In addition, both Natref and Sasolburg delivered improved operational performance. Overall
sales volumes for Fuels were higher while volumes in the higher-margin mobility channel
continued to grow in line with our sales mix optimisation strategy. Chemicals Africa sales
volumes were in line with prior year and quarter but revenue was lower due to lower sales
prices associated with persistent market softness.
In the International Chemicals business, revenue increased in Q1 FY26 compared to the
previous quarter. This improvement was driven by our self-help margin optimisation initiatives
and supported by higher sales volumes in the US and stronger pricing in Eurasia, underpinned
by stronger Palm Kernel Oil (PKO) prices. This was partly offset by lower average sales prices
in the US due to weaker Base Chemicals pricing and product mix. Revenue and adjusted
EBITDA were significantly higher compared to Q1 FY25, reflecting improved unit margins and
the continued execution of our commercial and operational excellence initiatives.
Business updates
Strengthen the foundation business:
• As mentioned previously, Sasol was informed in July that State Oil Limited, the UK
parent company of Prax South Africa (Pty) Limited (Prax SA), which owns a minority
stake in the Natref refinery, was placed under administration. On 22 October 2025,
Sasol received a notice confirming that Prax SA has filed for business rescue and
business rescue practitioners have been appointed. Sasol has undertaken measures to
ensure the Natref refinery operations continue, and supply of products remains
uninterrupted. Sasol will liaise with the business rescue practitioners and other
stakeholders with the aim to maintain Natref operational continuity.
• The previously communicated mothballing/closure of certain plants is progressing to
plan. Clean-up activities have been completed for the Alkylphenol plant in Marl
(Germany) and the Guerbet plant in Lake Charles (US) while production at the
Phenolics plants in Texas (US) and the HF LAB plant in Augusta (Italy) has been
stopped in Q1 FY26.
Grow and Transform:
• In Q1 FY26, the second of three new low-carbon boilers at Natref was successfully
commissioned, further improving steam reliability and supporting our decarbonisation
objectives. The third boiler is expected to be online in Q2 FY26.
Outlook
Performance across all our business segments remains within market guidance, and we are
making good progress towards delivering on our FY26 financial targets.
Specifically, the Southern Africa value chain breakeven oil price for Q1 FY26 is in line with our
market guidance of US$55 - 60/bbl, supported by higher production volumes, disciplined cost
and capital management. International Chemicals is on track to meet the adjusted EBITDA
target of US$450 - 550 million.
Despite good progress in delivering against our operating targets, we continue to face macro-
economic headwinds, including recent tariff changes, which are impacting financial
performance. As global markets adjust to tariff changes, we are actively assessing potential
impacts on our operations, supply chain and pricing strategies, and are engaging with industry
partners and policymakers to mitigate impacts.
We remain focused on what is within our control and delivering on our CMD plans.
23 October 2025
Sandton
Equity Sponsor
Merrill Lynch South Africa Proprietary Limited t/a BofA Securities
Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited
Disclaimer- Forward-Looking Statements
Sasol may, in this document, make certain statements that are not historical facts that relate to
analyses and other information which are based on forecasts of future results and estimates of
amounts not yet determinable. These statements may also relate to our future prospects,
expectations, developments and business strategies. Words such as "believe", "anticipate",
"expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and
"project" and similar expressions are intended to identify such forward-looking statements but are
not the exclusive means of identifying such statements. By their very nature, forward-looking
statements involve inherent risks and uncertainties, both general and specific, and there are risks
that the predictions, forecasts, projections and other forward-looking statements will not be
achieved. If one or more of these risks materialise, or should underlying assumptions prove
incorrect, our actual results may differ materially from those anticipated. You should understand
that a number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in such forward-looking statements.
These factors are discussed more fully in our most recent annual report on Form 20-F filed on 29
August 2025 and in other filings with the United States Securities and Exchange Commission.
The list of factors discussed therein is not exhaustive; when relying on forward-looking
statements to make investment decisions, you should carefully consider both these factors and
other uncertainties and events, and you should not place undue reliance on forward-looking
statements. Forward-looking statements apply only as of the date on which they are made and
we do not undertake any obligation to update or revise any of them, whether as a result of new
information, future events or otherwise. Forward looking statements, financial information and
targets included in this statement have not been reviewed or reported on by Sasol's auditors.
Date: 23-10-2025 07:05:00
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