Slides
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Copyright ©, 2026, Sasol SASOL LIMITED Interim Financial Results 23 February 2026
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2Copyright ©, 2026, Sasol AGENDA Q&A Business overview Financial performance Strategic update Simon Baloyi Simon Baloyi Walt Bruns Strengthen our foundation Grow and Transform
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3Copyright ©, 2026, Sasol 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 presentation have not been reviewed or reported on by Sasol's auditors. Comprehensive additional information is available on our website: www.sasol.com Disclaimer - Forward-looking statements These statements may also relate to our future prospects, expectations, developments and business strategies
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4Copyright ©, 2025, Sasol 44 Copyright ©, 2026, Sasol BUSINESS OVERVIEW ◎ Simon Baloyi President and Chief Executive Officer Strengthen our foundation
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5Copyright ©, 2026, Sasol Executing on CMD plans to build resilience. Strengthening of the foundation business prioritised What you will hear today | Progress through disciplined delivery Improved safety leading indicators Consistent operational improvements in Southern Africa International Chemicals reset progressing Delivering positive free cash flow Advancing our Grow and Transform strategy
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6Copyright ©, 2025, Sasol CMD commitments | HY26 progress against FY26 targets Destoning plant Beneficial Operations reached end Dec ‘25 Destoning BO by end Dec ‘25 SA brent oil breakeven1 US$53/bbl SO volumes of 7,0 - 7,2mt Secunda volumes 3,7mt Improved gasifier availability Breakeven between US$55 - 60/bbl International Chemicals US$178m Adj EBITDA 8% Adj EBITDA margin Adj EBITDA US$450 - 550m; 10 - 13% margin Net debt3 US$3,8bn Net debt <US$3,7bn Emission Reduction Roadmap >1 200MW Renewable energy 2GW RE by 2030 - 1. Breakeven for Southern Africa integrated value chain, including sustenance capital 2. FY26 target revised to: Adjusted EBITDA: US$375 – 450m ; Adjusted EBITDA margin: 8 -10% 3. Net debt excluding lease liabilities. FY26 target: FY26 target: FY26 target2: FY26 target: FY26 target: FY26 target: -
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7Copyright ©, 2026, Sasol Safety | Reinforcing safer behaviours in everyday work Learnings shared across the Business Major FER’s 0 FY25: 0 Fatalities1 1 FY25: 1 Hospitalisations 26 FY25: 65 Lost Workday Cases 42 FY25: 95 1. Fatality occurred on 30 September 2025 Visible felt leadership and targeted initiatives Capability building and continuous improvement Intensified improvement of process safety performance Enhanced through clear roles and responsibilities Accountable leadership Embed safety culture Process Safety Management Service provider safety FY26 Focus Areas
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8Copyright ©, 2026, Sasol HY26 financial highlights | Challenging macros, but solid progress on controllables Adjusted EBITDA R21bn ▼ 12% Energy and chemicals pricing pressure persists Stronger Rand/USD exchange rate Higher production volumes Strong cost and capital control Cash fixed cost R34bn ▼ 2% Capital expenditure R8,5bn ▼ 43% Free cash flow1 R0,8bn ▲ >100% 1. Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals
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9Copyright ©, 2026, Sasol Mining | Successful Destoning start-up delivering stronger SA value chain performance FY26 H2 FOCUS AREAS Progressing other quality improvement initiatives Increase own production and reduce external purchases Improve cost competitiveness Sinks target: 12 - 14% Destoning BO on time Dec 2025 Capital in line with budget of <R1bn R0,7bn as at 31 Dec 25 Coal quality improved ~12% average YTD sinks All sections operational FY26 production tracking 28 - 30mt Richards Bay Coal Terminal Entitlement leased
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10Copyright ©, 2026, Sasol Gas value chain | Near-term continuity with longer-term optionality 1. Petroleum Production Agreement license in Mozambique 2. Central Térmica de Temane gas-to-power plant ▪ PPA1 decline tracking to plan ▪ Plateau extension projects progressing well ▪ CTT² project delay, largely mitigated through approved gas to SA ▪ PSA BO expected during H2 FY26 with revised volume profiles EXTEND SUPPLY AGGREGATE LNG GAS BRIDGE ▪ Strategic partnerships in Gas-to- Power ▪ LNG infrastructure optionality ▪ Regulatory and stakeholder engagements ongoing ▪ MRG bridging solution on track to extend gas supply beyond plateau decline ▪ Pricing application submitted to NERSA ▪ Customer engagements in progress for commercial and technical terms
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11Copyright ©, 2026, Sasol Southern Africa Business | Strong operational performance unlocking value HY26 DELIVERY FY26 H2 FOCUS AREAS ▪ Strong SO volumes; improved gasifier and equipment availability ▪ Improved Natref performance ▪ 3rd low-carbon boiler commissioned at Natref ▪ Ongoing gasifier maintenance initiatives to support SO volume delivery ▪ Maintain Natref operational reliability ▪ Continued cost reduction initiatives ▪ Increased placement into higher-margin fuels channels ▪ Higher fuels sales volumes following increased Natref capacity ▪ Increased chemicals sales volumes; lower chemical basket price ▪ Leverage increased Natref volumes to maximise product placement ▪ Ramp up chemicals sales volumes ▪ Maintain chemicals pricing at or above market benchmarks SA operations Marketing and sales 7,0 - 7,2mt SO production US$55 - 60/bbl breakeven1 FY26 TARGET US$53/bbl breakeven1 HY26 DELIVERY 3,7mt SO production ▲ 10% vs PY 1. Breakeven for Southern Africa integrated value chain, including first order capital
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12Copyright ©, 2026, Sasol Adj EBITDA US$375 - 450m Adj EBITDA Margin 8 - 10% FY26 REVISED TARGET Adj EBITDA US$178m ▲ 10% vs PY Adj EBITDA Margin 8% HY26 DELIVERY ▪ Accelerate commercial excellence initiatives and improved go-to- market model n H2 ▪ Complete cleaning activities of the mothballed assets ▪ Maintain asset availability ▪ Continued capital optimisation ▪ Continue procurement and operational excellence programmes International Chemicals | Cost reduction initiatives supporting improved earnings Market focus Asset optimisation Cost discipline ▪ Market conditions remain challenging ▪ Commercial excellence initiatives progressed ▪ CFC initiatives delivering 6% reduction vs PY ▪ Variable cost optimisation through procurement initiatives Building on progress to deliver further improvements HY26 DELIVERYFY26 H2 FOCUS AREAS ▪ Closure/mothballing of the announced assets completed
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13Copyright ©, 2026, Sasol We actively invest in our communities to uplift the lives of our people Sasol’s social and economic contribution | Creating value for people and communities 17 000 learners and teachers and 30 college students supported through vocational skills development programmes >R215 million invested globally in various socio-economic development programs >4 300 hours volunteered by employees through ‘Sasol For Good’ Health Centres in Mozambique upgraded, benefitting >25 000 community members Continued support of sport in SA through sponsorships
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14Copyright ©, 2025, Sasol 1414 Copyright ©, 2026, Sasol FINANCIAL PERFORMANCE ◎ Walt Bruns Group Chief Financial Officer Strengthen our foundation
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15Copyright ©, 2026, Sasol Macro environment | Volatility and uncertainty persists HY26 vs HY25 Rand crude oil 1 154 R/bbl ▼17% Refining margin1 16,56 US$/bbl ▲ >100% US ethylene margin2 21 US$c/lb ▼ 17% Chemicals basket price1 1 241 US$/ton ▼ 3% 1. Sasol achieved price 2. US Ethylene feedstock margin based on Chemical Market Analytics (CMA) data ▪ Brent crude prices lower Weaker global demand, rising supply and ongoing geopolitical risk ▪ ZAR/USD strengthened Weaker USD and improving SA outlook ▪ Refining margin significantly stronger Improved international product cracks and stronger Natref operations ▪ US ethylene margin declined Softer prices, overcapacity, high inventories, soft demand, and rising ethane costs ▪ Chemicals basket pricing remains subdued Capacity overhang and weak demand
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16Copyright ©, 2026, Sasol FOCUS AREASDELIVERY Sasol’s response | Strengthening resilience through focused management actions Sustained volume delivery Channel optimisation 3% higher sales volumes Improved mix into higher-margin channelsIncrease sales volumes H1 H2 Continued cost control2% lower cash fixed costStrong cost control Capital guidance revised ▼ R2bn Working capital reduction 43% lower capital through optimisation Higher working capital Disciplined capital & working capital management Strengthen balance sheet through continued deleveraging>US$4bn available liquidity Balance sheet resilience Complete FY27 programme at optimal cost FY26 hedging completed; FY27 hedging progressing Proactive hedging
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17Copyright ©, 2025, Sasol Hedging programme | Protecting downside risk FY26 H2 hedge book in place Protecting cash generation and strengthening resilience in a volatile macro environment Hedging largely mitigating the impact of stronger R/US$ exchange rate 25% - 30% R/US$ HCR1 55% - 65% oil HCR1Robust hedge cover FY26 hedging completed FY27 hedging ongoing ▪ Oil >45% completed ▪ R/US$ >10% completed Execution progress Optimise risk reduction while maintaining sufficient downside protection Broader mix of instruments 1. Hedge cover ratio Oil price floor achieved at ~US$59/bbl R/US$ average collar range ~R18 - R22
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18Copyright ©, 2025, Sasol Disciplined capital allocation | Deleveraging the Balance Sheet Maintain safe and reliable operations Selective growth and transform Net debt1 sustainably <US$3bn 30% of FCF2 as dividend Further debt reduction Larger growth and transform Additional shareholder returns 2nd order allocation 1st order allocation 1. Excluding lease liabilities 2. Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals Net debt target 4,6 4,4 3,8 4,1 3,7 <3,7 2,0 3,0 4,0 5,0 FY24 FY25 FY26 FY28 Net debt US$ bn <US$3bn H1 H2 Gross debt US$5,6bn ▼9% vs PY Deleveraging progress despite macro headwinds Capital optimisation enhancing cash flow Higher ZAR debt mix ▲ to 12% from 6%
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19Copyright ©, 2026, Sasol Group Financials | Positive free cash flow delivery HY26 Rm HY25 Rm % Turnover 122 387 122 102 - Gross margin 51 089 54 315 6▼ Gross margin % 42 45 3▼ Cash fixed cost (34 322) (35 175) 2▼ Adjusted EBITDA 21 006 23 949 12▼ Remeasurement items (7 926) (6 205) 28▲ Earnings before interest and tax (R) 4 619 9 533 52▼ Basic earnings per share (R) 0,38 7,22 95▼ Headline earnings per share (R) 9,27 14,13 34▼ Capital expenditure 8 495 15 007 43▼ Net trading working capital %2 16,1% 16,2% - Free cash flow1 794 (1 296) >100▲ Free cash flow improvement ▪ Positive free cash flow delivered for 1st time in 4 years Gross margin impacted by ▪ 17% decline in rand oil price, constrained chemical pricing and higher variable cost, partly offset by 3% higher sales volumes and stronger refining margins Cost and capital lower ▪ Cash fixed cost and capital spend lower, driven by ongoing optimisation initiatives amid macro pressure Non-cash items includes ▪ Impairment on Secunda liquid fuels refinery CGU of R3bn and Mozambique development of R4,4bn Dividend ▪ Net debt (excluding leases) > US$3bn (dividend trigger) 1. Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals 2. Working capital % as at 31 December 2025
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20Copyright ©, 2026, Sasol Adjusted EBITDA Segmental Performance | Portfolio balance through the cycle 16,5 3,1 (16%) (84%) Adjusted EBITDA1 R24bn HY26HY25 Business Contribution Adjusted EBITDA1 R21bn International Chemicals R2,1bn ▼ 3% Lower ethylene margins, partially offset by higher volumes Chemicals America R2,8bn ▼ 12% Phase out of export coal sales, partially offset by higher internal sales Mining R4,0bn ▼ 19% Stronger R/US$ exchange rate and lower volumes Gas R6,5bn ▲ 16% Higher margins and volumes Fuels R3,3bn ▼ 45% Lower prices, and stronger R/US$ exchange rate Chemicals Africa R1,0bn ▲ 33% Improved margins driven by “Value over volume" strategy Chemicals Eurasia Southern Africa Energy and Chemicals International Chemicals 1. Includes the Corporate Centre EBITDA profit/(loss) in HY26 and HY25 Southern Africa 19,7 2,9 (13%) (87%)
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21Copyright ©, 2026, Sasol OUR FOCUS IS CLEAR FY26 Outlook | Driving performance to deliver value Capital expenditure2 R22 - 24bn3 Net Debt4 <US$3,7bn Risk Management Complete FY27 hedging Volumes Deliver in line with targets Cash fixed cost Managed below inflation Working capital1 15,5 - 16,5% 1. 12-month rolling average net trading working capital percentage to turnover; Working capital % as at 31 December was 16,1% 2. Maintain and selective growth and transform capital 3. FY26 target revised from R24 – 26bn 4. Net debt excluding lease liabilities Improve cash generation through the cycle Allocate capital with discipline Deleverage the balance sheet Proactively manage risk
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22Copyright ©, 2025, Sasol 2222 Copyright ©, 2026, Sasol STRATEGIC UPDATE ◎ Simon Baloyi President and Chief Executive Officer Grow and Transform
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23Copyright ©, 2026, Sasol Grow and Transform strategy | Continued execution in SA 1. Through PPA’s and self-build; Partially procured with Air Liquide RENEWABLE ENERGY >1 200MW secured in SA1 against target of 2GW CARBON OFFSETS ~9mt contracted over 3 years RENEWABLE DIESEL Certification Near completion Planned for H2 Capital discipline Value-accretive capital allocation Market alignment Anchored in customer demand Operational fit Leverages existing assets and capabilities Scalability Flexible pathways as markets mature
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24Copyright ©, 2026, Sasol Renewables in focus | From strategy to delivery 330MW 3MW 98MW 10MW 69MW 50MW 140MW 120MW 180 MW Operational 740 MW In construction 1. Partially procured with Air Liquide 2. Battery Energy Storage System 3. An additional ~1GW of renewables contracted by FY28, on top of 757MW as at the May 2025 CMD Energy trading license awarded Additional 300MW RE secured1 Diversified technology mix across solar PV, battery storage2 and wind ~2 GW RE by FY30Ampli JV operational Customers oversubscribed 300 MW Financial close 300MW2 Add. ~1 GW3 RE contracted by FY28 100MW CMD targets:
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25Copyright ©, 2026, Sasol Driving long-term value | Sasol beyond 2028 Zero harm commitment Sustainability integrated Cost competitive Shareholder returns focus Coal feedstock Gas value chain Carbon Tax International Chemicals New sustainable businesses Long-term supply options progressing, with confirmation targeted by FY28 MRG bridging solution and LNG options progressing Allowances in place to 2030; Carbon tax recycling progressing Positioning the business for future value unlock RE trading license obtained; €350 million Grant secured for e-SAF plant in Germany
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26Copyright ©, 2026, Sasol THANK YOU Q&A Session to follow
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27Copyright ©, 2026, Sasol ADDENDUM
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28Copyright ©, 2026, Sasol Positive momentum through leadership led assurance across teams ▪ Improved collaboration with service providers driving lower injury severity 1 tragic fatality on 30 September 2025 at Mining HY26 safety data OCCUPATIONAL SAFETY 0 0,1 0,2 0,3 0,4 0 20 40 60 80 100 120 FY23 FY24 FY25 HY26 RCR Fatalities, LWDC, Hospitalisations Fatalities LWDC Hospitalisations RCR
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29Copyright ©, 2026, Sasol Group Financials | HY26 vs HY25 EBIT variance by business driver Free cash flow² bridge (1,3) 6,6 0,8 (5,4) (0,6) 0,3 1,5 0,4 - Dec HY25 Actual Cash from operations Movement in working capital Finance cost, net Tax paid 1st order capital & selective growth Dividends received Dec HY26 Actual Rand billion 1. HY26 impairments of R7,8bn includes mainly the SA value chain of R3bn and PSA of R3,9bn; HY25 impairments of R6bn includes ma inly the SA value chain of R5,bn. 2. Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals 9,5 4,6 2,6 2,9 0,3 1,2 0,9 1,7 0,1 0,1 1,7 Dec HY25 Exchange rates Crude oil Unit margins Sales volumes Inflation Cash fixed cost Translation, once-off and other Non-cash cost and depreciation Remeasurement Items¹ Dec HY26 Rand billion Non-cash
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30Copyright ©, 2026, Sasol FY26 Outlook GroupMining Gas Fuels Chemicals Africa International Chemicals Sales volumes 0 - 5% higher then PY Secunda production 7,0 - 7,2mt Fuels sales volumes 5 - 10% higher than PY [Previous 0 - 3% higher] Gas production 0 - 5% lower than PY [Previous 0 - 10% higher] Mining saleable production 28 - 30mt Coal quality: Sinks 12 - 14% Total cost per sales ton R700 - R750/ton SA oil breakeven1: US$55 - 60/bbl CFC Below inflation Capital2 R22 - 24bn [Previous R24 - 26bn] Net debt3 <US$3,7bn Working capital4 15,5 - 16,5% Adjusted EBITDA US$375 - 450m [Previous US$450 – 550m] Adjusted EBITDA margin 8 - 10% [Previous 10 - 13%] 1. Breakeven for Southern Africa integrated value chain, including first order capital 2. Maintain and selective growth and transform capital 3. Net debt excluding lease liabilities 4. Net trading working capital to turnover (12-month rolling average)
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31Copyright ©, 2026, Sasol Abbreviations and definitions Adjusted EBITDA is calculated by adjusting EBIT for depreciation, amortisation, share-based payments, remeasurement items, change in discount rates of our rehabilitation provisions, all unrealised translation gains and losses and all unrealised gains and losses on our derivatives and hedging activities. Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals. * All variances disclosed are in comparison between the half year of 2026 and the half year of 2025 ADR American Depositary Receipts MRG Methane rich gas BO Beneficial Operation Mt million tons CFC Cash fixed cost MW Megawatt CGU Cash generating unit NERSA The National Energy Regulator of South Africa CMA Chemical Market Analytics NYSE New York Stock Exchange CMD Capital markets Day PPA Petroleum Production Agreement CTT Central Térmica de Temane PSA Production Sharing Agreement EBITDA Earnings before interest, tax, depreciation and amortisation RCR Recordable case rate FERs Fires’ explosions and releases RE Renewable energy GW Gigawatt SA South Africa JSE Johannesburg Stock Exchange SO Secunda Operations LNG Liquefied natural gas VC Variable cost LWDC Lost work day cases
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32Copyright ©, 2026, Sasol Additional information ORDINARY SHARE ▪ JSE: SOL ▪ ISIN: ZAE000006896 ADR ▪ NYSE: SSL ▪ ISIN: US8038663006 ▪ Cusip: US8038663006 ▪ Ratio DR:ORD – 1:1 ▪ Depositary Bank: JP Morgan Depositary Receipts +27 10 344 9280 investor.relations@sasol.com +27 71 600 9605 alex.anderson@sasol.com Investor Relations Media
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33Copyright ©, 2026, Sasol