Earnings release
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 1
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 2 OVERVIEW During the quarter, the business remained focused on stable and reliable operational performance, while reinforcing the importance of safety in everything that we do. Progress was made on key Capital Market Day priorities, with discipline and delivery maintained on factors within our control amid a challenging and uncertain macroeconomic environment. Safety Safety remains our foremost value and we are pleased to report that Q2 FY26 was fatality-free. Learnings from the fatality at Mining in Q1 FY26 are being embedded, with continued efforts to strengthen the safety culture across our business and ensure every employee returns home safely. Business performance In the Southern Africa business, the destoning plant reached beneficial operation (BO) in December 2025, marking an important milestone in improving coal quality. Ramp-up is progressing, with average sinks now tracking the lower end of the 12% -14% guidance range. Given the progress on destoning, all previously closed low-quality mining sections are now fully operational. This, together with improved gasifier and equipment availability at Secunda Operations (SO), supported higher SO production during the quarter. Gas supply from Mozambique was lower compared to the previous quarter, mainly resulting from the expected natural decline from our Petroleum Production Agreement (PPA) asset. Improvements are expected in FY26 H2 as the Production Sharing Agreement (PSA) ramps up. Gas and coal supply continue to be managed on an integrated basis to support reliable SO operations and value optimisation. Natref delivered improved production performance during the quarter, further supported by additional volumes from Sasol’s utilisation of the Prax South Africa (Pty) Limited (Prax SA) shareholding capacity. Stronger SO and Natref operations supported higher fuels sales volumes and the continued placement of product in higher-margin channels in line with our strategy. Chemicals market conditions remained soft across all regions, resulting in lower revenue. In Chemicals Africa, sales volumes increased compared to the previous quarter, supported by operational improvements with a continued ramp up in sales volumes in the next half. In the International Chemicals business, lower US ethylene and Palm Kernel Oil (PKO) pricing and lower volumes weighed on revenue for the quarter. The Louisiana Integrated Polyethylene JV LLC (LIP JV) cracker experienced an extended outage in Q2 FY26. The plant was successfully restarted at the end of December 2025. Our self-help measures continued to deliver benefits, which led to lower costs and capital expenditure. We continue to hedge our exposure to oil prices and currency movements. Given the prevailing market conditions, a broader range of hedging instruments has been utilised to maintain downside protection. Business updates Strengthen the foundation business: As previously communicated, Sasol received notice in October 2025 that Prax SA filed for business rescue. As agreed with the business rescue practitioners, Sasol continues to operate the Natref refinery, utilising available Prax SA capacity, with product supply remaining uninterrupted. The previously communicated mothballing and closure programme in our International Chemicals business is progressing to plan. Grow and Transform: In Q2 FY26, the third and final new low-carbon boiler at Natref was successfully commissioned, improving steam and operational reliability while supporting our decarbonisation objectives. In November 2025, the National Energy Regulator of South Africa approved Sasol’s electricity trading license application (trading as Nomusize (Pty) Ltd), supporting our integrated power business objectives. Outlook Fuel sales volumes for FY26 have been revised upward from 0 - 3% higher than FY25 to 5 - 10% higher, supported by the improved Natref performance. Gas production volumes have been revised down from 0 – 10% above FY25 to 0 - 5% below FY25 due to PSA and Central Térmica de Temane (CTT) delays, as well as lower internal and external demand. Performance across the rest of the portfolio remains in line with market guidance. Looking ahead, the operating environment is expected to remain challenging, given heightened geopolitical tensions, evolving global trade dynamics and continued softness in certain end markets impacting financial performance. We remain focused on what is within our control and responding proactively to changes in the operating environment.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 3 Mining The destoning plant reached BO in December 2025, and all previously closed low-quality sections are now operational. Processing coal through the destoning plant resulted in improved coal quality and lower external purchases. Saleable production decreased by 6% compared to the previous quarter, mainly due to production challenges and higher discards resulting from the destoning process. Saleable production for H1 FY26 was 7% lower than H1 FY25, further impacted by low-quality sections that were temporarily closed in Q3 FY25. We expect saleable production for FY26 to remain within our market guidance of 28 – 30mm tons. External purchases of 4,9 mm tons were required in H1 FY26 to balance lower own production and support increased coal consumption at SO. External purchases are expected to reduce in H2 as the destoning plant and previously closed low-quality sections ramp up. Sinks improved in Q2 FY26 compared to the previous quarter and are now tracking toward the lower end of the average 12% - 14% market guidance range. Cost per sales ton for Q2 FY26 remains within market guidance of R700 – R750 per ton. % change Quarter 2 Quarter 1 % change YTD Dec YTD Dec Full year Q2 vs Q1 2026 2026 2026 vs 2025 2026 2025 2025 Saleable production¹ mm tons (6) 6,8 7,2 (7) 14,0 15,0 28,2 External purchases mm tons (19) 2,2 2,7 (6) 4,9 5,2 10,0 Internal sales² mm tons 5 9,7 9,2 4 18,9 18,1 35,3 External sales mm tons (100) - 0,1 (90) 0,1 1,0 2,3 1 Saleable production represents total production adjusted for normal process discard arising from the coal beneficiation (Destoning) process 2 FY26 split between Fuels and Chemicals is 60% and 40% respectively Gas In Mozambique, Q2 FY26 gas production was 4% lower than the previous quarter and 4% lower in H1 FY26 compared to H1 FY25, driven mainly by the expected natural decline in producing wells from our PPA asset. This was partially offset by an increasing contribution from the PSA, albeit lower than plan. External gas sales in South Africa for Q2 FY26 were 12% lower than the previous quarter mainly due to lower customer demand resulting from business closure and seasonal closures in December 2025. Internal demand was also lower due to increased pure gas production from coal at SO during H1 FY26. Combined gas production volumes from the PPA and PSA license areas in Mozambique for FY26 has been revised to 0 - 5% below FY25 from 0 – 10% above FY25, mainly due to PSA and CTT project-related delays and reduced demand. % change Quarter 2 Quarter 1 % change YTD Dec YTD Dec Full year Q2 vs Q1 2026 2026 2026 vs 2025 2026 2025 2025 Natural gas production¹ bscf (4) 29,0 30,1 (4) 59,1 61,6 122,2 Natural gas external purchases² bscf (9) 8,6 9,4 (11) 18,0 20,3 40,3 External sales Natural gas and MRG – SA bscf (12) 13,4 15,2 (6) 28,6 30,4 60,3 Natural gas - Mozambique bscf 2 4,2 4,1 1 8,3 8,2 16,5 Condensate - Mozambique³ m bbl 37 116,2 85,0 66 201,2 121,5 260,2 Internal natural gas consumption4 bscf (6) 24,5 26,0 (9) 50,5 55,5 109,7 1 Sasol’s share of PPA and PSA is 70% and 100% respectively. FY26 YTD production volumes comprise 81% PPA and 19% PSA. 2 Comprises volumes purchased from third parties (30% shareholding of our PPA asset). 3 Sales for Q2 FY26 were 37% higher than Q1 FY26 and YTD Dec FY26 was 66% higher than YTD Dec FY25 due to higher production from the liquid rich Temane fields and PSA wells. 4 Includes volumes purchased from third parties. FY26 YTD split between Fuels and Chemicals is 38% and 62% respectively.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 4 Fuels SO production in Q2 FY26 increased by 6% compared to the previous quarter benefiting from improved gasifier and overall equipment availability as well as better coal quality from the destoning plant. Production in H1 FY26 was 10% higher than H1 FY25 which included a phase shutdown in September 2024. Production volumes for FY26 are still expected to be between 7,0 – 7,2 mm tons. Natref delivered a strong production performance in Q2 FY26 increasing by 62% compared to the previous quarter largely attributable to Sasol utilising the Prax SA shareholding capacity in Q2 FY26 due to the ongoing business rescue process. H1 FY26 ended 28% higher than H1 FY25 further benefiting from improved operational reliability and the utilisation of additional capacity. ORYX GTL production in Q2 FY26 was in line with the previous quarter. However, production for H1 FY26 was 8% lower than H1 FY25 mainly due to unplanned outages. Liquid fuels sales volumes in Q2 FY26 were 27% higher than the previous quarter, and H1 FY26 was 12% higher than H1 FY25 mainly due to stronger production and increased sales in the higher margin Mobility and Commercial channels together with increased spot sales in the Wholesale channel. This performance reflects continued progress in optimising the sales mix towards higher margin channels. Given higher production at Natref, sales volumes for FY26 are now expected to be 5 - 10% higher than FY25, revised from 0 – 3% higher than FY25. External purchases were 59% lower in Q2 FY26 compared to the previous quarter following stronger performance at both SO and Natref. % change Quarter 2 Quarter 1 % change YTD Dec YTD Dec Full year Q2 vs Q1 2026 2026 2026 vs 2025 2026 2025 2025 Secunda Operations production¹ kt 6 1 881 1 780 10 3 661 3 336 6 721 Fuels² kt 5 913 869 10 1 782 1 622 3 293 Chemicals² kt 11 811 732 12 1 543 1 372 2 724 Other² kt (12) 157 179 (2) 336 342 704 Secunda Operations total refined mm bbl 4 7,6 7,3 10 14,9 13,5 27,6 Natref production3 mm bbl 62 6,8 4,2 28 11,0 8,6 14,7 ORYX GTL production mm bbl - 1,2 1,2 (8) 2,4 2,6 5,0 External purchases (white product) mm bbl (59) 0,7 1,7 4 2,4 2,3 8,5 Fuel sales mm bbl 27 15,6 12,3 12 27,9 24,9 50,9 Mobility mm bbl 4 2,7 2,6 6 5,3 5,0 9,9 Commercial4 mm bbl 19 7,4 6,2 13 13,6 12,0 23,7 Wholesale mm bbl 57 5,5 3,5 14 9,0 7,9 17,3 1 SO production volumes include chemical products transferred to Sasolburg Operations, which are further beneficiated and marke ted for the Chemicals Africa segment. 2 Fuels include white and black products. Chemicals include mainly solvents, polymers, comonomers, ammonia and derivatives. Oth er includes sulphur products and MRG. 3 Additional production volumes of 1,9 mmbbl from operating Natref at above Sasol’s shareholding of 63,64%. 4 Comprises Black product of approximately 12% in both Q2 FY26 and H1 FY26. Chemicals Africa Sales revenue in Q2 FY26 was 3% lower than the previous quarter and H1 FY26 was 3% lower than H1 FY25, mainly due to lower sales prices amid persistent market weakness. Sales volumes for Q2 FY26 and H1 FY26 were 2% higher than the previous quarter and H1 FY25 respectively, benefiting from higher production volumes. A ramp-up in sales volumes in H2 supports guidance for FY26 to remain 0 - 5% higher than FY25, noting the uncertainty surrounding the ongoing global tariff disputes and associated impact on volumes and prices. % change Quarter 2 Quarter 1 % change YTD Dec YTD Dec Full year Q2 vs Q1 2026 2026 2026 vs 2025 2026 2025 2025 External sales volumes Base Chemicals¹ kt - 722 725 5 1 447 1 382 2 751 Differentiated Chemicals kt 13 136 120 (10) 256 286 624 Total kt 2 858 845 2 1 703 1 668 3 375 External sales revenue US$m (3) 784 807 (3) 1 591 1 639 3 342 Average sales basket price US$/ton (4) 914 955 (5) 934 983 990 1 Includes South African Polymers sales YTD of 617kt (YTD FY25: 597kt) which represents 43% (YTD FY25: 43%) of the entire Base Chemicals business.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 5 Chemicals America Sales revenue in Q2 FY26 was 9% lower than the previous quarter, driven by lower volumes mainly in Differentiated Chemicals, and a lower average sales basket price. Sales revenue for H1 FY26 was slightly lower than H1 FY25 due to lower average sales basket price, despite higher volumes in Base Chemicals related to the East cracker outage in the prior year. Sales volumes in Q2 FY26 were 1% lower compared to the previous quarter, reflecting lower Differentiated Chemicals volumes due to weaker demand in the Care Chemicals business. The East Cracker operated above nameplate capacity for H1 FY26 while the LIP JV was impacted by an outage in Q2 FY26, with the unit successfully restarted at the end of December 2025. Sales volumes in H1 FY26 were 15% higher than H1 FY25, which included the East cracker outage. The average sales basket price in Q2 FY26 decreased by 8% compared to the previous quarter due to a combination of lower ethylene and polyethylene pricing in Base Chemicals and product mix in Differentiated Chemicals. Prices for H1 FY26 were 14% lower than H1 FY25 driven mainly by the impact of lower ethylene pricing and changes in product mix. % change Quarter 2 Quarter 1 % change YTD Dec YTD Dec Full year Q2 vs Q1 2026 2026 2026 vs 2025 2026 2025 2025 External sales volumes Base Chemicals¹ kt - 297 297 20 594 493 966 Differentiated Chemicals kt (4) 166 173 6 339 321 626 Total kt (1) 463 470 15 933 814 1 592 External sales revenue² US$m (9) 514 565 (1) 1 079 1 088 2 105 Average sales basket price US$/ton (8) 1 110 1 202 (14) 1 156 1 337 1 322 1 Includes US ethylene and co-products sales (YTD FY26: 307kt; YTD FY25: 243kt) and polyethylene sales (YTD FY26: 188kt; YTD FY25: 155kt). 2 Sales include annual revenue from kerosene in our alkylates business of US$40million that is sold back to third parties after paraffin is extracted. The sale back is recorded as revenue but is not included in sales volumes. Chemicals Eurasia Sales revenue in Q2 FY26 was 11% lower compared to the previous quarter driven by lower sales volumes and prices but 9% higher compared to H1 FY25 primarily due to higher prices, partly offset by lower sales volumes. Q1 FY26 sales volumes were 7% lower compared to previous quarter while H1 FY26 sales volumes were 5% lower than H1 FY25, driven by lower demand for selected product lines. We continue to prioritise value-over-volume. The average sales basket price in Q2 FY26 was lower than the previous quarter, mainly due to softer PKO pricing. It however improved by 14% compared to H1 FY25, supported by stronger PKO pricing, favorable exchange rates and our ongoing strategic sales initiatives. % change Quarter 2 Quarter 1 % change YTD Dec YTD Dec Full year Q2 vs Q1 2026 2026 2026 vs 2025 2026 2025 2025 External sales volumes Differentiated Chemicals kt (7) 228 244 (5) 472 495 990 Total kt (7) 228 244 (5) 472 495 990 External sales revenue¹ US$m (11) 561 629 9 1 190 1 096 2 315 Average sales basket price US$/ton (5) 2 461 2 578 14 2 521 2 214 2 338 1 Sales include minor annual revenue from kerosene in our alkylates business that is sold back to third parties after paraffin is extracted. The sale back is recorded as revenue but is not included in sales volumes.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 6 Supplementary Schedule - Total Chemicals % change YTD Dec YTD Dec Full year 2026 vs 2025 2026 2025 2025 Sales volumes Base Chemicals kt 9 2 041 1 875 3 717 Polymers1 kt 12 1 112 995 1 972 Solvents kt 1 345 341 718 Nitrates2 kt 14 253 221 445 Other3 kt 4 331 318 582 Differentiated Chemicals kt (3) 1 067 1 102 2 240 Total kt 4 3 108 2 977 5 957 % change YTD Dec YTD Dec Full year 2026 vs 2025 2026 2025 2025 Sales revenue across divisions Base Chemicals US$m (4) 1 584 1 653 3 222 Polymers1 US$m (2) 1 002 1 018 1 983 Solvents US$m (12) 356 405 827 Nitrates2 US$m 12 82 73 128 Other3 US$m (8) 144 157 284 Differentiated Chemicals US$m 5 2 276 2 170 4 540 Total US$m 1 3 860 3 823 7 762 Average sales basket price US$/ton (3) 1 242 1 284 1 303 1 Includes SA Polymers, US ethylene, co-products sales and US Polyethylene volumes sold by Equistar Chemicals LyondellBasell on behalf of Sasol. 2 Includes the sale of explosives products to Enaex Africa (Pty) Ltd and excludes sales of sulphur transferred to Energy Busine ss. 3 Includes sales of Ammonia, Specialty Gases, Methanol and EO/EG.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 7 Latest hedging overview as at 31 December 2025 YTD Dec² Q3 Q4 Q1 Q2 2026 2026 2026 2027 2027 Rand/US dollar currency - Zero-cost collar instruments¹ US$ exposure US$bn 1,87 0,43 0,43 0,15 – Open positions US$bn 1,01 0,43 0,43 0,15 – Settled US$bn 0,86 – – – – Average floor (open positions) R/US$ 17,91 17,92 18,11 17,28 – Average cap (open positions) R/US$ 21,49 21,50 21,74 20,73 – Realised gain recognised in the income statement Rm 69 Unrealised gain recognised in the income statement Rm 720 Financial asset included in the statement of financial position3 Rm 1 255 Rand/US dollar currency - Put options¹ Premium paid US$m 1,75 – – 1,75 – US$ exposure US$bn 0,05 – – 0,05 – Open positions US$bn 0,05 – – 0,05 – Settled US$bn – – – – – Average floor, gross of costs (open positions) R/US$ 17,40 – – 17,40 – Realised gain recognised in the income statement Rm – Unrealised gain recognised in the income statement Rm 17 Financial asset included in the statement of financial position3 Rm 45 Brent crude oil - Put options¹ Premium paid US$m 66,65 16,66 16,81 – – Number of barrels mm bbl 22,80 5,70 5,70 – – Open positions mm bbl 11,40 5,70 5,70 – – Settled mm bbl 11,40 – – – – Average Brent crude oil price floor, gross of costs (open positions) US$/bbl 59,00 59,00 59,00 – – Realised loss recognised in the income statement4 Rm (576) Unrealised loss recognised in the income statement Rm (39) Financial asset included in the statement of financial position³ Rm 415 Brent crude oil - Put spread options¹ Premium paid US$m 9,34 – – 9,34 – Number of barrels mm bbl 3,15 – – 3,15 – Open positions mm bbl 3,15 – – 3,15 – Settled mm bbl – – – – – Average Brent crude oil price floor, gross of costs (open positions) US$/bbl 59,00 – – 59,00 – Average Brent crude oil price cap, gross of costs (open positions) US$/bbl 41,29 – – 41,29 – Realised loss recognised in the income statement Rm – Unrealised gain recognised in the income statement Rm 50 Financial asset included in the statement of financial position³ Rm 203 Brent crude oil - Put with a Call spread options¹ Premium paid US$m 6,45 – – 6,45 – Number of barrels mm bbl 2,15 – – 2,15 – Open positions mm bbl 2,15 – – 2,15 – Settled mm bbl – – – – – Average Brent crude oil price floor, gross of costs (open positions) US$/bbl 59,00 – – 59,0 – Average Brent crude oil price cap, gross of costs (open positions)5 US$/bbl 76,42 – – 76,42 – Average Brent crude oil price cap limit, gross of costs (open positions)5 US$/bbl 86,42 – – 86,42 – Realised gain recognised in the income statement Rm – Unrealised gain recognised in the income statement Rm 26 Financial asset included in the statement of financial position³ Rm 131 1 We executed a hedge cover ratio (HCR) of 20% - 45% for FY26 and target an HCR of 20% - 45% for FY27. The effective HCR target for crude oil is 50% - 65% for FY26 and FY27. 2 The open positions reflect the trades executed as at 31 December 2025. 3 Financial asset comprises open contracts at period end. 4 Realised loss relates to premiums paid on the put options on execution of the contract and recognised in the income statement on matur ity of the contract. 5 Sasol's pay away is limited between the cap and the cap limit excluding the premium.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 31 December 2025 8 Abbreviations bscf - billion standard cubic feet NG - Natural Gas CY - Calendar year R/ton - Rand per ton CTT- Central Térmica de Temane R/US$ - Rand/US dollar currency EUR/ton - Euro per ton Rm - Rand millions FY - Full year SA - South Africa HY - Half year t/cm/s - tons per continuous miner per shift kt - thousand tons US - United States of America m³/h - cubic meter per hour US$bn - US dollar billions m bbl - thousand barrels US$ c/gal - US dollar cent per gallon mm bbl - million barrels US$/bbl - US dollar per barrel mm tons - million tons US$/ton - US dollar per ton MRG - Methane Rich Gas US$m - US dollar millions The preliminary production and sales metrics and financial information for the period ended 31 December 2025 as well as forward-looking statements on FY26 have not been reviewed and reported on by our external auditors. Disclaimer - Forward-looking statements Sasol may, in this document, make certain statements that are not historical facts, based on management’s current views and assumptions, and which are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements. Should one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. Examples of such forward-looking statements include, but are not limited to, the capital cost of our projects and the timing of project milestones; our ability to obtain financing to meet the funding requirements of our capital investment programme, as well as to fund our ongoing business activities and to pay dividends; statements regarding our future results of operations and financial condition, and regarding future economic performance including cost containment, cash conservation programmes and business optimisation initiatives; our business strategy, performance outlook, plans, objectives or goals; statements regarding future competition, volume growth and changes in market share in the industries and markets for our products; our existing or anticipated investments, acquisitions of new businesses or the disposal of existing businesses, including estimates or projection of internal rates of return and future profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation, legislative, regulatory and fiscal developments, including statements regarding our ability to comply with future laws and regulations; future fluctuations in refining margins and crude oil, natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil, gas and petrochemical products; changes in the fuel and gas pricing mechanisms in South Africa and their effects on costs and product prices, statements regarding future fluctuations in exchange and interest rates and changes in credit ratings; assumptions relating to macroeconomics, including changes in trade policies, tariffs and sanction regimes; the impact of climate change, our development of sustainability within our businesses, our energy efficiency improvement, carbon and greenhouse gas emission reduction targets, our net zero carbon emissions ambition and future low-carbon initiatives, including relating to green hydrogen and sustainable aviation fuel; our estimated carbon tax liability; cyber security; and statements of assumptions underlying such statements. Words such as “believe”, “anticipate”, “expect”, “intend", “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “target”, “forecast” and “project” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections, and other forward-looking statements will not be achieved. These risks and uncertainties are discussed more fully in our most recent annual report on Form 20-F filed on 29 August 2025 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both the foregoing factors and other uncertainties and events, and you should not place undue reliance on forward- looking statements. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.
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SASOL LIMITED BUSINESS PERFORMANCE METRICS 30 September 2025 9