Annual financial statement
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AFS SASOL LIMITED for the year ended 30 June 2026 ANNUAL FINANCIAL STATEMENTS BUILDING CREDIBILITY THROUGH PERFORMANCE
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Values Capturing the essence of our ‘can do’ spirit as we transition to a more resilient and sustainable business. We always place the safety of our people first. Be safe We care deeply for our people, planet and our communities. Be caring We care deeply for our people, planet and our communities. Be inclusive We own our results. Be accountable We boldly adapt to change and embrace agility. Be resilient OUR PURPOSE AND VALUES Our Code of Conduct Our Sasol values and Code of Conduct (Code) are the foundation of who we are and what we stand for. Our Code is our compass, a guide to ensure we not only stay the course but excel as a unified crew. Employees are expected to read and adhere to the Code, hold each other accountable and report unethical actions without fear of retaliation. They must use good judgement and seek advice when in doubt, and acknowledge that individual actions can impact the entire organisation. It sets the ethical standards for how to interact with each other as colleagues and engage with all our stakeholders, customers, vendors, partners, trade unions, shareholders, communities and governments. The Code applies to all Sasol employees and directors worldwide. Joint ventures and associated companies are encouraged to adopt similar principles. Our Purpose Innovating for a better world Our purpose embodies our can do spirit that drives us to strive for excellence, evolution and shared value. It shapes every aspect of our business, from our technologies and products, to how we serve our customers and communities, and ensures we remain competitive and a force for good in a changing world. People Promise T o provide a unique employee experience and a compelling value proposition to a diverse workforce in a safe and inclusive workplace. Sasol of the future We are strengthening our foundation and growing and transforming the business to unlock its full potential. Building a stronger, sustainable and more resilient organisation to deliver our strategy.
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SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 1 Introduction to Sasol Sasol is a global energy and chemicals company. We harness our knowledge and expertise to integrate technologies and processes into world-scale operating facilities. We strive to safely and sustainably source, produce and market a range of high-quality products globally, creating value for all our stakeholders. Theme of our integrated report Having established a proud, pioneering 76-year legacy, we are fundamentally reshaping Sasol to be a sustainable energy and chemicals producer into the future. The strategic priorities of strengthening our foundation and, growing and transforming must be balanced across social, economic and environmental dimensions. We are resolute about delivering our promises and commitments. BUILDING CREDIBILITY THROUGH PERFORMANCE All references to years refer to the financial year ending 30 June. Any reference to a calendar year is prefaced by the word “calendar”. CONTENTS FINANCIAL OVERVIEW Approval of the financial statements 2 Chief Executive Officer and Chief Financial Officer’s internal financial control responsibility statement 3 Certificate of the Company Secretary 3 Directors’ report 4 Shareholders’ information 7 Share ownership 8 Report of the Audit Committee 10 Independent auditor’s report 18 CONSOLIDATED FINANCIAL STATEMENTS Income statement 23 Statement of comprehensive income 24 Statement of financial position 25 Statement of changes in equity 26 Statement of cash flows 28 Segment information 30 Geographic region information 33 Reporting segments 34 Statement of compliance 36 Earnings generated from operations 39 Operating and other activities 40 T axation 55 Sources of capital 60 Equity 61 Funding activities and facilities 62 Capital allocation and utilisation 67 Investing activities 68 Working capital 78 Cash management 80 Provisions and reserves 82 Provisions 83 Reserves 93 Other disclosures 97 SASOL LIMITED COMPANY Statement of financial position 119 Income statement 119 Statement of comprehensive income 120 Statement of changes in equity 120 Statement of cash flows 121 Notes to the financial statements 122 OTHER Contact information 136 Disclaimer – Forward-looking statement IBC Abbreviations IBC SASOL LIMITED GROUP BASIS OF PREPARATION The Annual Financial Statements (AFS) of Sasol Limited have been audited in compliance with section 30 of the Companies Act, number 71 of 2008 (the Companies Act). Walt Bruns CA(SA), Chief Financial Officer is responsible for this set of AFS and has supervised the preparation thereof in conjunction with the Senior Vice President, Financial Controlling and Governance, Feroza Syed CA(SA). The AFS are reviewed by management, the Sasol Disclosure Working Group, the Sasol Limited Audit Committee and the Sasol Limited Board of Directors (the Board) and are audited by KPMG Inc., the external auditors of Sasol Limited and its subsidiaries (the Group). INTERNAL CONTROL FRAMEWORK The Group follows a combined assurance model in assessing internal controls.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 3SASOL ANNUAL FINANCIAL STATEMENTS 2026 2 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 3SASOL ANNUAL FINANCIAL STATEMENTS 2026 2 The Annual Financial Statements of the Group and the Company are the responsibility of the Board. In discharging this responsibility, the Board relies on the management of the Group to prepare the consolidated and separate Annual Financial Statements presented on pages 22 to 134 in accordance with, and in compliance, in all material respects, with International Financial Reporting Standards (IFRS® Accounting Standards) and the Companies Act No 71 of 2008. As such, the consolidated and separate Annual Financial Statements include amounts based on judgements and estimates made by management. The Board accepts responsibility for the preparation, integrity and fair presentation of the consolidated and separate Annual Financial Statements and are satisfied that the systems and internal financial controls implemented by management are effective, including controls of the security of the Group and Company website and electronic distribution of annual reports and other financial information. Refer to the Directors’ report on pages 4 to 6. Based on forecasts and available cash resources, the Board believes that the Group and Company is solvent and has adequate resources to continue operations as a going concern in the coming financial year. The Annual Financial Statements support the viability of the Group and the Company. These results will be published on 1 September 2026. The independent auditing firm KPMG Inc. (KPMG), which was given unrestricted access to all financial records and related data, including minutes of all meetings of shareholders, the Board and committees of the Board, has audited the consolidated and separate Annual Financial Statements. The Board believes that all representations made to the independent auditors during their audit were valid and appropriate. KPMG’s audit report is presented on pages 18 to 21. The consolidated and separate Annual Financial Statements were approved by the Board on 1 September 2026 and were signed on its behalf by: Muriel Dube Simon Baloyi Walt Bruns Chairman Pr esident and Chief Executive Officer Chief Financial Officer 1 September 2026 APPROVAL OF THE FINANCIAL STATEMENTS
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 3SASOL ANNUAL FINANCIAL STATEMENTS 2026 2 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 3SASOL ANNUAL FINANCIAL STATEMENTS 2026 2 In accordance with paragraph 5.9 of the JSE Limited (JSE) Listings Requirements, each of the directors, whose names are stated below, hereby confirm that: › the annual financial statements set out on pages 22 to 134, fairly present in all material respects the financial position, financial performance and cash flows of the issuer in terms of International Financial Reporting Standards (IFRS)®; › to the best of our knowledge and belief, no facts have been omitted, or untrue statements made that would make the annual financial statements false or misleading; › internal financial controls have been put in place to ensure that material information relating to the issuer and its consolidated subsidiaries have been provided to effectively prepare the annual financial statements of the issuer; › the internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function as executive directors with primary responsibility for implementation and execution of controls, where we are not satisfied, we have disclosed to the audit committee and the auditors any deficiencies in design and operational effectiveness of the internal financial controls, and have taken steps to remedy the deficiencies; › we wish to draw attention to the existence of material weaknesses and other internal financial control deficiencies. Refer to page 17 of the report of the Audit Committee; › we are not aware of any fraud involving directors; and › notwithstanding the deficiencies in internal financial controls, we concluded that the financial information included in the Group's consolidated annual financial statements, present fairly, in all material respects, Sasol's financial position, results of operations and cash flows as of and for the periods presented in accordance with IFRS, as issued by the International Accounting Standards Board (IASB). CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER’S INTERNAL FINANCIAL CONTROL RESPONSIBILITY STATEMENT Elizna Viljoen 1 September 2026 Simon Baloyi Walt Bruns President and Chief Executive Officer Chief Financial Officer 1 September 2026 CERTIFICATE OF THE COMPANY SECRETARY In my capacity as the Group Company Secretary, I hereby confirm, in terms of the Companies Act, 71 of 2008, as amended (the Companies Act), that for the year ended 30 June 2026, Sasol Limited has lodged with the Companies and Intellectual Property Commission, all such returns and notices as are required of a public company in terms of the Companies Act, and that all such returns and notices are, to the best of my knowledge and belief, true, correct and up-to-date.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 5SASOL ANNUAL FINANCIAL STATEMENTS 2026 4 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 5SASOL ANNUAL FINANCIAL STATEMENTS 2026 4 DIRECTORS’ REPORT (Sasol Limited: Company registration number 1979/003231/06) Dear stakeholder, The Board is pleased to present the annual financial statements of Sasol Limited for the year ended 30 June 2026. The Board continued to closely consider Sasol’s strategic direction and longer-term decisions to ensure that we preserve and enhance the value of Sasol and, in so doing, protect the interests of all our stakeholders. Nature of business Sasol Limited, listed on the JSE Limited (JSE) on 31 October 1979 and on the New York Stock Exchange (NYSE), for purposes of our American Depository Receipt programme on 9 April 2003, is incorporated and domiciled in the Republic of South Africa and is the ultimate holding company of the Group. Sasol is a global energy and chemicals company. We harness our knowledge and expertise to integrate technologies and processes into world-scale operating facilities. We strive to safely and sustainably source, produce and market a range of high-quality products globally, creating value for stakeholders. More detail on the nature of our business and the businesses of our significant operating subsidiaries and incorporated joint arrangements (set out on pages 75 to 77) can be found in our Integrated Report. Financial results Sasol closed the financial year with strong operational and earnings momentum, delivering adjusted earnings before interest, tax, depreciation and amortisation (adjusted EBITDA) of R61 billion. This was 17% higher than prior year, driven by a combination of management actions and a more supportive macroeconomic environment during the final quarter of the financial year. The uplift was underpinned by 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 T ransnet SOC Limited (T ransnet) net settlement of R4,3 billion, received in the prior year. Earnings before interest and tax (EBIT) of R25,7 billion was 37% higher than the prior year and was negatively impacted by impairments of R16,8 billion compared to R20,7 billion in the prior year, 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. T otal impairments of R16,8 billion were 19% lower than the R20,7 billion in the prior year, and related mainly to the Secunda liquid fuels refinery cash generating units (CGU) (R7,7 billion), the Polyethylene CGU (R3,7 billion) and the Production Sharing Agreement (PSA) 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. 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% despite increased earnings and lower capital expenditure. This was mainly due to higher year-end working capital driven by increased pricing in the fourth quarter of 2026, the impact of utilising Prax's shareholding capacity at Natref and higher fuel 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 continue to strengthen cash conversion. Excluding the T ransnet cash settlement of R3,1 billion (after tax) FCF improved by 26% compared to prior year. Capital expenditure of R20,9 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. Basic earnings per share (EPS) increased by 79% to R18,99 per share and headline earnings per share (HEPS) increased by 9% to R38,31 per share compared to the prior year. 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. T otal 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$750 million bond maturing in 2033, together with the partial repayment of our 2028 and 2029 bond maturities with the result of the transaction being debt neutral. This materially extended our debt maturity profile, further reduced near-term refinancing risk and improved the regional mix of our debt to better match the underlying cash generation of our assets. Sasol’s proactive hedging programme continues to mitigate the volatility arising from oil price and exchange rate movements. Our strategy is to provide downside protection while retaining upside participation and managing hedging costs. The 2027 oil hedging programme is complete, while the 2027 Rand/US$ hedging programme remains underway. Segmental performance Mining EBIT for 2026 decreased by 6% to R3,7 billion from R4,0 billion in the prior year attributable mainly to the phase-out of export coal sales in 2026. This was partially offset by higher internal sales revenue, lower external coal purchases, income from leasing our allocation of Richards Bay Coal T erminal capacity and reduced depreciation. Saleable production was marginally above the prior year and external purchases declined by 12%, supported by higher own production and the rerouting of volumes to internal operations which was previously sold externally. The destoning plant reached beneficial operation in December 2025, within schedule and cost guidance. Processing coal through the plant improved coal quality and contributed to lower external purchases.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 5SASOL ANNUAL FINANCIAL STATEMENTS 2026 4 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 5SASOL ANNUAL FINANCIAL STATEMENTS 2026 4 Gas EBIT decreased by 60% to R1,2 billion compared to R3,0 billion in the prior year. Excluding remeasurement items, EBIT decreased by 29%, mainly due to lower volumes, a stronger Rand/US$ exchange rate, higher Methane Rich Gas (MRG) acquisition costs, a lower rehabilitation provision credit, and higher cash costs and depreciation associated with the PSA ramp-up. These impacts were partially offset by higher gas prices, including the benefit of the increased PSA volume contribution. In Mozambique, total production was 7% lower than prior year mainly due to operational constraints, flooding impacts and the natural decline in producing wells under the Petroleum Productions Agreement (PPA) assets. This was partially offset by the growing contribution from the Production Sharing Agreement (PSA). The external gas sales in South Africa for 2026 were 8% lower than prior year, mainly due to lower customer demand resulting from business closures. Remeasurement items for the period comprises mainly the PSA impairment of R3,8 billion and impairment of our investment in Central T érmica de T emane (CTT) of R0,5 billion. Fuels EBIT increased by more than 100% to R19,9 billion, compared with R5,2 billion in the prior year, which included a once-off T ransnet legal settlement benefit of R5,5 billion. The current year includes remeasurement items of R7,9 billion, compared with R11,8 billion in the prior year. Excluding remeasurement items, EBIT increased by 63%, supported by higher sales volumes and favourable Brent crude oil prices, product differentials and refining margins. This was partially offset by higher feedstock costs, a stronger Rand/US$ exchange rate, lower equity-accounted earnings from ORYX GTL, an increased rehabilitation provision, hedging losses related to crude oil purchases and the once-off T ransnet legal settlement benefit in the prior year. Secunda Operations (SO) production volumes was 8% higher than the prior year, supported by improved overall equipment availability as well as better coal quality, while the prior year included a phase shutdown in September 2024. Natref production for 2026 was 76% higher than the prior year, benefiting from improved operational reliability and Sasol’s utilisation of Prax South Africa (Pty) Ltd’s shareholding capacity during the ongoing business rescue process of Prax. Liquid fuels sales volumes for 2026 were 13% higher than the prior year supported by increased production from both SO and Natref as well as increased demand in the higher margin Mobility and Commercial channels together with increased spot sales in the Wholesale channel. ORYX GTL contributed a loss of R0,5 billion to EBIT, more than 100% below prior year with current year performance impacted by the Middle East Conflict. The plant remained offline in quarter 4 of 2026, after shutting down in early March 2026. The current year includes impairments of R7,7 billion relating to the Secunda liquid fuels refinery CGU which remains fully impaired, resulting in the full amount of capital expenditure incurred in the period being impaired. Chemicals Africa EBIT decreased by more than 100% to LBIT of R3,3 billion compared to prior year EBIT of R5,0 billion. Excluding remeasurement items, EBIT was positive R1,5 billion, decreasing by 75% compared to prior year mainly due to the stronger Rand/US$ exchange rate, higher feedstock costs, an increased rehabilitation provision and higher depreciation partly offset by higher sales volumes and 1% higher average US$ prices. Sales volumes increased by 5% compared to prior year supported by improved SO production. Remeasurement items of R4,8 billion include an impairment loss relating to the Polyethylene CGU (R3,7 billion), Chlor-Alkali and PVC CGU (R0,4 billion) and Wax CGU (R0,4 billion). The Polyethylene CGU impairment is driven by the stronger Rand/US$ exchange rates and lower prices while Chlor-Alkali and PVC and Wax CGUs remain fully impaired. Chemicals America EBIT improved by more than 100% to R4,1 billion, compared to R1,7 billion in the prior year. Excluding remeasurement items, EBIT also improved by more than 100% compared to prior year. The improvement was primarily driven by a 10% increase in gross margin supported by higher sales volumes in Base and Differentiated Chemicals, as well as the continued focus on value-based pricing in Differentiated Chemicals. Sales volumes increased by 20% compared to the prior year mainly due to higher cracker utilisation, ongoing strategic sales initiatives, improved short-term demand and favorable market conditions following the Middle East conflict. For 2026, the average US$ sales basket price US$/ton decreased by 5% compared with the prior year, mostly driven by lower ethylene market prices and changes in product mix. Remeasurement items were minimal in the current and prior year. Chemicals Eurasia EBIT improved by more than 100% to R1,5 billion compared to the prior year loss before interest and tax (LBIT) of R1,2 billion. Excluding remeasurement items, EBIT improved by 99% compared to prior year. This improvement was driven by a 5% increase in gross margin driven by higher unit margins and better product mix, partly offset by lower sales volumes while the overall market environment, specifically in Europe, remained soft. Sales volumes were 5% lower than the prior year, mostly related to the force majeure on certain products where feedstocks were constrained due to the Middle East conflict while we continue to prioritise our value-over-volume commercial strategy. For 2026, the average US$ sales basket price (US$/ton) increased by 13% compared with the prior year, supported by strong quarter 4 pricing, higher palm kernel oil (PKO) prices, favourable exchange rates and our ongoing strategic sales initiatives. Remeasurement items reduced significantly from the prior year and includes an additional impairment of R0,4 billion in the Italy CGU to fully write off capital expenditures incurred during the year. This compares to remeasurement items of R2,2 billion in 2025 which included an impairment of R3,3 billion related to the Italy impairment, partially offset by a reversal of impairment of R1,2 billion in the China CGU.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 7SASOL ANNUAL FINANCIAL STATEMENTS 2026 6 SASOL LIMITED GROUP DIRECTORS’ REPORT continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 7SASOL ANNUAL FINANCIAL STATEMENTS 2026 6 Share capital Shares held in reserve 631 928 908 (2025: 636 646 821) authorised but unissued ordinary shares of the company are held in reserve. Note 12 of the consolidated annual financial statements provides further details regarding the share capital of Sasol Limited. American depositary shares At 30 June 2026, Sasol’s ADR program (managed by J.P. Morgan Chase Bank, and trading on the NYSE) had 46 921 073 (2025: 43 322 416) American depositary shares (ADS) in issue. Each ADS represents one ordinary share. Share schemes Note 32 provides detail on the various share-based payment schemes in place, including the Sasol Long-T erm Incentive Plan and Sasol Khanyisa transaction. Details on the material shareholdings for the Group, including any shareholdings of directors, are provided under shareholders’ information on pages 7 to 9. Dividends 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. Going concern The Board believes that the Company and Group have adequate resources to continue operations as a going concern in the foreseeable future, based on forecasts and available cash resources. Accordingly, the annual financial statements were prepared on the going concern basis. Subsequent events Note 36 provides details of the events that occurred subsequent to 30 June 2026. Change in directorate Ms Katherine Harper resigned as independent non-executive director effective 16 February 2026. Rhidwaan Gasant was appointed as independent non-executive director of Sasol Limited with effect from 1 February 2026. Auditors KPMG Inc (KPMG) was the external auditor of Sasol Limited and its significant subsidiaries for the financial year ended 30 June 2026. At the Annual General Meeting of 13 November 2026, shareholders will be requested to re-appoint KPMG as auditor of Sasol Limited and to note that Ms S Loonat will be the individual responsible for performing the functions of the auditor, following the Audit Committee’s decision to nominate the firm KPMG as its independent auditor for the financial year commencing 1 July 2026. Company Secretary Ms Elizna Viljoen is the Group Company Secretary. Her business and postal addresses appear on the inside back cover.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 7SASOL ANNUAL FINANCIAL STATEMENTS 2026 6 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 7SASOL ANNUAL FINANCIAL STATEMENTS 2026 6 SASOL LIMITED GROUP Shareholders’ diary Financial year-end 30 June 2026 Annual General Meeting Friday, 13 November 2026 Dividends 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. SHAREHOLDERS’ INFORMATION
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 9SASOL ANNUAL FINANCIAL STATEMENTS 2026 8 SASOL LIMITED GROUP Public and non-public shareholding of Sasol ordinary shares Number of shareholders % of shareholders Number of shares % of ordinary shares Public¹ 123 587 99,98 644 229 956 99,45 Non-public 25 0,02 3 531 714 0,55 Directors and their associates 5 86 920 Directors of subsidiaries and their associates 17 214 898 Sasol Employee Share Savings T rust 1 182 642 Sasol Share Savings T rust 1 1 886 147 Sasol Pension Fund 1 1 161 107 123 612 100 647 761 670 100 1 Comparative public and non-public shareholding information has been restated to align with the current interpretation of the JSE Listings Requirements. Following a reassessment of the classification criteria, the Government Employees Pension Fund is no longer included as a non-public shareholder and is classified as a public shareholder. Public and non-public shareholding of Sasol BEE ordinary shares Number of shareholders % of shareholders Number of shares % of Sasol BEE ordinary shares Public 198 505 100,00 6 312 378 99,70 Non-public 8 0,00 18 969 0,30 Directors and their associates 2 2 580 Directors of subsidiaries and their associates 5 1 592 Sasol Share Savings T rust 1 14 797 198 513 100 6 331 347 100 There have been no changes in directors' interests since 30 June 2026 and the date of these financial statements. Beneficial shareholding Sasol Limited Directors' interest in securities 2026 2025 Executive Directors S Baloyi 28 220 20 284 WP Bruns 19 139 7 816 VD Kahla 38 569 18 489 Non-Executive Directors MDN Dube 1 024 1 024 S Subramoney 2 548 2 548 NNA Matyumza¹ – 6 T Cumming² – 1 950 1 Retired with effect 8 September 2024. 2 Resigned with effect 6 June 2025. 2026 2025 Prescribed Officers interests in securities Securities ADR Securities ADR V Bester 4 041 – 3 223 – CH Herrmann – 14 847 – 4 775 CK Mokoena¹ 30 266 – 16 221 – S Pillay 13 986 – 3 635 – SL Siyaya² 763 – – – H Wenhold³ 23 331 – 24 634 – 1 Retired with effect 30 September 2025. 2 Appointed with effect 1 September 2025. 3 Retired with effect 31 August 2025. SHARE OWNERSHIP at 30 June 2026
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 9SASOL ANNUAL FINANCIAL STATEMENTS 2026 8 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Major shareholders Major categories of shareholders² Number of shares % of total issued securities¹ Category Mutual funds and unit trusts 209 275 064 31,99 Pension and provident funds 177 085 141 27,07 Government of South Africa 53 266 887 8,14 American Depository Receipt holders 46 921 073 7,17 Insurance companies 22 034 631 3,37 Sovereign wealth funds 14 144 155 2,16 1 Comprises 647 761 670 Sasol Ordinary shares and 6 331 347 Sasol BEE Ordinary shares. 2 Only major categories listed. Pursuant to Section 56(7) of the South African Companies Act, 2008, the following beneficial shareholdings equal to or exceeding 5% as at 30 June 2026 were disclosed or established from enquiries: Major categories of shareholders Number of shares % of total issued securities Government Employees Pension Fund 124 641 092 19,24 Konoil (Pty) Ltd (Industrial Development Corporation of South Africa Limited) 53 266 887 8,22 Furthermore, the directors have ascertained that some of the shares registered in the names of nominee holders are managed by various fund managers and that, at 30 June 2026, the following fund managers were responsible for managing investments of 3% or more of the share capital of Sasol Limited. Fund Manager Number of shares % of total issued securities Public Investment Corporation¹ 109 343 997 16,88 Allan Gray Proprietary Limited 49 306 866 7,61 BlackRock, Inc. 31 145 741 4,81 Fidelity Management & Research LLC 29 417 669 4,54 Ninety One Group 28 641 157 4,42 The Vanguard Group, Inc. 27 524 827 4,25 1 Included in this portfolio are 104,3 million shares managed on behalf of the Government Employees Pension Fund. Beneficial ownership by geographic region (%) 2024 2025 2026 OtherSouth Africa Europe North America 0 20 40 60 80 100 62,02 27,59 7,442,96 69,04 18,36 9,503,10 67,41 19,88 8,973,74
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 11SASOL ANNUAL FINANCIAL STATEMENTS 2026 10 SASOL ANNUAL FINANCIAL STATEMENTS 2026 11SASOL ANNUAL FINANCIAL STATEMENTS 2026 10 "My vision for Sasol is to build enduring stakeholder trust through integrity, good governance and empowered people" • A ctions to improve safety • Balanc ed approach to sustainability • Business streamlined to reduce complexity TRIX KENNEALY // Chairman o f the Audit Committee Introduction In 2026, the Audit Committee (the Committee) maintained its focus on impairments and recoverability of assets (page 12), as well as plans addressing previously identified material weaknesses (page 17). The Committee also monitored the integrity of financial reporting systems and disclosures by reviewing and challenging judgements, estimates, and the accounting for significant transactions. Areas of special focus that the Committee provided oversight on included: › Reviewed the judgement applied by management on accounting matters, considering the continued volatility and uncertainty of the current environment, particularly as it relates to the impairment and recoverability of the carrying value of assets; › Reviewed the assumptions applied by management pertaining to the Group’s’ Emission Reduction Roadmap (ERR), particularly as it relates to the impairment and recoverability and useful life of long-lived assets; › Assessed management’s conclusion on going concern through a review of their assessment of liquidity, the debt covenants and arrangements held with financial institutions and the financial leverage of Sasol Limited (the Company) and recommended the outcome to the Board; › Assessed the volatile macroeconomic and geopolitical environment and management’s proactive responses through hedging and balance sheet management; › Assessed accounting provisions recorded relating to environmental regulatory requirements and post-retirement benefits obligations; › Assessed the effectiveness of internal control over financial reporting (ICFR); › Monitored business performance against previously communicated market guidance including Capital Markets Day commitments; and › Provided oversight of Debt Capital Market activity to optimise the Group’s debt maturity profile, cost of debt and regional mix. In responding to these challenges, the Committee reviewed all significant financial risks and associated risk appetite statements and metrics and assessed the adequacy of controls and the combined assurance provided over these identified risks. It monitored the effectiveness of the control environment through the review of reports from internal audit, management and the external auditor, and ensured the integrity and quality of financial REPORT OF THE AUDIT COMMITTEE FOCUS AREAS › Oversight of significant accounting judgements, including impairment assessments and asset recoverability including deferred tax assets. › Assessment of the effectiveness of the internal control environment and progress on material weakness remediation. › Evaluation of solvency, liquidity, going concern and the Group Funding Plan, including debt capital market activity. › Oversight of financial risk management in response to macroeconomic, geopolitical and market volatility, including hedging activities. › Monitoring of cybersecurity, technology governance and the IT control environment. › Oversight of the execution and effectiveness of the External and Internal Audit plans. reporting through review of the 2026 interim and annual financial statements. The Committee assists the Board in overseeing the: › Quality and integrity of the Company’s external reporting, including the Integrated Report, annual and interim financial statements, Form 20-F and financial results announcements as per the delegation of authority; › Qualification, independence, scope and performance of the external auditors for the Company and all Group companies; › Effectiveness of the external audit and internal audit functions for the Company and all Group companies; › Effectiveness of the Group’s internal control environment, including internal control over financial reporting; › Effectiveness of the Group’s financial risk management; › Compliance with legal and regulatory requirements to the extent that these might have an impact on financial statements or external disclosures; and › Overseeing governance, risk management, the control environment and assurance relating to technology and Information Management (IM) including cyber security and information related risks. The Committee considered scenarios that might impact the Company’s viability, stress testing the Sasol business against pertinent factors including global oil and chemical price volatility, Rand/US$ exchange rates, carbon tax, operational risks and the impacts of the volatile global environment and geopolitical tensions. The Committee monitors key risks/opportunities and the mitigation/acceleration thereof, and how business segments and functions are performing to achieve the Company’s strategy. Composition and meetings All members of the Committee are independent non-executive directors, each of whom are financially skilled and has extensive audit committee experience. The current members are Ms GMB Kennealy (Chairman), Mr R Gasant, Ms NX Maluleke and Mr S Subramoney. Mr R Gasant was appointed as a member of the Committee effective 1 June 2026. Ms KC Harper resigned as a non-executive director and member of the Committee effective 16 February 2026 and Mr DGP Eyton stepped down from the Committee on 1 June 2026.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 11SASOL ANNUAL FINANCIAL STATEMENTS 2026 10 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 11SASOL ANNUAL FINANCIAL STATEMENTS 2026 10 The members have enhanced their knowledge and understanding of the business through management presentations, board training and site visits since their respective appointments. None of the members serve on audit committees of more than three listed companies. Ms GMB Kennealy is the Audit Committee financial expert designated in accordance with the US Securities and Exchange Commission (SEC) rules. The Committee met five times during the financial year and all members attended each meeting. The Chairman of the Board, the President and Chief Executive Officer, the Chief Financial Officer, the Chief Assurance Officer, the Chief Information Officer, the external auditor, and other members of management attend Committee meetings by invitation, as required, to assist the Committee in fulfilling its statutory, regulatory and governance oversight responsibilities. Each quarter, the Audit Committee meets separately with internal and external audit representatives without management being present, facilitating independent discussion. The Chairman of the Audit Committee reports to the Board on key matters after each meeting. Statutory duties The Committee is constituted as a statutory committee in terms of section 94(7) of the Companies Act, 71 of 2008, as amended (the Companies Act), and as a committee of the Board for matters delegated to it by the Board. The Committee performs the functions set out in its terms of reference on behalf of the Company and those subsidiaries required to have audit committees under the Companies Act and is accountable in this regard to both the Board and the Company’s shareholders. In addition, the Committee fulfils the responsibilities assigned to it under applicable regulatory and listings requirements and US legislation. The Committee fulfilled all its statutory duties as required by section 94(7) of the Companies Act during the year under review. The Committee confirms that it has executed the responsibilities set out in the JSE Listings Requirements, in particular section 5.7(h) and section 7.3(e) of the JSE Debt and Specialist Securities Listings Requirements. A copy of the Committee’s terms of reference is available on the Sasol website (www.sasol.com). Significant financial statement reporting issues Assumptions and estimates or judgements are a significant part of the financial reporting process and are evaluated carefully by the Committee ahead of the finalisation of Sasol’s results announcements. The Committee reviewed in detail the main judgements and assumptions made by management, relevant sensitivity analyses performed, and the conclusions drawn from the available information and evidence, with the main areas of focus during the year set out below. Where appropriate, the Committee seeks input and views from the external auditor and encourages rigorous challenge on control, accounting and disclosure matters. In addition to these main areas of focus, the Committee also covered matters relating to the process to manage the Group’s debt maturity profile, cost savings programmes, budgeting and forecasting, taxation and accounting policy choices. Significant matters considered by the Committee KEY ISSUES JUDGEMENTS IN FINANCIAL REPORTING AUDIT COMMITTEE REVIEW CONCLUSIONS Fair, balanced and understandable reporting › Judgements and assumptions are applied by management in the preparation of financial statements. › The Committee: › Considered assurance from management that disclosures in Sasol’s financial statements were fair, balanced and understandable. › Evaluated the outputs of Sasol’s internal control process and reviewed issues on control deficiencies and remediation efforts in terms of section 404 of the Sarbanes Oxley Act (SOX). › Established that there were no indications of fraud relating to financial reporting matters. › Assessed disclosure controls and procedures. › Considered matters of accounting, tax and disclosure issues raised by the external auditors. › Obtained assurance on the skills and capabilities of resources. › Having assessed all the available information and the assurances provided by management, the Committee concluded that the processes underlying the preparation of Sasol’s published financial statements were appropriate. › Review of management’s assessment of material weaknesses in respect of internal control over financial reporting, as further described on page 17.
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SASOL LIMITED GROUP REPORT OF THE AUDIT COMMITTEE continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 13SASOL ANNUAL FINANCIAL STATEMENTS 2026 12 KEY ISSUES JUDGEMENTS IN FINANCIAL REPORTING AUDIT COMMITTEE REVIEW CONCLUSIONS Impairment and recoverability of assets’ carrying values › Judgements and assumptions are applied by management in calculating the recoverable amount of the cash generating units (CGUs) and determining the ongoing appropriateness of the CGUs being used for the purpose of impairment testing. › Macroeconomic conditions, major trends in the industry, and geopolitical factors, including carbon taxes and long-term demand for refined products and chemicals, are considered in developing the outlook for commodity and chemical prices and refining margin assumptions, which are important considerations in asset impairment analyses. › The Committee assessed the appropriateness of the review of impairment triggers. › The Committee reviewed the discount rates for impairment testing and examined the assumptions, including long-term oil and gas prices, refining margins, chemical prices, exchange rates and carbon tax rates. › For impairments and reversals identified in the current year, the Committee considered the outcome of multiple sensitivity scenarios to assess the appropriateness of the calculations. › Key impairment assessments and reversals reviewed by the Committee include: • The South African integrated value chain CGUs; • The Mo zambican gas CGUs including CTT; • The Chemicals America CGUs; • The Sasol Italy and China Care Chemicals CGUs; • The corpor ate assets and the allocations to the CGUs; • The equity accounted investments; • The Gr oup’s net asset value exceeding its market capitalisation; • F orecast and budgeted expenditure; and • The impact o f the committed greenhouse gas (GHG) reduction targets, including renewables and changes in feedstock. › The Committee supports management’s recommendation that the Secunda liquid fuels refinery remain fully impaired. › The Committee supports management’s conclusion that no impairment was required for the Sasolburg liquid fuels refinery reflecting the positive impact of investments in steam generation and Clean Fuels compliance that support the continued operation of the refinery and the extension of it’s useful life to 2045. › The Committee supports the further impairment of the Production Sharing Agreement (PSA) which is mainly due to a revision of the expected production profile resulting in delayed monetization as well as the strengthening of the Rand/US$ exchange rate. › The Committee supports the impairment of the equity accounted investment in Central T érmica de T emane (CTT) which is mainly due to the confirmed deferral of the CTT project schedule and a significant increase in end-of-job cost. › The Committee supports management’s recommendation that the Sasolburg Chlor Alkali and Polyvinyl Chloride and South African Wax value chain CGUs remain fully impaired. › The Committee further supports the impairment of the South African Polyethylene CGU which is mainly due to the strengthening of the Rand/US$ exchange rate and lower long term US$ price assumptions. › Also refer to climate change related considerations below. › The Committee acknowledges and accepts the further impairment of Sasol Italy Care Chemicals, which is mainly driven by continued lower forecasted sales margins. › The Committee endorses the reversal of impairment of the US Phenolics CGU due to a sales agreement concluded to sell a portion of the Phenolics business. › The Committee supports managements recommendation that there is no impairment on the equity accounted investments in Oryx GTL and in Republic of Mozambique Pipeline Investments Company (Rompco). › The Committee considered management’s assessment of the value of the Company in relation to its current share price, supporting management’s conclusion that the Company’s assets are fairly valued.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 13SASOL ANNUAL FINANCIAL STATEMENTS 2026 12 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER KEY ISSUES JUDGEMENTS IN FINANCIAL REPORTING AUDIT COMMITTEE REVIEW CONCLUSIONS Climate change › Climate change and the transition to a low carbon economy may have significant impacts on the judgement applied to reported amounts of the Group’s assets and liabilities and on similar assets and liabilities that may be recognised in the future. › Progress made with the Group’s ERR and the impact thereof on the recoverability of assets. The Committee: › Reviewed energy price assumptions. The scope included oil, natural gas, refining margins and carbon tax within a broad range of scenarios. The Committee reviewed the pricing methodology for oil and gas and discussed with management how the impact of climate change was reflected in the methodology. › Considered management’s best estimate of the impact of future changes to key assumptions were likely to affect the future cash flows used in the conclusion of the impairment and reversal of impairment assessments. › Reviewed management’s scenario analysis and the inputs used to determine sensitivity of cash flows to different scenarios. › Reviewed the process for estimating decommissioning liabilities and challenged the assumptions used in determining the liabilities, including the anticipated period over which decommissioning liabilities were expected to be incurred in respect of the pace of transition to a low carbon economy and the alignment to Sasol’s targets and ambition to 2030 and beyond. › Considered the impact of energy and chemicals prices and carbon taxes as part of its assessment of Sasol’s going concern evaluation. › Further considered the impact of Sasol’s climate transition targets and ambition on the useful lives of property, plant and equipment, capital commitments and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets. › Works in close collaboration with the Safety, Social and Ethics Committee of the Board to ensure alignment. › The Committee is satisfied that the financial statements appropriately address the key accounting judgements and estimates in respect of both the amounts reported and disclosures made and that they appropriately reflect the impact of the Group’s ERR roadmap.
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SASOL LIMITED GROUP REPORT OF THE AUDIT COMMITTEE continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 15SASOL ANNUAL FINANCIAL STATEMENTS 2026 14 KEY ISSUES JUDGEMENTS IN FINANCIAL REPORTING AUDIT COMMITTEE REVIEW CONCLUSIONS Accounting for provisions › Post-retirement obligations Valuation of the post-retirement benefit obligations requires the use of assumptions in relation to uncertain future factors i.e. inflation rates, discount rates, salary increases and mortality rates. Judgement is also required in the measurement of the fair value of certain pension assets. › Rehabilitation provisions Provisions are recognised for the full future restoration and rehabilitation of production facilities to the end of its economic lives. Most of these activities will occur in the long- term and the requirements that will have to be met in future are uncertain. Judgement is required in estimating future cost and cash outflows, discount rates, settlement dates, technology, legal requirements, and the impact of climate change. › The Committee received an update on the status of funding, investment and governance of pensions and other post-retirement benefits provided to current and former employees of Sasol. In addition, the Committee examined the assumptions used by management as part of its annual reporting process. › The Committee received briefings on the Group’s rehabilitation provisions and asset retirement obligations, environmental remediation strategies, including the key assumptions used, the governance framework applied (covering accountabilities and controls), discount rates and the movement in provisions over time. › The Committee considered the external auditor’s assurance process which included the use of their specialists for pension and environmental matters. › Also refer to climate change related considerations above. › The Committee reviewed the net post-retirement benefit assets in South Africa and the United States of America and the related surpluses. The Committee is satisfied that Sasol is entitled to these surpluses in terms of the pension fund rules and supported the recognition thereof. The valuations are performed by qualified independent actuaries. › The Committee reviewed the rehabilitation provisions for compliance with legislation and consistent application of the accounting policy. Accounting for financial instruments › Derivative financial instruments Judgement may be required to determine whether contracts to buy or sell commodities meet the definition of a derivative. Valuation of derivatives requires the use of assumptions in relation to uncertain future factors, i.e. forward curves, volatility assumptions and discount curves. › The Committee reviewed the assumptions in the calculations, and critically assessed the competence, independence and objectivity of the specialists engaged to perform the valuations. › The Committee concluded that the valuations undertaken by the external financial instrument specialists were appropriate and supported the related accounting entries. › The Committee reviewed the adequacy of the disclosures relating to derivative financial instruments and concluded that it was adequate.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 15SASOL ANNUAL FINANCIAL STATEMENTS 2026 14 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER KEY ISSUES JUDGEMENTS IN FINANCIAL REPORTING AUDIT COMMITTEE REVIEW CONCLUSIONS Accounting for income taxes › Computation of the Group’s Income tax expense and liability, provisions for potential tax liabilities, and recognition of deferred tax assets in terms of the Group’s taxation policy require judgement. › Recognition of deferred tax assets in respect of accumulated tax losses and the assessment as to whether an entity can generate future taxable income, specifically in the areas where impairments were recognised, are underpinned by management judgement. › The Committee reviewed the judgements pertaining to tax provisions as part of its annual review of key provisions. › In relation to the recognition of the deferred tax assets, the Committee challenged management’s expectations of future taxable income, specifically in the areas where impairments were recognised, and in considering management’s position, the Committee considered the work and views of external audit. › The Committee reviewed adherence to the Group taxation policy, including transparency and due regard to commercial and reputational risks. › The effective tax rate is analysed by country to ensure accuracy and completeness of the Group’s tax obligations . › The Committee considered management’s assessment of the Group’s tax exposures and the appropriateness of provisions recognised. › The Committee concluded that the Group’s tax positions, including uncertain tax positions, effective tax rates, tax provisions, recognition of deferred tax assets, recoverability of tax receivables, indirect taxes, global tax compliance and relevant fiscal developments, including Pillar Two requirements, were appropriately considered and reflected in the financial statements. Going concern assessment › The conclusion by the Board to prepare the annual financial statements on a going concern basis requires management judgement on issues which include uncertain future forecasts of net Group cash inflows, net debt and financing facilities available and utilised by the Group, debt structure, debt maturity profile and covenants. › The assessment was done for the foreseeable future based on current assumptions and stress tested against several scenarios. › The Committee assessed the liquidity and solvency of Sasol based on the latest balance sheet projected future cash flows and stress tested it using lower oil and product prices and stronger exchange rates. These projections were compared with cash balances and committed facilities available to the Group, net debt and financing facilities utilised by the Group, the debt structure, the debt maturity profile and loan covenants. › After examining the forecast and stress tested scenarios, the Committee concluded that Sasol’s liquidity and solvency position was adequate to meet its obligations over the ensuing year and that the going concern basis of accounting is appropriate. › Accordingly, the Committee recommended to the Board the adoption by the Group of the going concern basis of preparation of the annual financial statements. Internal controls over financial reporting › Management’s conclusion relating to the effectiveness of internal controls over financial reporting requires a certain degree of judgement. › The Committee oversees the development of digital strategies and technology solutions, monitors cyber security, as well as the information technology control environment. › The Capital Investment Committee reviews investment decisions, reports on capital expenditure and progress on projects against budgets. › On a quarterly basis, the Committee assesses feedback from management on the status of the effectiveness of internal controls over financial reporting. This provides the Committee with an opportunity to directly challenge and question management on open and remediated material control issues and emerging risks. › The Committee scrutinises the status of specific material control issues and their associated remediation plans. › Considering the results of combined assurance findings, the Committee considered responses to any fraudulent activity, results of SOX reviews and the remediation of weaknesses and the findings of internal and external audit. › The Committee further noted progress in remediating material weaknesses in respect of internal control over financial reporting, as described on page 17.
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SASOL LIMITED GROUP REPORT OF THE AUDIT COMMITTEE continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 17SASOL ANNUAL FINANCIAL STATEMENTS 2026 16 Executing on our statutory duties and other areas of responsibilities The Committee confirmed the going concern assumption as the basis of preparation of the interim and annual financial statements › The Committee reviewed the interim financial results and annual financial statements and is satisfied that they fairly present the consolidated and separate results of operations, cash flows, the financial position of Sasol Limited and the Group and comply, in all material respects, with the relevant provisions of the Companies Act, International Financial Reporting Standards (IFRS) and Interpretations of IFRS as issued by the International Accounting Standards Board (IASB). › T ogether with the going concern assessment, the Committee reviewed the Group’s policies on risk assessment and risk appetite as they pertain to financial reporting and found them to be sound. › The Committee considered the solvency and liquidity tests undertaken for specific transactions and distributions and made recommendations to the Board in this regard. › The Committee considered whether any reportable irregularities were identified and reported by the external auditors in terms of the Auditing Profession Act, 2005, and established that no matters were reported in the current financial period. The Committee assists the Board in overseeing the process relating to the quality and integrity of Sasol’s integrated reporting and Form 20-F › The Committee guides the integrated reporting process, which includes reporting on all material matters including sustainability matters, having regard to all factors and risks, including any significant legal and tax matters and any concerns identified that may impact on the integrity of the integrated report or could have a material impact on the financial statements. › The Committee considers matters brought to its attention by management management, the external auditor, internal audit as well as the Group’s independent ethics reporting communication channels to highlight any concerns, complaints or allegations relating to internal financial controls, the content of the financial statements and potential violations of the law or questionable accounting or auditing practices. › During the year, Sasol received and addressed comment letters from the JSE and SEC relating to various financial statement and Form 20-F disclosures. The matters raised were considered in the preparation of the 2026 Annual Financial Statements and Form 20-F, with disclosure enhancements incorporated where appropriate. No new regulatory comments or findings have been received since completion of these review processes. The Committee is satisfied with the reporting process and confirms that where matters were raised by stakeholders, management has responded promptly › With regards to the material weaknesses that have been identified and described below the Committee is satisfied that corrective action has been taken and the Committee will assess proposed control improvements and monitor the implementation of the control remediation plans. The Committee reviewed compliance with legal and regulatory requirements to the extent that it might have an impact on financial statements and is satisfied that all matters with a material impact have been disclosed appropriately › The Committee considered the views of internal and/or external counsel and management in considering legal, regulatory and ethics matters that could have a material impact on the Group. › The Committee reviewed reports on the Group’s tax position, status of tax litigation claims and the status of the Group’s tax compliance globally and relevant fiscal developments impacting the Group. › T ogether with the Nomination and Governance Committee, the Committee reviewed the adequacy and effectiveness of the Group’s procedures to ensure compliance with financial, legal and regulatory responsibilities. The Committee is satisfied that KPMG, the Group’s external auditor, is qualified and has maintained its independence and objectivity › The Committee has nominated the external auditor for re- appointment by the shareholders for the following financial year. Their appointment complies with the Companies Act, JSE listings requirements and all other applicable legal and regulatory requirements. › KPMG has been the auditor since the 2024 financial year and complies with the relevant external audit partner JSE qualification and the rotation rules, whereby the lead engagement partner is required to rotate every five years. Safeera Loonat has been the lead engagement partner for the past three financial years. › T aking into consideration the criteria specified for independence by the Independent Regulatory Board for Auditors and international regulatory bodies, KPMG confirmed in an annual written statement that their independence has not been impaired. › The Committee was assured that no member of the external audit team was hired by the Company or any other company within the Group in a financial reporting oversight role during the year under review. › The auditor’s independence was not impaired by any consultancy, advisory or other work undertaken by them for the Company or any previous appointment as auditor of the Company or any other company within the Group. › The Committee determined the fees to be paid to the auditor and the auditor’s terms of engagement. The auditor does not, except as external auditor, or in rendering of permitted non-audit services, receive any direct or indirect remuneration or other benefit from the Company or any other company within the Group. Permitted non-audit services are approved in line with and to the extent permitted by the policy on permitted non-audit services. › The Audit Committee approved financial statement audit fees of R182 million for 2026. Financial statement audit fees consist of the respective Company and Group consolidated financial statements, audit of the Group’s internal control over financial reporting in accordance with section 404 of the Sarbanes-Oxley Act (SOX Act), and the audit of statutory financial statements of the Company’s subsidiaries. Fees for Environmental, Social and Governance (ESG) assurance related engagements for the annual integrated report amounted to R7 million for 2026. Audit related and other fees amounted to R9 million for 2026. › The Committee assessed the suitability and performance of KPMG, the individual auditor determined by KPMG to perform the functions of auditor, and the lead audit engagement team, and concluded that the quality and effectiveness of the external audit and the performance of the audit team were satisfactory. › KPMG submitted reports relating to quality assessment reviews undertaken internally and by the Independent Regulatory Board for Auditors and the Public Company Accounting Oversight Board, together with progress on any remedial actions necessary. There are no significant matters to report to the shareholders. › The scope, effectiveness and quality of the external audit process and outcomes were reviewed, and the Committee concluded that the external audit was effective and satisfactory. It was confirmed that no unresolved issues of concern exist between the Group and the external auditors.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 17SASOL ANNUAL FINANCIAL STATEMENTS 2026 16 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER The Committee oversees the governance, risk management, control environment and assurance relating to information and technology management to ensure ethical and responsible use and compliance › The Committee monitors the ethical and responsible use of technology and information. › The Committee reviewed the appropriateness of the control environment and management of material information technology and cybersecurity risks. The Committee receives assurance from management, internal audit and other assurance providers regarding the effectiveness of information management and cybersecurity controls and uses the outcomes to support continuous improvement. The Committee assessed the adequacy of the performance of the internal audit function and the adequacy of the available internal audit resources and found them to be satisfactory › The Committee reviewed and approved the assurance services charter and the risk-based integrated internal audit plan. The Committee evaluated the independence, effectiveness, skills and experience and performance of the internal audit function and compliance with its charter and concluded these to be satisfactory. › The Committee assessed the performance and effectiveness of the Chief Assurance Officer and is satisfied that the Chief Assurance Officer functions independently and has the necessary authority, standing and access to effectively fulfil the responsibilities of the role. › The Committee is satisfied that, while Sasol’s combined assurance arrangements continue to mature, they provide appropriate assurance coverage over the Group’s material risks and support the effectiveness of the control environment and the integrity of external reporting. The Committee assessed the Company’s internal controls over financial reporting as of 30 June 2026 › The Committee gave attention to management’s evaluation of the effectiveness of the Group’s disclosure controls and procedures. Sasol has designed such internal controls over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. › The Committee considered the reports of the internal and external auditors on the Group’s systems of internal control, including financial controls, enterprise risk management and maintenance of effective internal control systems. The Committee also considered the nature, scope and level of assurance obtained in respect of significant financial reporting risks and material disclosures. Significant issues raised and the adequacy of corrective action in response thereto, were reviewed. › The Committee reviewed the plans and outputs of the internal and external auditors and concluded that these were adequate to address all significant financial risks facing the business and supported the integrity and reliability of the Group’s external reporting. Management continued to enhance its internal control over financial reporting environment during the financial year ended 30 June 2026 and successfully remediated two material weaknesses relating to: › ineffective IT general controls over user access and the management of changes to certain financial reporting systems for the South African operations; and › ineffective design and implementation of controls related to the implementation of a new ERP system at an Italian subsidiary that forms part of the Chemicals Eurasia segment. . The remaining open material weaknesses at 30 June 2026 are: › inadequate design and implementation of risk assessment processes, including those relating to the methodology for the process for determining of material entities, for internal control over financial reporting purposes; › lack of adequate resources and understanding of the application of ICFR resulting in ineffective design and implementation of internal controls across the South African businesses, particularly as it pertains to the level of precision and evidence of review, including the completeness and accuracy of the information relied upon; › inadequate design and execution of controls over revenue recognition processes and supporting systems at the South African operations; and › insufficient precision in determining the completeness and accuracy of information used in Southern African impairment processes. The Committee is satisfied with the progress made in addressing the remaining material weaknesses through the enhancement of control design, increased focus on execution discipline, expanded training and capability-building initiatives, and strengthened monitoring activities. Remediation plans remain actively monitored by management and the Audit Committee, with continued focus on achieving a sustainable and effective control environment. Notwithstanding the deficiencies in the Company’s internal control over financial reporting, the Committee believes that the consolidated annual financial statements present fairly, in all material respects, the Company’s and Group’s financial position, results of operations and cash flows as of and for the periods presented in accordance with IFRS, as issued by the IASB. The Committee assessed the finance function and Chief Financial Officer › The Committee’s detailed assessment included the various specialist areas across the Group’s finance function, and the Committee concluded that it is satisfied with the appropriateness of the expertise and experience of the Chief Financial Officer and the expertise, resources, succession plans and experience of Sasol’s finance function. Conclusion The Committee is satisfied that it has fulfilled its responsibilities in accordance with its terms of reference, as well as its statutory and other responsibilities for the 2026 financial year. In the year ahead, the Committee will continue to focus on strengthening the control environment, enhancing the maturity of combined assurance, maintaining high-quality financial and integrated reporting, and overseeing the governance of information, cybersecurity and emerging technologies. The Committee will remain focused on ensuring that the Group’s governance, risk management and assurance processes support resilient performance and sustainable long-term value creation. Having had regard to all material risks and factors that may impact on the integrity of the annual financial statements and following appropriate review, the Committee recommended the Company and Group annual financial statements of Sasol Limited for the year ended 30 June 2026 to the Board for approval. On behalf of the Audit Committee Trix Kennealy Chairman of the Audit Committee 1 September 2026
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 19SASOL ANNUAL FINANCIAL STATEMENTS 2026 18 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 19SASOL ANNUAL FINANCIAL STATEMENTS 2026 18 T o the Shareholders of Sasol Limited Report on the audit of the consolidated and separate financial statements Our opinion We have audited the consolidated and separate financial statements of Sasol Limited (the Group and Company) set out on pages 22 to 134, which comprise the statements of financial position at 30 June 2026, and the income statements, the statements of comprehensive income, the statements of changes in equity, the statements of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of Sasol Limited at 30 June 2026, and its consolidated and separate financial performance and consolidated and separate cash flows for the year then ended in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and the requirements of the Companies Act of South Africa. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated and separate financial statements section of our report. We are independent of the Group and Company in accordance with the Independent Regulatory Board for Auditors’ Code of Professional Conduct for Registered Auditors (IRBA Code), as applicable to audits of financial statements of public interest entities, and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards). We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In terms of the IRBA Rule on Enhanced Auditor Reporting for the Audit of Financial Statements of Public Interest Entities, published in Government Gazette No. 49309 dated 15 September 2023 (EAR Rule), we report: Final Materiality The scope of our audit was influenced by our application of materiality. We set quantitative thresholds and overlay qualitative considerations to help us determine the scope of our audit and the nature, timing and extent of our procedures, and in evaluating the effect of misstatements, both individually and in the aggregate, on the financial statements as a whole. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: CONSOLIDATED SEPARATE Final materiality › Materiality amount: ZAR 1.4 billion › Materiality benchmark: T otal assets › Materiality percentage: 0.38% (rounded) of total assets › Materiality amount: ZAR 1.16 billion › Materiality benchmark: T otal assets › Materiality percentage: 0.56% (rounded) of total assets Rationale for the benchmark applied We have determined that total assets is the most appropriate benchmark relevant to the users of the Group and Company financial statements due to the capital-intensive nature of the Group’s operations and the significant investments held by the Company. We applied 0.38% (Group) and 0.56% (Company) which are consistent with quantitative materiality thresholds used for capital intensive companies based on our professional judgement after consideration of qualitative factors that impact the Group and Company. Group Audit Scope We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the consolidated financial statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the industry in which the Group operates. We performed risk assessment procedures to determine which of the Group’s components are likely to include risks of material misstatement to the Group financial statements and which further audit procedures to perform at these components to address those risks. Our judgement included assessing the size of the components, nature of assets, liabilities and transactions within the components as well as specific risks. In total, we identified 11 components subject to further audit procedures. Of those, we identified five components at which further audit procedures were performed on the entire financial information of the component, either because audit evidence needed to be obtained on all or a significant proportion of the component’s financial information, or that component represents a pervasive risk of material misstatement to the consolidated financial statements. We also identified five components, at which further audit procedures were performed on one or more classes of transactions, account balances or disclosures based on the assessed risks of material misstatement to the consolidated financial statements. We further identified one component at which specific further audit procedures are required to address specific risk of material misstatements. Accordingly, we performed audit procedures on 11 components, of which we involved component auditors in performing the audit work at these components. We also performed an analysis at an aggregated group level on the remaining financial information, taking into consideration the Group’s legal structure, the existence of common risk profile across entities/business units/functions/business activity and geographical locations. INDEPENDENT AUDITOR’S REPORT
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 19SASOL ANNUAL FINANCIAL STATEMENTS 2026 18 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 19SASOL ANNUAL FINANCIAL STATEMENTS 2026 18 Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated and separate financial statements of the current period. These matters were addressed in the context of our audit of the consolidated and separate financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. In terms of the EAR Rule, we are required to report the outcome of audit procedures or key observations with respect to the key audit matters and these are included below. Evaluations of Group environmental provisions related to certain sites within South Africa and Mozambique Refer to note 29 “Long-term provisions” to the consolidated financial statements KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN OUR AUDIT The Group has recorded environmental provisions of R14 504 million in the consolidated financial statements at 30 June 2026, a portion of which relates to certain sites within South Africa and Mozambique. The environmental obligation includes estimated costs for the rehabilitation of coal mining, oil, gas, and petrochemical sites. In accordance with the Group’s published environmental policy and applicable legislation, the provision for environmental rehabilitation is recognised as and when the obligation arises, representing the estimated cash flows in the period in which the obligation is settled. We identified the evaluation of the environmental provisions related to certain sites within South Africa and Mozambique as a key audit matter. This matter required subjective and complex auditor judgement, including specialised skills and knowledge in evaluating the group’s environmental provision related to these sites, including: › The selection of methods to estimate the closure costs; and › The reasonableness of the unit rates used for certain cost estimates. The following are the primary procedures we performed to address this key audit matter: With the assistance of our environmental rehabilitation specialists, we assessed the environmental provisions for certain sites in South Africa and Mozambique by performing the following procedures: › Evaluated the closure and rehabilitation plans against applicable regulatory and legislative requirements; › Evaluated the methodology used by the Group’s internal and external experts against industry practice and our understanding of the business; and › Assessed the reasonableness of the cost estimates against the closure and rehabilitation plan. The results of our testing were satisfactory, and we concluded the Group environmental provisions related to certain sites within South Africa and Mozambique to be acceptable. Impairment assessment of non-financial assets related to certain cash generating units (relates to the consolidated financial statements) and investments in subsidiaries (relates to the separate financial statements) Refer to the following notes to the Consolidated financial statements: Note 8 “Remeasurement items affecting operating profit” , Note 14 “Right of use assets”; Note 16 “Property, plant and equipment”; and Separate financial statements: Note 1 “Investments” KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN OUR AUDIT The Group’s property, plant and equipment and right of use assets at 30 June 2026 amount to R146 710 million and R11 375 million, respectively, a portion of which related to certain cash generating units (“CGUs”) where management recognised an impairment of R16 504 million as per Note 8 of the consolidated financial statements. The Company’s investments in subsidiaries at 30 June 2026 amount to R 153 850 million. The Group and Company assesses property, plant and equipment, right of use assets, and investments in subsidiaries for impairment indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. The recoverable amount of the assets assessed for impairment is determined based on an estimate of the recoverable amount for the cash generating units or asset, using a discounted cash flow model that requires management to estimate the present value of future cash flows, discounted using a suitable discount rate. We identified the evaluation of the impairment assessment of the Group’s consolidated property, plant and equipment and right of use assets related to Southern African and US Chemicals CGUs, and the Company’s investments in subsidiaries as a key audit matter. The following are the primary procedures we performed to address this key audit matter: › Performed sensitivity analyses over the key assumptions used to determine the recoverable amount to assess the impact of changes in those assumptions on the recoverable amounts. › Compared the forecasted cash flows related to certain Southern African and US Chemicals CGUs used in the recoverable amount analyses against actual past performance and previous forecasts in order to assess the Group and Company’s ability to forecast its cash-flows. › Assessed the forecast sales volumes and gross margins for the US Chemicals CGUs by comparing these assumptions to historical actuals, considering economic conditions and market information. › Evaluated the appropriateness of the impact of management’s ERR adjustments on the value-in-use calculations through discussions with management and evaluated whether the ERR adjustments are reasonable by assessing their consistency with management’s approved plans and publicly available information.
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SASOL LIMITED GROUP INDEPENDENT AUDITOR’S REPORT continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 21SASOL ANNUAL FINANCIAL STATEMENTS 2026 20 Impairment assessment of non-financial assets related to certain cash generating units (relates to the consolidated financial statements) and investments in subsidiaries (relates to the separate financial statements) continued Refer to the following notes to the Consolidated financial statements: Note 8 “Remeasurement items affecting operating profit” , Note 14 “Right of use assets”; Note 16 “Property, plant and equipment”; and Separate financial statements: Note 1 “Investments” continued KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN OUR AUDIT Minor changes to certain assumptions would have had a significant effect on the determination of the recoverable amounts. There was a high degree of auditor judgment involved in evaluating certain key assumptions applied in the discounted cash flow models, specifically: › Long-term average: USD/ZAR exchange rate*, brent crude oil price*, US Ethane & Ethylene prices and certain other chemical prices used in the assessment of the recoverable amount. › Weighted average cost of capital rates for South Africa*, Mozambique and the US. › Forecast sales volumes (including revenue growth rates) and gross margins for the US Chemicals CGUs. › Impact of the proposed Carbon tax legislation on the Southern Africa Integrated Value Chain (“SA IVC”) cash flow assumptions. › Impact of implementing the Group’s Emissions Reduction Roadmap (“ERR”) on the SA IVC cash flow assumptions. * Also iden tified as a key assumption in the Company’s impairment assessment of investments in subsidiaries. › We involved our valuation professionals with specialized skills and knowledge, who assisted the audit team in: (a) Evaluated the Group’s weighted average cost of capital rates, USD/ZAR exchange rate, Brent crude oil price, US ethane & Ethylene, and certain other Chemical prices against publicly available data. (b) De veloped an expectation of the revenue growth rates and gross margins based on comparable market information and comparing those rates to those used by management. › Involved our taxation professionals with specialised skills and knowledge, who assisted in evaluating the reasonableness of the impact of the estimated carbon tax rate on the impairment assessments by comparing the carbon tax assumptions made by management with the requirements of the latest Carbon tax legislation in South Africa. At the Company level, we evaluated the recoverability of investments in subsidiaries by comparing the fair value of the investments to the investment at cost. The fair values were derived using the same underlying assumptions*. The results of our testing were satisfactory, and we have concluded the relevant Group impairments and Company investments to be acceptable. Other information The directors are responsible for the other information. The other information comprises the information included in the document titled “Sasol Limited Annual Financial Statements for the year ended 30 June 2026”, which includes the Directors’ Report, Report of the Audit Committee and the Certificate of the Company Secretary as required by the Companies Act of South Africa. The other information does not include the consolidated and separate financial statements and our auditor’s report thereon. Our opinion on the consolidated and separate financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon. In connection with our audit of the consolidated and separate financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated and separate financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the consolidated and separate financial statements The directors are responsible for the preparation and fair presentation of the consolidated and separate financial statements in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IFRS Accounting Standards) and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated and separate financial statements, the directors are responsible for assessing the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group and/or Company or to cease operations, or have no realistic alternative but to do so.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 21SASOL ANNUAL FINANCIAL STATEMENTS 2026 20 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Auditor’s responsibilities for the audit of the consolidated and separate financial statements Our objectives are to obtain reasonable assurance about whether the consolidated and separate financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated and separate financial statements. As part of an audit in accordance with ISAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: › Identify and assess the risks of material misstatement of the consolidated and separate financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. › Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group and Company’s internal control. › Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. › Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group and Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated and separate financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group and/or Company to cease to continue as a going concern. › Evaluate the overall presentation, structure and content of the consolidated and separate financial statements, including the disclosures, and whether the consolidated and separate financial statements represent the underlying transactions and events in a manner that achieves fair presentation. › Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the consolidated and separate financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on other legal and regulatory requirements In terms of the IRBA Rule published in Government Gazette Number 39475 dated 4 December 2015, we report that KPMG Inc. has been the auditor of Sasol Limited for 3 years. KPMG Inc. Registered Auditor Per Safeera Loonat Chartered Accountant (SA) Registered Auditor Director 1 September 2026 KPMG Cresent, 85 Empire Road, Parktown, Johannesburg
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 23SASOL ANNUAL FINANCIAL STATEMENTS 2026 22 CONTENT Income statement 23 Statement of comprehensive income 24 Statement of financial position 25 Statement of changes in equity 26 Statement of cash flows 28 Notes to the financial statements 29 CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2026 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 23SASOL ANNUAL FINANCIAL STATEMENTS 2026 22
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 23SASOL ANNUAL FINANCIAL STATEMENTS 2026 22 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 23SASOL ANNUAL FINANCIAL STATEMENTS 2026 22 2026 2025 2024 Note Rm Rm Rm Turnover 2 272 118 249 096 275 111 Materials, energy and consumables used 3 (138 032) (129 141) (137 957) Selling and distribution costs (9 468) (9 579) (10 394) Maintenance expenditure (14 863) (15 524) (15 446) Employee-related expenditure 4 (36 787) (35 298) (35 465) Depreciation and amortisation (13 602) (14 002) (15 644) Other expenses and income 5 (16 435) (8 711) (13 854) Equity accounted profits, net of tax 79 1 623 1 758 Operating profit before remeasurement items 43 010 38 464 48 109 Remeasurement items affecting operating profit 8 (17 320) (19 645) (75 414) Earnings/(loss) before interest and tax (EBIT/(LBIT)) 25 690 18 819 (27 305) Finance income 6 2 329 2 925 3 226 Finance costs 6 (9 412) (9 462) (10 427) Earnings/(loss) before tax 18 607 12 282 (34 506) T axation 9 (4 149) (4 556) (9 739) Earnings/(loss) for the year 14 458 7 726 (44 245) Attributable to Owners of Sasol Limited 12 149 6 767 (44 271) Non-controlling interests in subsidiaries 2 309 959 26 14 458 7 726 (44 245) Rand Rand Rand Per share information Basic earnings/(loss) per share 7 18,99 10,60 (69,94) Diluted earnings/(loss) per share 7 18,73 10,54 (69,94) The notes on pages 30 to 117 are an integral part of these Consolidated Financial Statements. INCOME STATEMENT for the year ended 30 June
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SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 25SASOL ANNUAL FINANCIAL STATEMENTS 2026 24 STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June 2026 2025 2024 Rm Rm Rm Earnings/(loss) for the year 14 458 7 726 (44 245) Other comprehensive (loss)/income, net of tax Items that can be subsequently reclassified to the income statement (2 325) 1 592 (2 916) Effect of translation of foreign operations (2 255) 1 579 (2 745) Share of other comprehensive income in equity accounted investments (70) 13 57 Foreign currency translation reserve on disposal of business reclassified to the income statement – – (228) Items that cannot be subsequently reclassified to the income statement 122 188 48 Remeasurement of post-retirement benefit obligation 247 251 55 Fair value of investments through other comprehensive income 1 (1) (3) T ax on items that cannot be subsequently reclassified to the income statement (126) (62) (4) T otal comprehensive income/(loss) for the year 12 255 9 506 (47 113) Attributable to Owners of Sasol Limited 9 948 8 539 (47 123) Non-controlling interests in subsidiaries 2 307 967 10 12 255 9 506 (47 113) The notes on pages 30 to 117 are an integral part of these Consolidated Financial Statements.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 25SASOL ANNUAL FINANCIAL STATEMENTS 2026 24 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER STATEMENT OF FINANCIAL POSITION at 30 June 2026 2025 Note Rm Rm Assets Property, plant and equipment 16 146 710 158 041 Right of use assets 14 11 375 11 834 Goodwill and other intangible assets 2 503 2 350 Equity accounted investments 18 10 715 12 959 Other long-term investments 3 406 3 008 Post-retirement benefit assets 31 1 313 1 083 Long-term receivables and prepaid expenses 17 3 025 3 543 Long-term financial assets 35 2 873 780 Deferred tax assets 11 35 872 35 803 Non-current assets 217 792 229 401 Inventories 21 50 321 41 793 T ax receivable 10 285 1 557 T rade and other receivables 22 45 862 40 086 Short-term financial assets 6 211 5 615 Cash and cash equivalents 25 43 304 41 050 Current assets 145 983 130 101 Assets in disposal groups held for sale 43 53 T otal assets 363 818 359 555 Equity and liabilities Shareholders' equity 163 056 152 427 Non-controlling interests 6 978 5 184 T otal equity 170 034 157 611 Long-term debt 13 67 874 88 554 Lease liabilities 14 15 690 15 177 Long-term provisions 29 13 961 12 949 Post-retirement benefit obligations 31 11 622 12 121 Long-term deferred income 199 229 Deferred tax liabilities 11 2 765 3 478 Non-current liabilities 112 111 132 508 Short-term debt 15 27 402 16 940 Short-term provisions 30 2 804 3 757 T ax payable 10 1 051 636 T rade and other payables 23 48 802 47 411 Short-term deferred income 947 625 Short-term financial liabilities 35 549 66 Bank overdraft 25 118 1 Current liabilities 81 673 69 436 T otal equity and liabilities 363 818 359 555 The notes on pages 30 to 117 are an integral part of these Consolidated Financial Statements.
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SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 27SASOL ANNUAL FINANCIAL STATEMENTS 2026 26 Share capital Note 12 Share- based payment reserve Foreign currency translation reserve Other reserves* Remeasurement on post- retirement benefits Retained earnings Shareholders' equity Non- controlling interests T otal equity Rm Rm Rm Rm Rm Rm Rm Rm Rm Balance at 30 June 2023 9 888 898 49 686 20 706 135 706 196 904 4 620 201 524 Other movements – 1 (1) (25) – 17 (8) 9 1 Movement in share-based payment reserve – 865 – – – – 865 – 865 Share-based payment expense (refer note 32) – 986 – – – – 986 – 986 Deferred tax – (121) – – – – (121) – (121) Long-term incentives vested and settled – (718) – – – 718 – – – T otal comprehensive (loss)/ income for the year – – (2 971) 54 65 (44 271) (47 123) 10 (47 113) (loss)/profit – – – – – (44 271) (44 271) 26 (44 245) other comprehensive (loss)/income for the year – – (2 971) 54 65 – (2 852) (16) (2 868) Dividends paid (refer note 28) – – – – – (7 633) (7 633) (217) (7 850) Balance at 30 June 2024 9 888 1 046 46 714 49 771 84 537 143 005 4 422 147 427 Other movements – – – – – (2) (2) – (2) Movement in share-based payment reserve – 913 – – – – 913 – 913 Share-based payment expense (refer note 32) – 914 – – – – 914 – 914 Deferred tax – (1) – – – – (1) – (1) Long-term incentives vested and settled – (691) – – – 691 – – – T otal comprehensive income for the year – – 1 581 12 179 6 767 8 539 967 9 506 profit – – – – – 6 767 6 767 959 7 726 other comprehensive income for the year – – 1 581 12 179 – 1 772 8 1 780 Dividends paid (refer note 28) – – – – – (28) (28) (205) (233) Balance at 30 June 2025 9 888 1 268 48 295 61 950 91 965 152 427 5 184 157 611 Movement in share-based payment reserve – 956 – – – – 956 – 956 Share-based payment expense (refer note 32) – 918 – – – – 918 – 918 Deferred tax – 38 – – – – 38 – 38 Long-term incentives vested and settled – (217) – – – 217 – – – T ransfer to cash-settled liability¹ – (275) – – – – (275) – (275) T ransfer of gain realised on payment of cash-settled liability¹ – (468) – – – 468 – – – T otal comprehensive (loss)/income for the year – – (2 250) (69) 118 12 149 9 948 2 307 12 255 profit – – – – – 12 149 12 149 2 309 14 458 other comprehensive (loss)/income for the year – – (2 250) (69) 118 – (2 201) (2) (2 203) Dividends paid (refer note 28) – – – – – – – (513) (513) Balance at 30 June 2026 9 888 1 264 46 045 (8) 1 068 104 799 163 056 6 978 170 034 * Includes investment fair value and cash flow hedge reserves. 1 On 20 August 2025, the Remuneration Committee approved the once-off settlement of the Long-term incentive (L TI) shares vesting on 6 September 2025 through a combination of equity and cash. The fair value of the liability was reclassified from equity to liabilities on modification date for the sell portion of the L TIs that vested on 6 September 2025. The difference between the amount accrued in the share-based payment reserve (based on the share price at grant date while it was still an equity settled share-based payment) and the amount of the cash settled liability paid (based on share price at vesting date), resulted in a gain being realised upon the extinguishment of the liability on 8 September 2025. The notes on pages 30 to 117 are an integral part of these Consolidated Financial Statements. STATEMENT OF CHANGES IN EQUITY for the year ended 30 June
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 27SASOL ANNUAL FINANCIAL STATEMENTS 2026 26 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Share capital Note 12 Share- based payment reserve Foreign currency translation reserve Other reserves* Remeasurement on post- retirement benefits Retained earnings Shareholders' equity Non- controlling interests T otal equity Rm Rm Rm Rm Rm Rm Rm Rm Rm Balance at 30 June 2023 9 888 898 49 686 20 706 135 706 196 904 4 620 201 524 Other movements – 1 (1) (25) – 17 (8) 9 1 Movement in share-based payment reserve – 865 – – – – 865 – 865 Share-based payment expense (refer note 32) – 986 – – – – 986 – 986 Deferred tax – (121) – – – – (121) – (121) Long-term incentives vested and settled – (718) – – – 718 – – – T otal comprehensive (loss)/ income for the year – – (2 971) 54 65 (44 271) (47 123) 10 (47 113) (loss)/profit – – – – – (44 271) (44 271) 26 (44 245) other comprehensive (loss)/income for the year – – (2 971) 54 65 – (2 852) (16) (2 868) Dividends paid (refer note 28) – – – – – (7 633) (7 633) (217) (7 850) Balance at 30 June 2024 9 888 1 046 46 714 49 771 84 537 143 005 4 422 147 427 Other movements – – – – – (2) (2) – (2) Movement in share-based payment reserve – 913 – – – – 913 – 913 Share-based payment expense (refer note 32) – 914 – – – – 914 – 914 Deferred tax – (1) – – – – (1) – (1) Long-term incentives vested and settled – (691) – – – 691 – – – T otal comprehensive income for the year – – 1 581 12 179 6 767 8 539 967 9 506 profit – – – – – 6 767 6 767 959 7 726 other comprehensive income for the year – – 1 581 12 179 – 1 772 8 1 780 Dividends paid (refer note 28) – – – – – (28) (28) (205) (233) Balance at 30 June 2025 9 888 1 268 48 295 61 950 91 965 152 427 5 184 157 611 Movement in share-based payment reserve – 956 – – – – 956 – 956 Share-based payment expense (refer note 32) – 918 – – – – 918 – 918 Deferred tax – 38 – – – – 38 – 38 Long-term incentives vested and settled – (217) – – – 217 – – – T ransfer to cash-settled liability¹ – (275) – – – – (275) – (275) T ransfer of gain realised on payment of cash-settled liability¹ – (468) – – – 468 – – – T otal comprehensive (loss)/income for the year – – (2 250) (69) 118 12 149 9 948 2 307 12 255 profit – – – – – 12 149 12 149 2 309 14 458 other comprehensive (loss)/income for the year – – (2 250) (69) 118 – (2 201) (2) (2 203) Dividends paid (refer note 28) – – – – – – – (513) (513) Balance at 30 June 2026 9 888 1 264 46 045 (8) 1 068 104 799 163 056 6 978 170 034 * Includes investment fair value and cash flow hedge reserves. 1 On 20 August 2025, the Remuneration Committee approved the once-off settlement of the Long-term incentive (L TI) shares vesting on 6 September 2025 through a combination of equity and cash. The fair value of the liability was reclassified from equity to liabilities on modification date for the sell portion of the L TIs that vested on 6 September 2025. The difference between the amount accrued in the share-based payment reserve (based on the share price at grant date while it was still an equity settled share-based payment) and the amount of the cash settled liability paid (based on share price at vesting date), resulted in a gain being realised upon the extinguishment of the liability on 8 September 2025. The notes on pages 30 to 117 are an integral part of these Consolidated Financial Statements. STATEMENT OF CHANGES IN EQUITY for the year ended 30 June
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 29SASOL ANNUAL FINANCIAL STATEMENTS 2026 28 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 29SASOL ANNUAL FINANCIAL STATEMENTS 2026 28 STATEMENT OF CASH FLOWS for the year ended 30 June 2026 2025 2024 Note Rm Rm Rm Cash receipts from customers 267 407 247 982 272 017 Cash paid to suppliers and employees¹ (225 437) (200 179) (219 696) Cash generated by operating activities 26 41 970 47 803 52 321 Dividends received from equity accounted investments 1 410 3 211 1 639 Finance income received 6 2 300 2 818 3 211 Finance costs paid² 6 (7 063) (7 998) (8 638) T ax paid 10 (5 624) (7 293) (10 932) Cash available from operating activities 32 993 38 541 37 601 Dividends paid³ 28 – (28) (7 633) Dividends paid to non-controlling shareholders in subsidiaries (513) (205) (217) Cash retained from operating activities 32 480 38 308 29 751 Additions to non-current assets (21 104) (25 983) (30 428) additions to property, plant and equipment 16 (20 751) (25 345) (30 074) additions to other intangible assets (121) (68) (85) decrease in capital project related payables (232) (570) (269) Cash contribution to equity accounted investments (80) (63) (113) Proceeds on disposals of equity accounted investments⁴ 126 – – Proceeds on disposals and scrappings 215 372 129 Proceeds from assets held for sale 52 53 9 Purchase of investments (189) (1 055) (173) Proceeds from sale of investments 108 946 69 Long-term receivables repaid 576 511 357 Long-term receivables granted (1 188) (431) (298) Increase in long-term restricted cash (204) (236) (209) Cash used in investing activities (21 688) (25 886) (30 657) Proceeds from long-term debt 13 18 579 471 30 692 Repayment of long-term debt 13 (23 651) (14 060) (35 468) Payment of lease liabilities 14 (2 800) (3 077) (2 698) Proceeds from short-term debt 3 977 3 613 2 691 Repayment of short-term debt (3 397) (3 556) (2 183) Cash used in financing activities (7 292) (16 609) (6 966) T ranslation effects on cash and cash equivalents (1 363) (26) (633) Increase/(decrease) in cash and cash equivalents 2 137 (4 213) (8 505) Cash and cash equivalents at the beginning of year 41 049 45 262 53 767 Cash and cash equivalents at the end of the year 25 43 186 41 049 45 262 1 Includes a R275 million cash-settled share-based payment (refer to note 32.1). 2 Included in finance costs paid are amounts capitalised to assets under construction a class of Property, plant and equipment (refer to note 16). 3 Decrease is as a result of no interim dividends declared in 2026 and 2025, no final dividends declared in 2025 compared to interim dividends declared in 2024. 4 Payment received on 30 June 2026 relating to contingent consideration from the Uzbekistan GTL LLC disposal. The notes on pages 30 to 117 are an integral part of these Consolidated Financial Statements.
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NOTES TO THE FINANCIAL STATEMENTS SASOL LIMITED GROUP Segment informationSegment information 3030 Statement of complianceStatement of compliance 3636 EARNINGS GENERATED FROM OPERATIONS Operating and other activitiesOperating and other activities 4040 T urnoverT urnover 4040 Materials, energy and consumables usedMaterials, energy and consumables used 4141 Employee-related expenditureEmployee-related expenditure 4141 Other expenses and incomeOther expenses and income 4242 Net finance costsNet finance costs 4343 Earnings and dividends per shareEarnings and dividends per share 4343 Remeasurement items affecting operating profitRemeasurement items affecting operating profit 4545 TaxationTaxation 5555 T axationT axation 5555 T ax paidT ax paid 5757 Deferred taxDeferred tax 5757 SOURCES OF CAPITAL EquityEquity 6161 Share capitalShare capital 6161 Funding activities and facilitiesFunding activities and facilities 6262 Long-term debtLong-term debt 6262 LeasesLeases 6464 Short-term debtShort-term debt 6666 CAPITAL ALLOCATION AND UTILISATION Investing activitiesInvesting activities 6868 Property, plant and equipmentProperty, plant and equipment 6868 Long-term receivables and prepaid expensesLong-term receivables and prepaid expenses 7171 Equity accounted investmentsEquity accounted investments 7171 Interest in joint operationsInterest in joint operations 7575 Interest in significant operating subsidiariesInterest in significant operating subsidiaries 7676 Working capitalWorking capital 7878 InventoriesInventories 7878 T rade and other receivablesT rade and other receivables 7878 T rade and other payablesT rade and other payables 7979 Decrease/(increase) in working capitalDecrease/(increase) in working capital 7979 Cash managementCash management 8080 Cash and cash equivalentsCash and cash equivalents 8080 Cash generated by operating activitiesCash generated by operating activities 8080 Cash flow from operationsCash flow from operations 8181 Dividends paidDividends paid 8181 PROVISIONS AND RESERVES ProvisionsProvisions 8383 Long-term provisionsLong-term provisions 8383 Short-term provisionsShort-term provisions 8585 Post-retirement benefit obligationsPost-retirement benefit obligations 8585 ReservesReserves 9393 Share-based payment reserveShare-based payment reserve 9393 OTHER DISCLOSURES Contingent liabilitiesContingent liabilities 9898 Related partiesRelated parties 9999 Financial risk management and financial instrumentsFinancial risk management and financial instruments 104104 Subsequent eventsSubsequent events 117117 SASOL ANNUAL FINANCIAL STATEMENTS 2026 29SASOL ANNUAL FINANCIAL STATEMENTS 2026 28 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 29SASOL ANNUAL FINANCIAL STATEMENTS 2026 28
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 31SASOL ANNUAL FINANCIAL STATEMENTS 2026 30 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 31SASOL ANNUAL FINANCIAL STATEMENTS 2026 30 Southern Africa Energy and Chemicals International Chemicals Mining Gas Fuels Chemicals Africa America Eurasia Business support Consoli- dation Adjust- ments T otal Rm Rm Rm Rm Rm Rm Rm Rm Rm 2026 Income statement External turnover¹ 4 7 998 122 075 59 862 40 290 41 889 – – 272 118 Segment turnover 29 309 12 300 125 274 62 527 40 883 42 324 – (40 499) 272 118 Intersegmental turnover (29 305) (4 302) (3 199) (2 665) (593) (435) – 40 499 – Materials, energy and consumables used² (9 770) (3 360) (80 593) (33 818) (20 700) (29 606) (158) 39 973 (138 032) Selling and distribution costs – – (43) (4 671) (3 269) (1 511) – 26 (9 468) Maintenance expenditure (4 498) (343) (3 926) (3 699) (1 992) (1 130) (535) 1 260 (14 863) Employee-related expenditure (6 941) (914) (5 232) (6 524) (3 849) (6 441) (7 060) 174 (36 787) Depreciation and amortisation (1 055) (1 353) (702) (5 845) (2 840) (1 334) (473) – (13 602) Other expenses and income (3 290) (1 186) (6 579) (6 697) (4 278) (367) 6 896 (934) (16 435) Equity accounted profits/(losses), net of tax 1 399 (436) 224 – – (109) – 79 Remeasurement items affecting operating profit (refer note 8) (42) (4 331) (7 860) (4 836) 142 (450) 57 – (17 320) Earnings/(loss) before interest and tax (EBIT/(LBIT)) 3 714 1 212 19 903 (3 339) 4 097 1 485 (1 382) – 25 690 Statement of Financial Position Additions to non-current assets³ 4 143 1 832 5 417 5 898 1 906 1 221 455 – 20 872 1 Mining's external turnover is net of royalties paid on both external and intersegmental sales. 2 An amount of R110,6 billion relating to the cost of raw materials is included in the Materials, energy and consumables used. The current year consists of Mining (R8,2 billion), Gas (R3,4 billion), Fuels (R69,6 billion), Chemicals Africa (R25,3 billion), Chemicals America (R16,8 billion), Chemicals Eurasia (R26,4 billion) and Business Support (R0,1 billion) less a consolidation adjustment (R39,2 billion). 3 Excludes capital project related payables, equity accounted investments and deferred tax assets. SEGMENT INFORMATION
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 31SASOL ANNUAL FINANCIAL STATEMENTS 2026 30 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 31SASOL ANNUAL FINANCIAL STATEMENTS 2026 30 Southern Africa Energy and Chemicals International Chemicals Mining Gas Fuels Chemicals Africa America Eurasia Business support Consoli- dation Adjust- ments T otal Rm Rm Rm Rm Rm Rm Rm Rm Rm 2025 Income statement External turnover 3 640 8 421 96 026 60 716 38 246 42 047 – – 249 096 Segment turnover 30 373 13 133 98 419 63 528 38 703 42 571 – (37 631) 249 096 Intersegmental turnover (26 733) (4 712) (2 393) (2 812) (457) (524) – 37 631 – Materials, energy and consumables used¹ (9 965) (3 493) (70 247) (32 798) (19 278) (30 308) (168) 37 116 (129 141) Selling and distribution costs – – (28) (4 322) (3 679) (1 584) – 34 (9 579) Maintenance expenditure (4 602) (286) (4 064) (3 751) (2 586) (1 028) (576) 1 369 (15 524) Employee-related expenditure (6 854) (732) (4 758) (5 969) (4 648) (6 177) (6 389) 229 (35 298) Depreciation and amortisation (1 426) (1 179) (1 015) (5 361) (2 988) (1 555) (478) – (14 002) Other expenses and income (3 531) (88) (2 300) (5 631) (3 849) (946) 8 751 (1 117) (8 711) Equity accounted (losses)/profits, net of tax 1 489 976 218 – – (61) – 1 623 Remeasurement items affecting operating profit (refer note 8) (42) (4 796) (11 761) (905) (9) (2 184) 52 – (19 645) Earnings/(loss) before interest and tax (EBIT/(LBIT)) 3 954 3 048 5 222 5 009 1 666 (1 211) 1 131 – 18 819 Statement of Financial Position Additions to non-current assets² 3 573 3 481 7 315 6 863 2 332 1 548 301 – 25 413 1 An amount of R103 billion relating to the cost of raw materials is included in the Materials, energy and consumables used. The current year consists of Mining (R8,5 billion), Gas (R3,5 billion), Fuels (R59,7 billion), Chemicals Africa (R25 billion), Chemicals America (R15,7 billion), Chemicals Eurasia (R26,6 billion) and Business Support (R0,1 billion) less a consolidation adjustment (R36,2 billion). 2 Excludes capital project related payables and equity accounted investments.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 33SASOL ANNUAL FINANCIAL STATEMENTS 2026 32 SASOL LIMITED GROUP SEGMENT INFORMATION continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 33SASOL ANNUAL FINANCIAL STATEMENTS 2026 32 Southern Africa Energy and Chemicals International Chemicals Mining Gas Fuels Chemicals Africa America Eurasia Business support Consoli- dation Adjust- ments T otal Rm Rm Rm Rm Rm Rm Rm Rm Rm 2024 Income statement External turnover 3 874 8 014 116 256 63 829 41 424 41 714 – – 275 111 Segment turnover 28 876 12 158 118 864 66 883 41 805 42 201 – (35 676) 275 111 Intersegmental turnover (25 002) (4 144) (2 608) (3 054) (381) (487) – 35 676 – Materials, energy and consumables used¹ (9 401) (4 097) (76 483) (30 038) (21 899) (30 974) (182) 35 117 (137 957) Selling and distribution costs – – (44) (4 771) (3 936) (1 673) – 30 (10 394) Maintenance expenditure (4 214) (329) (4 089) (3 492) (2 792) (1 189) (710) 1 369 (15 446) Employee-related expenditure (6 851) (750) (4 801) (5 721) (4 843) (6 213) (6 564) 278 (35 465) Depreciation and amortisation (1 532) (665) (1 115) (5 018) (4 905) (1 930) (479) – (15 644) Other expenses and income (3 684) (1 031) (5 314) (6 459) (4 953) (345) 9 050 (1 118) (13 854) Equity accounted profits, net of tax (1) 463 1 173 143 – – (20) – 1 758 Remeasurement items affecting operating profit (refer note 8) 17 954 (9 244) (5 237) (59 686) (2 265) 47 – (75 414) Earnings/(loss) before interest and tax (EBIT/(LBIT)) 3 210 6 703 18 947 6 290 (61 209) (2 388) 1 142 – (27 305) Statement of Financial Position Additions to non-current assets² 2 954 6 492 8 671 7 548 1 762 2 062 670 – 30 159 1 An amount of R114,9 billion relating to the cost of raw materials is included in the Materials, energy and consumables used. The current year consists of Mining (R8,2 billion), Gas (R4,1 billion), Fuels (R67,6 billion), Chemicals Africa (R23,5 billion), Chemicals America (R18,6 billion), Chemicals Eurasia (R27,2 billion) and Business Support (R0,1 billion) less a consolidation adjustment (R34,4 billion). 2 Excludes capital project related payables and equity accounted investments.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 33SASOL ANNUAL FINANCIAL STATEMENTS 2026 32 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 33SASOL ANNUAL FINANCIAL STATEMENTS 2026 32 South Africa Mozambique United States Europe Rest of World T otal Rm Rm Rm Rm Rm Rm 2026 External turnover¹ 139 061 1 205 41 120 45 661 45 071 272 118 Earnings/(loss) before interest and tax (EBIT/(LBIT))² 22 128 (484) 4 111 505 (570) 25 690 T ax paid 3 690 1 011 37 846 40 5 624 Non-current assets³ 70 343 18 801 68 867 13 368 8 121 179 500 2025 External turnover¹ 119 000 1 053 39 167 47 158 42 718 249 096 Earnings/(loss) before interest and tax (EBIT/(LBIT))² 16 648 (1 717) 2 354 (2 417) 3 951 18 819 T ax paid 5 352 1 323 11 475 132 7 293 Non-current assets³ 69 763 22 901 75 022 14 763 10 066 192 515 2024 External turnover¹ 137 903 1 091 43 374 50 044 42 699 275 111 (Loss)/earnings before interest and tax ((LBIT)/EBIT)² 28 109 738 (58 891) (834) 3 573 (27 305) T ax paid 7 939 2 536 12 400 45 10 932 Non-current assets³ 69 729 25 090 77 217 17 136 10 984 200 156 1 The analysis of turnover is based on the location of the customer. 2 Includes equity accounted profits and remeasurement items. 3 Excludes deferred tax assets, post-retirement benefit assets and other items not separately disclosed. GEOGRAPHIC REGION INFORMATION
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 35SASOL ANNUAL FINANCIAL STATEMENTS 2026 34 SASOL LIMITED GROUP The Group’s operating model comprises of two distinct businesses, Southern Africa Energy and Chemicals and International Chemicals. The Southern Africa Energy and Chemicals business comprises Mining, Gas, Fuels and Chemicals Africa. The International Chemicals business comprises of Chemicals America and Chemicals Eurasia. The operating model structure reflects how the results are reported to the Chief Operating Decision Maker (CODM). The CODM for Sasol is the President and Chief Executive Officer. The Southern Africa Energy business reportable segments are operating segments that are differentiated by the activities that each undertakes and the products they manufacture and market. The Chemicals business reportable segments are differentiated by the regions in which they operate. The Group has six main reportable segments that reflect the structure used by the President and Chief Executive Officer to make key operating decisions and assess performance. The Group evaluates the performance of its reportable segments based on earnings before interest and tax (EBIT). Southern Africa business The Southern Africa business operates integrated value chains with feedstock sourced from the Mining and Gas operating segments and processed at our operations in Secunda, Sasolburg and National Petroleum Refiners of South Africa (Pty) Ltd (Natref). There are also associated assets outside South Africa which include the Pande-T emane Petroleum Production Agreement and the Production Sharing Agreement in Mozambique and ORYX GTL (gas to liquids) in Qatar. MINING Mining is responsible for securing coal feedstock for the Southern African value chain, mainly for gasification, but also to generate electricity and steam. Coal is sold for gasification and utilities generation to Secunda Operations (SO) and for utilities generation to Sasolburg Operations. Coal is supplied to SO and to Sasolburg Operations based on long-term supply contracts. Following the repurposing of the existing export beneficiation plant as a destoning solution, Sasol Mining ceased export production on 30 June 2025 and concluded its final export sales in quarter 1 of 2026. Accordingly, coal sales are now exclusively directed to the Southern African value chain. The date of delivery related to Mining is determined in accordance with the contractual agreements entered into with customers. These are summarised as follows: Delivery terms Control passes to the customer On delivery At the point in time when the coal is delivered to the customer. GAS The Gas segment reflects the upstream feedstock, transport of gas through the Republic of Mozambique Pipeline Investments Company (ROMPCO) pipeline, and external natural methane rich gas (MRG) and liquefied petroleum gas (LPG) sales. Mozambican gas is sold under long-term contracts to the Sasol operations and to external customers. Condensate is sold on short-term contracts. In South Africa, gas is sold under long-term contracts at a price determinable from the supply agreements in accordance with the pricing methodology used by the National Energy Regulator of South Africa (NERSA). Analysis of gas and tests of the specifications and content are performed prior to delivery. T urnover from all gas sales is recognised on delivery. Delivery terms Control passes to the customer On-delivery At the point in time when the: › ■Gas reaches the inlet coupling of the customer’s pipeline. › ■Condensate is loaded onto the customer’s truck. These are the points when the customer controls the gas, condensate or oil, or directs the use of it. The customer is responsible for transportation and handling costs in terms of gas, condensate and oil. REPORTING SEGMENTS SOUTHERN AFRICA ENERGY AND CHEMICALS BUSINESS INTERNATIONAL CHEMICALS BUSINESS Mining Gas Fuels Chemicals Africa Chemicals America Chemicals Eurasia
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 35SASOL ANNUAL FINANCIAL STATEMENTS 2026 34 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER FUELS The Fuels segment comprises the sales and marketing of liquid fuels produced in South Africa. Sasol supplies a significant portion of South Africa's domestic fuel needs through retail and wholesale channels. Liquid fuels are blended from fuel components produced by SO, crude oil refined at Natref, as well as some products purchased from other oil companies including fuel imports. Liquid fuel products are sold under both short- and long-term agreements for retail sales and commercial sales, including sales to other oil companies. Liquid fuel prices are mainly driven by the Basic Fuel Price (BFP). Sales through wholesale is at BFP plus costs such as transportation and storage. For commercial sales and sales to other oil companies, the prices are fixed and determinable according to the specific contract, with periodic price adjustments. T urnover is recognised as follows: Delivery terms Control passes to the customer: On-delivery/Ex-gate At the point in time when the fuel is delivered onto the rail tank car, road tank truck or into the customer pipeline. In-tank At the point in time when the buyer obtains legal title, physical access or the ability to direct the use of the product and assumes responsibility for any financial losses and is entitled to any profits from the sale. Free Carrier At the point in time when the goods are unloaded to the port of shipment; Sasol is not responsible for the freight and insurance. Carriage Paid T o Products: At the point in time when the product is delivered to a specified location or main carrier. Freight: Over the period of transporting the goods to the customer’s nominated place – where the seller is responsible for freight costs, which are included in the contract. Consignment Sales As and when products are consumed by the customer. The Fuels segment includes Sasol’s ORYX GTL operations in Qatar, a joint venture with Qatar Petroleum. Chemicals Africa and International Chemicals business The Chemicals Business has a strong diversified, global presence which has been organised into three customer-focused regional operating segments – Africa under Southern Africa and America and Eurasia under International Chemicals. Chemical products are grouped into two categories, Base Chemicals (produced in large quantities, are standardised, and used across a wide range of industries) and Differentiated Chemicals (produced in smaller quantities, are more specialised, and typically command higher value and margins). These product divisions have been grouped in relation to the different drivers of revenue relating to each division. The Chemicals businesses sell the majority of their products under contracts at prices determinable from such agreements. T urnover is recognised in accordance with the related contract terms, at the point at which control transfers to the customer and prices are determinable and collectability is probable. The point of delivery is determined in accordance with the contractual agreements entered into with customers which are as follows: Delivery terms Control passes to the customer: Ex-tank sales At the point in time when products are loaded into the customer’s vehicle or unloaded from the seller’s storage tanks. Ex-works At the point in time when products are loaded into the customer’s vehicle or unloaded at the seller’s premises. Carriage Paid T o (CPT); Cost Insurance Freight (CIF); Carriage and Insurance Paid (CIP); and Cost Freight Railage (CFR) Products – CPT: At the point in time when the product is delivered to a specified location or main carrier. Products – CIF, CIP and CFR: At the point in time when the products are loaded into the transport vehicle. Free on Board At the point in time when products are loaded into the transport vehicle; the customer is responsible for shipping and handling costs. Delivered at Place At the point in time when products are delivered to and signed for by the customer. Consignment Sales As and when products are consumed by the customer. Business Support Business Support consists of support to the Southern Africa and International Chemicals Businesses, as well as the Corporate Office including treasury companies.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 37SASOL ANNUAL FINANCIAL STATEMENTS 2026 36 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 37SASOL ANNUAL FINANCIAL STATEMENTS 2026 36 1 Stat ement of compliance The consolidated annual financial statements for the year ended 30 June 2026 have been prepared in accordance with IFRS® Accounting Standards, the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements and the South African Companies Act. The consolidated financial statements were approved for issue by the Board on 1 September 2026 and will be presented to shareholders at the Company’s annual general meeting on 13 November 2026. Basis of preparation of financial results The consolidated financial statements are prepared using the historic cost convention except that, certain items, including derivative instruments, plan assets for defined benefit pension plans, financial assets at fair value through profit or loss and financial assets designated at fair value through other comprehensive income, are stated at fair value. The consolidated financial statements are presented in South African rand, which is Sasol Limited’s presentation currency, rounded to the nearest million, unless indicated otherwise. Going concern The consolidated financial statements are prepared on the going concern basis. Based on forecasts and available cash resources, the Group and Company have adequate resources to continue normal operations into the foreseeable future. Climate change Climate considerations are central to our strategy, guiding decisions and value creation. We are committed to our 2030 greenhouse gas (GHG) reduction target and are progressing the optimisation of our energy and feedstock mix to lower carbon intensity. Aligned with our ’Grow and T ransform‘ strategic pillar, we are focused on developing lower carbon intensity revenue streams that deliver strong, sustainable cash flows and competitive returns. Our long-term ambition is clear: to achieve net zero emissions, while creating value for our stakeholders and supporting South Africa's energy transition in a manner that delivers accretive shared value. As part of our commitment to climate action and the transition to a lower-carbon economy, Sasol has set short-term GHG emission reduction targets that are aligned with our long-term decarbonisation pathway. We aim to reduce Scope 1 and 2 emissions by 30% by 2030 for our Southern Africa Energy and Chemicals and International Chemicals businesses. This target reflects our ongoing efforts to decarbonise our operations through a portfolio of mitigation levers, including process efficiency improvements, renewable energy integration, and low-carbon technology deployment. In addition, we have committed to reducing absolute Scope 3 Category 11 emissions (use of sold products) by 20% by 2030, applicable to our Southern Africa Energy and Chemicals business. These reduction targets are underpinned by targeted interventions designed to deliver measurable emissions reductions while maintaining the competitiveness and resilience of our operations. Where reasonable and supportable, management has considered the impact of these 2030 targets on a number of key estimates within the financial statements including the estimates of future cash flows used in impairment assessments of non-current assets (refer to note 8), useful lives of property, plant and equipment (refer to note 16), purchase and capital commitments (refer to note 3 and 16), the estimates of future profitability used in our assessment of the recoverability of deferred tax assets (refer to note 11) and the timing and amount of environmental obligations (refer to note 29), and the determination of targets for the Group's long-term incentive plan (refer note 32). IBOR reform Nature and extent of risk arising from interest rate benchmark reform The Group has limited remaining exposure to financial instruments and arrangements that reference the Johannesburg Interbank Average Rate (JIBAR), which will cease on 31 December 2026 and be replaced by the South African Rand Overnight Index Average (ZARONIA). Remaining exposures primarily relate to certain debt instruments, agreements and valuations. While uncertainties remain regarding certain aspects of the market-wide transition, the Group's overall exposure to benchmark reform is not considered significant. Progress of transition to alternate benchmark interest rates Management continues to actively monitor developments relating to the cessation of JIBAR and the transition to ZARONIA. Key actions undertaken include: › The inclusion of transitional provisions relating to ZARONIA in relevant financing documentation. › A legal review to identify existing agreements or arrangements containing JIBAR-linked provisions in order to replace or amend as required. › The Group has conducted an initial assessment and confirmed limited systems dependencies relating to JIBAR. › Ongoing monitoring of the Group's Domestic Medium T erm Note (DMTN) programme listed on the JSE, with final guidance regarding benchmark transition still awaited from the South African Reserve Bank (SARB) (refer to note 13). › Assessment of the impact of benchmark reform on the valuation of certain derivative instruments, including zero-cost collars. Based on work performed to date, the Group expects the transition from JIBAR to ZARONIA to be completed in accordance with applicable market practice and does not anticipate material economic impact from the transition. Judgements and estimates relating to interest rate benchmark reform Management has assessed that the transition from JIBAR to ZARONIA is not expected to result in significant liquidity risk, covenant breaches, operational disruption or material changes to future cash flows. This assessment reflects the Group's limited residual exposure to JIBAR, the progress made in transitioning contracts and systems, and current expectations regarding market implementation of ZARONIA. The assessment of any valuation impacts on derivative instruments remains ongoing and will be finalised as additional information becomes available. Accounting policies The accounting policies applied in the preparation of these consolidated financial statements are consistent with those applied in the consolidated annual financial statements for the year ended 30 June 2025. STATEMENT OF COMPLIANCE
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 37SASOL ANNUAL FINANCIAL STATEMENTS 2026 36 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 37SASOL ANNUAL FINANCIAL STATEMENTS 2026 36 Accounting standards, amendments and interpretations issued which are relevant to the Group, but not yet effective The Group continuously evaluates the impact of new accounting standards, amendments to accounting standards and interpretations. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date as indicated below. The new accounting standards and amendments to accounting standards issued which are relevant to the Group, but not yet effective on 30 June 2026, include: Amendment to IFRS 9 and IFRS 7 – ‘Classification and Measurement of Financial Instruments’ These amendments: › clarify the requirements for the timing of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; › clarify and add further guidance for assessing whether a financial asset meets the solely payments of principal and interest (SPPI) criterion; › add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance (ESG) targets); and › make updates to the disclosures for equity instruments designated at Fair Value through Other Comprehensive Income (FVOCI). The Group continues to assess the impact of these amendments which are effective for the Group’s annual reporting period beginning on 1 July 2026. Amendments to IFRS 9 and IFRS 7 – ‘Contracts referencing nature-dependent electricity’ These amendments: › allow a company to apply the own-use exemptions to contracts referencing nature-dependent electricity if the company has, and expects to be, a net purchaser of electricity for the contract period. This amendment will apply retrospectively using facts and circumstances at the beginning of the reporting period of initial application (without requiring prior periods to be restated); › permit hedge accounting if the contracts are used as hedging instruments. Applying hedge accounting could help companies to reduce profit or loss volatility by reflecting how these contracts hedge the price of future electricity purchases or sales. This amendment will apply prospectively to new hedging relationships designated on or after the date of initial application. It will also allow companies to discontinue an existing hedging relationship, if the same hedging instrument (i.e., nature-dependent electricity contract) is designated in a new hedging relationship applying the amendment; and › include additional disclosures required where a company may apply the own-use exemption to certain contracts under the amendments and therefore would not recognise these contracts in its statement of financial position (only recognise if executory contract is onerous). The Group is assessing the impact of these amendments which are effective for the Group’s annual reporting period beginning on 1 July 2026. Amendments to IFRS 9 ‘Financial instruments’ – Transaction Price This amendment removes the conflict between IFRS 9 and IFRS 15 over the amount at which the trade receivable is initially measured. Under IFRS 15, a trade receivable may be recognised at an amount that differs from the transaction price e.g., when the transaction price is variable. Conversely, IFRS 9 requires that companies initially measure trade receivables without a significant financing component at the transaction price. IFRS 9 has been amended to require companies to initially measure a trade receivable without a significant financing component at the amount determined by applying IFRS 15. The Group is assessing the impact of these amendments which are effective for the Group’s annual reporting period beginning on 1 July 2026. Amendments to IFRS 16 ‘Leases’ – Lessee derecognition of lease liabilities The amendment states that when lease liabilities are derecognised under IFRS 9, the difference between the carrying amount and the consideration paid is recognised in profit or loss. However, the amendment does not address how to distinguish between derecognition and modification of a lease liability. The Group is assessing the impact of these amendments which are effective for the Group’s annual reporting period beginning on 1 July 2026. IFRS 18 ‘Presentation and Disclosure in Financial Statements’ This standard will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The standard will be effective for the Group’s annual reporting period beginning on 1 July 2027. The Group has not early adopted the new accounting standard in preparing these financial statements; however earlier application is permitted. IFRS 18 requires a more structured statement of profit or loss and greater disaggregation of information. The Group is in the process of assessing the estimated impact that the initial application of IFRS 18 will have on its consolidated financial statements. The expected impacts in the period of initial application are described below. The actual impacts of adopting the accounting standard on 1 July 2027 may change because: › the Group has not finalised the assessment and implementation of changes to processes and controls; and › the new accounting policies are subject to change until the Group presents its first consolidated financial statements that include the date of initial application.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 39SASOL ANNUAL FINANCIAL STATEMENTS 2026 38 SASOL LIMITED GROUP STATEMENT OF COMPLIANCE continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 39SASOL ANNUAL FINANCIAL STATEMENTS 2026 38 Structure of the income statement IFRS 18 requires entities to classify all income and expenses into five categories in the income statement, namely operating, investing, financing, income tax and discontinued operations. Classification of income and expenses depends on the main business activities of an entity. The Group has determined that it does not have a specified main business activity of investing in assets and/or providing financing to customers. Neither net profit nor net assets will change as a result of the Group’s adoption of IFRS 18. However, the Group will be required to present two newly defined subtotals, which are ‘operating profit’ and ‘profit or loss before financing and income taxes’. The ‘operating profit’ subtotal differs from the current ‘operating profit before remeasurement items’ subtotal presented by the Group. Based on the information currently available, the Group expects significant changes to the current structure of the income statement to result from the following: › share of profit (loss) of equity-accounted investees is currently presented above operating profit before remeasurement items subtotal. Income and expenses from equity-accounted investments are always classified in the investing category under IFRS 18, including any remeasurement items. Accordingly, the Group’s share of profit of equity-accounted investees and any remeasurement items on equity-accounted investees will be classified and presented in the investing category. › interest income and expenses are generally included in finance income and finance costs under the Group’s current accounting policy and are presented as separate line items above the (loss)/earnings before tax subtotal. IFRS 18 provides specific guidance on the interest income and expenses that will be classified in the investing and financing categories. – in terest income on certain financial assets held by the Group (e.g., interest income on cash and cash equivalents) will be classified and presented in the investing category – in terest expense on ‘financing’ and ‘other’ liabilities as defined in IFRS 18 will continue to be classified and presented in the financing category (e.g., interest expense on financial liabilities not measured at FVTPL and unwind of discount on environmental provisions) › Net foreign exchange differences are currently included in the other expenses and income line item presented above the operating profit before remeasurement items subtotal. Under IFRS 18, foreign exchange differences are required to be presented in the same category as the income and expenses from the items that gave rise to the differences unless such classification will result in undue cost and effort in which case it will all be classified in the operating category. The Group is in the process of determining in which categories its foreign exchange differences will be classified and whether such determination can be made without undue cost and effort. For example, foreign exchange differences on trade payables will be classified in the operating category. Under IFRS 18, operating expenses are classified and presented by nature, function or using a mixed presentation. The Group has determined that continued classification and presentation on a by nature basis will provide the most useful structured summary of operating expenses. Management-defined performance measures Management-defined performance measures (MPMs) are subtotals of income and expenses used in public communications outside of the financial statements that communicate to users management’s view of an aspect of the financial performance of the entity as a whole. The Group will be required to disclose specific information about MPMs in a single note in the financial statements. The Group has developed a process to determine public communications relevant when identifying MPMs. MPMs relate to the same reporting period as the financial statements. Therefore, MPMs disclosed by the Group following adoption of IFRS 18 will be determined based on public communications issued by the Group relating to the 2028 reporting period. Principles of aggregation and disaggregation IFRS 18 provides enhanced principles on how to group information in the financial statements. It also introduces guidance on labelling and describing items presented in the primary financial statements or disclosed in the notes. The Group is assessing the grouping of items on the basis of similar and dissimilar characteristics. Based on this assessment, it will present line items in the primary financial statements that provide useful structured summaries and disclose additional material information in the notes. The Group is also assessing line items currently labelled as ‘other’ and will use more informative labels. Consequential amendments IFRS 18 introduces consequential amendments to IAS 7 Statement of Cash Flows, which require entities to use the newly defined operating profit subtotal as a starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group currently used earnings/(loss) before interest and tax as the starting point of the reconciliation to cash flows from operating activities. Certain adjusting items included in the reconciliation will change as a result of the new starting point. For example, the Group’s share of profit(loss) of equity-accounted investees will no longer be an adjusting item, as this amount will not be included in the operating profit starting point. Cash distributions from these investees will be included in cash flows from investing activities. The consequential amendments also provide specific guidance on the classification of interest and dividend cash flows. The Group will classify cash flows from interest paid as financing activities rather than operating activities under this guidance. Cash flows from interest and dividends received and from dividends paid will be classified as investing activities and financing activities, respectively. Amendments to IFRS 20 ‘Regulatory Assets and Regulatory Liabilities’ IFRS 20 requires a company subject to a specific type of rate regulation to provide information about its regulatory assets and liabilities as well as regulatory income and expenses. This information will help investors understand specific effects of that regulation on a company's financial performance and financial position. The Group will assess the impact of this new standard which will be effective for the Group's annual reporting period beginning on 1 July 2029. 1 Stat ement of compliance continued
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SASOL LIMITED GROUP EARNINGS GENERATED FROM OPERATIONS OPERATING AND OTHER ACTIVITIES T urnover 40 Materials, energy and consumables used 41 Employee-related expenditure 41 Other expenses and income 42 Net finance costs 43 Earnings and dividends per share 43 Remeasurement items affecting operating profit 45 TAXATION T axation 55 T ax paid 57 Deferred tax 57 SASOL ANNUAL FINANCIAL STATEMENTS 2026 39SASOL ANNUAL FINANCIAL STATEMENTS 2026 38 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 39SASOL ANNUAL FINANCIAL STATEMENTS 2026 38
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 41SASOL ANNUAL FINANCIAL STATEMENTS 2026 40 SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES 2026 2025 2024 for the period ended Rm Rm Rm 2 Turnover Revenue by major product line Southern Africa business Energy 124 233 105 522 124 824 Coal¹ 210 3 640 3 874 Liquid fuels² 116 299 93 579 113 037 Gas (methane rich gas, natural gas and liquified petroleum gas) and condensate³ 7 724 8 303 7 913 Chemicals Africa 59 862 60 715 63 829 Base chemicals 43 341 43 247 45 138 Differentiated chemicals 16 521 17 468 18 691 International Chemicals business Chemicals America 40 154 37 840 41 424 Base chemicals 16 571 14 876 16 290 Differentiated chemicals 23 583 22 964 25 134 Chemicals Eurasia 41 865 42 017 41 684 Differentiated chemicals 41 865 42 017 41 684 Other (Mainly technology, refinery services)⁴ 741 1 360 1 270 Revenue from contracts with customers 266 855 247 454 273 031 Revenue from other contracts⁵ 5 263 1 642 2 080 T otal external turnover 272 118 249 096 275 111 1 Discontinuation of export coal sales in 2026 – due to repurposing of the existing export beneficiation plant as a destoning solution, Sasol Mining concluded the last of the export production on 30 June 2025 and the last export sales in the first quarter of 2026. 2 Derived from Fuels segment. 3 Derived primarily from Gas segment. 4 Relates primarily to the Gas and Fuels segments. 5 Relates mainly to the Fuels, Mining, and Chemicals America segments and includes franchise rentals, use of fuel tanks, fuel storage and Sasol Oil Slate offset by Mining Royalties. The Slate mechanism is the fuel price balancing mechanism within South Africa's regulated fuel pricing framework, through which industry over-recoveries and under-recoveries are accounted for. Accounting policies: Revenue from contracts with customers is recognised when the control of goods or services has transferred to the customer through the satisfaction of a performance obligation. Group performance obligations are satisfied at a point in time and over time, however the Group mainly satisfies its performance obligations at a point in time. For further information on revenue recognition, refer to Segment information on pages 34 to 35. Revenue recognised reflects the consideration that the Group expects to be entitled to for each distinct performance obligation after deducting indirect taxes, rebates and trade discounts and consists primarily of the sale of fuels, oil, natural gas and chemical products, services rendered, license fees and royalties. The Group allocates revenue based on stand-alone selling prices. Purchases and sales of inventory with the same counterparty, that are entered into in contemplation of one another to facilitate sales to customers, are combined and recorded on a net basis when the items exchanged are similar in nature. Revenue from arrangements that are not considered contracts with customers, mainly pertaining to rate regulated activities, franchise rentals, use of fuel tanks and fuel storage, is presented as revenue from other contracts. Where the Group is subject to rate regulation, it includes in revenue any over or under recoveries relating to goods supplied during the period. The period between the transfer of the goods and services to the customer and the payment by the customer does not exceed 12 months and therefore the Group does not adjust for time value of money as it applies the financing component practical expedient.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 41SASOL ANNUAL FINANCIAL STATEMENTS 2026 40 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 2024 for the year ended 30 June Rm Rm Rm 3 Materials, energy and consumables used Cost of raw materials* 110 572 102 915 114 889 Cost of energy and other consumables used in production process 27 460 26 226 23 068 138 032 129 141 137 957 * Includes R3,9 billion reduction in the prior year relating to compensation from T ransnet (refer to note 5). Materials, energy and consumables used relate to items that are consumed in the manufacturing process, including changes in inventories and distribution costs up until the point of sale. Included in materials, energy and consumables used is net carbon taxes of R2,1 billion (2025: R1,6 billion; 2024: R1,4 billion). Carbon credits to the value of R952 million (2025: R723 million; 2024: R580 million) were purchased during the year. Under the carbon tax regulations, South African companies are able to buy carbon credits from third parties to offset a portion of their carbon tax liability. T o this end, Sasol enters into strategic and cost-effective long-term purchase agreements with reputable suppliers for credible high-quality carbon offset credits. The ultimate amount of credits acquired will depend on the development of projects under the applicable standards, delivering the credits within the agreed timeframe, and will be subject to audit/verification by an independent third party. Purchase commitments The Group enters into off-take agreements as part of its normal operations which have minimum volume requirements (i.e. take or pay contracts). These purchase commitments consist primarily of agreements for procuring raw materials such as coal, gas and electricity. The most significant commitment relates to minimum off-take oxygen supply agreements for Secunda Operations of approximately R195 billion (2025: R210 billion; 2024: R211 billion). › The Oxygen T rain 17 oxygen supply agreement runs to 2037, with an option to renew the contract to 2050. The renewal option is not taken into account in the calculation of the commitments. › The Oxygen T rains 1 – 16 arrangement is managed through various agreements, including the Gas Sales Agreement, Utilities Agreement and a suite of other contracts. In terms of the Utilities Agreement, Sasol is contractually bound to buy oxygen and other derivative gasses from Air Liquide annually, while Air Liquide is bound to buy utilities from Sasol for the same amount for 15 years. The ultimate amount of the commitment is dependent on expected future increases in the regulated price of electricity in South Africa and is presented on an undiscounted basis. Sasol has established a renewable energy portfolio exceeding 1,3 GW of generation capacity and 660 MWh of battery energy storage, of which approximately 508 MW was operational, with the remaining capacity expected to be brought into operation over the next two to three years. The portfolio consists of jointly procured renewable energy for Sasol Operations and Air Liquide Large Industries South Africa Proprietary Limited (ALLISA), as well as renewable energy supplied to external customers. During 2026, Sasol secured an additional 450 MW of renewable energy capacity and 660 MWh of battery storage, while approximately 435 MW of renewable energy projects achieved commercial operation. Furthermore, Sasol is party to long-term gas purchase agreements of approximately R19 billion (2025: R25 billion; 2024: R32 billion) which commits Sasol Gas (Pty) Ltd (Sasol Gas) to purchase and transport a minimum quantity of gas until 2034. Contractual purchase commitments are taken into account in testing the recoverability of the carrying amounts of property, plant and equipment. At 30 June 2026 and 30 June 2025, there were no onerous contracts relating to these off-take commitments. 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 4 Employee-related expenditure Analysis of employee costs Labour 36 561 35 317 35 579 salaries, wages and other employee-related expenditure 33 859 32 954 33 255 post-retirement benefits¹ 31 2 702 2 363 2 324 Share-based payment expenses 918 914 986 equity-settled² 32 918 914 986 T otal employee-related expenditure 37 479 36 231 36 565 Less: costs capitalised to projects (692) (933) (1 100) Per income statement 36 787 35 298 35 465 1 Included in the post-retirement benefits costs are past service costs resulting from a current year amendment of the US post-retirement medical plan. 2 No additional expense was incurred with regards to the cash settled share-based payment as the fair value at both modification and settlement date was less than the expense already accrued over the vesting period (Refer to note 32.1).
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SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 43SASOL ANNUAL FINANCIAL STATEMENTS 2026 42 4 Emplo yee-related expenditure continued The total number of permanent and non-permanent employees, in approved positions, including the Group's share of employees within joint operation entities and excluding contractors, joint ventures’ and associates' employees, is analysed below: 2026 2025 2024 for the year ended 30 June Number Number Number Permanent employees 26 943 27 107 27 678 Non-permanent employees 296 304 463 27 239 27 411 28 141 2026 2025 2024 for the year ended 30 June Rm Rm Rm 5 Other expenses and income Includes: Derivative gains¹ (1 426) (2 003) (2 364) T ranslation losses/(gains) 3 596 897 839 T rade and other receivables 587 178 485 T rade and other payables 106 88 241 Foreign currency loans 1 461 (238) 263 Other² 1 442 869 (150) Exploration expenditure and feasibility costs 402 509 422 Professional fees 1 489 1 821 2 076 Provision for rehabilitation 200 (2 769) (590) Expected credit losses (released)/raised (87) (76) 189 Other income³ (4 139) (6 462) (4 025) 1 Relates mainly to the Group's hedging activities and embedded derivatives (refer to note 35). 2 Relates mainly to the effect of the strengthening of the Rand on the translation of foreign operations and intergroup exposure on foreign currency loans. 3 During the prior year, Sasol and T ransnet concluded a settlement agreement, resulting in a net receipt of R4,3 billion, which was the net between the amount owed to Sasol (Sasol proceedings) of R5,5 billion and the amount owed to T ransnet (T ransnet proceedings) of R1,2 billion. R3,9 billion related to compensation by T ransnet for historical costs accounted for as a credit to Materials, energy and consumables used (refer to note 3), while the remaining R1,6 billion of the settlement was accounted for in Other income. Research and development expenditure amounting to R1 485 million (2025: R1 548 million; 2024: R1 513 million) was expensed and is included in Employee-related expenditure, Depreciation and amortisation and Other expenses and income in the income statement.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 43SASOL ANNUAL FINANCIAL STATEMENTS 2026 42 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 6 Net finance costs Finance income Notional interest – 12 – Interest received on 2 329 2 913 3 226 other long-term investments 100 77 63 loans and receivables 198 200 143 cash and cash equivalents 2 031 2 636 3 020 Per income statement 2 329 2 925 3 226 Less: notional interest – (12) – Less: interest received on tax (29) (95) (15) Per the statement of cash flows 2 300 2 818 3 211 Finance costs Debt 7 364 8 178 8 952 Interest on lease liabilities 14 1 758 1 669 1 557 Other 63 201 203 9 185 10 048 10 712 Amortisation of loan costs 13 160 126 161 Notional interest 912 1 171 1 198 T otal finance costs 10 257 11 345 12 071 Amounts capitalised to assets under construction, a class of property, plant and equipment 16 (845) (1 883) (1 644) Per income statement 9 412 9 462 10 427 T otal finance costs before amortisation of loan costs and notional interest 9 185 10 048 10 712 Deduct: amortisation of modification gain (1) (1) – Less: interest accrued on long-term debt and lease liabilities (2 119) (2 035) (2 071) Less: interest raised on tax payable (2) (14) (3) Per the statement of cash flows 7 063 7 998 8 638 2026 2025 2024 for the year ended 30 June Rand Rand Rand 7 Earnings and dividends per share Attributable to owners of Sasol Limited Basic earnings/(loss) per share 18,99 10,60 (69,94) Headline earnings per share 38,31 35,13 18,19 Diluted earnings/(loss) per share 18,73 10,54 (69,94) Diluted headline earnings per share 37,79 34,92 16,73 Dividends per share – – 2,00 interim – – 2,00 final* 1 – – – * No final dividends declared in 2024, 2025 and 2026.
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SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 45SASOL ANNUAL FINANCIAL STATEMENTS 2026 44 7 Earnings and div idends per share continued Basic earnings per share (EPS) and headline earnings per share (HEPS) EPS is derived by dividing earnings attributable to owners of Sasol Limited by the weighted average number of shares outstanding during the period. HEPS is derived by dividing the headline earnings attributable to the owners of Sasol Limited by the weighted average number of Sasol ordinary shares and Sasol BEE ordinary shares outstanding during the period. Diluted earnings per share (DEPS) and diluted headline earnings per share (DHEPS) DEPS and DHEPS are calculated by dividing the diluted earnings and diluted headline earnings attributable to owners of Sasol Limited by the diluted weighted average number of Sasol ordinary shares and Sasol BEE ordinary shares in issue during the year. DEPS and DHEPS are calculated considering the potentially dilutive ordinary shares that could be issued as a result of share options granted to employees under the Sasol Long-term incentive (L TI) and Sasol Khanyisa Tier 2 plans (refer to note 32) and as a result of the potential conversion of the US$750 million Convertible Bond (refer to note 13). The Sasol Khanyisa Tier 2 potential shares are anti-dilutive for DEPS and DHEPS purposes in all years presented. The convertible bond remained anti-dilutive in 2026, despite a partial recovery in the fair value of the instrument in 2026 driven by the improvement in Sasol’s share price and credit spreads at the valuation date (refer to note 35.1). 2026 2025 2024 for the year ended 30 June Rm Rm Rm Earnings/(loss) and headline earnings Earnings/(loss) attributable to owners of Sasol Limited 12 149 6 767 (44 271) T otal remeasurement items for the Group, net of tax* 12 358 15 652 55 784 Headline earnings attributable to owners of Sasol Limited 24 507 22 419 11 513 * The net profit on disposal of business includes a gain on remeasurement of contingent consideration from Uzbekistan GTL LLC disposal of R1 428 million in 2025 (refer note 8). This has been excluded from the remeasurement items for headline earnings. Number of shares 2026 2025 2024 for the year ended 30 June million million million Basic weighted average number of shares Issued shares 654,1 649,4 648,5 Effect of treasury shares held (14,0) (10,3) (13,1) Effect of long-term incentives exercised (0,4) (0,9) (2,4) Basic weighted average number of shares for EPS and HEPS 639,7 638,2 633,0 2026 2025 2024 for the year ended 30 June Rm Rm Rm Diluted earnings/(loss) Earnings/(loss) attributable to owners of Sasol Limited 12 149 6 767 (44 271) Impact of convertible bond* – – (136) Diluted earnings/(loss) attributable to owners of Sasol Limited 12 149 6 767 (44 407) * For 2026 and 2025 the convertible bond is anti-dilutive and therefore not assumed to be exercised in diluted earnings. 2026 2025 2024 for the year ended 30 June Rm Rm Rm Diluted headline earnings Headline earnings attributable to owners of Sasol Limited 24 507 22 419 11 513 Impact of convertible bond* – – (136) Diluted headline earnings attributable to owners of Sasol Limited 24 507 22 419 11 377 * For 2026 and 2025 the convertible bond is anti-dilutive and therefore not assumed to be exercised in diluted earnings.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 45SASOL ANNUAL FINANCIAL STATEMENTS 2026 44 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Number of shares 2026 2025 2024 for the year ended 30 June million million million Diluted weighted average number of shares Weighted average number of shares 639,7 638,2 633,0 Potential dilutive effect of convertible bond* – – 39,9 Potential dilutive effect of long-term incentive scheme 8,8 3,8 7,0 Diluted weighted average number of shares for DEPS and DHEPS 648,5 642,0 679,9 * For 2026 and 2025 the convertible bond is anti-dilutive and therefore contingently issuable ordinary shares are not included. 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 8 Remeasurement items affecting operating profit Effect of remeasurement items for subsidiaries, equity accounted investments and joint operations Impairment of assets 17 028 21 836 76 035 property, plant and equipment 16 16 166 21 269 75 112 right of use assets 14 338 532 166 other intangible assets and goodwill 62 35 757 equity accounted investment 18 462 – – Reversal of impairment of assets (220) (1 178) (1 149) property, plant and equipment 16 (220) (1 029) (1 149) right of use assets 14 – (149) – Loss/(profit) on 510 (1 311) 480 disposal of property, plant and equipment (172) (47) (127) disposal of other intangible assets (3) – – disposal of other assets – (23) (8) disposal of businesses* 82 (1 345) (150) scrapping of property, plant and equipment 16 603 104 765 Write-off of unsuccessful exploration wells 2 298 48 Remeasurement items per income statement 17 320 19 645 75 414 T ax impact (4 738) (4 761) (18 361) impairment of assets (4 643) (4 715) (18 157) reversal of impairment of assets 51 2 – loss on disposals and scrapping (146) (47) (204) tax impact of write-off of unsuccessful exploration wells – (1) – Non-controlling interest effect (260) (665) (1 262) Effect of remeasurement items for equity accounted investments 36 5 (7) T otal remeasurement items for the Group, net of tax 12 358 14 224 55 784 * The year ended 30 June 2025 includes a gain on remeasurement of contingent consideration from the Uzbekistan GTL LLC disposal of R1 428 million. Impairment/reversal of impairments The Group's non-financial assets, other than inventories and deferred tax assets, are assessed for impairment indicators, as well as reversal of impairment indicators at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or a previous impairment should be reversed. Recoverable amounts are estimated for individual assets or, where an individual asset cannot generate cash inflows independently, the recoverable amount is determined for the larger cash generating unit to which it belongs. At 30 June 2026, the Group's net asset value exceeding its market capitalisation was identified as an impairment indicator and consequently all of the Group's CGUs and equity-accounted investments were tested for impairment. Other than the CGUs specifically mentioned, all of the Group's remaining CGUs have adequate headroom and reasonable changes in assumptions applied would not result in any impairment.
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SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 47SASOL ANNUAL FINANCIAL STATEMENTS 2026 46 Impairment calculations The recoverable amount of the assets reviewed for impairment is determined based on the higher of the fair value less costs to sell or value-in-use (VIU) calculations. The impairments disclosed below were all based on VIU calculations, except where indicated otherwise. Key assumptions relating to this valuation include the discount rate and cash flows used to determine the recoverable amount. Future cash flows are estimated based on approved financial budgets covering a five year period and extrapolated over the useful life of the assets to reflect the long term plans for the Group using the estimated growth rate for the specific business or project. Where reliable cash flow projections are available for a period longer than five years, those budgeted cash flows are used in the impairment calculation. The estimated future cash flows and discount rate are post-tax, based on the assessment of current risks applicable to the specific entity and country in which it operates. Discounting post-tax cash flows at a post-tax discount rate yields the same results as discounting pre-tax cash flows at a pre-tax discount rate, assuming there are no significant temporary tax differences. Main long-term average macroeconomic assumptions used for impairment calculations 2026 2025 2024 CGU Reference³ Crude oil price (Brent)¹ US$/bbl 76,80 72,16 83,06 a, b, h Ethane price¹ US$c/gal 31,26 33,40 39,55 ⁴ Ethylene price (International Chemicals)¹ US$/ton 745,06 747,00 745,00 ⁶ Linear low density polyethylene (LLDPE) price (Chemicals Africa)¹ US$/ton 1 021,21 1 039,11 1 090,88 ⁵, f Polyvinyl Chloride (PVC) price¹ US$/ton 786,93 878,00 980,00 d Southern African gas purchase price (real)² US$/Gj – – 10,51 a, d, e Oil Product Differentials US$/bbl 15,47 11,44 10,86 a Refining margin¹ US$/bbl 9,81 7,54 8,11 a Exchange rate¹ Rand/US$ 17,09 18,31 17,64 All 1 Assumptions are provided on a long-term average basis in nominal terms, unless indicated otherwise and are calculated based on a five year forward-looking period. The refining margin is calculated until 2045 in 2026 and until 2034 in 2025 and 2024, linked to the Sasolburg refinery's useful life which was updated in the current year, driven mainly by the near completion of the implementation of the Clean Fuels solution. 2 Aligned to our optimised transition plan and South African Emission Reduction Roadmap (ERR), LNG as an alternative gas feedstock is no longer feasible and has been excluded from future cash flow projections. 3 Refer to page 48. 4 Relevant to 2024 impairment of Ethane value chain (Alc/Alu/EO/EG) in Chemicals America. 5 Relevant to the impairment of Polyethylene in Chemicals Africa. 6 Relevant to the 2025 impairment of Sasol China Care Chemicals. Sasol’s long-term price outlook is based on a set of, as far as possible, internally consistent assumptions and data which is validated against external benchmarks. Over the long-term, we assume that the average Rand/US$ will depreciate in line with the South African and US inflation differential, and inflation outcomes will be broadly in line with key central bank targets. For additional information purposes, our latest assumptions indicate an average exchange rate of R19,77 over the ten year period following the initial five year forecast horizon, 17% stronger than the 2025 assumptions. This reflects a stronger exchange rate starting point, driven by recent exchange rate outcomes and updated market and economic developments, as well as a lower assumed South African versus US inflation differential of 2,0%, down from 3,5%. Oil price assumptions take account of global supply and demand factors, which include production costs, inventories, and the evolution of structural factors in the underlying product demand categories that are derived from crude oil. The underlying assumptions on refined products demand, are informed by independent research and assumptions on, for example, the evolution of the vehicle parc, engine efficiency, refinery economics, aviation trends and the feedstock needs within the petrochemicals sector. Following the completion of price sets, these are benchmarked against the views of reputable global consulting firms, organisations, and local and domestic investment and commercial banks. For additional information purposes, our latest assumptions indicate an average Brent crude oil price of US$92,01/bbl over the ten year period following the initial five year forecast horizon, which is 3% lower than the 2025 assumptions. For chemicals, our projections are developed using a combination of fundamental market analysis and long-term value chain economics. Assumptions incorporate expected changes in global supply and demand balances, feedstock costs while also considering trends in industrial output, regulatory developments, and shifts in end-user markets. The approach ensures that both cyclical market dynamics and longer-term structural changes are reflected in the projections. Following the completion of price sets, these are benchmarked against the views of reputable global consulting firms and organisations. For additional information purposes, our latest assumptions indicate an average North East Asia LLDPE price of US$1 724/ton over the ten year period following the initial five year forecast horizon, which is 8,1% lower than the 2025 assumptions. During the 2026 financial year, the conflict involving the United States, Israel and Iran increased volatility in global energy markets and introduced additional uncertainty regarding future commodity price outcomes. In developing its long-term assumptions, Sasol considered the potential impact of disruptions to Middle East oil and product supply chains, including risks associated with regional production, export infrastructure, and shipping routes. The approved price outlook incorporates management's assessment of these risks through scenario analysis and probabilities, while continuing to be grounded in long-term supply and demand fundamentals and benchmarked against external market views. Although the conflict contributed to higher near-term uncertainty and risk premiums in energy and chemicals markets, management's long-term assumptions reflect its view of the most likely market outcomes over the forecast horizon and the expected normalisation of market conditions over time. 8 Remeasur ement items affecting operating profit continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 47SASOL ANNUAL FINANCIAL STATEMENTS 2026 46 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER South Africa United States of America Europe Mozambique % % % % Growth rate – Producer Price Index 2026 4,00 2,00 2,00 2,00 Weighted average cost of capital* 2026 11,50 8,30 7,10 – 8,60 16,40 Growth rate – Producer Price Index 2025 5,50 2,00 2,00 2,00 Weighted average cost of capital* 2025 14,50 9,10 7,60 – 10,00 18,40 Growth rate – Producer Price Index 2024 5,50 2,00 2,00 2,00 Weighted average cost of capital* 2024 15,00 9,40 9,40 – 10,50 16,80 * Calculated using spot market factors on 30 June and 31 December. The decrease in the 2026 WACC discount rates primarily reflects lower costs of debt and favourable changes in market factors including country risk premiums. Impairment/(reversal of impairment) of assets Property, plant and equipment Right of use assets Other intangible assets Equity Accounted Investment T otal 2026 2026 2026 2026 2026 Segment and Cash-generating unit (CGU) Rm Rm Rm Rm Rm Fuels segment Secunda liquid fuels refinery 7 470 170 52 – 7 692 Gas Production Sharing Agreement (PSA) 3 822 – – – 3 822 Central T érmica de T emane (CTT) – – – 462 462 Chemicals Africa Sasolburg Chlor-Alkali and PVC 417 – – – 417 Sasolburg Wax 343 83 3 – 429 Polyethylene 3 688 43 11 – 3 742 Chemicals America US Phenolics (220) – – – (220) Chemicals Eurasia Sasol Italy Care Chemicals (CC) 354 18 (5) – 367 Other (net) 72 24 1 – 97 15 946 338 62 462 16 808
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SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 49SASOL ANNUAL FINANCIAL STATEMENTS 2026 48 Description of impairment and sensitivity to changes in assumptions: Key sources of estimation uncertainty include discount rates and cash flow forecasts which are impacted by commodity prices, exchange rates and carbon tax (and related allowances). Management has considered the sensitivity of the recoverable amount calculations to these key assumptions and these sensitivities have been taken into consideration in determining the required impairments and reversals of impairments in the current period. 2026 Cash-generating unit (CGU) Rm a) Secunda liquid fuels refinery 7 692 The Secunda liquid fuels refinery CGU remains fully impaired. At 30 June 2026, the recoverable amount of the refinery improved compared to 30 June 2025, mainly as a result of ongoing cost, capital and volume optimisation initiatives across the value chain. Aligned to our broader transition plan, LNG as an alternative gas feedstock remains infeasible at current and forecast prices. Our focus remains on maintaining continuous supply of good quality and cost effective coal. The South African ERR assumes production volumes of >7,0 Mt/a to 2030, followed by a decline in line with the expected natural gas supply reduction. Production is projected to reach 6,4 Mt/a from 2035 onwards. The recoverable amount of the CGU was negatively impacted by the stronger Rand/US$ exchange rate outlook. The full amount capitalised during the period was impaired. Further optimisation of cost, capital and volumes of the South African value chain which includes the Secunda Liquid fuels refinery is ongoing, however the maturity thereof needs to be further progressed before the benefit can be incorporated in the impairment calculations. Management considered multiple cash flow scenarios in quantifying the recoverable amount of the CGU which is highly sensitive to changes in Brent crude oil prices, the Rand/US$ exchange rate and production volumes. A 10% increase in the price of Brent crude oil and a R1 weakening in the Rand/US$ exchange rate will have a positive impact on the recoverable amount of R28,9 billion and R18,0 billion respectively. A 1% increase in SO volumes over the longer term will improve VIU by R1,5 billion. An opposite movement in the applied assumptions would result in an approximate equal and opposite movement in the recoverable amount. A South African WACC rate of 11,5% was applied in estimating the recoverable amount of the CGU. b) Production Sharing Agreement (PSA) 3 822 The impairment of the Production Sharing Agreement (PSA) development at 31 December 2025 was mainly due to a revision of the expected production profile, resulting in some delayed monetisation, as well as the strengthening of the Rand against the US dollar. The total quantum of gas remains unchanged, and whilst the delay of the CTT gas-to-power project in Mozambique has also been considered, its impact is largely mitigated through swap gas arrangements to South Africa. Optimisation of the production profile is subject to ongoing technical evaluation, informed by early production performance and performance test runs, as well as infrastructure optimisation opportunities under consideration. No further impairment was required at 30 June 2026. A 1% increase in the WACC rate results in a R540 million negative impact on the VIU while a 1% decrease in the WACC rate results in a R590 million increase in the VIU. A 5% increase in volumes results in a R909 million positive impact on the VIU while a 5% decrease would result in an approximate equal and opposite movement in the VIU. A 10 cent change in the Rand/US$ exchange rate affects the recoverable amount by R86 million. The recoverable amount of the CGU at 30 June 2026 is R13,2 billion using a WACC rate derived from the Mozambican WACC rate. c) Central T érmica de T emane (CTT) 462 The impairment of the CTT investment at 31 December 2025 is mainly due to the confirmed deferral of the CTT project schedule and a significant increase in the projected end-of-job cost, resulting in the full impairment of Sasol’s equity accounted investment in CTT. The investment remains fully impaired at 30 June 2026. d) Sasolburg Chlor-Alkali and PVC 417 The CGU remains fully impaired, resulting in the full amount of costs capitalised during the period being impaired at 31 December 2025. The additional impairment in the current period is mainly as a result of the continued low PVC prices and strengthening of exchange rates. No further impairment was required at 30 June 2026. A South African WACC rate of 11,5% was applied in estimating the recoverable amount of the CGU. 8 Remeasur ement items affecting operating profit continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 49SASOL ANNUAL FINANCIAL STATEMENTS 2026 48 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 Cash-generating unit (CGU) Rm e) Sasolburg Wax 429 The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year also being impaired. The additional impairment in the current year is mainly as a result of the continued low Wax prices and strengthening of exchange rates. A South African WACC rate of 11,5% was applied in estimating the recoverable amount of the CGU. f) Polyethylene 3 742 The impairment of the Polyethylene CGU at 30 June 2026 is primarily due to a stronger Rand/US$ exchange rate and lower longer term US$ price assumptions. The lower longer-term US$ price assumptions reflect a weaker medium to long-term polyethylene market outlook compared with 2025. While current polyethylene prices remain relatively resilient (given the Middle East conflict), continued capacity additions, particularly in North East Asia (NEA), are expected to outpace demand growth and sustain global supply-demand imbalances. This is expected to place pressure on future polyethylene prices and margins, with the anticipated market recovery now expected to be more gradual than previously anticipated A 1% increase in the WACC rate results in a R492 million negative impact on the VIU while a 5% decrease in volumes results in a R179 million negative impact on the VIU. A 1% decrease in selling prices results in a R694 million negative impact on the VIU and a 10 cent change in the Rand/US$ exchange rate affects the recoverable amount by R396 million. An opposite movement in the applied assumptions would result in an approximate equal and opposite movement in the recoverable amount. The recoverable amount of the CGU at 30 June 2026 is R3,9 billion. A South African WACC rate of 11,5% was applied in estimating the recoverable amount of the CGU. g) US Phenolics (220) The asset has been fully impaired previously and in May 2026 Sasol Chemicals USA signed an agreement to sell a portion of the Phenolics business, resulting in the reassessment of the recoverable amount to fair value less cost to sell. h) Sasol Italy Care Chemicals (CC) 367 The CGU remains fully impaired, with the additional impairment of the Italy CC CGU at 30 June 2026 resulting from continued lower forecasted sales margins, due to slower recovery of demand and additional global production capacity that became operational. The CGU remains fully impaired. A WACC rate of 8,1% was applied in the impairment assessment. i) Other (net)¹ 97 16 808 1 Relates largely to upstream Gas assets.
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SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 51SASOL ANNUAL FINANCIAL STATEMENTS 2026 50 Segment and Cash- generating unit (CGU) 2025 Description Rm Fuels segment Secunda liquid fuels refinery The Liquid fuels component of the Secunda refinery remains fully impaired. At 30 June 2025, the recoverable amount of the refinery improved compared to 30 June 2024, as a result of the optimisation of the South African ERR leveraging an extended range of levers to maximise production for as long as possible, reducing capital, feedstock and electricity cost. Aligned to our broader transition plan, LNG as an alternative gas feedstock is no longer considered feasible at current and forecast prices. Our focus remains on maintaining continuous supply of quality and cost-effective coal. The South African ERR assumes production of 7,0mt/a in 2030 with 6,4mt/a from 2034 as natural gas is depleted. The recoverable amount of the CGU was negatively impacted by lower macroeconomic price assumptions including lower Brent crude prices, lower product differentials and higher electricity prices. The full amount capitalised during the year, including the share of assets transferred from the Export Coal CGU were impaired. Further optimisation including cost, capital and volumes of the South African value chain which includes the Secunda Liquid fuels refinery is ongoing, however the maturity thereof needs to be progressed before it can be incorporated in the impairment calculations. 11 831 Management considered multiple cash flow scenarios in quantifying the recoverable amount of this CGU which is highly sensitive to changes in Brent crude oil prices, the Rand/US$ exchange rate and production volumes. A 10% increase in the price of Brent crude oil and a R1 weakening in the Rand/US$ exchange rate will have a positive impact on the recoverable amount of R26,0 billion and R17,2 billion respectively. A 1% increase in SO volumes over the longer term will improve VIU by R1 285 million. An opposite movement in the applied assumptions would result in an approximate equal and opposite movement in the recoverable amount. A South African WACC rate of 14,5% was applied in estimating the recoverable amount of the CGU. Sasolburg liquid fuels refinery The Sasolburg liquid fuels refinery remains fully impaired at 30 June 2025 mainly as result of decrease in refining margins. The full amount of costs capitalised during the year on this CGU was impaired. A South African WACC rate of 14,5% was applied in estimating the recoverable amount of the CGU. 1 256 Gas Production Sharing Agreement (PSA) The impairment of the PSA at 30 June 2025 is mainly due to a higher WACC rate (derived from the Mozambican WACC rate), a 3% reduction in estimated gas volumes as well as sales prices of oil related products. The increase in WACC rate was largely due to an increase in the Mozambique country risk premium (as calculated by an independent advisory firm) which was influenced by the slowing of the economy, rising inflation and political instability in the country. A 1% increase in the WACC rate results in a R460 million negative impact on the VIU while a 1% decrease in the WACC rate results in a R499 million increase in the VIU. A 5% increase in volumes results in a R1 142 million positive impact on the VIU while a 5% decrease in volumes results in a R1 121 negative impact on the VIU. The recoverable amount of the CGU is R15,6 billion. 3 142 Exploration Block PT5-C Exploration block PT5-C is an onshore exploration license in the Inhambane province of Mozambique, adjacent to Sasol’s Petroleum Production Area (PPA) and the PSA acreage. The full impairment of exploration block PT5-C at 30 June 2025 was primarily driven by a decision to pause further development activities associated with the asset and explore alternative opportunities to unlock value. A final investment decision has not been taken on this license. 1 242 Significant impairment/(reversal of impairment) of assets in prior period 8 Remeasur ement items affecting operating profit continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 51SASOL ANNUAL FINANCIAL STATEMENTS 2026 50 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Segment and Cash- generating unit (CGU) 2025 Description Rm Chemicals Africa Sasolburg Chlor-Alkali and PVC The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year being impaired. 463 Sasolburg Wax The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year also being impaired. 364 Chemicals Eurasia Sasol Italy Care Chemicals (CC) The additional impairment of the CGU results from continued lower forecasted sales margins, especially in the short-term due to slower recovery of demand and additional global capacity that came online. The CGU is now fully impaired. 3 258 Sasol China Care Chemicals (CC) The full impairment on the CGU in 2023 was driven by a combination of lower unit margins and higher costs resulting from the prolonged impact of COVID-19 on China’s economy. Results have increased steadily since 2023 following a reset of the business, volume and earnings projections for the last two years have been achieved and this indicates sustained future performance, supporting an impairment reversal. A WACC rate of 9,9% was applied in estimating the recoverable amount of the CGU. The recoverable amount of the CGU is R3,2 billion. (1 168) Other (net)¹ 270 20 658 1 Relates largely to Chemicals America (Phenolics CGU) and Chemicals Eurasia.
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SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 53SASOL ANNUAL FINANCIAL STATEMENTS 2026 52 Segment and Cash- generating unit (CGU) 2024 Description Rm Fuels segment Secunda liquid fuels refinery The liquid fuels component of the Secunda re fi nery was fully impaired at 30 June 2023 mainly as a result of the Group's ERR roadmap to achieve a 30% reduction in greenhouse gas (GHG) emissions by 2030. At 31 December 2023 and 30 June 2024, the recoverable amount of the refinery was further negatively impacted after updating feedstock and macroeconomic price assumptions including lower Brent crude prices and product differentials, resulting in the full amount of costs capitalised during the year to be impaired. 7 803 Sasolburg liquid fuels refinery The Sasolburg liquid fuels refinery was further impaired and is fully impaired, mainly as a result of the decrease in refining margins. 637 Gas Production Sharing Agreement (PSA) At 30 June 2018 an impairment of R1,1 billion was recognised in respect of the PSA asset mainly due to lower sales volumes and weaker long-term macroeconomic assumptions at the time. The asset reached beneficial operation (BO) on the Initial Gas Facility (IGF) with production commencing on 7 May 2024. This enabled excess gas production earlier than initially expected. In addition, increases in both liquid product volumes as well as gas sales prices resulted in the full impairment to be reversed at 30 June 2024. (1 143) Chemicals Africa Polyethylene The CGU was further impaired at 30 June 2024 by R4,1 billion mainly due to lower selling prices associated with over supply and reduced demand in the global market. 4 110 Chlor-Alkali and PVC The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year to be impaired. An updated impairment assessment performed at 30 June 2024 did not indicate any further impairments on the CGU. 645 Wax The CGU remains fully impaired, resulting in the full amount of costs capitalised during the year to be impaired. 524 Chemicals America Ethane value chain (Alc/Alu/EO/EG) The impairment was driven mainly by the decrease in Ethylene over Ethane margin assumptions and the impact thereof on the downstream ethane value chain (Alcohols, Alumina, Ethylene Oxide, Ethylene Glycols and associated shared assets), in both the short and long term, in addition to the impact of the increase in the WACC rate. Ethylene/ethane margins were lower than previously anticipated since the Ethylene price outlook declined more than the Ethane price outlook. Ethylene prices were lower due to a combination of weak supply/demand fundamentals as well as lower feedstock costs. 58 942 Chemicals Eurasia Sasol Italy Care Chemicals The impairment resulted from an increase in WACC rate as well as lower forecasted sales margins, especially in the short-term due to slower recovery of demand. 2 037 Other (net)¹ 1 331 74 886 1 Relates largely to the Chemicals America and Energy segments. 8 Remeasur ement items affecting operating profit continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 53SASOL ANNUAL FINANCIAL STATEMENTS 2026 52 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Areas of judgement: Determination as to whether, and by how much, an asset, CGU, or group of CGUs is impaired, or whether a previous impairment should be reversed, involves management estimates on highly uncertain matters such as the effects of inflation on operating expenses, discount rates, capital expenditure, carbon tax and related allowances, production profiles and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil, natural gas and refined products. Judgement is also required when determining the appropriate grouping of assets into a CGU or the appropriate grouping of CGUs for impairment testing purposes. The future cash flows were determined using the assumptions included in the latest budget as approved by the Board, which included forecast sales volumes and gross margins. If necessary, these cash flows were then adjusted to take into account any changes in assumptions or operating conditions that have been identified subsequent to the preparation of the budgets. When determining VIU, management also applies judgement when assessing whether future capital projects to achieve sustainability and decarbonisation targets are deemed to maintain the same level of economic benefits or whether they enhance the asset's performance. Generally, the costs incurred relating to the Group’s ERR are considered costs to maintain the current level of economic benefits. Costs incurred to enhance the asset's performance are not considered in the VIU calculations. The weighted average cost of capital rate (WACC) is derived from a pricing model. The variables used in the model are established on the basis of management judgement and current market conditions. Management judgement is also applied in estimating future cash flows and defining of CGUs. These values are sensitive to the cash flows projected for the periods for which detailed forecasts are not available and to the assumptions regarding the long-term sustainability of the cash flows thereafter. In support of global efforts to address climate change, South Africa made commitments under the Paris Agreement to further reduce GHG emissions and to contribute to limiting global warming to well below 2°c above pre-industrial levels and to pursue efforts to achieve the 1,5°c temperature goal. The Group is targeting a 30% reduction in Scope 1 and 2 greenhouse gas (GHG) emissions by 2030 which will pave the way to a net zero ambition by 2050. In support, Sasol is progressing with the development and implementation of its ERR to 2030 with capital and resources allocated to achieve the significant reduction in emissions. Where reasonable, supportable and permissible under the applicable accounting standards, management has included the costs and capital from these initiatives in its cash flow forecasts. In South Africa, the Carbon T ax Act, 2019 came into effect on 1 June 2019. Phase 1 of the carbon tax was extended to 31 December 2025, with Phase 2 applicable from 1 January 2026 to 31 December 2030. The South African government has published carbon tax rates up to 2030 for Scope 1 greenhouse gas emissions. Post 2030, management assumes escalation to US$55/tCO2e by 2050. Significant industry-specific tax-free emissions allowances, ranging from 60% to 95%, remain in place to provide current emitters time to transition their operations to cleaner technologies through investments in energy efficiency, renewable energy and other low-carbon measures. For modelling purposes, management has assumed that the current basic tax-free allowance is maintained until 31 December 2030, in line with Phase 2, with a 3 percentage point decrease assumed every five years thereafter. Details on the scope of Phase 3 of carbon tax have not yet been finalised post 2030. Phase 2 is expected to introduce closer alignment between carbon tax and mandatory carbon budgets, including financial consequences where emissions exceed an allocated carbon budget. Management has considered the potential impact of the carbon tax penalty regime, including exposure to higher tax rates or penalties for non-compliance or exceedance of applicable carbon budgets, in determining the Group’s expected carbon tax liability. The liability has also been reduced significantly by the renewable energy premium claim, where qualifying renewable energy purchases and related claims have been taken into account in the calculation of the carbon tax payable. Management has included its best estimate of any expected applicable carbon taxes payable by the Group. The implementation of the Climate Change Bill proposed a carbon tax penalty of R640 per ton of CO₂ payable for emissions exceeding carbon budgets. The Climate Change Bill was signed into law by President Cyril Ramaphosa on 18 July 2024 and published as the Climate Change Act, 2022 (Act) on 23 July 2024. However, in terms of section 35 of the Act, it will only come into operation on a date fixed by the President by proclamation in the Government Gazette. The Climate Change Act includes Nationally Determined Contributions (NDCs) – scope 1 CO2e emission reduction ranges for South African for 2025 and 2030. The Department of Fisheries, Forestry and Environment (DFFE) are in the process of rolling out these NDCs to Sectoral Emissions T argets (SET s), which will form the basis for company level carbon budgets. Sasol has participated in a voluntary carbon budget process with the DFFE for the periods 2016-2020 and 2021-2025. The period 2026-2030 will be the first mandatory period for carbon budget reporting. A penalty is included in the impairment assessment to the extent that the Group expects its scope 1 GHG emissions to exceed its estimated carbon budget from calendar year 2026, The expected carbon tax penalty rate was subsequently escalated by CPI from a pricing perspective. However, based on the assumed budget allowance and company scope 1 GHG emissions pathway, penalties are likely to start from financial year 2038. This assumption will be monitored and updated when the carbon budget process and relevant legislation are finalised and implemented. Climate change and the transition to a lower carbon economy are also likely to impact the future prices of commodities such as oil and natural gas which in turn may affect the recoverable amount of the Group’s property, plant and equipment and other non-current assets. Management has updated its best estimate of oil price assumptions used in determining the recoverable amounts of its CGUs in June 2026. The revised estimates reflect lower real oil price in the longer term as demand is expected to decrease as the transition to a lower carbon economy progresses. The energy transition may impact demand for certain refined products in the future. Management will continue to review price assumptions as the energy transition progresses and this may result in impairment charges or reversals in the future.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 55SASOL ANNUAL FINANCIAL STATEMENTS 2026 54 SASOL LIMITED GROUP OPERATING AND OTHER ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 55SASOL ANNUAL FINANCIAL STATEMENTS 2026 54 Accounting policies: Remeasurement items are amounts recognised in profit or loss relating to any change (whether realised or unrealised) in the carrying amount of non-current assets or liabilities that are less closely aligned to the normal operating or trading activities of the Group such as the impairment of non-current assets, profit or loss on disposal of non-current assets including businesses and equity accounted investments, and scrapping of assets. The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, to determine whether there is any indication of impairment. An impairment test is performed on all goodwill, intangible assets not yet in use and intangible assets with indefinite useful lives at each reporting date. The recoverable amount of an asset or CGU is defined as the amount that reflects the greater of the fair value less costs of disposal and VIU that can be attributed to an asset as a result of its ongoing use by the entity. VIU is estimated using a discounted cash flow model. The future cash flows are adjusted for risks specific to the asset and are adjusted where applicable to take into account any specific risks relating to the country where the asset or CGU is located. The rate applied in each country is reassessed each year. The recoverable amount may be adjusted to take into account recent market transactions for a similar asset. Some assets are an integral part of the value chain but are not capable of generating independent cash flows because there is no active market for the product streams produced from these assets, or the market does not have the ability to absorb the product streams produced from these assets or it is not practically possible to access the market due to infrastructure constraints that would be costly to construct. Product streams produced by these assets form an input into another process and accordingly do not have an active market. These assets are classified as corporate assets in terms of IAS 36 when their output supports the production of multiple product streams that are ultimately sold into an active market. The Group’s corporate assets are allocated to the relevant CGU based on a cost or volume contribution metric. Costs incurred by the corporate asset are allocated to the appropriate CGU at cost. If there is an indication that a corporate asset may be impaired, then the recoverable amount is determined for the CGU to which the corporate asset belongs. In Southern Africa, the coal value chain starts with feedstock mined in Secunda and Sasolburg and continues along the integrated processes of the operating business units, ultimately resulting in fuels and chemicals-based product lines. Similarly, the gas value chain starts with the feedstock obtained in Mozambique and continues along the conversion processes in Secunda and Sasolburg, ultimately resulting in fuels and chemicals-based product lines. The groups of assets which support the different product lines, including corporate asset allocations, are considered to be separate CGUs. In the US, the ethylene value chain results in various chemicals-based product lines, sold into active markets. The assets which support the different chemicals-based product lines, including corporate asset allocations, are considered to be separate CGUs. In Europe, the identification of separate CGUs is based on the various product streams that have the ability to be sold into active markets by the European business units. Certain products are sometimes produced incidentally from the main conversion processes and can be sold into active markets. When this is the case, the assets that are directly attributable to the production of these products, are classified as separate CGUs. The cost of conversion of these products is compared against the revenue when assessing the asset for impairment. Exploration assets are tested for impairment when development of the property commences or whenever facts and circumstances indicate impairment. An impairment loss is recognised for the amount by which the exploration assets carrying amount exceeds their recoverable amount. When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related non-controlling interest and other components of equity. Any resulting gain or loss, including any FCTR reclassified, is recognised in profit or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost. Any gain or loss on disposal will comprise that attributed to the portion disposed of and the remeasurement of the portion retained. 8 Remeasur ement items affecting operating profit continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 55SASOL ANNUAL FINANCIAL STATEMENTS 2026 54 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 55SASOL ANNUAL FINANCIAL STATEMENTS 2026 54 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 9 Taxation South African normal tax 5 658 3 759 8 128 current year 5 715 4 389 8 212 prior years¹ (57) (630) (84) Foreign tax 1 714 2 024 2 028 current year 1 761 2 055 2 045 global minimum top-up tax² 36 19 – prior years (83) (50) (17) Income tax 10 7 372 5 783 10 156 Deferred tax – South Africa 11 (700) (336) 709 current year³ 699 (152) 570 prior years⁴ (1 399) (184) 139 Deferred tax – foreign 11 (2 523) (891) (1 126) current year⁵ (2 434) (496) (1 031) prior years 47 (51) (102) tax rate change⁶ (136) (344) 7 4 149 4 556 9 739 1 Relates to Section 12L (South African income tax incentive for energy-efficiency) allowances refer footnote 4. 2 In respect of Pillar Two that introduced a 15% global minimum effective tax rate for large multi-national entities. The Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax. 3 Mainly due to the assessed loss utilised in Sasol South Africa Limited (SSA) in 2026. 4 Mainly attributable to the R850 million prior year Section 12L energy efficiency allowance claim, which increased the assessed loss and consequently the deferred tax asset recognised. 5 The increase relates mainly to tax losses in the US, unwinding of deferred tax liability on Mozambique assets and current year impairments. 6 2026 mainly relates to the effect of future tax rate change in Germany on the realisation of deferred tax balance. 2025 relates mainly to Louisiana (US) tax rate reduction that was enacted. Uncertain tax positions Sasol companies are involved in tax litigation and tax disputes with various tax authorities in the normal course of business. A detailed assessment is performed regularly on each matter and a provision is recognised where appropriate. Although the outcome of these claims and disputes cannot be predicted with certainty, Sasol believes that open engagement and transparency will enable appropriate resolution thereof. Sasol Financing International (SFI)/South African Revenue Services (SARS) As reported previously, SARS conducted an audit over a number of years on SFI, which performs an offshore treasury function for Sasol. The audit culminated in the issue by SARS of revised tax assessments, based on the interpretation of the place of effective management of SFI. A contingent liability of R3,1 billion (including interest and penalties) in respect of this matter remains as at 30 June 2026. SARS dismissed Sasol’s objection to the revised assessments and Sasol appealed this decision to the T ax Court. In parallel Sasol launched a review application in respect of certain elements of the revised assessments in respect of which the T ax Court does not have jurisdiction. Sasol also brought a review application against the SARS decision to register SFI as a South African taxpayer. SFI and SARS have agreed that the T ax Court related processes will be held in abeyance, pending the outcome of the judicial review applications. The two review applications were heard in the High Court in November 2022 and on 1 August 2023, the High Court handed down its decision dismissing both the SFI review applications. SFI filed an application for leave to appeal the High Court decision. On 20 September 2024 the High Court granted SFI’s application for leave to appeal the High Court decision to the Supreme Court of Appeal. The matter was heard at the Supreme Court of Appeal on 25 November 2025 and the judgment is currently pending. The review applications relate to the challenge by SFI of certain administrative decisions of SARS and the Supreme Court of Appeal decision does not directly affect the merits of the substantive dispute before the T ax Court, which remains in abeyance while the appeal of the review applications continues. TAXATION
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SASOL LIMITED GROUP TAXATION continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 57SASOL ANNUAL FINANCIAL STATEMENTS 2026 56 9 T axation continued 2026 2025 2024 % % % Reconciliation of effective tax rate The table below shows the difference between the South African enacted tax rate compared to the effective tax rate in the income statement. T otal income tax expense differs from the amount computed by applying the South African normal tax rate to profit before tax. The reasons for these differences are: South African normal tax rate 27,0 27,0 27,0 Increase/(decrease) in rate of tax due to: disallowed expenditure¹ 2,6 13,4 (2,3) disallowed share-based payment expenses 0,1 0,2 (0,1) different tax rates 0,9 2,5 (7,9) tax losses not recognised² 1,0 11,8 (49,6) translation differences 0,3 – – other adjustments 0,1 2,1 – (Decrease)/increase in rate of tax due to: exempt income³ (0,5) (3,8) 0,2 share of profits of equity accounted investments (0,1) (3,6) 1,4 utilisation of tax losses – (1,7) 0,8 investment incentive allowances (0,2) (0,3) 0,2 translation differences – (0,1) 0,4 capital gains and losses (0,1) (0,1) – change in corporate income tax rate (0,8) (2,8) – prior year adjustments⁴ (8,0) (7,5) – other adjustments – – 1,7 Effective tax rate 22,3 37,1 (28,2) 1 Includes non-deductible expenses incurred not deemed to be in the production of taxable income mainly relating to non-productive interest, project costs, as well as non-deductible impairments. The decrease from 2025 is mainly due to the lower Italy impairment recognised in 2026. 2 Mainly relates to Sasol Italy tax losses incurred for which no deferred tax assets are recognised (in 2025 relates to the reversal deferred tax asset previously recognised) as it is no longer considered probable that sufficient future taxable income will be available in the foreseeable future to fully utilise these losses. 3 2025 mainly relates to contingent consideration from the Uzbekistan GTL LLC disposal. 4 Mainly related to Section 12L allowances claimed in South Africa relating to prior years.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 57SASOL ANNUAL FINANCIAL STATEMENTS 2026 56 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 10 Tax paid Net amounts payable at beginning of year (921) 652 1 465 Net interest and penalties on tax (27) (81) (12) Income tax per income statement 9 7 372 5 783 10 156 Foreign exchange differences recognised in income statement (25) (3) (10) T ranslation of foreign operations (9) 21 (15) 6 390 6 372 11 584 Net tax (payable)/receivable per statement of financial position¹ (766) 921 (652) tax payable (1 051) (636) (1 108) tax receivable 285 1 557 456 Per the statement of cash flows 5 624 7 293 10 932 Comprising Normal tax South Africa 3 689 5 351 7 939 Foreign 1 935 1 942 2 993 5 624 7 293 10 932 1 Decrease mainly due to tax refund received in 2026 of R1,2 billion, relating to Section 12L allowances and higher taxable income in South Africa. 2026 2025 for the year ended 30 June Note Rm Rm 11 Deferred tax Reconciliation Balance at beginning of year (32 325) (31 988) Current year charge (3 135) (1 164) per the income statement 9 (3 223) (1 227) per the statement of comprehensive income 88 63 Foreign exchange differences recognised in income statement 69 14 T ranslation of foreign operations 2 284 813 Balance at end of year (33 107) (32 325) Comprising Deferred tax assets (35 872) (35 803) Deferred tax liabilities 2 765 3 478 (33 107) (32 325) Deferred tax assets and liabilities are determined based on the tax status and rates of the underlying entities. We anticipate sufficient taxable profits to be generated in future to recover the deferred tax asset against. The US and SA tax losses do not expire. The deferred tax asset mainly relate to the US and it is probable that taxable profits will be available against which the deductible temporary difference can be utilised. This is supported by approved financial forecasts.
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SASOL LIMITED GROUP TAXATION continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 59SASOL ANNUAL FINANCIAL STATEMENTS 2026 58 2026 2025 for the year ended 30 June Rm Rm Attributable to the following tax jurisdictions South Africa (5 127) (4 564) United States of America (26 652) (27 426) Germany 1 119 1 087 Mozambique (2 434) (1 410) Other (13) (12) (33 107) (32 325) Deferred tax is attributable to temporary differences on the following: Net deferred tax assets: Property, plant and equipment 15 898 17 102 Right of use assets 1 695 1 573 Current assets (1 593) (1 396) Short- and long-term provisions (4 629) (3 672) Calculated tax losses (37 301) (39 896) Financial liabilities 757 374 Lease liabilities (3 126) (2 979) Other¹ (7 573) (6 909) (35 872) (35 803) Net deferred tax liabilities: Property, plant and equipment 4 332 5 054 Right of use assets 344 461 Current assets 190 129 Short- and long-term provisions (1 957) (2 116) Calculated tax losses (4) (8) Financial liabilities 107 107 Lease liabilities (386) (501) Other 139 352 2 765 3 478 1 Other mainly relates to the US interest expense limitation carry forward of R6,6 billion (2025: R6,1 billion). Deferred tax assets have been recognised for the carry forward amount of unutilised tax losses relating to the Group’s operations where, among other things, some taxation losses can be carried forward indefinitely and there is compelling evidence that it is probable that sufficient taxable profits will be available in the future to utilise all tax losses carried forward. 2026 2025 for the year ended 30 June Rm Rm Calculated tax losses (before applying the applicable tax rate) Available for offset against future taxable income 308 128 331 602 Utilised against taxable income (197 176) (211 270) Not recognised as a deferred tax asset 110 952 120 332 Calculated tax losses carried forward that have not been recognised:* Expiry between one and five years 531 575 Expiry thereafter 7 558 8 066 Indefinite life 102 863 111 691 110 952 120 332 * Mainly US tax losses partially not recognised as deferred tax assets, as it was no longer considered probable that sufficient future taxable income will be available in the foreseeable future to fully recover the deferred tax asset (refer to note 9). 11 De ferred tax continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 59SASOL ANNUAL FINANCIAL STATEMENTS 2026 58 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Areas of judgement: A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the deferred tax asset can be utilised. This includes the significant tax losses incurred at our US operations and Sasol Financing International Limited. These losses do not expire. The assumptions used in estimating future taxable profits are consistent with the main assumptions disclosed in note 8. Where appropriate, the expected impact of climate change was considered in estimating the future taxable profits. The provision of deferred tax assets and liabilities reflects the tax consequences that would follow from the expected recovery or settlement of the carrying amount of its assets and liabilities. Unremitted earnings at end of year that would be subject to foreign dividend withholding tax and after tax effect if remitted Deferred tax liabilities are not recognised for the income tax effect that may arise on the remittance of unremitted earnings by foreign subsidiaries, joint operations and incorporated joint ventures. It is management's intention that, where there is no double taxation relief, these earnings will be permanently re-invested in the Group. 2026 2025 for the year ended 30 June Rm Rm Unremitted earnings at end of year that would be subject to dividend withholding tax 30 563 33 594 Europe 23 056 23 745 Rest of Africa 2 702 3 523 Other 4 805 6 326 T ax effect if remitted 742 798 Europe 462 457 Rest of Africa 216 282 Other 64 59 Dividend withholding tax Dividend withholding tax is payable at a rate of 20% on dividends distributed to shareholders. Dividends paid to companies and certain other institutions and certain individuals are not subject to this withholding tax. This tax is not attributable to the company paying the dividend but is collected by the company and paid to the tax authorities on behalf of the shareholder. On receipt of a dividend, the company includes the dividend withholding tax in its computation of the income tax expense. 2026 2025 for the year ended 30 June Rm Rm Undistributed earnings at end of year that would be subjected to dividend withholding tax withheld by the company on behalf of Sasol Limited shareholders 103 883 90 913 Maximum withholding tax payable by shareholders if distributed to individuals 20 777 18 183 Accounting policies: The income tax charge is determined based on net income before tax for the year and includes current tax, deferred tax and dividend withholding tax payable by Sasol. The current tax charge is the tax payable on the taxable income for the financial year applying enacted or substantively enacted tax rates and includes any adjustments to tax payable in respect of prior years. Deferred tax is provided for using the liability method, on all temporary differences between the carrying amount of assets and liabilities for accounting purposes and the amounts used for tax purposes and on any tax losses using enacted or substantively enacted tax rates at the reporting date that are expected to apply when the asset is realised or liability settled. Deferred tax assets and liabilities are offset when the related income taxes are levied by the same taxation authority, there is a legally enforceable right to offset and there is an intention to settle the balances on a net basis.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 61SASOL ANNUAL FINANCIAL STATEMENTS 2026 60 SASOL LIMITED GROUP SOURCES OF CAPITAL EQUITY Share capitalShare capital 61 FUNDING ACTIVITIES AND FACILITIES Long-term debtLong-term debt 62 LeasesLeases 64 Short-term debtShort-term debt 66 SASOL ANNUAL FINANCIAL STATEMENTS 2026 61SASOL ANNUAL FINANCIAL STATEMENTS 2026 60
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 61SASOL ANNUAL FINANCIAL STATEMENTS 2026 60 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 61SASOL ANNUAL FINANCIAL STATEMENTS 2026 60 2026 2025 2024 for the year ended 30 June Rm Rm Rm 12 Share capital Issued share capital (as per statement of changes in equity)¹ 9 888 9 888 9 888 Number of shares for the year ended 30 June 2026 2025 2024 Authorised Sasol ordinary shares of no par value² 1 127 690 590 1 127 690 590 1 127 690 590 Sasol BEE ordinary shares of no par value³ 158 331 335 158 331 335 158 331 335 1 286 021 925 1 286 021 925 1 286 021 925 Issued Shares issued at beginning of year 649 375 104 648 475 104 640 667 612 Issued in terms of the employee share schemes 4 717 913 900 000 7 807 492 Shares issued at end of year 654 093 017 649 375 104 648 475 104 Comprising Sasol ordinary shares of no par value 647 761 670 643 043 757 642 143 757 Sasol BEE ordinary shares of no par value 6 331 347 6 331 347 6 331 347 654 093 017 649 375 104 648 475 104 Unissued shares Sasol ordinary shares of no par value 479 928 920 484 646 833 485 546 833 Sasol BEE ordinary shares of no par value 151 999 988 151 999 988 151 999 988 631 928 908 636 646 821 637 546 821 1 At 30 June 2026, treasury shares amounted to 14 010 409 (2025: 10 326 749; 2024: 13 055 335), comprising largely of shares held by the Sasol Foundation T rust and unallocated shares issued in terms of the employee share scheme. 2 At Sasol's General meeting held on 17 November 2023 a special resolution was passed authorising management to issue up to a maximum of 53 000 000 Sasol Ordinary Shares for purposes of the conversion of the convertible bond (refer to note 13). 3 A Sasol BEE Ordinary Share (SOLBE1) is a Sasol ordinary share that trades on the Empowerment Segment of the JSE. The SOLBE1 shares may only be sold to and bought by “BEE Compliant Persons” as defined by the DTI codes. SOLBE1 shareholders are entitled to the same dividends as Sasol Ordinary Shareholders. Accounting policies: When Sasol Limited’s shares are repurchased by a subsidiary, the amount of consideration paid, including directly attributable costs, is recognised as a deduction from shareholders’ equity. EQUITY
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 63SASOL ANNUAL FINANCIAL STATEMENTS 2026 62 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 63SASOL ANNUAL FINANCIAL STATEMENTS 2026 62 2026 2025 for the year ended 30 June Rm Rm 13 Long-term debt T otal long-term debt 92 374 102 645 Short-term portion¹ (24 500) (14 091) Long-term portion 67 874 88 554 Analysis of long-term debt At amortised cost Unsecured debt 92 716 103 037 Unamortised loan costs (342) (392) 92 374 102 645 Reconciliation Balance at beginning of year 102 645 117 031 Loans raised² 18 579 471 Loans repaid³ (23 651) (14 060) Interest accrued 1 552 1 505 Amortisation of loan costs 160 126 T ranslation of foreign operations (7 332) (2 428) Foreign exchange differences recognised in income statement 421 – Balance at end of year 92 374 102 645 Interest-bearing status Interest-bearing debt 92 374 102 645 Maturity profile Within one year 24 500 14 091 One to five years 54 446 72 309 More than five years 13 428 16 245 92 374 102 645 1 Current period short-term portion relates to the US$650 million bond (R10,7 billion) payable in September 2026, as well as a portion of the DMTN (R1,2 billion) which is repayable in October 2026. The US$750 million convertible bond is classified as a current liability since 2025 when the Group adopted the amendments to IAS 1 'Presentation of Financial Statements'. 2 Relates mainly to a 2033 bond of US$750 million (R12,3 billion) issued in April 2026 and a floating rate bond of R5,3 billion issued on 23 July 2025 for which SFIL received US$300 million in return. 3 Relates mainly to partial repayments on 2028 and 2029 US$ bonds (R12,3 billion) and repayments on the Revolving Credit Facility (RCF) in July and August 2025 (R8,4 billion) as well as a R0,8 billion repayment on the DMTN programme in October 2025. FUNDING ACTIVITIES AND FACILITIES
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 63SASOL ANNUAL FINANCIAL STATEMENTS 2026 62 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 63SASOL ANNUAL FINANCIAL STATEMENTS 2026 62 2026 2025 for the year ended 30 June Expiry date Currency Interest rate Contract amount T otal Rand equivalent Available facilities Utilised facilities Utilised facilities % million Rm Rm Rm Rm Banking facilities and debt arrangements Group treasury facilities Commercial paper (uncommitted) None Rand 3 month Jibar + 1,42% – 1,59% 15 000 15 000 11 378 3 622 4 434 Commercial banking facilities None Rand * 7 450 7 450 7 450 – – Revolving credit facility¹ April 2030 US dollar SOFR+ Credit Adj +1,45% 1 987 32 574 32 574 – 8 875 Debt arrangements US Dollar Bond September 2026 US dollar 4,38% 650 10 656 – 10 656 11 538 US Dollar Convertible Bond² November 2027 US dollar 4,50% 750 12 295 – 12 295 13 313 US Dollar Bond⁴ September 2028 US dollar 6,50% 334 5 475 – 5 475 13 313 US Dollar Bond⁴ May 2029 US dollar 8,75% 666 10 918 – 10 918 17 750 US Dollar term loan April 2030 US dollar SOFR+ Credit Adj +1,65% 982 16 107 – 16 107 17 439 Rand Bond³ July 2030 Rand 3 month Jibar + 3,7% 5 327 5 327 – 5 327 – US Dollar Bond March 2031 US dollar 5,50% 850 13 934 – 13 934 15 088 US Dollar Bond⁴ April 2033 US dollar 8,75% 750 12 295 – 12 295 – Other Sasol businesses Specific project asset finance Energy – Natref Various Rand Various 2 482 2 482 895 1 587 1 266 Other Various Various – – – 1 262 707 52 297 93 478 103 723 Available cash excluding restricted cash 40 103 T otal funds available for use 92 400 Accrued interest 1 552 1 505 Unamortised loan cost (342) (392) Cumulative fair value gains and foreign exchange movements on convertible bond and embedded derivative financial liability (739) (1 517) T otal debt including accrued interest and unamortised loan cost 93 949 103 319 Comprising Long-term debt 67 874 88 554 Short-term debt 25 648 14 757 Short-term debt 1 148 666 Short-term portion of long-term debt 24 500 14 091 Bank overdraft 118 1 Convertible bond derivative financial liability 309 7 93 949 103 319 * Interest rate only available when funds are utilised. 1 Sasol repaid R8,4 billion (US$0,5 billion) in July and August 2025 on the RCF. 2 The convertible bond has a principal amount of US$750 million and contains conversion rights exercisable by the bond holders at any time before maturity of the bond on 8 November 2027. The convertible bond pays a coupon of 4,5% per annum, payable semi-annually in arrears and in equal instalments on 8 May and 8 November of each year. The convertible bond can be settled in cash, Sasol ordinary shares, or any combination thereof at the election of Sasol. The conversion price (initially set at US$20,39) is subject to standard market anti-dilution adjustments, including, among other things, dividends paid by Sasol. The conversion price at 30 June 2026 was US$18,79 (30 June 2025: US$18,79). 3 On 23 July 2025, SFIL issued a floating rate bond of R5,3 billion. In exchange, SFIL received US$300 million. The bond is guaranteed by Sasol Limited, has a 5 year maturity, bears quarterly interest, is repayable in Rand with covenants similar to those in the existing US$ bond documents and no new covenants were introduced. 4 A 2033 US$ bond of US$750 million (R12,3 billion) was issued in April 2026, the proceeds were used to partially repurchase the 2028 and 2029 US$ bonds (R12,3 billion). The result of the transaction being debt-neutral, while extending the debt maturity.
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SASOL LIMITED GROUP FUNDING ACTIVITIES AND FACILITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 65SASOL ANNUAL FINANCIAL STATEMENTS 2026 64 Accounting policies: Debt, which constitutes a financial liability, includes short-term and long-term debt. Debt is initially recognised at fair value, net of transaction costs incurred and is subsequently stated at amortised cost using the effective interest rate method. Debt is classified as short-term unless the borrowing entity has a right to defer settlement of the liability for at least 12 months after the reporting date. Debt is derecognised when the obligation in the contract is discharged, cancelled or has expired. Premiums or discounts arising from the difference between the fair value of debt raised and the amount repayable at maturity date are charged to the income statement as finance expenses based on the effective interest rate method. A debt modification gain or loss is recognised immediately when a debt measured at amortised cost has been modified. The convertible bond is a hybrid financial instrument consisting of a non-derivative host representing the obligation to make interest payments and to deliver cash to the holder on redemption of the bond (‘the bond component’); and a conversion feature which is accounted for as an embedded derivative financial liability. The bond component was recognised at fair value at inception date. The fair value was determined by subtracting the fair value attributable to the embedded derivative from the fair value of the combined instrument. The bond component is measured subsequently at amortised cost using the effective interest rate of 8,5%. The option component is recognised as a derivative financial liability, measured at fair value, with changes in fair value recorded in profit or loss and reported separately in the statement of financial position in long-term financial liabilities. The bond component and related embedded derivative are classified as current liabilities as the holders may convert at any time. Refer to note 35 for the accounting policies relating to embedded derivatives. Land Buildings Plant, equipment and vehicles T otal for the year ended 30 June Rm Rm Rm Rm 14 Leases Right of use assets Carrying amount at 30 June 2024 117 5 101 7 133 12 351 Cost 326 8 919 14 647 23 892 Accumulated depreciation and impairment (209) (3 818) (7 514) (11 541) Additions 13 868 1 072 1 953 Modifications and reassessments – 35 654 689 Reclassification to assets – – (129) (129) T ranslation of foreign operations 7 28 (25) 10 T erminations (17) (5) (132) (154) Current year depreciation charge (8) (553) (1 942) (2 503) Net (impairment)/reversal of right of use assets (note 8) 142 (352) (173) (383) Carrying amount at 30 June 2025 254 5 122 6 458 11 834 Cost 305 9 840 14 740 24 885 Accumulated depreciation and impairment (51) (4 718) (8 282) (13 051) Additions 15 1 565 858 2 438 Modifications and reassessments – (7) 379 372 T ranslation of foreign operations (16) (88) (374) (478) T erminations – (1) (45) (46) Current year depreciation charge (10) (594) (1 803) (2 407) Net impairment of right of use assets (note 8) – (156) (182) (338) Carrying amount at 30 June 2026 243 5 841 5 291 11 375 Cost 301 10 897 14 651 25 849 Accumulated depreciation and impairment (58) (5 056) (9 360) (14 474) 13 L ong-term debt continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 65SASOL ANNUAL FINANCIAL STATEMENTS 2026 64 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 for the year ended 30 June Note Rm Rm Lease liabilities T otal long-term lease liabilities 15 690 15 177 Short-term portion (included in short-term debt) 15 1 754 2 183 17 444 17 360 Reconciliation Balance at beginning of year 17 360 17 437 New lease contracts 2 544 1 928 Payments made on lease liabilities (2 800) (3 077) Modifications and reassessments 372 685 Interest accrued 567 530 T ermination of lease liability (48) (168) T ranslation of foreign operations (551) 25 Balance at end of year 17 444 17 360 2026 2025 2024 for the year ended 30 June Rm Rm Rm Amounts recognised in income statement Interest expense (included in net finance cost) 1 758 1 669 1 557 Expense relating to short-term leases* 561 634 626 Expense relating to leases of low-value assets that are not shown above as short-term leases* 84 73 82 Expense relating to variable lease payments not included in lease liabilities (included in other operating expenses and income)* 57 55 56 Amounts recognised in statement of cash flows T otal cash outflow on leases 4 693 4 978 4 499 * Included in cash paid to suppliers and employees in the statement of cash flows. The Group leases a number of assets as part of its activities. These primarily include corporate office buildings in Sandton and Houston, rail yard, rail cars, retail convenience centres and storage facilities. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Areas of judgement: Various factors are considered in assessing whether an arrangement contains a lease including whether a service contract includes the implicit right to substantially all of the economic benefits from assets used in providing the service and whether the Group directs how and for what purpose such assets are used. In performing this assessment, the Group considers decision-making rights that will affect the economic benefits that will be derived from the use of the asset such as changing the type, timing, or quantity of output that is produced by the asset. Incorporating optional lease periods where there is reasonable certainty that the option will be extended is subject to judgement and has an impact on the measurement of the lease liability and related right of use asset. Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option, including consideration of the significance of the underlying asset to the operations and the expected remaining useful life of the operation where the leased asset is used. The incremental borrowing rate that the Group applies is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. The estimation of the incremental borrowing rate is determined for each lease contract using the risk-free rate over a term matching that of the lease, adjusted for other factors such as the credit rating of the lessee, a country risk premium and the borrowing currency. A higher incremental borrowing rate would lead to the recognition of a lower lease liability and corresponding right of use asset. The range of incremental borrowing rates of lease contracts entered into during the year are as follows: Southern Africa 6,53 – 14,42% (2025: 9,00 – 14,83%) North America 5,94 – 7,67% (2025: 6,37 – 7,34%) Eurasia 3,24 – 6,01% (2025: 2,46 – 7,78%)
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 67SASOL ANNUAL FINANCIAL STATEMENTS 2026 66 SASOL LIMITED GROUP FUNDING ACTIVITIES AND FACILITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 67SASOL ANNUAL FINANCIAL STATEMENTS 2026 66 Accounting policies: At contract inception all arrangements are assessed to determine whether it is, or contains, a lease. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include: › ■fixed payments (including in-substance fixed payments) less any lease incentives receivable; › ■variable lease payments that depend on an index or a rate; › ■amounts expected to be paid under residual value guarantees; › ■the exercise price of a purchase option reasonably certain to be exercised; › ■ payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate; and › ■lease payments to be made under reasonably certain extension options. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are capitalised as part of the cost of inventories or assets under construction) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is generally not readily determinable. The incremental borrowing rate is the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and conditions. After the commencement date, finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group applies the recognition exemptions to short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and leases of assets that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expenses over the lease term. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes: › ■the amount of the initial measurement of lease liability; › ■any lease payments made at or before the commencement date less any lease incentives received; › ■any initial direct costs; and › ■restoration costs. Right of use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight- line basis. If the Group is reasonably certain to exercise a purchase option, the right of use asset is depreciated over the underlying asset’s useful life. The depreciation charge is recognised in the income statement unless it is capitalised as part of the cost of inventories or assets under construction. The right of use assets are also subject to impairment. Refer to the accounting policies in note 8 on Remeasurement items affecting profit or loss. Where the Group transfers control of an asset to another entity (buyer-lessor) and leases that same asset back from the buyer-lessor, the Group derecognises the underlying asset and recognises a right-of-use asset at the proportion of the previous carrying amount of the transferred asset that relates to the right of use retained by the Group. The Group also recognises a lease liability measured at the present value of all expected future lease payments with the resulting gain or loss being included in remeasurement items. 2026 2025 for the year ended 30 June Note Rm Rm 15 Short-term debt Short-term debt 1 148 666 Short-term portion of long-term debt¹ 13 24 500 14 091 lease liabilities 14 1 754 2 183 27 402 16 940 1 In addition to the US$750m convertible bond classified as a current liability since 2025, the short-term portion includes the US$650 million bond (R10,7 billion) payable in September 2026 as well as a portion of the DMTN (R1,2 billion) repayable in October 2026 (refer to note 13). 14 L eases continued
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SASOL LIMITED GROUP CAPITAL ALLOCATION AND UTILISATION INVESTING ACTIVITIES Property, plant and equipment 6868 Long-term receivables and prepaid expenses 7171 Equity accounted investments 7171 Interest in joint operations 7575 Interest in significant operating subsidiaries 7676 WORKING CAPITAL Inventories 7878 T rade and other receivables 7878 T rade and other payables 7979 Decrease/(increase) in working capital 7979 CASH MANAGEMENT Cash and cash equivalents 8080 Cash generated by operating activities 8080 Cash flow from operations 8181 Dividends paid 8181 SASOL ANNUAL FINANCIAL STATEMENTS 2026 67SASOL ANNUAL FINANCIAL STATEMENTS 2026 66 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 67SASOL ANNUAL FINANCIAL STATEMENTS 2026 66
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 69SASOL ANNUAL FINANCIAL STATEMENTS 2026 68 SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 69SASOL ANNUAL FINANCIAL STATEMENTS 2026 68 Land Building and improvements Plant, equipment and vehicles Mineral assets Assets under construction* T otal for the year ended 30 June Rm Rm Rm Rm Rm Rm 16 Property, plant and equipment Carrying amount at 30 June 2024 4 239 10 876 100 340 14 436 33 698 163 589 Cost 4 849 24 248 398 678 56 164 33 698 517 637 Accumulated depreciation and impairment (610) (13 372) (298 338) (41 728) – (354 048) Additions – 2 511 295 25 000 25 808 to sustain existing operations – 2 505 244 22 062 22 813 to expand operations – – 6 51 2 938 2 995 Reduction in rehabilitation provisions capitalised – – – – (212) (212) Finance costs capitalised – – – – 1 883 1 883 Assets capitalised or reclassified – 1 260 16 324 3 509 (21 059) 34 Reclassification to held for sale 47 (6) (7) – – 34 T ranslation of foreign operations (78) (67) (831) – 132 (844) Disposals and scrapping (1) (13) (242) (40) (528) (824) Current year depreciation charge – (609) (8 243) (2 335) – (11 187) Net impairment of property, plant and equipment (note 8) (124) 320 (5 572) (4 218) (10 646) (20 240) Carrying amount at 30 June 2025 4 083 11 763 102 280 11 647 28 268 158 041 Cost 4 838 24 849 408 717 59 169 28 268 525 841 Accumulated depreciation and impairment (755) (13 086) (306 437) (47 522) – (367 800) Additions – 5 649 1 093 20 579 22 326 to sustain existing operations – 5 642 1 093 19 778 21 518 to expand operations – – 7 – 801 808 Reduction in rehabilitation provisions capitalised (note 29) – – (40) – (68) (108) Finance costs capitalised – – – – 845 845 Assets capitalised or reclassified – 866 10 971 16 682 (28 918) (399) Reclassification to held for sale – (3) (10) – – (13) T ranslation of foreign operations (290) (703) (5 279) – (198) (6 470) Disposals and scrapping (3) (5) (257) (47) (333) (645) Current year depreciation charge – (596) (8 055) (2 270) – (10 921) Net impairment of property, plant and equipment (note 8) – (149) (4 017) (2 344) (9 436) (15 946) Carrying amount at 30 June 2026 3 790 11 178 96 242 24 761 10 739 146 710 Cost 4 489 24 367 399 567 76 096 10 739 515 258 Accumulated depreciation and impairment (699) (13 189) (303 325) (51 335) – (368 548) * Includes intangible assets and exploration and evaluation assets under construction. INVESTING ACTIVITIES
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 69SASOL ANNUAL FINANCIAL STATEMENTS 2026 68 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 69SASOL ANNUAL FINANCIAL STATEMENTS 2026 68 2026 2025 2024 for the year ended 30 June Rm Rm Rm Additions to property, plant and equipment (cash flow) Current year additions 22 326 25 808 30 565 Adjustments for non-cash items (1 575) (463) (491) Movement in environmental provisions capitalised (1 089) (264) (473) Reduction in capital project pre-payment (484) (191) – Rig leases (2) (10) – Area A5-A receivable – 2 (18) Per the statement of cash flows 20 751 25 345 30 074 2026 2025 for the year ended 30 June Rm Rm Capital commitments (excluding equity accounted investments) Capital commitments, excluding capitalised interest, include all projects for which relevant Board approval has been obtained. Projects still under investigation for which specific Board approvals have not yet been obtained are excluded from the following: Authorised and contracted for 27 407 45 106 Authorised but not yet contracted for 23 888 21 015 Less expenditure to the end of year (20 132) (38 700) 31 163 27 421 to sustain existing operations 29 658 25 012 to expand operations 1 505 2 409 Estimated expenditure Within one year 23 300 20 634 One to five years 7 863 6 787 31 163 27 421 Significant capital commitments and expenditure at 30 June comprise mainly of: Capital commitments Capital expenditure 2026 2025 2026 2025 Project Project location Business segment Rm Rm Rm Rm Projects to sustain operations Shutdown and major statutory maintenance Various Various 6 769 5 972 4 596 6 977 Environmental projects Various Various 1 231 1 025 713 2 569 Clean fuels II Various Fuels 498 1 642 898 1 271 Projects to expand operations Exploration and development¹ Mozambique Gas – 1 779 421 3 309 1 PSA reached beneficial operation in 2026. Capital commitments and expenditure not separately disclosed relates to ordinary sustenance capital.
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SASOL LIMITED GROUP INVESTING ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 71SASOL ANNUAL FINANCIAL STATEMENTS 2026 70 Areas of judgement: The depreciation methods, estimated remaining useful lives and residual values are reviewed at least annually. The estimation of the useful lives of property, plant and equipment is based on historic performance as well as expectations about future use and the impact of climate change and therefore requires a significant degree of judgement to be applied by management. The remaining useful lives of property, plant and equipment have been reassessed considering the Group's targeted reduction in GHG emissions and remain appropriate. The following depreciation rates apply in the Group: Buildings and improvements 1 – 20%, units of production over life of related reserve base Retail convenience centres (included in buildings and improvements) 3 – 5 % Plant 1 – 86 % Equipment 3 – 91 % Vehicles 3 – 33 % Mineral assets Units of production over life of related reserve base Life-of-mine coal assets (included in mineral assets) Units of production over life of related reserve base Accounting policies: Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Land is not depreciated. When plant and equipment comprises major components with different useful lives, these components are accounted for as separate items. Depreciation of mineral assets on producing oil and gas properties is based on the units-of-production method calculated using estimated proved developed reserves. The natural oil and gas reserves are calculated using a methodology designed to be compliant with SEC Regulations S-K. Life-of-mine coal assets are depreciated using the units-of-production method and are based on proved and probable reserves assigned to that specific mine (accessible reserves) or complex which benefits from the utilisation of those assets. The proved and probable reserves are determined using the SAMREC code. Other coal mining assets are depreciated on the straight-line method over their estimated useful lives. Depreciation of property acquisition costs, capitalised as part of mineral assets in property, plant and equipment, is based on the units-of-production method calculated using estimated proved reserves. Property, plant and equipment, other than mineral assets, is depreciated to its estimated residual value on a straight-line basis over its expected useful life. Assets under construction Assets under construction include land and expenditure capitalised for work in progress in respect of activities to develop, expand or enhance items of property, plant and equipment. The cost of self-constructed assets includes expenditure on materials, direct labour and an allocated proportion of project overheads. Cost also includes the estimated costs of dismantling and removing the assets and site rehabilitation costs to the extent that they relate to the construction of the asset as well as gains or losses on qualifying cash flow hedges attributable to that asset. When regular major inspections are a condition of continuing to operate an item of property, plant and equipment, and plant shutdown costs will be incurred, an estimate of these shutdown costs are included in the carrying value of the asset at initial recognition. Land acquired, as well as costs capitalised for work in progress in respect of activities to develop, expand or enhance items of property, plant and equipment are classified as part of assets under construction. Finance expenses in respect of specific and general borrowings are capitalised against qualifying assets as part of assets under construction. Where funds are borrowed specifically for the purpose of acquiring or constructing a qualifying asset, the amount of finance expenses eligible for capitalisation on that asset is the actual finance expenses incurred on the borrowing during the period less any investment income on the temporary investment of those borrowings. Where funds are made available from general borrowings and used for the purpose of acquiring or constructing qualifying assets, the amount of finance expenses eligible for capitalisation is determined by applying a capitalisation rate to the expenditures on these assets. The capitalisation rate of 8,0% (2025: 7,4%) is calculated as the weighted average of the interest rates applicable to the borrowings of the Group that are outstanding during the period, including borrowings made specifically for the purpose of obtaining qualifying assets once the specific qualifying asset is ready for its intended use. The amount of finance expenses capitalised will not exceed the amount of borrowing costs incurred. 16 Pr operty, plant and equipment continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 71SASOL ANNUAL FINANCIAL STATEMENTS 2026 70 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 for the year ended 30 June Rm Rm 17 Long-term receivables and prepaid expenses T otal long-term receivables 3 937 3 635 Impairment of long-term receivables* (75) (83) Short-term portion (1 094) (668) 2 768 2 884 Long-term prepaid expenses¹ 257 659 3 025 3 543 Comprising: Long-term receivables (interest-bearing) – joint operations 1 178 1 086 Long-term loans 1 590 1 798 2 768 2 884 1 Includes non-cash movement of R358 million (2025: R145 million) related to an electricity supply contract at our Secunda Operations. The majority of movements in long-term receivables are cash movements including loans granted of R1 188 million (2025: R431 million) and repayments of R576 million (2025: R511 million). * Impairment of long-term loans and receivables Long-term loans and receivables are considered for impairment under the expected credit loss model. Refer to note 35.2 for detail on the impairments recognised. 18 Equity accounted investments At 30 June, the Group’s interest in equity accounted investments and the total carrying values were: Country of incorporation Interest 2026 2025 Name Nature of activities % Rm Rm Joint ventures ORYX GTL Limited Qatar GTL plant 49 6 619 8 530 Sasol Dyno Nobel (Pty) LtdSouth Africa Manufacturing and distribution of explosives 50 456 400 Associates Enaex Africa (Pty) Ltd South Africa Manufacturing and distribution of explosives 23 639 562 The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO) South Africa Owning and operating of the natural gas transmission pipeline between T emane in Mozambique and Secunda in South Africa for the transportation of natural gas produced in Mozambique to markets in Mozambique and South Africa 20 2 669 2 737 Other equity accounted investments Various* 332 730 Carrying value of investments 10 715 12 959 * Decrease in Other equity accounted investment relates mainly to the impairment of Central T érmica de T emane (CTT) (refer to note 8). There are no significant restrictions on the ability of the joint ventures or associates to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances. Impairment testing of equity accounted investments Based on impairment indicators at each reporting date, impairment tests in respect of investments in joint ventures and associates are performed. The recoverable amount of the investment is compared to the carrying amount, as described in note 8, to calculate the impairment.
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SASOL LIMITED GROUP INVESTING ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 73SASOL ANNUAL FINANCIAL STATEMENTS 2026 72 2026 2025 for the year ended 30 June Rm Rm Summarised financial information for the Group's share of equity accounted investments which are not material* Operating profit 192 233 Profit before tax 239 284 T axation (92) (109) Profit for the year* 147 175 Other comprehensive (loss)/income (70) 13 * The financial information provided represents the Group's share of the results of the equity accounted investments. The impairment of CTT is not included the results above and is separately disclosed (refer to note 8). 2026 2025 Rm Rm Capital commitments relating to equity accounted investments Capital commitments, excluding capitalised interest, include all projects for which specific Board approval has been obtained up to the reporting date. Projects still under investigation for which specific Board approvals have not yet been obtained are excluded from the following: Authorised and contracted for 2 105 2 188 Authorised but not yet contracted for 1 334 491 Less: expenditure to the end of year (1 628) (1 731) 1 811 948 Areas of judgement: Joint ventures and associates are assessed for materiality in relation to the Group using a number of factors such as investment value, strategic importance and monitoring by those charged with governance. ORYX GTL and ROMPCO are considered to be material as they are closely monitored by and reported on to the decision makers and are considered to be strategically material investments. 18 E quity accounted investments continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 73SASOL ANNUAL FINANCIAL STATEMENTS 2026 72 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Summarised financial information for the Group’s material equity accounted investments In accordance with the Group’s accounting policy, the results of joint ventures and associates are equity accounted. The information provided below represents the Group’s material joint venture and associate. The financial information presented includes the full financial position and results of the joint venture and includes intercompany transactions and balances. Joint venture ORYX GTL Limited*** 2026 2025 for the year ended 30 June Rm Rm Summarised statement of financial position Non-current assets* 14 217 17 784 Deferred tax asset 1 065 490 Cash and cash equivalents 1 024 861 Other current assets 6 132 6 833 T otal assets 22 438 25 968 Non-current liabilities 6 320 6 602 Current liabilities 2 610 1 350 T ax payable – 608 T otal liabilities 8 930 8 560 Net assets 13 508 17 408 Summarised income statement T urnover 8 848 14 475 Depreciation and amortisation (3 072) (3 316) Other operating expenses (6 369) (7 728) Operating (loss)/profit before interest and tax (593) 3 431 Finance income 24 49 Finance cost (325) (189) (Loss)/profit before tax (894) 3 291 T axation (65) (1 357) (Loss)/profit and total comprehensive income for the year (959) 1 934 The Group’s share of (loss)/profits of equity accounted investment (470) 948 49% share of (loss)/profit before tax (438) 1 613 T axation (32) (665) Reconciliation of summarised financial information Net assets at the beginning of the year 17 408 21 181 (Loss)/earnings before tax for the year (894) 3 291 T axation (65) (1 357) Foreign exchange differences (1 227) (440) Dividends paid** (1 714) (5 267) Net assets at the end of the year 13 508 17 408 Carrying value of equity accounted investment 6 619 8 530 * Non-current assets mainly include property plant and equipment. ** In 2026 ORYX GTL Limited declared a dividend of R1,7 billion (R5,3 billion in 2025). *** The year-end for ORYX GTL Limited is 31 December, the Group uses the financial information based on management accounts at 30 June. The carrying value of the investment represents the Group’s interest in the net assets thereof. Early in March 2026, a military conflict in the Middle East escalated which affected several Gulf countries including Qatar, resulting in the temporary shutdown of Oryx’s GTL facility and the suspension of all product shipments following the closure of the Strait of Hormuz, resulting in the inability to export products. The facility has remained offline and only recently has been able to sell some product which was stored in tanks, into the local market. The facility is back online and ramped up in 2027 but only operating at 50% capacity due to the uncertainties and constraints which still exist in the Middle East, with ramp up expected later in the first quarter. The local market will be used initially to sell product with shipments set to continue in 2027.
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SASOL LIMITED GROUP INVESTING ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 75SASOL ANNUAL FINANCIAL STATEMENTS 2026 74 Associate The Republic of Mozambique Pipeline Investment Company (Pty) Ltd (ROMPCO)** 2026 2025 for the year ended 30 June Rm Rm Summarised statement of financial position Non-current assets* 2 055 2 658 Cash and cash equivalents 866 964 Other current assets 2 814 2 219 T otal assets 5 735 5 841 Non-current liabilities 561 514 Current liabilities 140 220 T ax payable 84 166 T otal liabilities 785 900 Net assets 4 950 4 941 Summarised income statement T urnover 4 372 4 777 Depreciation and amortisation (641) (651) Other operating expenses (433) (442) Operating profit before interest and tax 3 298 3 684 Finance income 211 231 Finance cost (13) (17) Profit before tax 3 496 3 898 T axation (1 137) (1 051) Profit and total comprehensive income for the period 2 359 2 847 The Group’s share of profits of equity accounted investment 20% share of profit before tax 699 780 T axation (227) (210) 472 570 Amortisation of fair value adjustment on acquisition of investment (70) (70) Share of profits of equity accounted investment 402 500 Reconciliation of summarised financial information Net assets at the beginning of the year 4 941 5 020 Earnings before tax for the year 3 496 3 898 T axation (1 137) (1 051) Dividends paid (2 350) (2 926) Net assets at the end of the year 4 950 4 941 Carrying value of equity accounted investment 2 669 2 737 Historical net asset value 990 988 Group's share of fair value adjustment on acquisition of investment 1 679 1 749 * Non-current assets mainly include property plant and equipment. ** Based on management accounts. The carrying value of the investment represents the Group’s interest in the net assets thereof. 18 E quity accounted investments continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 75SASOL ANNUAL FINANCIAL STATEMENTS 2026 74 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 2024 for the year ended 30 June Rm Rm Rm Transactions with joint ventures T otal sales and services rendered from subsidiaries to joint ventures 813 335 3 T otal purchases by subsidiaries from joint ventures 14 10 18 Transactions with associates T otal sales and services rendered from subsidiaries to associates 2 577 2 214 2 574 T otal purchases by subsidiaries from associates 3 089 3 991 4 332 The amounts have been disaggregated and reported separately between joint ventures and associates. Accounting policies: The financial results of associates and joint ventures are included in the Group’s results according to the equity method from acquisition date until the disposal date. Associates and joint ventures whose financial year-ends are within three months of 30 June are included in the consolidated financial statements using their most recently audited financial results. Adjustments are made to the associates’ and joint ventures financial results for material transactions and events in the intervening period. 19 Interest in joint operations At 30 June, the Group's interest in material joint operations were: % of equity owned Country of incorporation 2026 2025 Name Nature of activities % % Louisiana Integrated Polyethylene JV LLC (LIP JV) United States of America Manufactures ethylene and polyethylene chemicals. The joint operation with LyondellBasell operates as a tolling arrangement. Sasol retains control of our portion of the goods during the toll processing, for which a fee is paid, and only recognises revenue when the finished goods are transferred to a final customer. Equistar, a subsidiary of LyondellBasell, acts as an independent agent, for a fee, to exclusively market and sell all of Sasol's Linear low-density polyethylene and Low-density polyethylene produced by the joint operation to customers. 50 50 National Petroleum Refiners of South Africa (Pty) Ltd (Natref) South Africa Inland refinery that uses crude oil to produce liquid fuels. Natref is a joint operation between Sasol and Prax South Africa (Pty) Ltd. Prax remains in business rescue. Sasol continues to operate Natref and utilise available Prax capacity in accordance with arrangements agreed with the business rescue practitioners, with operations and product supply remaining uninterrupted. 64 64
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SASOL LIMITED GROUP INVESTING ACTIVITIES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 77SASOL ANNUAL FINANCIAL STATEMENTS 2026 76 The information provided is Sasol's share of joint operations (excluding unincorporated joint operations) and includes intercompany transactions and balances. T otal T otal LIP JV Natref 2026 2025 for the year ended 30 June Rm Rm Rm Rm Statement of financial position External non-current assets 23 561 1 035 24 596 25 696 External current assets 1 451 888 2 339 2 324 Intercompany current assets – 3 3 212 T otal assets 25 012 1 926 26 938 28 232 Shareholders’ equity 23 768 (3 202) 20 566 21 606 Long-term liabilities 27 4 413 4 440 3 632 Interest-bearing current liabilities 7 – 7 110 Non-interest-bearing current liabilities 801 478 1 279 1 690 Intercompany current liabilities 409 237 646 1 194 T otal equity and liabilities 25 012 1 926 26 938 28 232 At 30 June 2026, the Group’s share of the total capital commitments of joint operations amounted to R1 076 million (2025: R2 003 million). Accounting policies: The Group recognises its share of any jointly held or incurred assets, liabilities, revenues and expenses along with the Group’s income from the sale of its share of the output and any liabilities and expenses that the Group has incurred in relation to the joint operation. These have been incorporated in the financial statements under the appropriate headings. 20 In terest in significant operating subsidiaries Sasol Limited is the ultimate parent of the Sasol Group of companies. Our wholly-owned subsidiary, Sasol Investment Company (Pty) Ltd, a company incorporated in the Republic of South Africa, primarily holds our interests in companies incorporated outside of South Africa. The following table presents each of the Group’s significant subsidiaries (including direct and indirect holdings), the nature of activities, the percentage of shares of each subsidiary owned and the country of incorporation at 30 June 2026. There are no significant restrictions on the ability of the Group’s subsidiaries to transfer funds to Sasol Limited in the form of cash dividends or repayment of loans or advances. % of equity owned Name Country of incorporation Nature of activities 2026 2025 Significant operating subsidiaries Direct Sasol Mining Holdings (Pty) Ltd South Africa Holding company of the Group’s mining interests 100 100 Sasol T echnology (Pty) Ltd South Africa Engineering services, research and development and technology transfer 100 100 Sasol Financing Limited South Africa Management of cash resources, investments and procurement of loans (for South African operations) 100 100 Sasol Investment Company (Pty) Ltd South Africa Holding company for foreign investments 100 100 Sasol South Africa Limited¹ South Africa Integrated petrochemicals and energy company 100 100 Sasol Middle East and India (Pty) Ltd South Africa Develop and implement international GTL and CTL ventures 100 100 Sasol Africa (Pty) Ltd South Africa Exploration, development, production, marketing and distribution of natural oil and gas and associated products 100 100 Sasol Oil (Pty) Ltd South Africa Marketing of fuels and lubricants 75 75 1 Sasol Khanyisa shareholders indirectly have an 18,4% shareholding in Sasol South Africa Limited. Once the Khanyisa funding is settled, the Sasol Khanyisa ordinary shares will be exchanged for Sasol BEE Ordinary (SOLBE1) shares listed on the empowerment segment of the JSE. 19 In terest in joint operations continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 77SASOL ANNUAL FINANCIAL STATEMENTS 2026 76 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER % of equity owned Name Country of incorporation Nature of activities 2026 2025 Significant operating subsidiaries Indirect Sasol Financing International Limited South Africa Management of cash resources, investment and procurement of loans (for our foreign operations) 100 100 Sasol Germany GmbH Germany Production, marketing and distribution of chemical products 100 100 Sasol Italy SpA Italy Production, trading and transportation of oil products, petrochemicals and chemical products and derivatives 100 100 Sasol Mining (Pty) Ltd South Africa Coal mining activities 90 90 Sasol Chemicals (USA) LLC United States of America Production, marketing and distribution of chemical products 100 100 Sasol Financing USA LLC United States of America Management of cash resources, investment and procurement of loans (for our North American operations) 100 100 Our other interests in subsidiaries are not considered significant. Non-controlling interests The Group subsidiaries with non-controlling interests, Sasol Oil (Pty) Ltd and Sasol Mining (Pty) Ltd, however none of them were material to the Statement of financial position. Areas of judgement: The disclosure of subsidiaries is based on materiality taking into account the contribution to turnover, assets of the Group, and the way the business is managed and reported on. Control is obtained when Sasol is exposed, or has rights, to variable returns from its involvement with the subsidiary and has the ability to affect those returns through our power over the subsidiary. The financial results of all entities that have a functional currency different from the presentation currency of their parent entity are translated into the presentation currency. Income and expenditure transactions of foreign operations are translated at the average rate of exchange for the year except for significant individual transactions which are translated at the exchange rate ruling at that date. All assets and liabilities, including fair value adjustments and goodwill arising on acquisition, are translated at the rate of exchange ruling at the reporting date. Differences arising on translation are recognised as other comprehensive income and are included in the foreign currency translation reserve until there is a disposal of the foreign operation. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal and included in remeasurement items.
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SASOL LIMITED GROUP WORKING CAPITAL continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 79SASOL ANNUAL FINANCIAL STATEMENTS 2026 78 2026 2025 for the year ended 30 June Rm Rm 21 Inventories Carrying value Crude oil and other raw materials* 9 358 5 087 Process material 3 391 3 326 Maintenance materials 8 578 8 504 Work in progress* 5 614 2 827 Manufactured products 22 926 21 669 Consignment inventory 454 380 50 321 41 793 * Includes inventory at Natref as part of Sasol utilising Prax’s share of the Natref processing facility. A net realisable value write-down of R1 321 million was recognised in 2026 (2025: R171 million), primarily due to elevated crude oil procurement costs during the Middle East conflict and lower market prices at year-end. Inventory of R12 095 million (2025: R2 981 million) is held at net realisable value. This relates mainly to manufactured products in Sasol Oil (Fuels segment). Accounting policies: Inventories are stated at the lower of cost and net realisable value. Cost includes expenditure incurred in acquiring, manufacturing and transporting the inventory to its present location. Manufacturing costs include an allocated portion of production overheads which are directly attributable to the cost of manufacturing such inventory. The allocation is determined based on the greater of normal production capacity and actual production. The costs attributable to any inefficiencies in the production process are charged to the income statement as incurred. By-products are incidental to the manufacturing processes, are usually produced as a consequence of the main product stream, and are immaterial to the group. Revenue from sale of by-products is offset against the cost of the main products. Cost is determined as follows: Crude oil and other raw materials First-in-first-out valuation method (FIFO) Process, maintenance and other materials Weighted average purchase price Work-in-progress Manufacturing costs incurred according to FIFO Manufactured products including consignment inventory Manufacturing costs according to FIFO 2026 2025 for the year ended 30 June Rm Rm 22 Trade and other receivables T rade receivables 32 028 30 370 Other receivables (financial assets)¹ 6 019 5 333 Related party receivables 686 378 third parties 56 53 equity accounted investments 630 325 Impairment of trade and other receivables* (770) (901) 37 963 35 180 Other receivables (non-financial assets) 1 862 89 Duties recoverable from customers 616 92 Prepaid expenses and other 2 046 1 995 Value added tax 3 375 2 730 45 862 40 086 1 Other receivables include a receivable of R1,2 billion (2025: R1,4 billion) for the proceeds on disposal of Uzbekistan GTL LLC that reached specified capacity per sales agreement. This receivable is measured at fair value through profit or loss. *Impairment of trade and other receivables T rade receivables are considered for impairment under the expected credit loss model. T rade receivables are written off when there is no reasonable prospect that the customer will pay. Refer to note 35 for detail on the impairments recognised. No individual customer represents more than 10% of the Group’s trade receivables. WORKING CAPITAL
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 79SASOL ANNUAL FINANCIAL STATEMENTS 2026 78 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Collateral The Group holds no collateral over the trade receivables which can be sold or pledged to a third party. Accounting policies: T rade and other receivables are recognised initially at transaction price and subsequently stated at amortised cost using the effective interest rate method, less impairment losses. Other receivables that fail the business model and solely payments of principal and interest tests are classified at fair value through profit or loss. A simplified expected credit loss model is applied for recognition and measurement of impairments in trade receivables, where expected lifetime credit losses are recognised from initial recognition, with changes in loss allowances recognised in profit or loss. The group did not use a provisional matrix. T rade and other receivables are written off where there is no reasonable expectation of recovering amounts due. The trade receivables do not contain a significant financing component. 2026 2025 for the year ended 30 June Rm Rm 23 Trade and other payables T rade payables 28 660 28 272 Capital project related payables¹ 38 284 Accrued expenses 3 487 3 914 Other payables (financial liabilities) 1 905 1 757 Related party payables 741 530 third parties 104 20 equity accounted investments 637 510 34 831 34 757 Other payables (non-financial liabilities)² 9 728 8 586 Duties payable to revenue authorities 4 118 3 866 Value added tax 125 202 48 802 47 411 1 Decrease mainly due to the development cost on the completion of the Production Sharing Agreement project in Mozambique. 2 Other payables (non-financial liabilities) include employee-related payables. Accounting policies: T rade and other payables are initially recognised at fair value and subsequently stated at amortised cost. Capital project related payables are excluded from working capital, as the nature and risks of these payables are not considered to be aligned to operational trade payables. 2026 2025 2024 Rm Rm Rm 24 (Increase)/decrease in working capital Increase in inventories¹ (11 436) (457) (54) Increase in trade receivables (4 711) (1 114) (3 094) Increase/(decrease) in trade payables 1 423 2 847 (1 693) (Increase)/decrease in working capital (14 724) 1 276 (4 841) 1 The increase in inventory during the year was primarily attributable to higher inventory values resulting from higher prices in the last quarter, the impact of Prax's working capital in Natref and higher fuel inventory volumes held at year end. Movements exclude non-cash movements and translation effects.
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SASOL LIMITED GROUP CASH MANAGEMENT continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 81SASOL ANNUAL FINANCIAL STATEMENTS 2026 80 2026 2025 for the year ended 30 June Rm Rm 25 Cash and cash equivalents Cash and cash equivalents 40 221 38 423 Restricted cash and cash equivalents 3 083 2 627 43 304 41 050 Bank overdraft (118) (1) Per the statement of cash flows 43 186 41 049 Cash by currency Rand 27 801 28 480 Euro 2 830 2 258 US dollar 11 374 9 023 Other currencies 1 181 1 288 43 186 41 049 Included in restricted cash and cash equivalents are cash in respect of various special purpose entities and joint operations in the Group for use within those entities. Accounting policies: Cash includes cash on hand and demand deposits that can be withdrawn at any time without prior notice or penalty. Cash equivalents include short-term highly liquid investments with a maturity period of three months or less at date of purchase and money market funds that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash restricted for use comprises cash and cash equivalents which are not available for general use by the Group, including amounts held in escrow, trust or other separate bank accounts. Cash, cash equivalents and cash restricted for use are stated at carrying amount which is deemed to be fair value. Bank overdrafts that are repayable on demand and that are integral to the Group's cash management are offset against cash and cash equivalents in the statement of cash flows. The Statement of cash flows is presented on the direct method. Notes are supplied as supplemental information to the Statement of cash flows. Finance income received, finance costs paid and dividends received and paid are presented under operating activities in the Statement of cash flows. 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 26 Cash generated by operating activities Cash flow from operations 27 56 694 46 527 57 162 (Increase)/decrease in working capital 24 (14 724) 1 276 (4 841) 41 970 47 803 52 321 CASH MANAGEMENT
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 81SASOL ANNUAL FINANCIAL STATEMENTS 2026 80 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 27 Cash flow from operations Earnings/(loss) before interest and tax (EBIT/(LBIT)) 25 690 18 819 (27 305) Adjusted for share of profits of equity accounted investments (79) (1 623) (1 758) equity-settled share-based payment 32 918 914 986 depreciation and amortisation 13 602 14 002 15 644 effect of remeasurement items 8 17 320 19 645 75 414 movement in long-term provisions income statement charge 29 (26) (2 807) (651) utilisation 29 (1 267) (769) (459) movement in short-term provisions (240) 87 280 movement in post-retirement benefits 389 272 373 translation effects 3 278 799 673 write-down of inventories to net realisable value 1 321 171 370 movement in financial assets and liabilities (2 466) (3 063) (4 588) movement in other receivables and payables (1 143) 334 (1 119) other non-cash movements¹ (603) (254) (698) 56 694 46 527 57 162 1 Other non-cash movements include movements in deferred income, expected credit losses and long-term prepaid expenses. 2026 2025 2024 for the year ended 30 June Rm Rm Rm 28 Dividends paid Final dividend – prior year – 28 6 341 Interim dividend – current year – – 1 292 – 28 7 633 The Board did not declare a dividend for the current year.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 83SASOL ANNUAL FINANCIAL STATEMENTS 2026 82 SASOL LIMITED GROUP PROVISIONS AND RESERVES PROVISIONS Long-term provisions 83 Short-term provisions 85 Post-retirement benefit obligations 85 RESERVES Share-based payment reserve 93 SASOL ANNUAL FINANCIAL STATEMENTS 2026 83SASOL ANNUAL FINANCIAL STATEMENTS 2026 82
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 83SASOL ANNUAL FINANCIAL STATEMENTS 2026 82 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 83SASOL ANNUAL FINANCIAL STATEMENTS 2026 82 Environ- mental Other T otal 2026 2026 2026 for the year ended 30 June Rm Rm Rm 29 Long-term provisions Balance at beginning of year 14 112 525 14 637 Capitalised to property, plant and equipment 1 089 – 1 089 Reduction in rehabilitation provision capitalised (108) – (108) Per the income statement 200 (226) (26) additional provisions and changes to existing provisions (1 814) 9 (1 805) reversal of unutilised amounts (40) (233) (273) effect of change in discount rate 2 054 (2) 2 052 Notional interest 912 3 915 Utilised during year (cash flow) (1 233) (34) (1 267) T ranslation of foreign operations (87) (28) (115) Foreign exchange differences recognised in income statement (381) (2) (383) Balance at end of year 14 504 238 14 742 Environmental provisions The environmental obligation includes estimated costs for the rehabilitation of coal mining, oil, gas and petrochemical sites, mainly in South Africa and Mozambique. The present value of the environmental provisions is determined by discounting the estimated future cash outflows using interest rates of high-quality government bonds that are denominated in the currency in which the amounts will be paid, and that have terms approximating the terms of the related obligation. The following discount rates were applied: 2026 2025 for the year ended 30 June % % South Africa 7,5 – 8,5 7,2 – 10,5 Europe 2,5 – 3,2 2,0 – 2,9 United States of America (for US$ denominated provisions) 3,7 – 4,6 3,5 – 4,4 2026 2025 for the year ended 30 June Rm Rm A 1% point change in the discount rate would have the following effect on the long-term provisions recognised Increase in the discount rate (2 055) (1 991) amount capitalised to property, plant and equipment (1 008) (666) income recognised in income statement (1 047) (1 325) Decrease in the discount rate 2 606 2 432 amount capitalised to property, plant and equipment 1 325 808 expense recognised in income statement 1 281 1 624 PROVISIONS
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SASOL LIMITED GROUP PROVISIONS continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 85SASOL ANNUAL FINANCIAL STATEMENTS 2026 84 2026 2025 for the year ended 30 June Note Rm Rm Expected timing of future cash flows Within one year 781 1 688 One to five years 1 859 1 427 Five to ten years¹ 3 999 2 967 More than ten years 8 103 8 555 14 742 14 637 Short-term portion 30 (781) (1 688) Long-term provisions 13 961 12 949 Estimated undiscounted obligation* 64 172 85 097 1 Relates largely to the rehabilitation of coal mining, oil and gas sites in South Africa and Mozambique. * The decrease is mainly attributable to changes in the long-term macroeconomic assumptions, specifically the downward revision of the long-term South African PPI assumption from 5,5% to 4,0%. The time at which the operations cease to produce economically viable returns and the pace of transition to a low carbon economy will impact the anticipated time period over which decommissioning liabilities are expected to be incurred in future. In line with the requirements of the legislation of South Africa, the utilisation of certain investments is restricted for mining rehabilitation purposes. These investments amounted to R950 million (2025: R885 million) and are included in Other long-term investments in the statement of financial position. In addition, indemnities of R2 907 million (2025: R2 907 million) are in place. Accounting policies: Estimated long-term environmental provisions, comprising pollution control, rehabilitation and mine closure, are based on the Group’s environmental policy taking into account current technological, environmental and regulatory requirements. The provision for rehabilitation is recognised as and when the environmental liability arises. T o the extent that the obligations relate to the construction of an asset, they are capitalised as part of the cost of those assets. The effect of subsequent changes to assumptions in estimating an obligation for which the provision was recognised as part of the cost of the asset is adjusted against the asset. Any subsequent changes to an obligation which did not relate to the initial construction of a related asset are charged to the income statement. The increase in discounted long-term provisions as a result of the passage of time is recognised as a finance expense in the income statement. The estimated present value of future decommissioning costs, taking into account current environmental and regulatory requirements, is capitalised as part of property, plant and equipment, to the extent that they relate to the construction of the asset, and the related provisions are raised. These estimates are reviewed at least annually. Deferred tax is recognised on the temporary differences in relation to both the asset to which the obligation relates to and rehabilitation provision. Areas of judgement: The determination of long-term provisions, in particular environmental provisions, remains a key area where management’s judgement is required. Estimating the amount and timing of the future cost of these obligations is complex and requires management to make estimates and judgements because most of the obligations will only be fulfilled in the future and contracts and laws are often not clear regarding what is required. The resulting provisions could also be influenced by changing technologies and political, environmental, safety, business and statutory considerations as well as the period in which it will be settled. The pace of transition to a low carbon economy will impact the anticipated time period over which decommissioning liabilities are expected to be incurred. Provisions are based on estimates of unscheduled closure cost at reporting date, applicable inflation and discount rates, and the expected date of mine closure, in order to determine the present value of the long-term environmental provisions. Closure cost estimates are determined through the application of appropriate rehabilitation methods, using updated volumes and quantities at reporting date together with the latest unit rates for all activities included in the rehabilitation plan for each site. Unit rates, including plugging and abandonment of gas wells, are sourced both internally and from external consultants. Internal reviews incorporate these rates, adjusted for inflation and any necessary technical updates in line with changes in operational conditions or the passage of time. The obligation to ensure that water management and treatment, remediation of soil and ground water contamination meet statutory requirements are incorporated in both the internal and external closure cost reviews. Costs relating to water treatments from expected date of decanting, where estimable, are discounted to the present value, and included in the environmental rehabilitation provisions. T o manage the risk of understatement of the environmental rehabilitation provisions, the undiscounted rehabilitation cost estimate is adjusted for; › ■Pr eliminaries and Generals (P&Gs): Indirect, project-support costs required to manage and execute rehabilitation activities, and › ■Con tingencies: Allowances for uncertain, unforeseen, or variable cost elements that cannot be estimated with precision at reporting date. 29 L ong-term provisions continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 85SASOL ANNUAL FINANCIAL STATEMENTS 2026 84 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 for the year ended 30 June Note Rm Rm 30 Short-term provisions Emission rights 764 726 Other provisions 521 626 Short-term portion of long-term provisions 29 781 1 688 post-retirement benefit obligations 31 738 717 2 804 3 757 Accounting policies: In emission schemes where a cap is set for emissions, the associated emission rights granted are recognised at fair value and classified under intangible assets. An emission liability is recognised under short-term provisions when actual emissions occur that give rise to an obligation. T o the extent the liability is covered by emission rights held, the liability is measured with reference to the value of these emission rights held and for the remaining uncovered portion at current market value. The associated expense is presented under Materials, energy and consumables used. Both the emission rights intangible asset and the emission liability are derecognised upon settling the liability with the respective regulator. Non-current Current T otal 2026 2025 2026 2025 2026 2025 for the year ended 30 June Note Rm Rm Rm Rm Rm Rm 31 Post-retirement benefit obligations Post-retirement healthcare obligations 31.1 South Africa 4 504 3 943 347 325 4 851 4 268 United States of America 63 234 13 6 76 240 4 567 4 177 360 331 4 927 4 508 Pension obligations 31.2 Foreign – post-retirement benefit obligation 7 055 7 944 378 386 7 433 8 330 T otal post-retirement benefit obligations 11 622 12 121 738 717 12 360 12 838 Pension assets 31.2 South Africa – post-retirement benefit asset (124) (113) – – (124) (113) Foreign – post-retirement benefit asset (1 189) (970) – – (1 189) (970) T otal post-retirement benefit assets (1 313) (1 083) – – (1 313) (1 083) Net pension obligations 5 742 6 861 378 386 6 120 7 247 Loss/(gain) recognised in the income statement Loss/(gain) recognised in other comprehensive income 2026 2025 2024 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm Rm Rm Rm Post-retirement benefit obligations Post-retirement healthcare obligations 31.1 379 523 495 378 137 137 Pension benefits – projected benefit obligation 31.2 10 608 10 836 10 162 1 329 1 819 2 081 Pension benefits – plan asset of funded obligation 31.2 (8 524) (9 640) (8 998) (823) (1 559) (3 575) Interest on asset limitation 239 644 665 – – – Net movement on asset limitation and reimbursive right* – – – (1 131) (648) 1 302 2 702 2 363 2 324 (247) (251) (55) * Refer to note 31.2 for the asset not recognised due to asset limitation.
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SASOL LIMITED GROUP PROVISIONS continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 87SASOL ANNUAL FINANCIAL STATEMENTS 2026 86 The Group provides post-retirement medical and pension benefits to certain of its retirees, principally in South Africa, Europe and the United States of America. Generally, medical cover provides for a specified percentage of most medical expenses, subject to pre-set rules and maximum amounts. Pension benefits are payable in the form of retirement, disability and surviving dependent pensions. The medical benefits are unfunded. The pension benefits in South Africa are funded. In the United States of America certain of our Pension Funds are funded. Healthcare benefits Pension benefits Last actuarial valuation – South Africa 30 June 2026 31 March 2026 Last actuarial valuation – United States of America 30 June 2026 30 June 2026 Last actuarial valuation – Europe n/a* 30 April 2026 Full/interim valuation Full Full Valuation method adopted Projected unit credit Projected unit credit * Not applicable as there is no post-retirement healthcare obligation in Europe. The plans have been assessed by the actuaries and have been found to be in sound financial positions. Principal actuarial assumptions Weighted average assumptions used in performing actuarial valuations determined in consultation with independent actuaries. South Africa United States of America Europe 2026 2025 2026 2025 2026 2025 at valuation date % % % % % % Healthcare cost inflation 6,0 7,5 n/a* n/a* n/a n/a Discount rate – post-retirement medical benefits 9,4 12,0 5,6 5,3 n/a n/a Discount rate – pension benefits 8,8 10,8 5,4 5,3 4,3 3,9 Pension increase assumption 4,2 6,0 n/a** n/a** 2,2 2,2 Average salary increases 4,0 5,5 4,2 4,2 3,2 3,2 Weighted average duration of the obligation – post-retirement medical obligation 12,5 years 12,5 years 11 years 9 years n/a n/a Weighted average duration of the obligation – pension obligation 10 years 10,25 years 8 years 8 years 13 years 14 years * The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants. ** There are no automatic pension increases for the United States of America pension plan. Assumptions regarding future mortality are based on published statistics and mortality tables. 31 P ost-retirement benefit obligations continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 87SASOL ANNUAL FINANCIAL STATEMENTS 2026 86 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 31.1 Post-retirement healthcare obligations In South Africa, certain healthcare and life assurance benefits are provided to South African employees hired prior to 1 January 1998, who retire and satisfy the necessary requirements of the medical fund. Reconciliation of the total post-retirement healthcare obligation recognised in the statement of financial position South Africa United States of America T otal 2026 2025 2026 2025 2026 2025 for the year ended 30 June Rm Rm Rm Rm Rm Rm T otal post-retirement healthcare obligation at beginning of year 4 268 3 915 240 246 4 508 4 161 Movements recognised in the income statement: 518 499 (139) 24 379 523 current service cost 23 22 6 12 29 34 past service cost* – – (153) – (153) – interest cost 495 477 8 12 503 489 Actuarial losses/(gains) recognised in other comprehensive income: 379 146 (1) (9) 378 137 arising from changes in financial assumptions 448 222 (3) – 445 222 arising from changes in actuarial experience (69) (76) 2 (9) (67) (85) Benefits paid (314) (292) (10) (15) (324) (307) T ranslation of foreign operations – – (14) (6) (14) (6) T otal post-retirement healthcare obligation at end of year 4 851 4 268 76 240 4 927 4 508 * During the year, the Group amended the US post-retirement medical plan. The amendment resulted in a past service credit (negative past service cost) which was recognised in the income statement.
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SASOL LIMITED GROUP PROVISIONS continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 89SASOL ANNUAL FINANCIAL STATEMENTS 2026 88 31 P ost-retirement benefit obligations continued 31.1 P ost-retirement healthcare obligations continued The sensitivity analysis is performed in order to assess how the post-retirement healthcare obligation would be affected by changes in the key actuarial assumptions underpinning the calculation. South Africa United States of America 2026 2025 2026 2025 for the year ended 30 June Rm Rm Rm Rm 1% point change in actuarial assumptions: Increase in the healthcare cost inflation 518 434 –* –* Decrease in the healthcare cost inflation (450) (377) –* –* Increase in the discount rate (433) (360) (7) (21) Decrease in the discount rate 505 419 9 25 * A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer's cost is capped and all future increases due to the healthcare cost inflation are borne by the participants. There are no automatic pension increases for the United States of America pension plan. A change in the pension increase assumption will not have an effect on the above obligation. In South Africa the post-retirement benefit contributions are linked to medical aid inflation and based on a percentage of income or pension. Where pension increases differ from medical aid inflation, the difference will need to be allowed for in a change in the percentage of income or pension charged. The sensitivities may not be representative of the actual change in the post-retirement healthcare obligation, as it is unlikely that the changes would occur in isolation of one another, and some of the assumptions may be correlated. Healthcare cost inflation risk Healthcare cost inflation is consumer price index inflation plus two percentage points over the long term. An increase in healthcare cost inflation will increase the obligation of the plan. Discount rate risk The discount rate is derived from prevailing bond yields. A decrease in the discount rate will increase the obligation of the plan. Pension increase risk The South African healthcare plan is linked to pension benefits paid, which are to some extent linked to inflation. Accordingly, increased inflation levels represent a risk that could increase the cost of paying the funds committed to benefits. Other Changes in other assumptions used could also affect the measured liabilities. There is also a regulatory risk as well as foreign funds under the jurisdiction of other countries. T o the extent that governments can change the regulatory frameworks, there may be a risk that minimum benefits or minimum pension increases may be instituted, increasing the associated cost for the fund. 31.2 P ension benefits South African operations Background In 1994, all members were given the choice to voluntarily transfer to the newly established defined contribution section of the pension fund and approximately 99% of contributing members chose to transfer to the defined contribution section. Defined benefit option for defined contribution members In terms of the rules of the fund, on retirement, employees employed before 1 January 2009 have an option to purchase a defined benefit pension with their member share. Should a member elect this option, the Group is exposed to actuarial risk. In terms of IAS 19, the classification requirements stipulate that where an employer is exposed to any actuarial risk, the fund must be classified as a defined benefit plan. Fund assets The assets of the fund are held separately from those of the Company in a trustee administered fund, registered in terms of the South African Pension Funds Act, 1956. Included in the fund assets at 31 March 2026 are 1 161 107 (2025: 2 080 908) Sasol ordinary shares valued at R188 million (2025: R160 million) at year-end purchased under terms of an approved investment strategy, and property valued at R1 583 million (2025: R1 589 million) that is currently occupied by Sasol. Membership A significant number of employees are covered by union sponsored, collectively bargained, and in some cases, multi-employer defined contribution pension plans. Information from the administrators of these plans offering defined benefits is not sufficient to permit the Company to determine its share, if any, of any unfunded vested benefits.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 89SASOL ANNUAL FINANCIAL STATEMENTS 2026 88 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Pension fund assets The assets of the pension funds are invested as follows: South Africa United States of America 2026 2025 2026 2025 at 30 June % % % % Equities 53 55 33 33 resources 8 6 3 3 industrials 4 4 4 4 consumer discretionary 9 11 3 4 consumer staples 5 6 2 3 healthcare 3 4 3 3 information technologies 7 7 10 8 telecommunications 3 3 3 3 utilities 1 1 – – financials (ex real estate) 13 13 5 5 Fixed interest 21 17 41 42 Direct property 11 11 5 7 Listed property 3 3 – – Cash and cash equivalents 3 4 – – Third party managed assets 6 9 – – Other 3 1 21 18 T otal 100 100 100 100 The pension fund assets are measured at fair value at valuation date. The fair value of equity has been calculated by reference to quoted prices in an active market. The fair value of property and other assets has been determined by performing market valuations and using other valuation techniques at the end of each reporting period. Investment strategy The trustees target the plans' asset allocation within the following ranges within each asset class: South Africa¹ United States of America Minimum Maximum Minimum Maximum Asset classes % % % % Equities local 20 35 – 100 foreign 25 40 – 100 Fixed interest 10 25 – 100 Property 10 20 – 100 Other – 15 – 100 1 Members of the defined contribution scheme have a choice of five investment portfolios. The portion of fund assets invested in each portfolio is 0,9%, 84,3%, 2,2%, 0,5% and 12.1% for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio, money market portfolio and cash flow matched portfolio, respectively. Defined benefit members' funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted. The trustees of the respective funds monitor investment performance and portfolio characteristics on a regular basis to ensure that managers are meeting expectations with respect to their investment approach. There are restrictions and controls placed on managers in this regard.
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SASOL LIMITED GROUP PROVISIONS continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 91SASOL ANNUAL FINANCIAL STATEMENTS 2026 90 Reconciliation of the projected net pension liability/(asset) recognised in the statement of financial position South Africa Foreign T otal 2026 2025 2026 2025 2026 2025 for the year ended 30 June Rm Rm Rm Rm Rm Rm Projected benefit obligation (funded) 86 868 79 943 3 288 3 657 90 156 83 600 defined benefit portion 41 265 38 300 3 288 3 657 44 553 41 957 defined benefit option for defined contribution members 45 603 41 643 – – 45 603 41 643 Plan assets (92 924) (87 141) (4 477) (4 627) (97 401) (91 768) defined benefit portion (138 527) (45 498) (4 477) (4 627) (143 004) (50 125) defined benefit option for defined contribution members 45 603 (41 643) – – 45 603 (41 643) Projected benefit obligation (unfunded) – – 7 433 8 330 7 433 8 330 Asset not recognised due to asset limitation 5 932 7 085 – – 5 932 7 085 Net liability/(asset) recognised (124) (113) 6 244 7 360 6 120 7 247 The obligation which arises for the defined contribution members with the option to purchase into the defined benefit fund is limited to the assets that they have accumulated until retirement date. However, after retirement date, there is actuarial risk associated with the members as full defined benefit members. Based on the latest actuarial valuation of the fund and the approval of the trustees of the surplus allocation, the Group has an unconditional entitlement to only the funds in the employer surplus account and the contribution reserve. The remaining estimated surplus due to the Company amounts to approximately R124 million (2025: R113 million) and has been included in the pension asset recognised in the current year. Investment risk The actuarial valuation assumes certain asset returns on invested assets. If actual returns on plan assets are below the assumption, this may lead to a strain on the fund, which, over time, may lead to a plan deficit. In order to mitigate the concentration risk, the fund assets are invested across equity securities, property securities and debt securities. Given the long-term nature of the obligations, it is considered appropriate that investment is made in equities and real estate to improve the return generated by the fund. These may result in improved pension benefits to members. Pension increase risk Benefits in these plans are to some extent linked to inflation so increased inflation levels represent a risk that could increase the cost of paying the funds committed to benefits. This risk is mitigated as pension benefits are subject to affordability. Discount rate risk The discount rate is derived from prevailing bond yields. A decrease in the discount rate used will increase the obligation of the plan. Other Changes in other assumptions used could also affect the measured liabilities. There is also a regulatory risk as well as foreign funds under the jurisdiction of other countries. T o the extent that governments can change the regulatory frameworks, there may be a risk that minimum benefits or minimum pension increases may be instituted, increasing the associated cost for the fund. 31 P ost-retirement benefit obligations continued 31.2 P ension benefits continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 91SASOL ANNUAL FINANCIAL STATEMENTS 2026 90 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Reconciliation of projected benefit obligation South Africa Foreign T otal 2026 2025 2026 2025 2026 2025 for the year ended 30 June Rm Rm Rm Rm Rm Rm Projected benefit obligation at beginning of year 79 943 72 186 11 987 11 697 91 930 83 883 Movements recognised in income statement: 9 713 9 961 895 875 10 608 10 836 current service cost 1 411 1 196 430 410 1 841 1 606 interest cost 8 302 8 765 465 465 8 767 9 230 Actuarial losses/(gains) recognised in other comprehensive income: 1 620 2 082 (291) (263) 1 329 1 819 arising from changes in financial assumptions 1 046 4 652 (210) (204) 836 4 448 arising from change in actuarial experience 574 (2 570) (81) (59) 493 (2 629) Member contributions 640 658 – – 640 658 Benefits paid (5 048) (4 944) (716) (722) (5 764) (5 666) T ranslation of foreign operations – – (1 154) 400 (1 154) 400 Projected benefit obligation at end of year 86 868 79 943 10 721 11 987 97 589 91 930 unfunded obligation¹ – – 7 433 8 330 7 433 8 330 funded obligation 86 868 79 943 3 288 3 657 90 156 83 600 1 Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value of R83 million (2025: R112 million). A loss of R22 million (2025: R23 million) has been recognised in other comprehensive income in respect of the reimbursive right. Reconciliation of plan assets of funded obligation South Africa Foreign T otal 2026 2025 2026 2025 2026 2025 for the year ended 30 June Rm Rm Rm Rm Rm Rm Fair value of plan assets at beginning of year 87 141 79 389 4 627 4 596 91 768 83 985 Movements recognised in income statement: 8 305 9 420 219 220 8 524 9 640 interest income 8 305 9 420 219 220 8 524 9 640 Actuarial (losses)/gains recognised in other comprehensive income: 514 1 283 309 276 823 1 559 arising from return on plan assets (excluding interest income) 514 1 283 309 276 823 1 559 Plan participant contributions¹ 640 658 – – 640 658 Employer contributions¹ 1 372 1 335 57 66 1 429 1 401 Benefit payments (5 048) (4 944) (373) (419) (5 421) (5 363) T ranslation of foreign operations – – (362) (112) (362) (112) Fair value of plan assets at end of year 92 924 87 141 4 477 4 627 97 401 91 768 Actual return on plan assets 8 819 10 703 528 496 9 347 11 199 1 Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates. Contributions Funding is based on actuarially determined contributions. The following table sets forth the projected pension contributions of funded obligations for the 2027 financial year. South Africa Foreign Rm Rm Pension contributions 1 399 57
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SASOL LIMITED GROUP PROVISIONS continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 93SASOL ANNUAL FINANCIAL STATEMENTS 2026 92 31 P ost-retirement benefit obligations continued 31.2 P ension benefits continued Sensitivity analysis A sensitivity analysis is performed in order to assess how the post-retirement pension obligation would be affected by changes in the key actuarial assumptions underpinning the calculation. South Africa Foreign 2026 2025 2026 2025 for the year ended 30 June Rm Rm Rm Rm 1% point change in actuarial assumptions Increase in average salaries increase assumption 5 6 200 247 Decrease in average salaries increase assumption (4) (5) (175) (215) Increase in the discount rate (1 508) (1 443) (1 141) (1 212) Decrease in the discount rate 1 805 1 722 1 402 1 473 Increase in the pension increase assumption 1 855 1 770 758* 821* Decrease in the pension increase assumption (1 581) (1 513) (639)* (689)* * This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation. The sensitivities may not be representative of the actual change in the post-retirement pension obligation, as it is unlikely that the changes would occur in isolation of one another, and some of the assumptions may be correlated. Accounting policies: The Group contributes to defined contribution pension plans and defined benefit pension plans for its employees in certain of the countries in which it operates. These plans are generally funded through payments to trustee-administered funds as determined by annual actuarial calculations. Defined contribution pension plans are plans under which the Group pays fixed contributions into a separate legal entity and has no legal or constructive obligation to pay further amounts. Contributions to defined contribution pension plans are charged to the income statement as an employee expense in the period in which the related services are rendered by the employee. The Group’s net obligation in respect of defined benefit pension plans is actuarially calculated separately for each plan by deducting the fair value of plan assets from the gross obligation for post-retirement benefits. The gross obligation is determined by estimating the future benefit attributable to members in return for services rendered to date. This future benefit is discounted to determine its present value, using discount rates based on government bonds for South African obligations, and corporate bonds in Europe and the US, that have maturity dates approximating the terms of the Group’s obligations and which are denominated in the currency in which the benefits are expected to be paid. Independent actuaries perform this calculation annually using the projected unit credit method. Defined contribution members employed before 2009 have an option to purchase a defined benefit pension with their member share. This option gives rise to actuarial risk, and as such, these members are accounted for as part of the defined benefit fund and are disclosed as such. Past service costs are charged to the income statement at the earlier of the following dates: › ■when the plan amendment or curtailment occurs; or › ■when the Group recognises related restructuring costs or termination benefits. Actuarial gains and losses arising from experience adjustments and changes to actuarial assumptions, the return on plan assets (excluding amounts included in net interest on the defined benefit liability/(asset)) and any changes in the effect of the asset ceiling (excluding amounts included in net interest on the defined benefit liability/(asset)) are remeasurements that are recognised in other comprehensive income in the period in which they arise. Where the plan assets exceed the gross obligation, the asset recognised is limited to the lower of the surplus in the defined benefit plan and the asset ceiling, determined using a discount rate based on government bonds. Surpluses and deficits in the various plans are not offset. The entitlement to healthcare benefits is usually based on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued on a systematic basis over the expected remaining period of employment, using the accounting methodology described in respect of defined benefit pension plans above. Independent actuaries perform the calculation of this obligation annually.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 93SASOL ANNUAL FINANCIAL STATEMENTS 2026 92 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 2024 for the year ended 30 June Note Rm Rm Rm 32 Share-based payment reserve During the year, the following share-based payment expense was recognised in the income statement relating to the equity-settled share-based payment schemes: Long-term incentives 32.1 869 844 891 Sasol Khanyisa Employee Share Ownership Plan (ESOP): Tier 2 – Qualifying employees 32.2 49 70 95 Equity-settled – recognised directly in equity 918 914 986 32.1 Sasol 2022 L ong-term incentive plan The objective of the Sasol Long-term Incentive (L TI) plans is to provide qualifying senior employees the opportunity of receiving an incentive linked to the value of Sasol Limited ordinary shares and to align the interest of participants with the interest of shareholders. The L TI plans allow certain senior employees to earn variable pay in the form of a long-term incentive amount subject to the achievement of vesting conditions. Vesting conditions include a service period and targets relating to return on invested capital, the Southern African breakeven oil price, the International Chemicals EBITDA margin, net debt reduction and a holistic focus on ESG matters and relative total shareholder return measured against a defined peer group. Allocation of the L TI award is linked to the role category of the individual and performance of the Group and subject to line manager discretion. Participants earn dividend equivalent L TI awards over the vesting period on the awarded L TI units after adjusting for corporate performance targets (CPT s). L TIs which have not yet vested will lapse on resignation. On death, unvested L TIs vest immediately. There is no service penalty or early vesting under the latest (2022) L TI plan rules in respect of good leavers who have been employed for more than 270 days from award date. The standard vesting period is three years, with the exception of top management, who have a split three and five year vesting period of 50% of the awards respectively. Restricted L TIs offered to members of the GEC, have a 5-year vesting period. T op management are subjected to minimum shareholding and post-employment shareholding requirements. The maximum number of shares issued under the 2022 plan may not exceed 32 million representing 5% of Sasol Limited’s issued share capital at the time of approval. On 20 August 2025, the Remuneration Committee approved the once-off settlement to a maximum of R350 million of the Long-term incentive (L TI) shares vesting on 6 September 2025 through a combination of equity and cash. The fair value of the cash-settled liability of R274,9 million was reclassified from equity to liabilities on modification date for the sell portion of the L TIs that vested on 6 September 2025. The difference between the amount accrued in the share-based payment reserve (based on the share price at grant date (~R336.83) while it was still an equity settled share-based payment) and the amount of the cash settled liability paid (based on share price at vesting date (~R124.75), resulted in a gain of R467,7 million being realised upon the extinguishment of the liability on 8 September 2025. 2026 2025 2024 for the year ended 30 June Rm Rm Rm Cash settled share-based payment liability During the year, the following share-based payment expense was reclassified from an equity-settled to a cash-settled share-based payment scheme: Liability raised¹ 275 – – Liability paid (275) – – Closing Balance of cash-settled share-based payment liability 1 – – – 1 The final number of shares to be settled in cash could only be determined once employees had elected whether to sell their shares upon vesting. Accordingly, at the modification date of 20 August 2025, the cash-settled portion was estimated based on the expected elections, subject to the R350 million cap approved by the Remuneration Committee. The movement in the estimated cash-settled liability between 20 August 2025 and the vesting date of 6 September 2025, when the actual employee elections became available, was not material. The liability was ultimately recognised and settled based on the actual amount paid. RESERVES
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SASOL LIMITED GROUP RESERVES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 95SASOL ANNUAL FINANCIAL STATEMENTS 2026 94 Movements in the number of cash settled incentives Number of incentives Weighted average fair value Rand Balance at 30 June 2025 1 – – L TIs reclassified to a cash-settled share-based payment** 2 262 893 124,75 L TIs exercised (2 199 029) 124,75 Effect of CPT s and L TIs forfeited (63 864) 125,12 Balance at 30 June 2026* 1 – – * No incentives outstanding as at 30 June 2026. The exercise price of the once-off cash settled options is R124,75. ** Weighted average fair value at modification date on 20 August 2025. Movements in the number of equity incentives outstanding Number of incentives Weighted average fair value Rand Balance at 30 June 2024* 10 993 197 258,52 L TIs granted 8 423 943 152,52 L TIs exercised (3 674 018) 240,57 Effect of CPT s and L TIs forfeited (1 116 914) 211,42 Balance at 30 June 2025* 14 626 208 205,57 L TIs granted 8 020 861 141,50 L TIs exercised (1 059 766) 231,39 L TIs reclassified to a cash-settled share-based payment** (2 262 893) 336,83 Effect of CPT s and L TIs forfeited (577 545) 277,30 Balance at 30 June 2026* 18 746 865 165,83 * The incentives outstanding as at 30 June 2026 have a weighted average remaining vesting period of 1,5 years (30 June 2025: 1,7 years). The exercise price of these options is Rnil. ** Weighted average fair value at grant date on 6 September 2022. 2026 2025 for year ended 30 June Rand Rand Average weighted market price of Equity Settled L TIs vested 125,03 126,36 Average fair value of incentives granted 2026 2025 Model Monte-Carlo Monte-Carlo Risk-free interest rate – Rand (%) 6,39 – 6,67 7,04 – 7,76 Risk-free interest rate – US$ (%) 3,43 – 3,64 3,6 – 4,25 Expected volatility (%) 58,92 45,55 Expected dividend yield (%) 1,15 4,88 Expected forfeiture rate (%) 5 5 Expected vesting percentage (%) 84,12 90,32 Vesting period – top management 3/5 years 3/5 years Vesting period – all other participants 3 years 3 years Accounting policies: The equity-settled schemes allow certain employees the right to receive ordinary shares in Sasol Limited after a prescribed period. Such equity-settled share-based payments are measured at fair value at the date of the grant. The fair value determined at the grant date of the equity-settled share-based payments is charged as employee costs, with a corresponding increase in the share-based payment reserve, on a straight-line basis over the period that the employees become unconditionally entitled to the shares, based on management’s estimate of the shares that will vest and adjusted for the effect of non-market-based vesting conditions. These equity-settled share-based payments are not subsequently revalued. 32 Shar e-based payment reserve continued 32.1 Sasol 2022 L ong-term incentive plan continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 95SASOL ANNUAL FINANCIAL STATEMENTS 2026 94 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Areas of judgement: The valuation of the share-based payment expense requires a significant degree of judgement to be applied by management. The risk-free rate for periods within the contractual term of the rights is based on the Rand and US$ swap curve in effect at the time of the valuation of the grant. The expected volatility in the value of the rights granted is determined using the historical volatility of the Sasol share price. The expected dividend yield of the rights granted is determined using expected dividend payments of the Sasol ordinary shares. The overall expected vesting percentage takes into consideration service, market and non-market conditions. 32.2 The Sasol Khan yisa share transaction Sasol Khanyisa was implemented on 1 June 2018. Sasol Khanyisa has been designed to comply with the revised B-BBEE legislation in South Africa and seeks to ensure ongoing and sustainable B-BBEE ownership credentials for Sasol Limited. Sasol Khanyisa contains a number of elements structured at both a Sasol Limited and at a subsidiary level, Sasol South Africa Limited (SSA) which is a wholly-owned subsidiary of Sasol Limited and houses the majority of the Group’s South African operations. Sasol Khanyisa Tier 1 was concluded in 2021. At the end of 10 years, or earlier if the underlying funding has been settled, the participants in Khanyisa Tier 2, will exchange their SSA shareholding on a fair value-for-value basis for Sasol BEE ordinary shares to the extent that value was created during the transaction term. Sasol BEE ordinary shares can only be traded between Black Persons on the Empowerment Segment of the JSE. This transaction will therefore ensure evergreen B-BBEE ownership credentials for Sasol Limited. Remaining component of the transaction: Tier 2 – SSA qualifying employees Qualifying Black employees participate via the Khanyisa Employee Share Ownership plan (Khanyisa ESOP) through a beneficial interest, funded wholly by Sasol (vendor funding), in approximately 9,2% in SSA. As dividends are declared by SSA, 97,5% of these will be utilised to repay the vendor funding, as well as the related financing cost, calculated at 75% of prime rate. 2,5% of dividends are distributed to participants as a trickle dividend and accounted for as a non-controlling interest. At the end of the 10 year transaction term, or earlier, if the vendor funding is repaid, the net value in SSA shares will be exchanged for SOLBE1 shares on a fair value-for-value basis which will be distributed to participants. Any vendor funding not yet settled by the end of the transaction term will be settled using the SSA shares, and will reduce any distribution made to participants. Since any ultimate value created for participants will be granted in the form of SOLBE1 shares, the accounting for this transaction is similar to an option over Sasol shares granted for no consideration. The Tier 2 options have a staggered vesting period with portions vesting from 3 years, and then each year until the end of the transaction term, being 10 years. The last available options were awarded in June 2023. The outstanding options at 30 June 2026 have a weighted average remaining vesting period of 1,3 years (2025: 1,6 years). The weighted average fair value of the outstanding options is R61,69 (2025: R61,69) and was derived from the Monte-Carlo option pricing model. The estimated strike price value for Tier 2 is R181,57 (2025: R168,00) and represents the remaining vendor funding per share at 30 June 2026. Accounting policies: T o the extent that an entity grants shares or share options in a BEE transaction and the fair value of the cash and other assets received is less than the fair value of the shares or share options granted, such difference is charged to the income statement in the period in which the transaction becomes effective. Where the BEE transaction includes service conditions, the difference will be charged to the income statement over the period of these service conditions. T rickle dividends paid to participants during the transaction term are taken into account in measuring the fair value of the award.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 97SASOL ANNUAL FINANCIAL STATEMENTS 2026 96 SASOL LIMITED GROUP RESERVES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 97SASOL ANNUAL FINANCIAL STATEMENTS 2026 96 Areas of judgement: The measurement of the Khanyisa SSA share based payment is subject to estimation and judgement, as there are a number of variables affecting the Monte-Carlo option pricing model used in the calculation of the share based payment. The value of the share based payment is determined with reference to the extent the fair value of SSA and any dividends declared by SSA are expected to exceed any outstanding vendor financing at the end of the transaction period. › ■Equity value attributable to participants: The value attributable to the participants by virtue of their shareholding in SSA was calculated with reference to the expected future cash flows and budgets of the SSA Group. The underlying macroeconomic assumptions utilised for this valuation are based on latest forecast and estimates and include brent crude oil prices, Rand/US$ exchange rates and pricing assumptions. › ■Forecasted dividend yield: The forecasted dividend yield of the SSA Group was calculated based on a benchmarked EBITDA multiple, and the available free cash flow anticipated over the term of the transaction of 10 years. › ■Other assumptions: Impacts of non-transferability and appropriate minority and liquidity discounts have also been taken into account. Discount rates applied incorporate the relevant debt and equity costs of the Group, and are aligned to the WACC rates for the entity. › ■ A zero-coupon Rand interest rate swap curve was constructed and utilised as an appropriate representation of a risk-free interest rate curve. › ■ A Rand prime interest rate curve was estimated utilising the historical Rand Prime Index and the 3 month Johannesburg Interbank Agreed Rate. 32 Shar e-based payment reserve continued 32.2 The Sasol Khan yisa share transaction continued
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SASOL LIMITED GROUP OTHER DISCLOSURES OTHER DISCLOSURES Contingent liabilities 98 Related parties 99 Financial risk management and financial instruments 104 Subsequent events 117 SASOL ANNUAL FINANCIAL STATEMENTS 2026 97SASOL ANNUAL FINANCIAL STATEMENTS 2026 96 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 97SASOL ANNUAL FINANCIAL STATEMENTS 2026 96
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 99SASOL ANNUAL FINANCIAL STATEMENTS 2026 98 33 Contingent liabili ties 33.1 Litigation Sasol Oil (Pty) Ltd/SFT Energy (Pty) Ltd Claim Sasol Oil entered into an agreement for the supply of various product grades with SFT Energy. The duration of the agreement was 6 months, from July 2023 to December 2023. Sasol Oil agreed to supply ULP95, ULP93, Diesel and Illuminating Paraffin to SFT Energy. However, the claim from SFT Energy is only in relation to the supply of Diesel. As part of the agreement, a particular volume of Diesel to be supplied by Sasol Oil was agreed with SFT Energy. SFT Energy has served two summonses on Sasol Oil, each with their distinct cause of action: Claim 1 SFT Energy alleges that Sasol Oil breached the agreement in that for each month during the duration of the agreement, they placed Diesel orders and Sasol Oil reduced the volumes of supply without prior notice to them. In addition SFT Energy alleges that Sasol Oil failed to formally notify SFT Energy of the events which resulted in Sasol Oil’s inability to supply the Diesel as required in terms of the agreement. Based on the alleged breach of the supply agreement SFT Energy is claiming damages of R1,2 billion (plus interest at the prescribed rate from date of the summons). The claims relate to amongst others, loss of sales and claims of loss of financial facilities by SFT Energy. Sasol Oil is defending the claim and the matter is ongoing. Claim 2 In terms of the second claim, SFT Energy is claiming damages of R2,2 billion (plus interest from the date of summons) allegedly arising from liquidation proceedings instituted against it. SFT Energy is alleging that Sasol Oil acted wrongfully, unlawfully and maliciously and seeks to recover alleged losses relating to the recall and repayment of credit facilities by financial institutions, past and future loss of earnings, and destroyed enterprise value. Sasol Oil is defending the matter and is challenging the adequacy of SFT’s particulars of claim on the basis that they do not disclose a cause of action. SFT opposed the application. The matter is ongoing. It should be noted that the claims from SFT Energy are consequential/indirect in nature and the agreement has a limitation of liability clause which limits all claims in terms of the agreement only to direct damages. Legal review of Sasol Gas National Energy Regulator of South Africa (NERSA) maximum price decision (March 2013, November 2017 and July 2021) Following the legal review applications in terms of which the 2013 and 2017 NERSA Maximum Gas Price (MGP) decisions were overturned, NERSA in 2020 adopted a MGP Methodology in terms of which MGP for Sasol Gas is determined with reference to international benchmark prices. Pursuant to the Sasol Gas price application submitted to NERSA in December 2020, NERSA, on 6 July 2021 published its MGP decision in which it approved MGPs for Sasol Gas for the period from 2014 up to 2021 and determined how the maximum gas prices are to be determined for 2022 and 2023. With effect from 1 September 2021 Sasol Gas adopted a revised actual gas price methodology in terms of its supply agreements with customers in order to comply with the 2021 NERSA MGP decision. In December 2021 the Industrial Gas Users Association of Southern Africa (IGUA-SA) launched a legal review application in which it seeks to overturn the 2021 NERSA MGP decision that approved MGPs for Sasol Gas for the period from 2014 – 2023. Both NERSA and Sasol Gas opposed this further litigation. The matter was heard by the High Court in May 2023. On 20 June 2024 the court handed down its decision to grant the review application. In its order the court overturned the 2021 NERSA MGP decision and remitted the matter back to NERSA to take a new MGP decision. Sasol Gas brought an application for leave to appeal the decision by the High Court, which application was granted on 2 June 2025. The appeal will now proceed to the Supreme Court of Appeal and a hearing date for the appeal will be set in due course. An adverse outcome in this litigation could potentially lead to liability on the part of Sasol Gas, the extent of which is undeterminable as at 30 June 2026. Competition Commission referral to Competition Tribunal of Gas Price complaints During 2022 certain customers of Sasol Gas submitted complaints to the Competition Commission relating to alleged pricing conduct prohibited by the South African Competition Act, 1998 (Act No 89 of 1998). Sasol Gas launched a review application in the Competition Appeal Court to overturn the decisions by the Competition Commission relating to its investigation of the complaints as it relates to the gas prices because in terms of the Gas Act, NERSA is the industry regulator with the applicable jurisdiction for the regulation of gas prices in the South African piped gas market as long as there is inadequate competition in the market. This application was dismissed by the Competition Appeal Court (CAC) and the Constitutional Court dismissed the Sasol Gas application for leave to appeal the decision of the CAC. The referral on 10 July 2023 by the Competition Commission of the price complaints will proceed before the Competition T ribunal. The exchange of pleadings in the referral has closed. The parties are exchanging pleadings in relation to NERSA’s application to intervene in the referral. No hearing date has been set for the intervention application or the referral. Other litigation matters From time to time, Sasol companies are involved in other litigation and similar proceedings in the normal course of business. A detailed assessment is performed on each matter and a provision is recognised where appropriate. Although the outcome of these proceedings and claims cannot be predicted with certainty, the Company does not believe that the outcome of any of these cases would have a material effect on the Group's financial results. OTHER DISCLOSURES
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 99SASOL ANNUAL FINANCIAL STATEMENTS 2026 98 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 33.2 Compe tition matters Sasol continuously evaluates its compliance programmes and controls in general, including its competition law compliance programmes and controls. As a consequence of these compliance programmes and controls, including monitoring and review activities, Sasol has adopted appropriate remedial and/or mitigating steps, where necessary or advisable, lodged leniency applications and made disclosures on material findings as and when appropriate. These ongoing compliance activities have already revealed, and may still reveal, competition law contraventions or potential contraventions in respect of which we have taken, or will take, appropriate remedial and/or mitigating steps including lodging leniency applications. 33.3 En vironmental orders Sasol’s environmental obligation accrued at 30 June 2026 was R14 504 million compared to R14 112 million at 30 June 2025. Although Sasol has provided for known environmental obligations that are probable and reasonably estimable, the amount of additional future costs relating to remediation and rehabilitation may be material to results of operations in the period in which they are recognised. It is not expected that these environmental obligations will have a material effect on the financial position of the Group. 34 Relat ed parties 34.1 T ransactions with related parties Group companies, in the ordinary course of business, entered into various purchase and sale transactions with associates and joint ventures. The effect of these transactions is included in the financial performance and results of the Group. Amounts owing (after eliminating intercompany balances) to related parties are disclosed in the respective notes to the financial statements for those statement of financial position items. No impairment loss on receivables related to the amount of outstanding balances has been recognised as it is immaterial. Disclosure in respect of transactions with joint ventures and associates is provided in note 18. Except for the Group's interests in joint ventures and associates, there are no other related parties with whom material individual transactions have taken place. 34.2 K ey management remuneration Key management comprises Directors and members of the Group Executive Committee (GEC), who have been determined to be Prescribed Officers of Sasol Limited. Executive directors’ remuneration and benefits S Baloyi⁴ WP Bruns⁴, ⁵ VD Kahla HA Rossouw⁶ 2026 2025 2026 2025 2026 2025 2026 2025 Executive Directors R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 Salary 16 293 12 514 7 608 5 982 8 793 8 499 – 1 336 Risk and Retirement funding 1 590 1 276 1 002 788 404 382 – 151 Vehicle benefit 300 300 – – – – – – Healthcare 192 160 187 147 158 147 – – Other benefits¹ 271 96 50 17 676 606 – – T otal salary and benefits 18 646 14 346 8 847 6 934 10 031 9 634 – 1 487 Annual short-term incentive² 20 721 11 213 7 454 3 984 6 546 4 360 – – Long-term incentive gains³ 3 499 353 3 990 387 11 117 3 569 – – T otal annual remuneration* 42 866 25 912 20 291 11 305 27 694 17 563 – 1 487 * The total annual remuneration of the executive directors for 2024 was R54,6 million. 1 Other Benefits include security services, long service awards, private travel and other once off costs on which fringe benefit tax is levied where required. 2 Short-term incentives approved based on the Group results for 2026 and payable in the 2027 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2026 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%) – fatality penalty]. 3 Long-term incentives gains for 2026 includes the Renewable energy (RE) grant awards made during financial year 2021 (where measurement was postponed to a day no later than 31 December 2026), the annual and retention (Mr Bruns) awards made in August 2023 and EVP Restricted (RL TI) award made in September 2021. The illustrative amount is calculated in terms of the number of L TIs x Corporate performance target achieved where relevant (RL TI and RE: 100%; Performance GEC: 72%) x June 2026 average share price. The actual vesting date for the awards is between 28 August 2026 and 27 September 2026 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the L TIs vest. 50% of the vested L TIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the L TI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the total earned remuneration table. 4 The Remuneration Committee approved market-related salary adjustments, where appropriate and in line with the Policy, in addition to annual salary increases, to support the continued competitiveness of the Group's remuneration structure. 5 Mr Bruns was appointed as CFO from 1 September 2024. The disclosed prior year remuneration is thus apportioned. 6 Mr Rossouw stepped down as executive director and CFO effective 31 August 2024. All unvested L TIs were forfeited upon his resignation.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 101SASOL ANNUAL FINANCIAL STATEMENTS 2026 100 34 Relat ed party continued 34.2 K ey management remuneration continued Executive directors’ unvested L TI holdings (number and intrinsic value) for 2026 S Baloyi WP Bruns VD Kahla Number Intrinsic value¹ Number Intrinsic value¹ Number Intrinsic value¹ Executive Directors R'000 R'000 R'000 Balance at beginning of the year* 217 518 17 132 167 758 13 213 222 776 17 546 Awards granted² 185 812 23 275 85 680 10 732 82 511 10 335 Change in value¹ – 24 162 – 16 579 – 17 933 Effect of corporate performance targets (1 116) (155) (324) (45) (3 001) (418) Dividend equivalents 1 129 157 1 821 254 9 570 1 333 Awards settled³ (11 734) (1 263) (11 323) (1 351) (66 571) (7 076) Balance at the end of the year4 391 609 63 308 243 612 39 382 245 285 39 653 * The total intrinsic value of the executive directors' unvested L TI holdings for 2024 was R46,5 million. 1 Intrinsic values at the beginning and end of the year have been determined using the closing price of: 30 June 2026 R161,66 30 June 2025 R78,76 Change in intrinsic value for the year results from changes in the share price. 2 L TIs granted on 8 September 2025. 3 Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2025 that was settled in the 2026 financial year. The full amount of the remaining 50% that vested in the current year is disclosed in the total earned remuneration table. It also included the second tranche of awards which vested in 2023(on which there were no further performance conditions) and the restricted awards, both granted in 2020. The difference between the long-term incentive gains disclosed in 2025 and the amount settled in 2026 is due to difference in actual share price at vesting date and the share price at date of disclosure. 4 The balance includes 22 761 awards granted in 2021, with the associated renewable energy CPT deferred to 31 December 2026. Prescribed Officers’ remuneration and benefits V Bester⁴ AGM Gerber⁵ C Herrmann⁵ , ⁶ AT Makgala⁷ 2026 2025 2026 2025 2026 2025 2026 2025 Prescribed Officers R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 Salary 7 156 6 044 10 186 9 375 8 118 7 969 4 433 – Risk and Retirement funding 1 086 920 796 873 645 595 762 – Vehicle benefit – – 146 308 248 252 – – Healthcare 130 121 115 104 230 224 55 – Other benefits¹ 112 100 41 217 3 772 2 634 11 352 – T otal salary and benefits 8 484 7 185 11 284 10 877 13 013 11 674 16 602 – Annual short-term incentive² 6 578 3 549 7 389 4 867 5 355 3 894 3 550 – Long-term incentive gains³ 2 110 119 – – 3 824 637 – – T otal annual remuneration* 17 172 10 853 18 673 15 744 22 192 16 205 20 152 – * The total annual remuneration of the prescribed officers for 2024 was R97,2 million. 1 Other Benefits include security services, long service awards, private travel and other once off costs on which fringe benefit tax is levied where required. 2 Short-term incentives approved based on the Group results for 2026 and payable in the 2027 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2026 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%) – fatality penalty]. 3 Long-term incentives gains for 2026 includes the Renewable energy (RE) grant awards made during financial year 2021 (where measurement was postponed to a day no later than 31 December 2026), the annual and on-appointment awards made in 2023 and EVP Restricted (RL TI) award made in September 2021. The illustrative amount is calculated in terms of the number of L TIs x Corporate performance target achieved where relevant (RL TI and RE: 100%; Performance GEC: 72%; SVP: 80,4%) x June 2026 average share price. The actual vesting date for the awards is between 28 August 2026 and 27 September 2026 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the L TIs vest. 50% of the vested L TIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the L TI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the total earned remuneration table. 4 The Remuneration Committee approved market-related salary adjustments, where appropriate and in line with the Policy, in addition to annual salary increases, to support the continued competitiveness of the Group's remuneration structure. 5 Ms Gerber and Mr Herrmann are employed on German employment contracts and paid in Euros. The conversion to Rand has been done using the monthly average of daily closing rates. 6 Expatriate benefits in South Africa are offered and grossed up as appropriate. Other Benefits include accommodation, home leave allowance and transportation offered under the Expatriation policy. 7 Ms Makgala was appointed as EVP: People, SHE, Risk and Corporate Affairs on 1 October 2025. Other Benefits include a staggered buy-out arrangement in respect of incentives forfeited (R5,4 million) when she resigned from her previous employer as well as relocation expenses (R0,4 million) paid in terms of the policy. A non-taxable payment to her previous employer with respect to a work-back agreement is included in the amount to the value of R5,4 million. The Sasol buy-out agreement for all payments is linked to a work-back period.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 101SASOL ANNUAL FINANCIAL STATEMENTS 2026 100 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER CK Mokoena⁴ SD Pillay⁵ S Siyaya⁶ H Wenhold⁷ 2026 2025 2026 2025 2026 2025 2026 2025 Prescribed Officers R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000 Salary 1 821 6 915 6 011 5 039 4 598 – 1 192 6 288 Risk and Retirement funding – 327 939 795 536 – – 824 Vehicle benefit – – 150 150 – – – – Healthcare 45 174 130 121 158 – 21 121 Other benefits¹ 10 72 61 11 11 – 5 34 T otal salary and benefits 1 876 7 488 7 291 6 116 5 303 – 1 218 7 267 Annual short-term incentive² 3 503 3 637 5 190 3 072 3 374 – 4 369 3 439 Long-term incentive gains³ 7 168 2 931 503 947 2 642 – 6 917 671 T otal annual remuneration* 12 547 14 056 12 984 10 135 11 319 – 12 504 11 377 * The total annual remuneration of the prescribed officers for 2024 was R97,2 million. 1 Other Benefits include security services, long service awards, private travel and other once off costs on which fringe benefit tax is levied where required. 2 Short-term incentives approved based on the Group results for 2026 and payable in the 2027 financial year. Incentives are calculated as a percentage of total guaranteed package/base salary as at 30 June 2026 x role category % x [(Group STI achievement x 80%) + (Individual Performance Achievement x 20%) – fatality penalty]. 3 Long-term incentives gains for 2026 includes the Renewable energy (RE) grant awards made during financial year 2021 (where measurement was postponed to a day no later than 31 December 2026), the annual and on-appointment awards made in 2023 and EVP Restricted (RL TI) award made in September 2021. The illustrative amount is calculated in terms of the number of L TIs x Corporate performance target achieved where relevant (RL TI and RE: 100%; Performance GEC: 72%; SVP: 80,4%) x June 2026 average share price. The actual vesting date for the awards is between 28 August 2026 and 27 September 2026 subject to the company being in an open period. Dividend equivalents accrue at the end of the vesting period, to the extent that the L TIs vest. 50% of the vested L TIs and accrued dividends will be released in 2026 and the balance in 2028, subject to the rules of the L TI plan. As there are no further performance conditions attached to the balance of the 50%, the full amount is disclosed in the total earned remuneration table. 4 Ms Mokoena stepped down as prescribed officer on 30 September 2025 after reaching the Sasol retirement age for group executives. 5 The Remuneration Committee approved market-related salary adjustments, where appropriate and in line with the Policy, in addition to annual salary increases, to support the continued competitiveness of the Group's remuneration structure. 6 Mr Siyaya was appointed as EVP: Mining on 1 September 2025. Remuneration is disclosed for the period since appointment. 7 Mr Wenhold stepped down as a prescribed officer on 31 August 2025 after reaching the Sasol retirement age for group executives.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 103SASOL ANNUAL FINANCIAL STATEMENTS 2026 102 34 Relat ed party continued 34.2 K ey management remuneration continued Prescribed Officers’ unvested L TI holdings (number and intrinsic value) for 2026 V Bester AGM Gerber C Herrmann AT Makgala⁵ Number Intrinsic value¹ Number Intrinsic value¹ Number Intrinsic value¹ Number Intrinsic value¹ Prescribed Officers R'000 US$'000 US$'000 R'000 Balance at beginning of the year* 77 615 6 113 85 378 377 122 021 539 – – Awards granted² 66 132 8 284 93 110 666 74 488 533 64 863 7 219 Change in value¹ – 8 795 – 710 – 805 – 3 267 Effect of corporate performance targets (100) (14) – – (574) (5) – – Dividend equivalents 528 74 – – 2 529 21 – – Awards settled³ (1 511) (189) – – (19 674) (137) – – Balance at the end of the year⁴ 142 664 23 063 178 488 1 753 178 790 1 756 64 863 10 486 * The total intrinsic value of the prescribed officers' unvested L TI holdings for 2024 was R38,4 million. 1 Intrinsic values at the beginning and end of the year have been determined using the closing price of: 30 June 2026 R161,66 ($9,82) 30 June 2025 R78,76 ($4,42) Change in intrinsic value for the year results from changes in the share price. 2 L TIs granted on 8 September 2025 and 28 November 2025. 3 Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2025 that was settled in the 2026 financial year. The full amount of the remaining 50% that vested in the current year is disclosed in the total earned remuneration table. It also included the second tranche of awards which vested in 2023 (on which there were no further performance conditions) and the restricted awards, both granted in 2020. The difference between the long-term incentive gains disclosed in 2025 and the amount settled in 2026 is due to difference in actual share price at vesting date and the share price at date of disclosure. 4 The balance includes 2 333 awards granted in 2021, with the associated renewable energy CPT deferred to 31 December 2026. 5 Ms Makgala was appointed on 1 October 2025 as EVP: People, SHE, Risk and Corporate Affairs. CK Mokoena⁵ S Pillay S Siyaya⁶ H Wenhold⁷ Number Intrinsic value¹ Number Intrinsic value¹ Number Intrinsic value¹ Number Intrinsic value¹ Prescribed Officers R'000 R'000 R'000 R'000 Balance at beginning of the year* 162 969 12 835 69 031 5 437 – – 123 098 9 695 Awards granted² – – 56 376 7 062 57 684 7 225 – – Change in value¹ – 4 678 – 7 860 – 3 847 – 4 710 Effect of corporate performance targets – – (569) (79) (38) (5) – – Dividend equivalents – – 1 467 204 238 33 – – Awards settled³ – – (9 285) (1 567) (1 125) (141) – – Effect of changes in Prescribed Officers (162 969) (17 513) – – 39 958 4 676 (123 098) (14 405) Balance at the end of the year⁴ – – 117 020 18 917 96 717 15 635 – – * The total intrinsic value of the prescribed officers' unvested L TI holdings for 2024 was R38,4 million. 1 Intrinsic values at the beginning and end of the year have been determined using the closing price of: 30 June 2026 R161,66 30 June 2025 R78,76 Change in intrinsic value for the year results from changes in the share price. 2 L TIs granted on 8 September 2025 and 28 November 2025. 3 Long-term incentives settled represent long-term incentives that vested with reference to the group results for 2025 that was settled in the 2026 financial year. The full amount of the remaining 50% that vested in the current year is disclosed in the total earned remuneration table. It also included the second tranche of awards which vested in 2023 (on which there were no further performance conditions) and the restricted awards, both granted in 2020. The difference between the long-term incentive gains disclosed in 2025 and the amount settled in 2026 is due to difference in actual share price at vesting date and the share price at date of disclosure. 4 The balance includes 2 333 awards granted in 2021, with the associated renewable energy CPT deferred to 31 December 2026. 5 Ms Mokoena resigned from Sasol on 30 September 2025. 6 Mr Siyaya was appointed on 1 September 2025 as EVP: Mining. 7 Mr Wenhold resigned from Sasol on 30 August 2025.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 103SASOL ANNUAL FINANCIAL STATEMENTS 2026 102 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER The total IFRS 2 charge for the year for L TI’s awarded to the Executive Directors and the Prescribed Officers in 2026 amounted to R26 million (30 June 2025: R15 million) and R32 million (30 June 2025: R26 million). Non-executive Directors' remuneration Lead inde- Board pendent meeting Director Committee T otal¹ T otal¹ fees² fees² fees² 2026 2025 Non-executive Directors R'000 R'000 R'000 R'000 R'000 MBN Dube (Chairman) 6 385 – – 6 385 6 671 M Flöel (Lead Independent Director)³ 2 077 964 1 248 4 289 4 234 KC Harper⁴ 1 463 – 458 1 921 3 086 DGP Eyton⁵ 2 221 – 1 363 3 584 3 089 MJ Cuambe⁶ 1 805 – 845 2 650 2 606 GMB Kennealy 1 958 – 1 037 2 995 2 982 S Subramoney 1 958 – 613 2 571 2 564 NX Maluleke⁷ 2 101 – 562 2 663 – R Gasant⁸ 803 – 51 854 – T J Cumming⁹ – – – – 2 917 NNA Matyumza¹⁰ – – – – 421 MEK Nkeli¹¹ – – – – 458 T otal 20 771 964 6 177 27 912 29 028 1 Fees exclude VAT. 2 Board and Committee fees are denominated in US dollars and are therefore subject to fluctuations in foreign exchange rates. For Non- Executive Directors permanently resident outside Europe, the United Kingdom and North America, the Rand/US$ exchange rate applicable to Board and Committee fees was fixed for the first half of 2026 using the average exchange rate for the period July 2023 to December 2024. The exchange rate applicable to the second half of 2026 was fixed using the average exchange rate for the period July 2024 to December 2025. In addition, a cost-of-living adjustment is applied to the fees of these directors. T o reduce the impact of currency volatility on Non-Executive Directors permanently resident in Europe, the United Kingdom and North America, the US$/EUR and US$/GBP exchange rates applicable to Board and Committee fees were fixed for quarter 2, quarter 3 and quarter 4 using the prevailing average exchange rates at the time the fees were approved. The approved fee values were thereafter converted to US dollars for payment. 3 Dr Flöel was appointed as Remuneration Committee Chairman and stepped down from the Capital Investment Committee Chairman role, effective 6 June 2025 while remaining a member of Capital Investment Committee. 4 Ms Harper resigned from the Board on 16 February 2026 and received pro rated Board and Committee fees for quarter 3. 5 Mr Eyton stepped down as a member of the Audit and Risk Committee, effective 1 June 2026 and received pro rated committee fees for quarter 4. 6 Mr Cuambe was appointed as the Chairman of the Capital Investment Committee, on 6 June 2025. He stepped down as a member of the Safety, Social and Ethics Committee on 22 August 2025 and received pro rated committee fees for quarter 1. 7 Ms Maluleke was appointed to the Board effective 9 June 2025, received Sasol Limited Board fees from 1 July 2025, and was appointed to the Audit and Risk, and Safety, Social and Ethics Committees, on 22 August 2025. 8 Mr Gasant was appointed to the Board on 1 February 2026 and received a pro-rated Board fee. He was appointed to the Audit and Risk Committee and the Remuneration Committee on 1 June 2026 and received pro rated committee fee payments. 9 Mr Cumming resigned from the Board on 6 June 2025. 10 Ms Matyumza retired from the Board on 8 September 2024. 11 Ms Nkeli retired from the Board on 31 August 2024.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 105SASOL ANNUAL FINANCIAL STATEMENTS 2026 104 35 Financial risk management and financial instruments 35.1 Financial instrument s classification and fair value measurement The following table shows the classification, carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Inputs other than quoted prices that are observable for the asset or liability (directly or indirectly). Level 3 Inputs for the asset or liability that are unobservable. The carrying values of the long-term restricted cash, cash and cash equivalents, trade and other receivables, short-term debt and bank overdrafts, and trade and other payables are considered to be a reasonable approximation of their fair values. Carrying value Fair value Carrying value Fair value Fair value 2026 2026 2025 2025 hierarchy Financial instrument Note Rm Rm Rm Rm of inputs Financial assets At amortised cost Long-term restricted cash⁴ 2 145 2 145 1 945 1 945 Long-term receivables 17 2 768 2 768 2 884 2 848 Level 3¹ T rade and other receivables 22 36 766 36 766 33 752 33 752 Cash and cash equivalents 25 43 304 43 304 41 050 41 050 At fair value through profit or loss Long-term and short-term financial assets 9 084 9 084 6 395 6 395 Commodity and currency derivative assets 2 230 2 230 2 360 2 360 Level 2 Oxygen supply contract embedded derivative assets 3 022 3 022 863 863 Level 3 Other short-term investments 3 832 3 832 3 172 3 172 Level 1 Other long-term investments⁴ 1 251 1 251 1 052 1 052 Level 1² Other receivables 22 1 197 1 197 1 428 1 428 Level 3⁷ Designated at fair value through other comprehensive income Investments in unlisted securities⁴ 8 8 8 8 Level 3³ Financial liabilities At amortised cost T otal long-term debt 13 92 374 92 121 102 645 98 316 Listed long-term debt (US$ bonds)⁸ 53 886 53 275 58 313 53 959 Level 1² Listed long-term debt (Rand bonds)⁵ 9 121 9 064 4 522 4 445 Level 2² Listed convertible bonds 11 368 11 405 12 238 12 263 Level 3⁶ Unlisted long-term debt⁵ 17 999 18 377 27 572 27 649 Level 3¹ Short-term debt and bank overdraft 1 266 1 266 668 668 T rade and other payables 23 34 831 34 831 34 757 34 757 At fair value through profit or loss Long-term and short-term financial liabilities 549 549 66 66 Commodity and currency derivative liabilities 240 240 45 45 Level 2 Convertible bond embedded derivative liability 309 309 7 7 Level 3 Oxygen supply contract embedded derivative liabilities – – 14 14 Level 3 1 Determined with a discounted cash flow model using market related interest rates and credit risk spreads where applicable. 2 Based on quoted market price for the same instrument. The Rand bonds have been classified as a level 2 fair value measurement due to the relatively low level of liquidity in the debt market. 3 Determined using discounted cash flows modelling forecasted earnings, capital expenditure and debt cash flows of the underlying business, based on the forecasted assumptions of inflation, exchange rates, commodity prices and an appropriate discount rate. 4 Presented as part of Other long-term investments in the Statement of financial position. 5 Carrying value includes unamortised loan costs. 6 The fair value of the amortised cost component of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component. 7 The fair value of the contingent consideration receivable was determined by calculating the present value of the expected cash flows using a WACC rate that was adjusted for the Uzbekistan country risk premium. 8 A 2033 US$ bond of US$750 million (R12,3 billion) was issued in April 2026. All of the proceeds were utilised to settle a portion of the 2028 and 2029 US$ bonds.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 105SASOL ANNUAL FINANCIAL STATEMENTS 2026 104 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER There were no transfers between levels for recurring fair value measurements during the period. There was no change in valuation techniques compared to the previous financial period. For all other financial instruments, fair value approximates carrying value. Other receivable – Contingent consideration from disposal of Uzbekistan GTL LLC The other receivable is measured at fair value through profit or loss. The fair value at 30 June 2026 was R1 197 million, classified within level 3. The fair value was determined by calculating the present value of the expected cash flows using a WACC rate that was adjusted for the Uzbekistan country risk premium. The expected cash flow were probability weighted resulting in a range from R1 101 million to R1 259 million. The following table reconciles the opening and closing balance of the receivable: 2026 2025 for the year ended 30 June Rm Rm Balance at the beginning of the year 1 436 – Amounts recognised in remeasurement items affecting operating income – 1 436 Proceeds on disposals of equity accounted investments* (126) – T ranslation losses recognised in other operating expenses and income (113) – Balance at the end of the year 1 197 1 436 * Payment received on 30 June 2026 relating to contingent consideration from the Uzbekistan GTL LLC disposal. Commodity and currency derivative assets and liabilities Valued using forward rate interpolator model, appropriate currency specific discount curve, discounted expected cash flows and numerical approximation as appropriate. Significant inputs include forward exchange contracted rates, market foreign exchange rates, forward contract rates and market commodity prices such as crude oil prices. Oxygen supply contract embedded derivative assets and liabilities Relates to the US labour and inflation index and Rand/US$ exchange rate embedded derivatives contained in the SO long-term gas supply agreements. The following table reconciles the opening and closing balance of the net embedded derivative asset: 2026 2025 for the year ended 30 June Rm Rm Balance at the beginning of the year 849 (34) Amounts settled during the year (106) (41) Realised fair value gain recognised in other operating expenses and income 105 – Unrealised fair value gain recognised in other expenses and income in operating profit 2 174 924 Balance at the end of the year 3 022 849 The fair value of the embedded derivative financial instrument contained in a long-term oxygen supply contract to our SO is impacted by a number of observable and unobservable variables at valuation date. The embedded derivative was valued using a forward rate interpolator model, discounted expected cash flows and numerical approximation, as appropriate. The table below provides a summary of the significant unobservable inputs applied in the valuation together with the expected impact on profit or loss as a result of reasonably possible changes thereto at reporting date, holding other inputs constant: Increase/(decrease) in profit or loss Inputs Change 2026 2025 Input applied in input Rm Rm Rand/US$ Spot price R16,39/US$ +R1/US$ (443) (469) (2025: R17,75/US$) -R1/US$ 443 469 US$ Swap curve 3,89% – 4,29% +10bps 60 73 (2025: 3,42% – 4,07%) -10bps (61) (74) Rand Swap curve 6,75% – 8,18% +100bps (817) (699) (2025: 6,94% – 10,07%) -100bps 930 791
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 107SASOL ANNUAL FINANCIAL STATEMENTS 2026 106 2026 2025 for the year ended 30 June Rm Rm Balance at the beginning of the year 7 59 Unrealised fair value loss/(gain) recognised in other expenses and income in operating profit 312 (52) T ranslation of foreign operations (10) – Balance at the end of the year 309 7 35 Financial risk management and financial instruments continued 35.1 Financial instrument s classification and fair value measurement continued Convertible bond embedded derivative liability Relates to the embedded derivative contained in the US$750 million convertible bond issued on 8 November 2022. The following table reconciles the opening and closing balance of the embedded derivative liability: The embedded derivative was valued using quoted bond market prices and binomial tree approach. Significant inputs include conversion price (US$18,79; 30 June 2025: US$18,79), spot share price (R161,66; 30 June 2025: R78,76), converted to US$ at the prevailing Rand/US$ FX spot rate (R16,39/US$; 30 June 2025: R17,75/US$), observable bond market price (100,81% of par; 30 June 2025: 92,17% of par). Although many inputs into the valuation are observable, the valuation method separates the fair value of the derivative from the quoted fair value of the US$ Convertible Bond by adjusting certain observable inputs. These adjustments require the application of judgement and certain estimates. Changes in the relevant inputs impact the fair value gains and losses recognised. The table below provides a summary of these inputs together with the expected impact on profit or loss as a result of reasonably possible changes thereto at reporting date: Increase/(decrease) in profit or loss Inputs Change 2026 2025 Input applied in input Rm Rm Credit spread 182bps +100bps (157) (261) (2025: 485bps) -100bps* 161 7 Calibrated volatility 48% +5% (107) (12) (2025: 34%) -5% 97 6 * A 100bps decrease in the applied credit spread will result in the bond floor exceeding the market price of the instrument and as such the impact has been limited to the value of the embedded derivative at 30 June 2026. For purposes of the sensitivity analysis, the market value of the overall instrument was kept stable and so the actively changed variable (e.g., volatility) results in an offsetting change to the other (e.g. credit spread). 35.2 Financial risk management The group is exposed in varying degrees to a number of financial instrument related risks. The Group Executive Committee (GEC) has the overall responsibility for the establishment and oversight of the Group's risk management framework. The GEC established the Safety Committee, which is responsible for providing the GEC with the assurance that significant business risks are systematically identified, assessed and reduced to acceptable levels. A comprehensive risk management process has been developed to continuously monitor and assess these risks. Based on the risk management process Sasol refined its hedging policy and the Sasol Limited Board appointed a subcommittee, the Audit Committee, that meets regularly to review and, if appropriate, approve the implementation of hedging strategies for the effective management of financial market related risks. The Group has a central treasury function that manages the financial risks relating to the Group's operations. Capital allocation The Group's objectives when managing capital (which includes share capital, borrowings, working capital and cash and cash equivalents) is to maintain a flexible capital structure that reduces the cost of capital to an acceptable level of risk and to safeguard the Group's ability to continue as a going concern while taking advantage of strategic opportunities in order to grow shareholder value sustainably. The Group manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, repurchase shares currently issued, issue new shares, issue new debt, issue new debt to replace existing debt with different characteristics and/or sell assets to reduce debt. The Group monitors capital utilising a number of measures, including the gearing ratio (net debt to shareholders’ equity). Gearing takes into account the Group's substantial capital investment and susceptibility to external market factors such as crude oil prices, exchange rates and commodity chemical prices. The Group's gearing level for 2026 decreased to 43,5% (2025: 54%; 2024: 64%) largely due to lower net debt and increased earnings. Financing risk Financing risk refers to the risk that financing of the Group’s debt requirements and refinancing of existing debt could become more difficult or more costly in the future. This risk can be decreased by managing the Group within tolerable debt levels measured by key ratios and the available capacity of the market for Sasol, maintaining an appropriate spread of maturities, and managing short-term borrowings within acceptable levels. Due to the Group's reliance on international Debt Capital Markets, the risk is impacted by non-controllable factors such as global geopolitical developments that impact, or restrict access to, international Debt Capital Markets.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 107SASOL ANNUAL FINANCIAL STATEMENTS 2026 106 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Credit rating Credit rating Agency 2026 2025 S&P BB+ (Negative) BB+ (stable) Moody's Ba1 (Negative) Ba1 (Negative) On 14 October 2025, S&P affirmed Sasol’s rating at BB+ however changed the outlook from stable to negative. The outlook revision reflected S&P Global’ s expectation that Sasol's EBITDA will likely remain constrained, primarily due to persistently low oil and chemical prices driven by sustained supply-demand imbalances. On 5 March 2026, Moody’s affirmed Sasol’s rating at Ba1 and maintained the negative outlook, citing ongoing challenge in profitability and difficult market conditions. While Sasol benefits from its leading position in South Africa, integrated business model, prudent financial policies, and strong liquidity, it faces significant headwinds including weak industry performance, exposure to volatile oil and commodity prices, and high carbon transition risks. Risk profile Risk management and measurement relating to each of these risks is discussed under the headings below (sub-categorised into credit risk, liquidity risk, and market risk) which entails an analysis of the types of risk exposure, the way in which such exposure is managed and quantification of the level of exposure in the statement of financial position. Credit risk Credit risk is the risk of financial loss due to counterparties not meeting their contractual obligations. Credit risk is deemed to be low when, based on the forward available information, it is highly probable that the customer will service its debt in accordance with the agreement throughout the period. How we manage the risk The risk is managed by the application of credit approvals, limits and monitoring procedures. All credit applications undergo a comprehensive assessment which includes an analysis of financial strength, country and industry risks as well as historic payment performance. Where appropriate, the group obtains security in the form of guarantees to mitigate risk, meaning that these receivables do not carry significant credit risk. Counterparty credit limits are in place and are reviewed and approved by the respective subsidiary credit management committees to manage our exposure to counterparty credit risk. The central treasury function provides credit risk management for the group-wide exposure in respect of a diversified group of banks and other financial institutions. These are evaluated regularly for financial robustness especially in the current global economic environment. Management has evaluated treasury counterparty risk and does not expect any treasury counterparties to fail in meeting their obligations. The group maximum exposure is the outstanding carrying amount of the financial asset. The credit risk is considered to be low as it is mitigated through various security types ranging from high-quality insurance and guarantees to lower-quality shareholder or director guarantees. For all financial assets measured at amortised cost, the Group calculates the expected credit loss based on contractual payment terms of the asset. The exposure to credit risk is influenced by the individual characteristics, the industry and geographical area of the counterparty with whom we have transacted. Financial assets at amortised cost are carefully monitored and reviewed on a regular basis for expected credit loss and impairment based on our credit risk policy. Any provision for expected credit losses is considered to be immaterial as the credit risk is considered to be low. Expected Credit Loss (ECL) is calculated as a function of probability of default, loss given default and exposure at default. › The group allocates probability of default based on external and internal information. The major portion of the financial assets at amortised cost consists of externally rated customers and the group uses the average of Moody’s, Fitch and S&P Corporate and Sovereign probability of defaults, depending on whether the customer or holder of the financial asset is corporate or government related. For customers or debtors that are not rated by a formal rating agency, the group allocates internal credit ratings and default rates taking into account forward looking information, based on the debtors profile, security or surety obtained and financial status. › Loss given default (LGD) is based on the Basel model. World-wide, and especially in South Africa, economies have faced a series of global and local disruptions, including price volatility, elevated energy costs, high inflation, higher cost of debt, etc. As a result, the Group applied the Board of Governors of the Federal Reserve System’s formula to derive a downturn LGD to be used for 2026, namely 50% for unsecured financial assets and 40% for secured financial assets. Credit enhancement is only taken into account if it is integral to the asset. T rade receivables expected credit loss is calculated over lifetime. Lifetime ECLs are the ECLs that result from all possible default events over the expected life of the trade receivable. Other financial assets expected credit loss is measured over 12 months when the credit risk is low and over lifetime where the credit risk has increased significantly. The Group considers credit risk to have increased significantly when the customer’s credit rating has been downgraded to a lower grade (e.g. from Investment grade to Speculative grade). The group considers customers to be in default when the receivable is past due its standard credit terms. The contractual payment terms for receivables vary from 30 days to 180 days. No single customer represents more than 10% of the Group’s total turnover or more than 10% of total trade receivables for the years ended 30 June 2026, 2025 and 2024. The majority of the Group's turnover is generated from sales within South Africa, Europe, and the United States – refer to the Segment information. The geographical concentration of credit risk is largely aligned with the regions in which the turnover was earned.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 109SASOL ANNUAL FINANCIAL STATEMENTS 2026 108 A summary of the Group's exposure to credit risk for trade, other and long-term receivables is as follows: Trade receivables Lifetime ECL Simplified approach¹ Simplified approach² Simplified approach Credit- impaired T otal lifetime ECL Low risk Medium risk T otal High risk Rm Rm Rm Rm Rm 2026 Gross carrying amount 25 463 5 968 31 431 597 32 028 Expected credit loss (8) (4) (12) (210) (222) 2025 Gross carrying amount 28 585 1 374 29 959 411 30 370 Expected credit loss (86) (7) (93) (145) (238) 1 Simplified approach – low risk for trade receivables with no significant increase in credit risk since initial recognition. 2 Simplified approach – medium risk for trade receivables with significant increase in credit risk but not credit impaired. Other receivables Lifetime ECL 12-month ECL Significant increase in credit risk since initial recognition¹ Credit- impaired² T otal lifetime ECL No significant increase in credit risk since initial recognition T otal Medium risk High risk Low risk Rm Rm Rm Rm Rm 2026 Gross carrying amount³ 536 568 1 104 3 756 4 860 Expected credit loss (5) (542) (547) (1) (548) 2025 Gross carrying amount 1 122 728 1 850 2 425 4 275 Expected credit loss (3) (658) (661) (2) (663) 1 Significant increase in credit risk since initial recognition but not credit impaired. 2 A significant balance has been fully provided for and this reflects management's assessment that there is no reasonable expectation of recovery. 3 This gross carrying amount excludes financial assets classified as measured at fair value through profit or loss. 35 Financial risk management and financial instruments continued 35.2 Financial risk management continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 109SASOL ANNUAL FINANCIAL STATEMENTS 2026 108 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Long-term receivables Lifetime ECL 12-month ECL Significant increase in credit risk since initial recognition¹ Credit- impaired T otal lifetime ECL No significant increase in credit risk since initial recognition T otal Medium risk High risk Low risk Rm Rm Rm Rm Rm 2026 Gross carrying amount 1 453 238 1 691 1 152 2 843 Expected credit loss (30) (45) (75) – (75) 2025 Gross carrying amount 399 169 568 3 067 3 635 Expected credit loss (5) (50) (55) (28) (83) 1 Significant increase in credit risk since initial recognition but not credit impaired. The significant changes in the gross carrying amounts of trade, other and long term receivables that contributed to the changes in the expected credit loss during 2026 were mainly driven by the › substantial increase in product pricing following the Middle East conflict and its impact on global markets; › higher sales activity and higher average days sales outstanding. Liquidity risk Liquidity risk is the risk that an entity in the Group will be unable to meet its obligations as they become due. The global economic landscape remains volatile, including fluctuating oil and petrochemical prices, an unstable product demand environment and inflationary pressure. In South Africa, the underperformance of state-owned enterprises and socio-economic challenges continues to impact volumes, margins and resultant profitability. How we manage the risk The Group manages liquidity risk by effectively managing its working capital, capital expenditure and cash flows, making use of a central treasury function to manage pooled business unit cash investments and borrowing requirements. Currently the Group has a positive liquidity position, conserving the Group's cash resources through continued focus on working capital improvement, cost savings and capital allocation (refer to note 13). The Group meets its financing requirements through a mixture of cash generated from its operations and, short and long-term borrowings, and strives to maintains adequate banking facilities and reserve unutilised borrowing capacity. Adequate banking facilities and reserve borrowing capacities are maintained. The Group is in compliance with all of the financial covenants per its loan agreements, none of which are expected to present a material restriction on funding or its investment policy in the near future. The net debt to EBITDA (Sasol definition as defined in the debt agreements) at 30 June 2026 was 1,08 times (2025: 1,5 times), significantly below the covenant threshold level of 3 times, which is applicable to the term loan and revolving credit facility. Protection of downside risk for the balance sheet was a key priority for the Group during volatile times, resulting in the execution of our hedging programme to address oil price and the Rand/US$ currency exposure. Available facilities amounted to R92,4 billion at 30 June 2026, comprising cash (excluding restricted cash), committed banking facilities and debt arrangements (refer to note 13). The Group's principal revolving credit and term loan facilities mature in April 2030. During the year, the Group further optimised its debt maturity profile through the successful issuance of a 5 year R5,3 billion floating rate bond in exchange for US$300 million and a US$750 million bond maturing in 2033, together with the partial repayment of the 2028 and 2029 bond maturities.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 111SASOL ANNUAL FINANCIAL STATEMENTS 2026 110 Carrying amount Contractual cash flows¹ Within one year One to three years Three to five years More than five years Note Rm Rm Rm Rm Rm Rm 2026 Financial assets Non-derivative instruments Long-term receivables 17 2 768 3 575 683 1 052 182 1 658 T rade and other receivables 22 37 963 37 963 37 963 – – – Cash and cash equivalents 25 43 304 43 304 43 304 – – – Investments through other comprehensive income 8 8 8 – – – Long-term and short-term investments through profit or loss 3 832 3 832 3 832 – – – 87 875 88 682 85 790 1 052 182 1 658 Derivative instruments Forward exchange contracts Inflows 188 14 955 14 955 – – – Outflows (14 767) (14 767) – – – Crude oil futures² 1 140 7 726 7 726 – – – Foreign exchange zero cost collars 441 441 441 – – – Put options – Rand/ US$ currency 50 50 50 – – – Put spread options – Brent crude oil 397 397 397 – – – Other commodity derivatives 14 14 14 – – – Oxygen supply contract embedded derivative 3 022 6 620 158 406 550 5 506 93 127 104 118 94 764 1 458 732 7 164 Financial liabilities Non-derivative instruments Long-term debt³ 13 (92 374) (113 323) (17 424) (45 009) (35 280) (15 610) Lease liabilities 14 (17 444) (41 127) (2 804) (5 591) (4 217) (28 515) Short-term debt 15 (1 148) (1 148) (1 148) – – – T rade and other payables 23 (34 831) (34 831) (34 831) – – – Bank overdraft 25 (118) (118) (118) – – – (145 915) (190 547) (56 325) (50 600) (39 497) (44 125) Derivative instruments Forward exchange contracts Outflows (151) (13 244) (13 244) – – – Inflows 13 093 13 093 – – – Other commodity derivatives (6) (6) (6) – – – Put with a call spread option – Brent crude oil (83) (83) (83) – – – Convertible bond embedded derivative (309) (309) (309) – – – (146 464) (191 096) (56 874) (50 600) (39 497) (44 125) 1 Contractual cash flows include interest payments. 2 The crude oil futures generate cash inflows in respect of margin calls only once the related crude oil is processed. Accordingly, the future inflows relate to the open lots associated with the outstanding margin calls. 3 The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date, based on obtaining the requisite shareholder approval for the convertible bonds to be settled in Sasol ordinary shares. 35 Financial risk management and financial instruments continued 35.2 Financial risk management continued Our exposure to and assessment of the risk The maturity profile of the undiscounted contractual cash flows of financial instruments at 30 June were as follows:
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 111SASOL ANNUAL FINANCIAL STATEMENTS 2026 110 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Carrying Contractual Within one One to Three to More than amount cash flows¹ year three years five years five years Rm Rm Rm Rm Rm Rm 2025 Financial assets Non-derivative instruments Long-term receivables 2 884 3 074 42 1 228 246 1 558 T rade and other receivables 35 180 35 180 35 180 – – – Cash and cash equivalents 41 050 41 050 41 050 – – – Investments through other comprehensive income 8 8 8 – – – Investments through profit or loss 3 172 3 172 3 172 – – – 82 294 82 484 79 452 1 228 246 1 558 Derivative instruments Forward exchange contracts Inflow² 696 19 082 19 082 – – – Outflow² (18 386) (18 386) – – – Crude oil put options 1 055 1 055 1 055 – – – Foreign exchange zero cost collars 609 609 609 – – – Oxygen supply contract embedded derivative 863 (215) 89 201 292 (797) 85 517 84 629 81 901 1 429 538 761 Financial liabilities Non-derivative instruments Long-term debt³ (102 645) (127 539) (7 237) (40 933) (62 285) (17 084) Lease liabilities (17 360) (38 780) (3 659) (5 475) (4 361) (25 285) Short-term debt (666) (666) (666) – – – T rade and other payables (34 757) (34 757) (34 757) – – – Bank overdraft (1) (1) (1) – – – (155 429) (201 743) (46 320) (46 408) (66 646) (42 369) Derivative instruments Forward exchange contracts Outflow² (15) (3 357) (3 357) – – – Inflow² 3 342 3 342 – – – Other commodity derivatives (37) (39) (39) – – – Oxygen supply contract embedded derivative (14) 15 15 – – – (155 495) (201 782) (46 359) (46 408) (66 646) (42 369) 1 Contractual cash flows include interest payments. 2 In the prior year, certain contractual cash flows relating to FECs were presented on a net basis. The comparative information has been revised to present these cash flows on a gross basis for FEC financial assets and financial liabilities. The revision is presentation-related only and has no impact on the Group's statement of financial position, income statement, statement of comprehensive income, statement of changes in equity or statement of cash flows. 3 The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date. The conversion rights are exercisable at any time. Current financial assets are sufficient to cover financial liabilities for the next year. The shortfall beyond one year will be funded through cash generated from operations, utilisation of available facilities and the refinancing of existing debt.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 113SASOL ANNUAL FINANCIAL STATEMENTS 2026 112 35 Financial risk management and financial instruments continued 35.2 Financial risk management continued Market risk Market risk is the risk arising from possible market price movements and their impact on the future cash flows of the business. The Group's financial market risk management objectives, which inform the hedging philosophy of the Group, are: › T o prudently manage the Group's financial market risks in order to reduce the financial impact due to adverse movements in market rates/prices (i.e. protect cash flows), contributing to Sasol meeting its strategic financial objectives and remaining within Sasol Ltd Board’s approved risk appetite and risk tolerance levels; and › T o reduce earnings and cash flow volatility in order to increase certainty and predictability for planning purposes. The Group is exposed to the following market price movements: Foreign currency risk Foreign currency risk is a risk that earnings and cash flows will be affected due to changes in exchange rates. How we manage the risk The Audit Committee sets broad guidelines in terms of tenor and hedge cover ratios specifically to assess future currency exposure, which have the potential to materially affect our financial position. These guidelines and our hedging policy are reviewed from time to time. This hedging strategy enables us to better forecast cash flows and thus manage our liquidity and key financial metrics more effectively. Foreign currency risks are managed through the Group's hedging policy and financing policies and the selective use of various derivatives. Our exposure to and assessment of the risk The Group's transactions are predominantly entered into in the respective functional currency of the individual operations. A large portion of our turnover and capital investments are significantly impacted by the Rand/US$ and Rand/EUR exchange rates. Some of our fuel products are governed by the Basic Fuel Price (BFP), of which a significant variable is the Rand/US$ exchange rate. Our export chemical products are mostly commodity products whose prices are largely based on global commodity and benchmark prices quoted in US dollars and consequently are exposed to exchange rate fluctuations that have an impact on cash flows. These operations are exposed to foreign currency risk in connection with contracted payments in currencies that are not in their individual functional currency. The most significant exposure for the Group exists in relation to the US dollar and the Euro. The translation of foreign operations to the presentation currency of the Group is not taken into account when considering foreign currency risk. Zero-cost collars and Put options In line with the risk mitigation strategy, the Group hedges a portion of its estimated foreign currency exposure in respect of forecast sales and purchases. The Group mainly uses zero-cost collars and put options to hedge its currency risk, most of the current hedges mature within 12 months from the reporting date. Forward exchange contracts Forward exchange contracts (FECs) are utilised throughout the Group to economically hedge the risk of currency depreciation on committed and highly probable forecast transactions. T ransactions hedged with FECs include capital and goods purchases (imports) and sales (exports). Refer to the summary of our derivatives below. The following significant exchange rates were applied during the year: Average rate Closing rate 2026 2025 2026 2025 Rand Rand Rand Rand Rand/EUR 19,70 19,76 18,72 20,92 Rand/US$ 16,89 18,17 16,39 17,75
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 113SASOL ANNUAL FINANCIAL STATEMENTS 2026 112 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER The table below shows the significant currency exposure where entities within the group have monetary assets or liabilities that are not in their functional currency, have exposure to the US dollar or the Euro. The amounts have been presented in rand by converting the foreign currency amount at the closing rate at the reporting date. 2026 2025 Euro US dollar Euro US dollar Rm Rm Rm Rm Long-term receivables 5 994 127 645 T rade and other receivables 451 2 213 429 3 912 Cash and cash equivalents 2 475 1 287 1 479 783 Net exposure on assets 2 931 4 494 2 035 5 340 T rade and other payables (277) (6 779) (547) (3 631) Net exposure on liabilities (277) (6 779) (547) (3 631) Exposure on external balances 2 654 (2 285) 1 488 1 709 Net exposure on balances between Group companies (8 091) 31 664 (1 409) 18 867 T otal net exposure (5 437) 29 379 79 20 576 Sensitivity analysis The following sensitivity analysis is provided to show the foreign currency exposure of the Group at the end of the reporting period. This analysis is prepared based on the statement of financial position balances that exist at year-end, for which there is currency risk, and exist at that point in time. The effect on equity is calculated as the effect on profit and loss. The effect of translation of results into presentation currency of the Group is excluded from the information provided. A 10% weakening in the Group's significant exposure to the foreign currency at 30 June would have increased either the equity or the profit by the amounts below, before the effect of tax. This analysis assumes that all other variables, in particular, interest rates, remain constant, and has been performed on the same basis for 2025. 2026 2025 2024 Euro US dollar Euro US dollar Euro US dollar Rm Rm Rm Rm Rm Rm Equity (544) 2 938 8 2 058 171 2 740 Income statement (544) 2 938 8 2 058 171 2 740 A 10% movement in the opposite direction in the Group's exposure to foreign currency would have an equal and opposite effect to the amounts disclosed above. Interest rate risk Interest rate risk is the risk that the value of short-term investments and financial activities will change as a result of fluctuations in the interest rates. Fluctuations in interest rates impact on the value of short-term investments and financing activities, giving rise to interest rate risk. The Group has exposure to interest rate risk due to the volatility in South African, European and US interest rates. How we manage the risk Our debt is comprised of different instrument notes, which by their nature either bear interest at a floating or a fixed rate. We monitor the ratio of floating and fixed interest in our loan portfolio and manage this ratio, by electing to incur either bank loans, bearing a floating interest rate, or bonds, which bear a fixed interest rate. We may also use interest rate swaps, where appropriate, to convert some of our debt into either floating or fixed rate debt to manage the composition of our portfolio. There were no open interest rate swaps at 30 June 2026 or 30 June 2025. In respect of financial assets, the Group’s policy is to invest cash at floating rates of interest and cash reserves are to be maintained in short-term investments (less than one year) in order to maintain liquidity, while achieving a satisfactory return for shareholders.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 115SASOL ANNUAL FINANCIAL STATEMENTS 2026 114 35 Financial risk management and financial instruments continued 35.2 Financial risk management continued Carrying value 2026 2025 Rm Rm Variable rate instruments Financial assets 40 542 37 790 Financial liabilities* (25 705) (30 886) 14 837 6 904 Fixed rate instruments Financial assets 6 698 6 895 Financial liabilities (66 786) (71 759) (60 088) (64 864) Interest profile (variable: fixed rate as a percentage of total financial assets) 86:14 85:15 Interest profile (variable: fixed rate as a percentage of total financial liabilities) 28:72 30:70 * The decrease in variable exposure is mainly due to the repayments made on the RCF (refer to note 13). Cash flow sensitivity for variable rate instruments Financial instruments affected by interest rate risk include borrowings, deposits, trade receivables and trade payables. A change of 1% in the prevailing interest rate in a particular currency at the reporting date would have increased/(decreased) earnings by the amounts shown below before the effect of tax. The sensitivity analysis has been prepared on the basis that all other variables, in particular foreign currency rates, remain constant and has been performed on the same basis since 2025. Interest is recognised in the income statement using the effective interest rate method. Income statement and equity – 1% increase United States South Africa Europe of America Other Rm Rm Rm Rm 30 June 2026 245 24 (100) 26 30 June 2025 247 15 (218) 22 30 June 2024 250 32 (328) 21 A 1% decrease in interest rates would have an equal and opposite effect to the amounts disclosed above. The Group's remaining exposure to IBORs relate mainly to loans denominated in JIBAR (refer to note 1). Commodity price risk Commodity price risk is the risk of fluctuations in our earnings as a result of fluctuation in the price of commodities. How we manage the risk The Group makes use of derivative instruments, including options and commodity swaps as a means of mitigating price movements and timing risks on crude oil purchases and sales. The Group entered into hedging contracts which provide downside protection while retaining upside participation. Refer to the summary of our derivatives below. Our exposure to and assessment of the risk A substantial proportion of our turnover is derived from sales of petroleum and petrochemical products. Market prices for crude fluctuate because they are subject to international supply and demand and geopolitical factors. Our exposure to the crude oil price centres primarily around the selling price of fuel marketed by our Energy business, as the BFP formula is significantly influenced by international crude oil prices. Additional exposure stems from crude oil processed in our Natref refinery, and from certain of our international operations where chemical prices are linked to crude oil-derived feedstocks. Key factors in the BFP are the Mediterranean and Singapore or Mediterranean and Arab Gulf product prices for petrol and diesel, respectively. Dated Brent crude oil prices applied during the year: Dated Brent Crude 2026 2025 US$ US$ High 144,42 89,10 Average 79,47 74,59 Low 60,20 61,09
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 115SASOL ANNUAL FINANCIAL STATEMENTS 2026 114 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Summary of our derivatives In the normal course of business, the Group enters into various derivative transactions to mitigate our exposure to foreign exchange rates, interest rates and commodity prices. Derivative instruments used by the Group in hedging activities include swaps, options, forwards and other similar types of instruments. Financial asset Financial liability Financial asset Financial liability Income statement gain/(loss) 2026 2026 2025 2025 2026 2025 2024 Rm Rm Rm Rm Rm Rm Rm Commodity and currency derivatives Crude oil put options – – 1 055 – (1 021) (391) (953) Crude oil futures 1 140 – – – (1 716) – (180) Ethane swap options – – – – – – (17) Other commodity derivatives 14 (6) – (30) 5 (36) (63) Forward exchange contracts 188 (151) 696 (15) 1 563 1 132 1 091 Foreign exchange zero cost collars 441 – 609 – 1 355 323 810 Put options – Rand/US dollar currency 50 – – – 22 – – Put spread options – Brent crude oil 397 – – – (402) – – Put with a call spread option – Brent crude oil – (83) – – (347) – – Embedded derivatives Convertible bond embedded derivative (309) (7) (312) 52 1 233 Oxygen supply contract embedded derivatives* 3 022 – 863 (14) 2 279 924 443 Non-derivative financial instruments Investments at fair value through profit or loss** 3 832 3 172 9 084 (549) 6 395 (66) 1 426 2 004 2 364 * Relates to a US dollar derivative that is embedded in long-term oxygen supply contracts to our Secunda Operations. ** Fair value gains and losses are presented in other operating income and expenses, separately from derivative gains and losses.
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SASOL LIMITED GROUP OTHER DISCLOSURES continued SASOL ANNUAL FINANCIAL STATEMENTS 2026 117SASOL ANNUAL FINANCIAL STATEMENTS 2026 116 35 Financial risk management and financial instruments continued 35.2 Financial risk management continued Contract/Nominal amount* Average price** Open Settled Open Settled Open Open 2026 2026 2025 2025 2026 2025 Million Million Million Million Crude oil put options purchased barrels – 22,8 22,5 16,8 US$/bbl – 59,8 Forward exchange contracts US$ 693 907 R/US$ 16,71 18,51 Forward exchange contracts EUR 252 54 US$/EUR 1,17 1,11 Foreign exchange zero cost collars US$ 1 128 1 720 1 720 1 652 R/US$ Floor 16,57 17,60 R/US$ Cap 19,17 21,13 Put options purchased – Rand/ US$ currency*** US$ 50 – – – US$/EUR 17,40 – Put spread options purchased – Brent crude oil*** US$ 16 – – – R/US$ Floor 59,00 – R/US$ Cap 43,90 – Put with a call spread option purchased – Brent crude oil*** US$ 5 – – – R/US$ Floor 59,00 – R/US$ Cap 76,86 – R/US$ Upper Cap 86,86 – * The nominal amount is the sum of the absolute value of all contracts for both derivative assets and liabilities. ** For open positions. *** During the year, the 2026 hedging programme was completed by securing downside protection while retaining upside participation. T otal premium paid for contracts entered into in the year US$131,9 million (2025: US$114,09 million). Accounting policies: Derivative financial instruments and hedging activities The Group is exposed to market risks from changes in interest rates, foreign exchange rates and commodity prices. The Group uses derivative instruments to hedge its exposure to these risks. Additionally, there are embedded derivatives that have been bifurcated in certain of the Group’s long-term supply agreements and borrowings. All derivative financial instruments are initially recognised at fair value and are subsequently stated at fair value at the reporting date. Attributable transaction costs are recognised in the income statement when incurred. Resulting gains or losses on derivative instruments, excluding designated and effective hedging instruments, are recognised in the income statement. T o the extent that a derivative instrument has a maturity period of longer than one year, the fair value of these instruments will be reflected as a non-current asset or liability. Contracts to buy or sell non-financial items (e.g. gas or electricity) that were entered into and continue to be held for the purpose of the receipt of the non -financial it ems in accordance with the Group’s expected purchase or usage requirements are not accounted for as derivative financial instruments. Purchase commitments relating to these contracts are disclosed in note 3. Hedge accounting The Group continues to apply the hedge accounting requirements of IAS 39 ‘Financial Instruments: Recognition and Measurement’. Where a derivative instrument is designated as a cash flow hedge of an asset, liability or highly probable forecast transaction that could affect the income statement, the effective part of any gain or loss arising on the derivative instrument is recognised as other comprehensive income and is classified as a cash flow hedge accounting reserve until the underlying transaction occurs. The ineffective part of any gain or loss is recognised in the income statement. If the hedging instrument no longer meets the criteria for cash flow hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction results in the recognition of a non-financial asset or non-financial liability, the associated gain or loss is transferred from the cash flow hedge accounting reserve, as other comprehensive income, to the underlying asset or liability on the transaction date. If the forecast transaction is no longer expected to occur, then the cumulative balance in other comprehensive income is recognised immediately in the income statement as reclassification adjustments. Other cash flow hedge gains or losses are recognised in the income statement at the same time as the hedged transaction occurs. Economic hedges When derivative instruments, including forward exchange contracts, are entered into as fair value hedges, no hedge accounting is applied. All gains and losses on fair value hedges are recognised in the income statement.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 117SASOL ANNUAL FINANCIAL STATEMENTS 2026 116 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 36 Subsequent e vent (non-adjusting) In mid-August 2026, the Natref refinery experienced an unplanned shutdown of a downstream unit which coincided with a planned shutdown of a separate unit, impacting refinery production and supply. We are implementing measures to support continued refinery operations and working with industry to ensure the continuous supply of jet fuel and other products. Inventory build at year-end has provided additional flexibility in managing product supply during this period.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 119SASOL ANNUAL FINANCIAL STATEMENTS 2026 118 SASOL LIMITED GROUP FINANCIAL STATEMENTS for the year ended 30 June 2026 CONTENT Statement of financial position 119 Income statement 119 Statement of comprehensive income 120 Statement of changes in equity 120 Statement of cash flows 121 Notes to the financial statements 122 SASOL ANNUAL FINANCIAL STATEMENTS 2026 119SASOL ANNUAL FINANCIAL STATEMENTS 2026 118
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 119SASOL ANNUAL FINANCIAL STATEMENTS 2026 118 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 119SASOL ANNUAL FINANCIAL STATEMENTS 2026 118 2026 2025 Note Rm Rm Assets Investments in subsidiaries 1 153 575 142 239 Investment in security 1 7 7 Long-term receivables 2 46 906 46 904 Deferred tax asset 3 84 82 Non-current assets 200 572 189 232 Other receivables 4 237 142 T ax receivable 4 6 Cash and cash equivalents 5 5 907 9 308 Current assets 6 148 9 456 T otal assets 206 720 198 688 Equity and liabilities Shareholders’ equity 206 295 198 308 Long-term financial liabilities 6 247 222 Non-current liabilities 247 222 Short-term financial liabilities 6 62 81 T rade and other payables 7 116 77 Current liabilities 178 158 T otal equity and liabilities 206 720 198 688 STATEMENT OF FINANCIAL POSITION at 30 June INCOME STATEMENT for the year ended 30 June 2026 2025 Note Rm Rm Revenue 11 3 377 10 464 Other (expenses)/income (net) (658) 174 T ranslation losses 8 (201) (64) Expected credit losses (raised)/released 9 (441) 349 Other operating expenses 10 (352) (401) Other operating income 336 290 Finance income 12 4 650 5 049 Earnings before tax 7 369 15 687 T axation 13 (25) (114) Earnings for the year 7 344 15 573
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SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 121SASOL ANNUAL FINANCIAL STATEMENTS 2026 120 2026 2025 Rm Rm Earnings for the year 7 344 15 573 Other comprehensive loss, net of tax Items that cannot be subsequently reclassified to the income statement Fair value loss on investment in security – (1) T otal comprehensive income for the year 7 344 15 572 STATEMENT OF COMPREHENSIVE INCOME for the year ended 30 June STATEMENT OF CHANGES IN EQUITY for the year ended 30 June 2026 2025 Note Rm Rm Share capital Balance at beginning of year 14 9 888 9 888 Balance at end of year 9 888 9 888 Share-based payment reserve Balance at beginning of year 6 121 5 898 Long-term incentives vested and settled (217) (691) T ransfer to cash-settled liability¹ (275) – T ransfer of gain realised on payment of cash-settled liability¹ (468) – Share-based payment 15 918 914 Balance at end of year 6 079 6 121 Retained earnings Balance at beginning of year 182 293 166 029 Earnings for the year 7 344 15 573 Long-term incentives vested and settled 217 691 T ransfer of gain realised on payment of cash-settled liability¹ 468 – Balance at end of year 190 322 182 293 Investment fair value reserve Balance at beginning of year 6 7 T otal comprehensive loss for year – (1) Balance at end of year 6 6 T otal shareholders’ equity 206 295 198 308 1 On 20 August 2025, the Remuneration Committee approved the once-off settlement of the Long-term incentive (L TI) shares vesting on 6 September 2025 through a combination of equity and cash. The fair value of the liability was reclassified from equity to liabilities on modification date for the sell portion of the L TIs that vested on 6 September 2025. The difference between the amount accrued in the share-based payment reserve (based on the share price at grant date while it was still an equity settled share-based payment) and the amount of the cash settled liability paid (based on share price at vesting date), resulted in a gain being realised upon the extinguishment of the liability on 8 September 2025.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 121SASOL ANNUAL FINANCIAL STATEMENTS 2026 120 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 Note Rm Rm Cash (utilised)/generated by operating activities 16 (109) 152 Dividends received 11 3 377 10 464 Finance income received 12 94 430 T ax paid (25) (61) Cash available and retained from operating activities 3 337 10 985 Additional investments in subsidiaries 17 (6 598) (9 273) Return of capital 17 107 443 Proceeds from long-term receivables – 141 Cash used in investing activities (6 491) (8 689) T ranslation effects on cash and cash equivalents (247) (93) (Decrease)/increase in cash and cash equivalents (3 401) 2 203 Cash and cash equivalents at beginning of year 9 308 7 105 Cash and cash equivalents at end of year 5 5 907 9 308 STATEMENT OF CASH FLOWS for the year ended 30 June
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 123SASOL ANNUAL FINANCIAL STATEMENTS 2026 122 SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 123SASOL ANNUAL FINANCIAL STATEMENTS 2026 122 2026 2025 Note Rm Rm 1 Investments Investment in subsidiaries Reflected as non-current assets Cost 18 228 513 217 744 Shareholder loan to subsidiary 18 525 525 Share-based payment cost capitalised 8 746 8 179 Impairment (net of reversals) of investment in subsidiaries (84 209) (84 209) Investment in subsidiaries 153 575 142 239 Investment in security 7 7 Investments in subsidiaries increased by R11,3 billion (2025: R14,3 billion) mainly due to capitalised notional interest R4,2 billion (2025: R4,6 billion) and additional cash contributions R6,6 billion (2025: R9,3 billion) in the following wholly owned subsidiaries: R6,3 billion (2025: R9,3 billion) in Sasol Investment Company (Pty) Ltd (SIC) and R300 million (2025: Rnil) in Sasol Financing Limited. The notional interest relates to the loan to Sasol South Africa Limited (SSA), refer to note 2 for details. Contractually the loan attracts interest at 0%, notional interest is therefore calculated using the 3 month JIBAR rate plus a margin of 2% to ensure that the carrying value of the loan approximates fair value. The notional interest is capitalised to the investment in SSA. JIBAR will be replaced by ZARONIA from 31 December 2026 and management is conducting the initial assessments of the impact of the benchmark reform. For further details refer to note 1 in the consolidated Annual Financial Statements. Investments in subsidiaries are accounted for at cost less accumulated impairment losses. For further details of investments in subsidiaries, refer to note 20 in the consolidated Annual Financial Statements. Impairment In the current financial year, no further impairment was recognised related to the investments in subsidiaries. Accounting policy: Investments in subsidiaries are accounted for at cost less impairment. The Company charges its subsidiaries for the employee share incentive plans granted to the subsidiaries’ employees. The movement in equity in the Company’s financial statements relating to the recharge of the share-based payments of subsidiaries is capitalised to investments in subsidiaries. Investments in subsidiaries are tested annually for impairment or when there is an indication of impairment and an impairment loss is recognised for the amount by which the carrying amount of the investment in a subsidiary exceeds its recoverable amount. The recoverable amount of investments in subsidiaries are generally determined with reference to future cash generated by the subsidiaries. The Company’s main business activity is investing in subsidiaries and consequently dividend income received from subsidiaries is classified as revenue in the income statements and under operating activities in the statement of cash flows. Critical accounting estimates and judgements: The recoverable amount of an investment in a subsidiary is the higher of the investment's fair value less cost to sell and value in use. Refer to note 8 in the consolidated Annual Financial Statements for the detail on the accounting policies and areas of judgements applied in calculating the recoverable amounts of the Sasol Group’s long-lived assets, which directly impact the recoverable amounts of the underlying subsidiaries. Should actual events differ from estimates and judgements applied, material adjustments to the carrying amount of investments in subsidiaries may be realised in the future. NOTES TO THE FINANCIAL STATEMENTS for the year ended 30 June
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 123SASOL ANNUAL FINANCIAL STATEMENTS 2026 122 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 123SASOL ANNUAL FINANCIAL STATEMENTS 2026 122 2026 2025 Note Rm Rm 2 Long-term receivables Sasol South Africa Limited¹ 18 46 877 46 877 Sasol Khanyisa Fundco (RF) Limited² 18 5 154 4 769 Other 18 107 107 T otal long-term receivables 52 138 51 753 Less: Expected credit loss³ 18 (5 232) (4 849) 46 906 46 904 The long-term receivables are measured at amortised cost. The long-term receivables consist of: 1. Funding to Sasol South Africa Limited (SSA) to purchase the investment in Sasol Gas. The loan attracts interest at 0% and Sasol Limited has no intention of demanding payment in the next 12 months. The fair value of the loan determined using market related rates approximates the carrying value due to the short-term maturity of the loan. 2. Loan to Sasol Khanyisa Fundco (Fundco) to fund the preference share subscription for the Khanyisa Public Participants. The ability of Fundco to repay the loan is dependent on dividends received from SSA. The loan attracts interest at 75% of prime and Sasol Limited has no intention of demanding payment in the next 12 months. The fair value of the loan is Rnil (2025: Rnil). 3. A specific expected credit loss (ECL) of R5,2 billion (2025: R4,8 billion) was recognised on the Sasol Khanyisa Fundco long-term receivable. Refer to note 19 for details on ECL calculation. 2026 2025 Interest-bearing status Sasol Khanyisa Fundco (RF) Limited 7,8% 8,4% 2026 2025 Rm Rm Maturity profile One to five years 46 906 46 904 Accounting policy: Loans to/from subsidiaries are measured initially at fair value. Loans to subsidiaries held within a business model with the objective to hold assets to collect contractual cash flows and with contractual terms giving rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding, are subsequently measured at amortised cost. The loans to subsidiaries are subject to the expected credit loss model. The recoverability of loans to subsidiaries are assessed at each reporting period using a forward-looking expected credit loss (ECL) approach as described in note 19. 2026 2025 Note Rm Rm 3 Deferred tax asset Reconciliation Balance at beginning of year 82 139 Current year charge per the income statement 13 2 (57) Balance at end of year 84 82 The deferred tax asset relates to the financial liability pertaining to financial guarantees and will be utilised as the financial guarantees reach termination.
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SASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTS continued SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 125SASOL ANNUAL FINANCIAL STATEMENTS 2026 124 2026 2025 Note Rm Rm 4 Other receivables Related party receivables – intercompany receivables 18 197 127 Other receivables 40 15 237 142 Less: Expected credit loss¹ 1 – – 1 237 142 1 The expected credit loss on other receivables is minimal and less than R1 million. Fair value of other receivables The carrying amount approximates fair value due to the short period to maturity of these receivables. 2026 2025 Rm Rm 5 Cash and cash equivalents Cash 1 2 Cash – deposit with Group T reasury 5 906 9 306 Cash – Per the statement of cash flows 5 907 9 308 The expected credit losses relating to cash are immaterial, as the cash is mainly held with Sasol Group T reasury entities which have a low credit risk based on their external credit ratings. Fair value of cash The carrying amount of cash approximates fair value. 2026 2025 Rm Rm 6 Long-term financial liabilities Non-derivative instruments Opening balance 303 513 Expected credit loss adjustment 58 (203) T ranslation difference (52) (7) T otal financial liabilities 309 303 Less: short-term portion of financial guarantees (62) (81) Arising on long-term financial guarantees 247 222 Guarantees – maximum exposure 161 585 154 492 Recognition and measurement of long-term financial guarantees A financial guarantee contract is initially recognised at its fair value plus transaction costs that are directly attributable to the acquisition or issue of the contract. Sasol usually does not receive its guarantee fee premiums upfront but only recover them over the period of the guarantee contract from its subsidiaries and have therefore made an accounting policy choice to apply the Net Approach. At initial recognition the financial guarantee is therefore recognised at a single net amount. Initial fair value is mainly calculated by reference to the expected loss model where three factors are considered – the notional amount of the guarantee, the probability of default and the loss given default. A premium of WACC is then applied to determine the minimum level of return required. Subsequently at each reporting period the financial guarantee contract is measured at the amount of the loss allowance. Prospectively, where the fair value of the financial guarantee is not equal to the value of the guarantee fees receivable over the life of the guarantee, the Net Approach shall continue to be applied but the difference between the fair value of the financial guarantee and the value of the guarantee fees to be received over the life of the guarantee is accounted for as an Investment in Subsidiary (capital contribution). Financial guarantees extend over a number of years and are therefore long-term financial liabilities because there is a right to defer while the reference obligations are not in default. However, since the financial guarantees are payable on default, they are disclosed as short-term in the maturity analysis. Refer to note 22 for details on the expected loss calculation within credit risk.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 125SASOL ANNUAL FINANCIAL STATEMENTS 2026 124 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 Maximum exposure Liability included in statement of financial position Maximum exposure Liability included in statement of financial position Rm Rm Rm Rm Financial guarantees Revolving credit facility – various banks¹ 32 574 53 35 270 59 US Dollar T erm Loan – various banks³ 16 110 27 17 462 29 US Bond Holders (2028 Notes)² 5 565 9 13 538 23 US Bond Holders (2026 Notes)² 10 790 18 11 683 20 US Bond Holders (2031 Notes)² 14 156 23 15 327 26 US Bond Holders (2027 Notes)² 12 376 20 13 401 23 US Bond Holders (2029 Notes)² 11 078 18 18 005 31 US Bond Holders (2033 Notes)² 12 534 21 – – Standard Bank of South Africa Limited – Rand Bond⁴ 5 432 9 – – ABSA Bank Limited – banking facility⁵ 7 942 13 7 942 14 Citibank⁶ 3 279 5 3 550 6 Nedbank Limited – banking facility⁵ 3 000 5 3 000 5 FirstRand Bank Limited – banking facility⁵ 3 000 5 3 000 5 Eskom Holdings Limited⁷ 3 064 5 2 468 4 Noteholders of Commercial Paper⁸ 3 689 6 4 522 8 Saudi Aramco⁹ 1 639 3 1 775 38 Investec Bank Limited – banking facility⁵ 1 000 2 1 000 2 ABSA Bank Limited – Natref debt¹⁰ – – 100 2 ABSA Bank Limited – Sasol Oil¹¹ 37 – 15 – Joint venture related¹² 187 4 209 4 Power Purchase Agreements related¹³ 11 126 18 2 225 4 Various Finance Parties – Natref debt¹⁴ 2 071 43 – – Citibank – Eurasia treasury facility¹⁵ 936 2 – – 161 585 309 154 492 303 Not included in the financial guarantees table above, are a number of guarantees with a maximum exposure of R28 billion (2025: R35 billion) for which the event of default has not been triggered at year end. The events of default relate largely to non-payment by the subsidiaries. Guarantees issued to various Independent Power Producers relating to the Sasol Renewable Energy Implementation Programme, for which commercial operation date had not been reached as at 30 June 2026 amount to R6,4 billion (2025: R14,4 billion) of the maximum exposure disclosed above. 1 Guarantee issued to various banks over the US$1 987 million joint revolving credit facility of Sasol Financing International Limited and Sasol Financing USA LLC entered into in 2023. At 30 June 2026 the drawdown balance on the revolving credit facility was nil. For further details on the debt arrangements, refer to note 13, in the consolidated Annual Financial Statements. 2 Guarantees issued for the US$ bonds issued by Sasol Financing USA LLC, maximum exposure of US$4 056 million including accrued interest. In April 2026, US$750 million guarantee was issued to various finance parties in respect of the 7 year Senior Notes maturing in 2033. Proceeds from this issuance were utilised to partially settle the 2028 and 2029 Notes, resulting in the decrease in the guarantees issued for these Notes. For further details on the debt arrangements, refer to note 13, in the consolidated Annual Financial Statements. 3 Guarantee issued to various banks over the US$982 million term loan of Sasol Financing International Limited and Sasol Financing USA LLC entered into in 2023. For further details on the debt arrangements, refer to note 13, in the consolidated Annual Financial Statements. 4 Guarantee issued to Standard Bank of South Africa Limited over the R5,3 billion (before accrued interest) Rand floating rate bond issued by Sasol Financing International Limited in July 2025, maturing in July 2030. For further details on the debt arrangements, refer to note 13, in the consolidated Annual Financial Statements. 5 Guarantees issued of R14 942 million to various banks in relation to central treasury credit facilities available to Sasol Financing Limited. 6 Guarantee issued of US$200 million to Citibank over the joint Letter of Credit facility of Sasol Financing International Limited and Sasol Oil (Pty) Ltd. 7 A number of guarantees were issued on behalf of Sasol South Africa Limited to Eskom relating to the construction of power substations and over the electricity accounts. 8 Guarantee of paper to the value of R3 622 million before accrued interest, issued in the local debt market under the current Domestic Medium T erm Note (DMTN) programme. 9 Guarantee issued on behalf of Sasol Oil (Pty) Ltd, maximum exposure amounting to US$100 million. 10 Guarantee issued over the debt of National Petroleum Refiners of South Africa (Pty) Ltd. The outstanding debt was settled in April 2026. 11 Guarantee issued over the debt of Sasol Oil (Pty) Ltd. 12 Guarantee issued on behalf of Sasol Investment Company (Pty) Limited in relation to its obligations towards the joint venture agreement with Zaffra B.V. and T opsoe Project Investment A/S, to a maximum of EUR10 million. 13 Guarantee issued on behalf of Sasol South Africa Limited towards Independent Power Producers for agreements that have reached commercial operation date during the current financial year. 14 Guarantee issued in May 2026 to various finance parties on behalf of National Petroleum Refiners of South Africa (Natref) R2,1 billion term loan facility before accrued interest, maturing in May 2031. 15 Guarantee issued of EUR50 million issued in relation to treasury credit facilities utilised by the Eurasian operations.
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SASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTS continued SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 127SASOL ANNUAL FINANCIAL STATEMENTS 2026 126 2026 2025 Note Rm Rm 7 Trade and other payables Related party payables – intercompany payables 18 18 7 T rade payables 52 48 Employee-related payables 46 22 116 77 Age analysis of trade payables Not past due date 52 48 Fair value of trade and other payables The carrying value approximates fair value because of the short period to settlement of these obligations. 2026 2025 Rm Rm 8 Translation losses Arising from: Financial guarantees 52 7 Intercompany receivables (6) 4 Other financial instruments¹ (247) (75) (201) (64) 1 This mainly comprises of deposits with Group T reasury. 2026 2025 Note Rm Rm 9 Expected credit losses raised/(released) Long-term receivables¹ 2 383 (146) Long-term financial liabilities² 6 58 (203) 441 (349) 1 Relates mainly to the Sasol Khanyisa Fundco (RF) Limited long-term receivable balance increase to R5,2 billion (2025: R4,8 billion) which is above the specific expected credit loss of R4,8 billion previously recognised as at 30 June 2025, as a result of an increase in expected credit loss of R385 million (2025: R142 million reversal). 2 Relates to expected credit loss adjustments due to changes in the financial guarantee liability. 2026 2025 Note Rm Rm 10 Other operating expenses Other operating expenses includes: Management fee paid to Sasol South Africa Limited 18 207 186 Professional fees 11 13 Employee-related expenditure 61 132 salary and related expenses 92 70 share-based payment expense 15 (31) 62 Other 73 70 352 401
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 127SASOL ANNUAL FINANCIAL STATEMENTS 2026 126 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 Note Rm Rm 11 Revenue Dividends received from subsidiaries – recognised in revenue 18 3 377 10 464 Cash dividends received – per statement of cash flows 3 377 10 464 Accounting policy: Dividend income derived from investments in subsidiaries are classified as revenue unless they constitute a return of capital which is accounted for as a reduction of the cost of investment. Dividend income is recognised at fair value when the entity's right to receive the dividend is established. 2026 2025 Note Rm Rm 12 Finance income Interest received 479 430 Notional interest received 4 171 4 619 Finance income per income statement 4 650 5 049 Less: Notional interest (4 171) (4 619) Less: Accrued interest on long-term receivables (385) – Per statement of cash flows 94 430 2026 2025 Rm Rm 13 Taxation South African normal tax 27 57 current year 27 57 Deferred tax – South Africa (2) 57 current year (2) 57 25 114 2026 2025 % % Reconciliation of effective tax rate The table below shows the difference between the South African enacted tax rate compared to the tax rate in the income statement. T otal income tax expense differs from the amount computed by applying the South African normal tax rate to earnings before tax. The reasons for these differences are: South African normal tax rate 27,0 27,0 Increase in rate of tax due to: other disallowed expenses 2,5 0,7 Decrease in rate of tax due to: dividends received from subsidiaries (12,4) (18,0) notional interest income (16,7) (8,7) other exempt income (0,1) (0,3) Effective tax rate 0,3 0,7
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SASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTS continued SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 129SASOL ANNUAL FINANCIAL STATEMENTS 2026 128 Number of shares Number of shares 2026 2025 14 Share capital Authorised 1 286 021 925 1 286 021 925 Issued 654 093 017 649 375 104 For further details of share capital, refer to note 12 in the consolidated Annual Financial Statements. 2026 2025 Rm Rm 15 Share-based payment 15.1 Share-based payment expense Sasol Long-term Incentive Plan 27 62 Net transfer to Sasol Group companies¹ (58) – (31) 62 15.2 Investment in subsidiaries Equity-settled Sasol Khanyisa share transaction 49 70 Sasol Long-term Incentive Plan 900 782 949 852 T ransfer to cash-settled liability² (275) – 674 852 1 Relates to the reallocation of the Long-T erm Incentive share-based payment reserve due to employee movements within the Group. 2 On 20 August 2025, the Remuneration Committee approved the once-off settlement of the Long-term incentive (L TI) shares vesting on 6 September 2025 through a combination of equity and cash. The fair value of the liability was reclassified from equity to liabilities on modification date for the sell portion of the L TIs that vested on 6 September 2025. For further details on the Share-based payment reserve, refer to note 32 in the consolidated Annual Financial Statements. 2026 2025 Note Rm Rm 16 Cash (utilised)/generated by operating activities Earnings before tax 7 369 15 687 Adjusted for dividends received 11 (3 377) (10 464) finance income 12 (4 650) (5 049) translation effects on guarantees 8 (52) (7) translation effects on cash deposits with Group T reasury 247 93 equity-settled share-based payment expense 15 (31) 62 expected credit losses raised/(released) 9 441 (349) movement in other receivables and other payables (56) 178 other non-cash movements – 1 (109) 152 2026 2025 Note Rm Rm 17 Additional investments in subsidiaries Increase in investments per statement of financial position 1 (11 336) (14 301) Adjusted for notional interest 4 171 4 619 long-term incentive scheme 674 852 return of capital (cash flow) (107) (443) Per statement of cash flows (6 598) (9 273)
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 129SASOL ANNUAL FINANCIAL STATEMENTS 2026 128 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 Note Rm Rm 18 Related party transactions During the year, the Company in the ordinary course of business, entered into various transactions with its direct and indirect subsidiaries. The effect of these transactions is included in the financial performance and results of the Company. Material related party transactions were as follows: Other income statement items to related parties Management fee and other service costs to subsidiary Sasol South Africa Limited 10 207 186 Revenue – dividends from subsidiaries Sasol Africa (Pty) Ltd 1 757 1 783 Sasol Oil (Pty) Ltd 1 495 601 Sasol Mining Holdings (Pty) Ltd 125 1 843 Sasol South Africa Limited – 4 897 Sasol Middle East and India (Pty) Ltd – 1 340 11 3 377 10 464 Finance income – interest from direct and indirect subsidiaries Sasol South Africa Limited 4 171 4 619 Sasol Khanyisa Fundco (RF) Ltd 385 396 Sasol Financing International Limited 94 34 12 4 650 5 049 Other operating income – guarantee fees from direct and indirect subsidiaries Sasol Financing USA LLC 208 231 Sasol Financing Limited 36 – Sasol Financing International Limited 19 – Sasol Oil (Pty) Ltd 16 18 Sasol South Africa Limited 11 9 Other 10 – 300 258 Amounts reflected as non-current assets Investments in subsidiaries at cost 1 228 513 217 744 Shareholder loan to subsidiaries Sasol Mining (Pty) Ltd 1 525 525 229 038 218 269 Long-term receivables relating to subsidiaries Sasol South Africa Limited 2 46 877 46 877 Sasol Khanyisa Fundco (RF) Ltd 2 5 154 4 769 T otal long-term receivables relating to subsidiaries 52 031 51 646 Less: Expected credit loss 2 (5 232) (4 849) 46 799 46 797 Long-term receivables relating to indirect subsidiaries Sasol Foundation T rust 90 90 Sasol Khanyisa Warehousing T rust 17 17 2 107 107
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SASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTS continued SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 131SASOL ANNUAL FINANCIAL STATEMENTS 2026 130 2026 2025 Note Rm Rm Amounts reflected as current assets Other receivables relating to direct or indirect subsidiaries Sasol Financing USA LLC 99 114 Sasol Financing Limited 41 – Sasol Financing International Limited 21 – Sasol Oil (Pty) Ltd 9 – Sasol Investment Company (Pty) Ltd 5 – Other 22 13 4 197 127 Amounts reflected as current liabilities Short-term payables relating to direct and indirect subsidiaries Sasol South Africa Limited 16 3 Sasol Holdings Netherlands B.V. 2 4 7 18 7 An analysis of other related party transactions is provided in: Note 5 – Cash and cash equivalents Note 6 – Long-term financial liabilities 19 Financial risk management and financial instruments Introduction The Company is exposed in varying degrees to a variety of financial instrument related risks. Capital allocation The Company's objectives in managing capital and the management thereof is performed at a Group level and further information is contained in note 35 in the consolidated Annual Financial Statements. Credit risk Credit risk is the risk of financial loss due to counterparties not meeting their contractual obligations. Credit risk is deemed to be low when, based on the forward available information, it is highly probable that the customer will service its debt in accordance with the agreement throughout the period. How we manage the risk The Company’s credit risk is largely concentrated in companies within the Sasol Group. Management has evaluated counterparty risk and does not expect any inter-group counterparties to fail in meeting their obligations. For all financial assets measured at amortised cost, the Company calculates the expected credit loss based on contractual payment terms of the asset. The exposure to credit risk is influenced by individual characteristics of the counterparty with whom we have transacted. Financial assets at amortised cost are carefully monitored and reviewed on a regular basis for expected credit loss and impairment based on our credit risk policy. Expected credit loss is calculated as a function of probability of default, loss given default and exposure at default. The Company allocates probability of default based on external and internal information. The Company uses the average of Moody’s, Fitch and S&P Corporate and Sovereign probability of defaults. Loss given default (LGD) is based on the Basel model. World-wide, and especially in South Africa, economies have faced a series of global and local disruptions, including price volatility, elevated energy costs, high inflation, higher cost of debt. As a result the Company applied the Board of Governors of the Federal Reserve System’s formula to derive a downturn LGD to be used for 2026, namely 50% for unsecured financial assets. The expected credit loss is measured over 12 months when the credit risk is low and over lifetime where the credit risk has increased. Long-term, other receivables and cash are considered to have low credit risk based on their credit ratings and history of meeting payment obligations. The expected credit loss on financial guarantees is measured over 12 months and there has been no increase in credit risk in the current year. The Company considers credit risk to have increased significantly when a counterparty’s credit rating is downgraded to a lower grade, breach or default on agreed credit terms or when evidence indicates that one or more unfavourable events have occurred and the recovery of debt is low. 18 Relat ed party transactions continued
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 131SASOL ANNUAL FINANCIAL STATEMENTS 2026 130 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER 2026 2025 Life time 12 months Expected credit loss Life time 12 months Expected credit loss Note Rm Rm Rm Rm Rm Rm Long-term receivables* 2 5 154 78 5 232 4 769 80 4 849 5 154 78 5 232 4 769 80 4 849 * At 30 June 2026 the carrying value of the Sasol Khanyisa Fundco (RF) Limited long-term receivable had increased to R5,2 billion (2025: R4,8 billion) which is above the specific expected credit loss of R4,8 billion previously recognised as at 30 June 2025, as a result an additional R385 million (2025: R142 million reversal) in specific expected credit loss was recognised. The expected credit loss for the loan receivable from Sasol South Africa Limited is calculated based on 12-month expected credit losses. The balance will be recovered over time. Based on the future expected cash flow forecasts, the expected credit losses are immaterial. Liquidity risk Liquidity risk is the risk that the Company will be unable to meet its obligations as they become due. How we manage the risk The Company manages liquidity risk by effectively managing its working capital, investments and cash flows. The Company is an investment holding company and generates its funds primarily through dividends received from subsidiaries. The Company has provided guarantees for the financial obligations of subsidiaries and joint ventures. The outstanding guarantees at 30 June 2026 are provided in note 6. The maturity profile of the undiscounted contractual cash flows of financial instruments at 30 June were as follows: Carrying Value Contractual cash flows* Within one year One to five years More than five years Note Rm Rm Rm Rm Rm 2026 Financial assets Non-derivative instruments Investment in security 1 7 7 – – 7 Long-term receivables 2 46 906 53 015 – 53 015 – Other receivables 4 237 237 237 – – Cash 5 5 907 5 907 5 907 – – 53 057 59 166 6 144 53 015 7 Financial liabilities Non-derivative instruments T rade and other payables 7 (116) (116) (116) – – Long-term financial liabilities¹ 6 (309) (161 585) (161 585) – – (425) (161 701) (161 701) – –
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SASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTS continued SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 133SASOL ANNUAL FINANCIAL STATEMENTS 2026 132 Carrying value Contractual cash flows* Within one year One to five years More than five years Note Rm Rm Rm Rm Rm 2025 Financial assets Non-derivative instruments Investment in security 1 7 7 – – 7 Long-term receivables 2 46 904 53 054 – 53 054 – Other receivables 4 142 142 142 – – Cash 5 9 308 9 308 9 308 – – 56 361 62 511 9 450 53 054 7 Financial liabilities Non-derivative instruments T rade and other payables 7 (77) (77) (77) – – Long-term financial liabilities¹ 6 (303) (154 492) (154 492) – – (380) (154 569) (154 569) – – * Contractual cash flows include interest payments. 1 Comprise of issued financial guarantee contracts which are all repayable on default, however the likelihood of default is considered remote (refer to note 6). Market risk Market risk is the risk arising from possible market price movements and their impact on the future cash flows of the business. The market price movements that the Company is exposed to include foreign currency exchange rates and interest rates. The Company does not enter into any instruments to counteract this exposure. Foreign currency risk Foreign currency risk is a risk that earnings and cash flows will be affected due to changes in exchange rates. The Company is exposed to exchange rate fluctuations that have an impact on receivables, payables and cash. The following significant exchange rates applied during the year: 19 Financial risk management and financial instruments continued Average rate Closing rate 2026 2025 2026 2025 Rand/US$ 16,89 18,17 16,39 17,75 The most significant exposure of the Company’s financial assets and liabilities to currency risk is as follows: 2026 2025 US dollar US dollar Rm Rm Other receivables 38 7 Other payables – (3) Cash deposits held with Group T reasury 3 413 3 321 Net exposure on balances between Group companies 114 109 T otal net exposure 3 565 3 434
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 133SASOL ANNUAL FINANCIAL STATEMENTS 2026 132 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER Sensitivity analysis The following sensitivity analysis is provided to show the foreign currency exposure of the individual entities at the end of the reporting period. This analysis is prepared based on the statement of financial position balances that exist at year-end, for which there is currency risk. The effect on equity is calculated as the effect on profit or loss. A 10 percent strengthening of the rand on the Company's exposure to foreign currency risk at 30 June would have decreased either the equity or the income statement by the amounts below before the effect of tax. This analysis assumes that all other variables, in particular interest rates, remain constant and has been performed on the same basis for 2025. 2026 2025 Equity Income statement Equity Income statement Rm Rm Rm Rm US dollar 356 356 343 343 A 10 percent weakening in the rand against the above currency at 30 June would have the equal but opposite effect on the above currency to the amounts shown above, on the basis that all other variables remain constant.Carrying value before ECL 2026 2025 Rm Rm Variable rate instruments Financial assets 11 061 14 077 11 061 14 077 Fixed rate instruments Financial assets 46 877 46 877 46 877 46 877 Interest profile (variable: fixed rate as a percentage of total interest bearing) 19:81 23:77 Interest rate risk Fluctuations in interest rates impact on the value of short-term investments and financing activities, giving rise to interest rate risk. Exposure to interest rate risk is particularly with reference to changes in South African prime interest rates. At the reporting date, the interest rate profile of the Company’s interest-bearing financial instruments was: Cash flow sensitivity for variable rate instruments Financial assets affected by interest rate risk include deposits. An increase of 1% in the prevailing interest rate in that region at the reporting date would have increased earnings by the amounts shown below before the effect of tax. The sensitivity analysis has been prepared on the basis that all other variables, in particular foreign currency exchange rates, remain constant and has been performed on the same basis for 2025. Equity – 1% increase Income statement – 1% increase Rm Rm 30 June 2026 111 111 30 June 2025 141 141 A 1% decrease in the interest rate at 30 June would have the equal but opposite effect for rand exposure.
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SASOL ANNUAL FINANCIAL STATEMENTS 2026 135SASOL ANNUAL FINANCIAL STATEMENTS 2026 134 SASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTS continued SASOL LIMITED COMPANY SASOL ANNUAL FINANCIAL STATEMENTS 2026 135SASOL ANNUAL FINANCIAL STATEMENTS 2026 134 20 Stat ement of compliance The Sasol Limited Company financial statements for the year ended 30 June 2026 have been prepared in accordance with IFRS® Accounting Standards, the Financial Pronouncements as issued by the Financial Reporting Standards Council and SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the JSE Listings Requirements and the South African Companies Act. The financial statements were approved for issue by the Board on 1 September 2026. 21 Basis o f preparation of financial results The financial statements are prepared using the historic cost convention except that, as set out in the notes above, certain items, including investment in security, are stated at fair value. The financial statements are prepared on the going concern basis. Except if otherwise indicated, the accounting policies are consistent with the Sasol Group Accounting policies as well as those applied for the year ended 30 June 2025. For information on new accounting standards, amendments and interpretations issued which are relevant to the Company, but not effective refer to note 1 in the consolidated Annual Financial Statements. 22 Subsequent e vents There were no subsequent events for the Sasol Limited Company at 30 June 2026. For subsequent events impacting subsidiaries, refer to note 36 in the consolidated Annual Financial Statements. 23 Other For further information regarding the remuneration of directors and key management personnel, refer to note 34 in the consolidated Annual Financial Statements. For information on major shareholders, refer to page 10. Information on contingencies is contained in note 33 in the consolidated Annual Financial Statements.
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SASOL LIMITED GROUP OTHER Company information 136 Disclaimer – Forward-looking statements IBC Abbreviations IBC SASOL ANNUAL FINANCIAL STATEMENTS 2026 135SASOL ANNUAL FINANCIAL STATEMENTS 2026 134 SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 135SASOL ANNUAL FINANCIAL STATEMENTS 2026 134
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SASOL LIMITED GROUP SASOL ANNUAL FINANCIAL STATEMENTS 2026 137SASOL ANNUAL FINANCIAL STATEMENTS 2026 136 CONTACT INFORMATION Assistance with AGM queries and proxy forms Telephone: +27 (0)11 053 0100 Email: sasol@jseinvestorservices.co.za Shareholder enquiries Information helpline: 0800 800 010 Email: sasol@jseinvestorservices.co.za Depositary bank J. P. Morgan Depository Receipts 270 Park Avenue Floor 8 New York, NY 10017 Direct purchase plan J.P. Morgan offers a convenient way for you to buy ADRs through the GID Program (“Program”). If you wish to participate or review the Program brochure, please visit adr.com/shareholder. At the bottom of the page click on View All Plans and select Sasol Limited to request an enrollment kit or you can call 1-800-990-1135 or 1-651-453-2128. With the Program, you can: › Purchase ADSs without a personal broker › Increase your ADS ownership by automatically reinvesting your cash dividends › Purchase additional ADSs at any time or on a regular basis through optional cash investments › Own and transfer your ADSs without holding or delivering paper certificates Questions or correspondence about Global Invest Direct: Please call Global Invest Direct +1 800 428 4267 Mail: Shareowner Services PO Box 64504 St Paul, Minnesota 55164-0504 Website: www.shareowneronline.com/information/contact-us Overnight Mail Shareowner Services 1110 Centre Pointe Curve, Suite 101 Mendota Heights MN 55120-4100 Share registrars JSE Investor Services Proprietary Limited One Exchange Square Gwen Lane Sandown, 2196 Republic of South Africa PO Box 4844 Johannesburg 2000 Republic of South Africa T elephone: 0800 800 010 Email: sasol@jseinvestorservices.co.za Company registration number 1979/003231/06 Sasol contacts Business address and registered office Sasol Place 50 Katherine Street Sandton 2196 Republic of South Africa Postal and electronic addresses and telecommunication numbers Private Bag X10014 Sandton 2146 Republic of South Africa T elephone: +27 (0)10 344 5000 Website: www.sasol.com Investor relations T elephone: +27 (0)10 344 9280 Email: investor.relations@sasol.com
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SASOL LIMITED GROUP CONSOLIDATED FINANCIAL STATEMENTSSASOL LIMITED COMPANY NOTES TO THE FINANCIAL STATEMENTSOTHER SASOL ANNUAL FINANCIAL STATEMENTS 2026 137SASOL ANNUAL FINANCIAL STATEMENTS 2026 136 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 6 September 2024 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". Comprehensive additional information is available on our website: www.sasol.com ABBREVIATIONS bbl –barrels mm bbl – million barrels mm tons – million tons bscf – billion standard cubic feet mmscf – million standard cubic feet mmboe – million barrels oil equivalent m bbl – thousand barrels oil – references brent crude ktpa – thousand tons per annum Rm – rand millions one billion – one thousand million $/ton – US dollar per ton mm³ – million cubic meters BPEP – Business Performance Enhancement Programme EGTL – Escravos Gas-to-Liquid LCCP – Lake Charles Chemicals Project RP – Response Plan PSA – Production Sharing Agreement GTL – Gas-to-Liquids US – United States of America B-BBEE – Broad-Based Black Economic Empowerment CGUs – Cash Generating Units SARS – South African Revenue Services JSE Limited – Johannesburg Stock Exchange Limited IFRS – International Financial Reporting Standards BFP – Basic Fuel Price HEPS – Headline Earnings per share DEPS – Diluted Earnings per share CHEPS – Core headline earnings per share EPS – Basic earnings per share EBIT – Earnings before interest and tax WACC – Weighted average cost of capital L TIs – Long-term incentives SARs – Share Appreciation Rights scheme CPT s – Corporate Performance T argets Net debt : EBITDA – EBITBA as defined in the debt agreements FCTR – Foreign currency translation reserve DISCLAIMER – FORWARD-LOOKING STATEMENTS
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