Slide 1: Sasol Limited Interim Financial Results
SASOL LIMITED Interim Financial Results 23 February 2026 Copyright ©, 2026, Sasol
Slide 2: Agenda
AGENDA Strengthen our foundation Business overview Simon Baloyi Financial performance Walt Bruns Grow and Transform Strategic update Simon Baloyi Q&A Copyright ©, 2026, Sasol 2
Slide 3: Disclaimer - Forward-looking statements
Disclaimer - Forward-looking statements Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to o
Slide 4: Strengthen our foundation: Business overview
Strengthen our foundation BUSINESS OVERVIEW ◎ Simon Baloyi President and Chief Executive Officer Copyright Copyright ©, 2025, ©,Sasol 2026, Sasol 4
Slide 5: What you will hear today
What you will hear today | Progress through disciplined delivery Consistent International Advancing our Improved operational Delivering Chemicals Grow and safety leading improvements positive free reset Transform indicators in Southern cash flow progressing strategy Africa Executing on CMD plans to
Slide 6: CMD commitments: HY26 progress against FY26 targets
CMD commitments | HY26 progress against FY26 targets Destoning plant Beneficial Operations reached end Dec ‘25 International Chemicals US$178m Adj EBITDA 8% Adj EBITDA margin - FY26 target: Destoning BO by end Dec ‘25 FY26 target2: Adj EBITDA US$450 - 550m; 10 - 13% margin - Secunda volumes Net debt
Slide 7: Safety: Reinforcing safer behaviours in everyday work
Safety | Reinforcing safer behaviours in everyday work Fatalities1 Major FER’s Hospitalisations Lost Workday Cases 1 0 26 42 FY25: 1 FY25: 0 FY25: 65 FY25: 95 Learnings shared across the Business Accountable Embed safety Process Safety Service provider leadership culture Management safety Intensifie
Slide 8: HY26 financial highlights
HY26 financial highlights | Challenging macros, but solid progress on controllables Adjusted Capital Cash fixed cost Free cash flow1 EBITDA expenditure R21bn R34bn R8,5bn R0,8bn ▼ 2% ▲ >100% ▼ 12% ▼ 43% Stronger Energy and chemicals Higher production Strong cost and capital Rand/USD exchange pricing
Slide 9: Mining: Successful Destoning start-up
Mining | Successful Destoning start-up delivering stronger SA value chain performance FY26 H2 FOCUS AREAS Destoning BO on time Progressing other quality Dec 2025 improvement initiatives Capital in line with budget of <R1bn R0,7bn as at 31 Dec 25 Increase own production and reduce external purchases
Slide 10: Gas value chain: Near-term continuity with longer-term optionality
Gas value chain | Near-term continuity with longer-term optionality EXTEND GAS AGGREGATE SUPPLY BRIDGE LNG ▪ PPA1 decline tracking to plan ▪ MRG bridging solution on track ▪ Strategic partnerships in Gas-to- to extend gas supply beyond Power ▪ Plateau extension projects plateau decline progressing w
Slide 11: Southern Africa Business: Strong operational performance unlocking value
Southern Africa Business | Strong operational performance unlocking value HY26 DELIVERY FY26 H2 FOCUS AREAS HY26 DELIVERY ▪ Strong SO volumes; improved gasifier and ▪ Ongoing gasifier maintenance initiatives to operations equipment availability 3,7mt SO production support SO volume delivery SA ▲ 10%
Slide 12: International Chemicals: Cost reduction initiatives supporting improved earnings
International Chemicals | Cost reduction initiatives supporting improved earnings Market focus Asset optimisation Cost discipline HY26 DELIVERY HY26 DELIVERY ▪ CFC initiatives ▪ Market conditions remain delivering 6% Adj EBITDA US$178m ▪ Closure/mothballing reduction vs PY ▲ 10% vs PY challenging of
Slide 13: Sasol's social and economic contribution
Sasol’s social and economic contribution | Creating value for people and communities >R215 million invested globally in various socio-economic development programs 17 000 learners and teachers Health Centres and 30 college >4 300 hours in Mozambique Continued students volunteered upgraded, support o
Slide 14: Strengthen our foundation: Financial performance
Strengthen our foundation FINANCIAL PERFORMANCE ◎ Walt Bruns Group Chief Financial Officer Copyright Copyright ©, 2025, ©,Sasol 2026, Sasol 14
Slide 15: Macro environment: Volatility and uncertainty persists
Macro environment | Volatility and uncertainty persists HY26 vs HY25 Chemicals basket Rand crude oil Refining margin1 US ethylene margin2 price1 1 154 R/bbl 16,56 US$/bbl 21 US$c/lb 1 241 US$/ton ▼17% ▲ >100% ▼ 17% ▼ 3% ▪ Brent crude prices lower ▪ Refining margin ▪ US ethylene margin ▪ Chemicals ba
Slide 16: Sasol's response: Strengthening resilience through focused management actions
Sasol’s response | Strengthening resilience through focused management actions H1 DELIVERY H2 FOCUS AREAS 3% higher sales volumes Sustained volume delivery Increase sales volumes Improved mix into higher-margin channels Channel optimisation Strong cost control 2% lower cash fixed cost Continued cost
Slide 17: Hedging programme: Protecting downside risk
Hedging programme | Protecting downside risk FY26 H2 hedge book in place 25% - 30% R/US$ HCR1 Oil price floor achieved at ~US$59/bbl Robust 55% - 65% oil HCR1 hedge cover R/US$ average collar range ~R18 - R22 FY26 hedging completed Execution FY27 hedging ongoing progress ▪ Oil >45% completed ▪ R/US$
Slide 18: Disciplined capital allocation: Deleveraging the Balance Sheet
Disciplined capital allocation | Deleveraging the Balance Sheet 5,0 Maintain safe and reliable operations 4,6 1st order allocation 4,4 Selective growth and transform Net debt US$ bn 4,0 4,1 3,8 3,7 <3,7 Net debt target 3,0 <US$3bn Net debt1 sustainably <US$3bn 30% of FCF2 as dividend 2,0 FY24 FY25 F
Slide 19: Group Financials: Positive free cash flow delivery
Group Financials | Positive free cash flow delivery HY26 HY25 Free cash flow improvement Rm Rm % ▪ Positive free cash flow delivered for 1st time in 4 years Turnover 122 387 122 102 - Gross margin 51 089 54 315 6▼ Gross margin impacted by ▪ 17% decline in rand oil price, constrained chemical pricing
Slide 20: Adjusted EBITDA Segmental Performance
Adjusted EBITDA Segmental Performance | Portfolio balance through the cycle Business International Southern Africa Energy and Chemicals Contribution Chemicals Adjusted EBITDA1 R21bn Chemicals Mining Gas 3,1 America (16%) HY26 16,5 R2,8bn R4,0bn R2,1bn (84%) ▼ 12% ▼ 19% ▼ 3% Phase out of export coal
Slide 21: FY26 Outlook: Driving performance to deliver value
FY26 Outlook | Driving performance to deliver value OUR FOCUS IS CLEAR Cash fixed Working Volumes cost capital1 Improve cash generation Deliver in Managed through the cycle line with below 15,5 - 16,5% targets inflation Allocate capital with discipline Capital Risk Net Management Deleverage the bala
Slide 22: Grow and Transform: Strategic update
Grow and Transform STRATEGIC UPDATE ◎ Simon Baloyi President and Chief Executive Officer Copyright Copyright ©, 2025, ©,Sasol 2026, Sasol 22
Slide 23: Grow and Transform strategy: Continued execution in SA
Grow and Transform strategy | Continued execution in SA RENEWABLE CARBON RENEWABLE ENERGY OFFSETS DIESEL >1 200MW ~9mt Certification secured in SA1 contracted over Near completion against target of 2GW 3 years Planned for H2 Operational fit Capital discipline Market alignment Scalability Leverages e
Slide 24: Renewables in focus: From strategy to delivery
Renewables in focus | From strategy to delivery 300MW2 CMD targets: 100MW 120MW Additional 300MW RE secured1 Add. 3MW ~1 GW3 RE contracted Diversified technology mix across by FY28 solar PV, battery storage2 and wind 98MW 140MW Energy trading license 10MW awarded 50MW ~2 GW 69MW RE Ampli JV operatio
Slide 25: Driving long-term value: Sasol beyond 2028
Driving long-term value | Sasol beyond 2028 International New sustainable Coal feedstock Gas value chain Carbon Tax Chemicals businesses RE trading license Long-term supply MRG bridging solution Allowances in place to Positioning the obtained; options progressing, and LNG options 2030; business for
Slide 26: Thank you
THANK YOU Q&A Session to follow Copyright ©, 2026, Sasol 26
Slide 27: Addendum
ADDENDUM Copyright ©, 2026, Sasol 27
Slide 28: HY26 safety data
HY26 safety data OCCUPATIONAL SAFETY 120 0,4 1 tragic fatality on 30 September 2025 at Mining Fatalities, LWDC, Hospitalisations 100 0,3 80 Positive momentum through RCR 60 0,2 leadership led assurance across teams 40 0,1 20 ▪ Improved collaboration with service 0 0 providers driving lower injury se
Slide 29: Group Financials: HY26 vs HY25
Group Financials | HY26 vs HY25 EBIT variance by business driver Free cash flow² bridge Non-cash 0,4 2,6 Rand billion - 0,8 Rand billion 0,1 0,1 (1,3) 2,9 1,7 1,7 0,3 1,2 0,9 6,6 9,5 (5,4) 4,6 0,3 1,5 (0,6) Unit margins Translation, Dec HY25 Dec HY26 Exchange rates Crude oil and depreciation Sales v
Slide 30: FY26 Outlook
FY26 Outlook Chemicals International Mining Gas Fuels Group Africa Chemicals Gas production Adjusted Mining saleable Secunda Sales volumes 0 - 5% lower EBITDA CFC production production 0 - 5% higher than PY US$375 - 450m Below inflation 28 - 30mt 7,0 - 7,2mt then PY [Previous 0 - 10% higher] [Previo
Slide 31: Abbreviations and definitions
Abbreviations and definitions ADR American Depositary Receipts MRG Methane rich gas BO Beneficial Operation Mt million tons CFC Cash fixed cost MW Megawatt CGU Cash generating unit NERSA The National Energy Regulator of South Africa CMA Chemical Market Analytics NYSE New York Stock Exchange CMD Capi
Slide 32: Additional information
Additional information ▪ JSE: SOL ORDINARY SHARE ▪ ISIN: ZAE000006896 ▪ NYSE: SSL ▪ Cusip: US8038663006 ▪ Depositary Bank: ADR JP Morgan Depositary ▪ ISIN: US8038663006 ▪ Ratio DR:ORD – 1:1 Receipts Investor Relations Media investor.relations@sasol.com alex.anderson@sasol.com +27 10 344 9280 +27 71
Slide 33: Copyright ©, 2026, Sasol
Copyright ©, 2026, Sasol 33