Sasol Limited · JSE:SOL

Sasol — Investor Day (May 2025)

63 slides from Sasol's investor day presentation, May 2025

Slide 2: Agenda and today's speakers
Agenda Today’s speakers Opening Our strategy to Robust Financial Reset International Restore Southern Grow and remarks Strengthen, Framework Chemicals Africa Transform Grow and Transform Muriel Simon Walt Antje Victor Sarushen Dube Baloyi Bruns Gerber Bester Pillay Copyright ©, 2025, 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: Opening Remarks
OPENING REMARKS "We are committed to building a resilient, competitive and sustainable Future Sasol - unlocking the potential from our foundation, responsibly navigating the energy transition and delivering value to all our stakeholders" Muriel Dube Independent non-Executive Director and Chairman of
Slide 5: Our Strategy to Strengthen, Grow and Transform
OUR STRATEGY TO STRENGTHEN, GROW AND TRANSFORM ◎ Strategic overview ◎ Strengthen the foundation ◎ Grow and Transform our business Simon Baloyi President and Chief Executive Officer Copyright Copyright ©, 2025, ©,Sasol 2025, Sasol 5
Slide 7: What you will hear today
What you will hear today 01 02 03 04 05 Clear targets, and Positioning to Strengthen our Robust financial Levers to unlock grow and foundation plans with real framework additional value transform progress Safety is the foundation of all we do Copyright ©, 2025, Sasol 7
Slide 8: Our strategy | Strengthening today, building a sustainable tomorrow
Our strategy | Strengthening today, building a sustainable tomorrow STRENGTHEN GROW AND TRANSFORM OUR FOUNDATION OUR BUSINESS ▪ More efficient organisation ▪ Transforming into a more sustainable business ▪ Resilient Southern Africa ▪ 30% GHG reduction by 20301 ▪ Unlocking potential in International
Slide 9: Strengthen | A more agile and effective organisation
Strengthen | A more agile and effective organisation The Leadership team Clear distinction Strengthened our between Business of Leaner centralised focus on ownership Today and Business of functions and delivery Tomorrow Copyright ©, 2025, Sasol 9
Slide 10: Strengthen | Resetting the International Chemicals Business
Strengthen | Resetting the International Chemicals Business FY25 FY27 FY28 >15% Creating a strong foundation Stronger ability to manage own debt Competitiveness reset EBITDA margin by FY28 Positive cash Significant US$750 - 850mn flow before contribution EBITDA financing to external costs interest C
Slide 11: Strengthen | Restoring the Southern Africa value chain
Strengthen | Restoring the Southern Africa value chain and unlocking value FY26 FY27 FY28 Step-up and Ramp-up Performance US$50/bbl stabilise performance restored SA value chain oil breakeven by FY281 Coal Quality Operational >7,4mt improvement Reliability Secunda Operations volume 1. In nominal ter
Slide 13: Grow and Transform | Strategic focus areas
Grow and Transform | Strategic focus areas aligned with delivering sustainable value Build integrated Grow in power Protect value from sustainable Further business fuels and gas opportunities through chemicals business Renewables Copyright ©, 2025, Sasol 13
Slide 14: Driving the transition to a stronger, more competitive business
Driving the transition to a stronger, more competitive business By FY28 Improved EBITDA generation Adj. EBITDA1 Up to R71bn Strengthened Balance Sheet Net Debt2 Below US$3bn Disciplined Capital Allocation Sustainable and competitive shareholder value 1. Nominal terms 2. Net debt excluding lease liab
Slide 15: Sasol will evolve as we strengthen our foundation
Sasol will evolve as we strengthen our foundation, and invest in sustainable growth opportunities Strengthen Grow and Transform International Chemicals Reset business fundamentals Explore options to unlock value Illustrative growth depicting potential evolution of Sasol’s portfolio Southern Africa I
Slide 16: Robust Financial Framework
ROBUST FINANCIAL FRAMEWORK ◎ Improve free cash flow to deliver value ◎ Maintain strict cost and capital discipline ◎ Deleverage balance sheet Walt Bruns Group Chief Financial Officer Copyright Copyright ©, 2025, ©,Sasol 2025, Sasol 16
Slide 17: A robust financial framework with clear priorities
A robust financial framework with clear priorities 01 02 03 04 Improve Deleverage Reinstate Disciplined sustainable free balance sheet dividend capital cash flow allocation Proactive risk management Copyright ©, 2025, Sasol 17
Slide 18: EBITDA growth through targeted improvements across the portfolio
EBITDA growth through targeted improvements across the portfolio Group Southern Africa International Chemicals Strengthen Restore Reset R64 -71bn R60bn R55bn R14-16bn R50-55bn EBITDA1 Rand bn R5bn 2 3 2 FY24 FY28 FY24 Macros Volumes Costs FY28 3 FY24 2 Macros Margins Costs FY28 3 1. Adjusted EBITDA:
Slide 19: Structurally reducing our cost base
Structurally reducing our cost base Cost performance1 Optimising cost through… External Centralisation, smart contracting and spend reduced scope Group Cash Costs (R bn nominal) R125 -130bn R121bn Internal Improved efficiency and effectiveness spend Increased use of low-cost renewable Utilities ener
Slide 20: Disciplined capital allocation driving balance sheet strengthening
Disciplined capital allocation driving balance sheet strengthening REVISED CAPITAL ALLOCATION FRAMEWORK 01 02 01 Optimise maintain capital Maintain safe and Selective Growth Ensuring continued safe and reliable operations reliable operations and Transform 1st order allocation Selective Growth and Tr
Slide 21: Disciplined capital spend focused on value and efficiency
Disciplined capital spend focused on value and efficiency R15 - 20bn capex reduction against 1st order capex profile previously guided targets 32 2 Shutdown and Renewals capital 1 2 Reduce costs through improved sourcing and scope 1 optimisation 1 24 Rbn (nominal) Feedstock replacement Costs reduced
Slide 22: Accelerating deleveraging through free cash flow delivery
Accelerating deleveraging through free cash flow delivery Net debt1 projection, with dividend reinstatement planned 4,5 Net debt at FY24 Increased resilience Increased equity US$4,1bn 4,0 to macroeconomic share of enterprise 3,5 Net debt target shifts value uplift 3,0 <US$3bn US$ bn 2,5 2,0 2nd orde
Slide 23: Ongoing macro volatility reinforces the need for resilience and responsiveness
Ongoing macro volatility reinforces the need for resilience and responsiveness Current resilience Hedge book in place Available levers US$60/bbl US$62/bbl Liquidity position Extend cost reduction >US$3bn ~45% ~60% FY25 FY26 % of volumes exposed to oil hedged Average floor price Proactive Defer discr
Slide 24: Executing a robust financial framework to deliver shareholder value
Executing a robust financial framework to deliver shareholder value By FY28 Improved earnings and Up to R71bn EBITDA1 generation operational performance through management actions Optimised Maintain working capital in target range working capital of 15,5% - 16,5%2 Sustainable and Disciplined cost an
Slide 26: International Chemicals Reset
INTERNATIONAL CHEMICALS RESET ◎ Profitability challenges are being addressed ◎ Strong turnaround plan ◎ First results delivered Antje Gerber Executive Vice President: International Chemicals Copyright Copyright ©, 2025, ©,Sasol 2025, Sasol 26
Slide 27: International Chemicals | Who we were in FY24
International Chemicals | Who we were in FY24 Turnover ~US$4bn EBITDA margin ~6 % 4 000 customers in 88 countries Employees ~4 000 Brunsbüttel Hamburg Marl 35% Paris Bratislava Novaky Adj. Milan EBITDA Terranova US$288 mn Tokyo 65% Tucson Winnie Barcelona Nanjing Houston Shanghai Lake Charles Sarroc
Slide 28: External macro environment remains challenged in the near-term
External macro environment remains challenged in the near-term Platts Petrochemical Index (US$/ton) 2000 Petrochemical Index (US$/ton) 1800 1600 1400 1200 1000 800 600 400 200 0 Price decline after first wave of Middle East and Chinese investment Covid pandemic demand surge Current Chinese capacity
Slide 29: Lagging margins vs peers highlighted the need for structural change
Lagging margins vs peers highlighted the need for structural change EBITDA Margin % Recent investments 01 have not realised full value 25% 20% 02 Operational reliability 15% 10% 5% 03 Sub-optimal organisational design 0% CY20 CY21 CY22 CY23 CY24 04 High overhead fixed costs Peer A Peer B Peer C Peer
Slide 30: We are leveraging our competitive advantages
We are leveraging our competitive advantages Feedstock Assets Customers Products R&D Cost effective Capacity Exceptional Tailored portfolio Product feedstock to meet relationship with addressing innovation and energy cost future demand customers and the needs through in North America brand owners of
Slide 31: Reset phase to improve profitability to Strengthen our foundation by FY28
Reset phase to improve profitability to Strengthen our foundation by FY28 Driven by culture Market focus and mindset ▪ Defined value propositions for commodity, differentiated and speciality business ▪ Shift from a “volume-driven” to a “value-driven” approach Safety Embracing change with a Asset opt
Slide 32: Changing our go-to-market approach
Changing our go-to-market approach | Surfactants as core with growth in associated value chains Base Chemicals Care Chemicals Technical Formulations Advanced Materials Products Ethylene and industrial Linear alkyl benzene (LAB), Alcohols and derivatives, esters, Tailor made high intermediates alcoho
Slide 33: Decisive portfolio actions reducing costs and enhancing margins
Decisive portfolio actions reducing costs and enhancing margins ▪ Reduced fixed costs Alkylphenol Guerbet HF LAB Phenolics ▪ Lower maintenance and services operating costs ▪ Reduced working capital Q4-CY24 mothball Q2-CY25 mothball Q3-CY25 mothball Q4-CY25 closure and sustenance capex Rationale: Rat
Slide 34: We are reducing our cost base to take advantage of a future market upturn
We are reducing our cost base to take advantage of a future market upturn Strategic initiatives Delivering Underpinned by ▪ SHE: Streamlined organisational Zero Harm 01 structure ▪ Costs: Continuous improvement 15-20% ▪ Assets: Operating model reduction1 Reliable and compliant 02 in Cash Fixed Cost
Slide 35: Positive results in FY25 | Decisive actions are laying the foundation
Positive results in FY25 | Decisive actions are laying the foundation for a successful future Alkylphenol and Streamlining HY results Go-live of ERP1 Guerbet mothballing organisational reflecting turnaround system in Italy announced structure contributions Oct Nov Dec Jan Feb Apr Jul 2024 2024 2024
Slide 36: We will strengthen and grow our core business and deliver robust performance
We will strengthen and grow our core business and deliver robust performance relative to peers EBITDA | US$ millions By Positive free cashflow US$750 – 850mn FY25 before financing costs By + stronger US$ cash flow to FY27 pay US$ debt US$288mn By + streamlined portfolio FY28 with US$750 – 850mn EBIT
Slide 37: Restore Southern Africa
RESTORE SOUTHERN AFRICA ◎ Improving coal quality ◎ Restoring gasification performance ◎ Optimising our cost base Victor Bester Executive Vice President: Operations and Projects Copyright Copyright ©, 2025, ©,Sasol 2025, Sasol 37
Slide 39: Southern Africa Business | Who we are
Southern Africa Business | Who we are Support1 Deliver products to ~400 >500 000 jobs in SA >100 countries Fuel retail sites MINING GAS LIQUID FUELS CHEMICALS AFRICA FY24 EBITDA2 Polymers, Solvents, Products Petrol, Diesel, Jet Alcohols, Ammonia, Natural gas, Fuel, Illuminating Nitrates, Phenolics,
Slide 40: Unlocking the value from the Southern Africa value chain
Unlocking the value from the Southern Africa value chain Feedstock Operations Marketing and Sales Close 9% volume performance gap Coal Fuels feedstock 91% Gasification and Gas Refinery Reforming feedstock Chemicals Current volume Focus of deep dives performance Improve coal quality Restore gasificat
Slide 42: Our holistic approach to improving coal quality and mining performance
Our holistic approach to improving coal quality and mining performance Quality Volume Cost of coal Long term supply Quality first approach Resetting fundamentals Maximise internal low-cost Meeting demand supply beyond 2030 ▪ Implement destoning Quality ▪ Improved reserve ▪ Improved operating ▪ Devel
Slide 43: Key milestones in our mining improvement journey
Key milestones in our mining improvement journey What has been achieved Imminent milestones What will be done Approved capital Piloting of real time Phase out Piloting of Finalise long- for flexibility quality analyzers external source X-Ray dense medium term coal improvements completed of high sink
Slide 44: Improved coal quality and increased gasifier availability will restore production
Improved coal quality and increased gasifier availability will restore production Step-change in FY26 with improvement aligned to maintenance Key interventions >15% content (%) Risk-based repair scope Sinks <12% <12% New repair methods availability (%) 89% 89% Gasifier ~77% Contracting strategies Pr
Slide 45: Recent coal quality performance tests demonstrate value chain can be restored
Recent coal quality performance tests demonstrate value chain performance can be restored 14-day test run >7,4mtpa Reduced sinks content from ~15% to ~12% eq. annualised production > 15% Isolated worst performing sections >7,4mt and increased external imports Equivalent annual production with 75 gas
Slide 46: Further sustainable savings planned
Further sustainable savings planned Costs1 saving of R8 – R10bn by FY28 Projected CAPEX2 optimised SA Cash Costs1 (R bn nominal) R92bn-94bn SA Capex2 (R bn nominal) R87bn 25 23 - 24 20 - 22 23 - 25 25 - 27 FY24 Inflation FY28 Inflated Savings FY28 FY24 FY25 FY26 FY27 FY28 Reduce external Optimise in
Slide 47: Integrated approach to deliver more resilient business
Integrated approach to deliver more resilient business Forecasted evolution on oil breakeven (US$/bbl)1 Sink content in coal < 12% Volumes Gasifier availability > 89% Secunda throughput > 7,4mtpa 58 Operating costs managed Cost below inflation Capex Efficient capital expenditure 50 Achieving US$50 /
Slide 48: Grow and Transform
GROW AND TRANSFORM ◎ Reducing carbon intensity while growing value ◎ Stronger business outcomes for the ERR ◎ Progressing sustainable opportunities Sarushen Pillay Executive Vice President: Business Building, Strategy and Technology Copyright Copyright ©, 2025, ©,Sasol 2025, Sasol 48
Slide 49: Delivering value growth with a lower carbon intensity
Delivering value growth with a lower carbon intensity Revised ERR creates platform to Incubate and scale opportunities to meet Key focus areas to build Grow and Transform customer needs on timing and value sustainable value High New power business Sustainable fuels and chemicals Retain value from ga
Slide 50: Progressing our GHG Emissions Reduction Roadmap towards the 30% target
Progressing our GHG Emissions Reduction Roadmap towards the 30% target Previous (2021) Now (2025) Carbon Intensity down, Shareholder Value up ~ R 15 –25 bn capital ~ R 4 – 7 bn capital1 No turndown of Secunda production ~1 200 MW Renewable Energy ~2 000 MW Renewable Energy Boiler turndown Optimised
Slide 51: Growth through Renewable Energy: powering operations and new markets
Growth through Renewable Energy: powering operations and new markets Our competitive Renewable energy generation profile and market progression advantages >2GW FY30+ Access to land Electrons available for trading and Not constrained by grid conversion for embedded generation Integrated Energy soluti
Slide 52: Renewable Energy strengthens the foundation business and lowers carbon intensity
Renewable Energy strengthens the foundation business and lowers carbon intensity Sasol is one of the largest purchasers of renewable energy in South Africa Projection of R bn unmitigated electricity and carbon tax costs1 Sasolburg FY25 FY30 3 MW solar farm (Behind-the-meter own build) Northern Free
Slide 53: Protecting our gas income streams
Protecting our gas income streams ~R6,6bn EBITDA FY25 – FY28 What will be done FY30+ (FY24) Upstream EXTEND GAS AGGREGATE SUPPLY BRIDGE LNG Midstream Continue with upstream Offer methane rich gas1 Import LNG to meet long term exploration activities in from Secunda operations external market demand;
Slide 54: Deploying technology and assets where demand is strongest
Deploying technology and assets where demand is strongest Customers Sustainable Feedstocks Technology and Assets Mining and Fischer Aviation Feedstock supply development Refining SAF Logistics Tropsch Driving innovation through synergistic value-chain partnerships Copyright ©, 2025, Sasol 54
Slide 55: Sasol's sustainable future is forging ahead
Sasol’s sustainable future is forging ahead Milestones Growing in step with internal and customer demand achieved De Aar 2 South Electricity Discovery 30 000 Liter Northern Msenge Impofu 140 MW BO Additional Up to Trading Green Renewable Free State 69 MW Cluster 1GW of RE 2GW RE License partnership
Slide 56: Driving long-term value from our Southern African base beyond 2030
Driving long-term value from our Southern African base beyond 2030 >>FY30+ New sustainable Coal feedstock Gas value chain Competitiveness Carbon Tax businesses Sufficient access to Credible options to Competitiveness Positive shifts in the Scale RE business own coal reserves to protect value from th
Slide 58: Sasol's investment case
Sasol’s investment case POSITIONED FOR LONG-TERM VALUE CREATION KEY OPERATING AND FINANCIAL TARGETS BY FY28 Strengthen our foundation EBITDA US$ 50/bbl margin R 10 - 15bn Oil breakeven1 for IMPROVED GREATER >15% cost savings Southern Africa International PROFITABILITY RESILIENCE Chemicals <US$ 3bn u
Slide 61: Abbreviations and definitions
Abbreviations and definitions AI Artificial intelligence HSI High severity incidents B2B Business to business HY Half Year bbl Barrels I&I Industrial and institutional cleaning BO Beneficial operation IQMC Integrated Quality Management Centre CAPEX Capital expenditure LNG Liquified natural gas CO2 C
Slide 62: 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

Sasol — Investor Day (May 2025) on 6ix

Sasol — Investor Day (May 2025)

Slide 1: Capital Markets Day

Slide 2: Agenda and today's speakers

Slide 3: Disclaimer - Forward-looking statements

Slide 4: Opening Remarks

Slide 5: Our Strategy to Strengthen, Grow and Transform

Slide 6: Reshaping for a new era

Slide 7: What you will hear today

Slide 8: Our strategy | Strengthening today, building a sustainable tomorrow

Slide 9: Strengthen | A more agile and effective organisation

Slide 10: Strengthen | Resetting the International Chemicals Business

Slide 11: Strengthen | Restoring the Southern Africa value chain

Slide 12: Grow and Transform

Slide 13: Grow and Transform | Strategic focus areas

Slide 14: Driving the transition to a stronger, more competitive business

Slide 15: Sasol will evolve as we strengthen our foundation

Slide 16: Robust Financial Framework

Slide 17: A robust financial framework with clear priorities

Slide 18: EBITDA growth through targeted improvements across the portfolio

Slide 19: Structurally reducing our cost base

Slide 20: Disciplined capital allocation driving balance sheet strengthening

Slide 21: Disciplined capital spend focused on value and efficiency

Slide 22: Accelerating deleveraging through free cash flow delivery

Slide 23: Ongoing macro volatility reinforces the need for resilience and responsiveness

Slide 24: Executing a robust financial framework to deliver shareholder value

Slide 25: Comfort Break

Slide 26: International Chemicals Reset

Slide 27: International Chemicals | Who we were in FY24

Slide 28: External macro environment remains challenged in the near-term

Slide 29: Lagging margins vs peers highlighted the need for structural change

Slide 30: We are leveraging our competitive advantages

Slide 31: Reset phase to improve profitability to Strengthen our foundation by FY28

Slide 32: Changing our go-to-market approach

Slide 33: Decisive portfolio actions reducing costs and enhancing margins

Slide 34: We are reducing our cost base to take advantage of a future market upturn

Slide 35: Positive results in FY25 | Decisive actions are laying the foundation

Slide 36: We will strengthen and grow our core business and deliver robust performance

Slide 37: Restore Southern Africa

Slide 38: Restore Southern Africa

Slide 39: Southern Africa Business | Who we are

Slide 40: Unlocking the value from the Southern Africa value chain

Slide 41: Shifting to a quality first approach

Slide 42: Our holistic approach to improving coal quality and mining performance

Slide 43: Key milestones in our mining improvement journey

Slide 44: Improved coal quality and increased gasifier availability will restore production

Slide 45: Recent coal quality performance tests demonstrate value chain can be restored

Slide 46: Further sustainable savings planned

Slide 47: Integrated approach to deliver more resilient business

Slide 48: Grow and Transform

Slide 49: Delivering value growth with a lower carbon intensity

Slide 50: Progressing our GHG Emissions Reduction Roadmap towards the 30% target

Slide 51: Growth through Renewable Energy: powering operations and new markets

Slide 52: Renewable Energy strengthens the foundation business and lowers carbon intensity

Slide 53: Protecting our gas income streams

Slide 54: Deploying technology and assets where demand is strongest

Slide 55: Sasol's sustainable future is forging ahead

Slide 56: Driving long-term value from our Southern African base beyond 2030

Slide 57: Closing Remarks

Slide 58: Sasol's investment case

Slide 59: Reshaping for a new era

Slide 60: Thank You

Slide 61: Abbreviations and definitions

Slide 62: Additional information

Slide 63: Copyright ©, 2025, Sasol