Sasol : Annual Report for Fiscal Year Ending 2026-06-30 (Form 20-F)

About this update from Sasol Limited

OPERATING AND FINANCIAL REVIEW AND PROSPECTS This section should be read in conjunction with our consolidated financial statements included in " Item 18-Financial Statements " as at 30 June 2026 and 2025, and for the years ended 30 June 2026, 2025, and 2024, including the accompanying notes, that are included in this annual report on Form 20-F. The following discussion of operating results and the financial review and prospects as well as our consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. For information regarding our financial overview and external factors impacting on our business, refer to the " Integrated Report- Summarised Financial Performance -Chief Financial Officer Statement " as contained in Exhibit 99.3. The discussion on the 2024 financial results has not been included as this can be found under Item 5 of our Form 20-F for the year ended 30 June 2025. Certain information contained in the discussion and analysis set forth below and elsewhere in this annual report includes forward-looking statements that involve risks and uncertainties. See "Forward-Looking Statements" and see " Item 3.D-Risk factors " for a discussion of significant factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in this annual report. 5.A Operating results Results of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026/2025 ​ ​ ​ 2024 ​ ​ ​ 2025/2024 ​ ​ (Rand ​ ​ ​ (Rand ​ ​ ​ in millions) ​ (%) in millions) ​ (%) Turnover 272 118 249 096 275 111 (9) Operating costs and expenses (229 187) (212 255) (228 760) (7) Remeasurement items (17 320) (19 645) (12) (75 414) (74) Equity accounted profit, net of tax 79 1 623 (95) 1 758 (8) Earnings/(loss) before interest and tax 25 690 18 819 (27 305) (169) Net finance costs (7 083) (6 537) (7 201) (9) Earnings/(loss) before tax 18 607 12 282 (34 506) (136) Taxation (4 149) (4 556) (9) (9 739) (53) Earnings 14 458 7 726 (44 245) (117) ​ Financial Overview 2026 ● For information regarding our financial position, and an overview of our results refer to the " Integrated Report- Summarised Financial Performance-Chief Financial Officer Statement " as contained in Exhibit 99.3. ● For information on changes in our financial condition, and overall financial performance refer to " Integrated Report- Summarised Financial Performance-Chief Financial Officer Statement " as contained in Exhibit 99.3. Turnover Turnover consists of the following categories. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ 2025 ​ ​ 2026/2025 ​ ​ 2024 ​ ​ 2025/2024 ​ ​ (Rand ​ ​ ​ (Rand ​ ​ ​ in millions) ​ (%) in millions) ​ (%) Sale of products 268 833 245 064 270 248 (9) Services rendered 3 285 4 032 (19) 4 863 (17) Turnover 272 118 249 096 275 111 (9) ​ The primary factors contributing to the changes in turnover were. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ ​ ​ 2026/2025 ​ ​ ​ 2025/2024 ​ ​ ​ ​ (Rand in ​ ​ ​ ​ ​ ​ ​ (Rand in ​ ​ ​ ​ ​ millions) ​ (%) millions) ​ (%) Turnover 2025 and 2024 ​ 249 096 ​ ​ ​ 275 111 ​ ​ Exchange rate effects ​ (11 790) ​ (5) ​ (6 326) ​ (2) Product prices ​ 20 376 ​ ​ (8 474) ​ (3) -crude oil ​ 3 153 ​ ​ (6 084) ​ (2) -other products ​ 17 223 ​ ​ (2 390) ​ (1) Net volume changes ​ 14 436 ​ ​ (11 215) ​ (4) Turnover ​ 272 118 ​ ​ 249 096 ​ (9) ​ Turnover increased by R23 022 million, from R249 096 million in 2025 to R272 118 million in 2026, driven mainly by favourable product pricing (R20 376 million) and 4% higher sales volumes (R14 436 million). Product price increases were attributable to crude oil prices (R3 153 million), while other product prices contributed R17 223 million. These positive impacts were partially offset by adverse exchange rate effects of R11 790 million resulting from the 7% strengthening of the average R/US$ exchange rate. Operating costs and expenses Operating costs and expenses consist of the following categories. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Change ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026/2025 ​ ​ ​ 2024 ​ ​ ​ 2025/2024 ​ ​ ​ ​ (Rand ​ ​ ​ (%) ​ ​ ​ (Rand ​ ​ ​ (%) ​ ​ in millions) ​ ​ ​ in millions) ​ Materials, energy and consumables used (138 032) (129 141) (137 957) (6) Selling and distribution costs (9 468) (9 579) (1) (10 394) (8) Maintenance expenditure (14 863) (15 524) (4) (15 446) Employee-related expenditure (36 787) (35 298) (35 465) Depreciation and amortisation (13 602) (14 002) (3) (15 644) (10) Other expenses and income (16 435) (8 711) (13 854) (37) Operating costs and expenses (229 187) (212 255) (228 760) (7) ​ Materials, energy and consumables used. Materials, energy and consumables used in 2026 amounted to R138 032 million, an increase of R8 891 million, or 7%, compared with R129 141 million in 2025, which decreased by 6% from R137 957 million in 2024. The increase in these costs between 2025 and 2026 was mainly due to 4% higher sales volumes, increased cost of crude oil in the last quarter of the 2026 financial year as a result of market pressures from the USA/Israel-Iran war and concerns around the disruption of shipping through the Strait of Hormuz, as well as the impact on 2025 from compensation of R3 889 million received from Transnet for historical costs incurred, offset by a strengthening in the Rand against the US$. Refer to - "Item 4B- Business Overview- Legal proceedings and other contingencies." Selling and distribution costs. These costs comprise of marketing and distribution of products, freight and customs and excise duty after the point of sale. Selling and distribution costs in 2026 amounted to R9 468 million, which represents a decrease of R111 million, or 1%, compared with R9 579 million in 2025, which decreased by R815 million, or 8%, compared with R10 394 million in 2024. The variance in these costs was mainly attributable to decreased logistical costs in the Italy business of R138 million which was driven by lower transportation, warehousing, and logistics costs following a reduction in sales volumes and the mothballing of assets. Selling and distribution costs represented 3% of sales in 2026, 4% of sales in 2025 and 4% of sales in 2024. Maintenance expenditure. Maintenance expenditure in 2026 amounted to R14 863 million, which represents a decrease of R661 million, or 4 %, compared with R15 524 million in 2025, which increased by R78 million, or 1%, compared with R15 446 million in 2024. Maintenance expenditure decreased in 2026 compared to 2025 mainly due to cost saving initiatives in the Mining and Chemicals America segments of R298 million and R491 million respectively. Employee-related expenditure. Employee-related expenditure amounted to R36 787 million, which represents an increase of R1 489 million in 2026, or 4%, compared with R35 298 million in 2025, which decreased by R167 million, or <1%, from 2024. This amount includes labour costs of R36 561 million (2025 - R35 317 and 2024 - R35 579 million), a share-based payment charge to the income statement of R918 million (2025 - R914 million and 2024 - R986 million), and a reduction from costs capitalised to projects of R692 million (2025 - R933 million and 2024 - R1 100 million). The increase in 2026 is mainly due to salary increases, higher short-term incentive bonus accrual and hired labour conversion to full time employees, partly offset by reduced headcount resulting from resource optimisation and vacancy management. Depreciation and amortisation. Depreciation and amortisation in 2026 amounted to R13 602 million, which represents a decrease of R400 million or 3%, compared with R14 002 million in 2025, which decreased by R1 642 million or 10% compared with R15 644 million in 2024. The decrease in depreciation relates mainly to the impact of impairments in prior years relating to the South African integrated value chain, Production Sharing Agreement Cash Generating Unit (CGU) and Chemicals America Ethane CGU. Other expenses and income. Other expenses and income in 2026 amounted to R16 435 million, an increase of R7 724 million, compared to R8 711 million in 2025, which decreased by R5 143 million from R13 854 million in 2024. This amount includes: ● Exploration expenditure and feasibility costs of R402 million (2025 - R509 million and 2024 - R422 million); ● Translation losses of R3 596 million (2025 - R897 million losses and 2024 - R839 million losses); ● Insurance costs of R924 million (2025 - R1 468 million and 2024 - R1 190 million); ● Information technology cost of R3 485 million (2025 - R3 467 million and 2024- R3 498 million); ● Hired labour of R667 million (2025 - R1 029 million and 2024- R988 million); ● Audit remuneration of R183 million (2025 - R177 million and 2024- R160 million); ● Professional fees of R1 489 million (2025 - R1 821 million and 2024- R2 076 million); ● Gains on derivative instruments (including crude oil instruments, foreign exchange instruments, and other commodity derivatives) of R1 426 million mainly due to the group's hedging activities and embedded derivatives, (2025- R2 003 million and 2024- R2 364 million); and ● Increase in rehabilitation provisions of R221 million (2025 - decrease of R2 872 million and 2024- decrease of R758 million). Other operating income in 2026 amounted to R4 139 million, which represents a decrease of R2 323 million, or 36%, compared with R6 462 million in 2025 and an increase of R2 437 million or 61% compared with R4 025 million in 2024. The decrease was mainly due to the absence of the once off recognition of R1 600 million for the legal settlement of Transnet legal proceedings in other operating income and insurance proceeds received by the Chemicals America segment in 2025, partially offset by a legal settlement received in 2026 related to the 2020 LDPE fire incident. (For information regarding the 2020 LDPE fire incident, refer to our Form 20-F for the year ended 30 June 2020). Remeasurement items For information regarding the remeasurement items recognised, refer to " Item 18-Financial Statements-Note 8 Remeasurement items affecting operating profit ". The decrease in remeasurement items in 2026 is mainly due to lower impairment costs in the South African integrated value chain and Sasol Italy Care Chemicals CGU. Share of profits from equity accounted investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Change ​ ​ ​ 2026 ​ ​ 2025 ​ ​ 2026/2025 ​ ​ 2024 ​ ​ 2025/2024 ​ ​ (Rand ​ ​ ​ (Rand ​ ​ ​ ​ in millions) ​ (%) ​ in millions) ​ (%) Profit before tax 431 2 607 (83) 2 701 (3) Tax (352) (984) (65) (943) 4 Share of profit of equity accounted investments, net of tax 79 1 623 (95) 1 758 (8) Remeasurement items, net of tax 36 5 620 (7) 171 ​ The share of profits of equity accounted investments (net of tax) amounted to R79 million in 2026 as compared to R1 623 million in 2025 and R1 758 million in 2024. The decrease from 2025 to 2026 mainly relates to lower profits from ORYX GTL due to outages in the first half of the financial year, as well as the plant shutdown from early March following the USA/Israel-Iran war disrupting gas supply. For information regarding the Equity accounted profits, refer to " Item 18-Financial Statements-Note 18 Equity accounted investments ". Finance costs and finance income For information regarding finance costs incurred and finance income earned, refer to " Item 18-Financial Statements-Note 6 Net finance costs ". The increase in net finance costs in 2026 is mainly due to lower finance income as a result of lower global interest rates and lower cash balances held during the 2026 financial year. Tax The effective tax rate decreased to 22% in 2026 compared to 37% in 2025 from negative 28% in 2024. The lower tax rate in 2026 was mainly as a result of prior-year Section 12L energy efficiency allowance claim, impact of future reduction of the German corporate income tax rate and lower non-deductible expenses incurred not deemed to be in the production of taxable income and absence of derecognition of a deferred tax asset in Italy. The tax rate in 2025 was primarily as a result of prior year adjustment mainly Section 12L allowances claimed in South Africa relating to prior years and non-deductible expenses incurred not deemed to be in the production of taxable income. The effective corporate tax rate for 2026 is 22% which is five percentage points lower than the South African corporate income tax rate of 27%. For further information regarding the tax charge, refer to " Item 18-Financial Statements-Note 9 Taxation ". Non-controlling interests For information regarding our non-controlling interests, refer to " Item 18-Financial Statements-Note 20 Interest in significant operating subsidiaries ". Profits attributable to non-controlling interests in subsidiaries of R2 309 million in 2026 increased by R1 350 million, from R959 million in 2025, which was an increase of R933 million from R26 million in 2024. The increase in earnings attributable to non-controlling interests in 2026 was largely due to an increase in the Sasol Oil's net profit for the year ended 30 June 2026 supported by higher sales volumes, favourable Brent crude oil prices, product differentials and refining margins. Financial Overview 2025 Group results Loss before interest and tax of R 27 305 million in 2024 increased (>100%) by R46 124 million to a profit before interest and tax of R18 819 million in 2025. Revenue decreased by 9% from 2024 to 2025 mainly due to lower sales volumes, while remeasurement items decreased by R55 769 million from R75 414 million in 2024 to R19 645 million in 2025 which was largely due to impairment costs at Chemicals America Ethane value chain. In 2025 oil prices averaged at US$74,59/bbl compared to US$ 84,74/bbl in 2024. Items which materially impacted earnings before interest and tax During 2025, earnings were impacted by the following significant items: ● a net remeasurement items loss of R19 645 million compared to a net remeasurement items loss of R75 414 million in the prior year. Included in the remeasurement items is the impairment of R11 831 million relating to Secunda liquid fuels refinery CGU, R3 142 million relating to PSA and R3 258 million relating to Sasol Italy Care Chemicals CGU. Segment review-results of operations Reporting segments are identified in the way in which the President and Chief Executive Officer organises segments within our group for making operating decisions and assessing performance. The segment overview included below is based on our segment results. Inter-segment turnover was entered into under terms and conditions substantially similar to terms and conditions which would have been negotiated with an independent third party. Refer to Business segment information " Item 18-Financial Statements-Segment information " for further detail regarding turnover and EBIT/(LBIT) per segment. Refer also to " Integrated Report-Integrated value chains " as contained in Exhibit 99.4. Southern Africa Energy and Chemicals Business Mining ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026/2025 ​ ​ ​ 2024 ​ ​ ​ 2025/2024 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ ​ millions) ​ (%) ​ millions) ​ (%) External turnover 4 3 640 (100) 3 874 (6) Inter-segment turnover 29 305 26 733 10 25 002 7 Total turnover 29 309 30 373 (4) 28 876 5 Operating costs and expenses (1) (25 595) (26 419) (3) (25 666) 3 Earnings before interest and tax 3 714 3 954 (6) 3 210 23 EBIT margin % 13 13 ​ ​ 11 ​ ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2026 compared to 2025 Total turnover decreased by 4% from R30 373 million to R29 309 million mainly due to the phase-out of export coal sales in 2026 partially offset by higher internal sales revenue. EBIT decreased by 6% to R3 714 million compared to the prior year. EBIT was negatively impacted by the aforementioned lower turnover, partially offset by income from leasing our allocation of Richards Bay Coal Terminal capacity, reduced depreciation and lower external coal purchases. Saleable production was marginally above the prior year. External purchases declined by 12%, supported by higher own production and the rerouting of volumes previously sold externally to internal operations. 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. Results of operations 2025 compared to 2024 Total turnover increased by 5% from R28 876 million to R30 373 million mainly due to the increase in the sales price of coal supplied to SO, partly offset by lower internal sales volumes and lower coal export revenues as a result of lower export coal prices. EBIT increased by 23% to R3 954 million compared to the prior year. EBIT was positively impacted by the aforementioned higher turnover partially offset by higher external coal purchases and once off Isibonelo mine closure costs. The decision in the third quarter of the 2025 financial year to temporarily close low-quality sections and increase coal purchases until the destoning plant reaches beneficial operation (BO) resulted in a 14% decrease in saleable production in the fourth quarter of the 2025 financial year compared to the previous quarter. As a result, saleable production for 2025 was 7% lower than the prior year, while external coal purchases increased by 9%. For further analysis of our results refer to an " Integrated Report-Delivering business value " as contained in Exhibit 99.6. Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ 2026/ ​ ​ ​ 2025/ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2024 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ ​ millions) ​ (%) ​ millions) ​ (%) External turnover 7 998 8 421 (5) 8 014 Inter-segment turnover 4 302 4 712 (9) 4 144 Total turnover 12 300 13 133 (6) 12 158 Operating costs and expenses (1) (11 088) (10 085) (5 455) Earnings before interest and tax 1 212 3 048 (60) 6 703 (55) EBIT margin % 10 23 ​ ​ 55 ​ ​ (1) Operating costs and expenses net of other income including exploration costs, remeasurement items and depreciation. Results of operations 2026 compared to 2025 Total turnover of R12 300 million decreased by 6% compared to the prior year mainly due to lower volumes and a stronger R/US$ exchange rate, partially offset by higher gas prices, including the benefit of the increased PSA contribution. EBIT decreased by 60% to R1 212 million from R3 048 million in the prior year. Excluding remeasurement items, earnings before interest and tax decreased by 29% driven by the aforementioned lower turnover, higher MRG acquisition costs, a lower rehabilitation provision credit and higher operating costs and depreciation associated with the PSA ramp-up. Remeasurement items for the period comprises the PSA impairment of R3 822 million due to a delay in producing and monetising some excess gas to South Africa as well as the impact of macro assumptions and the impairment of our investment in CTT of R462 million. In Mozambique, 2026 total gas production was 7% lower than prior year mainly due to operational constraints, flooding impacts and the natural decline in producing wells under the PPA assets. This was partially offset by the growing contribution from the 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. Results of operations 2025 compared to 2024 Total turnover of R13 133 million increased by 8% compared to the prior year mainly due to higher production and higher gas prices. Earnings before interest and tax decreased to R3 048 million from R6 703 million in the prior year largely impacted by remeasurement items arising from higher weighted average cost of capital ( WACC ) rate in Mozambique. Excluding remeasurement items, earnings before interest and tax increased by 36% driven by the aforementioned higher turnover and reduced rehabilitation provision in Mozambique. This was partially offset by translation effects and higher depreciation following the partial beneficial operation of the PSA Integrated Gas Facility in the fourth quarter of the 2024 financial year. Remeasurement items for the year primarily include the impairment for PSA mainly due to a higher WACC (R3 142 million) and Exploration Block PT5-C due to a pause in further development (R1 242 million), together with dry well capital exploration write-off (R0,3bn ). Prior year comprised of the reversal of the PSA impairment of R1,1bn after the asset reached partial beneficial operation. In Mozambique, gas production for 2025 was 1% higher than the prior year reflecting the additional PSA contribution. The external gas sales in South Africa for 2025 were 3% lower than the prior year mainly due to planned maintenance at the central processing facility (CPF) in first quarter of the 2025 financial year and the impact of the unrest in Mozambique in quarter three 2025. For further analysis of our results refer to " Integrated Report- Delivering business value " as contained in Exhibit 99.6. Fuels ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ 2026/ ​ ​ ​ 2025/ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ ​ 2024 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ ​ millions) ​ (%) ​ millions) ​ (%) External turnover 122 075 96 026 116 256 (17) Inter-segment turnover 3 199 2 393 2 608 (8) Total turnover 125 274 98 419 118 864 (17) Operating costs and expenses (1) (105 371) (93 197) (99 917) (7) Earnings before interest and tax 19 903 5 222 18 947 (72) EBIT margin % 16 5 ​ ​ 16 ​ ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2026 compared to 2025 Total turnover of R125 274 million increased by 27% compared to prior year of R98 419 million mainly due to higher sales volumes, favourable Brent crude oil prices and product differentials, partially offset by a stronger Rand/US$ exchange rate. Earnings before interest and tax was R19 903 million for the year compared to R5 222 million in the prior year. Excluding remeasurement items, earnings before interest and tax increased by 63%, positively impacted by the aforementioned higher turnover, partly offset by higher feedstock costs, lower equity-accounted earnings from ORYX GTL, an increased rehabilitation provision, hedging losses related to crude oil purchases and the once-off Transnet legal settlement benefit in the prior year. The current year includes remeasurement items of R7 860 million compared to R11 761 million in the prior year. The current year includes mainly the impairments of R7 692 million 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. Secunda Operations production volumes were 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 SA's shareholding capacity during the ongoing Prax business rescue process. ORYX GTL contributed a loss of R470 million to EBIT, >100% below prior year with current year performance impacted by the USA/Israel-Iran war. The plant remained offline during the fourth quarter of the 2026 financial year, after shutting down in early March 2026. Results of operations 2025 compared to 2024 Total turnover of R98 419 million decreased by 17% compared to prior year of R 118 864 million mainly due to weaker rand oil price, lower refining margins and lower sales volumes. Earnings before interest and tax was R5 222 million for the year compared to a R18 947 million in the prior year. Excluding remeasurement items, earnings before interest and tax decreased by 40% adversely impacted by the aforementioned lower turnover, higher feedstock and utility costs and lower equity accounted earnings from ORYX GTL party offset by the reduced rehabilitation provision at Secunda Operations and the once off Transnet settlement arrangement. The 2025 remeasurement items is mainly due to the impairment of R11 831 million relating to the Secunda liquid fuels refinery CGU, R1 256 million relating to the Sasolburg liquid fuels refinery CGU which remain fully impaired. This is partly offset by R1 428 million gain on disposal of business relating to the Uzbekistan GTL (UNG). This refers to the condition agreed at the time of sale of the asset to the UNG in 2016, to recover historical contributions made on the asset once production capacity reaches 90 - 95%. This condition was triggered in June 2025. The Secunda Operations and Sasolburg liquid fuels refinery CGUs remain fully impaired resulting in the full amount of capital expenditure incurred during the year being impaired. Secunda Operations production volumes of 6,7 mt were 4% lower than the prior year mainly due to ongoing coal quality challenges which impacted gasifier availability, as well as unplanned factory outages during the year. Natref production of 14,7 mm bbl in 2025 was 17% lower than prior year impacted by planned and unplanned outages. ORYX GTL contributed R948 million to earnings before interest and tax compared to R1 151 million in the prior year, with the higher production offset by the unfavourable macro-economic impacts and once off insurance proceeds received in the prior year in respect of the fire that occurred at the Air Separation Unit 2 during June 2022. Production for 2025 was 72% higher than the prior year largely due to the shutdown of Train 2 in 2024. Dividends declared by ORYX GTL amounted to R2 547 million (Sasol's share) compared to R1 112 million in the prior year. For further analysis of our results refer to " Integrated Report- Delivering business value " as contained in Exhibit 99.6. Chemicals Africa ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ 2026/ ​ ​ ​ 2025/ ​ ​ 2026 ​ 2025 ​ 2025 ​ 2024 ​ 2024 ​ ​ (Rand in ​ (%) ​ (Rand in ​ (%) ​ millions) ​ ​ millions) ​ ​ External turnover 59 862 60 716 (1) 63 829 (5) Inter-segment turnover 2 665 2 812 (5) 3 054 (8) Total turnover 62 527 63 528 (2) 66 883 (5) Operating costs and expenses (1) (65 866) (58 519) (60 593) (4) (Loss)/earnings before interest and tax (3 339) 5 009 (169) 6 290 (20) (LBIT)/EBIT margin % (5) 8 ​ ​ 9 ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2026 compared to 2025 Total turnover decreased by 2% from R63 528 million in 2025 to R62 527 million in 2026, mainly due to a stronger Rand/US$ exchange rate partially offset by higher sales volumes and slightly higher average US$ basket price. Sales volumes increased by 5% compared to prior year supported by improved production. EBIT decreased by 169% to LBIT of R3 339 million compared to prior year of R5 009 million. Excluding remeasurement items, EBIT is a positive R1 497 million and decreased by 75% compared to prior year, driven by the aforementioned lower turnover, higher feedstock costs, an increased rehabilitation provision and higher depreciation. Remeasurement items of R4 836 million include an impairment loss relating to the Polyethylene CGU (R3 742 million), the Sasolburg Chlor-Alkali and PVC CGU (R417 million) and the Sasolburg Wax CGU (R429 million). The Polyethylene CGU impairment is driven by stronger R/US$ exchange rates and lower longer term prices while the Sasolburg Chlor-Alkali and PVC and Wax CGUs remain fully impaired. Results of operations 2025 compared to 2024 Total turnover decreased by 5% from R66 883 million in 2024 to R63 528 million in 2025, mainly due to lower sales volumes and stronger R/US$ exchange rate partially offset by higher average US$ basket price despite challenging global market conditions. Sales volumes were 4% lower than 2024, impacted by lower chemicals production at Secunda Operations and Sasolburg operations. EBIT decreased by 20% to R5 009 million compared to prior year of R6 290 million. Excluding remeasurement items, EBIT decreased by 49% compared to prior year driven by the aforementioned lower revenue, higher feedstock and utility costs, depreciation and other operating costs. Remeasurement items for 2025 of R905 million include an impairment loss relating to the Sasolburg Chlor-Alkali and PVC CGU (R463 million) and the Sasolburg Wax CGU (R364 million) which remain fully impaired. This compares to the remeasurement items of R5 237 million in 2024 relating to the Sasolburg Chlor-Alkali and PVC CGU (R645 million), Sasolburg Wax CGU (R524 million) and Polyethylene CGU (R4 110 million). For further analysis of our results refer to " Integrated Report- Delivering business value " as contained in Exhibit 99.6. International Chemicals Business Chemicals America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ 2026/ ​ ​ ​ 2025/ ​ ​ 2026 ​ 2025 ​ 2025 ​ 2024 ​ 2024 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ millions) ​ (%) millions) ​ (%) External turnover 40 290 38 246 41 424 (8) Inter-segment turnover 593 457 381 Total turnover 40 883 38 703 41 805 (7) Operating costs and expenses (1) (36 786) (37 037) (1) (103 014) (64) Earnings/(loss) before interest and tax 4 097 1 666 (61 209) (103) EBIT/(LBIT) margin % 10 4 ​ (146) ​ (1) Operating costs and expenses net of other income. Results of operations 2026 compared to 2025 Total turnover improved by 6% from R 38 703 million to R40 883 million due to higher cracker utilisation, recent supportive market conditions due to the USA/Israel-Iran war as well as our ongoing strategic sales initiatives, offset by a stronger Rand/US$ exchange rate and a 5% decrease in the average sales basket price, mostly from lower ethylene market prices and changes in product mix. Sales volumes were 20% higher than the prior year, driven by 28% higher Base Chemicals sales volumes for the 2026 financial year, reflecting stronger cracker availability. Operating costs and expenses decreased, driven by savings from strategic reset initiatives and lower restructuring and transformation costs. The decrease was partially offset by the absence of insurance proceeds recognized in 2025 financial year, while a stronger Rand/US$ exchange rate provided additional benefit. Remeasurement items were minimal in both periods. Earnings before interest and tax of R4 097 million was more than 100% higher compared to the prior period earnings of R1 666 million. The improvement was mainly driven by higher sales volumes in Base and Differentiated Chemicals, as well as the continued focus on value-based pricing in Differentiated Chemicals. Results of operations 2025 compared to 2024 Total turnover decreased by 7% from R41 805 million to R38 703 million impacted by a reduction in volumes and a stronger Rand/US$ exchange rate offset by a 5% increase in sales basket price (US$/ton) driven by a stronger market price of ethylene in base chemicals and our value-over-volume strategy in differentiated chemicals. Sales volumes for the year were 10% lower than the prior year mostly due to unplanned outages. Operating cost and expenses decreased primarily due to the absence of remeasurement items and lower sales volumes, supported by savings from self-help measures and insurance proceeds. Remeasurement items in 2025 were immaterial compared to negative R59,7 billion in the prior year largely related to impairment losses on the Chemicals America Ethane value chain (Alcohols, Alumina, Ethylene Oxide and Ethylene Glycol) CGU (R58,9 billion) in Lake Charles. Earnings before interest and tax of R1 666 million was more than 100% higher compared to the prior period loss before interest and tax of R61 209 million that was impacted by remeasurement items. The improvement is related to a value-over-volume approach as well as stronger Ethylene market prices which lead to improved prices, lower depreciation after the impairment in the Ethane value chain (Alcohol CGU) in 2024 and reduced operating cost and expenses. For further analysis of our results refer " Integrated Report- Delivering business value " as contained in Exhibit 99.6. Chemicals Eurasia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ ​ ​ ​ 2026/ ​ ​ ​ 2025/ ​ ​ 2026 ​ 2025 ​ 2025 ​ 2024 ​ 2024 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ millions) ​ (%) millions) ​ (%) External turnover 41 889 42 047 (0) 41 714 Inter-segment turnover 435 524 (17) 487 Total turnover 42 324 42 571 (1) 42 201 Operating costs and expenses (1) (40 839) (43 782) (7) (44 589) (2) Earnings/(loss) before interest and tax 1 485 (1 211) (223) (2 388) (49) EBIT/(LBIT) margin % 4 (3) ​ (6) ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2026 compared to 2025 Total turnover was in line with the prior year due to higher prices negated by a stronger Rand/€ exchange rate. US$ sales revenue was 7% higher than in the prior year, mainly driven by a 13% increase in the average sales basket price that was supported by strong Q4 pricing, higher palm kernel oil (PKO) prices, favourable exchange rates and our ongoing strategic sales initiatives together with a more favourable product mix partly offset by lower sales volumes. 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 USA/Israel-Iran war while we also continue to prioritise our value-over-volume commercial strategy. Operating costs and expenses decreased supported by savings from strategic reset initiatives, including asset review measures, and a stronger Rand/€ exchange rate, lower remeasurement items a negated by higher transformation and restructuring costs, including the ongoing Enterprise Resource Planning (ERP) modernisation programme. Remeasurement items for the financial year included an impairment loss of R0,4 billion related to a further impairment of the Italy Care Chemicals CGU whereas the prior year included an impairment loss of R2,2 billion related to Alkylphenol plant mothballing, partly offset by reversal of impairment of the China CGU. The Italy Care Chemicals CGU remains fully impaired. Earnings before interest and tax improved by more than 100% to R1 485 million compared to the prior year's loss before interest and tax of R1 211 million. Excluding remeasurement items, earnings before interest and tax improved by 99% compared to prior year. This improvement was driven by higher unit margins and better product mix, partly offset by lower sales volumes while structural challenges in the European Chemicals market remain. Results of operations 2025 compared to 2024 Total turnover increased by 1% from R42 201 million to R42 571 million resulting from higher prices partially offset by stronger Rand/€ exchange rate, while sales volumes slightly decreased. The average sales basket price (US$/ton) for the financial year was 8% higher compared to the prior period supported by stronger PKO pricing and our ongoing strategic sales initiatives. Sales volumes are 4% lower than the prior year, driven by our deliberate value-over-volume strategy, the mothballing of the alkylphenol plant and the HF plant in the second quarter of the 2025 financial year and the ongoing weak economic environment. Operating costs and expenses decreased by 2%, mainly due to lower sales volumes and a stronger R/€ exchange rate. Additionally cost from inflation and cost related to the implementation of a modern ERP system were negated by savings from self-help measures. Remeasurement items for the financial year ended 30 June 2025 included an impairment loss of R3,3 billion related to the Italian assets as well as the Alkylphenol plant mothballing partly offset by reversal of impairment of the China CGU of R1,2 billion whereas the prior year included an impairment loss for the Italy Care Chemicals CGU of R2 billion. Loss before interest and tax decreased from R2 388 million to a loss of R1 211 million, mainly because of higher unit margins, partly offset by lower sales volumes at reduced operating costs and expenses. Depreciation was lower than the prior year related to an impairment for the Italy CGU in 2024. For further analysis of our results refer to " Integrated Report- Delivering business value " as contained in Exhibit 99.6 Significant accounting policies and estimates The preparation of our consolidated financial statements and accounting policies requires management to make estimates and assumptions that affect the reported results of our operations with management further required to select the appropriate assumptions for calculating financial estimates. By their nature, these judgements are subject to an inherent degree of uncertainty and are based on our historical experience, terms of existing contracts, management's view on trends in the industries in which we operate and information from outside sources and experts. Actual results may differ from those estimates. Management believes that the more significant judgement and estimates relating to the accounting policies used in the preparation of Sasol's consolidated financial statements could potentially impact the reporting of our financial results and future financial performance. We evaluate our estimates, including those relating to environmental rehabilitation and decommissioning obligations, long-lived assets, trade receivables, inventories, investments, intangible assets, income taxes, share-based payment expenses, hedges and derivatives, pension and other post-retirement benefits and contingencies and litigation on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making our judgements about carrying values of assets and liabilities that are not readily available from other sources. The critical accounting policies for the group relate to impairment assessment of non-financial assets and environmental provisions. In addition to the items below, "Item 18-Financial Statements" is incorporated by reference. For accounting policies and areas of judgements relating to: ● Going concern assumption, refer to " Item 18-Financial Statements-Note 1 Statement of Compliance "; ● Valuation of share-based payments, refer to " Item 18-Financial Statements-Note 32 Share-based payment reserve "; ● Impairments, refer to " Item 18-Financial Statements-Note 8 Remeasurement items affecting operating profit "; ● Valuation of financial instruments (including derivatives), refer to " Item 18-Financial Statements-Note 35 Financial risk management and financial instruments "; ● Long-term provisions, refer " Item 18-Financial Statements-Note 29 Long-term provisions "; ● Post-retirement benefit obligations, refer to " Item 18-Financial Statements-Note 31 Post-retirement benefit obligations "; ● Useful economic lives of assets and depreciation of assets, refer to " Item 18-Financial Statements-Note 16 Property, plant and equipment "; ● Controlling interest in subsidiaries refer to " Item 18-Financial Statements- Note 20 Interest in significant operating subsidiaries "; ● Investment value in joint ventures and associates refer to " Item 18-Financial Statements- Note 18 Equity accounted investments "; ● Recognition of deferred tax assets and utilisation of tax losses, refer to " Item 18-Financial Statements-Note 11 Deferred tax and Note 9 Taxation "; and ● Determination of whether an arrangement contains a lease, incorporating optional lease periods and determining the incremental borrowing rate in accordance with IFRS 16 Leases, refer to "Item 18-Financial Statements-Note 14 Leases ". Estimation of natural oil and gas reserves In accordance with the SEC regulations, proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible-from a given date forward, from known reservoirs under existing economic conditions, operating methods, and government regulations-prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract hydrocarbons must be approved and must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. Existing economic conditions define prices and costs at which economic producibility is to be determined. The price is the average sales price during the 12-month period prior to the reporting date (30 June), determined as an un-weighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Future price changes are limited to those provided by contractual arrangements in existence at year-end. Our reported natural oil and gas reserves are estimated quantities based on SEC reporting regulations. Additionally, we require that the estimated quantities of oil and gas and related substances to be produced by a project be sanctioned by all internal and external parties to the extent necessary for the project to enter the execution phase and sufficient to allow the consequent products to be brought to market. See " Item 4.D-Property, plants and equipment ". There are numerous uncertainties inherent in estimating quantities of reserves and in projecting future rates of production, including factors which are beyond our control. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgement. Estimates of oil and gas reserves therefore are subject to future revision, upward or downward, resulting from new data and current interpretation, as well as a result of improved recovery, extensions and discoveries, the purchase or sale of assets, and production. Accordingly, financial and accounting measures (such as the standardised measure of future discounted cash flows, depreciation and amortisation charges and environmental and decommissioning obligations) that are based on proved reserves are also subject to revision and change. Refer to " Table 5-Standardised measure of discounted future net cash flows relating to proved reserves ", on page G-6 for our standardised discounted future net cash flow information in respect of proved reserves for the year ended 30 June 2026 and to " Table 6-Changes in the standardised measure of discounted net cash flows ", on page G-7. Depreciation of natural oil and gas assets Depreciation of mineral assets on producing oil and gas properties and property acquisition costs is based on the units-of-production method. Apart from acquisition costs, which are depreciated using estimated proved reserves, mineral assets are depreciated using estimated proved developed reserves. Fair value estimations of financial instruments We base fair values of financial instruments on quoted market prices of identical instruments, where available. If quoted market prices are not available, fair value is determined based on other relevant factors, including dealers' price quotations and price quotations for similar instruments traded in different markets. Fair value for certain derivatives is based on pricing models that consider current market and contractual prices for the underlying financial instruments or commodities, as well as the time value and yield curve or fluctuation factors underlying the positions. Pricing models and their underlying assumptions impact the amount and timing of unrealised gains and losses recognised, and the use of different pricing models or assumptions could produce different financial results. Refer to " Item 11-Quantitative and qualitative disclosures about market risk ". 5.B Liquidity and capital resources Liquidity, cash flows and borrowings Based on our funding plan, our liquidity headroom is more than US$5 billion as at 30 June 2026, with available rand- and US dollar-based liquidity improving as we advance with our focused business performance improvement actions. Available facilities amounted to R92,4 billion at 30 June 2026, comprising cash (excluding restricted cash), committed banking facilities and debt arrangements. We continue to assess our mix of funding instruments to ensure that we have funding from a range of sources and a balanced maturity profile. We manage our liquidity risk by effectively managing our working capital, capital expenditure, cash flows from operations, and ensuring adequate available committed facilities We finance our capital expenditure from funds generated out of our business operations and borrowing facilities. For information regarding our funding cash flows and liquidity, refer to " Item 18-Financial Statements-Note 13 Long-term debt, Note 14 Leases, and Note 15 Short-term debt " which includes an overview of our borrowing facilities and debt arrangements. For more information regarding the impact of liquidity on our going concern assumption-refer to " Item 18-Financial Statements-Note 35 Financial risk management and financial instruments ". For information regarding the Company's cash flow requirements refer to the " Integrated Report-Summarised Financial Performance-Chief Financial Officer statement " as contained in Exhibit 99.3. The following table provides a summary of our cash flows for each of the three years ended 30 June 2026, 2025 and 2024. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (Rand in millions) Net cash retained from operating activities ​ ​ ​ 32 480 ​ 38 308 ​ 29 751 Net cash used in investing activities ​ (21 688) (25 886) (30 657) Net cash used in financing activities ​ (7 292) (16 609) (6 966) ​ Cash flows retained from operating activities include the following significant items. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (Rand in millions) Cash generated by operating activities ​ ​ ​ 41 970 ​ ​ ​ 47 803 ​ ​ ​ 52 321 Income tax paid ​ (5 624) (7 293) (10 932) Dividends paid ​ - (28) (7 633) ​ The cash generated by our operating activities is applied first to fund our operations, thereafter to pay our debts and tax commitments and then to provide a return in the form of a dividend to our shareholders. The net cash retained is then invested based on our capital allocation framework which is aimed at driving maximum shareholder return. Operating activities Cash generated by operating activities in 2026 decreased by 12% to R41 970 million, largely attributable to an increase in working capital, offset by higher cash flow from operations. For further information regarding our cash flow generation, refer to " Integrated Report-Summarised Financial Performance-Chief Financial Officer statement " as contained in Exhibit 99.3. Investing activities Net cash used in investing activities decreased to R21 688 million in 2026 as compared to R25 886 million in 2025. Cash flows utilised in investing activities include the following significant items. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (Rand in millions) Additions to non-current assets (1) ​ ​ ​ (21 104) ​ ​ ​ (25 983) ​ ​ ​ (30 428) Proceeds on disposals and scrappings ​ 215 372 129 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) (1) Includes additions to property, plant and equipment and other intangible assets. For information regarding cash flows used in investing activities refer to " Integrated Report- Summarised Financial Performance-Chief Financial Officer statement " as contained in Exhibit 99.3. For information regarding cash flows from additions and disposals, refer to " Item 18-Financial Statements-Note 16 Property, plant and equipment ". For details of our additions to non-current assets, and the projects to which these relate, refer to " Item 18-Financial Statements-Note 16 Property, plant and equipment " For details of our capital commitments refer to " Item 18-Financial Statements-Note 16 Property, plant and equipment ". Financing activities Net cash used in financing activities was R7 292 million in 2026 as compared to R16 609 million in 2025.The reason for the variance was mainly due to the repayment of long-term debt of R23,7 billion offset by loans raised of R18,6 billion. The group's operations are financed primarily by means of its operating cash flows. Cash shortfalls are usually short term in nature and are met primarily from short-term banking facilities. Our long-term capital expansion projects are financed by a combination of floating and fixed rate long-term debt, as well as internally generated funds. A centralised treasury model enables Sasol to optimise the group's cash and borrowing facilities wherever it is required. For information regarding our debt and funding structure, refer " Integrated Report- Summarised Financial Performance-Chief Financial Officer statement " as contained in Exhibit 99.3. Capital resources Sasol Financing Limited, Sasol Financing International Limited and Sasol Financing USA LLC act as our group's financing vehicles. All our group treasury, cash management and borrowing activities are facilitated through Sasol Financing Limited, Sasol Financing International Limited and Sasol Financing USA LLC. The group executive committee ( GEC ) and senior management meet regularly, to review and, if appropriate, approve the implementation of optimal strategies for the effective management of the group's financial risk. Our cash requirements for working capital, capital expenditures, debt service charge and acquisitions over the past three years have been primarily financed through a combination of funds generated from operations and borrowings. In our opinion, our working capital is sufficient for our present requirements. Our debt as at 30 June comprises the following. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2024 ​ ​ (Rand in millions) Long-term debt, including current portion ​ 92 374 102 645 117 031 Lease liabilities, including current portion ​ 17 444 ​ 17 360 ​ 17 437 Short-term debt ​ 1 148 666 566 Bank overdraft ​ 118 1 121 Total debt ​ 111 084 120 672 135 155 Less cash (excluding cash restricted for use) ​ (40 221) (38 423) (42 967) Net debt ​ 70 863 82 249 92 188 ​ As at 30 June 2026, we had R3 083 million (2025- R2 627 million) in cash restricted for use. Refer to " Item 18-Financial Statements-Note 25 Cash and cash equivalents " for a breakdown of amounts included in cash restricted for use. The group has borrowing facilities with major financial institutions and debt securities of R145 775 million (2025 - R148 133 million; 2024- R151 817 million;). Of these facilities and debt instruments, R93 478 million (2025 - R103 723 million; 2024- R118 784 million;) has been utilised at year end. Long-term debt of R92 374 million decreased by R10 271 million compared to 2025. Refer to " Item 18- Financial Statements-Note 13 Long-term debt ", herein for a breakdown of our banking facilities and the utilisation thereof. Included in the above-mentioned borrowing facilities is our uncommitted Domestic Medium Term Notes programme of R15 000 million with R11 378 million of the programme being unissued at 30 June 2026 and commercial banking facilities with R7 450 million available facilities. It further includes a Revolving credit facility of R32 574 million that is fully available to the group for further funding requirements. The ratio of Net Debt (Contractually Determined) to Covenant EBITDA as applied to our covenant calculations as at 30 June 2026 computed to 1.08 times, which was significantly below the covenant level. Financial instruments and risk Refer to "Item 11-Quantitative and qualitative disclosures about market risk" for a breakdown of our liabilities summarised by fixed and floating interest rates. Debt profile and covenants The information set forth under "Item 18-Financial Statements-Note 13 Long-term debt" is incorporated by reference. Capital commitments Refer "Item 18-Financial Statements-Note 16 Property, plant and equipment" . The discussion below includes forward-looking statements. For a discussion of factors that could cause actual results to differ from those expressed or implied in forward-looking statements, please refer to "Forward Looking Statements" above. You should not place undue reliance on forward-looking statements. Contractual obligations/commitments. The following significant contractual obligations existed at 30 June 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Within ​ 1 to 5 ​ More than Contractual obligations ​ ​ ​ amount ​ ​ ​ 1 year ​ ​ ​ years ​ ​ ​ 5 years ​ ​ (Rand in millions) Bank overdraft 118 118 - - Capital commitments 31 163 ​ 23 300 ​ 7 863 ​ - Environmental and other obligations (2) 14 742 ​ 781 ​ 1 859 ​ 12 102 External long-term debt (1) 113 323 ​ 17 424 ​ 80 289 ​ 15 610 External short-term debt 1 148 1 148 ​ - - Lease liabilities (1) 41 127 2 804 ​ 9 808 ​ 28 515 Post-retirement healthcare obligations (2) 4 927 360 ​ 1 273 ​ 3 294 Post-retirement pension obligations (2) 7 433 378 ​ 1 393 ​ 5 662 Purchase commitments (3) 404 025 ​ 57 986 ​ 127 014 ​ 219 025 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total 618 006 104 300 228 752 284 208 (1) Include interest payments. (2) Represents discounted values. (3) 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). Sasol has established a renewable energy portfolio exceeding 1,3 GW of generation capacity and 660 MWh of battery energy storage, representing one of the largest corporate renewable energy portfolios in South Africa. 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, increasing total operational renewable energy capacity to approximately 508 MW. The remaining projects are expected to be brought into operation over the next two to three years. 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. Refer to " Item 18-Financial Statements-Note 16 Property, plant and equipment " for significant capital commitments and " Note 29 Long-term provisions ". 5.C Research and development, patents and licences Refer to the "Item 4.B-Business overview- Factors on which the business depends - Intellectual Property" for further information research and development, patents and licences. 5.D Trend information Refer to the " Integrated Report-Summarised Financial Performance-Chief Financial Officer statement " as contained in Exhibit 99.3 and " Integrated Report-Executing Strategy-Operating Context" as contained in Exhibit 99.8. 5.E Critical Accounting Estimates Not Applicable ​ ​ ​ ​

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