Sasol Limited Overview
Sasol is South Africa's largest integrated energy and chemicals producer and the world's leading commercial operator of Fischer-Tropsch coal-to-liquids and gas-to-liquids technology. Its Southern African value chain begins with captive coal mines and Mozambican natural gas. These feed the Secunda synthetic fuels and chemicals complex and the Sasolburg chemicals operations. The chain extends through the Natref crude refinery to wholesale, commercial and retail fuel channels, and it anchors a domestic polymers, solvents and specialty chemicals business. International Chemicals (the Lake Charles complex in the United States plus sites in Germany, Italy and China) adds alcohols, surfactants, alumina, waxes and olefins. Since 2024 CEO Simon Baloyi has run a "reset". Its main elements are: restoring Secunda volumes and coal quality, cutting cost and capex, closing loss-making international units, and deleveraging towards US$3bn of net debt before dividends resume. FY2026 delivered adjusted EBITDA up 17% to R60.7bn and net debt of US$3.3bn. The equity nevertheless remains a geared exposure to oil, the rand and chemical cycles, overlaid by heavy carbon-transition risk.
Company self-description
In its FY2026 materials Sasol describes itself as a global energy and chemicals company. It says it applies its knowledge and technology inside large, world-scale plants, and that it sources, produces and markets a broad range of products to create value for stakeholders [AIA26]. Its product overview lists: diesel, petrol, naphtha, jet fuel, LPG, olefins, alcohols, polymers, solvents, surfactants, co-monomers, ammonia, methanol, crude tar acids, sulphur, illuminating paraffin, bitumen and fuel oil, plus further derivatives [R26 web page].
Independent characterisation
Sasol is two businesses joined by a balance sheet.
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Southern Africa Energy and Chemicals (SA E&C). This is a vertically integrated, coal- and gas-based Fischer-Tropsch value chain.
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Inputs: 28.4 mm tons of saleable coal (FY2026) and 114.0 bscf of Mozambican natural gas.
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Conversion: the Secunda Operations (SO) complex produced 7.26 mm tons in FY2026, of which fuels were 3.63 mm t and chemicals 3.00 mm t. Natref, Sasol's 63.64%-owned crude refinery, produced 25.8 mm bbl in FY2026.
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Sales: 57.5 mm bbl of liquid fuels through three channels (Mobility/retail 10.5, Commercial 28.0, Wholesale 19.0 mm bbl), and 3,542 kt of Chemicals Africa external sales.
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In FY2026 the segment generated R189.9bn of external turnover (70% of group) and R46.8bn of adjusted EBITDA (77% of group) [AIA26].
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International Chemicals (IC). This comprises Chemicals America (the Lake Charles, Louisiana complex: ethane cracker, Ziegler alcohols, alumina, ethylene oxide/glycol, tetramerisation, co-monomers) and Chemicals Eurasia (Germany, Italy, China: essential care chemicals, alcohols, linear alkylbenzene, paraffins, high-purity alumina). IC generated R82.2bn of external turnover (30%) and R10.2bn of adjusted EBITDA (US$604m; 12% margin) in FY2026 [AIA26].
Business and revenue model
| Dimension | Characterisation | Evidence |
|---|---|---|
| Revenue type | Almost entirely product sales (fuels, gas, chemicals). Minor other income comes from technology licence fees, rental income (including Richards Bay Coal Terminal capacity leasing), emission grants and insurance proceeds. No material subscription revenue | [AIA26] "Other income" note |
| Product vs service vs licensing mix | Product ≈ 98–99%+. Licensing and services are not separately disclosed as revenue; they sit within other income (R4.1bn total other income in FY2026, all types) | [AIA26] |
| Pricing | SA fuels are priced off the regulated Basic Fuel Price (import-parity) formula. SA piped gas is priced under NERSA maximum-gas-price regulation. Chemicals follow global commodity benchmarks (Sasol says it is not a price-setter for most of its chemicals portfolio) | [AIA26] key sensitivities; [20F26] |
| Value-chain position | Upstream (coal mining, gas production) → midstream (FT synthesis, gasification, refining, cracking) → downstream (fuel retail, chemical derivatives) | [AIA26] |
| Customer types | Fuel retailers and franchisees; commercial and industrial fuel buyers (mining, agriculture, transport, aviation including O.R. Tambo International Airport jet fuel supply); oil-company wholesale customers; industrial gas users; chemical converters and formulators (packaging, detergents, personal care, coatings, pharmaceuticals, catalysts, explosives) | [AIA26]; [NEWS] |
| End-markets | Transport fuels and aviation; mining and explosives; agriculture (fertilisers); packaging and plastics (polyethylene, polypropylene, PVC); home and personal care (surfactants, alcohols); coatings, inks and adhesives (solvents); catalysts, ceramics and battery/advanced materials (alumina); energy and power | [20F26]; company product catalogue |
Key FY2026 operating scale [AIA26]
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Saleable coal production (mm t) | 30.2 | 28.2 | 28.4 |
| Mozambique natural gas production (bscf) | 120.8 | 122.2 | 114.0 |
| Secunda Operations production (kt) | 6,990 | 6,721 | 7,260 |
| Natref production (mm bbl) | 17.8 | 14.7 | 25.8 |
| ORYX GTL production, Sasol share basis (mm bbl) | 2.9 | 5.0 | 3.0 |
| Liquid fuel sales (mm bbl) | 51.7 | 50.9 | 57.5 |
| Chemicals Africa external sales (kt) | 3,515 | 3,375 | 3,542 |
| Chemicals America external sales (kt) | 1,764 | 1,592 | 1,904 |
| Chemicals Eurasia external sales (kt) | 1,026 | 990 | 942 |
Strategy
Strategic framework
Sasol's overarching purpose framing combines a stronger foundation business with a "Grow and Transform" agenda. At the Capital Markets Day on 20 May 2025, management presented a "strategic reset" built on four pillars [CMD25]:
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Restore the Southern Africa value chain. Improve coal quality (destoning, X-ray sorting, real-time coal-quality testing), raise plant reliability and enforce cost discipline. The aim is a lower oil breakeven.
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Reset International Chemicals. Shift from volume to value, close or exit underperforming assets, and target a through-cycle EBITDA margin of at least 15% by FY2028. M&A, unbundling or partnerships (including a possible IPO or partial listing of US assets) are options to crystallise value [CMD25; Bloomberg Jan 2025; Chemical Week Mar 2025].
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Grow and Transform. Renewables, low-carbon products, SAF/ecoFT and an integrated power business (electricity trading licence via Nomusize).
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Deliver the revised Emission Reduction Roadmap (ERR). Hold the 30% GHG reduction by 2030 with no production turn-down, using renewables, gas, market mechanisms and boiler optimisation instead of volume cuts [CMD25; ESG].
Medium-term targets (CMD 2025 and later updates)
| Target | Horizon | Status (FY2026) | Source |
|---|---|---|---|
| SA Brent breakeven of US$50/bbl (nominal) | FY2028 | FY2026 actual US$49.0/bbl, flattered by US$6–9/bbl from the Q4 macro tailwind and no SO shutdown. FY2027 guidance US$53–58/bbl | [AIA26]; [CMD25] |
| Secunda production ≥7.4 mm t/a | FY2028 | 7.26 mm t (FY2026); FY2027 guidance 7.2–7.4 mm t | [CMD25]; [AIA26] |
| IC EBITDA margin ≥15% through-cycle (Financial Mail reports US$750–850m EBITDA) | FY2028 | 12% / US$604m (FY2026); FY2027 guidance 10–12% / US$450–600m | [CMD25]; [AIA26] |
| Group adjusted EBITDA R64–71bn | FY2028 | R60.7bn (FY2026) | PSG summary of [CMD25] |
| Cost savings R10–15bn (relative to inflation) | FY2028 | Cash fixed costs flat at about R70bn for three years | [CMD25]; [AIA26] |
| Capex reduction of R15–20bn vs previous guidance | Through FY2028 | FY2027 maintain capex cut to R22–25bn from R27–29bn guided at CMD | [AIA26] |
| Net debt (excl. leases) sustainably < US$3bn before dividends | FY2027–FY2028 | US$3.26bn; FY2027 guidance below US$3.3bn | [R26]; [AIA26] |
| Dividend: 30% of FCF once net debt < US$3bn | On trigger | No dividend FY2025–FY2026 | [R26] |
| 30% Scope 1+2 GHG reduction vs 2017 | 2,030 | About 20% net reduction in FY2025 (including 3.8 Mt of offsets) | [ESG] |
| Renewables: 1 GW by 2028, 2 GW by 2030 | 2028 / 2030 | More than 500 MW operating; more than 1,350 MW secured | Parqet summary of [H126]; [R26] |
Strategic initiatives announced or executed in the last 24 months
| Initiative | Type | Detail | Source |
|---|---|---|---|
| Coal destoning plant | Operational transformation | Beneficial operation Dec 2025, within schedule and cost (under R1bn); sinks fell below the 12–14% guidance | [AIA26] |
| International Chemicals reset | Restructuring | Four asset closures/mothballings (US Guerbet, Marl alkylphenol, US phenolics, Augusta HF LAB); 190 IC roles removed; ERP modernisation in the Northern Hemisphere; value-over-volume pricing | [CW]; [AIA26] |
| Brunsbüttel high-purity alumina expansion | Selective growth | €60m FID (Jul 2026); start-up FY2029 | [NEWS] |
| Augusta paraffin restart | Opportunistic | Planned H1 FY2027, responding to global supply constraints after the Middle East disruption | [NEWS] |
| Natref: use of Prax SA capacity | Commercial | Natref production +76% in FY2026 (6.9 mm bbl above Sasol's 63.64% share) | [AIA26] |
| Natref hybrid refinery / Clean Fuels II | Compliance | Completion in FY2027; Secunda CF2 work concludes Dec 2026 | [AIA26] |
| Mozambique PSA and Junction Compression | Feedstock | PSA beneficial operation Mar 2026; Junction Compression below R1.5bn | [AIA26] |
| Renewable PPAs (with Air Liquide) | Transform | Impofu 330 MW (Enel/Perpetua) COD 30 Jun 2026; Damlaagte 97.5 MW COD Aug 2025; De Aar 2 South 140 MW and Paarde Valley 120 MW (TotalEnergies/Mulilo); Naos-1 300 MW solar + 660 MWh battery (SOLA; financial close Feb 2026) | [REN] |
| Electricity trading licence (Nomusize) | New business | NERSA approval Nov 2025 | [H126 metrics] |
| Hedging programme | Financial risk | FY2027 oil hedges complete (put spreads around a US$59/bbl floor); rand/US$ collars in progress | [AIA26] |
| Liability management | Financing | R5.3bn floating-rate bond (Jul 2025); US$750m 8.75% 2033 bond with partial buyback of 2028/2029 bonds (Apr 2026); RCF repayment of R8.4bn | [AIA26] |
| Carbon-tax recycling advocacy | Policy | Increasing growth/transform capex above R1bn depends on SA allowing carbon-tax revenue recycling into transformation | [AIA26] |
FY2027 guidance (published 1 Sep 2026) [AIA26]
| Metric | FY2026 target | FY2026 actual | FY2027 guidance |
|---|---|---|---|
| Cash fixed cost increase | Below inflation | 0.4% | Below inflation |
| Capital expenditure | R20–22bn | R21bn | R23–26bn |
| Net trading working capital / turnover | 15.5–16.5% | 18.3% | 15.5–16.5% (6-month annualised) |
| Net debt excl. leases | < US$3.7bn | US$3.3bn | < US$3.3bn |
| Mining saleable production | 28–30 mm t | 28 mm t | 30–32 mm t |
| Mining sinks | 12–14% | below 12% | below 12% |
| Mining cost per sales ton | R700–750 | R734 | R680–750 |
| Mozambique gas production (Sasol share) | 5–10% below FY2025 | 7% below | 0–5% above FY2026 |
| SO production | 7.0–7.2 mm t | 7.3 mm t | 7.2–7.4 mm t |
| Fuel sales volumes | 10–15% above | 13% above | 3% below to 3% above |
| Chemicals Africa sales volumes | 0–5% above | 5% above | 0–5% above |
| SA Brent breakeven | US$55–60/bbl | US$49/bbl | US$53–58/bbl |
| IC adjusted EBITDA | US$375–450m | US$604m | US$450–600m |
| IC adjusted EBITDA margin | 8–10% | 12% | 10–12% |
Macro assumptions for FY2027: R/US$ 15.80–17.00; Brent US$70–100/bbl; petrol crack US$15–35/bbl; diesel crack US$20–75/bbl; NEA PE/PP US$850–1,100/t; US ethylene margin 18–24 US c/lb [AIA26].
Products & Services
Launch years and list prices are generally not publicly disclosed for commodity and intermediate chemicals. Pricing models are as described in Sasol filings: BFP-regulated fuels, NERSA-capped gas, and market-indexed chemicals.
Mining
| Product / service | Description and capability | Target customer | Pricing |
|---|---|---|---|
| Gasification and boiler coal | Underground coal from collieries supplying Secunda (Syferfontein, Shondoni, Twistdraai, Impumelelo) and Sasolburg (Mooikraal). The Syferfontein satellite shaft is under development | Internal: Secunda and Sasolburg | Transfer pricing (intersegment) |
| Destoning plant (Dec 2025) | Beneficiation plant (repurposed export plant) that lowers "sinks" (stone content). FY2027 sinks guidance: below 12% | Internal coal-quality improvement | Not applicable (capex under R1bn) [AIA26] |
| Export thermal coal | Phased out in Q1 FY2026. Richards Bay Coal Terminal capacity is now leased out for income | Formerly seaborne buyers | Formerly API4-linked (not disclosed) |
Gas
| Product / service | Description | Target customer | Pricing |
|---|---|---|---|
| Natural gas (Mozambique) | Pande-Temane PPA (Sasol 70%) and PSA (100%; beneficial operation Mar 2026). FY2026 production 114.0 bscf (78% PPA / 22% PSA) | Mozambican domestic market (16.4 bscf); SA via ROMPCO | Contracted / regulated |
| Natural gas and methane-rich gas (SA) | Piped gas sold to SA industry (55.3 bscf in FY2026) | Industrial gas users, traders, resellers | NERSA maximum gas price. Jul 2025–Jun 2026 maximum of R87.04/GJ for end users (Jul–Sep 2025 quarter, adjustable quarterly) [LEG] |
| Condensate (Mozambique) | 476.3 thousand bbl in FY2026 (+83%) from liquid-rich Temane fields and PSA wells | Export buyers | Market |
| Junction Compression project | Extends the PPA gas plateau; estimated cost below R1.5bn; completion in FY2027 | Internal | — |
| Power (equity) | Equity interest in Central Térmica de Temane (CTT) gas-to-power plant (impaired R0.5bn in FY2026) | Mozambique grid | — |
Fuels (Energy) — product by product
| Product / brand | Description | Target customer | Notes |
|---|---|---|---|
| Sasol Turbofuels™ petrol: ULP93 and ULP95 | Unleaded petrol with Sasol additive technology | Motorists (Mobility channel) | BFP-regulated retail price |
| Sasol Turbodiesel™ (10 ppm and 50 ppm) and Diesel DCA | Low and ultra-low sulphur diesel | Motorists, fleets, mining, agriculture | Clean Fuels II compliance programme at Secunda concludes by Dec 2026 [AIA26] |
| Jet fuel (Jet A-1, including Sasol synthetic jet fuels) | Supplied in part to O.R. Tambo International Airport | Airlines, airports | Natref continuity measures in place [NEWS Rigzone Sep 2026] |
| LPG, illuminating paraffin, fuel oil, bitumen, naphtha | Refinery and FT co-products | Commercial and wholesale | Black products about 11% of Commercial volumes in FY2026 [AIA26] |
| Mobility retail network | More than 380 retail convenience centres in SA, with franchising | Consumers | [Sasol overview presentation 2025] |
| Sasol Delight (and Sasol Delight Bakery) | Convenience retail and food brand | Consumers | Non-fuel retail; revenue not disclosed |
| Sasol Rewards | Customer loyalty programme | Consumers | — |
| Business Energy Solutions | Energy offering for business customers | Commercial and industrial | — |
| ORYX GTL (49% equity) | Gas-to-liquids plant at Ras Laffan, Qatar, with QatarEnergy. Shut in early Mar 2026 due to the Middle East conflict; both trains restarting and ramping up in Aug 2026 | GTL diesel, naphtha | Equity-accounted loss of R0.5bn in FY2026 [AIA26] |
| Natref (63.64%) | Inland crude refinery at Sasolburg (commissioned 1971) | Inland SA market | Breakeven estimated at US$7–8/bbl refining margin [AIA26] |
| Electricity trading licence (Nomusize) | NERSA approved Nov 2025 | Integrated power and electricity trading | [H126 business metrics, Jan 2026] |
Chemicals Africa
| Product line | Description | FY2026 data | Target customer |
|---|---|---|---|
| Polymers (SA Polymers) | Polyethylene, polypropylene, PVC (Sasolburg Chlor-Alkali/PVC CGU, fully impaired) | 1,241 kt sold (42% of Base Chemicals) | Converters, packaging, pipes |
| Solvents | Alcohols, ketones and other FT-derived oxygenates | Part of Base Chemicals (2,934 kt total) | Coatings, inks, pharma, mining reagents |
| Co-monomers and olefins | 1-hexene, 1-octene and other alpha olefins from Secunda | — | Polyethylene producers |
| Ammonia and nitrogen products / explosives | Ammonia (Secunda); explosives through the Sasol Dyno Nobel JV, including Zetes explosives track-and-trace | — | Mining, agriculture |
| Waxes (Sasolburg Wax, fully impaired CGU) | FT hard waxes and paraffin waxes (brands such as Sasobit® and Sasolwax®) | Part of Differentiated Chemicals (608 kt total) | Hot-melt adhesives, asphalt, candles, coatings |
| Crude tar acids, phenolics, sulphur | Gasification by-products | — | Resins, agrochemicals |
| Average basket price | US$1,001/t in FY2026 (FY2025: US$990/t) | [AIA26] | — |
Chemicals America (Lake Charles, Louisiana)
| Product line / brand | Description | Notes |
|---|---|---|
| Ethylene and co-products (East cracker) | Merchant ethylene; 650 kt of ethylene and co-products sold in FY2026 | Cracker availability improved after the Mar 2024 fire. Louisiana cracker restart reported Jan 2026 [NEWS] |
| Polyethylene | 352 kt sold in FY2026 (via LIP JV with LyondellBasell) | — |
| Ziegler alcohols (NACOL®, ALFOL® families) | Linear primary alcohols | Detergents, personal care. Ziegler unit fire Oct 2022 led to force majeure (since lifted) [AIA23] |
| Guerbet alcohols (ISOFOL®) | Branched alcohols | Plant mothballed in 2025 [CW] |
| Alumina (CATAPAL®, PURAL®, DISPERAL®) | High-purity boehmite and alumina | Catalysts, ceramics, coatings |
| Ethylene oxide / ethylene glycol; ethoxylates | Surfactant intermediates | — |
| Tetramerisation (1-octene, 1-hexene) | Co-monomers. CGU impairment reversed by R3.6bn in FY2023 after reliability gains | [AIA23] |
| Alkylates / paraffins | Kerosene feedstock is processed and resold. The resale (US$131m in FY2026) is booked as revenue but excluded from volumes | [AIA26] |
| US phenolics (Texas) | Closed in FY2026 (impairment reversal of R0.2bn) | [20F25]; [AIA26] |
| Volumes and price (FY2026) | 1,904 kt (Base 1,232 kt; Differentiated 672 kt); basket price US$1,253/t | [AIA26] |
Chemicals Eurasia
| Product line / brand | Sites | Notes |
|---|---|---|
| Essential care chemicals: fatty alcohols, ethoxylates, alkyl sulphates (e.g., MARLIPAL®, COSMACOL®) | Germany (Marl, Brunsbüttel), Italy, China | Feedstocks include palm kernel oil; China Care Chemicals impairment of R1.2bn reversed in FY2025 [AIA26] |
| Linear alkylbenzene (LAB) and n-paraffins | Augusta, Italy | HF-technology LAB plant mothballed. A paraffin unit restart is planned for H1 FY2027 because of global supply constraints [NEWS] |
| Alkylphenols | Marl, Germany | Mothballed in 2025 [CW] |
| Advanced materials: high-purity, spherical and ultra-high-purity alumina | Brunsbüttel, Germany | €60m expansion FID (July 2026), operations from FY2029. Sasol expects up to 15% lower CO2 per tonne [NEWS FilingReader; Parqet] |
| Italian Care Chemicals CGU | Italy | Fully impaired (R3.3bn in FY2025; a further R0.4bn in FY2026) [AIA26] |
| Volumes and price (FY2026) | 942 kt, all Differentiated; basket price US$2,633/t (+13%) | [AIA26] |
Technology and "Grow and Transform" offerings
| Offering | Description | Status |
|---|---|---|
| Fischer-Tropsch (FT) technology and licensing | Coal-, gas- and future power-to-liquids FT; licence fee income sits within other income | Amounts not separately disclosed |
| Sasol ecoFT / SAF | Power-to-liquids and biomass-to-liquids SAF; 50/50 JV with Topsoe | MoU Feb 2023; JV documentation pending approvals (Accura case note). Commercial production not yet disclosed |
| Green hydrogen (Sasolburg) and Boegoebaai | Sasolburg green hydrogen spend of R389m in FY2023 (2nd-order capex); Boegoebaai (Northern Cape) green hydrogen / PtX studies | [AIA23]; sasol.com Boegoebaai page |
| Renewable power procurement | More than 500 MW operating and more than 1,350 MW secured via PPAs (with Air Liquide) | [R26] |
Financial Narrative
Sources: FY2022–FY2023 from [AIA23]; FY2024–FY2026 from [AIA26]. "(computed)" marks analyst calculations.
Income statement
Notes:
- FY2022 YoY growth is computed against FY2021 turnover of R201,910m.
Gross profit: Sasol reports "gross margin" (turnover less variable cost) rather than IFRS gross profit after all cost of sales. It is presented here as the gross profit equivalent.
EBITDA: Sasol discloses only adjusted EBITDA (EBIT before D&A, share-based payments, remeasurement items, rehabilitation discount-rate changes, and unrealised translation and derivative gains/losses). An unadjusted EBITDA line is not publicly disclosed. FY2022–FY2023 adjusted EBITDA is as originally reported [AIA23] and may differ from any later restatement.
Pre-tax income: FY2022 R55,541m and FY2023 R14,514m [AIA23 eleven-year table]. The FY2026 effective tax rate was 22% and the adjusted rate 25% [AIA26].
FY2026 interim versus final dividend: no interim or final dividend was declared in FY2025 or FY2026 [R26][R25].
Margin profile (computed from reported figures)
Revenue CAGR (computed):
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FY2021–FY2026 (5 years): +6.1% p.a. (R201.9bn → R272.1bn).
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FY2022–FY2026 (4 years): –0.1% p.a. (R272.7bn → R272.1bn), i.e., flat in rand and down in US dollars (US$17.9bn → US$16.1bn).
Balance sheet
Notes:
Net debt definition change: FY2024–FY2026 net debt excludes equity-accounted JV net debt (restated in [AIA26]). FY2022–FY2023 use the earlier definition, which deducted JV cash and added JV leases. The FY2025 net debt excluding leases was originally reported as R64,964m [R25] and restated to R64,889m. FY2024 was originally R74,501m and restated to R74,751m.
Currency of debt: 89% of long-term debt is US$-denominated and 11% rand at 30 Jun 2026 (rand share up from 6%) [AIA26].
Short-term debt in FY2026: includes the US$650m bond due Sep 2026 and the US$750m convertible bond due 8 Nov 2027. The convertible was reclassified to current under IAS 1 because holders can convert at any time [AIA26].
Cash flow
Notes:
FCF definition: cash available from operating activities less first-order capital and capital accrual movements. FY2022–FY2023 values were aligned to this framework in [AIA23].
Buybacks: no share repurchase programme is disclosed in the reviewed filings for FY2022–FY2026. Zero is shown on that basis.
FY2025 FCF: included the Transnet settlement (R3.1bn net after tax). Excluding it, FY2026 FCF rose 26% [R26].
Returns, leverage and efficiency ratios
Notes:
Cash conversion cycle (days): not publicly disclosed. Sasol manages and reports net trading working capital as a percentage of turnover instead, with a target of 15.5–16.5% [AIA26].
Finance cost cover: (EBIT + finance income) ÷ finance costs paid [AIA26].
- The FY2022 averages use FY2021 opening balances (total assets R360,743m; equity R146,489m) [AIA23].
Commentary on trends, inflections and drivers
Revenue. Turnover peaked at R289.7bn in FY2023 on a weak rand (R17.77/US$) and US$87/bbl Brent [AIA23]. It then fell for two years: Brent dropped to US$74.59/bbl by FY2025, chemical basket prices weakened, and Secunda volumes slipped to 6.72 mm t. FY2026 recovered 9%. Sales volumes rose 4%, Brent rose 7% to US$79.47/bbl, and Q4 FY2026 benefited from a sharp move after the Strait of Hormuz closure (H2 FY2026 Brent averaged US$92.57/bbl versus US$66.38 in H1) [AIA26]. The 7% stronger rand partly offset this.
Margins. The gross margin percentage has been stable at 44–47% since FY2023. The bigger story is below gross margin:
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Cash fixed costs have been held at about R70bn for three consecutive years (FY2024 R69.5bn; FY2025 R69.9bn; FY2026 R70.2bn) despite SA inflation of 3–5% [AIA26]. This is a real-terms reduction of roughly 10% and a genuine management achievement.
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Adjusted EBITDA margin recovered to 22% in FY2026. EBIT margin remains depressed (9.4%) because of recurring impairments: R33.9bn (FY2023), R75.4bn (FY2024), R19.6bn (FY2025) and R17.3bn (FY2026) of remeasurement items.
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The cumulative R146bn of remeasurements over four years is the single most important feature of Sasol's recent accounts. Much of it relates to the Secunda liquid fuels refinery and the US ethane value chain.
Earnings. Basic EPS has been highly volatile (R62.34 → R14.00 → –R69.94 → R10.60 → R18.99). Headline EPS, which strips out remeasurements, gives a cleaner picture: it fell from R53.75 (FY2023) to R18.19 (FY2024) and recovered to R38.31 (FY2026) [AIA26]. HEPS was within the R36–40 trading-statement guidance [NEWS Engineering News, 5 Aug 2026].
Balance sheet.
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Total assets fell R70bn between FY2023 and FY2026, almost entirely through PPE impairments (PPE R225.5bn → R146.7bn).
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Shareholders' equity fell from R196.9bn (FY2023) to R143.0bn (FY2024), then rebuilt to R163.1bn.
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Net debt excluding leases has fallen for two consecutive years to US$3.26bn. This is the lowest in 10 years per Sasol, helped by R4.5bn of net repayments and a R7bn translation benefit from the stronger rand [AIA26].
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Gearing of 43.5% and net debt/EBITDA of 1.2x are now within comfortable ranges.
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The near-term maturity wall is meaningful: US$650m due Sep 2026 and US$750m convertible due Nov 2027. Liquidity of about US$5bn covers it [AIA26].
Cash flow.
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FCF conversion is structurally low: FCF/turnover was 4.4% in FY2026 [AIA26]. Heavy sustenance capex (R13.0bn), shutdowns, coal feedstock capex and taxes absorb most operating cash.
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Capex fell 18% in FY2026 to R20.9bn (in line with revised R20–22bn guidance). Reasons: the end of the Environmental Compliance Programme and the Mozambique PSA build, and no Secunda phase shutdown in FY2026. The FY2027 guidance of R23–26bn reflects a return of the SO shutdown [AIA26].
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Working capital is the near-term lever. NWC rose to 18.3% of turnover (16.6% on a 6-month annualised basis) because of higher Q4 prices, use of Prax's Natref capacity and pre-shutdown fuel stockpiles. Sasol expects part of this to unwind in Q1 FY2027 [AIA26].
Returns. ROIC excluding AUC recovered from –15.2% (FY2024) to 9.3% (FY2026) [AIA26]. Computed ROE of 7.7% remains below any plausible SA cost of equity (Sasol's impairment WACC was 14.66% in FY2023 [AIA23]). On a full-cycle basis, the business is not yet earning its cost of capital.
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Financial Ratios (x) and Income Statement
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue / turnover (ZAR Mn) | 272,746 | 289,696 | 275,111 | 249,096 | 272,118 |
Revenue at average R/US$ (USD Mn, computed) | 17,932 | 16,303 | 14,704 | 13,709 | 16,111 |
Revenue growth YoY (%, computed) | 35.1 | 6.2 | -5.0 | -9.5 | 9.2 |
Gross margin (ZAR Mn) | 142,584 | 128,674 | 127,895 | 112,118 | 126,341 |
Cash fixed cost (ZAR Mn) | 62,121 | 68,836 | 69,490 | 69,872 | 70,158 |
Adjusted EBITDA (ZAR Mn) | 71,843 | 66,305 | 60,012 | 51,764 | 60,705 |
Adjusted EBITDA at average R/US$ (USD Mn, computed) | 4,723 | 3,731 | 3,207 | 2,849 | 3,594 |
Remeasurement items charge, negative = net gain (ZAR Mn) | -9,903 | 33,898 | 75,414 | 19,645 | 17,320 |
EBIT / operating income (ZAR Mn) | 61,417 | 21,520 | -27,305 | 18,819 | 25,690 |
Attributable earnings / net income (ZAR Mn) | 38,956 | 8,799 | -44,271 | 6,767 | 12,149 |
Basic EPS (R) | 62.34 | 14.00 | -69.94 | 10.60 | 18.99 |
Diluted EPS (R) | 61.36 | 13.02 | -69.94 | 10.54 | 18.73 |
Headline EPS (R) | 47.58 | 53.75 | 18.19 | 35.13 | 38.31 |
Dividends per share (R) | 14.70 | 17.00 | 2.00 | 0 | 0 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 52.3 | 44.4 | 46.5 | 45.0 | 46.4 |
Adjusted EBITDA margin (%) | 26.3 | 22.9 | 21.8 | 20.8 | 22.3 |
EBIT margin (%) | 22.5 | 7.4 | -9.9 | 7.6 | 9.4 |
Net margin, attributable (%) | 14.3 | 3.0 | -16.1 | 2.7 | 4.5 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (ZAR Mn) | 419,548 | 433,838 | 364,980 | 359,555 | 363,818 |
Cash and cash equivalents (ZAR Mn) | 43,140 | 53,926 | 45,383 | 41,050 | 43,304 |
Long-term debt (ZAR Mn) | 82,500 | 94,304 | 103,871 | 88,554 | 67,874 |
Short-term debt (ZAR Mn) | 24,184 | 31,758 | 15,990 | 16,940 | 27,402 |
Total debt per debt roll-forward (ZAR Mn) | 105,089 | 124,306 | 117,718 | 103,312 | 93,640 |
Long-term lease liabilities (ZAR Mn) | 14,266 | 14,382 | 15,173 | 15,177 | 15,690 |
Net debt excluding leases (ZAR Mn) | 62,450 | 71,451 | 74,751 | 64,889 | 53,419 |
Net debt excluding leases (USD Mn) | 3,836 | 3,794 | 4,109 | 3,656 | 3,259 |
Shareholders' equity (ZAR Mn) | 188,623 | 196,904 | 143,005 | 152,427 | 163,056 |
Total equity incl. NCI (ZAR Mn) | 193,197 | 201,524 | 147,427 | 157,611 | 170,034 |
Goodwill and other intangibles (ZAR Mn) | 3,051 | 3,191 | 2,462 | 2,350 | 2,503 |
Current assets (ZAR Mn) | 131,966 | 134,219 | 126,623 | 130,101 | 145,983 |
Current liabilities (ZAR Mn) | 91,773 | 88,758 | 66,596 | 69,436 | 81,673 |
Working capital, CA minus CL (ZAR Mn, computed) | 40,193 | 45,461 | 60,027 | 60,665 | 64,310 |
Net asset value per share (R) | 301.56 | 312.40 | 225.06 | 238.50 | 254.74 |
Financial Analysis
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Cash generated by operating activities, after working capital (ZAR Mn) | 56,138 | 64,637 | 52,321 | 47,803 | 41,970 |
Cash available from operating activities (ZAR Mn) | 41,158 | 49,609 | 37,601 | 38,541 | 32,993 |
Capital expenditure (ZAR Mn) | 22,713 | 30,854 | 30,159 | 25,413 | 20,872 |
Free cash flow, Sasol definition (ZAR Mn) | 18,585 | 20,404 | 7,173 | 12,558 | 11,889 |
Dividends paid incl. to NCI (ZAR Mn) | 908 | 14,187 | 7,850 | 233 | 513 |
Share buybacks (ZAR Mn) | 0 | 0 | 0 | 0 | 0 |
Margin Analysis (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on average shareholders' equity (%, computed) | 23.2 | 4.6 | -26.0 | 4.6 | 7.7 |
ROA on average total assets (%, computed) | 10.0 | 2.1 | -11.1 | 1.9 | 3.4 |
ROIC excluding AUC (%, reported) | 20.7 | 5.5 | -15.2 | 5.8 | 9.3 |
Current ratio (x) | 1.4 | 1.5 | 1.9 | 1.9 | 1.8 |
Total borrowings to shareholders' equity (%) | 55.7 | 63.1 | 82.0 | 68.0 | 57.0 |
Gearing: net debt incl. leases to equity (%) | 41.8 | 44.7 | 64.5 | 54.0 | 43.5 |
Net debt to adjusted EBITDA (x) | 1.1 | 1.3 | 1.5 | 1.6 | 1.2 |
Interest (finance cost) cover (x) | 11.4 | 3.4 | -2.8 | 2.7 | 4.0 |
Asset turnover on average total assets (x, computed) | 0.70 | 0.68 | 0.69 | 0.69 | 0.75 |
Net trading working capital to turnover (%) | 14.8 | 12.4 | 14.2 | 15.4 | 18.3 |
Revenue by Region (x)
| Region (segment proxy) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Southern Africa (SA E&C: Mining, Gas, Fuels, Chemicals Africa) external turnover (ZAR Mn) | 191,973 | 168,803 | 189,939 |
North America (Chemicals America) external turnover (ZAR Mn) | 41,424 | 38,246 | 40,290 |
Europe and Asia (Chemicals Eurasia) external turnover (ZAR Mn) | 41,714 | 42,047 | 41,889 |
Geographic Revenue
| Region (segment proxy) | FY2025 vs FY2024 (%) | FY2026 vs FY2025 (%) |
|---|---|---|
Southern Africa | -12.1 | 12.5 |
North America | -7.7 | 5.3 |
Europe and Asia | 0.8 | -0.4 |
Revenue by Region
| Region | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Chemicals Africa external sales revenue (USD Mn) | 3,411 | 3,342 | 3,544 |
Chemicals America external sales revenue (USD Mn) | 2,214 | 2,105 | 2,385 |
Chemicals Eurasia external sales revenue (USD Mn) | 2,230 | 2,315 | 2,480 |
Country Overview
| Country | Disclosed data (FY2026) |
|---|---|
South Africa | Liquid fuel sales of 57.5 mm bbl; piped natural gas and methane-rich gas sales of 55.3 bscf |
Mozambique | Natural gas sales of 16.4 bscf; condensate of 476.3 thousand bbl; gas production of 114.0 bscf |
Qatar | ORYX GTL equity-accounted loss of R0.5bn |
United States | Chemicals America turnover of R40.9bn; 1,904 kt sold |
Germany, Italy, China | Combined in Chemicals Eurasia (R42.3bn total turnover); individual country turnover not publicly disclosed in reviewed sources |
Share Price and Valuation Multiples (x)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
JSE closing share price at FY-end (R) | 371.68 | 233.26 | 138.10 | 78.76 | 161.66 |
NYSE ADR closing price at FY-end (USD) | 23.06 | 12.38 | 7.61 | 4.42 | 9.82 |
Market capitalisation, ordinary shares (ZAR Mn) | 233,898 | 147,980 | 88,688 | 50,651 | 104,674 |
Enterprise value (ZAR Mn) | 320,070 | 242,745 | 186,036 | 138,383 | 183,019 |
EV to adjusted EBITDA (x, computed) | 4.46 | 3.66 | 3.10 | 2.67 | 3.01 |
EV to sales (x, computed) | 1.17 | 0.84 | 0.68 | 0.56 | 0.67 |
Price to book (x) | 1.25 | 0.76 | 0.63 | 0.33 | 0.65 |
Price to headline EPS (x, computed) | 7.81 | 4.34 | 7.59 | 2.24 | 4.22 |
Dividend per share (R) | 14.70 | 17.00 | 2.00 | 0 | 0 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | ≈ R161.5bn | 647.76m ordinary shares [MKT] |
P/E (diluted EPS R18.73) | ≈ 13.3x | Google Finance shows 13.26x |
P/HEPS (R38.31) | ≈ 6.5x | [AIA26] HEPS |
EV/adjusted EBITDA | ≈ 3.9x | EV ≈ R239bn = market cap R161.5bn + NCI R7.0bn + debt R111.1bn – cash R40.2bn (30 Jun 2026 balances) |
EV/sales | ≈ 0.88x | FY2026 turnover |
P/B | ≈ 0.99x | Shareholders' equity R163.1bn |
Dividend yield | 0% | No dividend since the FY2024 interim |
FCF yield (FY2026 FCF / current market cap) | ≈ 7.4% | R11.9bn / R161.5bn |
Share Price History
| Period | Start price | Oct 2026 price | Return |
|---|---|---|---|
1-year (Oct 2025 → Oct 2026) | US$6.33 | US$15.14 | ≈ +139% |
3-year (Oct 2023 → Oct 2026) | US$12.34 | US$15.14 | ≈ +23% |
5-year (Oct 2021 → Oct 2026) | US$14.70 | US$15.14 | ≈ +3% |
Capital Markets
| Indicator | Value | Source |
|---|---|---|
Analyst coverage | 15 analysts | Simply Wall St |
Recommendation split | 4 Buy / 4 Hold / 0 Sell (one aggregator) | Parqet |
Average 12-month price target | R245.82 (late Aug 2026); recent revisions ranged from R182.92 to R269.77 | Fintel |
Earnings consensus | FY2026 HEPS guidance midpoint was slightly below Bloomberg/Visible Alpha consensus; EBITDA midpoint was above | Parqet (Aug 2026) |
Dividend History
| FY | DPS (R) | Comment | Source |
|---|---|---|---|
FY2020–FY2021 | 0 | Suspended during the deleveraging | [AIA23] |
FY2022 | 14.70 | Highest since at least 2005 | Energy Voice |
FY2023 | 17.00 | Interim R7.00 + final R10.00 | [AIA23] |
FY2024 | 2.00 | Interim only; no final | [AIA26] |
FY2025 | 0 | Net debt above trigger | [R25] |
FY2026 | 0 | Net debt US$3.3bn above the US$3bn trigger | [R26] |
Credit Ratings
| Agency | Current rating | Outlook | Date | Previous |
|---|---|---|---|---|
S&P Global | BB+ | Negative | 14 Oct 2025 | BB+ stable (Oct 2022) |
Moody's | Ba1 | Negative | May 2025 (affirmed 5 Mar 2026) | Ba1 stable (Nov 2023) |
Fitch | Not rated / not publicly disclosed | — | — | — |
SA sovereign (context) | S&P BB (positive, affirmed 29 May 2026); Moody's Ba2 (positive, 22 May 2026) | — | — | — |
Capital Instruments
| Instrument | Maturity | Coupon / rate | Amount (USD Mn or ZAR Mn) |
|---|---|---|---|
US$ bond | Sep 2026 | 4.38% | US$650m |
US$ convertible bond (conversion price US$18.79) | 8 Nov 2027 | 4.50% | US$750m |
US$ bond (partly repurchased) | Sep 2028 | 6.50% | US$334m outstanding |
US$ bond (partly repurchased) | May 2029 | 8.75% | US$666m outstanding |
US$ term loan | Apr 2030 | SOFR + adj + 1.65% | US$982m |
Rand floating-rate bond | Jul 2030 | 3m JIBAR + 3.7% | R5,327m |
US$ bond | Mar 2031 | 5.50% | US$850m |
US$ bond | Apr 2033 | 8.75% | US$750m |
Revolving credit facility (undrawn) | Apr 2030 | SOFR + adj + 1.45% | US$1,987m available |
Commercial paper (DMTN) | Uncommitted | 3m JIBAR + 1.42–1.59% | R3,622m utilised of R15bn |
Bucket Details
| Bucket | Rm | USD Mn |
|---|---|---|
1 year | 12,816 | 782 |
2 years | 14,842 | 905 |
3 years | 20,295 | 1,238 |
4 years | 11,700 | 714 |
5 years and over | 32,721 | 1996 |
Analyst Conclusions
Management guidance (FY2027)
Headlines:
-
Capex R23–26bn (the SO phase shutdown returns).
-
Net debt below US$3.3bn.
-
SO production 7.2–7.4 mm t.
-
Fuel sales –3% to +3%.
-
SA breakeven US$53–58/bbl.
-
IC adjusted EBITDA US$450–600m.
-
Working capital back to 15.5–16.5%.
-
Cash fixed costs below inflation.
Management signals that dividends resume only once net debt is sustainably below US$3bn. The CFO's stated priority is to use excess cash for deleveraging [AIA26]; [Financial Mail Sep 2025].
Consensus growth expectations
Formal consensus revenue and EPS growth for FY2027 were not publicly available in the sources reviewed. Aggregator price targets (average about R246) sit at or slightly below the current price (about R248), implying the market has largely priced the FY2026 recovery [MKT].
Bull case
-
Deleveraging to dividend. At FY2026 FCF run-rates (R11.9bn), plus working-capital unwind from 18.3% toward 16%, net debt could cross below US$3bn within FY2027. That would trigger a 30%-of-FCF dividend (≈ R3.5bn on FY2026 FCF, ≈ R5.5/share) and second-order capital returns [AIA26].
-
Structural breakeven improvement. Destoning, a five-year-high SO output and flat cash costs have taken the SA breakeven toward the US$50/bbl target. Even after the US$6–9/bbl FY2026 tailwind is stripped out, the underlying breakeven of about US$55–58/bbl (consistent with FY2027 guidance) is below FY2025's US$58.9/bbl [AIA26].
-
Tight product markets and IC self-help. Sasol expects Hormuz and Russian supply constraints to support cracks into FY2027 (diesel US$20–75/bbl). The IC reset has already doubled US$ EBITDA. At an EV/EBITDA of about 3.9x, modest delivery on CMD's R64–71bn FY2028 EBITDA ambition implies material equity upside [AIA26]; [CMD25].
Bear case
-
Windfall reversal. FY2026 EBITDA was heavily back-end loaded (H2 R39.7bn vs H1 R21.0bn) on a geopolitical oil spike. A return to H1-style conditions (Brent about US$66, R/US$ about 17) implies an annualised EBITDA run-rate near R42bn, renewed FCF pressure and delayed dividends [AIA26].
-
Impairment treadmill and carbon cost. The Secunda liquid fuels CGU remains fully impaired, so every rand of its capex is written off. Rand strength and long-term price assumptions keep triggering Polyethylene and PSA impairments. Carbon-tax escalation and a 30% target partly met with offsets leave the equity exposed to policy shifts [AIA26]; [ESG].
-
Credit, controls and governance overhang. Both rating agencies hold negative outlooks. The US$750m convertible and US$650m bond fall due by Nov 2027. Four unremediated material weaknesses persist. State-linked investors hold about 28%, which could pressure capital allocation toward national objectives (e.g., Natref or Prax support) over shareholder returns [AIA26]; [20F26]; [OWN].
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst | What to watch |
|---|---|---|
| Q4 CY2026 | Annual General Meeting (Nov 2026, date to be confirmed); Integrated Report / Remuneration Report | Say-on-pay given the CEO's R42.9m package; climate resolutions |
| Q4 CY2026 | Natref Prax SA business-rescue outcome | Buyer of the 36.36% stake; continuity of Sasol's capacity use |
| Q4 CY2026 – Q1 CY2027 | Secunda phase shutdown and Natref shutdowns (early FY2027) | Execution; volumes within 7.2–7.4 mm t guidance |
| Jan 2027 | H1 FY2027 business performance metrics | ORYX GTL ramp-up; IC volumes; Augusta paraffin restart |
| Feb 2027 | H1 FY2027 interim results | Net debt trajectory vs US$3bn; working-capital unwind |
| Ongoing | NERSA maximum gas price decision for the period after Jun 2026; Competition Tribunal case | Gas segment margins |
| Ongoing | S&P and Moody's outlooks | Potential revision to stable as leverage falls |
| Ongoing | Oil, cracks, R/US$, US ethylene margin | Sensitivities: R650m per US$1/bbl Brent; R840m per US$1/bbl crack; R810m per 10c R/US$ |
| By Nov 2027 | US$750m convertible bond maturity | Cash vs share settlement (conversion price US$18.79) |
| Policy | Carbon-tax recycling decision | Unlocks growth/transform capex above R1bn |
Concluding analyst verdict
Sasol enters FY2027 in its strongest financial position since before the Lake Charles overrun.
-
Net debt is US$3.26bn, the lowest in a decade.
-
Liquidity is about US$5bn.
-
Secunda is running at a five-year high.
-
Cash costs have been held flat for three years.
-
International Chemicals has more than doubled its US$ EBITDA from the FY2024 trough.
The Capital Markets Day scorecard, long met with scepticism given Sasol's earlier failure to reach a US$30–35/bbl breakeven, now has visible traction. FY2026 met or beat every production and sales guidance metric.
The quality of FY2026 earnings nevertheless deserves caution. Roughly two-thirds of adjusted EBITDA arrived in the second half, when the Strait of Hormuz closure lifted Brent above US$90/bbl and diesel cracks near US$48/bbl. Management's own disclosure attributes US$6–9/bbl of the US$49/bbl breakeven to that tailwind and the absence of a shutdown. Impairments continue every year: the fully impaired Secunda fuels refinery writes off its own sustaining capital. Free-cash conversion remains thin at about 4% of turnover. Both rating agencies retain negative outlooks.
At about R248 the shares trade near 6.5x HEPS, about 3.9x EV/EBITDA and roughly book value. That is inexpensive in absolute terms and reflects carbon-transition and SA country risk. After a share-price gain of more than 100% in a year, however, the valuation already discounts much of the recovery; the average price target sits slightly below the current price.
The investment case is now binary on one milestone: net debt sustainably below US$3bn. Crossing it in FY2027 would restore a 30%-of-FCF dividend and validate the reset. Missing it because cracks normalise or the rand strengthens would leave Sasol a high-beta commodity proxy with structural carbon liabilities.
Overall assessment: improving fundamentals, fair-to-full valuation after the 2026 re-rating. Positioning should be driven by the investor's oil, rand and crack-spread outlook rather than by stock-specific upside alone.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Born / age | Board since | Committees (per [LDR]) | Education / prior roles |
|---|---|---|---|---|---|
Muriel Dube | Independent Non-Executive Chairman (Chair since Sep 2024) | 1972 / ~54 | 2018 | Chairs Nomination & Governance; Safety, Social & Ethics (see discrepancy note) | MSc Environmental Change & Management (Oxford). Former SA chief climate negotiator (UNFCCC); BHP Billiton; Anglo American; Investec; Bidvest; CEO Nozala Investments. NED of UK Infrastructure Bank |
Simon Baloyi | President & CEO; Executive Director | 1976 / ~50 | CEO from 1 Apr 2024 | Capital Investment; Safety, Social & Ethics | MSc Eng (Chemical), MSc Engineering Management; INSEAD and Harvard programmes. Joined Sasol 2002; EVP Energy Operations & Technology from 2022 |
Walt Bruns | CFO; Executive Director | 1981 / ~45 | 1 Sep 2024 | Capital Investment | BCom (Stellenbosch), CA(SA). Ex-Deloitte (SA and US); CFO Sasol Southern Africa; CFO global chemicals (more than 3 years) |
Vuyo Kahla | EVP Commercial & Legal; Executive Director | 1970 / ~56 | Nov 2019 (GEC since 2011) | Safety, Social & Ethics | BA, LLB. Company Secretary 2011–2019; ex-Transnet GEC; Standard Bank Africa Exco; former legal adviser in the Presidency |
Martina Flöel | Lead Independent Director | 1960 / ~66 | 2018 | Chairs Remuneration; Capital Investment; SSE; Nom & Gov | PhD Chemistry (TU München). Ex-CEO OXEA; NED Synthomer plc |
Trix Kennealy | Independent NED | 1958 / ~68 | 2017 | Chairs Audit; Capital Investment; Nom & Gov | BCom (Hons) Accountancy. Ex-CFO SARS; ex-COO Absa CIB; Lead Independent Director Standard Bank Group |
Manuel Cuambe | Independent NED | 1962 / ~64 | 2016 | Chairs Capital Investment; Remuneration; Nom & Gov | BEng. Ex-CEO Electricidade de Moçambique (2005–2012); NED Standard Bank Mozambique |
Stanley Subramoney | Independent NED | 1958 / ~68 | 2021 | Audit; Remuneration | CA(SA). Ex-Deputy CEO PwC Southern Africa; CEO Menston Holdings; chairs Nedbank Audit Committee |
David Eyton | Independent NED | 1961 / ~65 | 2024 | Chairs Safety, Social & Ethics (per his profile); Capital Investment; Nom & Gov | BA/MA Engineering (Cambridge). BP 1982–2022 (technology, venturing, R&D, energy transition); FREng |
Xikongomelo Maluleke | Independent NED | 1981 / ~45 | 2025 | Audit; Safety, Social & Ethics | CA, MBA. Ex-Shell Downstream SA, BPSA; ex-CFO Lumika Renewables; former Sasol South Africa director (Khanyisa trustee appointee) |
Rhidwaan Gasant | Independent NED | — | 1 Feb 2026 | — | Appointment announced 20 Jan 2026 [NEWS zonebourse/SENS summary] |
“—” = not publicly disclosed.
Executive Leadership Team
| Name | Title | Born | GEC since |
|---|---|---|---|
Simon Baloyi | President & CEO | 1,976 | 2022 |
Walt Bruns | CFO | 1,981 | 2024 |
Vuyo Kahla | EVP Commercial & Legal | 1,970 | 2011 |
Antje Gerber | EVP International Chemicals | 1,967 | 2024 |
Victor Bester | EVP Operations & Projects | 1,970 | 2024 |
Christian Herrmann | EVP Marketing & Sales, Energy & Chemicals Southern Africa | 1,973 | 2024 |
Sarushen Pillay | EVP Business Building, Strategy & Technology | 1,976 | 2024 |
Thabile Makgala | EVP People, Risk, SHE & Corporate Affairs | — | 2025 |
Sandile Siyaya | EVP Mining | 1,982 | 2025 |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | FY | Base salary | Total remuneration | Notes | Source |
|---|---|---|---|---|---|
Simon Baloyi (CEO) | FY2026 | R16.29m | R42.9m | STI is 80% group / 20% individual metrics; LTI gains of R3.5m (up about 891%) | [PAY] DailyInvestor (Sep 2026, citing Sasol's remuneration report) |
Simon Baloyi (CEO) | FY2025 | R12.51m | R25.9m | Salary about 48% of total | [PAY] DailyInvestor; Simply Wall St |
Simon Baloyi | FY2024 | ~R7m | ~R17m | Partial year as CEO | [PAY] Simply Wall St |
Walt Bruns (CFO) | FY2025 | — | ≈ US$0.73m | Aggregator USD conversion | [PAY] Yahoo Finance |
Victor Bester (EVP) | FY2025 | — | ≈ US$0.64m | Aggregator | [PAY] Yahoo Finance |
Sarushen Pillay (EVP) | FY2025 | — | ≈ US$0.55m | Aggregator | [PAY] Yahoo Finance |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change |
|---|---|
1 Apr 2024 | Simon Baloyi succeeds Fleetwood Grobler as CEO |
1 Jun 2024 | Steven Westwell retires as Chairman; Muriel Dube acts as Chair |
31 Aug / 1 Sep 2024 | Hanré Rossouw steps down as CFO; Walt Bruns appointed CFO and executive director |
Sep 2024 | Muriel Dube appointed permanent Chairman |
| 2024 | GEC rebuilt (Gerber, Bester, Herrmann, Pillay); David Eyton joins Board |
| 2025 | Maluleke joins Board; Makgala and Siyaya join GEC; board/committee changes 9 Jun 2025 and 22 Aug 2025 |
1 Feb 2026 | Rhidwaan Gasant joins as independent NED |
16 Feb 2026 | Katherine Harper resigns as NED |
1 Jun 2026 | Committee reconstitution (announced 15 May 2026) |
Major Shareholders
| Rank | Holder | Stake (%) | Date / source |
|---|---|---|---|
| 1 | Public Investment Corporation (PIC, SA state pension fund manager) | 20.19 | 13 Jul 2026, after acquiring a further 5.14% (up from 15.05%) [OWN] |
| 2 | Allan Gray (Pty) Ltd | ≈10.0 | [OWN] Simply Wall St (2025–2026) |
| 3 | Industrial Development Corporation of SA (state-owned) | 8.26 | [OWN] |
| 4 | FMR LLC (Fidelity) | ≈5.07 | [OWN] |
| 5 | The Vanguard Group | ≈4.14 | [OWN] |
| 6 | Pzena Investment Management | ≈3.02 | [OWN] |
| 7 | Sanlam Investment Management | — | [OWN] |
| 8 | Charles Schwab Investment Management | — | [OWN] |
| 9 | M&G Investment Managers (SA) | — | [OWN] |
| 10 | Ninety One UK | — | [OWN] |
“—” = not publicly disclosed.
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Overlap | Relative positioning |
|---|---|---|---|
SA fuels (refining and marketing) | Astron Energy (Glencore) | Cape Town refinery; retail and commercial fuels | Coastal refiner and importer; Sasol has the inland synthetic/crude supply advantage |
SA fuels | Engen (Vivo Energy group) | Retail and commercial fuels | Large retail network; import-based |
SA fuels | TotalEnergies Marketing SA | Retail and commercial | Exited Natref stake (sold to Prax); import-reliant |
SA fuels | Fuel traders and importers (e.g., Vitol, Trafigura and others) | Wholesale imports via Durban, Richards Bay, Saldanha | Rising import share (Sasol notes higher fuel imports weighing on sales) [eNCA] |
GTL / CTL technology | Shell (Pearl GTL, Qatar) | Gas-to-liquids products, synthetic waxes and paraffins | Largest GTL operator; competes in GTL base oils and waxes |
CTL (China) | China Energy (CHN Energy) and Chinese CTL producers | Coal-to-liquids and coal-to-chemicals | Large-scale state-backed CTL capacity |
Commodity chemicals (olefins, polyethylene) | Dow Inc. | US Gulf ethylene and polyethylene | Global PE leader |
Commodity chemicals | LyondellBasell | US Gulf olefins and polymers; also Sasol's LIP JV partner | Peer and partner |
Commodity and specialty chemicals | BASF | Surfactants, alcohols, care chemicals, catalysts | Largest diversified chemicals group |
Alpha olefins / co-monomers | Chevron Phillips Chemical; INEOS Oligomers; Shell (SHOP) | 1-hexene and 1-octene | Sasol is the main FT-based co-monomer producer |
Detergent alcohols / oleochemicals | Kao; KLK Oleo; Wilmar; Musim Mas; Ecogreen | Fatty alcohols (palm-based) | Asian oleochemical producers have a feedstock cost advantage |
Surfactants / care chemicals | Clariant; Evonik; Croda; Stepan; Huntsman | Ethoxylates, specialty surfactants | Specialty peers with higher margins |
LAB / paraffins | Moeve (formerly Cepsa Química); Farabi Petrochemicals; Reliance | Linear alkylbenzene | Sasol mothballed Augusta HF LAB |
High-purity alumina | Sumitomo Chemical; Baikowski | HPA for catalysts, ceramics, batteries | Sasol expanding at Brunsbüttel |
Polymers in SA | Imports (Middle East/Asian PE and PP); Safripol (local PET/HDPE/PP) | SA polymers market | Sasol is the dominant local polyolefin producer |
Competitive Advantages & Vulnerabilities
| Advantages (evidence) | Vulnerabilities (evidence) |
|---|---|
Integrated, captive feedstock chain (own coal and Mozambique gas) and an inland location insulated from coastal import logistics; SO at a five-year high in FY2026 [AIA26] | Very high carbon intensity: about 10% of SA's total emissions [ESG fact sheet]; Secunda liquid fuels CGU fully impaired [AIA26] |
Unique FT technology base (CTL/GTL, FT waxes, co-monomers) | Feedstock depletion: PPA gas in natural decline; ERR volumes reduce after FY2030 with Mozambican gas decline [20F26; ESG fact sheet] |
Dominant piped-gas position in SA [LEG] | Regulatory exposure: NERSA pricing, Competition Commission excessive-pricing case [LEG] |
Strong liquidity (about US$5bn) and improving leverage (1.2x) [AIA26] | Rand strength reduces rand revenue; about 89% of long-term debt is in US$ [AIA26] |
Specialty niches in alcohols and alumina, with expansion optionality (Brunsbüttel) | IC still sub-scale in margins versus specialty peers; oversupply in commodity chemicals expected to persist [AIA26] |
Peer Comparison FY2026
| Metric | Sasol (FY2026, to Jun 2026) | Dow (CY2025) | LyondellBasell (CY2025) | BASF (CY2025) |
|---|---|---|---|---|
Revenue | R272.1bn (≈ US$16.1bn at R16.89/US$) | US$40.0bn | US$30.15bn | ≈ €59.6bn (derived from EBITDA bSI €6.55bn at an 11.0% margin) |
Revenue growth YoY | +9.2% (ZAR) | — | –9.7% (2024: US$33.39bn) | Declined "considerably" per management; ≈ –3% on derived figures |
Profitability | Adjusted EBITDA margin 22.3% | Operating EBIT US$0.4bn (≈1% margin); GAAP net loss US$2.4bn | EBITDA excl. identified items US$2.54bn (≈8.4%); net loss US$0.74bn | EBITDA bSI margin 11.0% |
Leverage | Net debt/EBITDA 1.2x | — | — | — |
Recent Developments
Layoffs and hiring: headcount fell from 27,411 to 27,239 in FY2026. This included 571 resource-optimisation reductions offset by 399 hired-labour conversions in Mining [AIA26].
