BUSINESS PERFORMANCE METRICS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025

Rhea-AI Summary

Sasol (NYSE:SSL) published business performance metrics for the six months ended 31 December 2025 on 22 January 2026. Key operational milestones include the destoning plant reaching beneficial operation in Dec 2025 with sinks tracking the lower end of the 12%–14% range, higher Secunda Operations output, and improved Natref production aided by Prax SA capacity use. The LIP JV cracker had an extended outage but was restarted end-Dec 2025. Natref commissioned a third low-carbon boiler and Sasol received an electricity trading license in Nov 2025. Outlooks were revised: fuel sales now expected +5% to +10% vs FY25; gas production revised to 0% to -5% vs FY25. Q2 FY26 was fatality-free.

Positive

• Destoning plant BO reached in Dec 2025
• Fuel sales guidance revised to +5% to +10% vs FY25
• Third low-carbon boiler at Natref commissioned in Q2 FY26
• Electricity trading license approved in Nov 2025

Negative

• Gas production guidance revised to 0% to -5% vs FY25
• Chemicals revenue lower due to soft markets
• LIP JV cracker had an extended outage in Q2 FY26
• Gas supply from Mozambique declined vs prior quarter

News Market Reaction

+11.73% 1.5x vol

45 alerts

+11.73% News Effect

+14.8% Peak in 31 hr 43 min

+$514M Valuation Impact

$4.89B Market Cap

1.5x Rel. Volume

On the day this news was published, SSL gained 11.73%, reflecting a significant positive market reaction. Argus tracked a peak move of +14.8% during that session. Our momentum scanner triggered 45 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $514M to the company's valuation, bringing the market cap to $4.89B at that time. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q2 FY26 safety: 0 fatalities Destoning guidance: 12%–14% sinks Fuel sales outlook: 5%–10% higher vs FY25 +5 more

8 metrics

Q2 FY26 safety 0 fatalities Q2 FY26 operational safety performance

Destoning guidance 12%–14% sinks Guidance range for average sinks at destoning plant

Fuel sales outlook 5%–10% higher vs FY25 Revised FY26 fuel sales volume guidance

Prior fuel guidance 0%–3% higher vs FY25 Previous FY26 fuel sales volume guidance

Gas volume outlook 0%–5% below FY25 Revised FY26 gas production volume guidance

Prior gas guidance 0%–10% above FY25 Previous FY26 gas production volume guidance

AGM Form 20-F date 29 August 2025 Date of most recent Form 20-F filing referenced

Current share price $6.31 Price before publication of 22 January 2026 update

Market Reality Check

Price: $7.02 Vol: Volume 1,513,330 is 1.22x...

normal vol

$7.02 Last Close

Volume Volume 1,513,330 is 1.22x the 20-day average of 1,237,287 shares. normal

Technical Price at $6.31, trading above the 200-day MA at $5.54 and below the 52-week high of $7.54.

Peers on Argus

Key peers in Specialty Chemicals (SXT, CBT, AVNT, BCPC, FUL) all showed positive...

Key peers in Specialty Chemicals (SXT, CBT, AVNT, BCPC, FUL) all showed positive moves today (from +1.38% to +3.29%), but momentum scanners did not flag a broader sector move tied to this headline.

Historical Context

5 past events · Latest: Nov 17 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 17	AGM results	Neutral	+1.3%	All AGM resolutions passed and FY25 financials presented.
Oct 23	Ops metrics update	Positive	+17.6%	Quarterly business metrics showed operational improvements and guidance detail.
Oct 16	AGM notice	Neutral	-0.8%	Logistics and record dates for upcoming AGM communicated.
Oct 07	Product launch	Positive	-3.9%	Launch of bio-circular insect oil-based surfactant for care chemicals markets.
Aug 29	Annual reports	Neutral	-0.6%	Publication of FY25 integrated report, financials, tax report and Form 20-F.

Pattern Detected

Recent history shows mixed reactions: strong gains on one operational update but several instances where neutral or positive news coincided with share price declines.

Recent Company History

Over the last six months, Sasol has focused on governance, reporting and operational updates. The AGM on 14 November 2025 saw all resolutions passed, following publication of FY25 annual reports on 30 June 2025. A key operational update on 23 October 2025 highlighted business performance metrics and Capital Market Day progress, which coincided with a +17.57% move. Product innovation in October and recurring AGM-related notices round out a pattern of frequent operational and governance communication similar in tone to today’s update.

Market Pulse Summary

The stock surged +11.7% in the session following this news. A strong positive reaction aligns with t...

Analysis

The stock surged +11.7% in the session following this news. A strong positive reaction aligns with the update’s mix of operational progress and refreshed guidance. Higher expected fuel sales of 5%–10% above FY25, improved Natref reliability and a fatality-free quarter in Q2 FY26 support a constructive view on execution. However, reduced gas production guidance of 0%–5% below FY25 and ongoing macro headwinds in chemicals suggest that enthusiasm could moderate if end-market conditions or project ramp-ups disappoint.

Key Terms

production sharing agreement, business rescue, hedge, forward-looking statements, +1 more

5 terms

production sharing agreement regulatory

"Improvements are expected in FY26 H2 as the Production Sharing Agreement (PSA) ramps up"

A production sharing agreement is a contract where a government grants a company the right to explore and produce natural resources, and the company recovers its costs from a portion of the output while the remainder goes to the government. It matters to investors because the split of production, cost recovery rules, and timing determine how much revenue the company can keep, how quickly it turns a profit, and how risks and rewards are shared—like a farmer renting land and agreeing to give the landowner part of the harvest in exchange for using the fields and covering planting costs.

business rescue regulatory

"Prax SA filed for business rescue. As agreed with the business rescue practitioners"

Business rescue is a legal process that lets a financially troubled company pause certain creditor actions and work with an independent advisor to reorganize its operations and debts with the aim of returning to viability or achieving a better outcome than immediate liquidation. For investors it matters because the process can preserve more value, change ownership or claims, and affect the timing and size of any recovery — think of it as a structured medical treatment plan designed to save a patient rather than immediately ending care.

hedge financial

"We continue to hedge our exposure to oil prices and currency movements"

A hedge is an action or arrangement investors use to reduce the chance of losing money from a specific risk, like a sudden price drop or currency move. Think of it as financial insurance or an umbrella: it may cost something up front and can limit upside gains, but it protects the portfolio from bigger losses by offsetting or balancing the unwanted exposure. Hedging matters because it helps manage volatility and preserve capital, especially when uncertainty is high.

forward-looking statements regulatory

"Disclaimer- Forward-Looking Statements Sasol may, in this document, make certain statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

form 20-f regulatory

"our most recent annual report on Form 20-F filed on 29 August 2025"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

AI-generated analysis. Not financial advice.

JOHANNESBURG, Jan. 22, 2026 /PRNewswire/ -- Sasol has published its business performance metrics for the six months ended 31 December 2025 on the Company's website at www.sasol.com, under the Investor Centre section: https://www.sasol.com/investor-centre/financial-results.

During the quarter, the business remained focused on stable and reliable operational performance, while reinforcing the importance of safety in everything that we do. Progress was made on key Capital Market Day priorities, with discipline and delivery maintained on factors within our control amid a challenging and uncertain macroeconomic environment.

Safety

Safety remains our foremost value and we are pleased to report that Q2 FY26 was fatality-free. Learnings from the fatality at Mining in Q1 FY26 are being embedded, with continued efforts to strengthen the safety culture across our business and ensure every employee returns home safely.

Business performance

In the Southern Africa business, the destoning plant reached beneficial operation (BO) in December 2025, marking an important milestone in improving coal quality. Ramp-up is progressing, with average sinks now tracking the lower end of the 12% -14% guidance range. Given the progress on destoning, all previously closed low-quality mining sections are now fully operational. This, together with improved gasifier and equipment availability at Secunda Operations (SO), supported higher SO production during the quarter.

Gas supply from Mozambique was lower compared to the previous quarter, mainly resulting from the expected natural decline from our Petroleum Production Agreement (PPA) asset. Improvements are expected in FY26 H2 as the Production Sharing Agreement (PSA) ramps up. Gas and coal supply continue to be managed on an integrated basis to support reliable SO operations and value optimisation.

Natref delivered improved production performance during the quarter, further supported by additional volumes from Sasol's utilisation of the Prax South Africa (Pty) Limited (Prax SA) shareholding capacity. Stronger SO and Natref operations supported higher fuels sales volumes and the continued placement of product in higher-margin channels in line with our strategy.

Chemicals market conditions remained soft across all regions, resulting in lower revenue. In Chemicals Africa, sales volumes increased compared to the previous quarter, supported by operational improvements with a continued ramp up in sales volumes in the next half.

In the International Chemicals business, lower US ethylene and Palm Kernel Oil (PKO) pricing and lower volumes weighed on revenue for the quarter. The Louisiana Integrated Polyethylene JV LLC (LIP JV) cracker experienced an extended outage in Q2 FY26. The plant was successfully restarted at the end of December 2025. Our self-help measures continued to deliver benefits, which led to lower costs and capital expenditure.

We continue to hedge our exposure to oil prices and currency movements. Given the prevailing market conditions, a broader range of hedging instruments has been utilised to maintain downside protection.

Business updates

Strengthen the foundation business:

As previously communicated, Sasol received notice in October 2025 that Prax SA filed for business rescue. As agreed with the business rescue practitioners, Sasol continues to operate the Natref refinery, utilising available Prax SA capacity, with product supply remaining uninterrupted.

The previously communicated mothballing and closure programme in our International Chemicals business is progressing to plan.

Grow and Transform:

In Q2 FY26, the third and final new low-carbon boiler at Natref was successfully commissioned, improving steam and operational reliability while supporting our decarbonisation objectives.

In November 2025, the National Energy Regulator of South Africa approved Sasol's electricity trading license application (trading as Nomusize (Pty) Ltd), supporting our integrated power business objectives.

Outlook

Fuel sales volumes for FY26 have been revised upward from 0 - 3% higher than FY25 to 5 - 10% higher, supported by the improved Natref performance. Gas production volumes have been revised down from 0 – 10% above FY25 to 0 - 5% below FY25 due to PSA and Central Térmica de Temane (CTT) delays, as well as lower internal and external demand. Performance across the rest of the portfolio remains in line with market guidance.

Looking ahead, the operating environment is expected to remain challenging, given heightened geopolitical tensions, evolving global trade dynamics and continued softness in certain end markets impacting financial performance.

We remain focused on what is within our control and responding proactively to changes in the operating environment.

22 January 2026
Sandton

Equity Sponsor
Merrill Lynch South Africa Proprietary Limited t/a BofA Securities

Debt Sponsor
Absa Corporate and Investment Bank, a division of Absa Bank Limited

Disclaimer- Forward-Looking Statements

Sasol may, in this document, make certain statements that are not historical facts that relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, expectations, developments and business strategies. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and "project" and similar expressions are intended to identify such forward-looking statements but are not the exclusive means of identifying such statements. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. These factors are discussed more fully in our most recent annual report on Form 20-F filed on 29 August 2025 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events, and you should not place undue reliance on forward-looking statements. Forward-looking statements apply only as of the date on which they are made and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Forward looking statements, financial information and targets included in this statement have not been reviewed or reported on by Sasol's auditors.

Media Contact:
For further information, please contact:
Sasol Investor Relations,
Tiffany Sydow, VP Investor Relations
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com

 

View original content:https://www.prnewswire.com/news-releases/business-performance-metrics-for-the-six-months-ended-31-december-2025-302667793.html

SOURCE Sasol Limited

FAQ

What operational milestone did Sasol (SSL) announce for Dec 2025?

Sasol reported the destoning plant reached beneficial operation in Dec 2025, improving coal quality.

How did Sasol (SSL) revise FY26 fuel sales guidance on 22 Jan 2026?

Fuel sales guidance was revised to 5%–10% higher vs FY25.

What change did Sasol (SSL) make to FY26 gas production guidance?

Gas production guidance was revised to 0% to 5% below FY25 due to PSA and CTT delays.

Did Sasol (SSL) report any safety developments for Q2 FY26?

Yes. Q2 FY26 was reported as fatality-free, with learnings from a Q1 incident being embedded.

What happened to the LIP JV cracker mentioned by Sasol (SSL)?

The LIP JV cracker experienced an extended outage in Q2 FY26 and was restarted at the end of Dec 2025.

What progress did Natref report in Q2 FY26 for Sasol (SSL)?

Natref delivered improved production, commissioned a third low-carbon boiler, and benefited from Prax SA capacity use.