BUSINESS PERFORMANCE METRICS FOR THE NINE MONTHS ENDED 31 MARCH 2026 AND REVISED GUIDANCE

Rhea-AI Summary

Sasol (NYSE:SSL) published business performance metrics for the nine months ended 31 March 2026 and issued revised FY26 guidance. Key revisions: fuel sales +10–15% vs FY25, gas production -5–10% vs FY25, and capital expenditure R20–22bn. Sasol completed a US$750m seven-year bond issuance and operational updates include IPF LPG start-up, Natref ISCC PLUS certification and ORYX GTL shutdown due to gas disruption.

Management emphasised safety after a fatality on 16 April 2026 and noted continued volatility from geopolitical events while hedging programmes for FY27 were completed for oil.

Positive

• Fuel sales guidance revised to +10–15% vs FY25
• Capital expenditure guidance reduced to R20–22bn
• Issued a US$750m seven-year bond, extending debt maturity
• IPF start-up enabled first in-country LPG production
• Natref achieved ISCC PLUS certification for SAF and renewable diesel

Negative

• Gas production guidance revised to -5–10% vs FY25
• ORYX GTL production materially lower due to gas supply shutdown
• Working capital increased following the Middle East conflict

News Market Reaction – SSL

-2.20%

-2.20% Session close to close

In the Apr 23 session, SSL declined 2.20%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement outlines nine-month performance and FY26 guidance adjustments, including fuel sale...

Analysis

This announcement outlines nine-month performance and FY26 guidance adjustments, including fuel sales now expected to be 10–15% above FY25, gas production guided 5–10% below FY25, and capex trimmed to R20–22bn. It also highlights a US$750 million seven‑year bond and new sustainability certifications at Natref. Investors may track delivery against these volume and capex ranges, the impact of Middle East disruptions, and progress at assets like the PSA Integrated Processing Facility over the remainder of FY26.

Key Figures

US dollar bond: US$750 million Bond coupon: 8.75% Fuel volume guidance (prior): 5–10% higher than FY25 +5 more

8 metrics

US dollar bond US$750 million Seven-year bond issued in March 2026; proceeds used to repurchase 2028/2029 bonds

Bond coupon 8.75% Coupon rate on US$750 million seven-year bond issued in March 2026

Fuel volume guidance (prior) 5–10% higher than FY25 Previous FY26 fuel sales volume guidance vs FY25

Fuel volume guidance (revised) 10–15% higher than FY25 Revised FY26 fuel sales volume guidance vs FY25

Gas production guidance (prior) 0–5% below FY25 Previous FY26 gas production volume guidance vs FY25

Gas production guidance (revised) 5–10% below FY25 Revised FY26 gas production volume guidance vs FY25

Capex guidance (prior) R22–24bn Previous FY26 capital expenditure guidance

Capex guidance (revised) R20–22bn Revised FY26 capital expenditure guidance reflecting optimisation and deferrals

Historical Context

5 past events · Latest: Apr 14 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 14	Tender offer update	Neutral	-1.4%	Early results of capped tender offer for 8.750% notes due 2029.
Apr 10	Tender cap set	Positive	+5.5%	Capped maximum set and financing condition met via 2033 senior notes.
Apr 07	Tender results	Positive	+9.0%	Acceptance of $416,204,000 6.500% 2028 notes funded by new 2033 notes.
Apr 01	New notes priced	Negative	-6.8%	Pricing of $750 million 8.750% senior note due 2033 for refinancing.
Mar 30	Tender launch	Neutral	+3.1%	Launch of cash tenders for 2028 and 2029 notes plus new 2033 issue.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent debt-management announcements often saw meaningful moves, with a mix of aligned and divergent reactions.

Recent Company History

Over the past month, SSL news has focused on balance sheet management through tender offers and new senior notes. On Mar 30, Sasol began cash tender offers tied to a new 2033 notes issue. Subsequent updates on Apr 1, Apr 7, Apr 10 and Apr 14 detailed pricing, tender results and capped amounts, with share moves both positive and negative. Today’s nine‑month metrics and FY26 guidance revision shift attention from capital structure actions to operational performance, volumes and capex discipline.

Key Terms

production sharing agreement, force majeure, international sustainability & carbon certification plus (iscc plus), sustainable aviation fuel, +1 more

5 terms

production sharing agreement regulatory

"The Integrated Processing Facility (IPF) for the PSA (Production Sharing Agreement) became"

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.

force majeure regulatory

"higher input costs and feedstock constraints impacted production, resulting in the force majeure on certain products."

Force majeure is a legal concept that refers to unexpected events beyond anyone’s control, such as natural disasters, war, or severe disruptions, that prevent a party from fulfilling their obligations. It matters to investors because it can delay or cancel agreements, affecting the timing and certainty of financial transactions and obligations. Essentially, it acts as a shield for parties facing unforeseen, uncontrollable problems.

international sustainability & carbon certification plus (iscc plus) regulatory

"Natref becoming the first refinery in Africa to attain International Sustainability & Carbon Certification PLUS (ISCC PLUS) product"

A voluntary independent certification that verifies sustainable sourcing, greenhouse gas accounting and the tracking of materials through global supply chains for agricultural, biomass and circular materials. For investors it functions like a quality stamp—indicating a company’s inputs and processes meet recognized environmental and traceability standards, which can lower regulatory and reputational risk, improve access to eco‑conscious customers, and support more predictable long‑term value.

sustainable aviation fuel technical

"The certification covers Sustainable Aviation Fuel (SAF) and Renewable Diesel produced through"

Sustainable aviation fuel is a low‑carbon replacement for conventional jet fuel made from renewable sources (like plant residues, waste oils, or captured carbon) but refined to meet the same safety and performance rules as regular jet fuel. Investors care because SAF can lower airlines’ carbon footprints and exposure to tightening regulations, create new supply and cost dynamics in the fuel market, and drive long‑term demand shifts — like using cleaner fuel in the same airplane.

renewable diesel technical

"covers Sustainable Aviation Fuel (SAF) and Renewable Diesel produced through the co-processing"

Renewable diesel is a liquid fuel made from plant oils, animal fats, or other biological feedstocks that is processed into a chemically similar form to petroleum diesel so it can be used in existing engines, pipelines and fuel stations. Investors care because it often sells at a premium, benefits from government incentives or carbon-credit programs, and can change demand for traditional refining capacity and feedstock markets, affecting company revenues and margins.

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JOHANNESBURG, April 23, 2026 /PRNewswire/ -- Sasol has published its business performance metrics for the nine months ended 31 March 2026 on the Company´s website at www.sasol.com, under the Investor Centre section: https://www.sasol.com/investor-centre/financial-results.

The importance of domestic supply of both energy and chemical products and Sasol's role in delivering it was reinforced during this quarter following the conflict in the Middle East and the associated closure of the Strait of Hormuz.

Our response has been focused on sustaining uninterrupted operations and leveraging our integrated value chain to ensure consistent supply of products to our customers while maintaining discipline on cost and capital spend.  

Safety

Safety remains our foremost value. While we have seen improvements in key indicators, including hospitalisations and fire, explosion and release (FER) metrics, we are deeply saddened to report that a fatality occurred on 16 April 2026 at our Secunda Operations (SO). It serves as a stark reminder of the critical importance of safety in everything we do. We remain focused on strengthening our safety culture across the business, with a clear commitment to ensuring every employee and service provider returns home safely, every day.

Following recent developments in the Middle East, we confirm that all employees in our operations and offices in affected areas are safe.

Business performance

In the Southern Africa business, the destoning plant continued to deliver improved coal quality, with average sinks in line with expectations and higher coal production reducing external coal purchases. In Mozambique, country-wide flooding impacted condensate logistics and transportation, that necessitated reducing gas production. Overall SO production benefitted from improved coal quality and gasifier availability despite plant outages in Q3, however, was 8% higher than the prior year.

Natref increased production during the quarter, supported by strong market demand linked to energy security concerns. Despite the Middle East conflict constraining sour crude supply, Sasol mitigated this through sourcing sour crude from other regions, resulting in continued strong sales volumes for the quarter. ORYX GTL production was significantly lower, following the shutdown of the plant due to gas supply disruption in early March, with the timing of a restart remaining uncertain. Revenue for Chemicals Africa increased compared to the previous quarter, driven by higher volumes and prices.

In the International Chemicals business, performance reflected a mixed macro environment. In the United States, the business benefited from more favourable pricing and improved production performance. In Eurasia, sales were higher on tightened global supply, but higher input costs and feedstock constraints impacted production, resulting in the force majeure on certain products. While tight supply is supporting current demand, we remain cautious on the medium-term outlook, focusing on managing input cost pressures to support margins and optimising production across our value chains.

We continue to actively manage our exposure to oil price and currency volatility through our hedging programme. During the quarter, we completed our FY27 oil hedging programme, securing downside protection while retaining upside participation. The ZAR/USD hedging programme for FY27 is still underway.

Business updates

Strengthen the foundation business:

The Integrated Processing Facility (IPF) for the PSA (Production Sharing Agreement) became operational in March 2026, which enabled the first in-country production of LPG. This displaces a significant quantity of imported LPG, while also contributing additional natural gas, light oil and condensate production.

In March 2026, Sasol successfully issued a US$750 million seven-year bond at a coupon rate of 8,75%. The proceeds were used to partially repurchase the 2028 and 2029 bonds, resulting in the transaction being debt-neutral, while successfully extending the debt maturity profile and retaining a strong liquidity position.

Grow and Transform:

Sasol achieved a significant milestone in Q3 FY26, with Natref becoming the first refinery in Africa to attain International Sustainability & Carbon Certification PLUS (ISCC PLUS) product sustainability certification. The certification covers Sustainable Aviation Fuel (SAF) and Renewable Diesel produced through the co-processing of used cooking and vegetable oil feedstocks, as well as the production of certified sustainable chemicals at Sasol's Secunda Operations.

Outlook

Our previous FY26 guidance remains unchanged, except for the following:

• Fuel sales volumes have been revised upwards from 5 - 10% higher to 10 - 15% higher than FY25 due to stable SO production, higher Natref volumes and increased demand;
• Gas production volumes have been revised down from 0 - 5% below FY25 to 5 - 10% below FY25, due to the Mozambican flooding and well availability constraints at the Petroleum Production Agreement (PPA) asset;
• Capital expenditure has been revised downwards from R22 - 24bn to R20 - 22bn, supported by ongoing capital optimisation and the deferral of non-critical shutdowns. Working capital has increased following the Middle East conflict. Prudent working capital management remains a key focus area for the business for the remainder of FY26.

Looking ahead, the operating environment is expected to remain volatile, driven by ongoing geopolitical uncertainty and evolving market dynamics. We remain focused on maintaining operational continuity, supporting our customers and proactively responding to changing market conditions.

For further information, please contact:

Sasol Investor Relations,
Tiffany Sydow, VP Investor Relations
Telephone: +27 (0) 71 673 1929
investor.relations@sasol.com

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.

 

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SOURCE Sasol Limited

FAQ

How did Sasol (SSL) change its FY26 fuel sales guidance on April 23, 2026?

Sasol revised FY26 fuel sales to 10–15% higher vs FY25. According to the company, higher Secunda Operations stability, increased Natref volumes and stronger demand drove the upward revision.

What does Sasol (SSL) say about its FY26 gas production outlook after the March 2026 update?

Sasol revised FY26 gas production to 5–10% below FY25. According to the company, Mozambican flooding and well availability constraints at the PPA asset caused the downward change.

How will Sasol's April 2026 US$750m bond issuance affect its balance sheet and maturities?

Sasol issued a US$750m seven-year bond and used proceeds to partially repurchase 2028 and 2029 bonds. According to the company, the transaction was debt-neutral and extended the debt maturity profile.

What operational milestones did Sasol (SSL) report for Q3 FY26 on April 23, 2026?

Sasol reported the IPF became operational enabling first in-country LPG production and Natref earned ISCC PLUS certification. According to the company, these support local supply and sustainable fuel production.

Why did ORYX GTL production decline according to Sasol's March 2026 metrics?

ORYX GTL production was significantly lower after a shutdown caused by gas supply disruption in early March. According to the company, timing of a restart remained uncertain due to ongoing supply constraints.