Sasol Limited (SSL): Business Model Canvas [Dec-2025 Updated]

You're looking at Sasol Limited right now, and honestly, the picture from the FY2025 results is one of a company navigating a massive shift-tough transition, but with a much cleaner balance sheet after slashing net debt to R65.0 billion. As a former head analyst, I see a core model built on two pillars: securing South Africa's energy through world-scale Coal-to-Liquids facilities, and driving global sales of specialty chemicals, which still brought in a R249 billion turnover despite a slight dip. We need to see how their key partnerships, like those with Eskom and Independent Power Producers (IPPs), support this pivot while managing high fixed costs and a R25.4 billion CapEx plan. Dive into the full Business Model Canvas below to see exactly how Sasol Limited is structuring itself for the next decade.

Sasol Limited (SSL) - Canvas Business Model: Key Partnerships

You're looking at the critical relationships Sasol Limited (SSL) relies on to power its operations and meet its transformation goals. These partnerships are key to securing energy and advancing cleaner production methods, especially given the challenging macro environment where Turnover for the year ended 30 June 2025 was reported at R249 billion.

The focus on securing reliable, lower-carbon power sources is evident in the extensive Power Purchase Agreements (PPAs) signed with Independent Power Producers (IPPs) and energy partners.

Independent Power Producers (IPPs) for Renewable Energy Power Purchase Agreements (PPAs)

Sasol Limited (SSL) has been aggressively securing capacity to meet its decarbonisation targets, aiming to procure 1,200MW of renewable energy capacity from IPPs by 2030. As of June 2025, the company reported increasing its access to renewable energy (RE) in South Africa (SA) to 920MW through collective agreements.

Here's a breakdown of the significant renewable energy procurement milestones:

The VPPA with Akuo in the USA is designed to cover approximately 50 percent of the annual electricity consumption at the Lake Charles Chemicals Complex. This agreement, spanning 15 years, is projected to reduce Sasol Limited (SSL)'s CO2 emissions by about 90 thousand tons per annum (ktpa) once implemented. The initial joint Request for Proposal (RFP) launched in April 2021 targeted a total of 900MW, with 500MW allocated to Sasol Limited (SSL) and 400MW to Air Liquide.

Air Liquide for partial renewable energy procurement

Air Liquide Large Industries South Africa is a direct partner in the decarbonisation efforts at the Secunda site. The joint PPAs with Enel Green Power and TotalEnergies are specifically aimed at reducing the CO2 emissions associated with oxygen production at Secunda by a targeted 30% to 40% by 2031. The initial joint RFP targeted 900MW total, with Air Liquide's allocation being 400MW.

Sasol Limited (SSL) has also seen scope 2 emission reductions from utility provider switches linked to its operations, which are often managed or influenced through local partnerships:

• Germany (Marl plant): Scope 2 reduction of ~25 ktpa from replacing fossil power with renewable power.
• Germany (Brunsbüttel plant): Scope 2 reduction of ~5 ktpa from replacing fossil power with renewable power.
• Slovakia (Nováky plant): Scope 2 reduction of ~0.3 ktpa from utility switching coal to nuclear power.
• China (Nanjing plant): 30% of annual electricity requirements covered by renewable electricity.

Eskom for future liquefied natural gas (LNG) supply solutions

Information detailing specific financial amounts or volumes related to future liquefied natural gas (LNG) supply solutions with Eskom as of late 2025 was not available in the latest financial statements reviewed.

Mozambican government for the Pande-Temane Production Sharing Agreement (PSA)

No specific financial or statistical data regarding the Pande-Temane Production Sharing Agreement (PSA) with the Mozambican government was detailed in the recent financial updates.

Global technology licensors for new chemical processes

Specific details on agreements with global technology licensors for new chemical processes, including associated financial commitments or licensing fees, were not explicitly quantified in the publicly released trading statements for the year ended 30 June 2025.

The company's overall financial resilience is underpinned by a balance sheet strengthened by strong free cash flow generation, which increased by 75% to R12.6 billion for FY2025, and a net debt (excluding leases) reduction of 13% to R65.0 billion (US$3.7 billion). This financial stability helps support these long-term strategic partnerships. Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Key Activities

You're looking at the core engine room of Sasol Limited (SSL) as of late 2025, focusing on the actual numbers driving their operations.

Operating world-scale Coal-to-Liquids (CTL) and Gas-to-Liquids (GTL) facilities

The performance of Secunda Operations (SO) is directly tied to coal quality, which has been a major focus. For the year ended June 30, 2025, output at SO was 6.7-million tons, falling short of the targeted range of 6.8-million to 7-million tons. In the same financial year, Sasol Mining produced 28.2-million tons of coal internally, down from 30.2-million tons the previous year, while external purchases amounted to 10-million tons. On the GTL side, ORYX GTL production for FY2025 was 72% higher than the prior year, though Q4 FY25 saw a 15% decrease from the previous quarter due to a planned shutdown of Train 2.

This coal quality issue is being directly addressed by the Destoning plant project, which cost less than R1-billion to repurpose the Twistdraai Export Plant. The plant has a capacity of approximately 10 million tons per annum (mtpa) and is expected to reach full production by December 2025.

Executing the Emission Reduction Roadmap (ERR) for decarbonization

Sasol Limited accounts for approximately 10% of South Africa's total greenhouse gas (GHG) emissions. The optimized Emission Reduction Roadmap (ERR) keeps the company on track to deliver a 30% reduction in Scope 1 and 2 GHG emissions by 2030 from a 2017 baseline. For the 2025 period, reported Scope 1 and 2 emissions combined were about 58,728,800,000 kg CO2e. Some reports suggest a 20% group net reduction in Scope 1 and 2 emissions was achieved in 2025 from the 2017 baseline. The capital allocated for the optimized ERR is in the range of R4 - R7 billion.

• Scope 1 Emissions (2025): approximately 49,415,880,000 kg CO2e.
• Scope 2 Emissions (2025): approximately 5,879,010,000 kg CO2e.
• Scope 3 Target (2030): 20% reduction.
• 2025 Carbon Tax Liability (Net Payment for 2024 Emissions): R1.7-billion.

Global marketing and sales of specialty chemicals to over 4,000 customers

The Chemicals Africa segment saw its FY2025 sales volumes decrease by 4% compared to the prior year, with revenue also down by 2%. This was partially offset by strategic pricing; the average sales basket price for Chemicals Africa improved by 8% in FY2025 year-on-year. In contrast, Chemicals America volumes were 10% lower than the prior year due to outages, although the EBIT (excluding remeasurement items) increased by more than 100%.

Gas exploration and production in Mozambique

Mozambique gas operations are central to Sasol's energy business transition. For FY2025 production volumes, Sasol's share of the Pande-Temane Petroleum Production Agreement (PPA) was 70%, and the Production Sharing Agreement (PSA) was 100%, with volumes split 87% PPA and 13% PSA. Sales from the liquid-rich Temane fields were 38% higher in FY2025 compared to FY2024. The new PSA project involved an investment of US$1 billion (or 64 billion meticais).

The new Integrated Processing Facility (IPF) under the PSA is set to produce:

• Natural Gas: 53 million megajoules per year.
• Light Oil: 4,000 barrels per day.
• Liquefied Petroleum Gas (LPG): up to 30,000 tonnes per year.

This gas will also power the Temane Thermal Power Plant (CTT), which has an installed capacity of 450 megawatts.

Optimizing the Southern Africa value chain, including the Destoning plant project

The Destoning plant, expected online by December 2025, has a capacity of 10 million tons per annum (mtpa) and cost less than R1-billion. Its purpose is to reduce the sinks content in the coal feed to Secunda Operations to between 12% and 14% on average, which supports a medium-term production goal of around 7 million tons annually until 2030. The FY2026 production target for Secunda is set at 7.0 - 7.2 million tons.

Sasol Limited (SSL) - Canvas Business Model: Key Resources

You're looking at the core assets Sasol Limited (SSL) relies on to execute its strategy as of late 2025. These aren't just line items on a balance sheet; they are the engines and the intellectual property that drive the entire operation.

Proprietary Fischer-Tropsch (FT) Technology and Catalysts

Sasol Limited remains the world leader in Fischer-Tropsch (FT) technology, a process it has developed since the 1950s, based on the original 1925 discovery. This proprietary know-how is a massive competitive advantage, especially as the world shifts toward lower-carbon fuels.

The company's Cobalt Fischer-Tropsch catalysts are proven and recognized as the most reliable and effective of their kind for the last three decades. Sasol Chemicals is actively advancing this base, committing to supply a next-generation catalyst by 2026. This new catalyst is targeted to improve the e-kerosene yield by 15% when deployed in facilities like INERATEC's ERA ONE plant, which has an annual production target of up to 2,500 tons of sustainable e-Fuels.

Here's a quick look at the technology's near-term impact:

• Next-generation catalyst expected by 2026.
• Targeted e-kerosene yield improvement of 15%.
• Collaboration in the German-South African CARE-O-SENE research project.

Integrated Production Complexes

The physical footprint of Sasol Limited's operations, particularly its integrated complexes, represents significant sunk capital and operational scale. These sites are where the proprietary technology is put to work, converting feedstocks into valuable products.

For the year ended June 30, 2025, the financial reality of these assets included significant non-cash charges. Total impairments were R20.7 billion, with R13 billion specifically related to the Secunda Operations (SO) and Sasolburg liquid fuel refinery Cash Generating Units (CGUs), which remain fully impaired. Sales volumes for FY2025 were 4% lower than the prior year, partly due to lower chemicals production at both SO and Sasolburg operations.

The scale of the foundation business is reflected in its debt structure, with total long-term debt reducing by 12% to R103.3 billion (US$5.8 billion) in FY2025.

Natural Gas Reserves in Mozambique's Pande-Temane Fields

Sasol Limited maintains access to strategic upstream assets, including the Pande-Temane Petroleum Production Agreement and the Production Sharing Agreement in Mozambique. These reserves are critical for securing feedstock for the Southern African value chain, primarily for gasification processes at facilities like Secunda Operations.

Strong Liquidity Position and Deleveraging Success

Financial flexibility is a key resource, and Sasol Limited demonstrated strong progress in strengthening its balance sheet through disciplined management actions in FY2025. The company continues to have a strong liquidity position of more than US$4 billion.

This improved liquidity supported a significant reduction in leverage. Net debt, excluding leases, was reduced by 13% to R65.0 billion (US$3.7 billion) as of June 30, 2025. This deleveraging was underpinned by strong cash generation, with free cash flow after tax, interest, and first-order capital expenditure increasing by 75% to R12.6 billion for the year.

Here are the key financial metrics showing the resource strength:

The net debt of US$3.7 billion remains above the dividend trigger of below US$3 billion, so no dividend was declared for 2025, but the trajectory shows clear progress toward that goal between FY27 and FY28.

Sasol Limited (SSL) - Canvas Business Model: Value Propositions

You're looking at the core promises Sasol Limited (SSL) makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete operational and financial commitments, especially as the company navigates its transformation.

Energy security via large-scale synthetic fuels production in South Africa

Sasol Limited's primary value proposition in energy security centers on its massive synthetic fuels capability at Secunda Operations (SO). This provides a domestic, non-crude oil-dependent fuel source for South Africa. The company has set a clear operational target to enhance this security, aiming for Secunda Operations volumes to reach more than 7.4 million tons by the financial year (FY) 2028. This production level is supported by a revised, more economically attractive operational plan that hinges on improving coal quality through a destoning project, which is on track for completion in the first half of FY26 for less than R1 billion. Furthermore, the plan targets a nominal break-even oil price for the Southern Africa integrated value chain of US$50/bbl. To bridge potential gas supply gaps until Liquefied Natural Gas (LNG) infrastructure is ready, Sasol Limited is implementing a methane-rich gas bridging solution expected to extend supply until 2030.

Unique, high-value specialty chemicals derived from diverse feedstocks

Sasol Limited positions its chemicals business on delivering differentiated, high-value products, moving away from a pure volume-driven approach. The company is actively resetting its International Chemicals business, targeting an Adjusted EBITDA of US$750 to $850 million and an EBITDA margin of more than 15% through the cycle by FY2028. For Chemicals Africa, there is evidence of success in higher-value segments, with advanced materials volumes increasing by 10% to 33kt compared to 30kt in a prior period. The overall group reported a total turnover of R249.10 billion for FY2025. The company has also been optimizing its portfolio, concluding the exit from the US Phenolics business in March 2025 as part of this value-unlocking strategy.

Here's a look at how the Chemicals business performance metrics are being managed against targets:

Commitment to a 30% reduction in GHG emissions by 2030

Sasol Limited maintains its commitment to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 30% by 2030, using a value-accretive Emissions Reduction Roadmap (ERR). The company states it has already reduced emissions by over 15Mt CO2e since 2004. The optimized plan involves significant capital reallocation; the planned capital expenditure for emission reduction projects over the next five years is now between R4-billion and R7-billion, a substantial reduction from the previous range of R15-billion and R25-billion. A key enabler is a higher renewable energy (RE) target, increased to more than 2 GW, with 575 MW already signed up through Power Purchase Agreements (PPAs). Progress is visible, as energy efficiency projects enabled the shutdown of the first boiler-equivalent unit at Secunda in April 2025.

• GHG Reduction Target by 2030: 30%
• Total RE Secured/Contracted (as of May/Aug 2025): ~920 MW secured in SA PPAs + additional ~1GW contracted
• RE Target by FY2030: Up to 2GW
• Capital Allocation for ERR (5 years): R4 - R7 billion

Reliable supply of industrial feedstocks, solvents, and polymers globally

The value proposition for global supply is focused on maintaining reliability despite operational challenges, such as lower production at Secunda and Sasolburg impacting sales volumes. For FY2025, overall sales volumes were 4% lower than the prior year. In Chemicals Africa, sales volumes were projected to be 2 - 4% lower than FY24. However, the company is actively managing this through a deliberate value-over-volume strategy, which saw the average sales basket price increase by 8% compared to the prior year. For the International Chemicals business, sales volumes were expected to be at the lower end of a 4 - 8% decrease compared to FY24. Sasol Limited is also working to secure its feedstock supply by partnering with Eskom to act as the gas aggregator for future LNG supply solutions in South Africa.

You should track the recovery in production volumes, as the ability to consistently supply is a key part of this value promise. Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Customer Relationships

You're looking at how Sasol Limited (SSL) manages its connections with the entities buying its energy and chemical products as of late 2025. This is critical because their business is heavily reliant on large, sustained agreements.

Dedicated B2B account management for industrial and commercial clients is the backbone for securing volume. We see evidence of this focus in the Gas segment, where external SA gas sales improved, driven by increased customer demand in the fiscal year ending June 30, 2025. This suggests that existing customer relationships are being actively managed to capture available volume, even as overall Turnover for FY2025 was R249 billion, a 9% decline from the prior year.

The structure of these B2B relationships is heavily formalized through long-term agreements:

• Coal supply to Sasolburg Operations is governed by a long-term supply contract featuring an inflation linked escalation.
• Mozambican gas is sold under long-term contracts to both Sasol operations and external customers.
• Natural and methane rich gas sales within South Africa are also executed under long-term contracts with pricing determined via the National Energy Regulator of South Africa (NERSA) methodology.

These contracts provide revenue stability, which is important when considering the company's financial position. For instance, Sasol Limited successfully reduced its Net debt (excluding leases) by 13% to R65.0 billion (or US$3.7 billion) in FY2025.

Strategic engagement with government and regulators on energy policy is a necessity given the capital-intensive nature of the business and its transition goals. The Future Sasol strategy, introduced in 2021, explicitly underpins the ambition to accelerate the transition to a low-carbon world. This engagement is key to navigating regulatory frameworks, such as those governing gas pricing via NERSA.

Focus on enhancing stakeholder relationships as part of Future Sasol strategy is a stated priority, aiming to grow shared value for all stakeholders. The company emphasizes its commitment to its Code of Conduct and fostering inclusivity with its customers and stakeholders. The overall financial performance in FY2025 reflects a significant turnaround, which supports credibility with all stakeholders, including customers who rely on supply continuity. Here's a quick look at some key FY2025 results compared to FY2024:

The improvement in Basic EPS by more than 100% to R10.60 per share, compared to a loss per share of R69.94 in the prior year, shows a material shift in profitability, partly supported by non-recurring items like the R4.3 billion net payment received from Transnet on June 30, 2025.

The company's commitment to its customer base is also demonstrated through operational adjustments, such as diverting coal from the discontinued export market to improve the quality of coal supplied to Secunda Operations, which helps maintain production stability for downstream customers. If onboarding new chemical clients takes longer than expected, churn risk rises defintely.

Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Channels

You're looking at how Sasol Limited moves its massive output-from specialty chemicals to the fuel in your car-to the customer. The channel strategy is a mix of direct, wholesale, and a very visible retail presence, especially in Southern Africa.

Direct sales force for global specialty chemicals and polymers is a key route for high-value products. This channel bypasses intermediaries to connect directly with large industrial buyers globally. While specific sales force headcount isn't public, the output from this segment shows significant scale. For Chemicals America in FY2025, total external sales volumes were 1,592 kt (kilotonnes), down from 1,764 kt the prior year. Chemicals Eurasia saw volumes of 3,375 kt for FY2025. This direct engagement is crucial for managing complex product specifications and securing large, often long-term, contracts.

The distribution of gas and liquid fuels relies heavily on extensive pipeline networks. The Rompco pipeline, which moves gas from Mozambique to Secunda, South Africa, is 865 km long, with 340 km situated in South Africa. A snapshot from 2003 indicated the total Sasol Gas Pipeline Network length was 2,023 km, comprising 1,690 km of Transmission Pipelines and 314 km of Distribution Pipelines. External South African gas sales for FY2025 were 3% lower than the prior year, though sales improved in Q4 FY25 driven by customer demand.

Wholesale distribution to commercial and industrial end-users is a major volume mover for both fuels and chemicals, often utilizing bulk transport. For the fuels business, sales in the Commercial and Wholesale channels were adversely impacted by lower production in FY2025. In Chemicals Africa, external sales volumes for FY2025 were reported as 4% lower than the prior year. This channel is sensitive to production stability at Secunda Operations (SO) and Natref.

The retail network of Sasol-branded fuel stations in Southern Africa is definitely a key channel, providing direct consumer access and capturing higher margins. As of 2024, Sasol Limited operated 354 locations. The company has expressed a strategic intent to grow this retail footprint to better match its fuel production capacity, as only about a third of its South African fuel supply was sold through Sasol retail stations at one point. The higher-margin mobility channel saw sales volumes increase by 5% in FY2025 compared to the previous year, despite a broader market decline.

Here's a quick look at the channel performance metrics we have for the year ended 30 June 2025:

The overall financial health, which supports these channel activities, saw Free Cash Flow after tax, interest and capital expenditure increase by 75% to R12.6 billion for FY2025. Headline Earnings Per Share (HEPS) is expected to be between R33.60 and R36.30.

You should track the progress of the retail expansion plan closely, as capturing more of that retail margin is a stated goal to improve profitability.

Sasol Limited (SSL) - Canvas Business Model: Customer Segments

Sasol Limited (SSL) primarily targets the business-to-business (B2B) space, which shapes the entire customer segment strategy.

The International Chemicals business alone serves over 4,000 customers across 88 countries, showing a wide global reach for its specialized products.

The Southern Africa Energy and Chemicals business supports an ecosystem of suppliers and customers in more than 100 countries.

For the fiscal year ended June 30, 2025, Sasol Limited reported a total Turnover of R249.10 billion, with overall sales volumes being 3% lower than the prior year.

Here's a breakdown of the key customer segments Sasol Limited serves:

• Industrial and Commercial sectors: The primary focus for Sasol Limited's offerings.
• Global Petrochemical Plants: Require feedstocks and intermediates for downstream polymer and chemical production.
• Transportation sector: Customers include airlines, shipping, and logistics firms needing fuels and lubricants.
• Southern African energy market: Direct consumers of fuels and gas within the core operating region.

The Chemicals America segment saw sales revenue increase by 17% in Q4 FY25 compared to the previous quarter, driven by higher volumes, mostly in Base Chemicals.

In contrast, Chemicals Eurasia FY25 sales volumes were 4% lower than the prior year, reflecting a deliberate value-over-volume strategy.

The Southern Africa business experienced improved external SA gas sales, which was driven by increased customer demand in the latter part of FY25.

You can see the segment focus and associated scale in the table below:

For the year ended June 30, 2025, Sasol Limited's net debt (excluding leases) stood at R65.0 billion (US$3.7 billion).

The company's Headline Earnings Per Share (HEPS) improved by 93% to R35.13 per share for FY25.

Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Sasol Limited's operational engine, and honestly, it's a structure built on massive scale. The cost base reflects the nature of running world-scale integrated plants, which inherently means high fixed costs.

To give you a concrete idea of the fixed cost base that needs to be covered regardless of immediate sales volume, Sasol Limited reported a Cash fixed cost of R69,872 million for the year ended 30 June 2025. That figure was managed to show only a 1% increase over the prior year, which is a win given the inflationary environment you're seeing across the sector.

The biggest chunk of the variable costs, as expected for an integrated energy and chemicals player, revolves around raw materials. Major variable costs are feedstock-think coal, gas, and crude oil-and the energy required to run the massive facilities. For the year ended 30 June 2025, the line item for Materials, energy and consumables used across the Group was R158,041 million. Plus, Sasol Gas has significant long-term contractual purchase commitments for gas, which stood at approximately R25 billion as of 30 June 2025, down from R32 billion in 2024. That's a substantial, committed outlay tied directly to production levels.

Here's a quick look at the major cost categories for the year ended 30 June 2025, showing where the money is going:

The table above shows the scale of the operating costs you need to cover just to keep the lights on and the plants fed.

On the capital side, Sasol Limited demonstrated strict capital discipline. The Capital expenditure for FY2025 was R25.4 billion, marking a significant 16% reduction compared to the prior year's spend of R30,159 million. This reduction aligns with the strategy to strengthen the foundation business.

Debt servicing is a non-negotiable cost, given the leverage. Sasol Limited's total long-term debt reduced by 12% to R103.3 billion (or US$5.8 billion) at 30 June 2025. The associated Finance costs recognized on the income statement for the year were R2,925 million. Remember, this is the cost of carrying that debt load, which is a major fixed drain on cash flow until the net debt target is hit.

Finally, operational costs for environmental compliance and decarbonization projects are becoming a more explicit part of the structure. Sasol Limited is actively managing this transition. Key figures related to this area include:

• The capital budget for the emission reduction roadmap was slashed to no more than R7 billion, a more than 70% reduction from initial estimates.
• The company increased its total secured renewable energy (PPA and self-builds) to more than 900 MW during 2025.
• The present value of Environmental provisions, which covers estimated rehabilitation costs, stood at R14,112 million at 30 June 2025.
• Capital expenditure in FY2025 related mainly to feedstock replacement, environmental compliance, and sustenance capital spend.

The focus is clearly on making decarbonization value accretive, but the provisions and ongoing capital commitments for compliance are definitely part of the cost structure you must factor in.

Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Sasol Limited (SSL) as of the close of Fiscal Year 2025. The overall picture shows a contraction in core revenue, partially offset by significant one-off items that bolstered the bottom line.

The total Turnover for Sasol Limited for the year ended June 30, 2025, was reported at R249 billion. Honestly, that represents a 9% decline compared to the prior period. This top-line pressure stemmed from a challenging macro environment, specifically a 15% decline in the Rand oil price and significant reductions in refining margins, which contributed to sales volumes decreasing by 3% overall.

The revenue streams are fundamentally tied to the energy and chemicals value chains. While specific revenue segmentation for every stream isn't immediately available in the headline figures, we know the operational context for each:

• Sales revenue from liquid fuels (petrol, diesel, jet fuel) in Southern Africa saw external SA liquid fuels sales increase in the fourth quarter of FY2025, supported by higher production and purchases.
• Sales revenue from performance and specialty chemicals globally faced headwinds, though revenue in the International Chemicals business did increase in Q4 FY2025 due to higher sales volumes from improved US production.
• Sales revenue from natural gas and electricity saw external SA gas sales improve, driven by increased customer demand in the final quarter.

To give you a clearer picture of the financial scale and the impact of non-recurring items on the reported earnings, here's a look at the key financial markers from FY2025:

You definitely need to factor in the non-recurring income that supported the earnings performance. The most significant of these was the Transnet legal settlement, which resulted in a net cash payment to Sasol Oil of R4.3 billion, received on June 30, 2025, in full and final settlement of the legal disputes. This single event was a major contributor to the 75% surge in free cash flow. Plus, earnings were also supported by a reduction in the environmental rehabilitation provision amounting to R2.9 billion. Still, these positive cash injections were partially offset by lower unrealised gains from monetary assets and derivatives compared to the prior year.

The company's focus on cost discipline helped keep cash fixed cost increases below inflation, which is a key operational lever supporting the revenue stream quality. The business is definitely working to reshape itself for more sustainable cash flows moving forward. Finance: draft 13-week cash view by Friday.