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Sasol (SOL) investor relations material

Sasol Q1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 earnings summary23 Oct, 2025

Executive summary

  • Progress continues on CMD plans to strengthen the foundation business and enhance resilience amid macro volatility, tariffs, and geopolitical tensions.

  • Safety remains a priority, with a fatality-free year in Mining, though a fatality occurred at Thubelisha Colliery in September 2025.

  • Operational improvements in Southern Africa, Natref, and Sasolburg led to higher production and sales volumes in Fuels; Chemicals Africa volumes stable but revenue lower due to market softness.

  • International Chemicals saw revenue and adjusted EBITDA rise year-over-year, driven by margin optimization and higher US/Eurasia volumes.

  • Measures taken to ensure Natref refinery continuity after Prax SA entered business rescue.

Financial highlights

  • Southern Africa value chain breakeven oil price for Q1 FY26 aligns with guidance at $55–60/bbl, supported by higher production and disciplined cost/capital management.

  • International Chemicals on track for adjusted EBITDA target of $450–550 million.

  • Mining saleable production up 18% sequentially; cost per sales ton within R700–R750 guidance.

  • Gas production in Mozambique down 1% sequentially and 4% year-over-year, but full-year volumes expected to be up to 10% above FY25.

  • SO Fuels production up 4% sequentially and 9% year-over-year; Natref production up 8% sequentially and 17% year-over-year.

  • Liquid fuels sales volumes down 13% sequentially but up 3% year-over-year.

  • Chemicals Africa sales revenue down 5% sequentially and year-over-year; sales volumes stable.

  • International Chemicals America revenue up 3% sequentially, down 3% year-over-year; Eurasia revenue up 13% year-over-year.

Outlook and guidance

  • All business segments performing within market guidance; progress toward FY26 financial targets continues.

  • Southern Africa value chain breakeven oil price and International Chemicals EBITDA targets reaffirmed.

  • FY26 Mining saleable production expected at 28–30 million tons; Fuels production at 7.0–7.2 million tons; Chemicals Africa and Fuels sales volumes expected to be 0–5% higher than FY25.

  • Gas production in Mozambique for FY26 expected to be 0–10% above FY25.

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Frequently asked questions

Sasol Limited is an integrated energy and chemical company based in South Africa. Established in 1950, Sasol specializes in using feedstocks like coal and natural oil and gas to produce liquid fuels, fuel components, and a variety of chemicals. These products range from synthetic fuels to chemicals used in the production of everyday items such as detergents, fertilizers, and plastics. The company operates globally, with significant activities in mining and the development of technologies for the Fischer–Tropsch process, a method used to convert natural gas into liquid fuels. Sasol's operations are divided into three main segments: Chemicals, Energy, and Sasol ecoFT. The company is headquartered in Sandton, South Africa, and its shares are listed on the Johannesburg Stock Exchange and the NYSE.

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