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Sasol (SOL) investor relations material
Sasol H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved most FY25 financial targets despite lower production, oil prices, and refining margins, with strong cost and capital discipline driving a 75% increase in free cash flow and significant deleveraging.
Adjusted EBITDA declined 14% to R52bn, impacted by lower production volumes and higher external purchases.
Net debt reduced to $3.7bn, ahead of target, with a focus on further deleveraging to reach $3bn by FY27-28 and enable future dividend reinstatement.
Maintained cost discipline with cash fixed cost increases below inflation and capital expenditure reduced by up to 16%.
Strategic focus on safety, operational reliability, restoring the Southern Africa value chain, and advancing renewables and emission reduction initiatives.
Financial highlights
Adjusted EBITDA down 14% to R52bn; gross margin declined 12% to R112.1bn due to lower turnover and sales volumes.
Free cash flow increased 75% to ZAR12.6bn, or 30% up excluding the Transnet settlement.
Net debt at $3.7bn, 8% below target and lowest since 2016.
Headline earnings per share rose 93% to R35.13; dividend per share suspended.
Capital expenditure of GBP25bn, 13% below target.
Outlook and guidance
FY26 priorities: deliver volume targets, maintain cost/capital discipline, continue deleveraging, and proactively manage risks.
FY26 breakeven target set at $55–60 per barrel for Southern Africa oil.
International Chemicals FY26 adjusted EBITDA expected at $450–550m, margin 10–13%.
CapEx guidance for FY26 at R24-26bn, similar to FY25, with shutdown deferred to FY27.
Targeting 2GW renewable energy by 2030, with over 900MW secured and additional 1GW targeted by FY28.
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