Sasol Ltd【SSL】株式ニュース

Sasol Financing USA LLC Announces the Commencement of Cash Tender Offers for Outstanding Debt Securities and New Senior Notes OfferingMarch 30, 2026 7:05 AM
PR Newswire (US)

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON RESIDENT AND/OR LOCATED IN, ANY JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION IS UNLAWFULJOHANNESBURG, March 30, 2026 /PRNewswire/ -- Sasol Financing USA LLC (NYSE: SSL) ("Sasol" or the "Company") announced today the commencement of a series of tender offers to purchase for cash of (i) any and all of its outstanding 6.500% notes due 2028 (the "2028 Notes"); and (ii) up to an aggregate principal amount that does not exceed an amount equal to $750,000,000 less the aggregate principal amount of 2028 Notes accepted for purchase in the tender offer for the 2028 Notes (the "Capped Maximum Amount" of its 8.750% notes due 2029 (the "2029 Notes, and together with the 2028 Notes, the "Notes"). Unless otherwise defined herein, terms defined in the Offer to Purchase (as defined below) are used herein as therein defined.

Dollars per $1,000 Principal Amount of Notes(2)Title of SecurityCUSIP/ ISIN
NumberOffer TypePrincipal Amount
OutstandingTender Offer
ConsiderationEarly Tender
PremiumTotal
ConsiderationListing
Venue6.500% notes
due 2028 80386W AB1/
US80386WAB19Any and
All Offer$750,000,000$1,012.50N/A$1,012.50New York
Stock Exchange8.750% notes
due 2029(1)144A – 80386W AF2 /
US80386WAF23Capped Offer$1,000,000,000$1,022.50$30.00$1,052.50(3)Frankfurt Stock
ExchangeOpen Market
(Freiverkehr)Regulation S - U8035U AC6 /
USU8035UAC63 (1) Subject to the Capped Maximum Amount, the principal amount of 2029 Notes validly tendered prior to or at the Early Tender Date will be accepted for purchase, on a prorated basis if applicable, in priority to other 2029 Notes validly tendered after the Early Tender Date.
(2) Does not include Accrued Interest, which will also be payable as provided herein.
(3) Includes the Early Tender Premium (as defined in the Offer to Purchase).The tender offers are being made upon the terms and subject to conditions, including the Financing Condition (as defined below), described in the Offer to Purchase, dated March 30, 2026 (the "Offer to Purchase") and, with respect to the tender offer for the 2028 Notes, the related Notice of Guaranteed Delivery, which sets forth a detailed description of the tender offers. The Company reserves the right, but is under no obligation, to increase or decrease the Capped Maximum Amount in its sole discretion at any time without extending or reinstating withdrawal rights, subject to compliance with applicable law.The tender offers are conditioned upon, among other things, the successful completion (in the sole determination of the Company) of its offering of new senior notes due 2033 guaranteed by Sasol Limited (the "Guarantor"), which is expected to occur on April 10, 2026 (the "Debt Financing" and such condition, the "Financing Condition"). No assurances can be given that the Company will complete the Debt Financing.The tender offer for the 2028 Notes will expire at 5:00 p.m., New York City time, on April 6, 2026, or any other date and time to which the Company extends the applicable tender offer (such date and time, as it may be extended with respect to a tender offer, the "Any and All Tender Offer Expiration Date"), unless earlier terminated. The tender offer for the 2029 Notes will expire at 5:00 p.m., New York City time, on April 28, 2026, or any other date and time to which the Company extends the applicable tender offer (such date and time, as it may be extended with respect to a tender offer, the "Capped Tender Offer Expiration Date" and, together with the Any and All Tender Offer Expiration Date, the "Expiration Dates" and each an "Expiration Date"), unless earlier terminated. Holders of the 2029 Notes must validly tender and not validly withdraw their Notes prior to or at 5:00 p.m., New York City time, on April 13, 2026 (such date and time, as it may be extended with respect to a tender offer, the "Early Tender Date"), to be eligible to receive the applicable Total Consideration (as defined below). If a holder validly tenders 2029 Notes after the Early Tender Date but prior to or at the Capped Tender Offer Expiration Date, the holder will only be eligible to receive the applicable Tender Offer Consideration (as defined below).The Guarantor's board of directors has provided the necessary approvals, including the provision of financial assistance under section 45 of the South African Companies Act 71 of 2008 and has applied the solvency and liquidity test. The Guarantor's board of directors has agreed on the commencement date for the transactions described herein to take place after the release of the Guarantor's results for the six months ended December 31, 2025, and has delegated its authority to the transaction committee (comprising the chief financial officer, chief executive officer and chairman of the audit committee) to approve the final terms of the transaction.In addition to the consideration set forth in the table above, all holders of Notes accepted for purchase in the tender offers will receive accrued and unpaid interest on such Notes from the last interest payment date with respect to such Notes to, but not including, the applicable settlement date.Subject to the Capped Maximum Amount, holders of 2029 Notes validly tendered (and not validly withdrawn) prior to the Early Tender Date, where applicable, and accepted for purchase, on a prorated basis if applicable, pursuant to the applicable tender offer will receive the applicable tender offer consideration set forth in the table above (with respect to each series of Notes, the "Tender Offer Consideration") plus the early tender offer premium for the 2029 Notes set forth in the table above (the "Early Tender Premium" and, together with the applicable Tender Offer Consideration, the "Total Consideration"). Holders of 2029 Notes validly tendered (and not validly withdrawn) after the Early Tender Date, but before or at the Capped Tender Offer Expiration Date, and accepted for purchase pursuant to the applicable tender offer will receive the applicable Tender Offer Consideration, but not the Early Tender Premium. No tenders will be valid if submitted after the applicable Expiration Date. 2029 Notes validly tendered prior to or at the Early Tender Date will be accepted for purchase, on a prorated basis if applicable, in priority to other 2029 Notes validly tendered after the Early Tender Date. For the avoidance of doubt, 2029 Notes tendered before the Early Tender Date but subsequently withdrawn and then tendered once again following the Early Tender Date but before the Capped Tender offer Expiration Date, and accepted for purchase, will receive Capped Tender Offer Consideration, but not the Early Tender Premium.The Company intends to fund the purchase of validly tendered and accepted Notes with the net proceeds from the Debt Financing. The purpose of the tender offers is to enhance the Company's debt maturity profile.The tender offers will expire on the applicable Expiration Date. Except as set forth below, payment for the 2028 Notes that are validly tendered prior to or at the Any and All Tender Offer Expiration Date or through the guaranteed delivery procedures and that are accepted for purchase will be made on April 10, 2026, the fourth business day after the Any and All Tender Offer Expiration Date. Payment for the 2029 Notes that are validly tendered prior to or at the Capped Tender Offer Expiration Date and that are accepted for purchase will be made on April 30, 2026, the second business day after the Capped Tender Offer Expiration Date.Tendered Notes may be withdrawn prior to or at, but not after, (i) for the 2028 Notes, 5:00 p.m., New York City time on the Any and All Tender Offer Expiration Date; and (ii) for the 2029 Notes, 5:00 p.m., New York City time, on the Capped Tender Offer Expiration Date.The tender offers are subject to the satisfaction or waiver of certain conditions which are specified in the Offer to Purchase, including the Financing Condition. The tender offers are not conditioned on any minimum principal amount of Notes being tendered.INFORMATION RELATING TO THE TENDER OFFERSThe Offer to Purchase is being distributed to holders beginning today. J.P. Morgan Securities plc and MUFG Securities EMEA plc are the dealer managers for the tender offers. Investors with questions regarding the terms and conditions of the tender offers may J.P. Morgan Securities plc at +44 20 2468 or by email to em_europe_lm@jpmorgan.com (Attention: Liability Management) and MUFG Securities EMEA plc at +44 20 7577 1374 or by email to Hybrids.LM@int.sc.mufg.jp (Attention: Liability Management Group).Kroll Issuer Services Limited is the tender agent for the Tender Offers. Any questions regarding procedures for tendering Notes or request for copies of the Offer to Purchase should be directed to Kroll Issuer Services Limited by any of the following means: by telephone at +44 20 7704 0880; by email at sasol@is.kroll.com; or by internet at the following web address: https://deals.is.kroll.com/sasol.This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders with respect to, the Notes. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The tender offers are being made solely pursuant to the Offer to Purchase made available to holders of the Notes. Further, nothing contained herein shall constitute an offer to sell or a solicitation of an offer to buy any debt securities that are the subject of the Debt Financing. None of the Company or its affiliates, their respective boards of directors, the dealer managers, the tender and information agent or the trustee with respect to any series of Notes is making any recommendation as to whether or not holders should tender or refrain from tendering all or any portion of their Notes in response to the tender offers. Holders are urged to evaluate carefully all information in the Offer to Purchase, consult their own investment and tax advisors and make their own decisions whether to tender Notes in the tender offers, and, if so, the principal amount of Notes to tender.This document and any documents detailing the investment or investment activity to which this announcement relates are for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 43(2) ("members and creditors of certain bodies corporate") of the Financial Promotion Order, (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iv) are outside the United Kingdom, or (v) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.This tender offer is not intended to be offered or otherwise made available to and should not be offered or otherwise made available to any retail investor in any member state of the EEA in circumstances in which this tender offer is restricted to non-retail investors. For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive (EU) 2016/97 (as amended, the "IDD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II.ABOUT SASOLA global chemicals and energy company, Sasol harnesses its knowledge and over 75 years' experience in the production and marketing of chemicals and fuels to integrate sophisticated technologies and processes into world-scale operating facilities, striving to safely and sustainably source, produce and market a range of high-quality products globally. Additional information can be found on the Company's website at https://www.sasol.com or at the Company's address below:Sasol Financing USA LLC
12120 Wickchester Lane
Houston, Texas 77079
United States of AmericaFORWARD-LOOKING STATEMENTSThis news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. 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 materialize, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated in such forward-looking statements. 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 include among others, and without limitation:the outcome in pending and developing regulatory matters and the effect of changes in regulation and government policy;the political, social and fiscal regime and economic conditions and developments in the world, especially in those countries in which we operate;the outcome of legal proceedings including tax litigation and assessments;our ability to maintain key customer relations in important markets;our ability to improve results despite increased levels of competition;our ability to exploit our oil, gas and coal reserves as anticipated;the continuation of substantial growth in significant developing markets;the ability to benefit from our capital investment program;the accuracy of our assumptions in assessing the economic viability of our large capital projects and growth in significant developing areas of our business;the ability to gain access to sufficient competitively priced gas, oil and coal reserves and other commodities;the impact of environmental legislation and regulation on our operations and access to natural resources;our success in continuing technological innovation;the success of our Broad Based Black Economic Empowerment ownership transaction;our ability to maintain sustainable earnings despite fluctuations in oil, gas and commodity prices, foreign currency exchange rates and interest rates;our ability to maintain sufficient levels of cash at all times;our ability to attract and retain sufficient skilled employees;the impact of the imposition of tariffs, sanctions, and trade restrictions in the countries we operate, or targeting the countries in which we operate; our ability to consummate the Tender Offers or the Debt Financing on the anticipated terms, if at all; andour success at managing the foregoing risks.For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent current report on Form 6-K that we file, available from the SEC's website. Sasol undertakes no duty to publicly update or revise any forward-looking statements.

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Original: Sasol Financing USA LLC Announces the Commencement of Cash Tender Offers for Outstanding Debt Securities and New Senior Notes Offering

SHORT FORM ANNOUNCEMENT: REVIEWED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 AND UPDATED BUSINESS OUTLOOKFebruary 23, 2026 1:09 AM
PR Newswire (US)

JOHANNESBURG, Feb. 23, 2026 /PRNewswire/ -- Sasol has released its operating and financial results for the six months ended 31 December 2025 (H1 FY26).Highlights:Turnover of R122,4 billion remained flat compared to prior period, supported by 3% increase in sales volumes and despite the softer macro environmentSecunda Operations' (SO) production volumes 10% higherLower cash fixed cost compared to the prior period, reflecting disciplined cost managementAdjusted EBITDA of R21,0 billion, 12% lower than the prior periodEarnings before interest and tax (EBIT) of R4,6 billion, 52% lower than the prior periodHeadline earnings per share (HEPS) of R9,27 per share, 34% lower than the prior periodCapital expenditure of R8,5 billion, 43% lower than the prior periodFree cash flow improvement to R0,8 billion, more than 100% change from the prior periodNet debt (excluding leases) of R63,3 billion (US$3,8 billion), representing a net debt to Adjusted EBITDA ratio of 1,6 timesFY26 hedging programme concluded, with FY27 hedging programme underwayStatement by Simon Baloyi, Chief Executive Officer of Sasol:
"We are showing consistent progress in the implementation of our strategic initiatives as set out in our Capital Markets Day plan. This is strengthening our foundation business, helping us to mitigate ongoing global market volatility and macroeconomic headwinds, building resilience for the future.Safety remains our foremost value, and we endeavour to send everyone home safely each day. Unfortunately, we did not, as we lost one of our team members in September 2025. While this loss weighs heavily on us, we are seeing an encouraging improvement in key leading safety indicators. Our commitment to safety remains unwavering as we continue to embed learnings and reinforce a strong safety culture across the business.In the Southern Africa business, we achieved an important milestone in December 2025 when the destoning plant at Sasol Mining reached beneficial operation in line with plan and improving coal quality. This, together with higher gasifier availability and no phase shutdown, resulted in a 10% uplift in Secunda Operations' (SO) production volumes. Disciplined cost and capital management further supported a lower cash break-even oil price.The International Chemicals reset strategy is progressing, although market conditions were weaker than anticipated with lower US ethylene margins and muted market demand. We have made good progress on lowering our cost base, which supported a 10% increase in Adjusted EBITDA in US$ terms compared to the prior period.The Group generated positive free cash flow in the first half of the financial year for the first time in four years, despite the challenging macro environment. This was supported by the higher sales volumes, lower cash fixed costs and lower capital expenditure. Importantly, this has been achieved without compromising asset integrity and safety.The balance sheet remains a focus area with robust liquidity in place while we continue to hedge proactively to manage downside risk.We continue to advance our Grow and Transform strategy. We have secured an additional 300 megawatt (MW) of renewable energy, increasing total secured capacity in South Africa to more than 1 200 MW, supporting both emission reductions and cost savings.Our priorities are clear: safe, reliable operations; disciplined cost and capital management; proactive risk management; and improved cash generation. Consistent execution in these areas is strengthening resilience and positioning Sasol to deliver sustainable shareholder value."Financial performanceSasol continued to make progress on factors within its control despite a challenging macro environment. Lower cost and capital expenditure supported positive free cash flow generation in the period.Adjusted EBITDA of R21,0 billion was 12% lower than the prior period, primarily due to a 17% decline in the average Rand per barrel Brent crude oil price and lower average US dollar per ton chemicals basket price. This was partially offset by improved refining margins, 3% higher sales volumes driven by stronger production performance and lower cash fixed costs.Earnings before interest and tax (EBIT) of R4,6 billion was 52% lower than the prior period of R9,5 billion and impacted by non-cash remeasurement items of R7,9 billion. This related mainly to impairments of R7,8 billion (before tax) compared to R5,7 billion in the prior period, and include the impairment on the Secunda liquid fuels refinery cash generating unit (CGU) and our Mozambican Production Sharing Agreement (PSA) gas development.As a result of the above, basic earnings per share (EPS) decreased by 95% to R0,38 per share and HEPS decreased by 34% to R9,27 per share compared to the prior period.Cash generated by operating activities of R11,6 billion declined 34%, mainly reflecting the lower earnings detailed above. Capital expenditure of R8,5 billion was 43% lower than the prior period. This was mainly due to no Secunda shutdown, lower Production Sharing Agreement (PSA) project expenditure in Mozambique and lower capital on environmental compliance programmes as these near completion. Free cash flow of R0,8 billion increased by more than 100%, supported by the lower capital expenditure.Liquidity remains robust at above US$4 billion and we actively manage our debt maturity profile, maintaining resilience in a volatile market environment.Total debt decreased to R93,5 billion (US$5,6 billion) compared to R103,3 billion (US$5,8 billion) at 30 June 2025. Sasol deposited R8,7 billion (US$500 million) on the revolving credit facility and repaid R812 million on the DMTN. A floating rate bond of R5,3 billion was issued in the period to 31 December 2025. In exchange, US$300 million was received. The issuance supports our efforts to diversify the funding base, reduce US$ dollar debt exposure and financing costs. In addition, it provides the flexibility to address upcoming bond maturities using available liquidity if required.Net debt (excluding leases) ended at R63,3 billion (US$3,8 billion), compared to R65,0 billion (US$3,7 billion) at 30 June 2025. We continue to prioritise cash generation through our management actions to meet our full-year net debt target of below US$3,7 billion.We continue to execute our hedging strategy, with the FY26 programme complete and the FY27 hedging programme underway. During the period, foreign exchange translation losses were largely offset by gains on derivative instruments. Given the prevailing market conditions, a broader range of hedging instruments has been utilised to maintain downside protection.Key metrics
Half year
31 Dec 2025Half year
31 Dec 2024Change %Turnover (R million)122 387122 102-Adjusted EBITDA1 (R million)21 00623 949(12)EBIT (R million)4 6199 533(52)Basic earnings per share (Rand)0,387,22(95)Headline earnings per share (Rand)9,2714,13(34)Capital expenditure (R million)8 49515 007(43)Free cash flow2 (R million)794(1 296)>100Net debt (excluding leases)3 (R million)63 26964 96431 Adjusted EBITDA is calculated by adjusting operating profit for depreciation, amortisation, share-based payments, remeasurement items, change in discount rates of our rehabilitation provisions, all unrealised translation gains and losses, and all unrealised gains and losses on our derivatives and hedging activities.2 Free cash flow is defined as cash available from operating activities less first order capital and related capital accruals.3 Comparative number is as at 30 June 2025.Net asset valueHalf year
31 Dec 2025Full year
30 Jun 2025Change %Total assets (R million)339 707359 555(6)Total liabilities (R million)183 010201 9449Total equity (R million)156 697157 611(1)Turnover
EBIT/(LBIT)1Half year
31 Dec 2025Half year
31 Dec 2024
Half year
31 Dec 2025Half year
31 Dec 2024R millionR million
R millionR million

Southern Africa Energy and
Chemicals

14 74415 347Mining2 1382 2916 3426 591Gas(811)3 92552 04648 845Fuels3 082(998)28 91730 748Chemicals Africa(293)3 469

International Chemicals

19 01019 724America55065720 93219 921Eurasia255(136)--Business Support(302)325141 991141 176Group performance4 6199 533(19 604)(19 074)Intersegmental turnover
122 387122 102External turnover
1 Loss before interest and tax
DividendThe Company's dividend policy is based on 30% of free cash flow generated, provided that net debt (excluding leases) is sustainably below US$3 billion. The net debt at 31 December 2025 of US$3,8 billion exceeds the net debt trigger, therefore no interim dividend was declared by the Sasol Limited board of directors (the Board).Updated business outlookThe Group remains on track to achieve its previously communicated guidance, with the following revisions:Capital expenditure expected to be between R22 - R24 billion, R2 billion lower than the previous guidance of R24 - R26 billion due to ongoing capital optimisation initiatives; andInternational Chemicals Adjusted EBITDA is revised lower to US$375 to US$450 million, (previously US$450 to - US$550 million) and Adjusted EBITDA margin 8% to 10% (previously 10% to 13%). This is due to a combination of weaker macroeconomic assumptions, softer market conditions and the unplanned Louisiana Integrated Polyethylene JV LLC ethylene cracker outage in Q2FY26. Self-help measures continue to be progressed.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. Our focus on safe and reliable operations and realising more value from our self-help initiatives will enable stronger free cash flow generation, deleveraging and sustainable value for our stakeholders.The information contained in this paragraph has not been reviewed or reported on by Sasol's auditors. More details on our financial year 2026 outlook is available in our Interim results presentation available on the Company´s website at www.sasol.com, under the Investor Centre section: https://www.sasol.com/investor-centre/financial-resultsShort-form statementThis announcement has been prepared in compliance with the JSE Listings Requirements and is the responsibility of the Board and is only a summary of the information in Sasol Limited's condensed consolidated interim financial statements for the six months ended 31 December 2025. The condensed consolidated interim financial statements have been reviewed by Sasol's external auditors, KPMG, who expressed an unmodified review conclusion thereon. Financial figures in this announcement have been correctly extracted from the condensed consolidated interim financial statements. The information in this announcement has not been reviewed and reported on by Sasol Limited's external auditors.Any investment decision should also take into consideration the information contained in the full condensed consolidated interim financial statements, published on SENS on 23 February 2026, via the JSE link. The condensed consolidated interim financial statements, including KPMG's unmodified review conclusion, are available through a secure electronic manner at the election of the person requesting inspection, and have been published and can be found on the company's website, https://www.sasol.com/index.php/investor-centre/financial-results, and can also be viewed on the JSE link, https://senspdf.jse.co.za/documents/2026/JSE/ISSE/SOL/HY26Result.pdf Important informationSasol will present its interim financial results for the six months ended 31 December 2025 on Monday, 23 February 2026 at 11h00 (SA time). This will be followed by a market call, hosted by the President and Chief Executive Officer, Simon Baloyi, and Chief Financial Officer, Walt Bruns, to address questions.Please connect to the call via the webcast link: https://www.corpcam.com/Sasol23022026
or via teleconference call link: https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=3605690&linkSecurityString=89ae33f44A recording of the presentation will be available on the website thereafter at https://www.sasol.com/investor-centre/financial-results.For further information, please contact:
Sasol Investor Relations
Tiffany Sydow, VP Investor Relations
Telephone: +27 (0) 71 673 1929
Email: investor.relations@sasol.com
Website : https://www.sasol.com/investor-centre/financial-results.Disclaimer - Forward-looking statementsSasol may, in this document, make certain statements that are not historical facts, based on management's current views and assumptions, and which are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements. Should one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. Examples of such forward-looking statements include, but are not limited to, the capital cost of our projects and the timing of project milestones; our ability to obtain financing to meet the funding requirements of our capital investment programme, as well as to fund our ongoing business activities and to pay dividends; statements regarding our future results of operations and financial condition, and regarding future economic performance including cost containment, cash conservation programmes and business optimisation initiatives; our business strategy, performance outlook, plans, objectives or goals; statements regarding future competition, volume growth and changes in market share in the industries and markets for our products; our existing or anticipated investments, acquisitions of new businesses or the disposal of existing businesses, including estimates or projection of internal rates of return and future profitability; our estimated oil, gas and coal reserves; the probable future outcome of litigation, legislative, regulatory and fiscal developments, including statements regarding our ability to comply with future laws and regulations; future fluctuations in refining margins and crude oil, natural gas and petroleum and chemical product prices; the demand, pricing and cyclicality of oil, gas and petrochemical products; changes in the fuel and gas pricing mechanisms in South Africa and their effects on costs and product prices, statements regarding future fluctuations in exchange and interest rates and changes in credit ratings; assumptions relating to macroeconomics, including changes in trade policies, tariffs and sanction regimes; the impact of climate change, our development of sustainability within our businesses, our energy efficiency improvement, carbon and greenhouse gas emission reduction targets, our net zero carbon emissions ambition and future low-carbon initiatives, including relating to green hydrogen and sustainable aviation fuel; our estimated carbon tax liability; cyber security; and statements of assumptions underlying such statements.Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour", "target", "forecast" and "project" and similar expressions are intended to identify 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. These risks and uncertainties 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 the foregoing 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.Please note: One billion is defined as one thousand million, bbl – barrel, bscf – billion standard cubic feet, mmscf – million standard cubic feet, oil references Brent crude, mmboe – million barrels oil equivalent. All references to years refer to the financial year ending 30 June. Any reference to a calendar year is prefaced by the word "calendar".

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Original: SHORT FORM ANNOUNCEMENT: REVIEWED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2025 AND UPDATED BUSINESS OUTLOOK