SASOL Integrated Report 2025_Final_28 August 2025 - Flipbook - Page 51
INTRODUCTION
ABOUT SASOL
STRATEGIC OVERVIEW
PORTFOLIOS
ESG
REMUNERATION REPORT
DATA AND ASSURANCE / ADMINISTRATION
CHIEF FINANCIAL OFFICER’S STATEMENT
KEY MESSAGES
• Strengthened balance
sheet through improved
cash flow
We are committed to maintaining sound financial credibility. Guided by
the clear roadmap shared at our 2025 Capital Markets Day, we are
strengthening our foundation business while laying the groundwork
for future growth and transformation. This is underpinned by a robust
financial framework, aimed at maintaining resilience through volatility
and creating long-term value for all our stakeholders.
Against this backdrop, we remain focused on our four strategic
financial priorities:
Walt Bruns | Chief Financial Officer
• Disciplined cost and
capital management
• Focused capital
allocation and liquidity
management
Salient features
Adjusted EBITDA* of R51,8 billion,
down 14% compared to prior year,
reflecting the impact of a challenging
macroeconomic environment
Improving sustainable free cash flow:
Dear stakeholders
At Sasol, our strategy is anchored in a clear
roadmap, designed to strengthen our foundation
business, generating sustainable free cash
flow and enabling long-term growth and
transformation. The past year reminded us just
how important it is to stay committed to this
plan, while also remaining agile in navigating
continued macro volatility and uncertainty.
1
This remains a critical driver of value creation and is underpinned by restoring
operational performance, disciplined capital and cost management, and
enhanced commercial execution focused on higher-margin markets.
Cash fixed cost increase below inflation,
through continued delivery on cost
optimisation initiatives
Deleveraging the balance sheet:
2
3
Reducing debt is essential to building resilience. A strong balance sheet gives
us the flexibility to manage external macro volatility and positions us to
reinvest in the business when the time is right.
Free cash flow increased by 75% to
R12,6 billion, supported by focused
management actions and the once-off
Transnet legal settlement
Reinstating dividends:
Disciplined capital spend of R25,4 billion,
lower than the guidance, driven by
spend optimisation
We are committed to returning capital to shareholders, but only when our
balance sheet is sustainably strengthened. This remains a key milestone on
our roadmap.
Net debt reduced to US$3,7 billion**,
with deleveraging prioritised until net
debt target US$3 billion is achieved
Disciplined capital allocation:
4
Every rand of capital deployed must support long-term value creation, by
supporting safe operations, transforming our asset base and enabling growth
aligned with our strategy.
These priorities are underpinned by robust risk management and a clear focus on executing
what we can control. While there is still more to do, I’m encouraged by the progress made in
2025. We have responded with focus, and delivered against the majority of our financial
targets, despite a challenging macro and operating environment.
SASOL INTEGRATED REPORT 2025
50
Strong liquidity position of over
US$4 billion
*
Adjusted EBITDA is calculated by adjusting earnings before
interest and tax for depreciation, amortisation, share-based
payments, remeasurement items, change in discount rates of
environmental provisions, all unrealised translation gains and
losses on our derivatives and hedging activities.
** Total debt excluding leases less cash and cash equivalents.
