Sasol (SOL) Q4 2026 TU earnings summary

Executive summary

• EPS expected between R17.50 and R19.50, up 65%–84% year-over-year from R10.60.

• HEPS expected between R36 and R40, up 2%–14% from R35.13 year-over-year.

• Adjusted EBITDA projected at R58–62 billion, a 12%–20% increase from R51.8 billion year-over-year.

• Earnings growth driven by management actions and a more supportive macroeconomic environment in the last quarter.

Financial highlights

• 4% increase in sales volumes due to improved production.

• 7% increase in average Brent crude oil price (US$ per barrel).

• Refining margins more than doubled, aided by improved fuel differentials.

• Lower impairments of R16.8 billion (before tax) versus R20.7 billion prior year.

• Unrealised losses of R1.1 billion on financial instruments, compared to R2 billion gains prior year.

Outlook and guidance

• Higher year-end working capital, driven by elevated pricing and fuels inventory build, expected to moderate free cash flow improvement.

• Financial results to be presented on 1 September 2026.