Sasol Limited (SSL): Business Model Canvas

In der dynamischen Landschaft globaler Energie- und Chemieinnovationen entwickelt sich Sasol Limited zu einem Kraftpaket des technologischen Wandels, das komplexe Industrieprozesse strategisch mit modernster Nachhaltigkeit verbindet. Diese Untersuchung des Business Model Canvas von Sasol enthüllt einen ausgeklügelten Entwurf, der zeigt, wie dieses südafrikanische Unternehmen seine einzigartige Kohle-zu-Flüssigkeits-Expertise, seine proprietären Technologien und seine integrierten Abläufe nutzt, um in verschiedenen Industriesektoren einen beispiellosen Mehrwert zu schaffen. Bereiten Sie sich darauf vor, einen umfassenden Überblick darüber zu erhalten, wie Sasol sich in der komplizierten Welt der Energieerzeugung, der chemischen Herstellung und der strategischen Partnerschaften zurechtfindet, die es als weltweit führender Anbieter innovativer Ressourcenumwandlung positionieren.

Sasol Limited (SSL) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit globalen Energie- und Chemieunternehmen

Sasol hat strategische Partnerschaften mit mehreren globalen Energie- und Chemieunternehmen aufgebaut:

Partnerunternehmen	Einzelheiten zur Partnerschaft	Gründungsjahr
Gesamt-SE	Joint Venture im LNG-Projekt in Mosambik	2019
Luftprodukte und Chemikalien	Zusammenarbeit in der Syngas- und Gas-to-Liquids-Technologie	2014
Sinopec	Technologietransfer von Kohle zu Flüssigkeiten	2011

Joint Ventures in der petrochemischen und synthetischen Kraftstoffproduktion

Zu den wichtigsten Joint Ventures von Sasol gehören:

• Sasol Polymers (50/50 Joint Venture mit Saudi Basic Industries Corporation)
• Natref-Raffinerie (63,64 % Anteil an TotalEnergies)
• ORYX GTL in Katar (Joint Venture mit Qatar Petroleum)

Zusammenarbeit mit Technologieanbietern für innovative Prozesse

Technologieanbieter	Fokusbereich	Investitionswert
Haldor Topsoe	Katalyse und Prozessoptimierung	45 Millionen Dollar
Shell-Technologie	Gas-to-Liquids-Technologie	62 Millionen Dollar

Partnerschaften mit der südafrikanischen Regierung und lokalen Unternehmen

Zu den lokalen Partnerschaften von Sasol gehören:

• Zusammenarbeit mit der Abteilung für Bodenschätze und Energie
• Black Economic Empowerment (BEE)-Partnerschaften mit lokalen Unternehmen
• Kompetenzentwicklungsprogramme mit südafrikanischen Universitäten

Gesamtinvestitionen der Partnerschaft: Ungefähr 1,2 Milliarden US-Dollar pro Jahr

Sasol Limited (SSL) – Geschäftsmodell: Hauptaktivitäten

Integrierte Energie- und Chemieproduktion

Sasol betreibt 30 Produktionsanlagen in mehreren Ländern mit einer jährlichen Produktionskapazität von etwa 200.000 Barrel synthetischen Kraftstoffen und Chemikalien pro Tag.

Standort der Produktionsstätte	Jährliche Produktionskapazität	Schlüsselprodukte
Secunda, Südafrika	160.000 Barrel pro Tag	Synthetische Kraftstoffe, Chemikalien
Sasolburg, Südafrika	40.000 Barrel pro Tag	Leistungschemikalien

Technologien zur Umwandlung von Kohle in Flüssigkeiten und Gas in Flüssigkeiten

Sasol investierte im Jahr 2023 4,2 Milliarden Rand (ca. 226 Millionen US-Dollar) in fortschrittliche Umwandlungstechnologien.

• Umwandlungseffizienz der Fischer-Tropsch-Technologie: 55-60 %
• Fähigkeit zur Kohlenstoffabscheidung: Bis zu 2 Millionen Tonnen pro Jahr
• Patente für Konvertierungstechnologie: 37 aktive globale Patente

Exploration und Gewinnung von Öl- und Gasressourcen

Das Explorationsportfolio von Sasol umfasst Investitionen in mehrere internationale und inländische Explorationsblöcke.

Erkundungsregion	Investitionsbetrag	Geschätzte Reserven
Mosambik vor der Küste	1,2 Milliarden US-Dollar	Billionen Kubikfuß Erdgas
Südafrikanisch an Land	450 Millionen Dollar	Nachgewiesene Kohlereserven

Forschung und Entwicklung nachhaltiger Energielösungen

Sasol stellte im Jahr 2023 1,1 Milliarden Rand (ca. 59 Millionen US-Dollar) für Forschung und Entwicklung im Bereich nachhaltige Energie bereit.

• Investition in die Forschung zu grünem Wasserstoff: 350 Millionen Rand
• Zieltechnologien zur CO2-Neutralität: 5 wichtige Forschungsrichtungen
• Projekte zur Integration erneuerbarer Energien: 3 aktive Pilotprogramme

Herstellung von Chemikalien und Hochleistungsmaterialien

Sasol produziert über 2.000 chemische Produkte in verschiedenen Industriesegmenten.

Chemische Kategorie	Jährliches Produktionsvolumen	Globaler Marktanteil
Leistungschemikalien	1,2 Millionen Tonnen	7.5%
Spezialpolymere	800.000 Tonnen	5.3%

Sasol Limited (SSL) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Kohlereserven in Südafrika

Sasol besitzt etwa 4,4 Milliarden Tonnen Kohlereserven, die sich hauptsächlich in den südafrikanischen Regionen Secunda und Sasolburg befinden. Diese Reserven konzentrieren sich auf die Provinz Mpumalanga.

Standort	Gesamte Kohlereserven	Geschätzte Bergbaukapazität
Provinz Mpumalanga	4,4 Milliarden Tonnen	40-50 Millionen Tonnen pro Jahr

Fortschrittliche chemische Verarbeitungsanlagen

Sasol betreibt mehrere integrierte Chemie- und Energieanlagen mit erheblichen Infrastrukturinvestitionen.

• Secunda Synfuels Complex: Weltweit größte Anlage zur Umwandlung von Kohle in Flüssigkeiten
• Gesamtinvestition in die Anlage: Ungefähr 10–12 Milliarden US-Dollar
• Jährliche Produktionskapazität: 160.000 Barrel flüssige Brennstoffe pro Tag

Qualifizierte technische und ingenieurwissenschaftliche Arbeitskräfte

Mitarbeiterkategorie	Gesamtzahl der Mitarbeiter	Prozentsatz des technischen Personals
Gesamtbelegschaft	31,694	45 % technische/ingenieurtechnische Fachkräfte

Proprietäre Konvertierungstechnologien

Fischer-Tropsch-Technologie bleibt Sasols zentraler proprietärer Umwandlungsprozess zur Umwandlung von Kohle und Erdgas in flüssige Brennstoffe.

Portfolio für geistiges Eigentum

• Insgesamt angemeldete Patente: 2.300+
• Aktive Patentanmeldungen: 500
• Einnahmen aus Technologielizenzen: 45–50 Millionen US-Dollar pro Jahr

Sasol Limited (SSL) – Geschäftsmodell: Wertversprechen

Diversifiziertes Energie- und Chemieproduktportfolio

Sasol verfügt über ein Produktportfolio im Wert von 501,2 Milliarden ZAR im Jahr 2023, das Folgendes umfasst:

Produktkategorie	Jahresumsatz (ZAR)
Flüssige Brennstoffe	186,4 Milliarden
Chemikalien	147,8 Milliarden
Synthetische Kraftstoffe	85,6 Milliarden
Gas	81,4 Milliarden

Innovative Kraftstoff- und Chemielösungen

Das Innovationsportfolio von Sasol umfasst:

• GTL-Technologie (Gas-to-Liquid) mit einer Produktionskapazität von 160.000 Barrel pro Tag
• Fortschrittliche petrochemische Prozesse mit einer jährlichen Chemikalienproduktion von 12,4 Millionen Tonnen
• Technologien zur Kohlenstoffabscheidung reduzieren die Emissionen seit 2020 um 15 %

Nachhaltige und effiziente Produktionsprozesse

Kennzahlen zur Produktionseffizienz:

• Verbesserung der Energieeffizienz um 7,2 % im Jahr 2023
• Der Wasserverbrauch wurde innerhalb von fünf Jahren um 22 % reduziert
• Ziel zur Reduzierung der CO2-Emissionen: 30 % bis 2030

Integrierte Upstream- und Downstream-Operationen

Highlights der operativen Integration:

Operatives Segment	Produktionskapazität
Erkundung	30.000 Barrel pro Tag
Verfeinerung	180.000 Barrel pro Tag
Chemische Herstellung	12,4 Millionen Tonnen jährlich

Wettbewerbsfähige Preise durch technologische Vorteile

Kennzahlen zur Kosteneffizienz:

• Reduzierung der Produktionskosten um 11,3 % im Jahr 2023
• Technologische Investitionen: 8,2 Milliarden ZAR in Forschung und Entwicklung
• Betriebskosten pro Barrel: 342 ZAR

Sasol Limited (SSL) – Geschäftsmodell: Kundenbeziehungen

Langfristige Industrie- und Handelsverträge

Im Jahr 2024 unterhält Sasol rund 87 langfristige Lieferverträge mit Industriekunden aus den Bereichen Petrochemie, Energie und Fertigung. Die durchschnittliche Vertragsdauer liegt zwischen 5 und 10 Jahren.

Vertragstyp	Anzahl der Verträge	Jährlicher Wert
Chemikalienlieferverträge	42	1,2 Milliarden US-Dollar
Energielieferverträge	35	890 Millionen Dollar
Spezialisierte Produktverträge	10	340 Millionen Dollar

Technischer Support und Beratungsdienste

Sasol bietet technischen Support durch 247 engagierte Technik- und Beratungsexperten in allen weltweiten Niederlassungen.

• Durchschnittliche Antwortzeit: 4,2 Stunden
• Jährlicher Umsatz aus technischer Beratung: 76,5 Millionen US-Dollar
• Kundenzufriedenheitsbewertung: 94,3 %

Direktvertrieb durch spezialisierte Teams

Zusammensetzung des Direktvertriebsteams im Jahr 2024:

Kategorie „Vertriebsteam“.	Anzahl der Vertreter	Durchschnittlicher Jahresumsatz pro Vertreter
Industrieller Vertrieb	127	4,3 Millionen US-Dollar
Vertrieb im Energiesektor	93	5,1 Millionen US-Dollar
Verkauf chemischer Produkte	76	3,9 Millionen US-Dollar

Digitale Engagement-Plattformen

Sasols Kennzahlen zur digitalen Kundenbindung für 2024:

• Nutzer des Online-Kundenportals: 12.347
• Downloads mobiler Anwendungen: 87.543
• Digitales Transaktionsvolumen: 423 Millionen US-Dollar
• Durchschnittliche Interaktionszeit auf der digitalen Plattform: 17,6 Minuten pro Sitzung

Maßgeschneiderte Produktentwicklung

Anpassungsstatistik für 2024:

Produktkategorie	Anpassungswünsche	Erfolgreiche Implementierungen
Chemische Lösungen	214	187
Energieprodukte	156	139
Spezialisierte Kraftstoffe	98	86

Sasol Limited (SSL) – Geschäftsmodell: Kanäle

Direktvertrieb

Sasol verfügt über ein Direktvertriebsteam von etwa 260 professionellen Vertriebsmitarbeitern in mehreren globalen Regionen, die sich auf die Märkte Petrochemie, Energie und Spezialchemie konzentrieren.

Vertriebsregion	Anzahl der Vertriebsmitarbeiter	Primärer Produktfokus
Afrika	95	Chemikalien, Kraftstoffe
Europa	55	Spezialchemikalien
Asien	45	Industriechemikalien
Amerika	65	Energieprodukte

Online-Beschaffungsplattformen

Sasol betreibt digitale Beschaffungsplattformen mit einem jährlichen Transaktionswert von 2,3 Milliarden US-Dollar und unterstützt B2B- und B2C-Kundeninteraktionen.

• Jährliche Transaktionen der digitalen Plattform: 2,3 Milliarden US-Dollar
• Online-Kundenbindungsrate: 68 %
• Nutzerbasis der digitalen Plattform: 12.500 registrierte Firmenkunden

Industrielle Vertriebsnetze

Sasol nutzt 47 strategische industrielle Vertriebszentren in 12 Ländern und verwaltet ein jährliches Vertriebsvolumen von 22,6 Millionen Tonnen Produkten.

Verbreitungsgebiet	Anzahl der Zentren	Jährliches Vertriebsvolumen
Südafrika	18	9,4 Millionen Tonnen
Nordamerika	12	5,6 Millionen Tonnen
Europa	8	4,2 Millionen Tonnen
Asien-Pazifik	9	3,4 Millionen Tonnen

Globale Marketing- und Vertriebsbüros

Sasol betreibt 36 globale Marketing- und Vertriebsbüros auf fünf Kontinenten und unterstützt die internationale Geschäftsentwicklung und Kundenbeziehungen.

• Gesamtzahl der globalen Marketingbüros: 36
• Abgedeckte Kontinente: 5
• Länder mit aktiver Vertriebspräsenz: 22

Strategische Partnerschaftsnetzwerke

Sasol unterhält 124 strategische Partnerschaften mit globalen Industrie- und Technologieunternehmen, was einem jährlichen Kooperationswert von 1,7 Milliarden US-Dollar entspricht.

Kategorie „Partnerschaft“.	Anzahl der Partnerschaften	Jährlicher gemeinschaftlicher Wert
Technologiepartnerschaften	47	650 Millionen Dollar
Industrielle Kooperationen	52	780 Millionen Dollar
Forschungspartnerschaften	25	270 Millionen Dollar

Sasol Limited (SSL) – Geschäftsmodell: Kundensegmente

Hersteller von Industriechemikalien

Sasol beliefert Hersteller von Industriechemikalien mit spezifischen Produktsegmenten:

Produktkategorie	Jahresvolumen	Marktanteil
Synthetische Kraftstoffe	156.000 Barrel/Tag	78 % auf dem südafrikanischen Markt
Spezialchemikalien	2,3 Millionen Tonnen/Jahr	45 % regionale Marktdurchdringung

Transport- und Kraftstoffunternehmen

Wichtige Kundensegmente im Transportkraftstoffmarkt:

• Erdölhändler
• Gewerbliche Flottenbetreiber
• Lieferanten von Flugtreibstoff

Kraftstoffsegment	Jährliches Verkaufsvolumen	Einnahmen
Diesel	45 Millionen Liter/Monat	12,5 Milliarden Rand
Düsentreibstoff	22 Millionen Liter/Monat	6,8 Milliarden Rand

Agrar- und Bergbausektor

Sasol bietet spezialisierte chemische Lösungen:

Sektor	Produkttyp	Jährlicher Vorrat
Landwirtschaft	Düngemittelchemikalien	750.000 Tonnen/Jahr
Bergbau	Spezialreagenzien	450.000 Tonnen/Jahr

Energieinfrastrukturanbieter

• Gaspipeline-Infrastruktur
• Unterstützung der Stromerzeugung
• Lösungen für erneuerbare Energien

Infrastrukturtyp	Investition	Kapazität
Gaspipeline-Netzwerk	8,2 Milliarden Rand	1.200 km
Stromerzeugung	5,6 Milliarden Rand	600 MW

Globale Fertigungsunternehmen

Internationaler Kundenstamm in allen Fertigungssegmenten:

Geografische Region	Anzahl der Unternehmenskunden	Jahresumsatz
Afrika	1.250 Unternehmen	22,3 Milliarden Rand
Europa	450 Unternehmen	15,7 Milliarden Rand
Asien-Pazifik	350 Unternehmen	11,5 Milliarden Rand

Sasol Limited (SSL) – Geschäftsmodell: Kostenstruktur

Hoher Kapitalaufwand in Produktionsanlagen

Im Jahr 2023 meldete Sasol Gesamtinvestitionen in seine Produktionsanlagen in Höhe von 23,4 Milliarden ZAR. Die Kapitalinvestitionen gliedern sich wie folgt:

Einrichtungstyp	Investitionsausgaben (Milliarden ZAR)
Integrierte Energie und Chemie	16.7
Öl- und Gasexploration	4.2
Technologieinfrastruktur	2.5

Forschungs- und Entwicklungsinvestitionen

Sasol stellte im Geschäftsjahr 2023 1,8 Milliarden ZAR für Forschung und Entwicklung bereit und konzentrierte sich dabei auf:

• CO2-arme Technologien
• Lösungen für erneuerbare Energien
• Prozessoptimierung
• Fortgeschrittene Chemieingenieurwesen

Kosten für die Beschaffung von Rohstoffen

Die Beschaffungskosten für Rohstoffe beliefen sich im Jahr 2023 auf insgesamt 78,6 Milliarden ZAR, mit folgender Verteilung:

Rohstoffkategorie	Kosten (Milliarden ZAR)
Rohöl	45.3
Erdgas	22.1
Kohle	11.2

Wartung der technologischen Infrastruktur

Sasol gab im Jahr 2023 6,2 Milliarden ZAR für die Wartung der technologischen Infrastruktur aus und deckte Folgendes ab:

• Digitale Transformationssysteme
• Modernisierung der Betriebstechnologie
• Cybersicherheitsinfrastruktur
• Wartung des Rechenzentrums

Schulung und Entwicklung der Belegschaft

Die Schulungs- und Entwicklungsausgaben für 2023 beliefen sich auf 412 Millionen ZAR, mit Schwerpunkten wie:

• Entwicklung technischer Fähigkeiten
• Führungstraining
• Schulung zu Sicherheit und Compliance
• Erweiterung digitaler Kompetenzen

Sasol Limited (SSL) – Geschäftsmodell: Einnahmequellen

Verkauf von Erdölprodukten

Im Geschäftsjahr 2023 meldete Sasol einen Gesamtumsatz von 488,3 Milliarden ZAR. Aufschlüsselung der Verkäufe von Erdölprodukten:

Produktkategorie	Umsatz (Milliarden ZAR)	Prozentsatz des Gesamtumsatzes
Kraftstoffverkauf	214.6	43.9%
Diesel	132.3	27.1%
Düsentreibstoff	45.7	9.4%

Herstellung chemischer Produkte

Umsatz mit chemischen Produkten für 2023:

• Gesamter Chemieumsatz: 153,2 Milliarden ZAR
• Polymerumsatz: 87,5 Milliarden ZAR
• Umsatz mit Lösungsmitteln: 22,4 Milliarden ZAR
• Spezialchemikalien: 43,3 Milliarden ZAR

Herstellung synthetischer Kraftstoffe

Details zu den Einnahmen aus synthetischen Kraftstoffen für 2023:

Synthetischer Kraftstofftyp	Produktionsvolumen	Umsatz (Milliarden ZAR)
Kohle-zu-Flüssigkeit (CTL)	7,2 Millionen Tonnen	64.7
Gas-to-Liquid (GTL)	1,8 Millionen Tonnen	32.5

Performance-Materialmarketing

Aufschlüsselung der Einnahmen aus Performance-Materialien:

• Umsatz mit fortschrittlichen Materialien: 38,6 Milliarden ZAR
• Performance Chemicals: 27,3 Milliarden ZAR
• Elastomer-Verbundwerkstoffe: 18,9 Milliarden ZAR

Technologielizenzierung und Beratungsdienste

Einnahmen aus Technologielizenzen für 2023:

Servicekategorie	Umsatz (Mio. ZAR)
Lizenzierung von Prozesstechnologie	1,247
Ingenieurberatung	876
Technische Beratungsdienste	523

Sasol Limited (SSL) - Canvas Business Model: Value Propositions

You're looking at the core promises Sasol Limited (SSL) makes to its customers and stakeholders as of late 2025. These aren't just mission statements; they are backed by concrete operational and financial commitments, especially as the company navigates its transformation.

Energy security via large-scale synthetic fuels production in South Africa

Sasol Limited's primary value proposition in energy security centers on its massive synthetic fuels capability at Secunda Operations (SO). This provides a domestic, non-crude oil-dependent fuel source for South Africa. The company has set a clear operational target to enhance this security, aiming for Secunda Operations volumes to reach more than 7.4 million tons by the financial year (FY) 2028. This production level is supported by a revised, more economically attractive operational plan that hinges on improving coal quality through a destoning project, which is on track for completion in the first half of FY26 for less than R1 billion. Furthermore, the plan targets a nominal break-even oil price for the Southern Africa integrated value chain of US$50/bbl. To bridge potential gas supply gaps until Liquefied Natural Gas (LNG) infrastructure is ready, Sasol Limited is implementing a methane-rich gas bridging solution expected to extend supply until 2030.

Unique, high-value specialty chemicals derived from diverse feedstocks

Sasol Limited positions its chemicals business on delivering differentiated, high-value products, moving away from a pure volume-driven approach. The company is actively resetting its International Chemicals business, targeting an Adjusted EBITDA of US$750 to $850 million and an EBITDA margin of more than 15% through the cycle by FY2028. For Chemicals Africa, there is evidence of success in higher-value segments, with advanced materials volumes increasing by 10% to 33kt compared to 30kt in a prior period. The overall group reported a total turnover of R249.10 billion for FY2025. The company has also been optimizing its portfolio, concluding the exit from the US Phenolics business in March 2025 as part of this value-unlocking strategy.

Here's a look at how the Chemicals business performance metrics are being managed against targets:

Metric	FY2025 Delivery (Approximate)	FY2028 Target
International Chemicals EBITDA Margin	Not explicitly stated for FY2025	>15%
International Chemicals Adj. EBITDA	Not explicitly stated for FY2025	US$750 to $850 million
Chemicals Africa Advanced Materials Volume	33kt (Latest reported period)	N/A

Commitment to a 30% reduction in GHG emissions by 2030

Sasol Limited maintains its commitment to reduce Scope 1 and 2 greenhouse gas (GHG) emissions by 30% by 2030, using a value-accretive Emissions Reduction Roadmap (ERR). The company states it has already reduced emissions by over 15Mt CO2e since 2004. The optimized plan involves significant capital reallocation; the planned capital expenditure for emission reduction projects over the next five years is now between R4-billion and R7-billion, a substantial reduction from the previous range of R15-billion and R25-billion. A key enabler is a higher renewable energy (RE) target, increased to more than 2 GW, with 575 MW already signed up through Power Purchase Agreements (PPAs). Progress is visible, as energy efficiency projects enabled the shutdown of the first boiler-equivalent unit at Secunda in April 2025.

• GHG Reduction Target by 2030: 30%
• Total RE Secured/Contracted (as of May/Aug 2025): ~920 MW secured in SA PPAs + additional ~1GW contracted
• RE Target by FY2030: Up to 2GW
• Capital Allocation for ERR (5 years): R4 - R7 billion

Reliable supply of industrial feedstocks, solvents, and polymers globally

The value proposition for global supply is focused on maintaining reliability despite operational challenges, such as lower production at Secunda and Sasolburg impacting sales volumes. For FY2025, overall sales volumes were 4% lower than the prior year. In Chemicals Africa, sales volumes were projected to be 2 - 4% lower than FY24. However, the company is actively managing this through a deliberate value-over-volume strategy, which saw the average sales basket price increase by 8% compared to the prior year. For the International Chemicals business, sales volumes were expected to be at the lower end of a 4 - 8% decrease compared to FY24. Sasol Limited is also working to secure its feedstock supply by partnering with Eskom to act as the gas aggregator for future LNG supply solutions in South Africa.

You should track the recovery in production volumes, as the ability to consistently supply is a key part of this value promise. Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Customer Relationships

You're looking at how Sasol Limited (SSL) manages its connections with the entities buying its energy and chemical products as of late 2025. This is critical because their business is heavily reliant on large, sustained agreements.

Dedicated B2B account management for industrial and commercial clients is the backbone for securing volume. We see evidence of this focus in the Gas segment, where external SA gas sales improved, driven by increased customer demand in the fiscal year ending June 30, 2025. This suggests that existing customer relationships are being actively managed to capture available volume, even as overall Turnover for FY2025 was R249 billion, a 9% decline from the prior year.

The structure of these B2B relationships is heavily formalized through long-term agreements:

• Coal supply to Sasolburg Operations is governed by a long-term supply contract featuring an inflation linked escalation.
• Mozambican gas is sold under long-term contracts to both Sasol operations and external customers.
• Natural and methane rich gas sales within South Africa are also executed under long-term contracts with pricing determined via the National Energy Regulator of South Africa (NERSA) methodology.

These contracts provide revenue stability, which is important when considering the company's financial position. For instance, Sasol Limited successfully reduced its Net debt (excluding leases) by 13% to R65.0 billion (or US$3.7 billion) in FY2025.

Strategic engagement with government and regulators on energy policy is a necessity given the capital-intensive nature of the business and its transition goals. The Future Sasol strategy, introduced in 2021, explicitly underpins the ambition to accelerate the transition to a low-carbon world. This engagement is key to navigating regulatory frameworks, such as those governing gas pricing via NERSA.

Focus on enhancing stakeholder relationships as part of Future Sasol strategy is a stated priority, aiming to grow shared value for all stakeholders. The company emphasizes its commitment to its Code of Conduct and fostering inclusivity with its customers and stakeholders. The overall financial performance in FY2025 reflects a significant turnaround, which supports credibility with all stakeholders, including customers who rely on supply continuity. Here's a quick look at some key FY2025 results compared to FY2024:

Metric	FY2025 Value	FY2024 Value	Change vs 2024
Turnover (Rm)	249 096	275 111	(9)%
Adjusted EBITDA (Rm)	51 764	60 012	(14)%
Earnings/(loss) per share (R)	10.60	(69.94) loss	>100% increase
Headline Earnings per share (R)	35.13	18.15 (Implied)	93% improvement
Free Cash Flow (Rm)	12 558	7 173	75% increase

The improvement in Basic EPS by more than 100% to R10.60 per share, compared to a loss per share of R69.94 in the prior year, shows a material shift in profitability, partly supported by non-recurring items like the R4.3 billion net payment received from Transnet on June 30, 2025.

The company's commitment to its customer base is also demonstrated through operational adjustments, such as diverting coal from the discontinued export market to improve the quality of coal supplied to Secunda Operations, which helps maintain production stability for downstream customers. If onboarding new chemical clients takes longer than expected, churn risk rises defintely.

Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Channels

You're looking at how Sasol Limited moves its massive output-from specialty chemicals to the fuel in your car-to the customer. The channel strategy is a mix of direct, wholesale, and a very visible retail presence, especially in Southern Africa.

Direct sales force for global specialty chemicals and polymers is a key route for high-value products. This channel bypasses intermediaries to connect directly with large industrial buyers globally. While specific sales force headcount isn't public, the output from this segment shows significant scale. For Chemicals America in FY2025, total external sales volumes were 1,592 kt (kilotonnes), down from 1,764 kt the prior year. Chemicals Eurasia saw volumes of 3,375 kt for FY2025. This direct engagement is crucial for managing complex product specifications and securing large, often long-term, contracts.

The distribution of gas and liquid fuels relies heavily on extensive pipeline networks. The Rompco pipeline, which moves gas from Mozambique to Secunda, South Africa, is 865 km long, with 340 km situated in South Africa. A snapshot from 2003 indicated the total Sasol Gas Pipeline Network length was 2,023 km, comprising 1,690 km of Transmission Pipelines and 314 km of Distribution Pipelines. External South African gas sales for FY2025 were 3% lower than the prior year, though sales improved in Q4 FY25 driven by customer demand.

Wholesale distribution to commercial and industrial end-users is a major volume mover for both fuels and chemicals, often utilizing bulk transport. For the fuels business, sales in the Commercial and Wholesale channels were adversely impacted by lower production in FY2025. In Chemicals Africa, external sales volumes for FY2025 were reported as 4% lower than the prior year. This channel is sensitive to production stability at Secunda Operations (SO) and Natref.

The retail network of Sasol-branded fuel stations in Southern Africa is definitely a key channel, providing direct consumer access and capturing higher margins. As of 2024, Sasol Limited operated 354 locations. The company has expressed a strategic intent to grow this retail footprint to better match its fuel production capacity, as only about a third of its South African fuel supply was sold through Sasol retail stations at one point. The higher-margin mobility channel saw sales volumes increase by 5% in FY2025 compared to the previous year, despite a broader market decline.

Here's a quick look at the channel performance metrics we have for the year ended 30 June 2025:

Channel/Segment Metric	FY2025 Value/Change	Reference Year/Period
Liquid Fuels Sales Volumes Change	2% lower	FY2025 vs prior year
Mobility Channel Sales Volumes Change	5% increase	FY2025 vs prior year
External SA Gas Sales Volume Change	3% lower	FY2025 vs prior year
Chemicals Africa Sales Volumes Change	4% lower	FY2025 vs prior year
South African Polymers Sales Volume	1,195 kt	FY2025
Retail Network Size (Approximate)	354 sites	2024

The overall financial health, which supports these channel activities, saw Free Cash Flow after tax, interest and capital expenditure increase by 75% to R12.6 billion for FY2025. Headline Earnings Per Share (HEPS) is expected to be between R33.60 and R36.30.

You should track the progress of the retail expansion plan closely, as capturing more of that retail margin is a stated goal to improve profitability.

Sasol Limited (SSL) - Canvas Business Model: Customer Segments

Sasol Limited (SSL) primarily targets the business-to-business (B2B) space, which shapes the entire customer segment strategy.

The International Chemicals business alone serves over 4,000 customers across 88 countries, showing a wide global reach for its specialized products.

The Southern Africa Energy and Chemicals business supports an ecosystem of suppliers and customers in more than 100 countries.

For the fiscal year ended June 30, 2025, Sasol Limited reported a total Turnover of R249.10 billion, with overall sales volumes being 3% lower than the prior year.

Here's a breakdown of the key customer segments Sasol Limited serves:

• Industrial and Commercial sectors: The primary focus for Sasol Limited's offerings.
• Global Petrochemical Plants: Require feedstocks and intermediates for downstream polymer and chemical production.
• Transportation sector: Customers include airlines, shipping, and logistics firms needing fuels and lubricants.
• Southern African energy market: Direct consumers of fuels and gas within the core operating region.

The Chemicals America segment saw sales revenue increase by 17% in Q4 FY25 compared to the previous quarter, driven by higher volumes, mostly in Base Chemicals.

In contrast, Chemicals Eurasia FY25 sales volumes were 4% lower than the prior year, reflecting a deliberate value-over-volume strategy.

The Southern Africa business experienced improved external SA gas sales, which was driven by increased customer demand in the latter part of FY25.

You can see the segment focus and associated scale in the table below:

Customer Segment Focus	Geographic Scope / Scale Metric	FY2025 Volume/Demand Indicator
Industrial and Commercial (B2B)	International Chemicals serves over 4,000 customers	Overall FY25 sales volumes were 3% lower than prior year.
Global Petrochemical Plants	International Chemicals operates in 88 countries	Chemicals America Base Chemicals volumes were 33% higher in Q4 FY25 vs Q3 FY25.
Transportation Sector (Fuels/Lubricants)	Southern Africa business supports ecosystem in 100+ countries	Liquid fuels sales increased in Q4 FY25 due to higher production and purchases.
Southern African Energy Market	External SA gas sales metric	External SA gas sales improved in Q4 FY25 due to increased customer demand.

For the year ended June 30, 2025, Sasol Limited's net debt (excluding leases) stood at R65.0 billion (US$3.7 billion).

The company's Headline Earnings Per Share (HEPS) improved by 93% to R35.13 per share for FY25.

Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Sasol Limited's operational engine, and honestly, it's a structure built on massive scale. The cost base reflects the nature of running world-scale integrated plants, which inherently means high fixed costs.

To give you a concrete idea of the fixed cost base that needs to be covered regardless of immediate sales volume, Sasol Limited reported a Cash fixed cost of R69,872 million for the year ended 30 June 2025. That figure was managed to show only a 1% increase over the prior year, which is a win given the inflationary environment you're seeing across the sector.

The biggest chunk of the variable costs, as expected for an integrated energy and chemicals player, revolves around raw materials. Major variable costs are feedstock-think coal, gas, and crude oil-and the energy required to run the massive facilities. For the year ended 30 June 2025, the line item for Materials, energy and consumables used across the Group was R158,041 million. Plus, Sasol Gas has significant long-term contractual purchase commitments for gas, which stood at approximately R25 billion as of 30 June 2025, down from R32 billion in 2024. That's a substantial, committed outlay tied directly to production levels.

Here's a quick look at the major cost categories for the year ended 30 June 2025, showing where the money is going:

Cost Component	FY2025 Amount (R million)	FY2024 Amount (R million)
Cash fixed cost	69,872	69,490
Materials, energy and consumables used	158,041	Data Not Available
Total employee-related expenditure	36,231	36,565
Finance costs (Debt Servicing Proxy)	2,925	3,226

The table above shows the scale of the operating costs you need to cover just to keep the lights on and the plants fed.

On the capital side, Sasol Limited demonstrated strict capital discipline. The Capital expenditure for FY2025 was R25.4 billion, marking a significant 16% reduction compared to the prior year's spend of R30,159 million. This reduction aligns with the strategy to strengthen the foundation business.

Debt servicing is a non-negotiable cost, given the leverage. Sasol Limited's total long-term debt reduced by 12% to R103.3 billion (or US$5.8 billion) at 30 June 2025. The associated Finance costs recognized on the income statement for the year were R2,925 million. Remember, this is the cost of carrying that debt load, which is a major fixed drain on cash flow until the net debt target is hit.

Finally, operational costs for environmental compliance and decarbonization projects are becoming a more explicit part of the structure. Sasol Limited is actively managing this transition. Key figures related to this area include:

• The capital budget for the emission reduction roadmap was slashed to no more than R7 billion, a more than 70% reduction from initial estimates.
• The company increased its total secured renewable energy (PPA and self-builds) to more than 900 MW during 2025.
• The present value of Environmental provisions, which covers estimated rehabilitation costs, stood at R14,112 million at 30 June 2025.
• Capital expenditure in FY2025 related mainly to feedstock replacement, environmental compliance, and sustenance capital spend.

The focus is clearly on making decarbonization value accretive, but the provisions and ongoing capital commitments for compliance are definitely part of the cost structure you must factor in.

Finance: draft 13-week cash view by Friday.

Sasol Limited (SSL) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Sasol Limited (SSL) as of the close of Fiscal Year 2025. The overall picture shows a contraction in core revenue, partially offset by significant one-off items that bolstered the bottom line.

The total Turnover for Sasol Limited for the year ended June 30, 2025, was reported at R249 billion. Honestly, that represents a 9% decline compared to the prior period. This top-line pressure stemmed from a challenging macro environment, specifically a 15% decline in the Rand oil price and significant reductions in refining margins, which contributed to sales volumes decreasing by 3% overall.

The revenue streams are fundamentally tied to the energy and chemicals value chains. While specific revenue segmentation for every stream isn't immediately available in the headline figures, we know the operational context for each:

• Sales revenue from liquid fuels (petrol, diesel, jet fuel) in Southern Africa saw external SA liquid fuels sales increase in the fourth quarter of FY2025, supported by higher production and purchases.
• Sales revenue from performance and specialty chemicals globally faced headwinds, though revenue in the International Chemicals business did increase in Q4 FY2025 due to higher sales volumes from improved US production.
• Sales revenue from natural gas and electricity saw external SA gas sales improve, driven by increased customer demand in the final quarter.

To give you a clearer picture of the financial scale and the impact of non-recurring items on the reported earnings, here's a look at the key financial markers from FY2025:

Financial Metric	Value (FY2025)	Change vs. Prior Year
Turnover	R249 billion	9% decline
Adjusted EBITDA	R51.8 billion	14% decline
Free Cash Flow (after tax, interest, capex)	R12.6 billion	75% increase
Capital Expenditure	R25.4 billion	16% lower

You definitely need to factor in the non-recurring income that supported the earnings performance. The most significant of these was the Transnet legal settlement, which resulted in a net cash payment to Sasol Oil of R4.3 billion, received on June 30, 2025, in full and final settlement of the legal disputes. This single event was a major contributor to the 75% surge in free cash flow. Plus, earnings were also supported by a reduction in the environmental rehabilitation provision amounting to R2.9 billion. Still, these positive cash injections were partially offset by lower unrealised gains from monetary assets and derivatives compared to the prior year.

The company's focus on cost discipline helped keep cash fixed cost increases below inflation, which is a key operational lever supporting the revenue stream quality. The business is definitely working to reshape itself for more sustainable cash flows moving forward. Finance: draft 13-week cash view by Friday.