SASOL LIMITED (SSL): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'énergie mondiale et de l'innovation chimique, Sasol Limited apparaît comme une puissance de transformation technologique, pontant stratégiquement les processus industriels complexes avec une durabilité de pointe. Cette exploration de la toile du modèle commercial de SASOL dévoile un plan sophistiqué qui capture comment cette entreprise sud-africaine exploite son expertise de charbon à liquides, ses technologies propriétaires et ses opérations intégrées pour offrir une valeur inégalée entre divers secteurs industriels. Préparez-vous à plonger dans une répartition complète de la façon dont Sasol navigue dans le monde complexe de la production d'énergie, de la fabrication chimique et des partenariats stratégiques qui le positionnent comme un leader mondial dans la conversion innovante des ressources.

SASOL LIMITED (SSL) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec des entreprises mondiales d'énergie et de produits chimiques

SASOL a établi des partenariats stratégiques avec plusieurs sociétés mondiales d'énergie et de produits chimiques:

Entreprise partenaire	Détails du partenariat	Année établie
Total SE	Coentreprise dans le projet de LNG du Mozambique	2019
Produits aériens et produits chimiques	Syngas et collaboration technologique de gaz à liquides	2014
Sinopec	Transfert de technologie du charbon à liquides	2011

Coentreprises dans la production de carburants pétrochimiques et synthétiques

Les principales coentreprises de Sasol comprennent:

• SASOL POLYMERS (50/50 coentreprise avec Saudi Basic Industries Corporation)
• Raffinerie Natref (63,64% de propriété avec TotalEngegies)
• ORYX GTL au Qatar (coentreprise avec Qatar Petroleum)

Collaboration avec les fournisseurs de technologies pour des processus innovants

Fournisseur de technologie	Domaine de mise au point	Valeur d'investissement
Haldor se compose	Catalyse et optimisation des processus	45 millions de dollars
Technologie des coquilles	Technologie du gaz à liquides	62 millions de dollars

Partenariats avec le gouvernement sud-africain et les entreprises locales

Les partenariats locaux de Sasol comprennent:

• Département des ressources minérales et collaboration énergétique
• Autonomisation économique noire (BEE) partenariat avec les entreprises locales
• Programmes de développement des compétences avec les universités sud-africaines

Investissement total de partenariat: environ 1,2 milliard de dollars par an

SASOL LIMITED (SSL) - Modèle d'entreprise: activités clés

Énergie intégrée et production chimique

Sasol exploite 30 installations de production dans plusieurs pays, avec une capacité de production annuelle d'environ 200 000 barils par jour de carburants synthétiques et de produits chimiques.

Emplacement de l'installation de production	Capacité de production annuelle	Produits clés
Secunda, Afrique du Sud	160 000 barils par jour	Carburants synthétiques, produits chimiques
Sasolburg, Afrique du Sud	40 000 barils par jour	Performance Chemicals

Technologies de conversion au charbon à liquides et aux liquides du gaz à liquides

Sasol a investi 4,2 milliards de rands (environ 226 millions de dollars) en 2023 pour les technologies de conversion avancées.

• Efficacité de conversion de la technologie Fischer-Tropsch: 55-60%
• Capacité de capture du carbone: jusqu'à 2 millions de tonnes par an
• Brevets technologiques de conversion: 37 brevets mondiaux actifs

Exploration et extraction des ressources pétrolières et gazières

Le portefeuille d'exploration de Sasol comprend des investissements dans de multiples blocs d'exploration internationaux et nationaux.

Région d'exploration	Montant d'investissement	Réserves estimées
Mozambique offshore	1,2 milliard de dollars	Billions de pieds cubes de gaz naturel
South Africain à terre	450 millions de dollars	Réserves de charbon éprouvées

Recherche et développement de solutions énergétiques durables

Sasol a alloué 1,1 milliard de rands (environ 59 millions de dollars) à la R&D énergétique durable en 2023.

• Investissement de recherche sur l'hydrogène vert: 350 millions de rands
• Tellement des cibles de neutralité en carbone: 5 courants de recherche majeurs
• Projets d'intégration d'énergie renouvelable: 3 programmes pilotes actifs

Fabrication de produits chimiques et de matériaux de performance

Sasol produit plus de 2 000 produits chimiques dans divers segments industriels.

Catégorie chimique	Volume de production annuel	Part de marché mondial
Performance Chemicals	1,2 million de tonnes	7.5%
Polymères spécialisés	800 000 tonnes	5.3%

SASOL LIMITED (SSL) - Modèle d'entreprise: Ressources clés

De vastes réserves de charbon en Afrique du Sud

Sasol possède environ 4,4 milliards de tonnes de réserves de charbon situées principalement dans les régions Secunda et Sasolburg d'Afrique du Sud. Ces réserves sont concentrées dans la province de Mpumalanga.

Emplacement	Réserves totales de charbon	Capacité minière estimée
Province de Mpumalanga	4,4 milliards de tonnes	40 à 50 millions de tonnes par an

Installations de traitement chimique avancé

SASOL exploite plusieurs installations de produits chimiques et d'énergie intégrés avec des investissements d'infrastructure importants.

• Complexe Secunda Synfuels: la plus grande installation de charbon à liquides au monde
• Investissement total des installations: environ 10 à 12 milliards de dollars
• Capacité de production annuelle: 160 000 barils de carburants liquides par jour

Travail technique et ingénierie qualifié

Catégorie des employés	Total des employés	Pourcentage de personnel technique
Total de main-d'œuvre	31,694	45% de professionnels techniques / d'ingénierie

Technologies de conversion propriétaire

Technologie Fischer-Tropsch Reste le processus de conversion propriétaire de Sasol pour transformer le charbon et le gaz naturel en carburants liquides.

Portefeuille de propriété intellectuelle

• Brevets totaux enregistrés: 2 300+
• Demandes de brevet actives: 500
• Revenus de licence technologique: 45 à 50 millions de dollars par an

SASOL LIMITED (SSL) - Modèle d'entreprise: propositions de valeur

Portfolio de produits énergétiques et chimiques diversifiés

Sasol fonctionne avec un portefeuille de produits évalué à ZAR 501,2 milliards en 2023, englobant:

Catégorie de produits	Revenus annuels (ZAR)
Carburants liquides	186,4 milliards
Produits chimiques	147,8 milliards
Carburants synthétiques	85,6 milliards
Gaz	81,4 milliards

Solutions innovantes de carburant et chimique

Le portefeuille d'innovation de Sasol comprend:

• Technologie GTL (gaz à liquide) avec 160 000 barils par jour de production
• Processus pétrochimiques avancés avec une production chimique annuelle de 12,4 millions de tonnes
• Technologies de capture de carbone réduisant les émissions de 15% depuis 2020

Processus de production durables et efficaces

Mesures d'efficacité de la production:

• Amélioration de l'efficacité énergétique de 7,2% en 2023
• La consommation d'eau réduite de 22% sur cinq ans
• Cible de réduction des émissions de carbone: 30% d'ici 2030

Opérations intégrées en amont et en aval

Points forts de l'intégration opérationnelle:

Segment opérationnel	Capacité de production
Exploration	30 000 barils par jour
Raffinage	180 000 barils par jour
Fabrication de produits chimiques	12,4 millions de tonnes par an

Prix ​​compétitifs à travers des avantages technologiques

Métriques de rentabilité:

• Réduction des coûts de production de 11,3% en 2023
• Investissements technologiques: ZAR 8,2 milliards de R&D
• Coût opérationnel par baril: ZAR 342

SASOL LIMITED (SSL) - Modèle d'entreprise: relations avec les clients

Contrats industriels et commerciaux à long terme

En 2024, Sasol maintient environ 87 contrats d'approvisionnement à long terme avec des clients industriels dans des secteurs pétrochimique, énergétique et manufacturier. La durée moyenne du contrat varie entre 5 et 10 ans.

Type de contrat	Nombre de contrats	Valeur annuelle
Accords d'approvisionnement chimique	42	1,2 milliard de dollars
Contrats d'énergie	35	890 millions de dollars
Contrats de produits spécialisés	10	340 millions de dollars

Services de support technique et de consultation

SASOL fournit un soutien technique par le biais de 247 professionnels de l'ingénierie et des consultations dédiés à des opérations mondiales.

• Temps de réponse moyen: 4,2 heures
• Revenus de consultation technique annuelle: 76,5 millions de dollars
• Évaluation de satisfaction du client: 94,3%

Ventes directes par le biais d'équipes spécialisées

Composition de l'équipe de vente directe en 2024:

Catégorie d'équipe de vente	Nombre de représentants	Ventes annuelles moyennes par représentant
Ventes industrielles	127	4,3 millions de dollars
Ventes du secteur de l'énergie	93	5,1 millions de dollars
Ventes de produits chimiques	76	3,9 millions de dollars

Plates-formes de fiançailles numériques

Les mesures numériques de l'engagement des clients de Sasol pour 2024:

• Utilisateurs du portail client en ligne: 12 347
• Téléchargements des applications mobiles: 87 543
• Volume de transaction numérique: 423 millions de dollars
• Temps d'engagement de la plate-forme numérique moyenne: 17,6 minutes par session

Développement de produits personnalisés

Statistiques de personnalisation pour 2024:

Catégorie de produits	Demandes de personnalisation	Implémentations réussies
Solutions chimiques	214	187
Produits énergétiques	156	139
Carburants spécialisés	98	86

SASOL LIMITED (SSL) - Modèle d'entreprise: canaux

Force de vente directe

Sasol maintient une force de vente directe d'environ 260 représentants des ventes professionnelles dans plusieurs régions mondiales, en se concentrant sur les marchés produits chimiques pétrochimiques, énergétiques et spécialisés.

Région de vente	Nombre de représentants commerciaux	Focus du produit primaire
Afrique	95	Produits chimiques, carburants
Europe	55	Produits chimiques spécialisés
Asie	45	Produits chimiques industriels
Amériques	65	Produits énergétiques

Plateformes d'approvisionnement en ligne

SASOL exploite des plateformes d'approvisionnement numérique avec une valeur de transaction annuelle de 2,3 milliards de dollars, prenant en charge les interactions client B2B et B2C.

• Transactions annuelles de plate-forme numérique: 2,3 milliards de dollars
• Taux d'engagement client en ligne: 68%
• Base d'utilisateurs de plate-forme numérique: 12 500 clients d'entreprise enregistrés

Réseaux de distribution industrielle

SASOL utilise 47 centres de distribution industriels stratégiques dans 12 pays, gérant un volume de distribution annuel de 22,6 millions de tonnes métriques de produits.

Région de distribution	Nombre de centres	Volume de distribution annuel
Afrique du Sud	18	9,4 millions de tonnes métriques
Amérique du Nord	12	5,6 millions de tonnes métriques
Europe	8	4,2 millions de tonnes métriques
Asie-Pacifique	9	3,4 millions de tonnes métriques

Offices mondiaux de marketing et de vente

SASOL exploite 36 bureaux mondiaux de marketing et de vente sur 5 continents, soutenant le développement commercial international et les relations avec la clientèle.

• Total des bureaux de marketing mondial: 36
• Continents couverts: 5
• Pays ayant une présence de vente active: 22

Réseaux de partenariat stratégiques

Sasol entretient 124 partenariats stratégiques avec des sociétés mondiales industrielles et technologiques, représentant une valeur collaborative annuelle de 1,7 milliard de dollars.

Catégorie de partenariat	Nombre de partenariats	Valeur collaborative annuelle
Partenariats technologiques	47	650 millions de dollars
Collaborations industrielles	52	780 millions de dollars
Partenariats de recherche	25	270 millions de dollars

SASOL LIMITED (SSL) - Modèle d'entreprise: segments de clientèle

Fabricants de produits chimiques industriels

SASOL dessert les fabricants de produits chimiques industriels avec des segments de produits spécifiques:

Catégorie de produits	Volume annuel	Part de marché
Carburants synthétiques	156 000 barils / jour	78% sur le marché sud-africain
Produits chimiques spécialisés	2,3 millions de tonnes / an	45% de pénétration du marché régional

Sociétés de transport et de carburant

Segments clés des clients sur le marché du carburant de transport:

• Distributeurs de pétrole
• Opérateurs de flotte commerciale
• Fournisseurs de carburant de l'aviation

Segment de carburant	Volume des ventes annuelles	Revenu
Diesel	45 millions de litres / mois	12,5 milliards de rands
Carburant à jet	22 millions de litres / mois	R6,8 milliards

Secteurs agricoles et miniers

Sasol fournit des solutions chimiques spécialisées:

Secteur	Type de produit	Approvisionnement annuel
Agriculture	Chimiques d'engrais	750 000 tonnes / an
Exploitation minière	Réactifs spécialisés	450 000 tonnes / an

Fournisseurs d'infrastructures énergétiques

• Infrastructure de gazoduc
• Support de production d'électricité
• Solutions d'énergie renouvelable

Type d'infrastructure	Investissement	Capacité
Réseau de gazoducs	R8,2 milliards	1200 km
Production d'électricité	5,6 milliards de rands	600 MW

Entreprises de fabrication mondiale

Base de clientèle internationale à travers les segments de fabrication:

Région géographique	Nombre de clients d'entreprise	Revenus annuels
Afrique	1 250 entreprises	R22,3 milliards
Europe	450 entreprises	15,7 milliards de rands
Asie-Pacifique	350 entreprises	R11,5 milliards

SASOL LIMITED (SSL) - Modèle d'entreprise: Structure des coûts

Dépenses en capital élevés dans les installations de production

En 2023, SASOL a déclaré une dépense en capital totale de 23,4 milliards de ZAR pour ses installations de production. La rupture de l'investissement en capital est la suivante:

Type d'installation	Dépenses en capital (zar milliard)
Énergie et produits chimiques intégrés	16.7
Exploration du pétrole et du gaz	4.2
Infrastructure technologique	2.5

Investissements de recherche et développement

SASOL a alloué ZAR 1,8 milliard à la recherche et au développement au cours de l'exercice 2023, en se concentrant sur:

• Technologies à faible teneur en carbone
• Solutions d'énergie renouvelable
• Optimisation du processus
• Génie chimique avancé

Coûts d'approvisionnement en matières premières

Les coûts d'approvisionnement en matières premières pour 2023 ont totalisé 78,6 milliards de zar, avec la distribution suivante:

Catégorie de matières premières	Coût (milliards de zar)
Huile brute	45.3
Gaz naturel	22.1
Charbon	11.2

Maintenance des infrastructures technologiques

Sasol a dépensé ZAR 6,2 milliards pour la maintenance des infrastructures technologiques en 2023, couvrant:

• Systèmes de transformation numérique
• Mises à niveau de la technologie opérationnelle
• Infrastructure de cybersécurité
• Maintenance du centre de données

Formation et développement de la main-d'œuvre

Les dépenses de formation et de développement pour 2023 étaient de 412 millions de zar, avec des domaines de mise au point, notamment:

• Développement des compétences techniques
• Formation en leadership
• Éducation à la sécurité et à la conformité
• Amélioration des compétences numériques

SASOL LIMITED (SSL) - Modèle d'entreprise: Strots de revenus

Ventes de produits pétroliers

Au cours de l'exercice 2023, Sasol a déclaré un chiffre d'affaires total de 488,3 milliards de ZAR. Répartition des ventes de produits de pétrole:

Catégorie de produits	Revenus (zar milliards)	Pourcentage du total des revenus
Ventes de carburant	214.6	43.9%
Diesel	132.3	27.1%
Carburant à jet	45.7	9.4%

Fabrication de produits chimiques

Revenus de produits chimiques pour 2023:

• Revenus chimiques totaux: ZAR 153,2 milliards
• Revenus en polymères: ZAR 87,5 milliards
• Solvents Revenue: ZAR 22,4 milliards
• Spécialités chimiques: zar 43,3 milliards

Production de carburants synthétiques

Détails de revenus de carburants synthétiques pour 2023:

Type de carburant synthétique	Volume de production	Revenus (zar milliards)
Charbon à liquide (CTL)	7,2 millions de tonnes	64.7
Gaz à liquide (GTL)	1,8 million de tonnes	32.5

Marketing de matériel de performance

Répartition des revenus du matériel de performance:

• Revenus de matériaux avancés: ZAR 38,6 milliards
• Performance Chemicals: ZAR 27,3 milliards
• Composites élastomères: ZAR 18,9 milliards

Services de licence et de conseil technologique

Revenus de licence technologique pour 2023:

Catégorie de service	Revenus (zar million)
Licence de technologie de processus	1,247
Conseil en génie	876
Services de conseil technique	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.