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Sasol (SSL) Q4 2026 Earnings Report
SSL Q4 2026 EPS Results
- Actual EPS
- $2.06
- Consensus EPS
- $1.53
- Beat/Miss
- Beat by +$0.53
- One Year Ago EPS
- $1.41
SSL Q4 2026 Revenue Results
- Actual Revenue
- $9.12B
- Expected Revenue
- $8.53B
- Beat/Miss
- Beat by +$597.76M
- YoY Revenue Growth
- +32.09%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 09/01/2026
- Time
- Before Open
- Conference Call
- Tuesday, September 1, 2026
Sasol's next earnings date is estimated for March 1, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
The call was strongly positive overall. Management highlighted delivery against FY26 targets, 17% adjusted EBITDA growth, improved operational reliability, a 5-year high in Secunda production, lower breakeven, continued International Chemicals progress, renewable-energy deployment and substantial deleveraging. These positives outweighed the reported fatalities, challenging chemical-market conditions, working-capital pressure, lower International Chemicals FY27 guidance, operational constraints and ongoing credit-rating and project uncertainties.
For FY '27, International Chemicals guidance is $450 million to $600 million, coal purchases are planned at between 5 million to 7 million tonnes, internal coal supply guidance is between 30 million and 32 million tonnes, and capital guidance is ZAR 23 billion to ZAR 26 billion. Sasol is targeting more than 7.4 million tonnes at Secunda, with sinks below 12%, and remains committed to supplying 34 million tonnes from internal collieries by FY '28. The company’s objective is to sustainably reduce net debt below USD 3 billion between FY '27 and FY '28, with net debt of sustainably below USD 3 billion remaining the threshold for the resumption of dividends; once achieved, it plans to distribute 30% of free cash flow as dividends. International Chemicals continues to target a 15% to 20% reduction in cash fixed costs by fiscal year '28, while renewable energy remains on track for 2 gigawatts by financial year '30.
- FY26 Targets Delivered or ExceededManagement stated that Sasol delivered or exceeded its key FY26 targets, including improved coal quality, Secunda production above target, a Southern African oil breakeven reduced to $49 per barrel, and a balance sheet stronger than targeted.
- Adjusted EBITDA Increased 17%Adjusted EBITDA increased 17% to ZAR 61 billion. Higher sales volumes, stronger oil prices and significantly improved fuel differentials more than offset the headwinds from a stronger rand exchange rate and the absence of the prior year's Transnet legal settlement.
- Improved Operating Performance and Sales VolumesGroup sales volumes increased by 4%, reflecting improved operational performance across the business. Gross margin increased 13% and adjusted EBITDA increased 17%.
- Cost Discipline MaintainedCash fixed costs remained flat year over year despite inflationary pressure, extending Sasol's cost optimization track record to 3 consecutive years of absorbing inflation.
- Capital Expenditure ReducedCapital expenditure was ZAR 21 billion, 18% lower than the prior year and in line with revised lower guidance. Management stated that the reduction did not compromise safety, asset integrity or project delivery.
- Stronger Underlying Cash FlowFree cash flow was ZAR 11.9 billion. Although this was 5% lower than the prior year because of the prior year's once-off Transnet benefit, free cash flow increased 26% year over year excluding that benefit, while cash flow from operations increased 22%.
- Secunda Production Reached a Five-Year HighSecunda production reached a 5-year high of 7.26 million tonnes, supported by improved coal quality, improved gas availability and more stable operations.
- Coal Quality and Internal Supply ImprovedThe destoning plant reached beneficial operation and helped reduce coal sinks below 12%. Sasol Mining purchased 8.8 million tonnes in FY26 and plans to reduce purchases to between 5 million to 7 million tonnes in FY27, while internal coal supply is guided at between 30 million and 32 million tonnes in FY27 and targeted at 34 million tonnes by FY28.
- Southern African Oil Breakeven Reduced to $49The Southern African oil breakeven decreased to $49 per barrel. Management said the result reflected both $6 to $9 per barrel of improvement from macro tailwinds and the absence of a Secunda shutdown, as well as genuine progress in restoring the value chain and improving performance.
- Fuels and Natref Performance StrengthenedFuels delivered a particularly strong performance, benefiting from improved operational performance, stronger refining margins and improved product differentials. Natref delivered stable performance, and Sasol increased its South African retail market share to roughly 13% from 9% 5 years ago.
- International Chemicals EBITDA Reached USD 604 MillionInternational Chemicals delivered adjusted EBITDA of USD 604 million, supported by cost savings, improved operational performance, commercial excellence, higher sales volumes and fourth-quarter recovery in basket prices.
- International Chemicals Reset ContinuedOver the past 2 years, Sasol streamlined the International Chemicals portfolio, reduced costs, improved operational performance and strengthened commercial excellence. Fixed costs have been reduced by 10% since FY24, including a 7% reduction in the latest year, while the business remains committed to a 15% to 20% fixed-cost reduction by FY28.
- Paraffin Unit Restarted to Capture DemandSasol restarted the paraffin unit in Augusta in August after identifying attractive market conditions created by supply constraints and stronger customer demand. Management said the restart supports business continuity, customer relationships and additional business opportunities while maintaining the 15% to 20% FY28 fixed-cost reduction target.
- ERP Program Implemented in EuropeThe ERP program went live in Germany, Slovakia and the United Kingdom during July, providing a more efficient way of working across the International Chemicals business.
- Balance Sheet Deleveraging ProgressedNet debt reduced 11% to USD 3.3 billion, the lowest level in 10 years and ahead of the FY26 target of below USD 3.7 billion. Sasol remains on track toward sustainably reducing net debt below USD 3 billion between FY27 and FY28.
- Liquidity and Debt Maturity Profile ImprovedAvailable liquidity increased 21% to approximately USD 5 billion. Sasol issued a ZAR 5.3 billion bond in exchange for USD 300 million and a USD 750 million bond maturing in 2033, using the proceeds for partial repayment of 2028 and 2029 maturities. Management said this extended the debt maturity profile, reduced near-term refinancing risk and improved the currency mix of debt.
- Renewable Energy Deployment AdvancedSasol brought more than 500 megawatts of renewable energy online in South Africa. It now has over 1.3 gigawatts secured and more than 500 megawatts operational, keeping it on track toward its target of 2 gigawatts by FY30.
- Grow and Transform Projects ProgressedThe Mozambique PSA project, the destoning plant and 3 Natref low-carbon boilers reached beneficial operation. Sasol also received the first sustainability certification in Africa for Natref product sustainability pathways covering key fuels production and certified chemicals production at Secunda.
- Social Investment ExpandedSasol expanded access to water in Mozambique, trained more than 450 artisans and supported small-business development across its operating regions.
- Safety Performance Indicators ImprovedAlthough the company reported 2 fatalities, hospitalization fell to record lows, process safety performance improved, significant process safety incidents such as fires, explosions and releases were meaningfully reduced, and Sasol again recorded no major process safety incidents during the year.
SSL Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 01, 2027 | 2027 (Q2) | 1.78- | 0.58 | ― | ― |
| Sep 01, 2026 | 2026 (Q4) | 1.532.06 | 1.41 | 46.52% (+0.66) | |
| Feb 23, 2026 | 2026 (Q2) | 0.580.58 | 0.77 | -24.41% (-0.19) | |
| Aug 25, 2025 | 2025 (Q4) | 1.151.41 | 1.35 | 4.45% (+0.06) | |
| Feb 24, 2025 | 2025 (Q2) | 0.750.77 | 1.05 | -27.32% (-0.29) | |
| Aug 20, 2024 | 2024 (Q4) | 1.011.35 | 2.34 | -42.39% (-0.99) | |
| Feb 26, 2024 | 2024 (Q2) | 1.231.05 | 1.69 | -37.78% (-0.64) | |
| Aug 23, 2023 | 2023 (Q4) | 0.832.34 | 1.84 | 27.10% (+0.50) | |
| Feb 21, 2023 | 2023 (Q2) | 1.851.69 | 1.01 | 68.06% (+0.69) | |
| Aug 23, 2022 | 2022 (Q4) | 2.131.84 | 2.73 | -32.51% (-0.89) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.