| Long-term debt |
| | | | | | | 2026 | | 2025 | for the year ended 30 June | | Rm | | Rm | Total long-term debt | | 92 374 | | 102 645 | Short-term portion1 | | (24 500) | | (14 091) | Long-term portion | | 67 874 | | 88 554 | Analysis of long-term debt | | | | | At amortised cost | | | | | Unsecured debt | | 92 716 | | 103 037 | Unamortised loan costs | | (342) | | (392) | | | 92 374 | | 102 645 | Reconciliation | | | | | Balance at beginning of year | | 102 645 | | 117 031 | Loans raised2 | | 18 579 | | 471 | Loans repaid3 | | (23 651) | | (14 060) | Interest accrued | | 1 552 | | 1 505 | Amortisation of loan costs | | 160 | | 126 | Translation of foreign operations | | (7 332) | | (2 428) | Foreign exchange differences recognised in income statement | | 421 | | — | Balance at end of year | | 92 374 | | 102 645 | Interest-bearing status | | | | | Interest-bearing debt | | 92 374 | | 102 645 | Maturity profile | | | | | Within one year | | 24 500 | | 14 091 | One to five years | | 54 446 | | 72 309 | More than five years | | 13 428 | | 16 245 | | | 92 374 | | 102 645 |
| 1 | Current period short-term portion relates to the US$650 million bond (R10,7 billion) payable in September 2026, as well as a portion of the DMTN (R1,2 billion) which is repayable in October 2026. The US$750 million convertible bond is classified as a current liability since 2025 when the Group adopted the amendments to IAS 1 'Presentation of Financial Statements'. |
| 2 | Relates mainly to a 2033 bond of US$750 million (R12,3 billion) issued in April 2026 and a floating rate bond of R5,3 billion issued on 23 July 2025 for which SFIL received US$300 million in return. |
| 3 | Relates mainly to partial repayments on 2028 and 2029 US$ bonds (R12,3 billion) and repayments on the Revolving Credit Facility (RCF) in July and August 2025 (R8,4 billion) as well as a R0,8 billion repayment on the DMTN programme in October 2025. |
13 | Long-term debt continued |
| | | | | | | | | | | | | | | | | | | | | | | | | | 2026 | | 2025 | | | | | | | | | | | | Total | | | | | | | | | | | | | | Interest | | Contract | | Rand | | Available | | Utilised | | Utilised | | | | | | | | rate | | amount | | equivalent | | facilities | | facilities | | facilities | | for the year ended 30 June | | Expiry date | | Currency | | % | | million | | Rm | | Rm | | Rm | | Rm | | Banking facilities and debt arrangements | | | | | | | | | | | | | | | | | | Group treasury facilities | | | | | | | | | | | | | | | | | | Commercial paper (uncommitted) | | None | | Rand | | 3 month
Jibar + 1,42% -
1,59% | | 15 000 | | 15 000 | | 11 378 | | 3 622 | | 4 434 | | Commercial banking facilities | | None | | Rand | | * | | 7 450 | | 7 450 | | 7 450 | | — | | — | | Revolving credit facility¹ | | April 2030 | | US dollar | | SOFR+ Credit
Adj +1,45% | | 1 987 | | 32 574 | | 32 574 | | — | | 8 875 | | Debt arrangements | | | | | | | | | | | | | | | | | | US Dollar Bond | | September 2026 | | US dollar | | 4,38% | | 650 | | 10 656 | | — | | 10 656 | | 11 538 | | US Dollar Convertible Bond2 | | November 2027 | | US dollar | | 4,50% | | 750 | | 12 295 | | — | | 12 295 | | 13 313 | | US Dollar Bond4 | | September 2028 | | US dollar | | 6,50% | | 334 | | 5 475 | | — | | 5 475 | | 13 313 | | US Dollar Bond4 | | May 2029 | | US dollar | | 8,75% | | 666 | | 10 918 | | — | | 10 918 | | 17 750 | | US Dollar term loan | | April 2030 | | US dollar | | SOFR+ Credit
Adj +1,65% | | 982 | | 16 107 | | — | | 16 107 | | 17 439 | | Rand Bond3 | | July 2030 | | Rand | | 3 month Jibar + 3,7% | | 5 327 | | 5 327 | | — | | 5 327 | | — | | US Dollar Bond | | March 2031 | | US dollar | | 5,50% | | 850 | | 13 934 | | — | | 13 934 | | 15 088 | | US Dollar Bond⁴ | | April 2033 | | US dollar | | 8,75% | | 750 | | 12 295 | | — | | 12 295 | | — | | Other Sasol businesses | | | | | | | | | | | | | | | | | | Specific project asset finance | | | | | | | | | | | | | | | | | | Energy – Natref | | Various | | Rand | | Various | | 2 482 | | 2 482 | | 895 | | 1 587 | | 1 266 | | Other | | | | Various | | Various | | — | | — | | — | | 1 262 | | 707 | | | | | | | | | | | | | | 52 297 | | 93 478 | | 103 723 | | Available cash excluding restricted cash | | | | | | | | | | | | 40 103 | | | | | | Total funds available for use | | | | | | | | | | | | 92 400 | | | | | | Accrued interest | | | | | | | | | | | | | | 1 552 | | 1 505 | | Unamortised loan cost | | | | | | | | | | | | | | (342) | | (392) | | Cumulative fair value gains and foreign exchange movements on convertible bond and embedded derivative financial liability | | | | | | | | | | | | | | (739) | | (1 517) | | Total debt including accrued interest and unamortised loan cost | | | | | | | | | | | | | | 93 949 | | 103 319 | | Comprising | | | | | | | | | | | | | | | | | | Long-term debt | | | | | | | | | | | | | | 67 874 | | 88 554 | | Short-term debt | | | | | | | | | | | | | | 25 648 | | 14 757 | | Short-term debt | | | | | | | | | | | | | | 1 148 | | 666 | | Short-term portion of long-term debt | | | | | | | | | | | | | | 24 500 | | 14 091 | | Bank overdraft | | | | | | | | | | | | | | 118 | | 1 | | Convertible bond derivative financial liability | | | | | | | | | | | | | | 309 | | 7 | | | | | | | | | | | | | | | | 93 949 | | 103 319 | |
13 | Long-term debt continued |
*Interest rate only available when funds are utilised. | 1 | Sasol repaid R8,4 billion (US$0,5 billion) in July and August 2025 on the RCF. |
| 2 | The convertible bond has a principal amount of US$750 million and contains conversion rights exercisable by the bond holders at any time before maturity of the bond on 8 November 2027. The convertible bond pays a coupon of 4,5% per annum, payable semi-annually in arrears and in equal instalments on 8 May and 8 November of each year. The convertible bond can be settled in cash, Sasol ordinary shares, or any combination thereof at the election of Sasol. The conversion price (initially set at US$20,39) is subject to standard market anti-dilution adjustments, including, among other things, dividends paid by Sasol. The conversion price at 30 June 2026 was US$18,79 (30 June 2025: US$18,79). |
| 3 | On 23 July 2025, SFIL issued a floating rate bond of R5,3 billion. In exchange, SFIL received US$300 million. The bond is guaranteed by Sasol Limited, has a 5 year maturity, bears quarterly interest, is repayable in Rand with covenants similar to those in the existing US$ bond documents and no new covenants were introduced. |
| 4 | A 2033 US$ bond of US$750 million (R12,3 billion) was issued in April 2026, the proceeds were used to partially repurchase the 2028 and 2029 US$ bonds (R12,3 billion). The result of the transaction being debt-neutral, while extending the debt maturity. |
Accounting policies: Debt, which constitutes a financial liability, includes short-term and long-term debt. Debt is initially recognised at fair value, net of transaction costs incurred and is subsequently stated at amortised cost using the effective interest rate method. Debt is classified as short-term unless the borrowing entity has a right to defer settlement of the liability for at least 12 months after the reporting date. Debt is derecognised when the obligation in the contract is discharged, cancelled or has expired. Premiums or discounts arising from the difference between the fair value of debt raised and the amount repayable at maturity date are charged to the income statement as finance expenses based on the effective interest rate method. A debt modification gain or loss is recognised immediately when a debt measured at amortised cost has been modified. The convertible bond is a hybrid financial instrument consisting of a non-derivative host representing the obligation to make interest payments and to deliver cash to the holder on redemption of the bond (‘the bond component’); and a conversion feature which is accounted for as an embedded derivative financial liability. The bond component was recognised at fair value at inception date. The fair value was determined by subtracting the fair value attributable to the embedded derivative from the fair value of the combined instrument. The bond component is measured subsequently at amortised cost using the effective interest rate of 8,5%. The option component is recognised as a derivative financial liability, measured at fair value, with changes in fair value recorded in profit or loss and reported separately in the statement of financial position in long-term financial liabilities. The bond component and related embedded derivative are classified as current liabilities as the holders may convert at any time. Refer to note 35 for the accounting policies relating to embedded derivatives.
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