Post-retirement benefit obligations (Tables)

12 Months Ended

Jun. 30, 2026

Schedule of post-retirement benefit obligations


				Non-current				Current				Total
				2026		2025		2026		2025		2026		2025
for the year ended 30 June		Note		Rm		Rm		Rm		Rm		Rm		Rm
Post-retirement healthcare obligations		31.1
South Africa				4 504		3 943		347		325		4 851		4 268
United States of America				63		234		13		6		76		240
				4 567		4 177		360		331		4 927		4 508
Pension obligations		31.2
Foreign – post-retirement benefit obligation				7 055		7 944		378		386		7 433		8 330
Total post-retirement benefit obligations				11 622		12 121		738		717		12 360		12 838

Pension assets		31.2
South Africa – post-retirement benefit asset				(124)		(113)		—		—		(124)		(113)
Foreign – post-retirement benefit asset				(1 189)		(970)		—		—		(1 189)		(970)
Total post-retirement benefit assets				(1 313)		(1 083)		—		—		(1 313)		(1 083)
Net pension obligations				5 742		6 861		378		386		6 120		7 247

Schedule of loss/(gain) on post-retirement benefit obligations


				Loss/(gain) recognised in the income						Loss/(gain) recognised in other
				statement						comprehensive income
				2026		2025		2024		2026		2025		2024
for the year ended 30 June		Note		Rm		Rm		Rm		Rm		Rm		Rm
Post-retirement benefit obligations
Post-retirement healthcare obligations		31.1		379		523		495		378		137		137
Pension benefits – projected benefit obligation		31.2		10 608		10 836		10 162		1 329		1 819		2 081
Pension benefits – plan asset of funded obligation		31.2		(8 524)		(9 640)		(8 998)		(823)		(1 559)		(3 575)
Interest on asset limitation				239		644		665		—		—		—
Net movement on asset limitation and reimbursive right*				—		—		—		(1 131)		(648)		1 302
				2 702		2 363		2 324		(247)		(251)		(55)

*Refer to note 31.2 for the asset not recognised due to asset limitation.

Schedule of actuarial valuations


		Healthcare benefits		Pension benefits
Last actuarial valuation – South Africa		30 June 2026		31 March 2026
Last actuarial valuation – United States of America		30 June 2026		30 June 2026
Last actuarial valuation – Europe		n/a*		30 April 2026
Full/interim valuation		Full		Full
Valuation method adopted		Projected unit credit		Projected unit credit

*Not applicable as there is no post-retirement healthcare obligation in Europe.

Schedule of actuarial assumptions

United States of

South Africa

America

Europe

2026

2025

2026

2025

2026

2025

at valuation date

Healthcare cost inflation

6,0

7,5

n/a

n/a

n/a

n/a

Discount rate – post-retirement medical benefits

9,4

12,0

5,6

5,3

n/a

n/a

Discount rate – pension benefits

8,8

10,8

5,4

5,3

4,3

3,9

Pension increase assumption

4,2

6,0

n/a

n/a

2,2

2,2

Average salary increases

4,0

5,5

4,2

4,2

3,2

3,2

Weighted average duration of the obligation – post-retirement medical obligation

12,5 years

12,5 years

11 years

9 years

n/a

n/a

Weighted average duration of the obligation – pension obligation

10 years

10,25 years

8 years

8 years

13 years

14 years

The healthcare cost inflation rate in respect of the plans for the United States of America is capped. All additional future increases due to the healthcare cost inflation will be borne by the participants.

There are no automatic pension increases for the United States of America pension plan.

Healthcare

Post-retirement benefit obligations

Schedule of reconciliation of obligation recognised


	South Africa				United States of America			Total
	2026		2025		2026		2025	2026		2025
for the year ended 30 June	Rm		Rm		Rm		Rm	Rm		Rm
Total post-retirement healthcare obligation at beginning of year	4 268		3 915		240		246	4 508		4 161
Movements recognised in the income statement:	518		499		(139)		24	379		523
current service cost	23		22		6		12	29		34
past service cost*	—		—		(153)		—	(153)		—
interest cost	495		477		8		12	503		489
Actuarial losses/(gains) recognised in other comprehensive income:	379		146		(1)		(9)	378		137
arising from changes in financial assumptions	448		222		(3)		—	445		222
arising from changes in actuarial experience	(69)		(76)		2		(9)	(67)		(85)
Benefits paid	(314)		(292)		(10)		(15)	(324)		(307)
Translation of foreign operations	—		—		(14)		(6)	(14)		(6)
Total post-retirement healthcare obligation at end of year	4 851		4 268		76		240	4 927		4 508

During the year, the Group amended the US post-retirement medical plan. The amendment resulted in a past service credit (negative past service cost) which was recognised in the income statement.

Schedule of sensitivity analysis for actuarial assumptions


		South Africa				United States of America
		2026		2025		2026		2025
for the year ended 30 June		Rm		Rm		Rm		Rm
1% point change in actuarial assumptions:
Increase in the healthcare cost inflation		518		434		—	*	—	*
Decrease in the healthcare cost inflation		(450)		(377)		—	*	—	*
Increase in the discount rate		(433)		(360)		(7)		(21)
Decrease in the discount rate		505		419		9		25

A change in the healthcare cost inflation for the United States of America will not have an effect on the above components or the obligation as the employer’s cost is capped and all future increases due to the healthcare cost inflation are borne by the participants. There are no automatic pension increases for the United States of America pension plan.

Pension

Post-retirement benefit obligations

Schedule of reconciliation of obligation recognised


	South Africa					Foreign				Total
	2026			2025		2026		2025		2026		2025
for the year ended 30 June	Rm			Rm		Rm		Rm		Rm		Rm
Projected benefit obligation at beginning of year		79 943		72 186		11 987		11 697		91 930		83 883
Movements recognised in income statement:		9 713		9 961		895		875		10 608		10 836
current service cost		1 411		1 196		430		410		1 841		1 606
interest cost		8 302		8 765		465		465		8 767		9 230
Actuarial losses/(gains) recognised in other comprehensive income:		1 620		2 082		(291)		(263)		1 329		1 819
arising from changes in financial assumptions		1 046		4 652		(210)		(204)		836		4 448
arising from change in actuarial experience		574		(2 570)		(81)		(59)		493		(2 629)
Member contributions		640		658		—		—		640		658
Benefits paid		(5 048)		(4 944)		(716)		(722)		(5 764)		(5 666)
Translation of foreign operations		—		—		(1 154)		400		(1 154)		400
Projected benefit obligation at end of year		86 868		79 943		10 721		11 987		97 589		91 930

unfunded obligation¹		—		—		7 433		8 330		7 433		8 330
funded obligation		86 868		79 943		3 288		3 657		90 156		83 600

Certain of the foreign defined benefit plans have reimbursement rights under contractually agreed legal binding terms that match the amount and timing of some of the benefits payable under the plan. This reimbursive right has been recognised in long-term receivables at fair value of R83 million (2025: R112 million). A loss of R22 million (2025: R23 million) has been recognised in other comprehensive income in respect of the reimbursive right.

Schedule of allocation of plan assets


			South Africa				United States of America
		2026			2025		2026		2025
at 30 June		%			%		%		%
Equities			53		55		33		33
resources			8		6		3		3
industrials			4		4		4		4
consumer discretionary			9		11		3		4
consumer staples			5		6		2		3
healthcare			3		4		3		3
information technologies			7		7		10		8
telecommunications			3		3		3		3
utilities			1		1		—		—
financials (ex real estate)			13		13		5		5
Fixed interest			21		17		41		42
Direct property			11		11		5		7
Listed property			3		3		—		—
Cash and cash equivalents			3		4		—		—
Third party managed assets			6		9		—		—
Other			3		1		21		18
Total			100		100		100		100


		South Africa¹				United States of America
		Minimum		Maximum		Minimum		Maximum
Asset classes		%		%		%		%
Equities
local		20		35		—		100
foreign		25		40		—		100
Fixed interest		10		25		—		100
Property		10		20		—		100
Other		—		15		—		100

Members of the defined contribution scheme have a choice of five investment portfolios. The portion of fund assets invested in each portfolio is 0,9%, 84,3%, 2,2%, 0,5% and 12,1% for the low risk portfolio, moderate balanced portfolio, aggressive balanced portfolio, money market portfolio and cash flow matched portfolio, respectively. Defined benefit members’ funds are invested in the moderate balanced portfolio. The money market portfolio is restricted to active members from age 55. The targeted allocation disclosed represents the moderate balanced investment portfolio which the majority of the members of the scheme have adopted.

Schedule of net defined benefit liability (asset)


		South Africa				Foreign				Total
	2026			2025		2026		2025		2026		2025
for the year ended 30 June	Rm			Rm		Rm		Rm		Rm		Rm
Projected benefit obligation (funded)		86 868		79 943		3 288		3 657		90 156		83 600
defined benefit portion		41 265		38 300		3 288		3 657		44 553		41 957
defined benefit option for defined contribution members		45 603		41 643		—		—		45 603		41 643
Plan assets		(92 924)		(87 141)		(4 477)		(4 627)		(97 401)		(91 768)
defined benefit portion		(138 527)		(45 498)		(4 477)		(4 627)		(143 004)		(50 125)
defined benefit option for defined contribution members		45 603		(41 643)		—		—		45 603		(41 643)
Projected benefit obligation (unfunded)		—		—		7 433		8 330		7 433		8 330
Asset not recognised due to asset limitation		5 932		7 085		—		—		5 932		7 085
Net liability/(asset) recognised		(124)		(113)		6 244		7 360		6 120		7 247

Schedule of reconciliation of plan assets of funded obligation

South Africa

Foreign

Total

2026

2025

2026

2025

2026

2025

for the year ended 30 June

 

Fair value of plan assets at beginning of year

87 141

79 389

4 627

4 596

91 768

83 985

Movements recognised in income statement:

8 305

9 420

219

220

8 524

9 640

interest income

8 305

9 420

219

220

8 524

9 640

Actuarial (losses)/gains recognised in other comprehensive income:

514

1 283

309

276

823

1 559

arising from return on plan assets (excluding interest income)

514

1 283

309

276

823

1 559

Plan participant contributions¹

640

658

—

640

658

Employer contributions¹

1 372

1 335

1 429

1 401

Benefit payments

(5 048)

(4 944)

(373)

(419)

(5 421)

(5 363)

Translation of foreign operations

—

(362)

(112)

(362)

(112)

Fair value of plan assets at end of year

92 924

87 141

4 477

4 627

97 401

91 768

Actual return on plan assets

8 819

10 703

528

496

9 347

11 199

Contributions, for the defined contribution section, are paid by the members and Sasol at fixed rates.

Schedule of contributions to plans


		South Africa		Foreign
		Rm		Rm
Pension contributions		1 399		57

Schedule of sensitivity analysis for actuarial assumptions


		South Africa				Foreign
		2026		2025		2026		2025
for the year ended 30 June		Rm		Rm		Rm		Rm
1% point change in actuarial assumptions
Increase in average salaries increase assumption		5		6		200		247
Decrease in average salaries increase assumption		(4)		(5)		(175)		(215)
Increase in the discount rate		(1 508)		(1 443)		(1 141)		(1 212)
Decrease in the discount rate		1 805		1 722		1 402		1 473
Increase in the pension increase assumption		1 855		1 770		758	*	821	*
Decrease in the pension increase assumption		(1 581)		(1 513)		(639)	*	(689)	*

This sensitivity analysis relates only to the Europe obligations as there are no automatic pension increases for the United States of America pension plan, and thus it is not one of the inputs utilised in calculating the obligation.