Financial risk management and financial instruments (Tables)

12 Months Ended

Jun. 30, 2026

Financial risk management and financial instruments


			Carrying		Carrying
			value	Fair value	value	Fair value	Fair value
			2026	2026	2025	2025	hierarchy
Financial instrument		Note	Rm	Rm	Rm	Rm	of inputs
Financial assets
At amortised cost
Long-term restricted cash⁴			2 145	2 145	1 945	1 945
Long-term receivables		17	2 768	2 768	2 884	2 848	Level 3¹
Trade and other receivables		22	36 766	36 766	33 752	33 752
Cash and cash equivalents		25	43 304	43 304	41 050	41 050
At fair value through profit or loss
Long-term and short-term financial assets			9 084	9 084	6 395	6 395
Commodity and currency derivative assets			2 230	2 230	2 360	2 360	Level 2
Oxygen supply contract embedded derivative assets			3 022	3 022	863	863	Level 3
Other short-term investments			3 832	3 832	3 172	3 172	Level 1
Other long-term investments⁴			1 251	1 251	1 052	1 052	Level 1²
Other receivables		22	1 197	1 197	1 428	1 428	Level 3⁷
Designated at fair value through other comprehensive income
Investments in unlisted securities⁴			8	8	8	8	Level 3³
Financial liabilities
At amortised cost
Total long-term debt		13	92 374	92 121	102 645	98 316
Listed long-term debt (US$ bonds)⁸			53 886	53 275	58 313	53 959	Level 1²
Listed long-term debt (Rand bonds)⁵			9 121	9 064	4 522	4 445	Level 2²
Listed convertible bonds			11 368	11 405	12 238	12 263	Level 3⁶
Unlisted long-term debt⁵			17 999	18 377	27 572	27 649	Level 3¹
Short-term debt and bank overdraft			1 266	1 266	668	668
Trade and other payables		23	34 831	34 831	34 757	34 757
At fair value through profit or loss
Long-term and short-term financial liabilities			549	549	66	66
Commodity and currency derivative liabilities			240	240	45	45	Level 2
Convertible bond embedded derivative liability			309	309	7	7	Level 3
Oxygen supply contract embedded derivative liabilities			—	—	14	14	Level 3

Determined with a discounted cash flow model using market related interest rates and credit risk spreads where applicable.

Based on quoted market price for the same instrument. The Rand bonds have been classified as a level 2 fair value measurement due to the relatively low level of liquidity in the debt market.

Determined using discounted cash flows modelling forecasted earnings, capital expenditure and debt cash flows of the underlying business, based on the forecasted assumptions of inflation, exchange rates, commodity prices and an appropriate discount rate.

Presented as part of Other long-term investments in the Statement of financial position.

Carrying value includes unamortised loan costs.

The fair value of the amortised cost component of the US$ Convertible Bond is based on the quoted price of the instrument after separating the fair value of the derivative component.

The fair value of the contingent consideration receivable was determined by calculating the present value of the expected cash flows using a WACC rate that was adjusted for the Uzbekistan country risk premium.

A 2033 US$ bond of US$750 million (R12,3 billion) was issued in April 2026. All of the proceeds were utilised to settle a portion of the 2028 and 2029 US$ bonds.

Schedule of external credit rating


		Credit rating
Agency		2026	2025
S&P		BB+ (Negative)	BB+ (stable)
Moody’s		Ba1 (Negative)	Ba1 (Negative)

Schedule of expected credit losses recognised

A summary of the Group’s exposure to credit risk for trade, other and long-term receivables is as follows:

Trade receivables


		Lifetime ECL
		Simplified		Simplified		Simplified		Credit-
		approach¹		approach²		approach		impaired		Total
		Low risk		Medium risk		Total		High risk		lifetime ECL
		Rm		Rm		Rm		Rm		Rm
2026
Gross carrying amount		25 463		5 968		31 431		597		32 028
Expected credit loss		(8)		(4)		(12)		(210)		(222)
2025
Gross carrying amount		28 585		1 374		29 959		411		30 370
Expected credit loss		(86)		(7)		(93)		(145)		(238)

Simplified approach – low risk for trade receivables with no significant increase in credit risk since initial recognition.

Simplified approach – medium risk for trade receivables with significant increase in credit risk but not credit impaired.

35	Financial risk management and financial instruments continued

35.2

Financial risk management continued

Other receivables


								12-month
		Lifetime ECL						ECL
								No
		Significant						significant
		increase in						increase in
		credit risk						credit risk
		since initial		Credit-				since initial
		recognition¹		impaired²		Total lifetime		recognition
		Medium risk		High risk		ECL		Low risk		Total
		Rm		Rm		Rm		Rm		Rm
2026
Gross carrying amount³		536		568		1 104		3 756		4 860
Expected credit loss		(5)		(542)		(547)		(1)		(548)
2025
Gross carrying amount		1 122		728		1 850		2 425		4 275
Expected credit loss		(3)		(658)		(661)		(2)		(663)

Significant increase in credit risk since initial recognition but not credit impaired.

A significant balance has been fully provided for and this reflects management’s assessment that there is no reasonable expectation of recovery.

This gross carrying amount excludes financial assets classified as measured at fair value through profit or loss.

Long-term receivables


								12-month
		Lifetime ECL						ECL
								No
		Significant						significant
		increase in						increase in
		credit risk						credit risk
		since initial		Credit-				since initial
		recognition		impaired		Total lifetime		recognition
		Medium risk		High risk		ECL		Low risk		Total
		Rm		Rm		Rm		Rm		Rm
2026
Gross carrying amount		1 453		238		1 691		1 152		2 843
Expected credit loss		(30)		(45)		(75)		—		(75)
2025
Gross carrying amount		399		169		568		3 067		3 635
Expected credit loss		(5)		(50)		(55)		(28)		(83)

Significant increase in credit risk since initial recognition but not credit impaired.

Maturity profile of the undiscounted cash flows of derivative and non-derivative financial instruments

The maturity profile of the undiscounted contractual cash flows of financial instruments at 30 June were as follows:

 

Carrying

 

Contractual

 

Within one

 

One to

 

Three to

 

More than

amount

cash flows¹

year

three years

five years

Note

2026

Financial assets

Non-derivative instruments

Long-term receivables

2 768

3 575

683

1 052

182

1 658

Trade and other receivables

37 963

—

Cash and cash equivalents

43 304

—

Investments through other comprehensive income

—

Long-term and short-term investments through profit or loss

3 832

—

87 875

88 682

85 790

1 052

182

1 658

Derivative instruments

Forward exchange contracts

Inflows

188

14 955

—

Outflows

—

(14 767)

—

Crude oil futures²

1 140

7 726

—

Foreign exchange zero cost collars

441

—

Put options – Rand/US$ currency

—

Put spread options – Brent crude oil

397

—

Other commodity derivatives

—

Oxygen supply contract embedded derivative

3 022

6 620

158

406

550

5 506

93 127

104 118

94 764

1 458

732

7 164

Financial liabilities

Non-derivative instruments

Long-term debt³

(92 374)

(113 323)

(17 424)

(45 009)

(35 280)

(15 610)

Lease liabilities

(17 444)

(41 127)

(2 804)

(5 591)

(4 217)

(28 515)

Short-term debt

(1 148)

—

Trade and other payables

(34 831)

—

Bank overdraft

(118)

—

(145 915)

(190 547)

(56 325)

(50 600)

(39 497)

(44 125)

Derivative instruments

Forward exchange contracts

Outflows

(151)

(13 244)

—

Inflows

—

13 093

—

Other commodity derivatives

(6)

—

Put with a call spread option – Brent crude oil

(83)

—

Convertible bond embedded derivative

(309)

—

(146 464)

(191 096)

(56 874)

(50 600)

(39 497)

(44 125)

Contractual cash flows include interest payments.

The crude oil futures generate cash inflows in respect of margin calls only once the related crude oil is processed. Accordingly, the future inflows relate to the open lots associated with the outstanding margin calls.

The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date, based on obtaining the requisite shareholder approval for the convertible bonds to be settled in Sasol ordinary shares.


		Carrying	Contractual	Within one	One to	Three to	More than
		amount	cash flows¹	year	three years	five years	five years
		Rm	Rm	Rm	Rm	Rm	Rm
2025
Financial assets
Non-derivative instruments
Long-term receivables		2 884	3 074	42	1 228	246	1 558
Trade and other receivables		35 180	35 180	35 180	—	—	—
Cash and cash equivalents		41 050	41 050	41 050	—	—	—
Investments through other comprehensive income		8	8	8	—	—	—
Investments through profit or loss		3 172	3 172	3 172	—	—	—
		82 294	82 484	79 452	1 228	246	1 558
Derivative instruments
Forward exchange contracts
Inflow²		696	19 082	19 082	—	—	—
Outflow²		—	(18 386)	(18 386)	—	—	—
Crude oil put options		1 055	1 055	1 055	—	—	—
Foreign exchange zero cost collars		609	609	609	—	—	—
Oxygen supply contract embedded derivative		863	(215)	89	201	292	(797)
		85 517	84 629	81 901	1 429	538	761
Financial liabilities
Non-derivative instruments
Long-term debt³		(102 645)	(127 539)	(7 237)	(40 933)	(62 285)	(17 084)
Lease liabilities		(17 360)	(38 780)	(3 659)	(5 475)	(4 361)	(25 285)
Short-term debt		(666)	(666)	(666)	—	—	—
Trade and other payables		(34 757)	(34 757)	(34 757)	—	—	—
Bank overdraft		(1)	(1)	(1)	—	—	—
		(155 429)	(201 743)	(46 320)	(46 408)	(66 646)	(42 369)
Derivative instruments
Forward exchange contracts
Outflow²		(15)	(3 357)	(3 357)	—	—	—
Inflow²		—	3 342	3 342	—	—	—
Other commodity derivatives		(37)	(39)	(39)	—	—	—
Oxygen supply contract embedded derivative		(14)	15	15	—	—	—
		(155 495)	(201 782)	(46 359)	(46 408)	(66 646)	(42 369)

Contractual cash flows include interest payments.

In the prior year, certain contractual cash flows relating to FECs were presented on a net basis. The comparative information has been revised to present these cash flows on a gross basis for FEC financial assets and financial liabilities. The revision is presentation-related only and has no impact on the Group's statement of financial position, income statement, statement of comprehensive income, statement of changes in equity or statement of cash flows.

The repayment of the notional amount of the convertible bonds is included in the one to three years category, in line with the contractual maturity date. The conversion rights are exercisable at any time.

Schedule of derivative transactions


		Financial		Financial		Financial	Financial
		asset		liability		asset	liability		Income statement gain/(loss)
		2026		2026		2025	2025		2026		2025	2024
		Rm		Rm		Rm	Rm		Rm		Rm	Rm
Commodity and currency derivatives
Crude oil put options		—		—		1 055	—		(1 021)		(391)	(953)
Crude oil futures		1 140		—		—	—		(1 716)		—	(180)
Ethane swap options		—		—		—	—		—		—	(17)
Other commodity derivatives		14		(6)		—	(30)		5		(36)	(63)
Forward exchange contracts		188		(151)		696	(15)		1 563		1 132	1 091
Foreign exchange zero cost collars		441		—		609	—		1 355		323	810
Put options – Rand/US dollar currency		50		—		—	—		22		—	—
Put spread options – Brent crude oil		397		—		—	—		(402)		—	—
Put with a call spread option – Brent crude oil		—		(83)		—	—		(347)		—	—
Embedded derivatives
Convertible bond embedded derivative		—		(309)		—	(7)		(312)		52	1 233
Oxygen supply contract embedded derivatives*		3 022		—		863	(14)		2 279		924	443
Non-derivative financial instruments
Investments at fair value through profit or loss**		3 832		—		3 172	—		—		—	—
		9 084		(549)		6 395	(66)		1 426		2 004	2 364

Relates to a US dollar derivative that is embedded in long-term oxygen supply contracts to our Secunda Operations.

Fair value gains and losses are presented in other operating income and expenses, separately from derivative gains and losses.

35	Financial risk management and financial instruments continued

35.2

Financial risk management continued

Contract/Nominal amount*

Average price**

Open

Settled

Open

Settled

Open

Open

2026

2025

2026

2025

 

Million

 

Million

 

Million

Crude oil put options purchased

barrels

—

22,8

22,5

16,8

US$/bbl

—

59,8

Forward exchange contracts

US$

693

—

907

—

R/US$

16,71

18,51

Forward exchange contracts

EUR

252

—

US$/EUR

1,17

1,11

Foreign exchange zero cost collars

US$

1 128

1 720

1 720

1 652

R/US$ Floor

16,57

17,60

R/US$ Cap

19,17

21,13

Put options purchased – Rand/US$ currency***

US$

—

US$/EUR

17,40

—

Put spread options purchased – Brent crude oil***

US$

—

R/US$ Floor

59,00

—

R/US$ Cap

43,90

—

Put with a call spread option purchased – Brent crude oil***

US$

—

R/US$ Floor

59,00

—

R/US$ Cap

76,86

—

R/US$ Upper Cap

86,86

—

The nominal amount is the sum of the absolute value of all contracts for both derivative assets and liabilities.

For open positions.

***

During the year, the 2026 hedging programme was completed by securing downside protection while retaining upside participation. Total premium paid for contracts entered into in the year US$131,9 million (2025: US$114,09 million).

Other receivable - Contingent consideration from disposal of Uzbekistan GTL LLC

Financial risk management and financial instruments

Summary of reconciliation of opening and closing balance of contingent consideration


	2026	2025
for the year ended 30 June	Rm	Rm
Balance at the beginning of the year	1 436	—
Amounts recognised in remeasurement items affecting operating income	—	1 436
Proceeds on disposals of equity accounted investments*	(126)	—
Translation losses recognised in other operating expenses and income	(113)	—
Balance at the end of the year	1 197	1 436

*Payment received on 30 June 2026 relating to contingent consideration from the Uzbekistan GTL LLC disposal.

Oxygen supply contract embedded derivative assets and liabilities

Financial risk management and financial instruments

Summary of reconciliation of opening and closing balance of embedded derivative


	2026	2025
for the year ended 30 June	Rm	Rm
Balance at the beginning of the year	849	(34)
Amounts settled during the year	(106)	(41)
Realised fair value gain recognised in other operating expenses and income	105	—
Unrealised fair value gain recognised in other expenses and income in operating profit	2 174	924
Balance at the end of the year	3 022	849

Summary of sensitivities


				Increase/(decrease) in
				profit or loss
	Inputs	Change		2026	2025
Input	applied	in input		Rm	Rm
Rand/US$ Spot price	R16,39/US$	+R1/US$		(443)	(469)
	(2025: R17,75/US$)	-R1/US$		443	469
US$ Swap curve	3,89% – 4,29%	+10bps		60	73
	(2025: 3,42% – 4,07%)	-10bps		(61)	(74)
Rand Swap curve	6,75% – 8,18%	+100bps		(817)	(699)
	(2025: 6,94% – 10,07%)	-100bps		930	791

Convertible bond embedded derivative liability

Financial risk management and financial instruments

Summary of reconciliation of opening and closing balance of embedded derivative


		2026	2025
for the year ended 30 June		Rm	Rm
Balance at the beginning of the year		7	59
Unrealised fair value loss/(gain) recognised in other expenses and income in operating profit		312	(52)
Translation of foreign operations		(10)	—
Balance at the end of the year		309	7

Summary of sensitivities


				Increase/(decrease) in
				profit or loss
	Inputs	Change		2026	2025
Input	applied	in input		Rm	Rm
Credit spread	182bps	+100bps		(157)	(261)
	(2025: 485bps)	-100bps*		161	7
Calibrated volatility	48%	+5	%	(107)	(12)
	(2025: 34%)	-5	%	97	6

A 100bps decrease in the applied credit spread will result in the bond floor exceeding the market price of the instrument and as such the impact has been limited to the value of the embedded derivative at 30 June 2026.

Exchange rate

Financial risk management and financial instruments

Summary of sensitivities

2026

2025

2024

Euro

US dollar

Euro

US dollar

Euro

US dollar

 

Equity

(544)

2 938

2 058

171

2 740

Income statement

(544)

2 938

2 058

171

2 740

Schedule of foreign exchange rates


		Average rate				Closing rate
		2026		2025		2026		2025
		Rand		Rand		Rand		Rand
Rand/EUR		19,70		19,76		18,72		20,92
Rand/US$		16,89		18,17		16,39		17,75

Schedules of information related to foreign currency risk and commodity price risk


		2026				2025
		Euro		US dollar		Euro	US dollar
		Rm		Rm		Rm	Rm
Long-term receivables		5		994		127	645
Trade and other receivables		451		2 213		429	3 912
Cash and cash equivalents		2 475		1 287		1 479	783
Net exposure on assets		2 931		4 494		2 035	5 340
Trade and other payables		(277)		(6 779)		(547)	(3 631)
Net exposure on liabilities		(277)		(6 779)		(547)	(3 631)
Exposure on external balances		2 654		(2 285)		1 488	1 709
Net exposure on balances between Group companies		(8 091)		31 664		(1 409)	18 867
Total net exposure		(5 437)		29 379		79	20 576

Interest rate risk

Financial risk management and financial instruments

Summary of sensitivities


		Income statement and equity— 1% increase
						United States
		South Africa		Europe		of America		Other
		Rm		Rm		Rm		Rm
30 June 2026		245		24		(100)		26
30 June 2025		247		15		(218)		22
30 June 2024		250		32		(328)		21

Summary of interest rate profile of interest-bearing financial instruments including the effect of the interest rate swap


	Carrying value
	2026	2025
	Rm	Rm
Variable rate instruments
Financial assets	40 542	37 790
Financial liabilities*	(25 705)	(30 886)
	14 837	6 904
Fixed rate instruments
Financial assets	6 698	6 895
Financial liabilities	(66 786)	(71 759)
	(60 088)	(64 864)
Interest profile (variable: fixed rate as a percentage of total financial assets)	86:14	85:15
Interest profile (variable: fixed rate as a percentage of total financial liabilities)	28:72	30:70

The decrease in variable exposure is mainly due to the repayments made on the RCF (refer to note 13).

Commodity price risk - crude oil

Financial risk management and financial instruments

Schedules of information related to foreign currency risk and commodity price risk


		Dated Brent Crude
		2026	2025
		US$	US$
High		144,42	89,10
Average		79,47	74,59
Low		60,20	61,09