Sasol stock gains 4.75 percent as FY2026 EBITDA rises

Sasol stock gained 4.75 percent to ZAc 23,149 on the JSE on September 23, 2026, after the company reported stronger FY2026 earnings. The price was 4.91 percent below its 52-week high of ZAc 24,344, leaving the balance sheet and cash distribution policy as the key investor variables.

EBITDA rises 17 percent

For the financial year ended June 30, 2026, adjusted EBITDA increased 17 percent to ZAR 61 billion, while EBIT rose 37 percent to ZAR 25.7 billion. Sasol also reported basic earnings per share of ZAR 18.99, up 79 percent from the prior year.

The operating improvement was supported by a 4 percent increase in sales volumes and higher refining margins. Capital expenditure fell 18 percent to ZAR 21 billion, giving the group more room to reduce debt even as free cash flow declined 5 percent to ZAR 11.9 billion.

Debt still blocks dividends

Net debt excluding leases fell 11 percent to USD 3.3 billion at June 30, 2026, from USD 3.7 billion a year earlier. That reduction met Sasol's FY2026 target of staying below USD 3.7 billion, but it did not reach the longer-term threshold of USD 3 billion required under the dividend policy.

The board therefore did not declare a final dividend for FY2026. The contrast is material: earnings improved sharply, yet the cash distribution remains tied to further deleveraging rather than to the 17 percent EBITDA increase. PR Newswire reported the same FY2026 figures and the debt-based dividend condition on September 1, 2026.

Stock remains below yearly high

Sasol stock stood at ZAc 23,149 on the JSE on September 23, 2026, versus a 52-week range of ZAc 9,123 to ZAc 24,344. The 4.75 percent daily increase places the share price near the upper end of that range, while the 4.91 percent gap to the high keeps the market valuation tied to the durability of earnings and debt reduction.