EM CEEMEA CREDIT: SASOL: 1H25 production and sales update

Sasol (SASOL; Ba1/BB+/-)

1H25 production and sales update

• The highlights of production and sales metrics read all in neutral with declines in Fuels segment, Sasol is also providing guidance for FY25. SASOL USD secondary bond curve charts some 30bp wider in z-spread terms since post 1Q25 update (see chart below).
• Mining production for 1H25 is reported roughly in line YoY. Saleable production for FY25 is estimated at 30-32mm tons (vs 30.2mm tons FY24).
• Gas production in Mozambique for 1H25 is reported up 2% YoY, although Q2 saw a 3% decline vs previous quarter, reportedly as a consequence of civil unrest.
• In Fuels, SO production volumes for 1H25 was down 5% YoY, whilst Natref production recovered in Q2 vs Q1 leaving 1H25 down 14% YoY. Overall FY25 sales are “expected to be largely in line with FY24”, as reported by Co.  
• In Chemicals, in Africa total sales 1H25 stood @ 1668, -4% YoY. FY25 are expected to be in line with previous year. In America sales revenues are reported up 1% in 1H25 vs YoY, a combination of higher Base Chemicals prices and lower volumes following East Cracker outage. Eurasia business posted in line sales volumes YoY.