
		Non-current		Current		Total
		2025	2024	2025	2024	2025	2024
for the year ended 30 June	Note	Rm	Rm	Rm	Rm	Rm	Rm
Post-retirement healthcare obligations	31.1
South Africa		3 943	3 611	325	304	4 268	3 915
United States of America		234	231	6	15	240	246
		4 177	3 842	331	319	4 508	4 161
Pension obligations	31.2
Foreign – post-retirement benefit obligation		7 944	7 514	386	405	8 330	7 919
Total post-retirement benefit obligations		12 121	11 356	717	724	12 838	12 080

Pension assets	31.2
South Africa – post-retirement benefit asset		(113)	(92)	—	—	(113)	(92)
Foreign – post-retirement benefit asset		(970)	(818)	—	—	(970)	(818)
Total post-retirement benefit assets		(1 083)	(910)	—	—	(1 083)	(910)
Net pension obligations		6 861	6 604	386	405	7 247	7 009


		Loss/(gain) recognised in the income			Loss/(gain) recognised in other
		statement			comprehensive income
		2025	2024	2023	2025	2024	2023
for the year ended 30 June	Note	Rm	Rm	Rm	Rm	Rm	Rm
Post-retirement benefit obligations
Post-retirement healthcare obligations	31.1	523	495	477	137	137	(222)
Pension benefits – projected benefit obligation	31.2	10 836	10 162	9 310	1 819	2 081	(1 835)
Pension benefits – plan asset of funded obligation	31.2	(9 640)	(8 998)	(8 259)	(1 559)	(3 575)	2 884
Interest on asset limitation		644	665	712	—	—	—
Net movement on asset limitation and reimbursive right*		—	—	—	(648)	1 302	(1 254)
		2 363	2 324	2 240	(251)	(55)	(427)

The Group provides post-retirement medical and pension benefits to certain of its retirees, principally in South Africa, Europe and the United States of America. Generally, medical cover provides for a specified percentage of most medical expenses, subject to pre-set rules and maximum amounts. Pension benefits are payable in the form of retirement, disability and surviving dependent pensions. The medical benefits are unfunded. The pension benefits in South Africa are funded. In the United States of America certain of our Pension Funds are funded.

The plans have been assessed by the actuaries and have been found to be in sound financial positions.

Weighted average assumptions used in performing actuarial valuations determined in consultation with independent actuaries.

United States of

South Africa

America

Europe

2025

2024

2025

2024

2025

2024

at valuation date

Healthcare cost inflation

7,5

7,5

n/a

n/a

n/a

n/a

Discount rate – post-retirement medical benefits

12,0

12,6

5,3

5,3

n/a

n/a

Discount rate – pension benefits

10,8

12,4

5,3

5,2

3,9

3,7

Pension increase assumption

6,0

5,9

n/a

n/a

2,2

2,2

Average salary increases

5,5

5,5

4,2

4,2

3,2

3,2

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

12,5 years

12 years

9 years

9 years

n/a

n/a

Weighted average duration of the obligation – pension obligation

10,25 years

10 years

8 years

6 years

14 years

14 years

Assumptions regarding future mortality are based on published statistics and mortality tables.

In South Africa, certain healthcare and life assurance benefits are provided to South African employees hired prior to 1 January 1998, who retire and satisfy the necessary requirements of the medical fund.

Reconciliation of the total post-retirement healthcare obligation recognised in the statement of financial position


	South Africa		United States of America		Total
	2025	2024	2025	2024	2025	2024
for the year ended 30 June	Rm	Rm	Rm	Rm	Rm	Rm
Total post-retirement healthcare obligation at beginning of year	3 915	3 567	246	260	4 161	3 827
Movements recognised in the income statement:	499	469	24	26	523	495
current service cost	22	22	12	14	34	36
interest cost	477	447	12	12	489	459
Actuarial losses/(gains) recognised in other comprehensive income:	146	151	(9)	(14)	137	137
arising from changes in financial assumptions	222	138	—	(10)	222	128
arising from changes in actuarial experience	(76)	13	(9)	(4)	(85)	9
Benefits paid	(292)	(272)	(15)	(17)	(307)	(289)
Translation of foreign operations	—	—	(6)	(9)	(6)	(9)
Total post-retirement healthcare obligation at end of year	4 268	3 915	240	246	4 508	4 161

The sensitivity analysis is performed in order to assess how the post-retirement healthcare obligation would be affected by changes in the key actuarial assumptions underpinning the calculation.


	South Africa		United States of America
	2025	2024	2025		2024
for the year ended 30 June	Rm	Rm	Rm		Rm
1% point change in actuarial assumptions:
Increase in the healthcare cost inflation	434	396	—	*	—	*
Decrease in the healthcare cost inflation	(377)	(343)	—	*	—	*
Increase in the discount rate	(360)	(326)	(21)		(21)
Decrease in the discount rate	419	380	25		25

A change in the pension increase assumption will not have an effect on the above obligation. In South Africa the post-retirement benefit contributions are linked to medical aid inflation and based on a percentage of income or pension. Where pension increases differ from medical aid inflation, the difference will need to be allowed for in a change in the percentage of income or pension charged.

The sensitivities may not be representative of the actual change in the post-retirement healthcare obligation, as it is unlikely that the changes would occur in isolation of one another, and some of the assumptions may be correlated.

Healthcare cost inflation is consumer price index inflation plus two percentage points over the long term. An increase in healthcare cost inflation will increase the obligation of the plan.

The discount rate is derived from prevailing bond yields. A decrease in the discount rate will increase the obligation of the plan.

The South African healthcare plan is linked to pension benefits paid, which are to some extent linked to inflation. Accordingly, increased inflation levels represent a risk that could increase the cost of paying the funds committed to benefits.

Changes in other assumptions used could also affect the measured liabilities. There is also a regulatory risk as well as foreign funds under the jurisdiction of other countries. To the extent that governments can change the regulatory frameworks, there may be a risk that minimum benefits or minimum pension increases may be instituted, increasing the associated cost for the fund.

In 1994, all members were given the choice to voluntarily transfer to the newly established defined contribution section of the pension fund and approximately 99% of contributing members chose to transfer to the defined contribution section.

In terms of the rules of the fund, on retirement, employees employed before 1 January 2009 have an option to purchase a defined benefit pension with their member share. Should a member elect this option, the Group is exposed to actuarial risk. In terms of IAS 19, the classification requirements stipulate that where an employer is exposed to any actuarial risk, the fund must be classified as a defined benefit plan.

The assets of the fund are held separately from those of the Company in a trustee administered fund, registered in terms of the South African Pension Funds Act, 1956. Included in the fund assets at 31 March 2025 are 2 080 908 (2024 – 2 080 048) Sasol ordinary shares valued at R160 million (2024 – R287 million) at year-end purchased under terms of an approved investment strategy, and property valued at R1 589 million (2024 – R1 533 million) that is currently occupied by Sasol.

A significant number of employees are covered by union sponsored, collectively bargained, and in some cases, multi-employer defined contribution pension plans. Information from the administrators of these plans offering defined benefits is not sufficient to permit the Company to determine its share, if any, of any unfunded vested benefits.


		South Africa		United States of America
	2025		2024	2025	2024
at 30 June	%		%	%	%
Equities		55	52	33	28
resources		6	7	3	3
industrials		4	3	4	3
consumer discretionary		11	9	4	4
consumer staples		6	7	3	2
healthcare		4	4	3	3
information technologies		7	7	8	7
telecommunications		3	3	3	2
utilities		1	1	—	—
financials (ex real estate)		13	11	5	4
Fixed interest		17	20	42	45
Direct property		11	10	7	8
Listed property		3	3	—	—
Cash and cash equivalents		4	2	—	—
Third party managed assets		9	12	—	—
Other		1	1	18	19
Total		100	100	100	100

The pension fund assets are measured at fair value at valuation date. The fair value of equity has been calculated by reference to quoted prices in an active market. The fair value of property and other assets has been determined by performing market valuations and using other valuation techniques at the end of each reporting period.

The trustees target the plans’ asset allocation within the following ranges within each asset class:


	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

The trustees of the respective funds monitor investment performance and portfolio characteristics on a regular basis to ensure that managers are meeting expectations with respect to their investment approach. There are restrictions and controls placed on managers in this regard.

Reconciliation of the projected net pension liability/(asset) recognised in the statement of financial position


		South Africa		Foreign		Total
	2025		2024	2025	2024	2025	2024
for the year ended 30 June	Rm		Rm	Rm	Rm	Rm	Rm
Projected benefit obligation (funded)		79 943	72 186	3 657	3 778	83 600	75 964
defined benefit portion		38 300	34 183	3 657	3 778	41 957	37 961
defined benefit option for defined contribution members		41 643	38 003	—	—	41 643	38 003
Plan assets		(87 141)	(79 389)	(4 627)	(4 596)	(91 768)	(83 985)
defined benefit portion		(45 498)	(41 386)	(4 627)	(4 596)	(50 125)	(45 982)
defined benefit option for defined contribution members		(41 643)	(38 003)	—	—	(41 643)	(38 003)
Projected benefit obligation (unfunded)		—	—	8 330	7 919	8 330	7 919
Asset not recognised due to asset limitation		7 085	7 111	—	—	7 085	7 111
Net (asset)/liability recognised		(113)	(92)	7 360	7 101	7 247	7 009

The obligation which arises for the defined contribution members with the option to purchase into the defined benefit fund is limited to the assets that they have accumulated until retirement date. However, after retirement date, there is actuarial risk associated with the members as full defined benefit members.

Based on the latest actuarial valuation of the fund and the approval of the trustees of the surplus allocation, the Group has an unconditional entitlement to only the funds in the employer surplus account and the contribution reserve. The remaining estimated surplus due to the Company amounts to approximately R113 million (2024 – R92 million) and has been included in the pension asset recognised in the current year.

The actuarial valuation assumes certain asset returns on invested assets. If actual returns on plan assets are below the assumption, this may lead to a strain on the fund, which, over time, may lead to a plan deficit. In order to mitigate the concentration risk, the fund assets are invested across equity securities, property securities and debt securities. Given the long-term nature of the obligations, it is considered appropriate that investment is made in equities and real estate to improve the return generated by the fund. These may result in improved pension benefits to members.

Benefits in these plans are to some extent linked to inflation so increased inflation levels represent a risk that could increase the cost of paying the funds committed to benefits. This risk is mitigated as pension benefits are subject to affordability.

The discount rate is derived from prevailing bond yields. A decrease in the discount rate used will increase the obligation of the plan.


		South Africa		Foreign		Total
	2025		2024	2025	2024	2025	2024
for the year ended 30 June	Rm		Rm	Rm	Rm	Rm	Rm
Projected benefit obligation at beginning of year		72 186	64 049	11 697	12 007	83 883	76 056
Movements recognised in income statement:		9 961	9 268	875	894	10 836	10 162
current service cost		1 196	1 145	410	440	1 606	1 585
interest cost		8 765	8 123	465	454	9 230	8 577
Actuarial losses/(gains) recognised in other comprehensive income:		2 082	2 236	(263)	(155)	1 819	2 081
arising from changes in financial assumptions		4 652	911	(204)	(110)	4 448	801
arising from change in actuarial experience		(2 570)	1 325	(59)	(45)	(2 629)	1 280
Member contributions		658	601	—	—	658	601
Benefits paid		(4 944)	(3 968)	(722)	(492)	(5 666)	(4 460)
Translation of foreign operations		—	—	400	(557)	400	(557)
Projected benefit obligation at end of year		79 943	72 186	11 987	11 697	91 930	83 883

unfunded obligation¹		—	—	8 330	7 919	8 330	7 919
funded obligation		79 943	72 186	3 657	3 778	83 600	75 964


		South Africa		Foreign		Total
	2025		2024	2025	2024	2025	2024
for the year ended 30 June	Rm		Rm	Rm	Rm	Rm	Rm
Fair value of plan assets at beginning of year		79 389	69 291	4 596	4 478	83 985	73 769
Movements recognised in income statement:		9 420	8 802	220	196	9 640	8 998
interest income		9 420	8 802	220	196	9 640	8 998
Actuarial (losses)/gains recognised in other comprehensive income:		1 283	3 351	276	224	1 559	3 575
arising from return on plan assets (excluding interest income)		1 283	3 351	276	224	1 559	3 575
Plan participant contributions¹		658	601	—	—	658	601
Employer contributions¹		1 335	1 312	66	71	1 401	1 383
Benefit payments		(4 944)	(3 968)	(419)	(213)	(5 363)	(4 181)
Translation of foreign operations		—	—	(112)	(160)	(112)	(160)
Fair value of plan assets at end of year		87 141	79 389	4 627	4 596	91 768	83 985
Actual return on plan assets		10 703	12 153	496	420	11 199	12 573

Funding is based on actuarially determined contributions. The following table sets forth the projected pension contributions of funded obligations for the 2026 financial year.

A sensitivity analysis is performed in order to assess how the post-retirement pension obligation would be affected by changes in the key actuarial assumptions underpinning the calculation.


	South Africa		Foreign
	2025	2024	2025		2024
for the year ended 30 June	Rm	Rm	Rm		Rm
1% point change in actuarial assumptions
Increase in average salaries increase assumption	6	5	247		265
Decrease in average salaries increase assumption	(5)	(4)	(215)		(234)
Increase in the discount rate	(1 443)	(1 479)	(1 212)		(1 143)
Decrease in the discount rate	1 722	1 744	1 473		1 402
Increase in the pension increase assumption	1 770	1 838	821	*	877	*
Decrease in the pension increase assumption	(1 513)	(1 589)	(689)	*	(673)	*

The sensitivities may not be representative of the actual change in the post-retirement pension obligation, as it is unlikely that the changes would occur in isolation of one another, and some of the assumptions may be correlated.

The Group contributes to defined contribution pension plans and defined benefit pension plans for its employees in certain of the countries in which it operates. These plans are generally funded through payments to trustee-administered funds as determined by annual actuarial calculations.

Defined contribution pension plans are plans under which the Group pays fixed contributions into a separate legal entity and has no legal or constructive obligation to pay further amounts. Contributions to defined contribution pension plans are charged to the income statement as an employee expense in the period in which the related services are rendered by the employee.

The Group’s net obligation in respect of defined benefit pension plans is actuarially calculated separately for each plan by deducting the fair value of plan assets from the gross obligation for post-retirement benefits. The gross obligation is determined by estimating the future benefit attributable to members in return for services rendered to date.

This future benefit is discounted to determine its present value, using discount rates based on government bonds for South African obligations, and corporate bonds in Europe and the US, that have maturity dates approximating the terms of the Group’s obligations and which are denominated in the currency in which the benefits are expected to be paid. Independent actuaries perform this calculation annually using the projected unit credit method.

Defined contribution members employed before 2009 have an option to purchase a defined benefit pension with their member share. This option gives rise to actuarial risk, and as such, these members are accounted for as part of the defined benefit fund and are disclosed as such.

Past service costs are charged to the income statement at the earlier of the following dates:

Actuarial gains and losses arising from experience adjustments and changes to actuarial assumptions, the return on plan assets (excluding amounts included in net interest on the defined benefit liability/(asset)) and any changes in the effect of the asset ceiling (excluding amounts included in net interest on the defined benefit liability/(asset)) are remeasurements that are recognised in other comprehensive income in the period in which they arise.

Where the plan assets exceed the gross obligation, the asset recognised is limited to the lower of the surplus in the defined benefit plan and the asset ceiling, determined using a discount rate based on government bonds.

The entitlement to healthcare benefits is usually based on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued on a systematic basis over the expected remaining period of employment, using the accounting methodology described in respect of defined benefit pension plans above. Independent actuaries perform the calculation of this obligation annually.