Sasol reported HEPS up +93% to 3,513c for FY25, compared with a guidance midpoint of 3,495c. Revenue declined -9% to R249bn, weighed down by a weaker Rand oil price, reduced refining margins, & 3% lower sales volumes. Results supported by a R4.3bn Transnet settlement, a R2.9bn rehabilitation provision release, & sharply lower impairments of R20.7bn vs R74.9bn in FY24. Free cash flow rose +75% to R12.6bn & net debt fell -13% to R65bn, though no dividend was declared as leverage remains above the $3bn policy threshold.
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