Outlook

Our previous FY26 guidance remains unchanged, except for the following:

  • Fuel sales volumes have been revised upwards from 5 - 10% higher to 10 - 15% higher than FY25 due to stable SO production, higher Natref volumes and increased demand;
  • Gas production volumes have been revised down from 0 - 5% below FY25 to 5 - 10% below FY25, due to the Mozambican flooding and well availability constraints at the Petroleum Production Agreement (PPA) asset;
  • Capital expenditure has been revised downwards from R22 - 24bn to R20 - 22bn, supported by ongoing capital optimisation and the deferral of non-critical shutdowns. Working capital has increased following the Middle East conflict. Prudent working capital management remains a key focus area for the business for the remainder of FY26.

Looking ahead, the operating environment is expected to remain volatile, driven by ongoing geopolitical uncertainty and evolving market dynamics. We remain focused on maintaining operational continuity, supporting our customers and proactively responding to changing market conditions.