HOUSTON--(BUSINESS WIRE)--Sasol International Chemicals, a business of Sasol Ltd. (JSE: SOL; NYSE: SSL) announced the launch and commercialization of a bio-circular, palm and deforestation-free surfactant derived from insect oils available under the trade name LIVINEX IO 7. This new, innovative product (patent pending) is the first nonionic surfactant of its kind in the fabric, home care, industrial and institutional cleaning markets. Insect oil, a by-product of a process to make more sustainab. ...

Sasol Limited (NYSE:SSL) ranks among the best specialty chemicals stocks to invest in. In a warning that recent share gains are concealing weak free cash flow forecasts and long-term risks to its South African business, Morgan Stanley lowered the rating of Sasol Limited (NYSE:SSL) from Overweight to Equal-weight on September 22. Pixabay/Public Domain Improved cash flow in the second half, advancements in cost-cutting initiatives, and hope for China’s policy changes all contributed to the stock’s recent ...

Group 1 - The XRG consortium, led by ADNOC, has withdrawn its $18.7 billion acquisition proposal for Australian energy giant Santos [1][3] - The acquisition proposal was initially submitted on June 16, and Santos had agreed to extend the exclusivity period multiple times to facilitate the agreement [3] - Santos' board indicated that the consortium failed to accept reasonable terms to protect shareholder value, particularly regarding regulatory risks and the timeline for transaction completion [3][4] Group 2 - Santos plans to continue executing its established strategy, focusing on low-cost operations to strengthen cash flow [3] - The company expects a 30% increase in production by 2027, driven by the Barossa and Pikka Phase 1 projects, which will enhance free cash flow generation [3] - The chairman of Santos emphasized the company's commitment to generating cash flow, shareholder returns, and reinvestment to maintain infrastructure and expand production [4]

Group 1 - The focus is on producing objective, data-driven research primarily about small- to mid-cap companies, which are often overlooked by many investors [1] - Occasionally, large-cap companies are analyzed to provide a broader perspective on the equity markets [1] Group 2 - There is no current stock, option, or similar derivative position in any of the companies mentioned, but there may be plans to initiate a beneficial long position in SSL within the next 72 hours [2] - The article expresses personal opinions and is not influenced by compensation from any company mentioned [2]

Table of Contents As filed with the Securities and Exchange Commission on 29 August 2025 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ¨ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934—for the fiscal year ended 30 June 2025 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¨ SHELL COMPANY ...

Core Viewpoint - NCS Multistage (NCSM) is currently outperforming its peers in the Oils-Energy sector, with a year-to-date performance of approximately 42.5% compared to the sector average of 4% [4]. Company Performance - NCS Multistage is part of the Oils-Energy sector, which consists of 240 individual stocks and holds a Zacks Sector Rank of 13 [2]. - The Zacks Rank for NCS Multistage is 1 (Strong Buy), indicating a positive outlook based on earnings estimates and revisions [3]. - Over the past three months, the Zacks Consensus Estimate for NCSM's full-year earnings has increased by 62%, reflecting improved analyst sentiment [4]. Industry Comparison - NCS Multistage belongs to the Oil and Gas - Field Services industry, which includes 23 companies and currently ranks 211 in the Zacks Industry Rank. This industry has seen a decline of about 5.4% year-to-date, highlighting NCSM's superior performance [6]. - In contrast, another Oils-Energy stock, Sasol (SSL), has returned 37.9% year-to-date and belongs to the Oil and Gas - Integrated - International industry, which ranks 39 and has increased by 6.1% this year [5][6]. Future Outlook - Investors interested in Oils-Energy stocks should monitor NCS Multistage and Sasol, as both companies are expected to maintain their strong performance [7].

Core Insights - The company is taking decisive actions to reshape its future, focusing on cost containment, optimized capital spending, and strengthening its balance sheet, despite a complex global environment [1] - Free cash flow after tax, interest, and capital expenditure increased by 75% to R12.6 billion, indicating strong financial performance [1] - Turnover decreased by 9% to R249 billion due to a 15% decline in Rand oil prices and lower sales volumes [2] - Adjusted EBITDA declined by 14% to R51.8 billion, reflecting the challenging market conditions [2] - Total impairments significantly decreased to R20.7 billion from R74.9 billion in the prior year, with management actions improving recoverable amounts [3] - Basic earnings per share increased by over 100% to R10.60, while headline earnings per share improved by 93% to R35.13 [4] - The balance sheet was strengthened with net debt declining by 13% to R65.0 billion (US$3.7 billion) [5] - Liquidity was enhanced through the successful closure of a R5.3 billion floating rate bond [6] Financial Metrics - Turnover: R249 billion, down 9% from the previous year [7] - Adjusted EBITDA: R51.8 billion, down 14% [7] - Basic EPS: R10.60, up over 100% from a loss of R69.94 [7] - Headline EPS: R35.13, up 93% [7] - Capital Expenditure: R25.4 billion, down 16% [7] - Free Cash Flow: R12.6 billion, up 75% [7] - Net Debt: R65.0 billion, down 13% [7] Asset and Liability Overview - Total assets decreased slightly to R359.6 billion, down 1% [8] - Total liabilities increased by 7% to R201.9 billion [8] - Total equity increased by 7% to R157.6 billion [8] Dividend Policy - No dividend was declared as net debt was above the sustainable threshold of US$3 billion [9] Board Changes - Ms. Xikongomelo Maluleke appointed to the Audit Committee and Safety, Social and Ethics Committee [10]

Financial Data and Key Metrics Changes - Adjusted EBITDA for FY 2025 decreased by 14% to R52 billion, reflecting a challenging macroeconomic environment [16][32] - Free cash flow improved by more than 70% compared to the prior year, reaching almost ZAR 12.6 billion, driven by disciplined capital spending and lower tax payments [35][36] - Net debt was reduced to $3.7 billion, achieving the target of staying under $4 billion, marking the lowest level since 2016 [12][33] Business Line Data and Key Metrics Changes - In the South African business, adjusted EBITDA increased by 15% in mining and 35% in gas, while fuels declined by 38% due to lower refining margins and production volumes [38] - International chemicals saw adjusted EBITDA increase to $411 million, with an improved margin from 6% to 9% [23][39] - The Southern Africa value chain's breakeven price ended at $59 per barrel, supported by disciplined cost management [12][34] Market Data and Key Metrics Changes - The macroeconomic environment was highly volatile, influenced by global tariffs and geopolitical tensions, impacting various business segments differently [34] - The chemical segments benefited from stronger U.S. ethylene margins and a 5% uplift in the overall chemicals basket price [34] Company Strategy and Development Direction - The company is focused on strengthening its foundation, growing, and transforming the business, with a particular emphasis on emission reduction and renewable energy [10][46] - Strategic initiatives include optimizing asset utilization, improving profitability through market focus, and cost efficiency [23][24] - The company aims to achieve a 30% reduction in greenhouse gas emissions by 2030, with significant progress in renewable energy projects [48][51] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the operating environment but expressed confidence in the execution of strategic plans [10][30] - The company is committed to improving cash generation and accelerating deleveraging while focusing on safety and customer-centric solutions [28][30] Other Important Information - The company invested R600 million in social programs and contributed R44 billion in direct and indirect taxes globally [26][27] - Recent executive leadership changes were announced, with new appointments aimed at addressing both short and long-term goals [21][22] Q&A Session Summary Question: CapEx savings and future guidance - Management explained that CapEx came in below guidance due to a rigorous approach, deferring low-risk activities to the following year, and optimizing capital spending [56][64] Question: Gas volumes and impairment calculations - Management clarified that while gas volumes from Mozambique are expected to increase, the impairment was due to changes in the WACC rate linked to country risk [58][67] Question: Outlook for chemical prices - Management indicated that the chemical basket prices are expected to remain resilient, with ongoing efforts to optimize the commercial strategy [88][96] Question: Debt reduction strategy - The company plans to prioritize deleveraging by using excess cash to reduce gross debt and improve net debt position, targeting a net debt of $3 billion by FY 2027-2028 [91][96]

Financial Data and Key Metrics Changes - Adjusted EBITDA for the period decreased by 14% to R52 billion, reflecting a challenging macroeconomic environment [15][30] - Free cash flow improved by more than 70% compared to the prior year, reaching almost ZAR 12.6 billion, a 75% increase [33][34] - Net debt was reduced to $3.7 billion, achieving the target of staying under $4 billion, marking the lowest level since 2016 [12][31] Business Line Data and Key Metrics Changes - In the South African business, mining EBITDA increased by 15%, while gas EBITDA rose by 35% due to higher gas prices and sales volumes [37] - Fuels segment saw a decline of 38% due to weaker rand oil prices and lower refining margins [37] - International Chemicals increased its share of group adjusted EBITDA from 9% to 15%, driven by improved U.S. Ethylene margins and stronger palm kernel oil pricing [38] Market Data and Key Metrics Changes - The macroeconomic environment was highly volatile, influenced by global tariffs and geopolitical tensions, impacting various business segments differently [32] - The chemical segments benefited from stronger U.S. Ethylene margins and a 5% uplift in the overall chemicals basket price [32] Company Strategy and Development Direction - The company is focused on strengthening its foundation, resetting international chemicals, and restoring the South African value chain [8][26] - A commitment to a 30% reduction in greenhouse gas emissions by 2030 is part of the strategic roadmap, with significant progress in renewable energy initiatives [47][50] - The company aims to improve cash generation to accelerate deleveraging while advancing its growth and transformation agenda [27][40] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the operating environment but expressed confidence in the execution of strategic plans [9][26] - The focus remains on safety, operational reliability, and optimizing capital allocation to navigate ongoing macro volatility [28][41] - Future guidance includes maintaining cost and capital discipline while targeting further reductions in net debt [43][44] Other Important Information - The company invested R600 million in social programs globally, supporting over 250 students and contributing to community infrastructure projects [24][25] - The upcoming retirement of key executives marks a transition in leadership, with new appointments aimed at addressing both short and long-term goals [19][20] Q&A Session Summary Question: CapEx savings and guidance for FY 2026 - The company achieved CapEx below guidance due to a rigorous approach, deferring low-risk activities and optimizing capital spend [56][64] - Guidance for FY 2026 remains similar to FY 2025 despite no shutdown, with expectations for increased volumes from the destoning plant [56][64] Question: Gas volumes and impairment calculations - Gas volumes from Mozambique are expected to ramp up, but total recoverable gas volumes were revised down due to changes in the WACC rate [58][66] - The commissioning of the integrated processing facility is on track, but delays in the CTT project have been encountered [58][73] Question: Outlook for chemical prices and debt reduction - The company is focused on deleveraging, using excess cash to reduce gross debt and improve net debt position [92] - The effective tax rate has increased due to non-permissible deductions, impacting overall tax payments [80]

Financial Performance - Adjusted EBITDA decreased by 14% to R52 billion due to lower oil prices, weaker refining margins, a stronger Rand/USD exchange rate, lower production volumes, and a lower-for-longer chemicals outlook[17] - Free cash flow increased by 75% to R126 billion[17] - Capital expenditure decreased by 16% to R25 billion[17] - Net debt is at US$37 billion, targeting below US$4 billion[12, 27] Business Operations - Southern Africa operations are focused on improving cost competitiveness, with a target of US$55-60/bbl breakeven and 70-72mt SO production in FY26[19] - International Chemicals business saw an Adj EBITDA uplift of over US$120 million compared to FY24, with a FY26 target of US$450-550 million and an Adj EBITDA margin of 10-13%[20] - Mining saleable production is targeted at 28-30mt, with coal quality sinks at 12-14%[67] Sustainability and Social Contribution - Approximately R44 billion was paid in global direct and indirect tax[22] - Over R660 million was spent globally on social investment programs[22] - Net GHG emission reduction of approximately 20% off the FY17 baseline[75] FY26 Outlook - Capital expenditure is projected to be R24-26 billion[49] - Net debt is expected to remain below US$37 billion[49] - Working capital is targeted at 155-165%[49]