CEEMEA Corporates Today

Research evidence excerpt

J P M O R G A N

CEEMEA Credit Research

05 August 2026

CEEMEA Corporates Today

Sasol, Tullow, Energean plc

EM CEEMEA Corporate Research

News

Zafar Nazim, CFA AC

Sasol reports solid FY26 trading statement – Remain OW 29s/31s/33s

Tullow reports 1H26 trading statement

(44-20) 7134-7551

J.P. Morgan Securities plc

Energean plc: Fitch downgrades senior secured notes to BB-; stable outlook

Konstantin Rozantsev

th

Performance charts – as of Aug 4 , 2026

Prices in this note are as of the time of writing on Aug 5th, 2026

(44-20) 7742-0275

J.P. Morgan Securities plc

Nikhil Bhat, CFA AC

New Research

(44-20) 3493-8074

J.P. Morgan Securities plc

Lorenzo Parisi, CFA AC

Binghatti Holding Limited: FAQs on the FAQs (Link)

Middle East and Africa

(44-20) 3493-3150

J.P. Morgan Securities plc

Sasol reports solid FY26 trading statement – Remain OW 29s/31s/33s

Nandini Bommakanti

Sasol announced it expects FY26 adjusted EBITDA of ZAR 58bn-62bn (vs ~ZAR

52bn in FY25 or +12-20% yoy) mainly as a result of a 4% increase in sales volumes,

a 7% increase in the average Brent crude oil price and a more than 100% increase

in refining margins, partially offset by a 7% stronger ZAR/USD. Assuming the

mid-point of the range (ZAR 60bn), Sasol’s guidance would imply 2H26 adjusted

EBITDA of ~ZAR 39bn, which would represent an 86% increase vs 1H26 and a

40% yoy increase vs 2H25, we calculate.

With regards to impairments, the Secunda liquid fuels refinery remains fully

impaired and the company also recognised a ZAR 3.7bn impairment of the

Polyethylene CGU (cash generating unit) due to a stronger forecast ZAR/USD and

lower longer-term price assumptions.

The company also mentioned that, despite the expectations of stronger earnings,

higher year-end working capital (driven by elevated pricing following the Middle

East conflict and the previously reported fuels inventory build-up ahead of 1Q27

Natref shutdown) is expected to moderate the improvement in FCF.

We are Neutral SASOL 26s/27s/28s and OW SASOL 29s/31s/33s (33s offered at

104.75, z+346, YTW 7.5%). The solid earnings performance does not come as a

surprise given the operational improvements and supportive macro backdrop.

…