This section should be read in conjunction with our consolidated financial statements included in “Item 18—Financial Statements” as at 30 June 2025 and 2024, and for the years ended 30 June 2025, 2024, and 2023, including the accompanying notes, that are included in this annual report on Form 20-F. The following discussion of operating results and the financial review and prospects as well as our consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB. For information regarding our financial overview and external factors impacting on our business, refer to the “Integrated Report—Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. The discussion on the 2023 financial results has not been included as this can be found under Item 5 of our Form 20-F for the year ended 30 June 2024. Certain information contained in the discussion and analysis set forth below and elsewhere in this annual report includes forward-looking statements that involve risks and uncertainties. See “Forward-Looking Statements” and see “Item 3.D—Risk factors” for a discussion of significant factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in this annual report. 5.A Operating results Results of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ 2025 2024 2025/2024 2023 2024/2023 ​ ​ (Rand ​ ​ ​ (Rand ​ ​ ​ in millions) ​ (%) in millions) ​ (%) Turnover 249 096 275 111 (9) 289 696 (5) Operating costs and expenses (212 255) (228 760) (7) (236 901) (3) Remeasurement items (19 645) (75 414) (74) (33 898) (>100) Equity accounted profit, net of tax 1 623 1 758 (8) 2 623 (33) Earnings/(loss) before interest and tax 18 819 (27 305) >100 21 520 (>100) Net finance costs (6 537) (7 201) ( 9) (7 006) 3 Earnings/(loss) before tax 12 282 (34 506) >100 14 514 (>100) Taxation (4 556) (9 739) ( 53) (5 181) 88 Earnings 7 726 (44 245) >100 9 333 (>100) ​ Financial Overview 2025 ● For information regarding our financial position, and an overview of our results refer to the “Integrated Report— Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. ● For information on changes in our financial condition, and overall financial performance refer to “Integrated Report— Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. Turnover Turnover consists of the following categories. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ Change ​ 2025 2024 2025/2024 2023 2024/2023 ​ ​ (Rand ​ ​ ​ (Rand ​ ​ ​ in millions) ​ (%) in millions) ​ (%) Sale of products 245 064 270 248 (9) 285 826 (5) Services rendered 4 032 4 863 (17) 3 870 26 Turnover 249 096 275 111 (9) 289 696 (5) ​ The primary factors contributing to the changes in turnover were. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ 2025/2024 2024/2023 ​ (Rand in ​ (Rand in ​ ​ millions) ​ (%) millions) ​ (%) Turnover 2024 and 2023 ​ 275 111 ​ ​ ​ 289 696 ​ ​ Exchange rate effects ​ (6 326) ​ (2) ​ 15 577 ​ 5 Product prices ​ (8 474) ​ (3) ​ (31 939) ​ (11) —crude oil ​ (6 084) ​ (2) ​ (2 735) ​ (1) —other products ​ (2 390) ​ (1) ​ (29 204) ​ (10) Net volume changes ​ (11 215) ​ (4) ​ 1 778 ​ 1 Other effects ​ — ​ — ​ — ​ ​ Turnover ​ 249 096 ​ (9) ​ 275 111 ​ (5) ​ Operating costs and expenses Operating costs and expense consists of the following categories. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Change ​ 2025 2024 2025/2024 2023 2024/2023 ​ (Rand (%) (Rand (%) ​ ​ in millions) ​ ​ ​ in millions) ​ Materials, energy and consumables used (129 141) (137 957) (6) (152 297) (9) Selling and distribution costs (9 579) (10 394) (8) (10 470) (1) Maintenance expenditure (15 524) (15 446) 1 (15 076) 2 Employee-related expenditure (35 298) (35 465) (0) (33 544) 6 Depreciation and amortisation (14 002) (15 644) (10) (16 491) (5) Other expenses and income (8 711) (13 854) (37) (9 023) 54 Operating costs and expenses (212 255) (228 760) (7) (236 901) (3) ​ Materials, energy and consumables used. Materials, energy and consumables used in 2025 amounted to R129 141 million, a decrease of R8 816 million, or 6%, compared with R137 957 million in 2024, which decreased by 9% from R152 297 million 65 Table of Contents in 2023. The decrease in these costs between 2024 and 2025 was mainly due to lower crude oil prices because of weaker global demand growth, resulting from slower economic growth and cost saving initiatives implemented as well as R3 889 million related to compensation by Transnet for historical costs. Refer to-“Item 4B- Business Review- Legal proceedings and other contingencies” Selling and distribution costs. These costs comprise of marketing and distribution of products, freight and customs and excise duty after the point of sale. Selling and distribution costs in 2025 amounted to R9 579 million, which represents a decrease of R815 million, or 8%, compared with R10 394 million in 2024, which decreased by R76 million, or 1%, compared with R10 470 million in 2023. The variation in these costs was mainly attributable to decreased logistical costs in our South African and International Chemicals business of R488 million and R331 million respectively due to reduced global shipping rates and benefit from optimised shipping routes and vessel utilisation, as well as a stronger rand, which was partially offset by the impact of inflation . Selling and distribution costs represented 4% of sales in 2025, 4% of sales in 2024 and 4% of sales in 2023. Maintenance expenditure. Maintenance expenditure in 2025 amounted to R15 524 million, which represents an increase of R78 million, or 1%, compared with R15 446 million in 2024, which increased by R370 million, or 2%, compared with R15 076 million in 2023. Maintenance expenditure increased in 2025 compared to 2024 mainly due to inflation and increased maintenance overhauls, partially offset by cost saving initiatives, and the impact of a stronger exchange rate of R110 million. Employee-related expenditure. Employee-related expenditure amounted to R35 298 million, which represents a decrease of R167 million in 2025, or <1%, compared with R35 465 million in 2024, which increased by R1 921 million, or 6%, from 2023. This amount includes labour costs of R35 317 million (2024 — R35 579 and 2023 — R33 655 million), a share-based payment charge to the income statement of R914 million (2024 — R986 million and 2023 — R1 033 million), and costs capitalised to projects of R933 million (2024 — R1 100 million and 2023 — R1 144 million). The decrease in 2025 is mainly due to the effect of the stronger rand against foreign currencies and lower head count, partially offset by, inflation and salary increases Depreciation and amortisation. Depreciation and amortisation in 2025 amounted to R14 002 million, which represents a decrease of R1 642 million or 10%, compared with R15 644 million in 2024, which decreased by R847 million or 5% compared with R16 491 million in 2023. The decrease in depreciation relates mainly to the net impact of impairments relating to the South African integrated value chain and impairment in the US Ethane value chain in 2024, partly offset by increased capitalisations during the year. Other expenses and income. Other expenses and income in 2025 amounted to R8 711 million, a decrease of R5 143 million, compared to R13 854 million in 2024, which increased by R4 831 million from R9 023 million in 2023. This amount includes: ● Exploration expenditure and feasibility costs of R509 million (2024 — R422 million and 2023 — R751 million); ● Translation losses of R897 million (2024 — R839 million losses and 2023 — R2 728 million gains); ● Insurance costs of R1 468 million (2024 — R1 190 million and 2023 — R1 091 million); ● Information technology cost of R3 467 million (2024 — R3 498 million and 2023— R3 078 million); ● Hired labour of R1 029 million (2024 — R988 million and 2023— R856 million); ● Audit remuneration of R177 million (2024 — R160 million and 2023— R141 million); ● Professional fees of R1 821 million (2024 — R2 076 million and 2023— R2 455 million); ● Gains on derivative instruments (including crude oil instruments, foreign exchange instruments, and other commodity derivatives) of R2 003 million mainly due to the group’s hedging activities and embedded derivatives, 66 Table of Contents (2023— R2 364 million and 2023— R3 287 million);and ● Decrease in rehabilitation provisions of R2 872 million (2024 — R758 million and 2023—R870 million). Other operating income in 2025 amounted to R6 462 million, which represents an increase of R2 437 million, or 60%, compared with R4 025 million in 2024 and a decrease of R1 156 million or 22% compared with R5 181 million in 2023. The increase was mainly due to recognising R1 600 million of the settlement of Transnet proceedings in other operating income and insurance proceeds from the Chemicals America segment. Remeasurement items For information regarding the remeasurement items recognised, refer to “Item 18—Financial Statements—Note 8 Remeasurement items affecting operating profit”. The decrease in remeasurement items in 2025 is mainly due to the absence of significant impairment raised in the prior year relating to the US Ethane value chain Share of profits from equity accounted investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ ​ ​ Change ​ 2025 2024 2025/2024 2023 2024/2023 ​ ​ (Rand ​ ​ ​ (Rand ​ ​ ​ ​ in millions) ​ (%) ​ in millions) ​ (%) Profit before tax 2 607 2 701 (3) 4 035 (33) Tax (984) (943) 4 (1 412) (33) Share of profit of equity accounted investments, net of tax 1 623 1 758 (8) 2 623 (33) Remeasurement items, net of tax 5 (7) — 23 ​ ​ The share of profits of equity accounted investments (net of tax) amounted to R1 623 million in 2025 as compared to R1 758 million in 2024 and R2 623 million in 2023. The decrease from 2024 to 2025 mainly relates to lower profits from ORYX GTL Limited with the higher production offset by the unfavourable macro-economic impacts and once off insurance proceeds received in the prior year in respect of the fire that occurred at the Air Separation Unit 2 during June 2022. For information regarding the Equity accounted profits, refer to “Item 18—Financial Statements—Note 18 Equity accounted investments”. Finance costs and finance income For information regarding finance costs incurred and finance income earned, refer to “Item 18—Financial Statements—Note 6 Net finance costs”. The decrease in finance costs in 2025 is mainly due to lower global interest rates. Tax The effective tax rate increased to 37% in 2025 compared to negative 28% in 2024 down from 36% in 2023. The high tax rate in 2025 was mainly as a result of non-deductible expenses incurred not deemed to be in the production of taxable income, the derecognition of a deferred tax asset previously recognised on tax losses in Italy as it is no longer considered probable that sufficient future taxable income will be available to fully utilise these losses as well as tax losses for which no deferred tax asset was raised. The low tax rate in 2024 recognising net settlement was mainly due the partial derecognition of deferred tax asset previously recognised on tax losses in the US. The effective corporate tax rate for 2025 is 37% which is ten percentage points more than the South African corporate income tax rate of 27%. For further information regarding the tax charge, refer to “Item 18—Financial Statements—Note 9 Taxation”. Non-controlling interests For information regarding our non-controlling interests, refer to “Item 18—Financial Statements—Note 20 Interest in significant operating subsidiaries”. Profits attributable to non-controlling interests in subsidiaries of R959 million in 2025 increased by R933 million, from R25 million in 2024, which was a decrease of R509 million or 95% from R534 million in 2023. The decrease in earnings attributable to non-controlling interests in 2024 was largely attributable to decrease in the company net profit as of 30 June 2024. Financial Overview 2024 Group results Profit before interest and tax of R 21 520 million in 2023 decreased (>100%) by R48 824 million 67 Table of Contents to a loss before interest and tax of R27 304 million in 2024. Revenue decreased by 9% from 2023 to 2024 mainly due to lower sales volumes, remeasurement items increased by R41 516 million from R33 898 million in 2023 to R75 414 million (loss) in 2024 which was largely due to impairment costs at Chemicals America Ethane value chain. The Chemicals Business performance was flat due to weaker global demand and associated reduction in demand of inventory by customers compared to the prior year. In 2024, oil prices averaged at US$84,74/bbl compared to US$ 87,34/bbl in 2023. Items which materially impacted earnings before interest and tax During 2024, earnings were impacted by the following significant items: ● a net remeasurement items loss of R75 414 million compared to a net remeasurement loss of R33 898 million in the prior year. Included in the remeasurement items is the impairment of R58 942 million relating to Chemicals America downstream ethane value chain and R7 803 million relating to Secunda liquid fuels refinery. Segment review—results of operations Reporting segments are identified in the way in which the President and Chief Executive Officer organises segments within our group for making operating decisions and assessing performance. The segment overview included below is based on our segment results. Inter-segment turnover was entered into under terms and conditions substantially similar to terms and conditions which would have been negotiated with an independent third party. Refer to Business segment information “Item 18—Financial Statements—Segment information” for further detail regarding turnover and EBIT per segment. Refer also to “Integrated Report—Preserving and maximising value creation—Our integrated value chains” as contained in Exhibit 99.4. Southern Africa Energy and Chemicals Business Mining ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ 2025 2024 2025/2024 2023 2024/2023 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ ​ millions) ​ (%) ​ millions) ​ (%) External turnover 3 640 3 874 (6) 6 386 (39) Inter-segment turnover 26 733 25 002 7 21 280 17 Total turnover 30 373 28 876 5 27 666 4 Operating costs and expenses(1) (26 419) (25 666) 3 (25 086) 2 Earnings before interest and tax 3 954 3 210 23 2 580 24 EBIT margin % 13 11 ​ ​ 9 ​ ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2025 compared to 2024 Total turnover increased by 5% from R28 876 million to R30 373 million mainly due to the increase in the sales price of coal supplied to SO, partly offset by lower internal sales volumes and lower coal export revenues as a result of lower export coal prices. Earnings before interest and tax (EBIT) increased by 23% to R3 954 million compared to the prior year. EBIT was positively impacted by the aforementioned higher turnover partially offset by higher external coal purchases and once off Isibonelo mine closure costs. The decision in quarter 3 of 2025 to temporarily close low-quality sections and increase coal purchases until the destoning plant reaches beneficial operation (BO) resulted in a 14% decrease in saleable production in quarter 4 of 2025 compared to the previous quarter. As a result, saleable production for 2025 was 7% lower than the prior year, while external coal purchases increased by 9%. Results of operations 2024 compared to 2023 Total turnover increased by 4% from R27 666 million to R28 876 million mainly due to the increase in sales price of coal supplied to SO, partly offset by lower coal export revenues as a result of lower export coal prices. Earnings before interest and tax increased by 24% to R3 210 million compared to the prior year. Mining’s results were positively impacted by the aforementioned higher revenue and lower depreciation resulting from the prior year impairment of the Secunda liquid fuels refinery CGU, partially offset by higher external coal purchase prices and inflation on operating costs. Productivity of 983 t/cm/s was 3% higher than the prior year mainly due to the benefits of our ongoing full potential programme partly offset by safety related 68 Table of Contents incidents and other operational challenges experienced during the year. The external coal purchasing programme to supplement our own production continues to meet Secunda Operations demand and quality requirements, as well as to maintain the coal stockpile at targeted levels. The Secunda Operations coal stockpile increased from approximately 2,0 mt at the end of the prior year, closing at 2,5 mt for the year. For further analysis of our results refer to an “Integrated Report—Operational performance summary’’ as contained in Exhibit 99.6. Gas ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ ​ ​ ​ ​ 2025/ ​ ​ ​ 2024/ ​ 2025 2024 2024 2023 2023 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ ​ millions) ​ (%) ​ millions) ​ (%) External turnover 8 421 8 014 5 7 234 11 Inter-segment turnover 4 712 4 144 14 4 754 (13) Total turnover 13 133 12 158 8 11 988 1 Operating costs and expenses(1) (10 085) (5 455) 85 (5 556) (2) Earnings before interest and tax 3 048 6 703 (55) 6 432 4 EBIT margin % 23 55 ​ ​ 54 ​ ​ (1) Operating costs and expenses net of other income including exploration costs, remeasurement items and depreciation. Results of operations 2025 compared to 2024 Total turnover of R13 133 million increased by 8% compared to the prior year mainly due to higher production and higher gas prices. Earnings before interest and tax decreased to R3 048 million from R6 703 million in the prior year largely impacted by remeasurement items arising from higher weighted average cost of capital (WACC) rate in Mozambique. Excluding remeasurement items, earnings before interest and tax increased by 36% driven by the aforementioned higher turnover and reduced rehabilitation provision in Mozambique. This was partially offset by translation effects and higher depreciation following the partial beneficial operation of the PSA Integrated Gas Facility in quarter 4 2024. Remeasurement items for the year primarily include the impairment for PSA mainly due to a higher WACC (R3,1bn) and Exploration Block PT5-C due to a pause in further development (R1,2bn), together with dry well capital exploration write-off (R0,3bn ). Prior year comprised of the reversal of the PSA impairment of R1,1bn after the asset reached partial beneficial operation. In Mozambique, gas production for 2025 was 1% higher than the prior year reflecting the additional PSA contribution. The external gas sales in South Africa for 2025 were 3% lower than the prior year mainly due to planned maintenance at the central processing facility (CPF) in quarter one 2025 and the impact of the unrest in Mozambique in quarter three 2025. Results of operations 2024 compared to 2023 Total turnover of R12 158 million increased by 1% compared to the prior year mainly due to higher gas sales volumes partially offset by the lower weighted average gas sales price. Earnings before interest and tax increased to R6 703 million from R6 432 million in the prior year mainly due to the reversal of the PSA impairment, aforementioned higher revenues and translation gains partially offset by the increase in rehabilitation provisions. The reversal of the PSA impairment of R1 143 million was mainly due to the asset reaching partial beneficial operation on the IGF with production commencing on 7 May 2024, thereby enabling excess gas production to be brought forward compared to what was initially expected. In Mozambique, the gas operations delivered a strong production performance. Production was 6% higher than the prior year supported by the additional wells brought online, resulting in increased production capacity and the early commencement of production from the PSA IGF on 7 May 2024 following the necessary approval from the government of Mozambique. For further analysis of our results refer to “Integrated Report—Operational performance summary” as contained in Exhibit 99.6. 69 Table of Contents Fuels ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ ​ ​ ​ ​ 2025/ ​ ​ ​ 2024/ ​ 2025 2024 2024 2023 2023 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ ​ millions) ​ (%) ​ millions) ​ (%) External turnover 96 026 116 256 (17) 116 235 0 Inter-segment turnover 2 393 2 608 (8) 2 473 5 Total turnover 98 419 118 864 (17) 118 708 0 Operating costs and expenses(1) (93 197) (99 917) (7) (125 836) (21) Earnings/(loss) before interest and tax 5 222 18 947 >100 (7 128) (>100) EBIT margin % 5 16 ​ ​ (6) ​ ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2025 compared to 2024 Total turnover of R98 419 million decreased by 17% compared to prior year of R 118 864 million mainly due to weaker rand oil price, lower refining margins and lower sales volumes. Earnings before interest and tax was R5 222 million for the year compared to a R18 947 million in the prior year. Excluding remeasurement items, earnings before interest and tax decreased by 40% adversely impacted by the aforementioned lower turnover, higher feedstock and utility costs and lower equity accounted earnings from ORYX GTL party offset by the reduced rehabilitation provision at Secunda Operations and the once off Transnet settlement arrangement. The 2025 remeasurement items largely relates to the impairment of R11 831 million relating to the Secunda liquid fuels refinery CGU, R1 256 million relating to the Sasolburg liquid fuels refinery CGU which remain fully impaired. This is partly offset by R1 428 million gain on disposal of business relating to the Uzbekistan GTL (UNG). This refers to the condition agreed at the time of sale of the asset to the UNG in 2016, to recover historical contributions made on the asset once production capacity reaches 90 - 95%. This condition was triggered in June 2025. The Secunda Operations and Sasolburg liquid fuels refinery CGUs remain fully impaired resulting in the full amount of capital expenditure incurred during the year being impaired. Secunda Operations production volumes of 6,7 mt were 4% lower than the prior year mainly due to ongoing coal quality challenges which impacted gasifier availability, as well as unplanned factory outages during the year. Natref production of 14,7 mm bbl in 2025 was 17% lower than prior year impacted by planned and unplanned outages. ORYX GTL contributed R948 million to earnings before interest and tax compared to R1 151 million in the prior year, with the higher production offset by the unfavourable macro-economic impacts and once off insurance proceeds received in the prior year in respect of the fire that occurred at the Air Separation Unit 2 during June 2022. Production for 2025 was 72% higher than the prior year largely due to the shutdown of Train 2 in 2024. Dividends declared by ORYX GTL amounted to R 2 547 million (Sasol’s share) compared to R1 112 million in the prior year. Results of operations 2024 compared to 2023 Total turnover of R118 864 million remained in line with the prior year. The benefit of the stronger rand oil price and a positive refining margins was offset by, unfavourable diesel differentials and lower sales volumes. Earnings before interest and tax was R18 947 million for the year compared to a loss before interest and tax of R7 128 million in the prior year. Excluding remeasurement items, earnings before interest and tax was in line with the prior year. The 2024 remeasurement items largely relates to an impairment of R7 803 million relating to the Secunda liquid fuels refinery CGU and R637 million relating to the Sasolburg liquid fuels refinery CGU. The liquid fuels component of the Secunda refinery was fully impaired at 30 June 2023. At 30 June 2024, the recoverable amount of the refinery was further negatively impacted after updating feedstock and macroeconomic price assumptions mainly lower Brent crude prices and product differentials-resulting in the full amount of costs capitalised during the period to be impaired. The Sasolburg liquid fuels refinery was further impaired and remains fully impaired, mainly as a result of the forecast decrease in refining margins. Secunda Operations production volumes of 7,0 mt were 1% higher than the prior year mainly due to a phase maintenance shutdown in 2024 relative to a total shutdown in 2023. Natref delivered an average run rate of 519 m³/h in 2024, 2% higher than the prior year due to improved refinery availability during the year. ORYX GTL contributed R1 151 million to earnings before interest and tax compared to R2 007 million in the prior year, mainly as a result of extended shutdowns on both trains which required extensive repairs. Dividends declared by ORYX GTL amounted to R1 112 million (Sasol’s share) compared to R1 671 million in the prior year. 70 Table of Contents Chemicals Africa ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ ​ ​ ​ ​ 2025/ ​ ​ ​ 2024/ ​ ​ 2025 ​ 2024 ​ 2024 ​ 2023 ​ 2023 ​ ​ (Rand in ​ (%) ​ (Rand in ​ (%) ​ millions) ​ ​ millions) ​ ​ External turnover 60 716 63 829 (5) 67 772 (6) Inter-segment turnover 2 812 3 054 ( 8) 2 814 9 Total turnover 63 528 66 883 (5) 70 586 (5) Operating costs and expenses(1) (58 519) (60 593) (4) (52 917) 15 Earnings before interest and tax 5 009 6 290 (20) 17 669 (64) EBIT margin % 8 9 ​ ​ 25 ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation. Results of operations 2025 compared to 2024 Total turnover decreased by 5% from R66 883 million in 2024 to R63 528 million in 2025, mainly due to lower sales volumes and stronger R/US$ exchange rate partially offset by higher average US$ basket price despite challenging global market conditions. Sales volumes were 4% lower than 2024, impacted by lower chemicals production at Secunda Operations and Sasolburg operations. EBIT decreased by 20% to R5 009 million compared to prior year of R6 290 million. Excluding remeasurement items, EBIT decreased by 49% compared to prior year driven by the aforementioned lower revenue, higher feedstock and utility costs, depreciation and other operating costs. Remeasurement items for 2025 of R905 million include an impairment loss relating to the Chlor-Alkali and PVC CGU (R463 million) and Wax CGU (R364 million) which remain fully impaired. This compares to the remeasurement items of R5 237 million in 2024 relating to Chlor-Alkali and PVC CGU (R645 million), Wax CGU (R524 million) and Polyethylene CGU (R4 110 million). Results of operations 2024 compared to 2023 Total turnover decreased by 5% from R70 586 million in 2023 to R66 883 million in 2024, mainly due to lower US$/ton sales prices partly offset by a weaker ZAR/US$ exchange rate and slightly higher sales volumes. The average sales basket price (US$/ton) for the financial year was 13% lower compared to the prior year due to lower oil prices and weaker global demand. Sales volumes were 2% higher than 2023 mainly due to Secunda Operations phase shutdown in 2024 relative to a total shutdown in 2023. Operating costs and expenses were 15% higher than in 2023 due to increased feedstock cost, energy costs and inflation as well as remeasurement items. The Chemicals Africa segment remeasurement items include an impairment loss of R5,2 billion related to the Chlor-Alkali and Polyvinyl chloride CGU (R645 million) and Wax CGU (R524 million) being fully impaired and the Polyethylene CGU (R4 110 million) due to lower selling prices and reduced demand. This compares to remeasurement items of R932 million in 2023 of the Wax cash CGU driven by higher future cost to procure gas, lower sales volumes and prices due to an increasingly challenging market environment. Earnings before interest and tax decreased by R11 379 million from a profit of R17 669 million in 2023 to R6 290 million in 2024, and the EBIT margin decreased from 25% to 9%. The decrease in the earnings before interest and tax was largely attributable to the increase in operating costs and lower US$/ton sales prices. The disposal of the sodium cyanide business was not concluded in 2024 due to the prohibition of the transaction by the South African Competition Commission. For further analysis of our results refer to “Integrated Report—Operational performance summary” as contained in Exhibit 99.6. International Chemicals Business Chemicals America ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ ​ ​ ​ ​ 2025/ ​ ​ ​ 2024/ ​ ​ 2025 ​ 2024 ​ 2024 ​ 2023 ​ 2023 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ millions) ​ (%) millions) ​ (%) External turnover 38 246 41 424 (8) 44 492 (7) Inter-segment turnover 457 381 20 450 (15) Total turnover 38 703 41 805 (7) 44 942 (7) Operating costs and expenses(1) (37 037) (103 014) >100 (45 485) 126 Earnings/(loss) before interest and tax 1 666 (61 209) >100 (543) (>100) EBIT margin % 4 (>100) ​ (1) ​ (1) Operating costs and expenses net of other income. Results of operations 2025 compared to 2024 Total turnover decreased by 7% from R41 805 million to R38 703 impacted by a reduction in volumes and a stronger Rand/US$ exchange rate offset by a 5% increase in sales basket price (US$/ton) driven by a stronger market price of ethylene in base chemicals and our value-over-volume strategy in differentiated chemicals. 71 Table of Contents Sales volumes for the year were 10% lower than the prior year mostly due to unplanned outages. Operating cost and expenses decreased primarily due to the absence of remeasurement items and lower sales volumes, supported by savings from self-help measures and insurance proceeds. Remeasurement items in 2025 were immaterial compared to negative R59,7 billion in the prior year largely related to impairment losses on the Chemicals America Ethane value chain (Alcohols, Alumina, Ethylene Oxide and Ethylene Glycol) CGU (R58.9 billion) in Lake Charles. Earnings before interest and tax of R1 666 million was more than 100% higher compared to the prior period loss before interest and tax of R61 209 million that was impacted by remeasurement items. The improvement is related to a value-over-volume approach as well as stronger Ethylene market prices which lead to improved prices, lower depreciation after the impairment in the Ethane value chain (Alcohol CGU) in 2024 and reduced operating cost and expenses. Results of operations 2024 compared to 2023 Total turnover decreased by 7% from R44 942 million to R41 805 driven by lower prices, offset by slightly higher sales volumes and the weaker rand/US$ exchange rate. The average sales basket price (US$/ton) for the financial year was 14% lower compared to the prior year driven by a combination of lower oil, feedstock and energy prices, changes in product mix and continued weak demand. Sales volumes for the year were 3% higher than the prior year largely due to the fire at the Ziegler alcohol unit in 2023. Sales volumes for Essential Care Chemicals and Advanced Materials therefore increased in 2024 compared to 2023. Remeasurement items in 2024 of negative R59,7 billion largely related to impairment losses on of the Chemicals America Ethane value chain (Alcohols, Alumina, Ethylene Oxide and Ethylene Glycol) CGU (R58.9 billion) in Lake Charles. This compares to remeasurement items of R3,9 billion in 2023 which included the reversal of the impairment of R3,6 billion of the Tetramerization CGU and the sale of an Ethane pipeline of R0,4 billion in 2023. Loss before interest and tax (LBIT) of R61 209 million was more than 100% higher (greater loss) compared to the prior year loss before interest and tax of R543 million with both 2024 and 2023 years impacted by remeasurement items. Excluding remeasurement items, LBIT decreased (lower loss) by 66% compared to the prior year due to improved gross margin due to higher unit margins, stable costs despite inflation and higher sales volumes. For further analysis of our results refer “Integrated Report— Operational performance summary” as contained in Exhibit 99.6. Chemicals Eurasia ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change ​ Change ​ ​ ​ ​ ​ ​ 2025/ ​ ​ ​ 2024/ ​ ​ 2025 ​ 2024 ​ 2024 ​ 2023 ​ 2023 ​ ​ (Rand in ​ ​ ​ (Rand in ​ ​ ​ millions) ​ (%) millions) ​ (%) External turnover 42 047 41 714 1 47 577 (12) Inter-segment turnover 524 487 8 617 (21) Total turnover 42 571 42 201 1 48 194 (12) Operating costs and expenses(1) (43 782) (44 589) (2) (49 383) (10) Loss before interest and tax (1 211) (2 388) (49) (1 189) (>100) EBIT margin % (3) (6) ​ (2) ​ (1) Operating costs and expenses net of other income including remeasurement items and depreciation Results of operations 2025 compared to 2024 Total turnover increased by 1% from R42 201 million to R42 571 million resulting from higher prices partially offset by stronger Rand/€ exchange rate, while sales volumes slightly decreased. The average sales basket price (US$/ton) for the financial year was 8% higher compared to the prior period supported by stronger Palm Kernel Oil (PKO) pricing and our ongoing strategic sales initiatives. Sales volumes are 4% lower than the prior year, driven by our deliberate value-over-volume strategy, the mothballing of the alkylphenol plant in quarter two of 2025 and the ongoing weak economic environment. Operating costs and expenses decreased by 2%, mainly due to lower sales volumes and a stronger R/€ exchange rate. Additionally cost from inflation and cost related to the implementation of a modern ERP system were negated by savings from self-help measures. Remeasurement items for the financial year included an impairment loss of R3,3 billion related to the Italian assets as well as the Alkylphenol plant mothballing partly offset by reversal of impairment of the China CGU of R1,2 billion whereas the prior year 72 Table of Contents included an impairment loss for the Italy ECC CGU of R2 billion. Loss before interest and tax decreased from R2 388 million to a loss of R1 211 million, mainly because of higher unit margins, partly offset by lower sales volumes at reduced operating costs and expenses. Depreciation was lower than the prior year related to an impairment for the Italy CGU in 2024. Results of operations 2024 compared to 2023 Total turnover decreased by 12% from R48 194 million to R42 201 million resulting from lower sales prices despite higher sales volumes for the period. The average sales basket price (US$/ton) for the financial year was 19% lower compared to the prior period reflecting the decrease in feedstock and energy prices in Europe after the record-high levels resulting from the Russia-Ukraine war. Sales volumes increased by 3% compared to the prior period. Operating costs and expenses decreased by 10%, also reflecting a reduction in energy-, feedstock- and other operating costs, despite the absence of other income from government incentives received in the prior year in support of the record high natural gas prices. Remeasurement items for the financial year included an impairment loss for the Italy ECC CGU (R2 billion) whereas the prior year included an impairment loss for the China ECC CGU (R0,9 billion). Loss before interest and tax increased from R1 189 million to a loss of R2 388 million, mainly as a result of higher feedstock and energy costs suppressing margins and a negative impact from remeasurement items. For further analysis of our results refer to “Integrated Report— Operational performance summary” as contained in Exhibit 99.6 Significant accounting policies and estimates The preparation of our consolidated financial statements and accounting policies requires management to make estimates and assumptions that affect the reported results of our operations with management further required to select the appropriate assumptions for calculating financial estimates. By their nature, these judgements are subject to an inherent degree of uncertainty and are based on our historical experience, terms of existing contracts, management’s view on trends in the industries in which we operate and information from outside sources and experts. Actual results may differ from those estimates. Management believes that the more significant judgement and estimates relating to the accounting policies used in the preparation of Sasol’s consolidated financial statements could potentially impact the reporting of our financial results and future financial performance. We evaluate our estimates, including those relating to environmental rehabilitation and decommissioning obligations, long-lived assets, trade receivables, inventories, investments, intangible assets, income taxes, share-based payment expenses, hedges and derivatives, pension and other post-retirement benefits and contingencies and litigation on an ongoing basis. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making our judgements about carrying values of assets and liabilities that are not readily available from other sources. The critical accounting policies for the group relate to impairment assessment of non-financial assets and environmental provisions In addition to the items below, “Item 18—Financial Statements” is incorporated by reference. For accounting policies and areas of judgements relating to: ● Going concern assumption, refer to “Item 18—Financial Statements—Note 1 Statement of Compliance”; ● Valuation of share-based payments, refer to “Item 18—Financial Statements—Note 32 Share-based payment reserve”; ● Impairments, refer to “Item 18—Financial Statements—Note 8 Remeasurement items affecting operating profit”; ● Valuation of financial instruments (including derivatives), refer to “Item 18—Financial Statements—Note 35 Financial risk management and financial instruments”; 73 Table of Contents ● Long-term provisions, refer “Item 18—Financial Statements—Note 29 Long-term provisions”; ● Post-retirement benefit obligations, refer to “Item 18—Financial Statements—Note 31 Post-retirement benefit obligations”; ● Useful economic lives of assets and depreciation of assets, refer to “Item 18—Financial Statements—Note 16 Property, plant and equipment”; ● Controlling interest in subsidiaries refer to “Item 18—Financial Statements— Note 20 Interest in significant operating subsidiaries”; ● Investment value in joint ventures and associates refer to “Item 18—Financial Statements— Note 18 Equity accounted investments”; ● Recognition of deferred tax assets and utilisation of tax losses, refer to “Item 18—Financial Statements—Note 11 Deferred tax and Note 9 Taxation”; and ● Determination of whether an arrangement contains a lease, incorporating optional lease periods and determining the incremental borrowing rate in accordance with IFRS 16 Leases, refer to “Item 18—Financial Statements—Note 14 Leases”. Estimation of natural oil and gas reserves In accordance with the SEC regulations, proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible—from a given date forward, from known reservoirs under existing economic conditions, operating methods, and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract hydrocarbons must be approved and must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. Existing economic conditions define prices and costs at which economic producibility is to be determined. The price is the average sales price during the 12-month period prior to the reporting date (30 June), determined as an un-weighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by contractual arrangements. Future price changes are limited to those provided by contractual arrangements in existence at year-end. Our reported natural oil and gas reserves are estimated quantities based on SEC reporting regulations. Additionally, we require that the estimated quantities of oil and gas and related substances to be produced by a project be sanctioned by all internal and external parties to the extent necessary for the project to enter the execution phase and sufficient to allow the consequent products to be brought to market. See “Item 4.D—Property, plants and equipment”. There are numerous uncertainties inherent in estimating quantities of reserves and in projecting future rates of production, including factors which are beyond our control. The accuracy of any reserve estimate is a function of the quality of available data, engineering and geological interpretation and judgement. Estimates of oil and gas reserves therefore are subject to future revision, upward or downward, resulting from new data and current interpretation, as well as a result of improved recovery, extensions and discoveries, the purchase or sale of assets, and production. Accordingly, financial and accounting measures (such as the standardised measure of future discounted cash flows, depreciation and amortisation charges and environmental and decommissioning obligations) that are based on proved reserves are also subject to revision and change. Refer to “Table 5—Standardised measure of discounted future net cash flows relating to proved reserves”, on page G-6 for our standardised discounted future net cash flow information in respect of proved reserves for the year ended 30 June 2025 and to “Table 6—Changes in the standardised measure of discounted net cash flows”, on page G-7. Depreciation of natural oil and gas assets Depreciation of mineral assets on producing oil and gas properties and property acquisition costs is based on the units-of-production method. Apart from acquisition costs, which are depreciated using estimated 74 Table of Contents proved reserves, mineral assets are depreciated using estimated proved developed reserves. Fair value estimations of financial instruments We base fair values of financial instruments on quoted market prices of identical instruments, where available. If quoted market prices are not available, fair value is determined based on other relevant factors, including dealers’ price quotations and price quotations for similar instruments traded in different markets. Fair value for certain derivatives is based on pricing models that consider current market and contractual prices for the underlying financial instruments or commodities, as well as the time value and yield curve or fluctuation factors underlying the positions. Pricing models and their underlying assumptions impact the amount and timing of unrealised gains and losses recognised, and the use of different pricing models or assumptions could produce different financial results. Refer to “Item 11—Quantitative and qualitative disclosures about market risk”. 5.B Liquidity and capital resources Liquidity, cash flows and borrowings Based on our funding plan, our liquidity headroom is more than US$4 billion as at 30 June 2025, with available rand- and US dollar-based funds improving as we advance with our focused management actions. We continue to assess our mix of funding instruments to ensure that we have funding from a range of sources and a balanced maturity profile. We manage our liquidity risk by effectively managing our working capital, capital expenditure and cash flows mainly from operations. We finance our capital expenditure from funds generated out of our business operations and borrowing facilities. For information regarding our funding cash flows and liquidity, refer to “Item 18—Financial Statements—Note 13 Long-term debt, Note 14 Leases, and Note 15 Short-term debt” which includes an overview of our borrowing facilities and debt arrangements. For more information regarding the impact of liquidity on our going concern assumption—refer to “Item 18—Financial Statements—Note 35 Financial risk management”. For information regarding the Company’s cash flow requirements refer to the “Integrated Report— Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. The following table provides a summary of our cash flows for each of the three years ended 30 June 2025, 2024 and 2023. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 ​ ​ (Rand in millions) Net cash retained from operating activities 38 308 ​ 29 751 ​ 35 422 Net cash used in investing activities ​ (25 886) (30 657) (28 234) Net cash (used in) /generated by financing activities ​ (16 609) (6 966) 1 188 ​ Cash flows retained from operating activities include the following significant items. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 ​ ​ (Rand in millions) Cash generated by operating activities 47 803 52 321 64 637 Income tax paid ​ (7 293) (10 932) (13 952) Dividends paid ​ (28) (7 633) (13 754) ​ The cash generated by our operating activities is applied first to fund our operations, pay our debt and tax commitments and then to provide a return in the form of a dividend to our shareholders. The net cash retained is then invested based on our updated capital allocation framework which is aimed at driving maximum shareholder return. Operating activities Cash generated by operating activities in 2025 decreased by 9% to R47 803 million, largely attributable to a decrease in working capital and lower cash flow from operations. For further information regarding our cash flow generation, refer to “Integrated Report—Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. Investing activities Net cash used in investing activities decreased to R25 886 million in 2025 as compared to R30 657 million in 2024. 75 Table of Contents Cash flows utilised in investing activities include the following significant items. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 ​ ​ (Rand in millions) Additions to non-current assets(1) (25 983) (30 428) (30 247) Proceeds on disposals and scrappings ​ 372 129 799 Purchase of investments ​ (1 055) ​ (173) ​ (243) Proceeds from sale of investments ​ 946 ​ 69 ​ 156 (1) Includes additions to property, plant and equipment and other intangible assets. For information regarding cash flows from investing activities refer to “Integrated Report— Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. For information regarding cash flows from additions and disposals, refer to “Item 18—Financial Statements—Note 16 Property, plant and equipment”. For details of our additions to non-current assets, and the projects to which these relate, refer to “Item 18—Financial Statements—Note 16 Property, plant and equipment ”. For details of our capital commitments refer to “Item 18—Financial Statements—Note 16 Property, plant and equipment”. Financing activities Net cash used in financing activities was R16 609 million in 2025 as compared to R6 966 million in 2024. The reason for the variance was mainly due to lower utilisation of the RCF of R12,834 billion. The group’s operations are financed primarily by means of its operating cash flows. Cash shortfalls are usually short term in nature and are met primarily from short-term banking facilities. Our long-term capital expansion projects are financed by a combination of floating and fixed rate long-term debt, as well as internally generated funds. A centralised treasury model enables Sasol to optimise the group’s cash and borrowing facilities wherever it is required. For information regarding our debt and funding structure, refer “Integrated Report— Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. Capital resources Sasol Financing Limited, Sasol Financing International Limited and Sasol Financing USA LLC act as our group’s financing vehicles. All our group treasury, cash management and borrowing activities are facilitated through Sasol Financing Limited, Sasol Financing International Limited and Sasol Financing USA LLC. The group executive committee (GEC) and senior management meet regularly, to review and, if appropriate, approve the implementation of optimal strategies for the effective management of the group’s financial risk. Our cash requirements for working capital, capital expenditures, debt service charge and acquisitions over the past three years have been primarily financed through a combination of funds generated from operations and borrowings. In our opinion, our working capital is sufficient for our present requirements. Our debt as at 30 June comprises the following. ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 2024 2023 ​ ​ (Rand in millions) Long-term debt, including current portion ​ 102 645 117 031 124 068 Lease liabilities, including current portion ​ 17 360 ​ 17 437 ​ 16 297 Short-term debt ​ 666 566 79 Bank overdraft ​ 1 121 159 Total debt ​ 120 672 135 155 140 603 Less cash (excluding cash restricted for use) ​ (38 423) (42 967) (51 214) Net debt ​ 82 249 92 188 89 389 ​ As at 30 June 2025, we had R2 627 million (2024— R2 416 million) in cash restricted for use. Refer to “Item 18—Financial Statements—Note 25 Cash and cash equivalents” for a breakdown of amounts included in cash restricted for use. The group has borrowing facilities with major financial institutions and debt securities of R148 133 million (2024 — R151 817 million; 2023— R184 004 million;). Of these facilities and debt instruments, R103 723 million (2024 — R118 784 million; 2023— R125 505 million;) has been utilised at year end. Long-term debt of R102 645 million decreased by R14 386 million compared to 2024. Refer to “Item 18— Financial Statements—Note 13 Long-term debt”, for a breakdown of our banking facilities and the utilisation thereof. 76 Table of Contents Included in the above-mentioned borrowing facilities is our commercial paper programme of R15 000 million with R10 566 million in available facilities at 30 June 2025 and commercial banking facilities with R7 450 million available facilities. It further includes a RCF of R35 269 million with R26 394 available to the group for further funding requirements. The net debt: EBITDA ratio as applied to our covenant calculations as at 30 June 2025 computed to 1.5 times, which was significantly below the covenant level. Financial instruments and risk Refer to “Item 11—Quantitative and qualitative disclosures about market risk” for a breakdown of our liabilities summarised by fixed and floating interest rates. Debt profile and covenants The information set forth under “Item 18—Financial Statements—Note 13 Long-term debt” is incorporated by reference. Capital commitments Refer “Item 18—Financial Statements—Note 16 Property, plant and equipment”. The discussion below includes forward-looking statements. For a discussion of factors that could cause actual results to differ from those expressed or implied in forward-looking statements, please refer to “Forward Looking Statements” above. You should not place undue reliance on forward-looking statements. The PSA’s FDP was amended and approved by the Government of Mozambique on 29 September 2020. The main objectives of the revised PSA development are to enable CTT gas supply, ensure economic production of the gas volumes in excess of those reserved for CTT by selling these to Sasol, optimise LPG production, optimise gas recovery by flexible development of gas reservoirs to ensure optimal field development and optimise liquids recovery. On 19 February 2021, the Board approved the FID with an estimated project cost of US$760 million. The project execution has been delinked from CTT financial close and execution commenced in quarter three of calendar year 2021. CTT financial close occurred on 8 December 2021. The PSA project’s IGF achieved beneficial operation in November 2023 and the integrated gas, oil and LPG IPF schedules are tracking to plan with project cost also within approved commitments. Contractual obligations/commitments. The following significant undiscounted contractual obligations existed at 30 June 2025 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ Within ​ 1 to 5 ​ More than Contractual obligations amount 1 year years 5 years ​ ​ (Rand in millions) Bank overdraft 1 1 - - Capital commitments 27 421 ​ 20 634 ​ 6 787 ​ - Environmental and other obligations(2) 14 637 ​ 1 688 ​ 1 427 ​ 11 522 External long-term debt(1) 127 539 ​ 7 237 ​ 103 218 ​ 17 084 External short-term debt 666 666 ​ - - Lease liabilities(1) 38 780 3 659 ​ 9 836 ​ 25 285 Post-retirement healthcare obligations(2) 4 508 331 ​ 1 211 ​ 2 966 Post-retirement pension obligations(2) 8 330 386 ​ 1 468 ​ 6 476 Purchase commitments(3) 390 766 ​ 51 848 ​ 125 976 ​ 212 942 ​ ​ ​ ​ ​ ​ ​ ​ Total 612 648 86 450 249 923 276 275 (1) Include interest payments. (2) Represents discounted values. (3) The Group enters into off-take agreements as part of its normal operations which have minimum volume requirements (i.e. take or pay contracts). These purchase commitments consist primarily of agreements for procuring raw materials such as coal, gas and electricity. The most significant commitment relates to minimum off-take oxygen supply agreements for Secunda Operations of approximately R210 billion (2024: R211 billion). In prior years, Sasol South Africa Limited (SSA), together with Air Liquide Large Industries South Africa Proprietary Limited (ALLISA), signed six Power Purchase Agreements (PPAs) for more than 600MW, with contractual terms of 20 years each, for the procurement of renewable energy from Independent Power Producers. The joint procurement of renewable energy by SSA and ALLISA is primarily aimed at the decarbonisation of the Secunda Operations site. 77 Table of Contents In 2025, Sasol further increased the total renewable energy secured (PPA and self–builds) to more than 900 MW. During 2025, 260 MW achieved financial close and the PPA with Msenge Emoyeni Wind Farm Proprietary Limited reached commercial operation. The remaining contracts are phased and will come online in the next 2 to 3 years. Furthermore, Sasol is party to long-term gas purchase agreements of approximately R25 billion (2024: R32 billion) which commits Sasol Gas (Pty) Ltd (Sasol Gas) to purchase a minimum quantity of gas until 2034 Refer to “Item 18—Financial Statements—” Note 16 Property, plant and equipment” for significant capital commitments and “Note 29 Long-term provisions”. 5.C Research and development, patents and licences Refer to the “Item 4.B—Business overview— Factors on which the business depends — Intellectual Property” for further information research and development, patents and licences. 5.D Trend information Refer to the “Integrated Report—Performance Overview—Chief Financial Officer’s statement” as contained in Exhibit 99.3. 5.E Critical Accounting Estimates Not Applicable ​ ​ ​ ​ ​