In a move that signals robust confidence in its long-term growth and capital structure, Airtel Africa PLC has announced that its cumulative share repurchases have surpassed 40.93 million shares. The milestone, reached following transactions on the final trading day of 2025, marks a significant chapter in the telecommunications giant’s $100 million capital return initiative.
According to corporate disclosures filed with the Nigerian Exchange (NGX) and the London Stock Exchange (LSE) on January 2, 2026, the company repurchased an additional 40,000 ordinary shares on December 31, 2025. This latest transaction brings the total aggregate of shares bought back since the programme’s inception in December 2024 to exactly 40,925,209 shares.
Strategic Capital Management
The buyback programme, which is being executed in tranches, is designed with a singular objective: to reduce the company's capital. In alignment with this strategy, all repurchased shares are slated for cancellation. By shrinking the total pool of outstanding shares, Airtel Africa effectively increases the proportional ownership and potential earnings per share (EPS) for its remaining investors.
The financial breakdown of the programme so far reveals a disciplined approach to execution:
Aggregate Repurchases: 40.93 million shares.
Cumulative Average Price:152.24 pence per share.
Estimated Total Value: Approximately N122.7 billion (based on current exchange rates).
Latest Transaction Price: Between 354.00p and 357.00p (Volume-weighted average: 355.95p).
The program is currently being managed by Barclays Capital Securities Limited, acting as a riskless principal. This arrangement ensures that the buyback remains independent of the company’s daily operations, allowing for consistent execution even during "closed periods" ahead of financial reporting.
Resilience Amidst Market Volatility
Airtel Africa’s decision to deepen its buyback push comes at a time when the telecom sector faces a complex macroeconomic landscape. Despite currency fluctuations in key markets like Nigeria, the group has reported a strong return to profitability. For the fiscal year ended March 31, 2025, Airtel Africa posted a profit after tax of $328 million, a sharp recovery from the previous year's loss.
Industry analysts suggest that the buyback serves as a powerful signal of "excess" cash generation. By choosing to return $100 million to shareholders while simultaneously increasing its capital expenditure (Capex) guidance to between $875 million and $900 million for 2026, the company is demonstrating a rare balance between aggressive network expansion and shareholder reward.
"The continued buyback reflects the Board's confidence in the Company's growth potential and the strength of its balance sheet," the company stated in its disclosure. "It is a testament to the consistent cash accretion at the holding company level."
Impact on the Nigerian and London Markets
On the Nigerian Exchange, Airtel Africa remains one of the most capitalized entities, contributing roughly 8.5% of the total equity market value. Although the stock price saw periods of stagnation in late 2025, closing the year around N2,270.00, the "equity tightening" caused by the buyback is expected to provide a technical floor for the share price in 2026.
As of early January 2026, the company’s total voting rights have been adjusted to approximately 3.65 billion. Investors are now closely watching for the completion of the remaining $20.3 million headroom available under the current authorization, which is expected to conclude on or before March 31, 2026.
Looking Ahead
Beyond the buyback, Airtel Africa is focusing on high-growth verticals. The company’s mobile money business continues to be a crown jewel, with constant currency revenue growth exceeding 29%. While a highly anticipated IPO for the mobile money unit was postponed in 2025, the group’s focus on 4G and 5G expansion ensures it remains a dominant player in the digital transformation of the 14 African countries in which it operates.
For shareholders, the message is clear: Airtel Africa is prioritizing a leaner, more efficient equity base while doubling down on the infrastructure that will drive the next decade of African connectivity.
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