Airtel Africa has commenced a share buyback programme valued at up to $110 million as the telecommunications and mobile money services provider moves to return cash to shareholders.
The company said the decision reflects continued balance sheet strength and financial flexibility amid strong operational performance across its African markets.
In a notice filed on the portal of the Nigerian Exchange Limited, Airtel Africa disclosed that the programme would involve the repurchase of up to one per cent of its issued share capital.
According to the company, all shares repurchased under the programme will be cancelled because the sole purpose of the exercise is to reduce its capital base.
Airtel Africa stated that the initiative demonstrates the board’s confidence in the company’s financial position and its ability to continue investing across its operations while rewarding shareholders.
The company explained that it had entered into an agreement with Barclays Capital Securities Limited to execute the buyback programme through on-market purchases of its ordinary shares.
According to the notice, the agreement consists of two separate components.
Under the non-discretionary arrangement, Barclays will independently purchase between $50 million and $60 million worth of Airtel Africa shares without influence from the company.
The second component is a discretionary arrangement under which Airtel Africa may instruct Barclays to purchase an additional $50 million worth of shares, subject to market abuse regulations.
The company said the programme commenced on May 22, 2026, and is expected to continue until no later than November 27, 2026, unless terminated earlier under the agreement terms.
Airtel Africa added that additional tranches of the programme could be announced later to help achieve its objective of repurchasing up to one per cent of its issued share capital.
The telecommunications firm also stated that the repurchases would be conducted in line with shareholder approvals, UK listing regulations and market abuse rules.
According to the company, shareholders had earlier authorised the repurchase of a maximum of 366.07 million ordinary shares during its annual general meeting held on July 9, 2025.
Following the completion of an earlier buyback programme, Airtel Africa disclosed that the remaining authority available for future repurchases currently stands at 357.04 million ordinary shares.
The latest buyback announcement comes weeks after the company reported strong financial and operational performance for the year ended March 31, 2026.
According to its audited financial statement, Airtel Africa recorded a 29.5 per cent increase in revenue to $6.42 billion from $4.96 billion in the previous year.
Profit after tax also rose sharply by 147.4 per cent to $813 million from $328 million.
Operating profit increased by 45.1 per cent to $2.12 billion, while underlying EBITDA climbed by 37.2 per cent to $3.16 billion.
The company’s EBITDA margin improved to 49.3 per cent from 46.5 per cent in the previous year.
Commenting on the results, Airtel Africa Chief Executive Officer, Sunil Taldar, described the financial year as one of the company’s strongest performances.
According to him, the growth reflected favourable industry fundamentals and increasing demand across Airtel Africa’s operating markets.
The company attributed the improved performance to strong customer growth, rising smartphone penetration, higher data consumption and tariff adjustments in Nigeria.
Its customer base increased by 10.5 per cent to 183.5 million subscribers, while data customers rose by 14.8 per cent to 84.2 million.
Smartphone penetration also improved to 49.5 per cent from 44.8 per cent in the previous period.
Data revenue, now the largest contributor to group earnings, increased by 40.3 per cent to $2.53 billion.
Mobile money revenue also rose by 36.3 per cent to $1.36 billion.
In Nigeria, revenue grew by 52.9 per cent to $1.6 billion, driven mainly by data expansion and tariff adjustments.
The group further reported improved leverage metrics, with leverage declining to 1.8x from 2.3x.
Capital expenditure for the year rose by 31.9 per cent to $884 million as Airtel Africa expanded network infrastructure and digital capacity across its markets.
The company said it rolled out more than 3,250 new sites and expanded its fibre network by about 3,200 kilometres.
Airtel Africa also announced a proposed final dividend of 4.26 cents per share, bringing total dividend for the year to 7.1 cents per share.
The proposed payout represents a 9.2 per cent increase compared to the previous year.
