Airtel Africa Plc announces commencement of share buyback programme

Adebayo Obajemu

Airtel Africa Plc has announced that it is commencing a share buyback programme. The Programme will involve the repurchase of up to 1% of the Company’s issued share capital as at the date of this announcement and forms part of the Company’s broader approach to returning cash to shareholders, a key component of its capital allocation policy.

The Board’s decision reflects the continued strength of the Group’s balance sheet and its ability to preserve financial flexibility while supporting ongoing investment to capitalise on the compelling growth outlook across the Group’s footprint.

As the initial tranche of the Programme, the Company has entered into an agreement with Barclays Capital Securities Limited to conduct the programme and carry out on-market purchases of its ordinary shares with the Company subsequently purchasing its ordinary shares from Barclays. Barclays will act as riskless principal pursuant to the agreement.

The agreement comprises two elements which will operate in parallel:

• a non-discretionary element pursuant to which Barclays will purchase up to $60m of ordinary shares (and not less than $50m) and will make trading decisions independently of the Company;

• a discretionary element pursuant to which the Company may, at its discretion and subject to the provisions of the Market Abuse Regulation (EU) No 596/2014, provide instructions to Barclays for the purchase up to an additional $50m of ordinary shares.

The agreement has commenced today and is anticipated to terminate no later than 27 November 2026, unless terminated earlier in accordance with its terms. The Company may in due course announce further tranches of the Programme as may be required to fulfil its objective of repurchasing up to 1% of its issued share capital as at the date of this announcement.

The sole purpose of the buyback programme is to reduce the capital of the Company. As such, all shares purchased under the buyback programme will be cancelled.

Any purchases of ordinary shares under either element of the buyback programme will be carried out in accordance with certain pre-set parameters set out in the agreement with Barclays and in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase ordinary shares granted by its shareholders from time to time (at the annual general meeting on 9 July 2025, shareholders gave the Company authority to purchase a maximum of 366,072,677 ordinary shares and following the completion of the previous buyback programme, the remaining authority amounts to a maximum of 357,042,221 ordinary shares), Financial Conduct Authority’s UK Listing Rules 9.6 and the provisions of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended). The discretionary arrangements may include irrevocable, non-discretionary instructions to Barclays to continue to operate the buyback programme during closed periods. Barclays will therefore operate the discretionary element of buyback programme autonomously during those periods.