Airtel Africa has announced that shareholders should use 3,648,813,589 units as the denominator when calculating their percentage voting rights in the company.
The disclosure, signed by Simon O’Hara, Group Company Secretary, was recently published on the Nigerian Exchange and communicated to London.
According to the company, the update was made to comply with the UK Financial Conduct Authority’s (FCA) Disclosure Guidance and Transparency Rules, serving as an update to shareholders.
As of August 31, 2025, Airtel Africa’s issued share capital was 3,656,302,633 ordinary shares of USD 0.50 each, but this total includes 7,489,044 treasury shares that carry no voting rights.
Therefore, in line with FCA requirements, Airtel clarified that the effective number of voting shares available to shareholders is 3,648,813,589, excluding treasury shares.
Shareholders can determine their voting rights by dividing the number of shares they hold by this total voting figure (3,648,813,589) and multiplying by 100 to arrive at their percentage.
Market trend
Airtel Africa has equity instruments listed on both the London Stock Exchange and the Nigerian Exchange in Lagos.
- In London, Airtel Africa Plc (ticker: AAF) trades on the Premium Segment and has delivered a year-to-date gain of more than 90% in 2025.
- On the Nigerian Exchange, the company is represented by AIRTELAFRI, a secondary listing that allows local investors to access Airtel without going through London. This instrument has posted a more modest 7% gain so far this year.
Both listings are on a bullish trend in 2025, though liquidity is far higher in London, where AAF has recorded trading volumes of about 689 million shares compared with just 857,490 units for AIRTELAFRI.
Especially for AAF, the strong performance has likely been influenced by improving financial results, with Airtel Africa reporting a pretax profit of $273 million for the period ended June 30, 2025.
Performance
Airtel Africa’s Q1 2025/2026 results for the period ended June 30, 2025, showed a pre-tax profit of $273 million, up 269% year-on-year and already accounting for 41% of the group’s total profit for the entire 2024/2025 financial year.
Revenue reached $1.4 billion, up 24.9% in constant currency and 22.4% in reported currency, supported by easing currency pressures over the past three quarters.
- The customer base expanded by 9% to 169.4 million, highlighting continued market growth.
- Data subscribers grew 17.4% to 75.6 million, with data services now overtaking voice as the largest revenue source, contributing 38.8% compared to 37.67% for voice.
- Mobile money subscribers rose to 45.8 million.
The company noted that the faster constant-currency revenue growth compared with the previous quarter was boosted by tariff adjustments in Nigeria and strong results in Francophone Africa.
Sunil Taldar, Chief Executive Officer of Airtel Africa, commented:
“We are very pleased with the strong growth in our operating and financial performance in the first quarter. The scale of this growth reflects sustained demand for our services and the strength of our business model to meet these demands.”
