Kenya Airways has pushed back against reports claiming the National Treasury has crossed the 50% ownership threshold and that the Employee Share Ownership Scheme (ESOP) has been wound up, calling the claims factually incorrect.
In a statement dated April 8, the airline confirmed that the National Treasury remains the majority shareholder with a 48.90% stake, followed by KQ Lenders Company 2017 Limited at 36.30%. KLM holds 7.76%, the ESOP holds 2.44%, and Individuals & Institutional Investors hold 4.60%.
“Contrary to information published in the Business Daily newspaper on 05 April 2026, and other digital media channels regarding the shareholding structure of Kenya Airways Plc, the purported winding up of the Employee Share Ownership Scheme (ESOP) and the National Treasury taking its shareholding beyond the 50% threshold, we wish to clarify that this is not factual,” the airline said.
Kenya Airways noted that any changes to major shareholding require approval at a General Meeting, and that ESOP shares are held in trust for staff and are not publicly traded. The airline also confirmed that KQ Lenders are trading on the Nairobi Securities Exchange within pre-sanctioned, pre-approved thresholds.
The carrier warned that misinformation of this nature undermines public confidence and its strategic positioning, and urged stakeholders to rely only on official communications for accurate information.
A Brutal Year on the Ground
Regardless of the shareholding dispute, Kenya Airways’ financial results for FY2025 paint a difficult picture. The airline swung to a net loss of KES 17.2 billion, reversing sharply from a net profit of KES 5.4 billion in FY2024.
Three Boeing 787-8 Dreamliner wide-body aircraft sat grounded for much of December 2025 due to global supply chain constraints and limited engine availability, cutting long-haul capacity by roughly 20%. Passenger numbers fell 13% to 4.55 million, cargo volumes dropped from 70,776 to 64,780 tonnes, and revenue declined 14.3% to KES 161.5 billion.
Fleet ownership costs rose 33%, driven by remeasurement of leased assets and the addition of Boeing 737-800 aircraft. Total operating costs eased 2.8% to KES 167.1 billion, not enough to offset the revenue collapse, resulting in an operating loss of KES 5.6 billion.
Table 1: Kenya Airways — Shareholding Structure (as at April 8, 2026)
| Shareholder | Stake |
|---|---|
| National Treasury | 48.90% |
| KQ Lenders Company 2017 Ltd | 36.30% |
| KLM | 7.76% |
| Individuals & Institutional Investors | 4.60% |
| Employee Share Ownership Scheme (ESOP) | 2.44% |
Table 2: Kenya Airways — Key Financials, FY2025 vs FY2024
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue (KES billion) | 161.5 | 188.5 | −14.3% |
| Total operating costs (KES billion) | 167.1 | 171.9 | −2.8% |
| Operating profit / (loss) (KES billion) | (5.6) | 16.6 | Swung to loss |
| Net profit / (loss) after tax (KES billion) | (17.2) | 5.4 | Swung to loss |
| Total assets (KES billion) | 183.2 | 179.1 | +2.3% |
| Total equity (KES billion) | (132.0) | (118.2) | Worsened |
| Passengers carried (million) | 4.55 | 5.23 | −13.0% |
| Cargo volumes (tonnes) | 64,780 | 70,776 | −8.5% |
The Balance Sheet Problem
The airline’s equity position deepened to negative KES 132 billion from negative KES 118.2 billion in FY2024, meaning liabilities exceed assets by KES 132 billion, a gap no operational improvement alone can fill.
The government has been actively seeking a strategic partner to inject KES 258 billion into the carrier. Kenya Airways confirmed on March 30, 2026 that all flights continue without disruption and that all valid tickets remain fully honoured.
