Kenya Airways plans to raise at least $500 million in fresh capital by early 2026 to expand and upgrade its fleet, the airline announced Tuesday. The move follows a first-half pretax loss of 12.17 billion shillings ($94.3 million), reversing a profit of 634 million shillings in the same period last year. The airline cited reduced revenues and grounded aircraft as key setbacks, with three Boeing 787-8 Dreamliners undergoing maintenance.
CEO Allan Kilavuka told investors that one of the aircraft returned to service in July, and the goal is to have the full fleet operational by next year. He confirmed that Kenya Airways will identify funding sources and secure shareholder approvals within the first quarter of 2026. “We believe half a billion dollars is the minimum needed to meet our fleet expansion goals,” Kilavuka said.
Despite the setback, Kenya Airways ended 2024 with a full-year pretax profit of 5.53 billion shillings—its first in over a decade—buoyed by foreign exchange gains from a stronger shilling. The airline previously relied on state support after insolvency in 2018.
