AIR Global (AIIR) investor relations material

Company overview and business model

• Leading global producer of flavored shisha molasses, with estimated 36–44% global market share (ex-Russia/Turkey) as of Dec 2024, and dominant positions in the US, KSA, Germany, and Spain.

• Product portfolio includes traditional flavored molasses (Al Fakher, NameLess, Al Aseel), innovative inhalation devices (OOKA, VANT, Crown Switch), and nicotine pouches.

• Operates in over 90 markets, serving both at-home and HoReCa channels, with a diversified distribution network and strong e-commerce presence.

• Business model emphasizes brand loyalty, proprietary technology, and regulatory compliance as key barriers to entry.

• Recent strategic investment in Greentank Innovations to deepen product innovation and supply chain integration.

Financial performance and metrics

• Revenue for FY2025: $399.7M (up 6.1% YoY); Adjusted EBITDA: $139.3M; Net profit: $46.8M.

• For the six months ended June 30, 2026: revenue $206.9M, Adjusted EBITDA $71.7M, net loss $(81.8)M (driven by business combination and IPO-related costs).

• Gross margin for FY2025: 56.1%; Adjusted EBITDA margin: 34.8%.

• Cash and cash equivalents as of June 30, 2026: $85.4M; total indebtedness: $424.2M.

• Net operating cash conversion for FY2025: 83.2%.

Use of proceeds and capital allocation

• No proceeds to the company from the offering; all shares are for resale by existing shareholders.

• Capital allocation focused on product innovation, strategic investments (e.g., Greentank), and expansion of manufacturing and distribution capacity.

• Ongoing investment in new production facility in Romania to diversify manufacturing footprint.