Air Global Plc · NASDAQ:AIIR
Air Global — H1 2026 Earnings Presentation
25 slides from Air Global's earnings presentation, Aug 20, 2026
Slide 1: 2026 First Half Results
e advanced Q | f inhalation rituals 2026 First Half Results August 20, 2026
Slide 2: Disclaimer
Disclaimer The following applies to the information following this page (this "Presentation") by AIR Global Plc and/or its subsidiaries ("AIR"). By viewing all or part of this Presentation, you acknowledge and agree to be bound by the limitations and restrictions described herein. Any failure to com
Slide 3: Seasoned Management Team with Significant Industry and Operational Experience
Seasoned Management Team with Significant Industry and Operational Experience Management Team Stuart Brazier Bassem Lotfy Jorge Güil Steve Wichary Ronan Barry Gaurav Jain Chief Executive Chief Financial Chief Marketing EVP New Growth Chief Regulatory VP Investor Officer Officer Officer Categories &
Slide 4: AIR at a Glance
AIR at a Glance Core Business | Global Leader in Flavored Shisha Molasses, anchored by Al Fakher Global Market Leader Larger than the Next 4 Competitors Combined(1) 3 of 5 best selling flavors globally belong to the Al Fakher brand (2) 60%-65% (3) ~1bn 7 market share in the USA Hookah Production Lar
Slide 5: AIR at a Glance
AIR at a Glance NGCs | Driving Innovation in the Industry Pouches 2023 2025 2025 2026 $125m+ 175 (1) Investment in NGCs Patent Cases Across Products (FY2019 to FY2025) (as of 31st Dec’25) Notes: 1. Includes total number of registered and pending patents, of which 94 are granted and 79 are pending 6
Slide 6: Global Leader in a Structurally Resilient Flavored Shisha Molasses Market
Global Leader in a Structurally Resilient Flavored Shisha Molasses Market Indicative Competitive Profiling of Key Flavored Shisha Molasses Players Estimated Market Share (Volume) by Key Market – AIR / Al Fakher (Market Strength vs Geographical Presence) 36-44% 32.5 kT High Global Moderate, but count
Slide 7: Flavoured Shisha is a Social Lifestyle Phenomenon Increasingly Popular Globally
Flavoured Shisha is a Social Lifestyle Phenomenon Increasingly Popular Globally Consumption is Driven by Social, Lifestyle and Cultural Aspects Rather Than Solely …Leading to Rapidly Rising Global Popularity and Engagement on Social Platforms… Nicotine Delivery… Hookah is Enjoyed Across Consumer Dem
Slide 8: Flavoured Shisha is a Social Lifestyle Phenomenon Increasingly Popular Globally
Flavoured Shisha is a Social Lifestyle Phenomenon Increasingly Popular Globally Huge Market Opportunity Across Global … with High Attractivity for HoReCa Businesses Flavoured Hookah Categories… Globally… Value Chain Pricing: From Lounge to Consumer Total Addressable Market – 2025 Value ($) in UAE ($
Slide 9: Resilient Volume Growth Despite Tobacco Category Declines
Resilient Volume Growth Despite Tobacco Category Declines US Traditional Tobacco 18-25A Volume CAGR (%) 0.4% -1.0% -4.4% -5.3% -6.0% -6.5% -7.6% -11.6% Chewing Traditional Pipe Fine Cut Cigars Cigarillos Cigarettes Tobacco Snuff Tobacco Tobacco 9 Source : Company Information, Barclays Research
Slide 10: Al Fakher is a Top 10 Global Tobacco Brand by Consumer Reach
Al Fakher is a Top 10 Global Tobacco Brand by Consumer Reach Reach of biggest brands (million consumers) 63 42 35 22 16 14 14 13 12 12 1 2 3 2 4 5 6 6 4 4 Marlboro Winston IQOS Camel L&M Al Fakher Rothmans Kent Parliament Chesterfield Source: Company Information, PMI Investor Information Document, A
Slide 11: FSM is Extremely Affordable
FSM is Extremely Affordable Annual Consumer Spend (in $) - in US $2,200 $1,000 $940 $400 $200 $108 At-home At-home Nicotine Starbucks Pod based Cigarettes 6 Shisha 1 Coffee 2 Pouches 3 Coffee 4 Vapes 5 Source: Company Information, Barclays Research 11 Note: 1. At-home shisha assumes 1.8kg annual con
Slide 12: Positioned for Accelerating Growth in H2 and Beyond
Positioned for Accelerating Growth in H2 and Beyond FY’26 Full Year Outlook • Stable shipment volumes versus FY'25, despite an ~1.5% headwind from weaker GTR volumes and above-normal pricing. • Revenue growth of 4%-6% (USD). Low-to mid-single-digit Adjusted EBITDA growth, reflecting: – Incremental p
Slide 13: Medium Term Outlook
Medium Term Outlook For FY'27 and over the medium term, AIR expects: • Low-single-digit organic FSM volume growth, driven by market share gains and expansion into new markets. • Mid-single-digit FSM revenue growth (in USD). • High-single-digit FSM Adjusted EBITDA growth (in USD). • New Growth Catego
Slide 14: H1'2026: Resilient Performance Amidst Unprecedented Disruption
H1’2026 : Resilient Performance Amidst Unprecedented Disruption As inventories normalize, growth is expected to accelerate in H2’26 • Revenue grew 3.7% and Adjusted EBITDA of $71.7m, flat yoy, despite Strait of Hormuz Disruption. • Strong Price/Mix growth of 14.0% offset inflation and supply chain p
Slide 15: H1'26 Financial Performance
H1’26 Financial Performance Metric H1’26 H1’25 YoY % Revenue ($m) 206.9 199.5 3.7% Gross profit ($m) 116.8 114.0 2.4% Operating (loss) / profit ($m) (63.6) 51.5 NM (Loss) / profit for the period ($m) (81.8) 31.9 NM EBITDA ($m) (52.1) 61.0 NM Adjusted EBITDA ($m) 71.7 71.7 0.1% Basic EPS ($) (0.57) 0
Slide 16: Segment Performance Overview
Segment Performance Overview (in $m, except percentages) H1'26 H1'25 YoY Revenue FSM-Americas 42.8 41.4 3.4% FSM-Europe 25.2 25.1 0.4% FSM-MEAA 136.7 131.4 4.0% NGC 2.2 1.6 37.5% Adjusted EBITDA FSM-Americas 19.8 16.9 17.2% FSM-Europe 0.1 1.8 -91.7% FSM-MEAA 59.7 62.3 -4.0% NGC (7.9) (9.3) NM 16 Sou
Slide 17: Bridge from Reported to Adjusted EBITDA
Bridge from Reported to Adjusted EBITDA (in $m, except percentages) H1’26 H1’25 (Loss) / profit for the period (81.8) 32.0 Add / (subtract): Taxation 3.8 5.4 Finance costs 14.4 21.6 Finance income (0.5) (7.8) Depreciation – property, plant and equipment 2.5 2.5 Depreciation - right-of-use assets 1.9
Slide 18: History of De-Leveraging
History of De-Leveraging Net Debt / Adjusted EBITDA (x) & Net Debt ($m) $m 423 335 291 345 Net Debt 4 (1) 4 3.6x 3 (4) (2) 2.6x 2.5x 3 (3) 2 2.1x 2 1 1 0 2023 2024 2025 H1'2026 18 Sources: Company information. Notes: 1. Based on 2023A Adjusted EBITDA of $118m. 2. Based on 2024A Adjusted EBITDA of $1
Slide 19: FY26 Guidance – Other Financial Items
FY26 Guidance – Other Financial Items • Broadly stable net financing cost. • Broadly stable net debt / Adjusted EBITDA at FY'26 year-end, reflecting IPO-related cash outflows and the Greentank investment. • Effective tax rate of ~15%. • Capital expenditures of $15m-$18m. • No share repurchases or di
Slide 20: Strategic Investment in Greentank
Strategic Investment in Greentank Transaction Details • $20m preferred equity investment. $170m pre-money valuation. • Warrant to acquire additional 20% stake at pre money $250m valuation. • Board nomination rights secured. Science Validation • Independent pilot study by McKinney Specialty Labs. • M
Slide 21: Greentank-powered Crown Switch Has Low or Non-Detectable Levels of Certain HPHCs
Greentank-powered Crown Switch Has Low or Non-Detectable Levels of Certain HPHCs Reductions in Crown Switch 9000505 VT 5% aerosol HPHCs compared to Reductions in Crown Switch 9000511 Arctic Mint 5% aerosol HPHCs an FDA authorized Tobacco flavored ENDS compared to an FDA authorized Menthol flavored E
Slide 22: Glossary & Appendix
advanced Q i [inhalation rituals Glossary & Appendix
Slide 23: Glossary
Glossary 1. AIR defines EBITDA as earnings for the period before interest, taxation, depreciation and amortization. The most directly comparable IFRS measure is profit/ (loss) for the period. EBITDA is an intermediate step in AIR’s calculation of Adjusted EBITDA, as set out in the reconciliation on
Slide 24: Appendix
Appendix Reconciliation of total borrowings (current and non-current interest-bearing loans and borrowings) to Net Debt/Adjusted EBITDA (1) (3) (4) (1) Represents total borrowings (including “current and non-current borrowings” as shown in the consolidated statement of financial position) less cash
Slide 25: 2026 First Half Results
e advanced Q | f inhalation rituals 2026 First Half Results August 20, 2026