Air Global Plc · NASDAQ:AIIR
Air Global — Investor Presentation (September 2026)
56 slides from Air Global's investor presentation, September 2026
Slide 1: Global Innovation Leader in Social Inhalation
Day Month Year Version First name Last name Global Innovation Leader in Social Inhalation Investor Presentation September 2026
Slide 2: Disclaimer
Disclaimer The following applies to the information following this page (this "Presentation") by AIR Limited 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 comply
Slide 3: Proven Global Builders
Proven Global Builders PRESENTING TODAY Stuart Brazier Bassem Lotfy Jorge Güil Steve Wichary Ronan Barry Gaurav Jain Chief Executive Chief Financial Chief EVP New Chief VP Investor Officer Officer Marketing Growth Regulatory & Relations & Officer Categories Legal Officer Corporate Strategy 30 29 21
Slide 4: 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 1 • 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
Slide 5: 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 Global Travel Retail (GTR) volumes and above-normal pricing. • Revenue growth of 4%-6% (USD). Low-to mid-single-digit Adjusted EBITDA growth, refl
Slide 6: Medium Term Outlook
Medium Term Outlook For FY'27 and over the mediu 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). 1 • New Growth Categ
Slide 7: 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. 7 Source: Company Informatio
Slide 8: 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 servings Produ
Slide 9: AIR at a Glance (cont'd)
AIR at a Glance (cont’d) 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) 6 Notes: 1. Includes total number of registered and pending patents, of which 94 are granted and 79 are
Slide 10: AIR at a Glance (cont'd)
AIR at a Glance (cont’d) FY25 FSM Business $397m $158m $116m (Consolidated) FY25 Revenue excluding New FY25 Adj. EBITDA for Core(1)(2) FY25 Net Cash Generated from Operating Growth Market segment(1) 40% FY25 Adj. EBITDA Margin excluding New Activities. 83% Net Operating ~5% 2020-25 CAGR Growth Marke
Slide 11: Flavoured Shisha Molasses (FSM) Overview
Flavoured Shisha Molasses (FSM) Overview
Slide 12: Core Offerings
Core Offerings Flagship 2022 2025 2025 Disposable vapes licensed through third-party partnerships Two Apples Mint flavored flavored Tobacco Tobacco Molasses Molasses 15K Hypermax 15K Hypermax Black Current Ice Two Apples Blueberry Premium Gum with 1st shisha offering for flavored fruit-inspired valu
Slide 13: Global Leader in a Structurally Resilient FSM Market
Global Leader in a Structurally Resilient FSM Market Indicative Competitive Profiling of Key Flavored Shisha Molasses Players Estimated Market Share (Volume) by Key Market – AIR / Al Fakher (Market Strength vs Geographical Presence) 36-44% 32.5 kT High Global Moderate, but country 60-65% 4.8 kT depe
Slide 14: Flavored Shisha is a Social Lifestyle Phenomenon
Flavored Shisha is a Social Lifestyle Phenomenon… Consumption is Driven by Social, Lifestyle and Cultural Aspects Rather Than … With Opportunity to Grow in Western Markets (USA & EU) Solely Nicotine Delivery… Shisha is Enjoyed Across Consumer Demographics in the Western World (1) Western markets con
Slide 15: And Increasing in Popularity Globally
…And Increasing in Popularity Globally Shisha Has Rapidly Rising Engagement on Social Media Platforms… …and Consumption Across On-Trade and Off-Trade Platforms Number of Hashtag Uses(1) (m) Flavored Shisha Molasses Market - Split by Channel (%)(2) 17 e e alu m V lu 11 11 Vo ~35% Lounges Home ~65% Lo
Slide 16: Opportunity to Capture Significant Channel Margins
Opportunity to Capture Significant Channel Margins Significant Channel Margin Exists in Global FSM… Highly Attractive Economics for HoReCa Total Addressable Market – 2025 Value ($) Value Chain Pricing: From Lounge to Consumer in UAE ($/ Kg)(3) 2,500 nit y ortu p ~2,000 Op Flavored Shisha on 2,000 Mo
Slide 17: Resilient Volume Growth Despite Tobacco Category Declines
Resilient Volume Growth Despite Tobacco Category Declines US Traditional Tobacco 18-25A Volume CAGR (%) 0.4% -1.0% -4.4% -5.3% -6.0% -6.5% -7.6% -11.6% Chewing Traditional Pipe Fine Cut Cigars Cigarillos Cigarettes Tobacco Snuff Tobacco Tobacco 17 Source : Company Information, Barclays Research
Slide 18: Al Fakher is a Top Global Tobacco Brand by Consumer Reach
Al Fakher is a Top 10 Global Tobacco Brand by Consumer Reach Reach of Biggest Brands (million consumers) 63 42 35 22 16 14 14 13 12 12 Marlboro1 Winston2 IQOS3 Camel2 L&M4 Al Fakher5 Rothmans6 Kent6 Parliament4 Chesterfield4 Source: Company information, PMI Investor Information Document, Altria, Jap
Slide 19: FSM is Extremely Affordable vs Other Tobacco Products
FSM is Extremely Affordable vs Other Tobacco Products Annual Consumer Spend ($) in the US 2,200 1,000 940 400 200 108 At-home Shisha1 At-home Coffee2 Nicotine Pouches3 Starbucks Coffee4 Pod based vapes5 Cigarettes6 Source: Company Information, Barclays Research. Note: 1 At-home shisha assumes 1.8kg
Slide 20: Shisha Molasses: Debunking the Commonly Held Myths
Shisha Molasses: Debunking the Commonly Held Myths Myths Reality Tobacco content in shisha is relatively low compared to 01 Shisha contains the same level of tobacco as cigarettes conventional cigarettes (~15% by volume in shisha vs 70-90% in cigs) Tobacco in shisha is heated rather than burnt which
Slide 21: Shisha Still Remains at the Low End of Youth Consumption
Shisha Still Remains at the Low End of Youth Consumption Measured on Key Regulatory Risk Factors, Shisha Scores Favourably vs Other Tobacco and Nicotine Products Shisha Cigarettes Vapes THP Sticks Oral Tobacco (1) Fewer/ Lower HPHCs (2) Lower Addictiveness Limited Youth Use (3) - - Notes: 2023 Arthu
Slide 22: Shisha Treated Separately from Tobacco and Vaping Products by Regulators
Shisha Treated Separately from Tobacco and Vaping Products by Regulators Since AIR started engaging with US regulators (2019), no Hookah products are the only flavored inhalable (1) State has passed a flavor tobacco ban that includes shisha tobacco products regularly authorized by FDA 22 Note 1 : Ca
Slide 23: A Well-Established Business Benefiting from Unique Competitive Moats
A Well-Established Business Benefiting from Unique Competitive Moats Global Leader in Shisha Tobacco Home to 3 of the 5 best-selling flavors globally(1) with c.36%-44% global market share(2) – larger than the next 4 competitors combined(3) Steady Category Growth in Shisha Tobacco Expected retail sal
Slide 24: Al Fakher
ItHeadline: all starts with Enter your Al Fakher headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • The • Line 2 largest flavored molasses brand globally (1) • Line 3 • Al• Line Fakher 4 owns 3 of the 5 Best-Selling Flavors Globally: Two Apples, Mint and Gum With
Slide 25: Acquisition of Germany's Leading Premium Flavored Molasses Brand
Acquisition of Germany's Leading Premium Flavored Molasses Brand in September 2025
Slide 26: Al Aseel – first shisha offering for the value-minded consumer in Saudi Arabia
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 Al Aseel – our first shisha offering for the value- • Line 3 minded consumer in Saudi Arabia(1) • Line 4 Notes: 1. Flavors depicted include Grape, Grape with Berry, Grape with Mint, an
Slide 27: Dropped November 2025 in USA and Germany
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 • Line 3 • Line 4 Dropped November 2025 in USA and Germany 27 27
Slide 28: New Growth Categories
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Slide 29: New Growth Category Offerings
New Growth Category Offerings 2025 2026 2025 2023 Crystal Grapio Forest Berries Dark Grape & Two Apples Grape Mint Blueberry Ice Sweet Mint Berry Ice The Double Crunch Tropical Arctic Mint Mint Freeze Mango Magic Love Lucid Dream Lemon Lime Orange with Mint 29
Slide 30: Breakthrough Vape technology
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 • Line 3 • Line 4 Breakthrough Vape technology: no ceramics or heavy metals. Launching in Germany 30 30
Slide 31: 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/ Research • Independent pilot study by McKinney Specialty Labs. • Mu
Slide 32: 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 33: Al Fakher Nicotine Pouches launched in the Middle East & US
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 Al Fakher Nicotine • Line 3 Pouches launched in • Line 4 the Middle East & US. Bringing our classic flavors to Al Fakher fans. 33
Slide 34: Crown Gems Launched in Spain in 2026
Crown Gems Launched in Spain in 2026 SWEET MINT MINT FREEZE LEMON LIME SWEET BLUEBERRY ICE
Slide 35: OOKA – Pod Based Hookah
OOKA – Pod Based Hookah Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 Quick Clean Convenient Ready in 5 No charcoal Pod-based • Line 3 minutes needed system • Line 4 Rechargeable Portable Easy 3 hours of Pack it Simple to enjoyment and go assemble ~$110m+ Invested(
Slide 36: Research Data Indicate that OOKA Reduces Exposure to HPHCs
Research Data Indicate that OOKA Reduces Exposure to Harmful and Potentially Harmful Constituents Associated with Heat Not Burn Products (1) Carbon Monoxide Concentration (mg/ml) (100%) 0.0008 Not Detected 0.0000 (2) #1 Heat not Burn Product OOKA OOKA Carbonyls Concentration (μg/ml) (99%) 0.472 0.00
Slide 37: OOKA Paves the Way for Further Premiumisation and Extraordinary Unit Economics
OOKA Paves the Way for Further Premiumisation and Extraordinary Unit Economics OOKA Captures Significantly More Revenue vs Traditional Hookah… …Resulting in Significantly Increased Profitability vs Core Business $ Revenue per Kg(1) $ Gross Profit per Kg(1) (2) ~20x ~15x Core Business OOKA OOKA Core
Slide 38: Historical Financial Information
Historical Financial Information
Slide 39: FY25: Business Performance Across Segments and Geographies
FY25: Business Performance Across Segments and Geographies Split by Segment: Core vs. NGCs Split by Geography (1) : MEAA, Americas, Europe 3 400 Revenue($m) (%) 15.6% MEAA 397 Americas 2025Revenue Europe 20.0% 2025 64.4% Core NGCs Total EBITDA($m) (%) 158 23.4% 139 Adj.EBITDA (19) 3.7% 2025Adj. MEAA
Slide 40: Compelling Top-Line Growth with a Consistently High Margin Profile
Compelling Top-Line Growth with a Consistently High Margin Profile Revenue Adjusted EBITDA(2) $m, excludes New Growth Categories(1) $m, excludes New Growth Categories(1) % Adjusted EBITDA Margin(3) ~99% revenue in hard currency(4), minimal FX risk 35% 40% 40% CAGR 2023– CAGR 2023– 2025: ~5% 2025: ~1
Slide 41: Strong Cash Generation and Capex Profile
Strong Cash Generation and Capex Profile: Capex Light Core with Innovation Spend Net Cash Generated from Operating Activities Historical Capex Profile $m, Company Total 250 $m, Company Total Average Net Operating Aggregate Cash conversion: ~85% Aggregate 26 25 55% 116% 83% Aggregate 17 151 116 65 16
Slide 42: History of De-Leveraging
History of De-Leveraging Net Debt / EBITDA (x) & Net Debt ($m) $m (4) 423 335 291 Net Debt 4 (1) 4 3.6x 3 (2) 3 2.6x (3) 2 2.1x 2 1 1 0 2023 2024 2025 42 Sources: Company information. Notes: 1. Based on 2023 EBITDA of $118m. 2. Based on 2024 EBITDA of $130m. 3.Based on 2025 EBITDA of $139m. 4. Net D
Slide 43: Latest Results: H1'26
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Slide 44: H1'26 Financial Performance
H1’26 Financial Performance Metric H1’26 H1’25 YoY % Revenue ($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 45: 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 45 Sou
Slide 46: Bridge from Reported to Adjusted EBITDA
Bridge from Reported to Adjusted EBITDA (in $m, except percentages) H1’26 H1’25 (Loss) / profit for the period (81.8) 32.0 Add / (subtract): Taxation 3.8 5.4 Finance costs 14.4 21.6 Finance income (0.5) (7.8) Depreciation – property, plant and equipment 2.5 2.5 Depreciation - right-of-use assets 1.9
Slide 47: History of De-Leveraging
History of De-Leveraging Net Debt / Adjusted EBITDA (x) & Net Debt ($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 47 Sources: Company information. Notes: 1. Based on 2023A Adjusted EBITDA of $118m. 2. Based on 2024A Adjusted EBITDA of $1
Slide 48: Summary
advanced inhalation rituals
Slide 49: Potential for Strong Growth and Top-Decile Performance Among Consumer Companies
Potential for Strong Growth and Top-Decile Performance Among Consumer Companies New Product Categories Increase the Total Addressable Market (“TAM”) from ~$20bn to $60bn+ 1 Expansion Through Innovation 2 Vaping nity rtu o pp ~$48-$60bn 3 + $7-$9bn Nicotine Pouch O Market(1) n sio ~$40-50bn an + $25-
Slide 50: Glossary & Appendix
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Slide 51: 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 appendix. 2. AIR d
Slide 52: Appendix A: H1'26 Reconciliation to Adjusted EBITDA
Appendix A: H1’26 Reconciliation of operating (loss) / profit 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
Slide 53: Appendix A: H1'26 Reconciliation to Adjusted EBITDA (notes)
Appendix A: H1’26 Reconciliation of operating (loss) / profit to adjusted EBITDA (i) During the six months ended June 30, 2026, the Group recognized $12,439 thousand in share-based compensation expense, primarily in relation to the Milestone Incentive Plan and Retention Awards, both equity-settled a
Slide 54: Appendix B: H1'26 Net Debt Reconciliation
Appendix B: H1’26 Net Debt Reconciliation Reconciliation of total borrowings (current and non-current interest-bearing loans and borrowings) to Net Debt/Adjusted EBITDA (1) (3) (4) (1) Represents total borrowings (including “current and non-current borrowings” as shown in the consolidated statement
Slide 55: Appendix C: FY23-25 Revenue to Adj. EBITDA Reconciliation
Appendix C: FY23-25 Revenue to Adj. EBITDA Reconciliation FY23 FY24 FY25 ($m) Revenue 364.0 376.6 399.7 Cost of sales (163.6) (159.0) (175.4) Gross profit 200.5 217.6 224.3 Distribution expenses (53.0) (52.6) (46.9) Administrative expenses (57.7) (71.4) (93.9) Impairment loss on trade and other rece
Slide 56: Appendix D: FY23-25 Net Debt Reconciliation
Appendix D: FY23-25 Net Debt Reconciliation FY23 FY24 FY25 ($m) Total Borrowings 454.5 387.0 387.5 Less: Cash and Cash Equivalents (51.2) (71.7) (119.5) Net Debt ex. Lease Liabilities 403.3 315.3 268.1 Add: Short Term Lease Liabilities 1.0 2.2 3.3 Long Term Lease Liabilities 10.4 10.8 9.9 Net Debt i