Air Global Plc · NASDAQ:AIIR
Air Global — SPAC Merger (April 2026)
44 slides from Air Global's SPAC merger presentation, April 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 April 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 29 28 21
Slide 4: 1. Business & Industry Overview
1. Business & Industry Overview
Slide 5: AIR at a Glance
AIR at a Glance Core Business | Global Market Leader in Flavored 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 8 market share in the USA Hookah Production Lar
Slide 6: AIR at a Glance (cont'd)
AIR at a Glance (cont’d) $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 Market segment(1)(3) Ca
Slide 7: Overview of AIR's Core Offerings
Overview of AIR’s Core Offerings Flagship 2019-22 2022 2022-23 2023 2025 E-commerce AIR’s products are available Disposable vapes licensed through AIR’s multiple B2B through third-party or B2C online sites partnerships Two Apples Mint flavored flavored Tobacco Tobacco Zødiac Prism Zødiac Luna Molass
Slide 8: Flavored Molasses Category in Key AIR Markets to Grow at c1.6% CAGR Volume
Flavored Molasses Category in Key AIR Markets to Grow at c1.6% CAGR Volume Resilient Global Shisha Demand Supported by Premiumization, Geographic Expansion, At-Home Consumption and Ongoing Flavor Innovation AIR’s Focus Markets: AIR’s Focus Markets: c17bn kT Market by c$475m Revenue Opportunity Today
Slide 9: Flavored Shisha is a Social Lifestyle Phenomenon
Flavored Shisha is a Social Lifestyle Phenomenon… Consumption is Driven by Social, Lifestyle and Cultural Aspects Rather Than … With Opportunity to Grow in Western Markets (USA & EU) Solely Nicotine Delivery… Shisha is Enjoyed Across Consumer Demographics in the Western World (1) Western markets con
Slide 10: And Increasing in Popularity Globally
…And Increasing in Popularity Globally Shisha Has Rapidly Rising Engagement on Social Media Platforms… …and Consumption Across On-Trade and Off-Trade Platforms Number of Hashtag Uses(1) (m) Flavored Shisha Molasses Market - Split by Channel (%)(2) 17 e e alu m V lu 11 11 Vo ~35% Lounges Home ~65% Lo
Slide 11: Driving a Growing and Attractive Total Addressable Market
Driving a Growing and Attractive Total Addressable Market Huge Market Opportunity Across Global flavored Shisha Categories… … with High Attractivity for HoReCa Businesses Globally Total Addressable Market – 2025 Value ($) Value Chain Pricing: From Lounge to Consumer in UAE ($/ Kg)(3) 2,500 nit y ort
Slide 12: Resilient Flavored Molasses Industry Volumes vs Traditional Tobacco
Resilient Flavored Molasses Industry Volumes vs Traditional Tobacco US Traditional Tobacco Volume CAGR (2020-25) Flavored Chewing Traditional Fine Cut Molasses Cigarillos Cigars Pipe Tobacco Cigarettes Tobacco Snuff Tobacco 5.0% 3.0% 1.0% -1.0% -3.0% -1.9% -5.0% -4.7% -5.3% -5.6% -7.0% -6.6% -7.7% -
Slide 13: Global Scale with Leading Positions in Focus Markets
Global Scale with Leading Positions in Focus Markets 20-30% 30-40% Market share(1) Market share(1) 60-65% Market share(1) 50-55% Market share(1) Legend: Focus markets Others Not present Robust Presence in 90+ Markets (2) With Distribution Capabilities Across Middle East, Africa, Asia, Americas and E
Slide 14: A Leading Platform Driving Consumer Insights and Margin Growth
A Leading Platform Driving Consumer Insights and Margin Growth Leading Growing Portfolio of Digital Assets… Leading to Increased Business Efficiency Global Hookah/ Shisha community platform Better access to consumer data #1 #1 14m+(4) Impressions North America B2B European D2C + Improve customer-pro
Slide 15: 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 16: 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: 1. Lower a
Slide 17: Hookah Treated Separately From Tobacco And Vaping Products By Regulators
Hookah 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 17 Note 1 : Ca
Slide 18: 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 19: 2. Investment Opportunity
2. Investment Opportunity
Slide 20: Al Fakher: largest flavored molasses brand globally
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 21: 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 21
Slide 22: A range of crafted mixes for edgier fantasy flavors
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 • Line 3 • Line 4 A range of crafted mixes for consumers looking for an edgier brand with fantasy flavors 22
Slide 23: Tea-based shisha molasses
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 • Line 3 • Line 4 Tea-based shisha molasses. No tobacco. No nicotine. 23
Slide 24: Al Aseel – value shisha offering 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 25: Overview of AIR's New Growth Category Offerings
Overview of AIR’s New Growth Category Offerings Flagship 2023 2025 2025 Crystal Grapio Forest Berries Dark Grape & Two Apples Grape Mint Berry Ice The Double Crunch Tropical Lime Tropical Boost Arctic Mint Magic Love Lucid Dream Mango Orange with Mint 25
Slide 26: 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 27: Research Data Indicate that OOKA Reduces Exposure to Harmful Constituents
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 28: 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 29: VANT: Controlled Retail Pilot Test for Functional Inhalation
VANT : Controlled Retail Pilot Test to Assess Potential of Functional Inhalation Headline: Enter your headline here Controlled Retail Pilot Test launched in November ’25 in NYC & Madrid Sub-Header: Enter your optional sub-heading here • Enter your text here • Line 2 • Line 3 • Line 4 • Precise atomi
Slide 30: Nicotine Pouch Market Size
USA: Largest Nicotine Pouch Market Valued at ~$4bn RSV in 2025, Saudi Arabia: Fastest Growing Nicotine Pouch Market Size US Saudi Arabia Germany Spain 10,782 575 481 85 Market Size 3,989 37 153 158 ($m) 2025 2030 2025 2030 2025 2030 2025 2030 155 2,124 75 Volume 14 872 45 27 (‘m Cans) 7 2025 2030 20
Slide 31: Al Fakher Nicotine Pouches launched in the Middle East & US
Headline: Enter your headline here Sub-Header: Enter your optional sub-heading here Al Fakher Nicotine • Enter your text here Pouches launched in the • Line 2 Middle East & US. • Line 3 • Line 4 Bringing our classic flavors to Al Fakher fans. 31
Slide 32: Vape Market Size
US: Largest Vape Market Valued at ~$14bn RSV in 2025, Saudi Arabia: Steady Growth Vape Market Size US Saudi Arabia Germany Spain 17,644 304 1,374 258 1,198 13,509 220 233 Market Size ($m) 2025 2030 2025 2030 2025 2030 2025 2030 752,366 13,781 10,344 31,875 32,826 12,910 605,090 7,914 Vape Units (‘00
Slide 33: Breakthrough Vape technology: no ceramics or heavy metals
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 33
Slide 34: 3. Historical Financial Information
3. Historical Financial Information
Slide 35: Business Performance Across Segments and Geographies
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 Ameri
Slide 36: 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 37: 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 $m, Company Total Average Net Operating Cash conversion: ~85% 55% 116% 83% 151 26 25 116 17 65 0 0 2023 2024 2025 2023 2024 202
Slide 38: History of De-Leveraging
History of De-Leveraging Net Debt / EBITDA (x) & Net Debt ($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 38 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 39: 4. Summary
a ed advanced inhalation rituals
Slide 40: Potential for Strong Growth and Top-Decile Performance Among Consumer Companies
Potential for Strong Growth and Top-Decile Performance Among Consumer Companies 3 New Product Categories Increase the Total Addressable Market (“TAM”) from ~$20bn to $60bn+ 1 Expansion Through Innovation 2 Vaping Potential for Additional 4 Upside + Functional Inhalation Market(1) ~$48-$60bn ity 3 +
Slide 41: Appendix
Section Text Goes Here Appendix
Slide 42: Revenue to Adj. EBITDA Reconciliation
Revenue to Adj. EBITDA Reconciliation FY23 FY24 FY25 ($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 receivables (9.5) (1.2)
Slide 43: Select Balance Sheet Data
Select Balance Sheet Data FY23 FY24 FY25 ($m) Non-Current Assets Property, plant and equipment 31.1 28.6 28.4 Other 416.8 411.0 426.6 Total Non-Current Assets 447.9 439.7 455.0 Current Assets Inventories 55.7 55.3 55.3 Trade and Other Receivables 121.6 89.1 93.2 Advance tax 1.0 0.2 0.3 Cash and cash
Slide 44: Net Debt Reconciliation
Net Debt Reconciliation FY23 FY24 FY25 ($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 incl. Lease Liabiliti