AIR Global (AIIR) Barclays 19th Annual Global Consumer Conference summary

Company history and business evolution

• Originated in 1999 in Ajman, UAE, with Al Fakher shisha, later acquired by ICO and expanded globally.

• Kingsway Capital became a major investor in 2015, driving internationalization and management upgrades.

• Went private in 2020, then relisted on Nasdaq via SPAC in May 2026.

• Built strong presence in key markets like the U.S., Saudi Arabia, and Europe.

Recent performance and financial guidance

• Overcame Q1 supply chain disruptions due to Middle East conflict, quickly establishing new logistics.

• Achieved 3.7% revenue growth in H1 2026, driven by a 14% price mix despite lower volumes.

• Full-year guidance: 4–6% top-line growth in USD, low single-digit adjusted EBITDA growth, with higher costs from supply chain and new Romania factory ramp-up.

• Medium-term: low single-digit organic volume growth, 3–4% pricing, mid-single digit top-line, and high single-digit adjusted EBITDA growth.

Market dynamics and growth drivers

• Flavored shisha molasses is price inelastic, with robust demand and demographic tailwinds in Middle East, Africa, and Asia.

• Premiumization and collaborations (e.g., Snoop Dogg) enable higher price points.

• Digital sales channels in the U.S. and Germany boost gross profit by bypassing intermediaries.

• Largest market is the U.S., with further growth potential in Latin America and India.