AIR Global PLC reported first-half 2026 revenue of $206.9 million, a 3.7% increase from $199.5 million in the same period of 2025, as the company navigated supply chain disruptions and elevated costs. Adjusted EBITDA remained broadly flat at $71.7 million, while reported EBITDA swung to a loss of $52.1 million from a $61.0 million profit a year earlier. The company posted a net loss of $81.8 million and a basic loss per share of $0.57.
The Nasdaq-listed firm, which operates the Al Fakher brand, cited a 9% decline in global flavored shisha molasses shipment volumes as the primary drag on performance, with travel retail volumes falling 46.5%. Excluding travel retail, volumes declined 6.6%, though price and mix growth of 14% offset part of the volume decline. Gross profit rose 2.4% to $116.8 million, with gross margins holding at approximately 56.4%.
Segment performance varied, with the Americas region posting a 3.4% revenue increase to $42.8 million and a 17.2% rise in adjusted EBITDA to $19.8 million. The Middle East, Africa, and Asia region generated $136.7 million in revenue, up 4%, but adjusted EBITDA fell 4% to $59.7 million. Europe’s revenue edged up 0.4% to $25.2 million, while adjusted EBITDA declined to $0.1 million from $1.8 million. New growth categories, including nicotine pouches and alternative products, contributed $2.2 million in revenue, a 37.5% increase, though adjusted EBITDA remained negative at a $7.9 million loss.
AIR Global’s cash position stood at $85.4 million as of June 30, with net debt of $344.8 million, translating to a leverage ratio of 2.48 times trailing adjusted EBITDA. The company maintained its full-year 2026 guidance, projecting stable shipment volumes compared to 2025, revenue growth of 4% to 6%, and low to mid-single-digit adjusted EBITDA growth. Capital expenditures are expected to range between $15 million and $18 million, with an effective tax rate of approximately 15%. The long-term target leverage ratio remains set at 2.5 times net debt to adjusted EBITDA.
Executives highlighted resilience in core markets despite supply shocks, including the temporary closure of the Straits of Hormuz, which disrupted shipments in March and April. The company’s U.S. market share in flavored shisha molasses is estimated between 60% and 65%, while global volume share ranges from 36% to 44%. AIR Global serves approximately 14 million consumers worldwide.
