INVESTOR RELATIONS
About AIR
Company Profile
AIR is a global innovative leader in social inhalation. Headquartered in Dubai, the business has a presence in over 90 markets. Its portfolio of brands includes Al Fakher, world’s largest manufacturer of hookah molasses by volume; Hookah.com, America’s leading B2B e-commerce platform for hookahs and shisha; OOKA, a pioneering charcoal free, pod-based hookah system, among others.
AIR’s science program, conducted in partnership with independent accredited laboratories, enables the development of innovative products that combine centuries of tradition with cutting edge innovation to minimize harm and maximize enjoyment for millions around the world. AIR has commissioned independent scientists to research emissions from conventional and electronic waterpipes relative to cigarettes and heated tobacco products, which has been published by Scientific Reports, a peer-reviewed scientific journal.
Revenue [1,2]
Adjusted EBITDA [1,2,3]
EBITDA Margin
from Operating Activities [1]
COMPANY HIGHLIGHTS
A Well-Established Business with Unique Competitive Moats
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World’s Leading Brand
Home to 3 of the top 5 global hookah flavours, with ~ 50% market share in core markets — larger than the next four competitors combined.[7]
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Global Reach and Unrivalled Route-to-Market
Global hookah player serving 90+ markets. Downstream capabilities combine owned and third-party distributors with leading e-commerce platforms.
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“Must-Have” Products
Our portfolio includes in-demand products for both wholesalers and lounges catering to adults.
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Retail Strength
60% market share in the U.S., 50% in KSA, and 40% in Spain.[8]
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Loyal Customer Base
Up to 47% of Al Fakher customers across key geographies express strong loyalty to both brand and flavour.[9]
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Innovation Pioneer
Diversified and innovative portfolio catering to existing and emerging segments.
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Regulatory Expertise
Expertise in engagement with regulators, with a proven track record of successful outcomes and the resources necessary to seek and obtain required regulatory authorizations and licenses.
A WINNING BUSINESS MODEL
Anchored in strength & innovation
AIR has a winning business model anchored on a stable, resilient, and long-established core operation. This strong foundation is continuously expanded through revolutionary innovation and category diversification.
Traditional Hookah
Al Fakher, Zodiac, and Shisha Kartel — market-leading brands with decades of heritage and trust among global consumers.
Brand Expansion into Adjacent Categories
Extending the Al Fakher brand into new product areas while maintaining flavor leadership and premium quality.
Leading E-commerce sites in hookah
Portfolio of high-margin, future-ready digital platforms — including Shisha-World, Hookah.com, and OOKA.com — driving growth and global reach.
Industry-Revolutionising Product Innovation
Al Fakher, Zodiac, and Shisha Kartel — market-leading brands with decades of heritage and trust among global consumers.
Innovation Pipeline
Portfolio of high-margin, future-ready digital platforms — including Shisha-World, Hookah.com, and OOKA.com — driving growth and global reach.
FOOTNOTES
The audit of the consolidated group financial statements has been conducted in accordance with ISA standards.
Core Product includes the production and sale of traditional shisha tobacco under the Al Fakher and other non-OOKA brands.
Adjusted EBITDA is a non IFRS financial measure. Revenue is the most directly comparable IFRS metric.
Three of the top five flavors worldwide by sales volume: Two Apples, Mint and Gum with Mint as per Arthur D Little Industry Report 2025.
Based on our annual product volume divided by average hookah serving size of ~25g.
As of December 2024.
Which include KSA, USA, Iraq and the UAE according to the Arthur D. Little Industry Report 2025.
As of the year ended 2024.
According to Arthur D. Little Industry Report 2025, 47% of KSA respondents state they are loyal to both brand and flavour.