AIR Global’s Best-in-Class 1H Performance Amid Disruptions, 2H Recovery – Quarterly Update Report

Air Global reported a strong first half (1H) performance, despite disruptions caused by the Hormuz shipping lane closure. Revenue grew by 3.7% year-over-year to $206.9 million, driven by Americas' earnings growth, which saw an impressive 17.2% increase in adjusted EBITDA and a 46.3% margin expansion. The MEAA region remained resilient, while Europe faced more pressure.

Looking ahead to the second half (2H), the company anticipates a shift towards volume-led growth as channel inventories normalize, with revenue growth expected to be between 4-6% and adjusted EBITDA growth of low-to-mid single digits. The principal catalyst for this potential growth in the near-term is the Crown Switch, supported by a $20 million Greentank investment, differentiated technology, and a focused U.S. commercialization strategy.

The valuation of Air Global remains compelling, considering its earnings resilience and expected recovery, along with the potential upside from new growth opportunities and shareholder returns.