PRESS RELEASE
Global hookah innovator continues to deliver strong results with approximately $400 million revenue, $47 million profit for the year and $140 million in adjusted EBITDA in FY 2025
DUBAI, United Arab Emirates – March 30, 2026 – AIR Limited (“AIR” or the “Company”), the global leader in hookah and pioneer in advanced inhalation technologies, and Cantor Equity Partners III, Inc. (Nasdaq: CAEP) (“CAEP”), a special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald, today announced the filing of a Registration Statement on Form F-4 (the “F-4”) by the Company and AIR Holdings Limited with the U.S. Securities and Exchange Commission (“SEC”) in connection with the previously announced proposed business combination.
“The filing of the F-4 is an important milestone as we take another step closer to becoming a public company,” said Stuart Brazier, CEO of AIR. “We’re continuing to perform well and execute our business strategy, and we are optimistic about the rising popularity of hookah globally and especially in the U.S. With Al Fakher, our flagship brand and the largest hookah brand in the world, along with our other research-based products and world-class management team, we look forward to the strong capital foundation, financial flexibility and institutional credibility we expect from becoming publicly listed in the U.S.”
As the transaction progresses, AIR’s business remains on a growth trajectory. For the year ending Dec. 31, 2025, AIR’s revenue increased approximately 6% to $400M from $377M the previous year. For the same period, AIR’s profit for the year was $47 million and $34 million for the years ending Dec. 31, 2025, and 2024, respectively. For the same period, AIR’s adjusted EBITDA (with profit for the year as the closest IFRS measure) also improved 7% to $139M from $130M.
Background Information on AIR’s Business Combination
On Nov. 7, 2025, AIR and CAEP, a special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald, announced that they entered into a definitive business combination agreement for a proposed business combination (the “Proposed Business Combination”) that, upon closing, will result in the combined company AIR Global PLC (“AIR Global”) becoming publicly listed on the Nasdaq in the United States under the ticker symbol “AIIR.”
The transaction is expected to be completed in the first half of 2026, subject to regulatory approvals and other customary conditions.
Additional information about the Proposed Business Combination, including a copy of the Business Combination Agreement, are available in a Current Report on Form 8-K filed by CAEP with the SEC and available at www.sec.gov.
