AIR Global to list at 13x 2025 EBITDA, undercutting Philip Morris's 17x multiple
Global hookah leader AIR Global will merge with Cantor Equity Partners III and begin trading as AIIR on Nasdaq in Q2 after delivering $400 million revenue and $139 million EBITDA in 2025. At 13 times 2025 EBITDA, AIR's valuation undercuts Philip Morris's 17 times multiple, potentially pressuring peer valuations.
1. Merger and Listing Plans
AIR Global will go public via a merger with Cantor Equity Partners III, with shares converting to the AIIR ticker on Nasdaq upon deal close, expected in the second quarter of 2026.
2. 2025 Financial Performance
In 2025, AIR Global reported $400 million in revenue, up 6%, and $139 million in EBITDA, up 7%, driven by growth across North America, Europe, the Middle East and Asia under its Al Fakher brand.
3. Valuation Comparison
At a 13 times 2025 EBITDA multiple, AIR Global’s valuation sits below Philip Morris's 17 times multiple and Turning Point Brands’ multiple, highlighting a discount in the flavored hookah segment.
4. Potential Impact on Philip Morris
AIR’s lower trading multiple and specialty product focus could lead investors to reassess valuations within the tobacco sector, including pressure on Philip Morris’s premium multiple.