Air Global

Cash generation is robust on a trailing basis and capex needs are modest. FY25 operating cash flow was about 116 million dollars; H1 2026 operating cash flow was near breakeven due to working capital, but we estimate TTM operating cash flow around 107 million dollars and TTM FCF in the mid‑90s millions after modest PPE and intangible additions.

Year‑end 2025 net debt was roughly 268 million dollars; the June 30, 2026 interim balance sheet shows about 405.9 million dollars of borrowings and 85.4 million dollars of cash (net debt roughly 320 million dollars). Net leverage is around the low‑2x area on trailing adjusted EBITDA.

The August 24, 2026 EGM authorized a 52.45 million dollar repurchase of Harraden‑related shares at 10.49 dollars, which increases net debt pro forma but within management’s leverage framework. Interest costs are manageable and largely USD‑linked; the medium‑term target is continued deleveraging.

Rising risk‑free rates raise the hurdle for valuation but do not threaten solvency.