Air Global

Evidence of pricing power is clear: in H1 2026, price/mix rose 14% globally and 17.1% in MEAA despite a 9% shipment decline, lifting revenue 3.7%. The company has a multi‑year history of annual price increases in Al Fakher and operates a premiumization ladder through limited editions and device ecosystems (OOKA; Crown Switch).

Excise hikes can also be passed through over time in concentrated markets such as KSA, albeit with some volume elasticity and illicit trade risks in Europe. Consolidated adjusted EBITDA margins remain high for a consumer products company, even after absorbing public‑company and NGC investment costs.

We view latent pricing power as above average for a branded, habit‑driven consumable, though not monopolistic.