AIR believes that Net Debt is a useful measure as it allows investors and management to evaluate the Company’s overall leverage and liquidity position on a consistent basis. It provides insight into the Company’s ability to service its debt obligations, fund operations, and pursue strategic initiatives. In addition, AIR’s management uses Net Debt to monitor the Company’s capital structure and to inform financing decisions.
Net Debt is not a presentation made in accordance with IFRS, and AIR’s use of the term Net Debt may vary from others in its industry. Net Debt is used by different companies for differing purposes and is often calculated in different ways that reflect the circumstances of those companies. You should exercise caution in comparing Net Debt as reported by AIR to similarly titled measures as reported by other companies.
Net Debt has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of AIR’s results as reported under IFRS. Some of these limitations include that Net Debt does not reflect the Company’s future contractual commitments; does not account for restrictions on the use of cash or cash equivalents; does not reflect the timing of debt maturities or scheduled repayments; and does not capture the availability of undrawn credit facilities or other sources of liquidity. In addition, other companies in AIR’s industry may calculate this measure differently, limiting its usefulness as a comparative measure.
The following table presents a reconciliation of Net Debt to the most directly comparable IFRS measures as of December 31, 2025:
|
|
|
|
|
As at December 31, 2025 |
|
|
($ thousands, except percentages) |
Total borrowings |
|
387,531 |
Less: Cash and cash equivalents |
|
(119,456) |
Net Debt |
|
268,075 |
Forward‑Looking Statements
This press release contains “forward‑looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other U.S. federal securities laws. Forward‑looking statements include, among others, statements regarding the potential effects of the Forward Purchase Agreement (the “FPA”), future liquidity, trading dynamics, vesting of Earnout Shares, financial metrics (including Net Debt), strategy, market opportunity, and expectations regarding future performance. Words such as “anticipate,” “believe,” “contemplate,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “potential,” “seek,” “should,” “target,” “will,” and similar expressions (or the negative of these terms) are intended to identify forward‑looking statements.
Forward‑looking statements are based on current expectations, estimates, forecasts, and projections, and on management’s beliefs and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward‑looking statements, including, among others: market volatility and trading dynamics in the Company’s securities; the timing and outcome of any transactions under the FPA and related adjustments; the timing and likelihood of vesting of Earnout Shares; the Company’s ability to execute its strategy; regulatory changes and enforcement trends; supply chain constraints and costs; changes in consumer preferences; macroeconomic, geopolitical, and