APi Group Corporation (APG)

APi Group Completes the Acquisition of WTech Fire Group and Updates 2026 GuidanceJuly 2, 2026 7:30 AM
Business Wire APi Group Corporation (NYSE: APG) ("APi" or the "Company") announced that on July 1, 2026, it closed the acquisition of WTech Fire Group ("WTech"), a leading provider of fire sprinkler, suppression and detection solutions across Europe. The acquisition, previously announced on April 17, 2026, adds highly complementary fire sprinkler and suppression capabilities to APi’s international business. WTech is expected to contribute approximately $175 million in annual revenue and to have a margin profile consistent with APi’s international business. Russ Becker, APi's President and Chief Executive Officer, stated: “We are pleased to officially welcome the WTech team to the APi family. WTech is a strong business with talented leaders, a great reputation, and capabilities that complement our international fire and life safety business. We are excited about the entrepreneurial spirit that Ted and his team bring to our business, which we believe will be quickly embraced across APi. We look forward to partnering with the team, supporting their continued growth, and building on the strong foundation they have created across Europe.” The Company is raising its full year 2026 outlook to reflect the expected contribution from WTech for the remainder of 2026. The Company now expects net revenues in the range of $8,660 million to $8,860 million, up from $8,575 million to $8,775 million, and adjusted EBITDA in the range of $1,177 million to $1,237 million, up from $1,165 million to $1,225 million. About APi: APi Group is a global, market-leading business services company providing statutorily mandated and contracted services across its Safety Services and Specialty Services segments, including fire and life safety, electronic security, elevator and escalator, and infrastructure services. With more than 600 locations in over 20 countries, APi is built on a century of expertise, a people-first culture, and its purpose of Building Great Leaders®. In 2026, APi is celebrating its 100-year anniversary and its debut on the Fortune 500. More information is available at www.apigroup.com. Forward-Looking Statements and Disclaimers: Please note that in this press release the Company may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of APi Group Corporation (“APi” or the “Company”). Such discussion and statements may contain words such as “expect,” “anticipate,” “will,” “should,” “believe,” “intend,” “plan,” “estimate,” “predict,” “seek,” “continue,” “pro forma,” “outlook,” “may,” “might,” “can have,” “have,” “likely,” “potential,” “target,” “indicative,” “illustrative,” and variations of such words and similar expressions, and relate in this press release, without limitation, to statements, beliefs, projections and expectations about future events. Such statements are based on the Company’s expectations, intentions and projections regarding the Company’s future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition, political risks, and other risks that may affect the Company’s future performance, including the impacts of inflationary pressures and other macroeconomic factors on the Company’s business, markets, supply chain, customers and workforce, on the credit and financial markets, on the alignment of expenses and revenues and on the global economy generally; (ii) supply chain constraints and interruptions, and the resulting increases in the cost, or reductions in the supply, of the supplies and materials the Company uses in its business and for which the Company bears the risk of such increases; (iii) risks associated with the Company’s international operations; (iv) failure to realize the anticipated benefits of our acquisitions and our ability to successfully execute the Company’s bolt-on acquisition strategy to acquire other businesses and successfully integrate them into its operations; (v) failure to fully execute the Company’s inspection-first strategy or to realize the expected service revenue from such inspections; (vi) failure to realize expected benefits from the Company’s other business strategies, including the Company’s disciplined approach to customer and project selection and the Company’s asset-light, services-focused business model and its expected impact on future capital expenditures; (vii) risks associated with the Company’s decentralized business model and participation in joint ventures; (viii) improperly managed projects or project delays; (ix) adverse developments in the credit markets which could impact the Company’s ability to secure financing in the future; (x) the Company’s level of indebtedness; (xi) risks associated with the Company’s contract portfolio; (xii) changes in applicable laws or regulations; (xiii) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (xiv) the impact of a global armed conflict; (xv) the trading price of the Company’s common stock, which may be positively or negatively impacted by market and economic conditions, the availability of the Company’s common stock, the Company’s financial performance or determinations following the date of this press release to use the Company’s funds for other purposes; (xvi) geopolitical risks; and (xvii) other risks and uncertainties, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors,” and any updates to the risk factors in our Form 10-Q and 8-K filings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking statements. Additional information concerning these risks, uncertainties and other factors that could cause actual results to vary is, or will be, included in the periodic and other reports filed by the Company with the Securities and Exchange Commission. Forward-looking statements included in this press release speak only as of the date hereof and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release. We do not provide reconciliations of forward-looking non-U.S. GAAP adjusted EBITDA to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for acquisitions and divestitures, systems and business enablement expenses, business process transformation expenses, one-time and other events such as impairment charges, transaction and other costs related to acquisitions and divestitures, restructuring costs, miscellaneous capital market activities, and other charges reflected in our reconciliation of historical numbers, the amount of which, based on historical experience, could be significant. Non-GAAP Financial Measures: This press release contains non-U.S. GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The Company uses certain non-U.S. GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to shareholders and the investment community and in its internal evaluation and management of its businesses. The Company’s management believes that these non-U.S. GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance using the same tools that management uses to evaluate the Company’s past performance and prospects for future performance, (b) permit investors to compare the Company with its peers, (c) determine certain elements of management’s incentive compensation, and (d) provide consistent period-to-period comparisons of the results. Specifically, the Company supplements the reporting of its consolidated financial information with certain non-U.S. GAAP financial measures, including adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization, excluding the impact of certain non-cash and other specifically identified items. The Company believes these measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. On a consolidated basis, the Company uses adjusted EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results. View source version on businesswire.com: https://www.businesswire.com/news/home/20260702084305/en/ Investor Relations and Media Inquiries:
Adam Walters
Senior Director of Investor Relations
Tel: +1 920-419-5432
Email: investorrelations@apigroupinc.us Original: APi Group Completes the Acquisition of WTech Fire Group and Updates 2026 Guidance

APi Group Completes Acquisition of Onyx-Fire Protection Services, Inc. And Updates 2026 GuidanceJune 9, 2026 7:30 AM
Business Wire APi Group Corporation (NYSE: APG) ("APi" or the "Company") today announced that on June 8, 2026, it closed the acquisition of Onyx-Fire Protection Services, Inc. ("Onyx-Fire"), a leading inspection-first provider of fire and life safety services in Canada. The acquisition, previously announced on April 23, 2026, strengthens APi's position as a premier provider of safety services focused on non-discretionary, regulatory-driven, recurring revenue. Onyx-Fire is expected to contribute approximately $190 million in annual revenue and be accretive to APi's "10/16/60+" shareholder value creation framework driven by its EBITDA margin profile and asset-light business model. Russ Becker, APi's President and Chief Executive Officer, stated: “We are thrilled to officially welcome the entire Onyx-Fire team to the APi family. This is a meaningful addition to our North American business, and we are excited about what we can accomplish together in the Canadian market. We look forward to partnering with the Onyx-Fire team as they continue building on the strong foundation they have created. More broadly, our balance sheet remains strong and continues to provide the flexibility to pursue attractive capital deployment opportunities, including accretive M&A and share repurchases.” The Company is raising its full year 2026 outlook to reflect the expected contribution from Onyx-Fire for the remainder of 2026. The Company now expects net revenues in the range of $8,575 million to $8,775 million, up from $8,475 million to $8,675 million, and adjusted EBITDA in the range of $1,165 million to $1,225 million, up from $1,150 million to $1,210 million. Importantly, underlying business trends remain strong across both segments, and the Company reaffirms its second quarter 2026 guidance before accounting for the partial month contribution of Onyx-Fire in June. About APi: APi is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. APi has a winning leadership culture driven by entrepreneurial business leaders delivering innovative solutions for customers. In 2026, APi is proud to celebrate its 100-year anniversary and its debut on the Fortune 500. More information can be found at www.apigroup.com. Forward-Looking Statements and Disclaimers: Please note that in this press release the Company may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of APi Group Corporation (“APi” or the “Company”). Such discussion and statements may contain words such as “expect,” “anticipate,” “will,” “should,” “believe,” “intend,” “plan,” “estimate,” “predict,” “seek,” “continue,” “pro forma,” “outlook,” “may,” “might,” “can have,” “have,” “likely,” “potential,” “target,” “indicative,” “illustrative,” and variations of such words and similar expressions, and relate in this press release, without limitation, to statements, beliefs, projections and expectations about future events. Such statements are based on the Company’s expectations, intentions and projections regarding the Company’s future performance, anticipated events or trends and other matters that are not historical facts. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition, political risks, and other risks that may affect the Company’s future performance, including the impacts of inflationary pressures and other macroeconomic factors on the Company’s business, markets, supply chain, customers and workforce, on the credit and financial markets, on the alignment of expenses and revenues and on the global economy generally; (ii) supply chain constraints and interruptions, and the resulting increases in the cost, or reductions in the supply, of the supplies and materials the Company uses in its business and for which the Company bears the risk of such increases; (iii) risks associated with the Company’s international operations; (iv) failure to realize the anticipated benefits of our acquisitions and our ability to successfully execute the Company’s bolt-on acquisition strategy to acquire other businesses and successfully integrate them into its operations; (v) failure to fully execute the Company’s inspection-first strategy or to realize the expected service revenue from such inspections; (vi) failure to realize expected benefits from the Company’s other business strategies, including the Company’s disciplined approach to customer and project selection and the Company’s asset-light, services-focused business model and its expected impact on future capital expenditures; (vii) risks associated with the Company’s decentralized business model and participation in joint ventures; (viii) improperly managed projects or project delays; (ix) adverse developments in the credit markets which could impact the Company’s ability to secure financing in the future; (x) the Company’s level of indebtedness; (xi) risks associated with the Company’s contract portfolio; (xii) changes in applicable laws or regulations; (xiii) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (xiv) the impact of a global armed conflict; (xv) the trading price of the Company’s common stock, which may be positively or negatively impacted by market and economic conditions, the availability of the Company’s common stock, the Company’s financial performance or determinations following the date of this press release to use the Company’s funds for other purposes; (xvi) geopolitical risks; and (xvii) other risks and uncertainties, including those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 under the heading “Risk Factors,” and any updates to the risk factors in our Form 10-Q and 8-K filings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking statements. Additional information concerning these risks, uncertainties and other factors that could cause actual results to vary is, or will be, included in the periodic and other reports filed by the Company with the Securities and Exchange Commission. Forward-looking statements included in this press release speak only as of the date hereof and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release. We do not provide reconciliations of forward-looking non-U.S. GAAP adjusted EBITDA to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for acquisitions and divestitures, systems and business enablement expenses, business process transformation expenses, one-time and other events such as impairment charges, transaction and other costs related to acquisitions and divestitures, restructuring costs, miscellaneous capital market activities, and other charges reflected in our reconciliation of historical numbers, the amount of which, based on historical experience, could be significant. Non-GAAP Financial Measures: This press release contains non-U.S. GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The Company uses certain non-U.S. GAAP financial measures that are included in this press release and the additional financial information both in explaining its results to shareholders and the investment community and in its internal evaluation and management of its businesses. The Company’s management believes that these non-U.S. GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance using the same tools that management uses to evaluate the Company’s past performance and prospects for future performance, (b) permit investors to compare the Company with its peers, (c) determine certain elements of management’s incentive compensation, and (d) provide consistent period-to-period comparisons of the results. Specifically, the Company supplements the reporting of its consolidated financial information with certain non-U.S. GAAP financial measures, including adjusted EBITDA, which is defined as earnings before interest, taxes, depreciation and amortization, excluding the impact of certain non-cash and other specifically identified items. The Company believes these measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. On a consolidated basis, the Company uses adjusted EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results. View source version on businesswire.com: https://www.businesswire.com/news/home/20260609553468/en/ Investor Relations and Media Inquiries:
Adam Walters
Senior Director of Investor Relations
Tel: +1 920-419-5432
Email: investorrelations@apigroupinc.us Original: APi Group Completes Acquisition of Onyx-Fire Protection Services, Inc. And Updates 2026 Guidance

APi Group Debuts on the Fortune 500 ListJune 8, 2026 7:30 AM
Business Wire APi Group Corporation (NYSE: APG) (“APi” or the “Company”), a global, market-leading business services provider of safety and specialty services, today announced its debut on the 2026 Fortune 500 list, earning the No. 486 position. The annual ranking, published by Fortune magazine, recognizes the 500 largest U.S. corporations by total revenue for the prior fiscal year. APi Group earned its place on the list with $7.9 billion in 2025 revenue, reflecting a long history of consistent growth across its safety and specialty services platforms. “Joining the Fortune 500 is a meaningful milestone for APi on our 100-year anniversary and is a direct reflection of the dedication of our 29,000 teammates around the world. It is a testament to the consistent execution of our strategy as we continue building a durable, services-led business for the long term,” said Russ Becker, President and Chief Executive Officer of APi Group. APi Group's debut on the Fortune 500 reflects the strength of the Company's differentiated business model, which is anchored in statutorily mandated, inspection-driven services that generate a high-quality, recurring revenue base. Combined with a disciplined approach to both organic growth and value-enhancing M&A, this model has driven consistent performance and positions APi to continue compounding value for shareholders. About APi: APi is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. APi has a winning leadership culture driven by entrepreneurial business leaders delivering innovative solutions for customers. In 2026, APi is proud to celebrate its 100-year anniversary and its debut on the Fortune 500. More information can be found at www.apigroup.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260608546874/en/ Investor Relations and Media Inquiries:
Adam Walters
Senior Director of Investor Relations
Tel: +1 920-419-5432
Email: investorrelations@apigroupinc.us Original: APi Group Debuts on the Fortune 500 List

APi Group Announces Closing of Previously Announced Financing TransactionsMay 15, 2026 7:30 AM
Business Wire APi Group Corporation (NYSE: APG) ("APi" or the "Company") today announced the closing of two previously announced financing transactions: a private offering of $500 million in aggregate principal amount of 5.75% senior notes due 2034, and an amendment to the Company's existing credit agreement (the "Amendment"), which extends the maturity of the Company's Term Loan B facility to 2033 and upsizes and extends the Company's revolving credit facility to $1.0 billion, maturing in 2031. The Notes were offered in a private offering solely to parties reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in accordance with Regulation S under the Securities Act. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. About APi: APi is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. APi has a winning leadership culture driven by entrepreneurial business leaders delivering innovative solutions for customers. More information can be found at www.apigroupinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515766415/en/ Investor Relations and Media Inquiries:
Adam Walters
Senior Director of Investor Relations
Tel: +1 920-419-5432
Email: investorrelations@apigroupinc.us Original: APi Group Announces Closing of Previously Announced Financing Transactions

APi Group Announces Pricing of $500 Million Senior NotesMay 7, 2026 6:00 PM
Business Wire APi Group Corporation (NYSE: APG) ("APi" or the "Company") today announced the pricing of the previously announced private offering by APi Group DE, Inc. ("APi DE"), a wholly owned subsidiary of the Company, of $500 million in aggregate principal amount of 5.75% senior notes due 2034 (the "Notes") at an offering price of 100% of the principal amount thereof. The Notes will be senior unsecured obligations of APi DE and will be fully and unconditionally guaranteed on a senior unsecured basis by the Company and certain of the Company's existing and future foreign and domestic subsidiaries. The offering is expected to close on or before May 14, 2026, subject to the satisfaction of customary closing conditions. APi intends to use the net proceeds from this financing for funding of the recently signed and announced Onyx-Fire Protection Services Inc. and Wtech Fire Group acquisitions, as well as for general corporate purposes. The Notes are being offered in a private offering solely to parties reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to non-U.S. persons in accordance with Regulation S under the Securities Act. No assurance can be given that the offering of the Notes will be completed, or, if completed, as to the terms on which it will be completed. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Forward Looking Statements: This press release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements, and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. About APi: APi is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. APi has a winning leadership culture driven by entrepreneurial business leaders delivering innovative solutions for customers. More information can be found at www.apigroupinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507314580/en/ Investor Relations and Media Inquiries:
Adam Walters
Senior Director of Investor Relations
Tel: +1 920-419-5432
Email: investorrelations@apigroupinc.us Original: APi Group Announces Pricing of $500 Million Senior Notes

APi Group Reports First Quarter 2026 Financial ResultsApril 30, 2026 7:30 AM
Business Wire
-Record first quarter net revenues of $2.0 billion, representing year-over-year growth of 15.3%, 10.4% on an organic basis-

-Record first quarter reported net income of $57 million with year-over-year growth of 62.9%-

-Record first quarter adjusted EBITDA of $235 million with year-over-year growth of 21.8% and adjusted EBITDA margin expansion of 70 basis points to 11.9%-

-Raising full-year guidance for net revenues and adjusted EBITDA-


APi Group Corporation (NYSE: APG) (“APi” or the “Company”) today reported its financial results for the three months ended March 31, 2026.


Russ Becker, APi’s President and Chief Executive Officer, stated: "We are off to a strong start in 2026, delivering 10% organic net revenue growth and expanding adjusted EBITDA margins by 70 basis points year over year, with strength across both our Safety Services and Specialty Services segments. At the same time, we continued to advance our M&A strategy. We closed the CertaSite acquisition and signed transactions for Wtech and Onyx, representing an investment of more than $1 billion across these three acquisitions to further build out our Safety Services segment across the U.S., Europe, and Canada. In a year that marks APi's 100th anniversary, I am proud of our team's execution, and we remain confident in our path toward our "10/16/60+" targets."


First Quarter 2026 Consolidated Results:




 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 






 






Y/Y








Net revenues






$






1,982






 






 






$






1,719






 






 






15.3






%








Organic net revenue growth (a)






 






 






 






 






10.4






%








 






 






 






 






 






 








GAAP






 






 






 






 






 








Gross profit






$






620






 






 






$






542






 






 






14.4






%








Gross margin






 






31.3






%






 






 






31.5






%






 






(20) bps








 






 






 






 






 






 








Net income






$






57






 






 






$






35






 






 






62.9






%








Diluted EPS






$






0.12






 






 






$






0.07






 






 






71.4






%








 






 






 






 






 






 








Adjusted non-GAAP comparison






 






 






 






 






 








Adjusted gross profit






$






620






 






 






$






545






 






 






13.8






%








Adjusted gross margin






 






31.3






%






 






 






31.7






%






 






(40) bps








 






 






 






 






 






 








Adjusted EBITDA






$






235






 






 






$






193






 






 






21.8






%








Adjusted EBITDA margin






 






11.9






%






 






 






11.2






%






 






+70 bps








 






 






 






 






 






 








Adjusted net income






$






142






 






 






$






104






 






 






36.5






%








Adjusted diluted EPS (b)






$






0.32






 






 






$






0.25






 






 






28.0






%









Notes: Amounts in millions, except per share data. Refer to non-GAAP reconciliations to the most comparable GAAP measures.







(a)

Organic change in net revenues provides a consistent basis for a year-over-year comparison in net revenues as it excludes the impacts of material acquisitions and divestitures, and the impact of changes due to foreign currency translation.







(b)

Per share data has been adjusted to reflect the three-for-two stock split executed June 30, 2025.








Reported net revenues increased by 15.3% (10.4% organic) driven by solid growth in inspection, service, and monitoring revenues, growth in project revenues, acquisitions, pricing improvements, and impacts of foreign exchange translation.



Reported and adjusted gross margin decreased by 20 and 40 basis points, respectively, compared to the prior year period, primarily driven by business mix, partially offset by disciplined customer and project selection and pricing improvements.



Reported net income was $57 million and diluted EPS was $0.12. Adjusted net income was $142 million and adjusted diluted EPS was $0.32, representing a 28.0% increase compared to the prior year period. The increase in adjusted diluted EPS was driven by strong revenue growth, adjusted EBITDA margin expansion, and a decrease in interest expense, partially offset by an increase in the adjusted diluted weighted average shares outstanding.



Adjusted EBITDA increased by 21.8% (18.1% on a fixed currency basis) compared to the prior year period, and adjusted EBITDA margin increased 70 basis points to 11.9%. Growth in adjusted EBITDA was driven by strong revenue growth and favorable SG&A leverage.



First Quarter 2026 Safety Services Segment Results:




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 






 






Y/Y








Safety Services






 






 






 






 






 






 








Net revenues






 






$






1,415






 






 






$






1,267






 






 






11.7






%








Organic net revenue growth (a)






 






 






 






 






 






5.4






%








 






 






 






 






 






 






 








GAAP






 






 






 






 






 






 








Gross profit






 






$






527






 






 






$






466






 






 






13.1






%








Gross margin






 






 






37.2






%






 






 






36.8






%






 






+40 bps








 






 






 






 






 






 






 








Segment earnings






 






$






230






 






 






$






199






 






 






15.6






%








Segment earnings margin






 






 






16.3






%






 






 






15.7






%






 






+60 bps








 






 






 






 






 






 






 








Adjusted non-GAAP comparison






 






 






 






 






 






 








Adjusted gross profit






 






$






527






 






 






$






469






 






 






12.4






%








Adjusted gross margin






 






 






37.2






%






 






 






37.0






%






 






+20 bps









Notes: Amounts in millions. Refer to non-GAAP reconciliations to the most comparable GAAP measures.







(a)

Organic change in net revenues provides a consistent basis for a year-over-year comparison in net revenues as it excludes the impacts of material acquisitions and divestitures, and the impact of changes due to foreign currency translation.








Reported net revenues increased by 11.7% (5.4% organic) driven by solid growth in inspection, service, and monitoring revenues, growth in project revenues, acquisitions, pricing improvements, and impacts of foreign exchange translation.



Reported and adjusted gross margin increased by 40 and 20 basis points, respectively, compared to the prior year period. This was driven by disciplined customer and project selection and pricing improvements, resulting in margin expansion in inspection, service, and monitoring revenues and project revenues, partially offset by mix.



Reported segment earnings increased by 15.6% (11.7% on a fixed currency basis) compared to the prior year period. Segment earnings margin was 16.3%, representing a 60 basis point increase compared to the prior year period, primarily driven by adjusted gross margin expansion and favorable SG&A leverage.



First Quarter 2026 Specialty Services Segment Results:




 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 






 






Y/Y








Specialty Services






 






 






 






 






 






 








Net revenues






 






$






569






 






 






$






453






 






 






25.6






%








Organic net revenue growth (a)






 






 






 






 






 






24.8






%








 






 






 






 






 






 






 








GAAP






 






 






 






 






 






 








Gross profit






 






$






93






 






 






$






76






 






 






22.4






%








Gross margin






 






 






16.3






%






 






 






16.8






%






 






(50) bps








 






 






 






 






 






 






 








Segment earnings






 






$






39






 






 






$






29






 






 






34.5






%








Segment earnings margin






 






 






6.9






%






 






 






6.4






%






 






+50 bps








 






 






 






 






 






 






 








Adjusted non-GAAP comparison






 






 






 






 






 






 








Adjusted gross profit






 






$






93






 






 






$






76






 






 






22.4






%








Adjusted gross margin






 






 






16.3






%






 






 






16.8






%






 






(50) bps









Notes: Amounts in millions. Refer to non-GAAP reconciliations to the most comparable GAAP measures.







(a)

Organic change in net revenues provides a consistent basis for a year-over-year comparison in net revenues as it excludes the impacts of material acquisitions and divestitures, and the impact of changes due to foreign currency translation.








Reported net revenues increased by 25.6% (24.8% organic) driven by growth in both project and service revenues.



Reported and adjusted gross margin decreased by 50 basis points compared to the prior year period primarily driven by mix.



Reported segment earnings increased by 34.5% compared to the prior year period. Segment earnings margin was 6.9%, representing a 50 basis point increase compared to the prior year period, primarily due to favorable fixed cost absorption, partially offset by mix.



Guidance:


APi increases its full-year 2026 guidance for net revenues and adjusted EBITDA.



Net Revenues of $8,475 to $8,675 million, up from $8,400 to $8,600 million



Adjusted EBITDA of $1,150 to $1,210 million, up from $1,140 to $1,200 million



Adjusted Free Cash Flow Conversion of 115%, based on adjusted net income



APi announces its guidance for the second quarter of 2026.



Net Revenues of $2,175 to $2,225 million



Adjusted EBITDA of $300 to $310 million



Conference Call:


APi will hold a webcast/dial-in conference call to discuss its financial results at 8:30 a.m. (Eastern Time) on Thursday, April 30, 2026. Participants on the call will include Russell A. Becker, President and Chief Executive Officer; and David Jackola, EVP and Chief Financial Officer. The conference call can be accessed by registering online using the links below. Analysts will receive dial-in information as well as a conference ID once registered.


Webcast Link: https://events.q4inc.com/attendee/963913077


Analysts Link: https://events.q4inc.com/analyst/963913077?pwd=MsHzmq1e


A replay of the call will be available shortly after completion of the live call/webcast via the webcast link above.


About APi:


APi is a global, market-leading business services provider of fire and life safety, security, elevator and escalator, and specialty services with a substantial recurring revenue base and over 500 locations worldwide. APi provides statutorily mandated and other contracted services to a strong base of long-standing customers across industries. APi has a winning leadership culture driven by entrepreneurial business leaders delivering innovative solutions for customers. More information can be found at www.apigroupinc.com.


Forward-Looking Statements and Disclaimers


Please note that in this document the Company may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of APi Group Corporation ("APi" or the "Company"). Such discussion and statements may contain words such as "expect," "anticipate," "will," "believe," "intend," "plan," "estimate," "predict," "seek," "continue," "pro forma," "outlook," "may," "might," "should," "could," "would," "can have," "likely," "potential," "target," "indicative," "illustrative," "goal," "objective," "forecast," "guidance," "assumes," "strategy," "opportunity," and variations of such words and similar expressions, and relate in this document, without limitation, to statements, beliefs, projections and expectations about future events. Forward-looking statements in this document include, but are not limited to: the Company's full-year and second quarter 2026 guidance for net revenues, adjusted EBITDA, and adjusted free cash flow conversion; the Company's long-term performance targets, including the "10/16/60+" targets (referring to the Company's goals of $10 billion or greater in net revenues by 2028, 16% or greater adjusted EBITDA margins by 2028, and 60% of revenues coming from inspection, service and monitoring over the long-term); statements regarding the anticipated benefits of completed and future acquisitions; statements regarding the Company's M&A strategy and pipeline; and statements regarding the Company's confidence in its future performance and execution of its business strategies. Certain of these forward-looking statements reference non-GAAP financial measures; investors should refer to the "Non-GAAP Financial Measures" section of this document for important information regarding such measures. Such statements are based on the Company's expectations, intentions, and projections regarding the Company's future performance, anticipated events or trends and other matters that are not historical facts.


These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition, political risks, and other risks that may affect the Company's future performance, including the impacts of inflationary pressures and other macroeconomic factors on the Company's business, markets, supply chain, customers and workforce, on the credit and financial markets, and on the global economy generally; (ii) supply chain constraints and interruptions, and the resulting increases in the cost, or reductions in the supply, of the supplies and materials the Company uses in its business and for which the Company may bear the risk of such increases; (iii) risks associated with the Company's international operations, including changes in tariff and trade policies, import and export restrictions, retaliatory trade measures, sanctions, and other governmental actions that may affect the cost, timing, or viability of the Company's cross-border operations and supply chains; (iv) failure to realize the anticipated benefits of our acquisitions and our ability to successfully execute the Company's bolt-on acquisition strategy to acquire other businesses and successfully integrate them into its operations; (v) failure to fully execute the Company's inspection-first strategy or to realize the expected service revenue from such inspections; (vi) failure to realize expected benefits from the Company's other business strategies, including the Company's disciplined approach to customer and project selection and the Company's asset-light, services-focused business model and its expected impact on future capital expenditures; (vii) risks associated with the Company's decentralized business model and participation in joint ventures; (viii) improperly managed projects or project delays; (ix) risks associated with the implementation and maintenance of the Company's enterprise resource planning systems and cloud-based platforms, including potential disruptions to operations, cost overruns, delays, and impacts on internal controls over financial reporting; (x) adverse developments in the credit markets which could impact the Company's ability to secure financing in the future; (xi) the Company's level of indebtedness; (xii) risks associated with the Company's contract portfolio; (xiii) changes in applicable laws or regulations, including changes in building codes, fire and life safety regulations, inspection mandates, professional licensing requirements, and environmental, health and safety laws that may affect demand for the Company's services or increase the cost of compliance; (xiv) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (xv) geopolitical risks, including armed conflicts, political instability, sanctions, and their impacts on the Company's operations, customers, and supply chains; (xvi) the trading price of the Company's common stock, which may be positively or negatively impacted by market and economic conditions, the Company's financial performance, or other factors; (xvii) the Company's ability to attract, retain, and develop qualified employees, including skilled trade labor, and the impact of labor shortages, wage inflation, and competition for talent on the Company's operations and cost structure; (xviii) cybersecurity incidents, information technology system failures, data breaches, or disruptions, and the costs of compliance with evolving data privacy and cybersecurity laws and regulations; and (xix) other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 under the heading "Risk Factors."


Given these risks and uncertainties, investors are cautioned not to place undue reliance on forward-looking statements. Additional information concerning these risks, uncertainties and other factors that could cause actual results to vary is, or will be, included in the periodic and other reports filed by the Company with the Securities and Exchange Commission. Forward-looking statements included in this document speak only as of the date hereof and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this document.


Non-GAAP Financial Measures


This document contains non-U.S. GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The Company uses certain non-U.S. GAAP financial measures that are included in this document and the additional financial information both in explaining its results to shareholders and the investment community and in its internal evaluation and management of its businesses. The Company’s management believes that these non-U.S. GAAP financial measures and the information they provide are useful to investors since these measures (a) permit investors to view the Company’s performance using the same tools that management uses to evaluate the Company’s past performance, reportable business segments and prospects for future performance, (b) permit investors to compare the Company with its peers, (c) in the case of adjusted EBITDA, determines certain elements of management’s incentive compensation, (d) provide consistent period-to-period comparisons of the results, and (e) in the case of organic net revenue growth, enable investors to assess the growth rate of the Company’s existing operations independent of the impact of acquisitions and foreign currency translation. Specifically:



The Company’s management believes that adjusted gross profit, adjusted selling, general and administrative (“SG&A”) expenses, adjusted net income, and adjusted diluted earnings per share, which are non-GAAP financial measures that exclude amortization of intangible assets (including backlog amortization), systems and business enablement expenses, business process transformation expenses, and other specifically identified items, such as impairment charges, restructuring costs, transaction and other costs related to acquisitions and divestitures, non-service pension cost, contingent consideration and compensation, and miscellaneous capital market activities, are useful because they provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations by removing items that management does not consider indicative of the Company’s ongoing operational performance.



The Company supplements the reporting of its consolidated financial information with certain financial measures including adjusted EBITDA, a non-GAAP financial measure, which is defined as earnings before interest, taxes, depreciation and amortization, adjusted to exclude contingent consideration and compensation, non-service pension cost, systems and business enablement expenses, business process transformation expenses, acquisition and divestiture related expenses, restructuring program related costs, and other miscellaneous items, as further described in the reconciliation tables included in this document. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net revenues. The Company believes these measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. On a consolidated basis, the Company uses adjusted EBITDA to evaluate its performance, both internally and as compared with its peers, because this measure excludes certain items that may not be indicative of the Company’s core operating results. Adjusted EBITDA also serves as a performance metric for certain elements of the Company’s executive incentive compensation program.



The Company discloses fixed currency net revenues and adjusted EBITDA on a consolidated basis and segment earnings on a segment specific basis to provide a more complete understanding of underlying revenue, adjusted EBITDA, and segment earnings trends by providing net revenues, adjusted EBITDA, and segment earnings on a consistent basis. Under U.S. GAAP, income statement results are translated in U.S. Dollars at the average exchange rates for the period presented. Management believes that the fixed currency non-GAAP measures are useful in providing period-to-period comparisons of the results of the Company’s operational performance, as it excludes the translation impact of exchange rate fluctuations on our international results. Fixed currency amounts included in this document are based on translation into U.S. dollars at the fixed foreign currency exchange rates established by management at the beginning of 2026.



The Company also presents organic changes in net revenues on a consolidated basis or segment specific basis to provide a more complete understanding of underlying revenue trends by providing net revenues on a consistent basis as it excludes the impacts of material acquisitions, material and completed divestitures, and changes in foreign currency from year-over-year comparisons on reported net revenues, calculated as the difference between the reported net revenues for the current period and reported net revenues for the current period converted at fixed foreign currency exchange rates (excluding material acquisitions and divestitures). The remainder is divided by prior year fixed currency net revenues, excluding the impacts of completed divestitures. For purposes of this calculation, an acquisition or divestiture is considered material based on management’s assessment of its significance to the comparability of the Company’s consolidated or segment-level results. Management applies this threshold consistently across periods.



The Company presents free cash flow, adjusted free cash flow and adjusted free cash flow conversion, which are liquidity measures used by management as factors in determining the amount of cash that is available for working capital needs or other uses of cash, however, they do not represent residual cash flows available for discretionary expenditures. Free cash flow is defined as cash provided by operating activities less capital expenditures. Adjusted free cash flow is defined as cash provided by operating activities plus or minus the following specifically identified items: contingent compensation, systems and business enablement expenses, business process transformation expenses, acquisition and divestiture related expenses, restructuring program related payments, and other miscellaneous items, such as capital market activities and costs or gains/losses associated with fixed asset acquisitions or dispositions. The Company applies these adjustments consistently across periods and will disclose the nature of any new adjustment category at the time it is first included. Adjusted free cash flow conversion is defined as adjusted free cash flow as a percentage of adjusted net income. The Company believes that adjusted free cash flow conversion helps investors assess the Company’s ability to convert earnings into cash available for debt repayment, capital allocation, and shareholder returns.



The Company calculates its net leverage ratio in accordance with its debt agreements, which include different adjustments to EBITDA, including pro forma financial adjustments for acquisitions and cost savings, that are not reflected in the adjusted EBITDA figures reported in this document. A description of the covenant EBITDA calculation is included in the Company’s filings with the Securities and Exchange Commission.



While the Company believes these non-U.S. GAAP measures are useful in evaluating the Company’s performance, this information should be considered as supplemental in nature and not as a substitute for or superior to the related financial information prepared in accordance with U.S. GAAP. Additionally, these non-U.S. GAAP financial measures may differ from similar measures presented by other companies. A reconciliation of these non-U.S. GAAP financial measures is included later in this document.


The Company is unable to provide a quantitative reconciliation of forward-looking non-U.S. GAAP adjusted EBITDA, growth in reported and organic net revenues, and adjusted free cash flow conversion to U.S. GAAP without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that could be made for acquisitions and divestitures, systems and business enablement expenses, business process transformation expenses, impairment charges, transaction and other costs related to acquisitions and divestitures, restructuring costs, miscellaneous capital market activities, and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.


Additional Information


Following the three-for-two stock split executed on June 30, 2025, all references to the number of shares outstanding, issued shares, and per share amounts of the Company’s common shares have been restated to reflect the effect of the stock split for all historical periods presented in this document.




APi Group Corporation




Condensed Consolidated Statements of Operations (GAAP)




(Amounts in millions, except per share data)




(Unaudited)








 








 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








Net revenues






$






1,982






 






 






$






1,719






 








Cost of revenues






 






1,362






 






 






 






1,177






 








Gross profit






 






620






 






 






 






542






 








Selling, general, and administrative expenses






 






517






 






 






 






458






 








Operating income






 






103






 






 






 






84






 








Interest expense, net






 






30






 






 






 






38






 








Investment expense and other, net






 






2






 






 






 






—






 








Other expense, net






 






32






 






 






 






38






 








Income before income taxes






 






71






 






 






 






46






 








Income tax provision






 






14






 






 






 






11






 








Net income






$






57






 






 






$






35






 








Net income attributable to common shareholders:






 






 






 








Income allocable to Series A Preferred Stock






 






(6






)






 






 






(4






)








Net income attributable to common shareholders






$






51






 






 






$






31






 








Net income per common share:






 






 






 








Basic






$






0.12






 






 






$






0.07






 








Diluted






 






0.12






 






 






 






0.07






 








Weighted average shares outstanding:






 






 






 








Basic






 






431






 






 






 






416






 








Diluted






 






435






 






 






 






417






 









APi Group Corporation




Condensed Consolidated Balance Sheets (GAAP)




(Amounts in millions)




(Unaudited)








 








 






March 31,

2026






 






December 31,

2025








Assets






 






 






 








Current assets:






 






 






 








Cash and cash equivalents






$






645






 






$






912








Accounts receivable, net of allowances






 






1,545






 






 






1,563








Inventories






 






156






 






 






145








Contract assets






 






538






 






 






484








Prepaid expenses and other current assets






 






140






 






 






125








Total current assets






 






3,024






 






 






3,229








Property and equipment, net






 






401






 






 






397








Operating lease right-of-use assets






 






294






 






 






301








Goodwill






 






3,326






 






 






3,167








Intangible assets, net






 






1,623






 






 






1,584








Deferred tax assets






 






20






 






 






40








Pension and post-retirement assets






 






123






 






 






129








Other assets






 






155






 






 






89








Total assets






$






8,966






 






$






8,936








Liabilities and Shareholders’ Equity






 






 






 








Current liabilities:






 






 






 








Short-term and current portion of long-term debt






$






5






 






$






5








Accounts payable






 






506






 






 






526








Accrued liabilities






 






726






 






 






827








Contract liabilities






 






773






 






 






694








Operating and finance leases






 






97






 






 






98








Total current liabilities






 






2,107






 






 






2,150








Long-term debt, less current portion






 






2,755






 






 






2,754








Pension and post-retirement obligations






 






49






 






 






50








Operating and finance leases






 






213






 






 






215








Deferred tax liabilities






 






200






 






 






205








Other noncurrent liabilities






 






156






 






 






154








Total liabilities






 






5,480






 






 






5,528








Total shareholders’ equity






 






3,486






 






 






3,408








Total liabilities and shareholders’ equity






$






8,966






 






$






8,936









APi Group Corporation




Condensed Consolidated Statements of Cash Flows (GAAP)




(Amounts in millions)




(Unaudited)








 








 






Three Months Ended March 31,








 






 






2026






 






 






 






2025






 








Cash flows from operating activities:






 






 






 








Net income






$






57






 






 






$






35






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 








Depreciation and amortization






 






84






 






 






 






80






 








Restructuring charges, net of cash paid






 






(2






)






 






 






(6






)








Share-based compensation expense






 






11






 






 






 






10






 








Profit-sharing expense






 






11






 






 






 






9






 








Non-cash lease expense






 






32






 






 






 






28






 








Net periodic pension cost






 






6






 






 






 






6






 








Other, net






 






—






 






 






 






1






 








Changes in operating assets and liabilities, net of effects of acquisitions:






 






(114






)






 






 






(101






)








Net cash provided by operating activities






 






85






 






 






 






62






 








 






 






 






 








Cash flows from investing activities:






 






 






 








Acquisitions, net of cash acquired






 






(289






)






 






 






(6






)








Purchases of property and equipment






 






(18






)






 






 






(12






)








Proceeds from sales of property and equipment






 






2






 






 






 






4






 








Net cash used in investing activities






 






(305






)






 






 






(14






)








 






 






 






 








Cash flows from financing activities:






 






 






 








Payments on long-term borrowings






 






(1






)






 






 






(2






)








Repurchases of common stock






 






—






 






 






 






(75






)








Payments of acquisition-related consideration






 






(4






)






 






 






(2






)








Restricted shares tendered for taxes






 






(37






)






 






 






(19






)








Net cash used in financing activities






 






(42






)






 






 






(98






)








Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash






 






(6






)






 






 






10






 








Net decrease in cash, cash equivalents, and restricted cash






 






(268






)






 






 






(40






)








Cash, cash equivalents, and restricted cash, beginning of period






 






913






 






 






 






501






 








Cash, cash equivalents, and restricted cash, end of period






$






645






 






 






$






461






 









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Organic Change in Net Revenues (non-GAAP)




(Unaudited)




 




Organic change in net revenues








 








 






Three Months Ended March 31, 2026








 






Net revenues




change




(as reported)






 






Foreign




currency




translation (a)






 






Net revenues




change




(fixed currency) (b)






 






Acquisitions and




divestitures, net (c)






 






Organic




change in




net revenues (d)








Safety Services






11.7






%






 






4.4






%






 






7.3






%






 






1.9






%






 






5.4






%








Specialty Services






25.6






%






 






—






%






 






25.6






%






 






0.8






%






 






24.8






%








Consolidated






15.3






%






 






3.3






%






 






12.0






%






 






1.6






%






 






10.4






%









Notes:







(a)

Represents the effect of foreign currency on reported net revenues, calculated as the difference between reported net revenues and net revenues at fixed currencies for both periods. Fixed currency amounts are based on translation into U.S. Dollars at fixed foreign currency exchange rates established by management at the beginning of 2026.







(b)

Amount represents the year-over-year change after eliminating the impact of fluctuations in foreign exchange rates by translating foreign currency denominated results at fixed foreign currency rates for both periods.







(c)

Adjustment to exclude net revenues from material acquisitions from their respective dates of acquisition until the first year anniversary from date of acquisition and net revenues from material divestitures for all periods for businesses divested as of March 31, 2026.







(d)

Organic change in net revenues provides a consistent basis for a year-over-year comparison in net revenues as it excludes the impacts of material acquisitions, material divestitures, and the impact of changes due to foreign currency translation.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Gross Profit and Adjusted Gross Profit (non-GAAP)




SG&A and Adjusted SG&A (non-GAAP)




(Amounts in millions)




(Unaudited)




 




Adjusted gross profit








 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








Gross profit (as reported)






 






$






620






 






 






$






542






 








Adjustments to reconcile gross profit to adjusted gross profit:






 






 








Backlog amortization






(a)






 






—






 






 






 






3






 








Adjusted gross profit






 






$






620






 






 






$






545






 








 






 






 






 






 








Net revenues






 






$






1,982






 






 






$






1,719






 








Adjusted gross margin






 






 






31.3






%






 






 






31.7






%









Adjusted SG&A








 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








Selling, general, and administrative expenses ("SG&A") (as reported)






 






$






517






 






 






$






458






 








Adjustments to reconcile SG&A to adjusted SG&A:






 






 






 






 








Amortization of intangible assets






(b)






 






(63






)






 






 






(57






)








Contingent consideration and compensation






(c)






 






—






 






 






 






(1






)








Systems and business enablement






(d)






 






(27






)






 






 






(12






)








Business process transformation expenses






(e)






 






—






 






 






 






(4






)








Acquisition and divestiture related expenses






(f)






 






(19






)






 






 






(3






)








Restructuring program related costs






(g)






 






—






 






 






 






(3






)








Other






(h)






 






1






 






 






 






(2






)








Adjusted SG&A expenses






 






$






409






 






 






$






376






 








 






 






 






 






 








Net revenues






 






$






1,982






 






 






$






1,719






 








Adjusted SG&A as a % of net revenues






 






 






20.6






%






 






 






21.9






%









Notes:








(a)






Adjustment to reflect the elimination of amortization expense related to backlog intangible assets.







(b)

Adjustment to reflect the elimination of amortization expense.







(c)

Adjustment to reflect the elimination of the expense attributable to one-time deferred consideration to prior owners of acquired businesses.







(d)

Adjustment to reflect the elimination of non-recurring expenses related to new systems implementations, information technologies, and other new capabilities.







(e)

Adjustment to reflect the elimination of expenses associated with the integration and reorganization of newly acquired businesses and non-operational costs related to technology and business enhancements, including systems and process development costs.







(f)

Adjustment to reflect the elimination of transaction costs, integration costs, and gains and losses related to potential and completed acquisitions and divestitures.







(g)

Adjustment to reflect the elimination of expenses associated with restructuring programs and related costs.







(h)

Adjustment includes various miscellaneous non-recurring items, such as gains and losses on the sale of buildings, elimination of changes in fair value estimates to acquired liabilities, and miscellaneous capital market activities.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




EBITDA and Adjusted EBITDA (non-GAAP)




(Amounts in millions)




(Unaudited)








 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








Net income (as reported)






 






$






57






 






 






$






35






 








Adjustments to reconcile net income to EBITDA:






 






 






 






 








Interest expense, net






 






 






30






 






 






 






38






 








Income tax provision






 






 






14






 






 






 






11






 








Depreciation






 






 






21






 






 






 






20






 








Amortization






 






 






63






 






 






 






60






 








EBITDA






 






$






185






 






 






$






164






 








Adjustments to reconcile EBITDA to adjusted EBITDA:






 






 






 






 








Contingent consideration and compensation






(a)






 






—






 






 






 






1






 








Non-service pension cost






(b)






 






5






 






 






 






4






 








Systems and business enablement






(c)






 






27






 






 






 






12






 








Business process transformation expenses






(d)






 






—






 






 






 






4






 








Acquisition and divestiture related expenses






(e)






 






19






 






 






 






3






 








Restructuring program related costs






(f)






 






—






 






 






 






3






 








Other






(g)






 






(1






)






 






 






2






 








Adjusted EBITDA






 






$






235






 






 






$






193






 








 






 






 






 






 








Net revenues






 






$






1,982






 






 






$






1,719






 








Adjusted EBITDA margin






 






 






11.9






%






 






 






11.2






%









Notes:







(a)

Adjustment to reflect the elimination of the expense attributable to one-time deferred consideration to prior owners of acquired businesses.







(b)

Adjustment to reflect the elimination of non-service pension cost, which consists of interest cost, expected return on plan assets and amortization of actuarial gains/losses.







(c)

Adjustment to reflect the elimination of non-recurring expenses related to new systems implementations, information technologies, and other new capabilities.







(d)

Adjustment to reflect the elimination of expenses associated with the integration and reorganization of newly acquired businesses and non-operational costs related to technology and business enhancements, including systems and process development costs.







(e)

Adjustment to reflect the elimination of transaction costs, integration costs, and gains and losses related to potential and completed acquisitions and divestitures.







(f)

Adjustment to reflect the elimination of expenses associated with restructuring programs and related costs.







(g)

Adjustment includes various miscellaneous non-recurring items, such as the gains and losses on the sale of buildings, elimination of changes in fair value estimates to acquired liabilities, and miscellaneous capital market activities.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Income before Income Tax, Net Income, and EPS and




Adjusted Income before Income Tax, Net Income, and EPS (non-GAAP)




(Amounts in millions, except per share data)




(Unaudited)








 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025








Income before income tax provision (as reported)






 






$






71






 






 






$






46








Adjustments to reconcile income before income tax provision to adjusted income before income tax provision:






 






 






 






 








Amortization of intangible assets






(a)






 






63






 






 






 






60








Contingent consideration and compensation






(b)






 






—






 






 






 






1








Non-service pension cost






(c)






 






5






 






 






 






4








Systems and business enablement






(d)






 






27






 






 






 






12








Business process transformation expenses






(e)






 






—






 






 






 






4








Acquisition and divestiture related expenses






(f)






 






19






 






 






 






3








Restructuring program related costs






(g)






 






—






 






 






 






3








Other






(h)






 






(1






)






 






 






2








Adjusted income before income tax provision






 






$






184






 






 






$






135








 






 






 






 






 








Income tax provision (as reported)






 






$






14






 






 






$






11








Adjustments to reconcile income tax provision to adjusted income tax provision:






 






 






 






 








Income tax provision adjustment






(i)






 






28






 






 






 






20








Adjusted income tax provision






 






$






42






 






 






$






31








 






 






 






 






 








Adjusted income before income tax provision






 






$






184






 






 






$






135








Adjusted income tax provision






 






 






42






 






 






 






31








Adjusted net income






 






$






142






 






 






$






104








 






 






 






 






 








Diluted weighted average shares outstanding (as reported)






 






 






435






 






 






 






417








Adjustments to reconcile diluted weighted average shares outstanding to adjusted diluted weighted average shares outstanding:






 






 






 






 








Dilutive impact of Series A Preferred Stock






(j)






 






4






 






 






 






6








Adjusted diluted weighted average shares outstanding






 






 






439






 






 






 






423








 






 






 






 






 








Adjusted diluted EPS






 






$






0.32






 






 






$






0.25









Notes:







(a)

Adjustment to reflect the elimination of amortization expense.







(b)

Adjustment to reflect the elimination of the expense attributable to one-time deferred consideration to prior owners of acquired businesses.







(c)

Adjustment to reflect the elimination of non-service pension cost, which consists of interest cost, expected return on plan assets, and amortization of actuarial gains/losses.







(d)

Adjustment to reflect the elimination of non-recurring expenses related to new systems implementations, information technologies, and other new capabilities.







(e)

Adjustment to reflect the elimination of expenses associated with the integration and reorganization of newly acquired businesses and non-operational costs related to technology and business enhancements, including systems and process development costs.







(f)

Adjustment to reflect the elimination of transaction costs, integration costs, and gains and losses related to potential and completed acquisitions and divestitures.







(g)

Adjustment to reflect the elimination of expenses associated with restructuring programs and related costs.







(h)

Adjustment includes various miscellaneous non-recurring items, such as the gains and losses on the sale of buildings, elimination of changes in fair value estimates to acquired liabilities, and miscellaneous capital market activities.







(i)

Adjustment to reflect an adjusted effective tax rate of 23%, which reflects the Company's estimated expectations for taxes to be paid on its adjusted non-GAAP earnings.







(j)

Adjustment reflects the addition of the dilutive impact of 6 million shares associated with the deemed conversion of Series A Preferred Stock, when adjusted for the stock split, offset by the adjustment of the assumed dividend payable to the Series A Preferred Stock holders at year-end.









APi Group Corporation




Adjusted Segment Financial Information (non-GAAP)




(Amounts in millions)




(Unaudited)








 








 






 






Three Months Ended March 31,








 






 






2026 (a)






 






2025 (a)








Safety Services






 






 






 






 








Net revenues






 






$






1,415






 






 






$






1,267






 








Adjusted gross profit






 






 






527






 






 






 






469






 








Segment earnings






 






 






230






 






 






 






199






 








 






 






 






 






 








Adjusted gross margin






 






 






37.2






%






 






 






37.0






%








Segment earnings margin






 






 






16.3






%






 






 






15.7






%








 






 






 






 






 








Specialty Services






 






 






 






 








Net revenues






 






$






569






 






 






$






453






 








Adjusted gross profit






 






 






93






 






 






 






76






 








Segment earnings






 






 






39






 






 






 






29






 








 






 






 






 






 








Adjusted gross margin






 






 






16.3






%






 






 






16.8






%








Segment earnings margin






 






 






6.9






%






 






 






6.4






%








 






 






 






 






 








Total net revenues before corporate and eliminations






(b)






$






1,984






 






 






$






1,720






 








Total segment earnings before corporate and eliminations






(b)






 






269






 






 






 






228






 








Segment earnings margin before corporate and eliminations






(b)






 






13.6






%






 






 






13.3






%








 






 






 






 






 








Corporate and Eliminations






 






 






 






 








Net revenues






 






$






(2






)






 






$






(1






)








Adjusted EBITDA






 






 






(34






)






 






 






(35






)








 






 






 






 






 








Total Consolidated






 






 






 






 








Net revenues






 






$






1,982






 






 






$






1,719






 








Adjusted gross profit






 






 






620






 






 






 






545






 








Adjusted EBITDA






 






 






235






 






 






 






193






 








 






 






 






 






 








Adjusted gross margin






 






 






31.3






%






 






 






31.7






%








Adjusted EBITDA margin






 






 






11.9






%






 






 






11.2






%









Notes:







(a)

Information derived from non-GAAP reconciliations included elsewhere in this document.







(b)

Calculated from results of the Company's reportable segments shown above, excluding Corporate and Eliminations.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Adjusted Segment Financial Information (non-GAAP)




(Amounts in millions)




(Unaudited)








 








 






Three Months Ended March 31, 2026






 






Three Months Ended March 31, 2025








 






As Reported






 






Adjustments






 






As Adjusted






 






As Reported






 






Adjustments






 






As Adjusted








Safety Services






 






 






 






 






 






 






 






 






 






 








Net revenues






$






1,415






 






 






$






—






 






$






1,415






 






 






$






1,267






 






 






$






—






 






 






$






1,267






 








Cost of revenues






 






888






 






 






 






—






 






 






888






 






 






 






801






 






 






 






(3






)






(a)






 






798






 








Gross profit






$






527






 






 






$






—






 






$






527






 






 






$






466






 






 






$






3






 






 






$






469






 








Gross margin






 






37.2






%






 






 






 






 






37.2






%






 






 






36.8






%






 






 






 






 






37.0






%








 






 






 






 






 






 






 






 






 






 






 






 








Specialty Services






 






 






 






 






 






 






 






 






 






 






 








Net revenues






$






569






 






 






$






—






 






$






569






 






 






$






453






 






 






$






—






 






 






$






453






 








Cost of revenues






 






476






 






 






 






—






 






 






476






 






 






 






377






 






 






 






—






 






 






 






377






 








Gross profit






$






93






 






 






$






—






 






$






93






 






 






$






76






 






 






$






—






 






 






$






76






 








Gross margin






 






16.3






%






 






 






 






 






16.3






%






 






 






16.8






%






 






 






 






 






16.8






%








 






 






 






 






 






 






 






 






 






 






 






 








Corporate and Eliminations






 






 






 






 






 






 






 






 






 






 








Net revenues






$






(2






)






 






$






—






 






$






(2






)






 






$






(1






)






 






$






—






 






 






$






(1






)








Cost of revenues






 






(2






)






 






 






—






 






 






(2






)






 






 






(1






)






 






 






—






 






 






 






(1






)








 






 






 






 






 






 






 






 






 






 






 






 








Total Consolidated






 






 






 






 






 






 






 






 






 






 








Net revenues






$






1,982






 






 






$






—






 






$






1,982






 






 






$






1,719






 






 






$






—






 






 






$






1,719






 








Cost of revenues






 






1,362






 






 






 






—






 






 






1,362






 






 






 






1,177






 






 






 






(3






)






(a)






 






1,174






 








Gross profit






$






620






 






 






$






—






 






$






620






 






 






$






542






 






 






$






3






 






 






$






545






 








Gross margin






 






31.3






%






 






 






 






 






31.3






%






 






 






31.5






%






 






 






 






 






31.7






%









Notes:







(a)

Adjustment to reflect the elimination of amortization expense related to backlog intangible assets.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Adjusted Segment Financial Information (non-GAAP)




(Amounts in millions)




(Unaudited)








 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








Corporate and Eliminations






 






 






 






 








Income before income taxes






 






$






(91






)






 






$






(83






)








Interest expense, net






 






 






21






 






 






 






29






 








Depreciation






 






 






2






 






 






 






1






 








Amortization






 






 






2






 






 






 






1






 








Systems and business enablement






(a)






 






15






 






 






 






10






 








Business process transformation expenses






(b)






 






—






 






 






 






3






 








Acquisition and divestiture related expenses






(c)






 






18






 






 






 






3






 








Other






(d)






 






(1






)






 






 






1






 








Corporate and Eliminations adjusted EBITDA






 






$






(34






)






 






$






(35






)









Notes:







(a)

Adjustment to reflect the elimination of non-recurring expenses related to new systems implementations, information technologies, and other new capabilities.







(b)

Adjustment to reflect the elimination of expenses associated with the integration and reorganization of newly acquired businesses and non-operational costs related to technology and business enhancements, including systems and process development costs.







(c)

Adjustment to reflect the elimination of transaction costs, integration costs, and gains and losses related to potential and completed acquisitions and divestitures.







(d)

Adjustment includes various miscellaneous non-recurring items, such as the gains and losses on the sale of buildings, elimination of changes in fair value estimates to acquired liabilities, and miscellaneous capital market activities.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Change in Segment Earnings (non-GAAP)




(Unaudited)




 




Change in Segment earnings








 








 






Three Months Ended March 31, 2026








 






Change in




Segment earnings




(as reported)






 






Foreign




currency




translation (a)






 






Change in




Segment earnings




(fixed currency) (b)








Safety Services






15.6%






 






3.9%






 






11.7%








Specialty Services






34.5%






 






—%






 






34.5%








Consolidated






21.8%






 






3.7%






 






18.1%









Notes:







(a)

Represents the effect of foreign currency on reported segment earnings, calculated as the difference between reported segment earnings and segment earnings at fixed currencies for both periods. Fixed currency amounts are based on translation into U.S. Dollars at fixed foreign currency exchange rates established by management at the beginning of 2026.







(b)

Amount represents the year-over-year change after eliminating the impact of fluctuations in foreign exchange rates by translating foreign currency denominated results at fixed foreign currency rates for both periods.









APi Group Corporation




Reconciliations of GAAP to Non-GAAP Financial Measures




Free Cash Flow and Adjusted Free Cash Flow and Conversion (non-GAAP)




(Amounts in millions)




(Unaudited)








 








 






 






Three Months Ended March 31,








 






 






 






2026






 






 






 






2025






 








Net cash provided by operating activities (as reported)






 






$






85






 






 






$






62






 








Less: Purchases of property and equipment






 






 






(18






)






 






 






(12






)








Free cash flow






 






$






67






 






 






$






50






 








Add: Cash payments related to following items:






 






 






 






 








Contingent compensation






(a)






 






1






 






 






 






1






 








Systems and business enablement






(b)






 






36






 






 






 






16






 








Business process transformation expenses






(c)






 






—






 






 






 






4






 








Acquisition and divestiture related expenses






(d)






 






18






 






 






 






3






 








Restructuring program related payments






(e)






 






2






 






 






 






9






 








Other






(f)






 






1






 






 






 






3






 








Adjusted free cash flow






 






$






125






 






 






$






86






 








 






 






 






 






 








Adjusted net income






 






$






142






 






 






$






104






 








Adjusted free cash flow as a % of adjusted net income






 






 






88.0






%






 






 






82.7






%









Notes:







(a)

Adjustment to reflect the elimination of expense attributable to one-time deferred consideration to prior owners of acquired businesses.







(b)

Adjustment to reflect the elimination of non-recurring expenses related to new systems implementations, information technologies, and other new capabilities.







(c)

Adjustment to reflect the elimination of expenses associated with the integration and reorganization of newly acquired businesses and non-operational costs related to technology and business enhancements, including systems and process development costs.







(d)

Adjustment to reflect the elimination of transaction costs, integration costs, and gains and losses related to potential and completed acquisitions and divestitures.







(e)

Adjustment to reflect payments made for restructuring programs and related costs.







(f)

Adjustment includes various miscellaneous non-recurring items, including capital market activity and costs or gains/losses associated with any one-time fixed asset acquisitions or dispositions.







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260430987224/en/
Investor Relations and Media Inquiries:

Adam Walters

Senior Director of Investor Relations

Tel: +1 920-419-5432

Email: investorrelations@apigroupinc.us


Original: APi Group Reports First Quarter 2026 Financial Results