Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 30, 2025 1 © 2025 APi Group, Inc. All rights reserved.
Slide 2: Forward Looking Statements and Disclaimers
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
Slide 3: Non-GAAP Financial Measures
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 fina
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures • 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,
Slide 5: APi's "10/16/60+" Long-term Financial Targets
APi’s “10/16/60+” Long-term Financial Targets (1) 1. Through 2028E. 5
Slide 6: Third Quarter 2025 Performance Highlights
Third Quarter 2025 Performance Highlights Third quarter net revenues of $2.1 billion, an increase of 14.2% vs. Q3 2024, 9.7% on an organic basis Adjusted gross margin increase of 50 basis points vs. Q3 2024 Third quarter adjusted EBITDA of $281 million, up 14.7% vs. Q3 2024, and adjusted EBITDA marg
Slide 7: Third Quarter 2025 Financial Results Overview
Third Quarter 2025 Financial Results Overview Three Months Ended September 30, 2025 NET REVENUES ADJ U ST ED GRO SS P RO F IT ADJ U ST ED EBIT DA Total: $2,085 billion Total: $656 million Total: $281 million Safety Services Specialty Services Note: Refer to Appendix for a reconciliation of non-GAAP
Slide 8: Key Financial and Operating Metrics
Key Financial and Operating Metrics Three Months Ended September 30, ($ in millions, except per share figures) 2025 2024 Y/Y Net revenues $2,085 $1,826 14.2 % Organic net revenue growth (a) 9.7 % Adjusted gross profit $656 $566 15.9 % Adjusted gross margin 31.5 % 31.0 % +50 bps Adjusted EBITDA $281
Slide 9: Key Segment Financial and Operating Metrics
Key Segment Financial and Operating Metrics Three Months Ended September 30, Safety Services Specialty Services ($ in millions) 2025 2024 Y/Y 2025 2024 Y/Y Net revenues $1,403 $1,216 15.4 % $683 $612 11.6 % Organic net revenue growth (a) 8.7 % 11.6 % Adjusted gross profit $524 $444 18.0 % $132 $122
Slide 10: 2025 Guidance as of October 30, 2025
2025 Guidance as of October 30, 2025 NET REVENUES A DJ U ST E D E B I T DA $7,825 to $7,925 million $1,015 to $1,045 million Note: Based on current foreign exchange rates. 10
Slide 11: Q4 and Full Year 2025 Guidance
Q4 and Full Year 2025 Guidance Q4 2025 FY 2025 Net Revenues $2,031 to $2,131 million $7,825 to $7,925 million Reported Net Revenues versus Last Year 9% - 15% 12% - 13% Net Revenue Organic Growth 7% - 12% 7% - 8% Adjusted EBITDA $269 to $299 million $1,015 to $1,045 million Adjusted EBITDA versus Las
Slide 12: Capitalization Highlights
Capitalization Highlights As of the end of the third quarter, our net leverage ratio(1) was approximately 2.0x, below our target of 2.5x - 3.0x Ended the quarter with $555 million in cash on the balance sheet, enhancing our flexibility for value-enhancing capital deployment in 2026 and beyond Execut
Slide 13: What We Believe – Culture Drives Results
What We Believe – Culture Drives Results OUR PURPOSE OUR VALUES OUR RESULTS Net Revenues ($B) • Safety, health, and well- being of all our leaders • Caring and enduring relationships with others • Honesty and integrity • Excellence, nothing less • Joy in our work and in Adjusted EBITDA Margin (%) ea
Slide 14: Appendix
Appendix 14
Slide 15: What We Do
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Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Organic Change in Net Revenues (non-GAAP) Three Months Ended September 30, 2025 Net revenues Foreign Net revenues Acquisitions and Organic change currency change divestitures, net (c) change in (as reported) translation (a) (fixed currency) (b) net reven
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Gross profit (as reported) $ 652 $ 567 $ 1,809 $ 1,603 Adjustments to reconcile gross profit to adjusted gross profit: Backlog amortizat
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net income (as reported) $ 93 $ 69 $ 205 $ 183 Adjustments to reconcile net income to EBITDA: Interest expense, net 34 41 109 110 Income tax p
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted income before income tax, net income (loss), and EPS (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Income before income tax provision (as reported) $ 130 $ 100 $ 284 $ 252 Adjustments to reconcil
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 (a) 2024 (a) 2025 (a) 2024 (a) Safety Services Net revenues $ 1,403 $ 1,216 $ 4,032 $ 3,509 Adjusted gross profit 524 444 1,499 1,276
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Safety Services Net revenues $ 1,403 $ — $ 1,403 $ 1,216
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024 As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Safety Services Net revenues $ 4,032 $ — $ 4,032 $ 3,509 $
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Corporate and Eliminations Income before income taxes $ (88) $ (78) $ (248) $ (208) Interest expense, net 24 31 82 81 D
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Change in Segment Earnings (non-GAAP) Three Months Ended September 30, 2025 Change in Foreign Change in Segment earnings currency Segment earnings (public rates) translation (a) (fixed currency) (b) Safety Services 18.6% 1.1% 17.5% Specialty Services 3.8
Slide 25: Adjusted Free Cash Flow and Conversion (non-GAAP)
Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow and Conversion (non-GAAP) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Net cash provided by operating activities (as reported) $ 232 $ 220 $ 377 $ 337 Less: Purchases of property and equipme
Slide 26: Investor Relations and Media Inquiries
Investor Relations and Media Inquiries Adam Fee Vice President of Investor Relations +1 651-240-7252 email: investorrelations@apigroupinc.us 26
Slide 27: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation 27 © 2025 APi Group, Inc. All rights reserved.