Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 25, 2026 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 presentation 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 presentation 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 presentation and the additional financ
Slide 4: Non-GAAP Financial Measures
Non-GAAP Financial Measures • 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 acqui
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: 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 7: APi's Transformational Growth Since 2021
APi’s Transformational Growth Since 2021 Revenue Profitability - EBITDA +19% +1400 +290 +156% CAGR bps bps Profitability - Gross Profit Adj. Cash Flow +800 +2500 +165% +275% bps bps Note: Refer to Appendix for a reconciliation of non-GAAP measures to most directly comparable GAAP measures. 7
Slide 8: Fourth Quarter 2025 Performance Highlights
Fourth Quarter 2025 Performance Highlights Fourth quarter net revenues of $2.1 billion, an increase of 13.8% vs. Q4 2024, 11.1% on an organic basis Fourth quarter adjusted gross margin increase of 110 basis points vs. Q4 2024 Fourth quarter adjusted EBITDA of $295 million, up 21.9% vs. Q4 2024, and
Slide 9: Fiscal Year 2025 Performance Highlights
Fiscal Year 2025 Performance Highlights Net revenues of $7.9 billion for the full year, an increase of 12.7% vs. prior year, 7.9% on an organic basis Full year adjusted gross margin expansion of 50 basis points vs. prior year Full year adjusted EBITDA of $1,041 million, up 16.6% vs. prior year, and
Slide 10: 2025 Financial Results Overview
2025 Financial Results Overview Three Months Ended December 31, 2025 Net Revenues Adjusted Gross Profit Adjusted EBITDA $2,117 million $681 million $295 million Year Ended December 31, 2025 Net Revenues Adjusted Gross Profit Adjusted EBITDA $7,911 million $2,502 million $1,041 million Safety Service
Slide 11: Key Financial and Operating Metrics
Key Financial and Operating Metrics Three Months Ended December 31, Year Ended December 31, ($ in millions, except per share figures) 2025 2024 Y/Y 2025 2024 Y/Y Net revenues $2,117 $1,861 13.8% $7,911 $7,018 12.7% Organic net revenue growth (a) 11.1% 7.9% Adjusted gross profit $681 $579 17.6% $2,50
Slide 12: Key Segment Financial and Operating Metrics
Key Segment Financial and Operating Metrics Three Months Ended December 31, Safety Services Specialty Services ($ in millions) 2025 2024 Y/Y 2025 2024 Y/Y Net revenues $1,424 $1,288 10.6% $695 $576 20.7% Organic net revenue growth (a) 6.6% 20.7% Adjusted gross profit $537 $471 14.0% $144 $108 33.3%
Slide 13: Key Segment Financial and Operating Metrics
Key Segment Financial and Operating Metrics Year Ended December 31, Safety Services Specialty Services ($ in millions) 2025 2024 Y/Y 2025 2024 Y/Y Net revenues $5,456 $4,797 13.7% $2,460 $2,229 10.4% Organic net revenue growth (a) 6.7% 10.4% Adjusted gross profit $2,036 $1,747 16.5% $466 $439 6.2% A
Slide 14: 2026 Full Year and Q1 Guidance as of February 25, 2026
2026 Full Year and Q1 Guidance as of February 25, 2026 Q1 2026 FY 2026 Net revenues $1,875 to $1,975 million $8,400 to $8,600 million Reported net revenues versus last year 9% - 15% 6% - 9% Net revenue organic growth 4% - 10% 3% - 6% Adjusted EBITDA $225 to $235 million $1,140 to $1,200 million Adju
Slide 15: Capitalization Highlights
Capitalization Highlights As of the end of the fourth quarter, our net leverage ratio(1) was approximately 1.6x, significantly below our target of 2.5x - 3.0x Ended the quarter with $912 million in cash on the balance sheet, enhancing our flexibility for value- enhancing capital deployment in 2026 a
Slide 16: Appendix
Appendix
Slide 17: Safety Services
SAFETY SERVICES Life Safety 8 © Backtiow Devices FeO Emergency & Exit Lights © special Hazard systems 4 © Emergency Fire Suppression Systems (P © Fire Alarm and Detection Systems pe © Fire Pumps HO Fire Sprinkler Systems f{ © Fire Protection System Inspections 6 © Rolling Fire Door © Garage Door a E
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Organic Change in Net Revenues (non-GAAP) Three Months Ended December 31, 2025 Net revenues Foreign currency Net revenues Acquisitions and Organic change in change (as translation (a) change (fixed divestitures, net (c) net revenues (d) reported) currenc
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Gross profit (as reported) $ 678 $ 575 $ 2,487 $ 2,178 Adjustments to reconcile gross profit to adjusted gross profit: Backlog amortization (a) 3
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted SG&A (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Selling, general, and administrative expenses ("SG&A") (as reported) $ 514 $ 459 $ 1,933 $ 1,694 Adjustments to reconcile SG&A to adjusted SG&A: Amortiza
Slide 21: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income (as reported) $ 97 $ 67 $ 302 $ 250 Adjustments to reconcile net income to EBITDA: Interest expense, net 32 36 141 146 Income tax provision
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted income before income tax, net income, and EPS (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Income before income tax provision (as reported) $ 129 $ 78 $ 413 $ 330 Adjustments to reconcile income before i
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted income before income tax, net income (loss), and EPS (non-GAAP) 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 p
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 (a) 2024 (a) 2025 (a) 2024 (a) Safety Services Net revenues $ 1,424 $ 1,288 $ 5,456 $ 4,797 Adjusted gross profit 537 471 2,036 1,747 Segment e
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Safety Services Net revenues $ 1,424 $ — $ 1,424 $ 1,288 $
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Year Ended December 31, 2025 Year Ended December 31, 2024 As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Safety Services Net revenues $ 5,456 $ — $ 5,456 $ 4,797 $ — $ 4,797 Cost
Slide 27: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Corporate and Eliminations Income before income taxes $ (94) $ (82) $ (342) $ (290) Interest expense, net 23 26 105 107 Deprecia
Slide 28: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Change in Segment Earnings (non-GAAP) Three Months Ended December 31, 2025 Change in Foreign Change in segment earnings currency segment earnings (public rates) translation (a) (fixed currency) (b) Safety Services 18.0% 2.7% 15.3% Specialty Services 40.7
Slide 29: Free Cash Flow and Conversion
Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow and Conversion (non-GAAP) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities (as reported) $ 382 $ 283 $ 759 $ 620 Less: Purchases of property and equipment (26) (
Slide 30: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (non-GAAP) Year Ended December 31, 2021 Gross profit (as reported) $ 939 Adjustments to reconcile gross profit to adjusted gross profit: Backlog amortization (a) 5 Adjusted gross profit $ 944 Net revenues $ 3,940 Adjusted gross marg
Slide 31: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) Year Ended December 31, 2021 Net income (as reported) $ 47 Adjustments to reconcile net income to EBITDA: Interest expense, net 60 Income tax provision 32 Depreciation and amortization 202 EBITDA $ 341 Adjustments to reconcile
Slide 32: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow and Conversion (non-GAAP) Year Ended December 31, 2021 Net cash provided by operating activities (as reported) $ 182 Less: Purchases of property and equipment (55) Free cash flow $ 127 Add (deduct): Cash payments (sources) related
Slide 33: Adam Fee Adam Walters
Contact: Adam Fee Vice President of Investor Relations +1 (651) 240 - 7252 Adam Walters Senior Director of Investor Relations +1 (920) 419 - 5432 investorrelations@apigroupinc.us