Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 30, 2026 © 2026 APi Group, Inc. All rights reserved.
Slide 2: Forward Looking Statements and Disclaimers
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 forw
Slide 3: Forward Looking Statements and Disclaimers
Forward Looking Statements and Disclaimers (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 discipline
Slide 4: Non-GAAP Financial Measures
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 info
Slide 5: 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 6: APi's "10/16/60+" Long-term Financial Targets
APi’s “10/16/60+” Long-term Financial Targets (1) (1) Through 2028E. 6
Slide 7: 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 8: First Quarter 2026 Performance Highlights
First Quarter 2026 Performance Highlights Net Revenues (millions) First quarter net revenues of $2.0 billion, an increase of 15.3% vs. Q1 2025, ✔ $1,982 10.4% on an organic basis $1,719 Q1 2025 Q1 2026 First quarter adjusted EBITDA of $235 million, up 21.8% vs. Q1 2025, and ✔ Adj. EBIT DA adjusted E
Slide 9: First Quarter 2026 Financial Results Overview
First Quarter 2026 Financial Results Overview Three Months Ended March 31, 2026 Net Revenues Adjusted Gross Profit Adjusted EBITDA $1,982 million $620 million $235 million 15% 14% 29% 71% 85% 86% Safety Services Specialty Services Notes: Refer to Appendix for a reconciliation of non-GAAP measures to
Slide 10: Key Financial and Operating Metrics
Key Financial and Operating Metrics Three Months Ended March 31, ($ in millions, except per share figures) 2026 2025 Y/Y Net revenues $1,982 $1,719 15.3 % Organic net revenue growth (a) 10.4 % Adjusted gross profit $620 $545 13.8 % Adjusted gross margin 31.3 % 31.7 % (40) bps Adjusted EBITDA $235 $1
Slide 11: Key Segment Financial and Operating Metrics
Key Segment Financial and Operating Metrics Three Months Ended March 31, Safety Services Specialty Services ($ in millions) 2026 2025 Y/Y 2026 2025 Y/Y Net revenues $1,415 $1,267 11.7 % $569 $453 25.6 % Organic net revenue growth (a) 5.4 % 24.8 % Adjusted gross profit $527 $469 12.4 % $93 $76 22.4 %
Slide 12: 2026 Full-Year and Q2 Guidance as of April 30, 2026
2026 Full-Year and Q2 Guidance as of April 30, 2026 Q2 2026 FY 2026 Net revenues $2,175 to $2,225 million $8,475 to $8,675 million Reported net revenues versus last year 9% - 12% 7% - 10% Net revenue organic growth(a) 7% - 9% 5% - 7% Adjusted EBITDA $300 to $310 million $1,150 to $1,210 million Adju
Slide 13: 2026 Full-Year Guidance Bridge
2026 Full-Year Guidance Bridge Net Revenues Adjusted EBITDA 2026 Full-Year Guidance as of February 25, 2026 $8,400 to $8,600 million $1,140 to $1,200 million (-) Impact of Change in Foreign Currency Exchange Rates $(40) $(5) (+) Underlying Business Performance $115 $15 2026 Full-Year Guidance as of
Slide 14: Capitalization Highlights
Capitalization Highlights ✔ As of the end of the first quarter, our net leverage ratio(1) was approximately 1.8x, well below our target of 2.5x - 3.0x Our strong balance sheet and low net leverage gives us the flexibility to pursue a range of attractive ✔ capital deployment opportunities Closed the
Slide 15: Appendix
Appendix
Slide 16: Safety Services
SAFETY SERVICES Life Safety ME © Backflow Devices Be © Emergency & Exit Lights © Special Hazard Systems © Emergency Fire Suppression Systems \@ © Fire Alarm and Detection Systems MeO Fire Pumps HO Fire Sprinkler Systems { © Fire Protection system Inspections 6 © Rolling Fire Door © Garage Door a Ele
Slide 17: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Organic Change in Net Revenues (non-GAAP) Three Months Ended March 31, 2026 Net revenues Foreign Net revenues Organic Acquisitions and change currency change change in divestitures, net (c) (as reported) translation (a) (fixed currency) (b) net revenues
Slide 18: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Gross Profit (non-GAAP) 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
Slide 19: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted SG&A (non-GAAP) 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 co
Slide 20: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted EBITDA (non-GAAP) 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
Slide 21: 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 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 inco
Slide 22: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) 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
Slide 23: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) 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
Slide 24: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Segment Financial Information (non-GAAP) 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)
Slide 25: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Change in Segment Earnings (non-GAAP) Three Months Ended March 31, 2026 Change in Foreign Change in Segment earnings currency Segment earnings (as reported) translation (a) (fixed currency) (b) Safety Services 15.6% 3.9% 11.7% Specialty Services 34.5% —%
Slide 26: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures Adjusted Free Cash Flow and Conversion (non-GAAP) 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 rel
Slide 27: Contact
Contact: Adam Walters Senior Director of Investor Relations +1 (920) 419 - 5432 investorrelations@apigroupinc.us