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Here are 1-2 brief analogies to describe APi Group (APG):

• Like Johnson Controls for building safety, combined with Quanta Services for critical infrastructure.
• A diversified version of Otis Worldwide, but for essential fire safety, security, and industrial infrastructure services.

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• Fire Protection Services: Provides design, installation, inspection, and maintenance of fire sprinkler systems, fire alarms, and related life safety equipment for various commercial and industrial clients.
• Security Solutions: Delivers integrated security systems, including access control, video surveillance, and intrusion detection, along with ongoing maintenance.
• Utility Infrastructure Services: Offers construction, maintenance, and repair for critical utility infrastructure, such as natural gas pipelines and electrical transmission and distribution systems.
• Industrial Services: Provides specialized services like mechanical insulation, scaffolding, and other critical maintenance and repair solutions for industrial facilities.

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APi Group (APG) Major Customers

• Commercial and Industrial Clients: This category includes a vast array of businesses such as owners and operators of industrial facilities, commercial buildings, manufacturing plants, data centers, retail chains, and other private sector entities requiring fire protection, security systems, HVAC, and specialized industrial services.
• Governmental and Institutional Entities: APi Group provides services to various public sector clients, including federal, state, and local government agencies, municipalities, educational institutions (universities, school districts), healthcare systems, airports, and public utilities.
• General Contractors and Developers: They also work extensively with general contractors and real estate developers on large-scale construction and infrastructure projects, integrating their specialized services into new builds and major renovations for diverse clients.

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Russell (Russ) Becker, Chief Executive Officer and President

Russ Becker joined APi Group in 2002 as President and became CEO in 2004. Prior to that, he held various roles at The Jamar Company, an APi Group subsidiary, including Manager of Construction and President. He began his career as a field engineer with Cherne Contracting and served as a project manager for Ryan Companies. Under Becker's leadership, APi Group has completed over 150 acquisitions, notably the transformative acquisition of Chubb Fire & Security in 2021. He also serves on the board of directors for Liberty Diversified Industries and Marvin Companies, both private companies.

David Jackola, Executive Vice President and Chief Financial Officer

David Jackola was appointed Executive Vice President and Chief Financial Officer of APi Group in March 2025, after serving as Interim CFO since December 2024. He joined APi Group in October 2021, holding prior roles within the company as CFO and Vice President of Transformation at APi International, Vice President, Controller, and Chief Accounting Officer, and Vice President, Corporate Planning and Analysis. Before joining APi, Jackola held senior finance positions at James Hardie Building Products and Ecolab, where he served as Vice President of Finance, Europe. He started his career at The Brattle Group, a consulting firm.

Louis Lambert, Senior Vice President, General Counsel and Secretary

Louis Lambert is the Senior Vice President, General Counsel, and Secretary of APi Group. Before joining APi, he was the Vice President, Legal, and Assistant Secretary of Polaris Inc. His earlier career included increasingly senior legal roles at 3M Company and General Mills, where he focused on global mergers and acquisitions, joint ventures, and various general counseling responsibilities.

Kristina Morton, Senior Vice President, Chief People Officer

Kristina Morton serves as the Senior Vice President, Chief People Officer at APi Group. Her background includes serving as the Human Resources Director for Yoplait International and subsequently leading HR for the Europe & Australia Segment and the integration of Yoplait and General Mills in Europe.

Paul W. Grunau, Chief Learning Officer

Paul W. Grunau is the Chief Learning Officer at APi Group Inc. He has also held the position of Chief Operating Officer at APi Group Inc. and served as President of Grunau Company.

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The most significant risk stems from its **market and economic sensitivity**, particularly within its Specialty Services segment. While APi's Safety Services offer recurring, regulatory-driven revenue, the Specialty Services division is more susceptible to economic downturns, reduced investment in infrastructure projects, and adverse weather conditions, which can lead to project delays, budget resets, and declining demand. Fluctuations in credit markets, including rising interest rates or reduced liquidity, could also constrain funding for large capital projects, thereby diminishing demand for APi's services.

Secondly, **operational hazards and litigation risks** are inherent to APi's business model. The nature of the company's services, which often involve critical infrastructure and safety systems, exposes it to potential operational incidents such as electrical issues, fires, explosions, and weather-related disruptions. Such hazards not only pose risks to safety but also open the company to significant litigation and associated costs, which could harm its financial performance and reputation.

Finally, APi's growth strategy is partly reliant on **acquisitions and the successful integration of acquired businesses**. There is a risk that acquired entities may not deliver the anticipated strategic or operational benefits. Difficulties in efficiently integrating new operations, coupled with potentially significant cash expenditures, debt incurrence, or unexpected operating losses, could adversely affect APi's financial condition and results. Concerns have also been noted regarding the dilutive impact of acquisitions, such as Chubb, on near-term margins.

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APi Group Corporation (APG) operates primarily in two segments: Safety Services and Specialty Services.

• Safety Services: This segment focuses on fire protection and life safety solutions, including the design, installation, inspection, monitoring, and maintenance of fire sprinkler systems, fire alarms, and suppression systems, along with emergency lighting and fire extinguisher services. This segment also encompasses HVAC, plumbing, and entry systems.

  The global Fire Protection System Market was estimated at USD 71.87 billion in 2024 and is projected to reach USD 118.71 billion by 2032, with a compound annual growth rate (CAGR) of 6.47%. The global Fire Safety Equipment market is anticipated to grow by 9.2% annually from 2022 to 2029. Furthermore, the Global Fire Sprinkler Market is expected to reach $19.95 billion by 2026, demonstrating a CAGR of 11.2% from 2019.

• Specialty Services: This segment provides niche construction and infrastructure services, such as mechanical and electrical contracting, and specialized infrastructure services for water, wastewater, and energy projects, as well as industrial insulation, coatings, and linings.

  The addressable market for Specialty Contracting in the U.S. is a $164.5 billion industry.

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Here are 3-5 expected drivers of future revenue growth for APi Group (APG) over the next 2-3 years:

1. Expansion of Recurring Safety Services: APi Group is strategically focused on increasing its recurring revenue mix, particularly within its Safety Services segment. This includes revenue from fire protection and life safety inspections, service, and monitoring, which is largely regulation-driven and considered acyclical. The company aims for recurring contracts to constitute over 60% of its total revenue by 2028, enhancing revenue predictability and stability.
2. Strategic Mergers and Acquisitions (M&A): APi Group actively pursues bolt-on acquisitions to fuel growth. The company has a robust M&A pipeline and allocated approximately $250 million for M&A in 2025, which has contributed to raised revenue guidance and is expected to continue driving top-line expansion.
3. Pricing Improvements: The company has successfully implemented pricing improvements across its services, particularly within the Safety Services segment. These strategic price adjustments contribute to revenue growth and enhance gross margins.
4. Organic Growth in Project and Service Revenues: APi Group anticipates a return to traditional rates of organic growth in 2025, driven by continued momentum in its service revenues and an expected return to organic growth in project revenues throughout the year.
5. Demand from Infrastructure Investments: Growth is also supported by amplified demand linked to broader infrastructure investments. This secular opportunity, especially within its Specialty Services segment, provides additional avenues for incremental upside and revenue growth.

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Share Repurchases

• APi Group announced a new $1 billion share repurchase program.
• As of October 16, 2025, the 6-Month Share Buyback Ratio was -0.77%, which may indicate share issuance rather than repurchases during that specific period.

Share Issuance

• Outstanding shares increased to 429 million for the quarter ending September 30, 2025, representing a 3.62% year-over-year increase.
• In 2024, outstanding shares were 0.402 billion, a 14.04% increase from 2023.
• The company agreed to retire all outstanding Series B Preferred Stock from Blackstone and Viking, as announced with its full-year 2023 financial results.

Outbound Investments

• APi Group has made 10 acquisitions, with notable activity in 2021 and 2019 (three acquisitions each) and 2020 (two acquisitions).
• The most recent acquisition was Kenter in July 2023, a provider of energy infrastructure, electric vehicle charging, and energy data services.
• In 2021, APi Group acquired Chubb.

Capital Expenditures

• APi Group generally expects an annual capital expenditure of $250-$300 million, funded by free cash flow.
• A multi-year Chubb restructuring program, initiated in 2022 and continuing through fiscal year 2025, includes expenses related to workforce reductions, lease termination costs, and other facility rationalization costs, with pre-tax restructuring costs of $37 million in 2023 and $12 million in 2024.