On this page of StockholderLetter.com we present the latest annual shareholder letter from APi Group Corp — ticker symbol APG. Reading current and past APG letters to shareholders can bring important insights into the investment thesis.

 •  4/3/2026 Letter Continued (Full PDF)
 •  4/28/2023 APG Stockholder Letter
 •  4/29/2024 APG Stockholder Letter
 •  4/4/2025 APG Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  APG Benford's Law Stock Score = 100

APG Shareholder/Stockholder Letter Transcript:

2025
Annual Report
NYSE: APG

A Century of
Building Great
Leaders
Who We Are
Founded in 1926, APi Group is a market leading global provider of life safety, electronic security, monitoring,
elevator, and specialty services, with revenue of over $7 billion.
We are headquartered in New Brighton, Minnesota, operate in more than 20 countries, and have a team of
approximately 29,000 leaders. Our core and enduring purpose is Building Great Leaders  . We believe this
purpose fosters an empowered, entrepreneurial environment that promotes the exchange of knowledge and
best practices across the organization, facilitating the creation of integrated solutions and driving innovation.
We specialize in two business segments: Safety Services and Specialty Services. In our Safety Services
segment, we protect clients    personnel and assets with expertly designed fire detection and suppression
systems, electronic security and monitoring solutions, elevators, and escalators. We ensure safety and
compliance with top-tier alarms and suppression technologies, providing 24/7 inspection, repair, contractual
maintenance, testing, modernization, and advanced remote monitoring services. In our Specialty Services
segment, we offer premier solutions in infrastructure, energy, telecommunications, specialty contracting,
complete HVAC, fabrication, and material distribution.
We are committed to delivering on our long-term    10/16/60+    shareholder value creation goals, which
are: $10 billion or more in revenue by 2028, 16% or more adjusted EBITDA margin by 2028, and 60%+ of
revenues from inspection, service, and monitoring over the long term, as well as our aspirational goals of
becoming the #1 people-first company and #1 in business performance in our industry.
Celebrating our 100-year anniversary gives us the opportunity to recognize how our enduring purpose
of Building Great Leaders   creates a lasting impact beyond our walls     helping to Build Great
Communities. We are grateful to the communities we serve for 100 years of partnership.

1926
2000
APi Group can trace its roots back to 1926 to a small construction-focused
insulation contracting and distribution division of the mechanical company
Reuben L. Anderson-Cherne in St. Paul, MN
Establishes first presence outside
North America with acquisition of
Vipond, U.K.
Company begins growing by acquisition
1992
Annual revenue tops $1 Billion
Company continues to
grow by acquisition adding
manufacturing, fabrication, and
refrigerator service and repair
1995
1980
Reuben L. Anderson launched a
strategic initiative to diversify APi,
Inc. within the construction and
construction-related industries
1985
With acquisition of Viking
Automatic Sprinkler, APi enters
fire protection space
1981
Enters industrial maintenance
end market with the acquisition of
Industrial Contractors, Inc.
Russ Becker joins The Jamar
Company, an APi Group
operating company
Russ Becker joins
APi Group as President
1999
By 1999 fire protection grows
to account for 60 percent
of APi   s revenue, up from 30
percent five years earlier
1997
APi Construction becomes a
subsidiary and APi Group, Inc.
was formed
1996
1964
Lee Anderson join
the Company
2002
Vipond, a business in Canada,
becomes first acquisition
outside the U.S.
2003
Leader Development
Rotational Program
created

2025 ANNUAL REPORT
2004
2019
First Leader Lab held
for senior leaders
Acquired by
J2Acquisition Ltd.
2022
2007
2020
Established goal of 50%+
revenue from service
Acquired Chubb Fire
and Security, largest
acquisition to date
Listed on NYSE under
the ticker APG
2016
With acquisition of J. Fletcher
Creamer & Son, Inc. enters
infrastructure space
2025
The Care Factor
Fund is established
2015
2021
Building Great
Leaders   established
Annual revenue
tops $4 Billion
2008
Veterans rotational
program established
2024
Enters elevator and
escalator service market
with the acquisition
of Elevated Facilities
Services
2018
   Inspection First   
mindset established
2017
Accelerated Readiness
Program commences
2023
Proclaims aspirational
goal to be #1 people-first
company and #1 in business
performance

2025 ANNUAL REPORT
APi GROUP
Our Central Premise
As Leaders, we recognize that our success happens only when our Branches and Field
Leaders are successful. All of our people are foundational to creating value.
500+
140+
13.2%
29K

Team Members
7.9B
Reported Net Revenue
80%
#1

Locations Worldwide
Acquisitions in Last 20 Years
Provider of Life Safety Services
1
1
1
1,041M
Adjusted EBITDA Margin
Adjusted Free Cash
Flow Conversion
Adjusted EBITDA
Designated by ENR, a US-only publication
1

4/3/2026 Letter Continued (Full PDF)

 

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