This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) section should be read in conjunction with the interim unaudited condensed consolidated financial statements (the "Interim Statements") and related notes included in this quarterly report, and the Company's 2025 audited annual consolidated financial statements, the related notes thereto and under the heading "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" and other disclosures contained in our Annual Report on Form 10-K, including financial results for the year ended December 31, 2025. This discussion contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those discussed in these forward-looking statements. Factors that might cause a difference include, but are not limited to, those discussed under the “Cautionary Note Regarding Forward Looking Statements” section of this quarterly report. We prepare our financial statements in accordance with generally accepted accounting principles in the United States of America (“GAAP”). To supplement our financial results presented in accordance with GAAP in this MD&A section, we present EBITDA, which is a non-GAAP financial measure, to assist readers in understanding our performance and provide an additional perspective on trends and underlying operating results on a period-to-period comparable basis. Non-GAAP financial measures either exclude or include amounts not reflected in the most directly comparable measure calculated and presented in accordance with GAAP. Where a non-GAAP financial measure is used, we have provided the most directly comparable measure calculated and presented in accordance with GAAP, a reconciliation to the GAAP measure and a discussion of the reasons why management believes this information is useful to it and may be useful to investors. Unless the context otherwise requires, all references in this section to “APG,” the “Company,” “we,” “us,” and “our” refer to APi Group Corporation and its subsidiaries. Overview We are a global, market-leading business services company providing statutorily mandated and contracted services across our Safety Services and Specialty Services segments, including fire and life safety, electronic security, elevator and escalator, and infrastructure services. With more than 600 locations in over 20 countries, we are built on a century of expertise, a people-first culture, and our purpose of Building Great Leaders. We operate our business under three primary operating segments, two of which aggregate into a single reportable segment, resulting in two reportable segments: •Safety Services – A leading provider of safety services in North America, Europe, and Asia-Pacific, focusing on fire and life safety solutions, electronic security systems, and elevators and escalators, including design, installation, inspection, service, and monitoring of these systems. The work performed within this segment spans across a diverse mix of end markets with a focus on high tech services, advanced manufacturing, healthcare, fulfillment and distribution centers, and critical infrastructure. •Specialty Services – A leading provider of a variety of specialty contracting, fabrication and distribution, and infrastructure and utility services. The work within this segment spans across a diverse mix of end markets with a focus on high tech services, healthcare, and critical infrastructure throughout North America. We focus on growing our recurring revenue streams and repeat business from a diverse set of long-standing customers across a variety of end markets, which we believe provides us with stable cash flows and a platform for organic growth. We believe inspection, service, and monitoring revenues are generally more predictable through contractual arrangements with typical terms ranging from days to five years, with the majority having short durations and are often recurring due to consistent renewal rates and long-standing customer relationships. For financial information about our segments see Note 17 – “Segment Information” to our condensed consolidated financial statements included herein. 39 Table of Contents RECENT DEVELOPMENTS AND CERTAIN FACTORS AND TRENDS AFFECTING OUR RESULTS OF OPERATIONS Acquisitions For information about our acquisition activity, see Note 3 – "Business Combinations" to our condensed consolidated financial statements included herein. Economic, Industry, and Market Factors We closely monitor the effects of general changes in economic and market conditions on our customers. General economic and market conditions can positively or negatively affect demand for our customers’ products and services, which can impact their planned capital and maintenance budgets in certain end markets. Market, regulatory, and industry factors could affect demand for our services. Availability of transportation and transmission capacity and fluctuations in market prices for energy and other fuel sources can also affect demand for our services for pipeline and power generation construction services. These fluctuations, as well as the highly competitive nature of our industries, have resulted, and may continue to result, in lower proposals and lower profit on the services we provide. Increased volatility in the global economy, and the increased tariffs on imported goods by the United States, Canada, and other countries, may also impact the financial results of some of our businesses. These tariffs have a direct impact on the cost of certain materials utilized in the services we provide and will increase the overall cost of projects which could lower project activity and impact the demand for our services. In the face of increased cost pressure on key materials or other market developments, we strive to maintain our profit margins through productivity improvements, cost reduction programs, pricing adjustments, and business streamlining efforts. Increased competition for skilled labor resources and higher labor costs can reduce our profitability and impact our ability to deliver timely service to our customers. We could experience supply chain disruptions, which could negatively impact the source and supply of materials needed to perform our work. In addition, fluctuations in foreign currencies may have an impact on our financial position and results of operations. However, we believe that our exposure to transactional gains or losses resulting from changes in foreign currencies is limited because our foreign operations primarily invoice and collect receivables in their respective local or functional currencies, and the expenses associated with these transactions are generally contracted and paid for in the same local currencies. In cases where operational transactions represent a material currency risk, we generally enter into cross-currency swaps. Refer to Note 8 – "Derivatives" to our condensed consolidated financial statements included in this quarterly report for additional information on our hedging activities. While we actively monitor economic, industry, and market factors that could affect our business, we cannot predict the effect that changes in such factors may have on our future consolidated results of operations, liquidity, and cash flows, and we may be unable to fully mitigate, or benefit from, such changes. Effect of Seasonality and Cyclical Nature of Business Our net revenues and results of operations can be subject to variability stemming from seasonal and other variations. Seasonal variations can be influenced by weather conditions impacting customer spending patterns, contract award seasons, and project schedules, as well as the timing of holidays. Consequently, net revenues for our businesses are typically lower during the first and second quarters due to the prevalence of unfavorable weather conditions within our North American companies, which can cause project delays and affect productivity. Additionally, the industries we serve can be cyclical. Fluctuations in end-user demand, or in the supply of services within those industries, can affect demand for our services. As a result, our businesses may be adversely affected by industry declines or by delays in new projects. Variations or unanticipated changes in project schedules in connection with large projects can create fluctuations in net revenues. Recent Accounting Pronouncements A summary of recent accounting pronouncements is included in Note 2 – “Recent Accounting Pronouncements” to our condensed consolidated financial statements included herein. DESCRIPTION OF KEY LINE ITEMS Net revenues Net revenues are generated from the sale of various types of contracted services, fabrication, and distribution. We derive net revenues primarily from services under contractual arrangements with durations ranging from days to five years, with the majority having short durations, and which may provide the customer with pricing options that include a combination of fixed, unit, or time and material pricing. Net revenues for fixed price agreements are generally recognized over time using the cost-to-cost method of accounting which measures progress based on the cost incurred to total expected cost in satisfying our performance obligation. 40 Table of Contents Net revenues from time and material contracts are recognized as the services are provided. Net revenues earned are based on total contract costs incurred plus an agreed upon markup. Net revenues for these cost-plus contracts are recognized over time on an input basis as labor hours are incurred, materials are utilized, and services are performed. Net revenues from wholesale or retail unit sales are recognized at a point-in-time upon shipment. Cost of revenues Cost of revenues consists of direct labor, materials, subcontract costs, and indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs, and depreciation costs. Labor costs are considered to be incurred as the work is performed. Subcontractor labor is recognized as the work is performed. Gross profit Our gross profit is influenced by direct labor, materials, and subcontract costs. Our profit margins are also influenced by raw material costs, contract mix, weather, and proper coordination with contract providers. Labor-intensive contracts usually drive higher margins than those contracts that include material, subcontract, and equipment costs. Selling, general, and administrative ("SG&A") expenses Selling expenses consist primarily of compensation and associated costs for sales and advertising, trade shows, and corporate marketing. General and administrative expenses consist primarily of compensation and associated costs for executive management, personnel, facility leases, impairment, administrative expenses associated with accounting, finance, legal, information systems, leadership development, human resources, and risk management, and overhead associated with these functions. General and administrative expenses also include outside professional fees and other corporate expenses. Investment expense (income) and other, net Investment expense (income) and other, net includes income and expense from foreign currency forward contracts, cross-currency swaps, joint ventures, non-service pension cost, and other miscellaneous items including gains or losses on extinguishment of debt. Non-service pension cost reflects the sum of the components of pension expense not related to service expense, i.e., interest expense, expected return on assets, and amortization of prior service costs and actuarial gains and losses. CRITICAL ACCOUNTING ESTIMATES For information regarding our critical accounting estimates, see the “Critical Accounting Estimates” section of the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025. There have been no material changes to our critical accounting estimates during the six months ended June 30, 2026. 41 Table of Contents RESULTS OF OPERATIONS The following is a discussion of our financial condition and results of operations during the three and six months ended June 30, 2026 and 2025. Three months ended June 30, 2026 compared to the three months ended June 30, 2025 Three Months Ended June 30, Change ($ in millions) 2026 2025 $ % Net revenues $ 2,254 $ 1,990 $ 264 13.3 % Cost of revenues 1,551 1,375 176 12.8 % Gross profit 703 615 88 14.3 % Selling, general, and administrative expenses 528 472 56 11.9 % Operating income 175 143 32 22.4 % Interest expense, net 36 37 (1) (2.7) % Investment expense (income) and other, net 1 (2) 3 (150.0) % Other expense, net 37 35 2 5.7 % Income before income taxes 138 108 30 27.8 % Income tax provision 39 31 8 25.8 % Net income $ 99 $ 77 $ 22 Net revenues Net revenues for the three months ended June 30, 2026 were $2,254 million compared to $1,990 million for the same period in 2025, an increase of $264 million or 13.3%. The increase in net revenues was driven by solid growth in inspection, service, and monitoring revenues, robust growth in project revenues, revenues from acquisitions completed in the prior 12 months, and pricing improvements. Gross profit The following table presents gross profit (net revenues less cost of revenues) and gross margin (gross profit as a percentage of net revenues) for the three months ended June 30, 2026 and 2025, respectively: Three Months Ended June 30, Change ($ in millions) 2026 2025 $ % Gross profit $ 703 $ 615 $ 88 14.3 % Gross margin 31.2 % 30.9 % Gross profit for the three months ended June 30, 2026 was $703 million compared to $615 million for the same period in 2025, an increase of $88 million or 14.3%. Gross margin for the three months ended June 30, 2026 was 31.2%, an increase of 30 basis points compared to the prior year period. Margins increased in both project and service revenues, driven by disciplined customer and project selection and pricing improvements, offset by project and business mix. 42 Table of Contents Operating expenses The following table presents operating expenses for the three months ended June 30, 2026 and 2025, respectively: Three Months Ended June 30, Change ($ in millions) 2026 2025 $ % Selling, general, and administrative expenses $ 528 $ 472 $ 56 11.9 % SG&A expenses as a % of net revenues 23.4 % 23.7 % SG&A expenses (excluding amortization) (non-GAAP) $ 461 $ 417 $ 44 10.6 % SG&A expenses (excluding amortization) as a % of net revenues (non-GAAP) 20.5 % 21.0 % Selling, general, and administrative expenses SG&A expenses for the three months ended June 30, 2026 were $528 million compared to $472 million for the same period in 2025, an increase of $56 million. SG&A expenses as a percentage of net revenues was 23.4% during the three months ended June 30, 2026 compared to 23.7% for the same period in 2025. The increase in SG&A expenses was primarily driven by expenses from acquisitions completed during the prior 12 months, amortization of intangible assets, non-recurring systems and business enablement expenses, and investments to support growth. SG&A expenses excluding amortization for the three months ended June 30, 2026 were $461 million, or 20.5% of net revenues, compared to $417 million, or 21.0% of net revenues, for the same period of 2025. The decrease in SG&A expenses excluding amortization as a percentage of net revenues is primarily due to revenue growth outpacing growth in expenses. See the discussion and reconciliation of our non-GAAP financial measures below. Interest expense, net Interest expense, net was $36 million and $37 million for the three months ended June 30, 2026 and 2025, respectively. The decrease in interest expense, net was primarily driven by a decrease in floating rates and benefits from certain derivative transactions, offset by an increased volume of outstanding debt. Investment expense (income) and other, net Investment expense (income) and other, net was $1 million for the three months ended June 30, 2026 compared to $2 million of income for the same period of 2025. The change in investment expense (income) and other, net was primarily due to a loss on the extinguishment of debt in the current year with no similar activity in the prior year. Income tax provision The effective tax rate for the three months ended June 30, 2026 was 28.0% compared to 28.7% in the same period of 2025. The decrease in the effective tax rate between the periods was primarily due to the increase in windfall tax benefit for vested shares in the current year. The difference between the effective tax rate and the statutory U.S. federal income tax rate of 21.0% for the three months ended June 30, 2026 and 2025 is due to the windfall tax benefit for vested shares partially offset by nondeductible permanent items, taxes on foreign earnings in jurisdictions that have higher tax rates, and state taxes. Net income and adjusted EBITDA The following table presents net income and adjusted EBITDA for the three months ended June 30, 2026 and 2025, respectively: Three Months Ended June 30, Change ($ in millions) 2026 2025 $ % Net income $ 99 $ 77 $ 22 28.6 % Adjusted EBITDA (non-GAAP) 311 272 39 14.3 % Net income as a % of net revenues 4.4 % 3.9 % Adjusted EBITDA as a % of net revenues 13.8 % 13.7 % 43 Table of Contents Net income for the three months ended June 30, 2026 was $99 million compared to $77 million for the same period in 2025, an increase of $22 million. The net income improvement is primarily attributable to strong revenue growth, partially offset by the increase in SG&A expenses discussed above. Net income as a percentage of net revenues for the three months ended June 30, 2026 and 2025 was 4.4% and 3.9%, respectively. Adjusted EBITDA for the three months ended June 30, 2026 was $311 million compared to $272 million for the same period in 2025, an increase of $39 million. The growth in adjusted EBITDA was driven by the same factors discussed above. Segment Results for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 Net Revenues Three Months Ended June 30, Change ($ in millions) 2026 2025 $ % Safety Services $ 1,482 $ 1,362 $ 120 8.8 % Specialty Services 773 629 144 22.9 % Corporate and Eliminations (1) (1) NM NM $ 2,254 $ 1,990 $ 264 13.3 % Segment Earnings Three Months Ended June 30, Change ($ in millions) 2026 2025 $ % Safety Services $ 252 $ 232 $ 20 8.6 % Safety Services segment earnings as a % of net revenues 17.0 % 17.0 % Specialty Services $ 92 $ 71 $ 21 29.6 % Specialty Services segment earnings as a % of net revenues 11.9 % 11.3 % Corporate and Eliminations $ (33) $ (31) NM NM Adjusted EBITDA (non-GAAP) $ 311 $ 272 $ 39 14.3 % NM = Not meaningful The following discussion breaks down the net revenues and segment earnings by reportable segment for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Safety Services Safety Services net revenues for the three months ended June 30, 2026 increased by $120 million or 8.8% compared to the same period in 2025. The increase was driven by solid growth in inspection, service, and monitoring revenues, growth in project revenues, acquisitions, pricing improvements, and impacts of foreign exchange translation. Safety Services segment earnings as a percentage of net revenues for the three months ended June 30, 2026 was approximately 17.0%, unchanged compared to prior year, driven by disciplined customer and project selection and pricing improvements, resulting in margin expansion in inspection, service, and monitoring revenues and project revenues, partially offset by mix and increased SG&A expenses. Specialty Services Specialty Services net revenues for the three months ended June 30, 2026 increased by $144 million or 22.9% compared to the same period in 2025. The increase was driven by robust growth in both project and service revenues. Specialty Services segment earnings as a percentage of net revenues for the three months ended June 30, 2026 and 2025 was approximately 11.9% and 11.3%, respectively. The increase was primarily driven by disciplined customer and project selection and pricing improvements, resulting in margin expansion in service and project revenues, partially offset by SG&A expenses, including variable compensation expense. 44 Table of Contents Six months ended June 30, 2026 compared to the six months ended June 30, 2025 Six Months Ended June 30, Change ($ in millions) 2026 2025 $ % Net revenues $ 4,236 $ 3,709 $ 527 14.2 % Cost of revenues 2,913 2,552 361 14.1 % Gross profit 1,323 1,157 166 14.3 % Selling, general, and administrative expenses 1,045 930 115 12.4 % Operating income 278 227 51 22.5 % Interest expense, net 66 75 (9) (12.0) % Investment expense (income) and other, net 3 (2) (5) (250.0) % Other expense, net 69 73 (4) (5.5) % Income before income taxes 209 154 55 35.7 % Income tax provision 53 42 11 26.2 % Net income $ 156 $ 112 $ 44 Net revenues Net revenues for the six months ended June 30, 2026 were $4,236 million compared to $3,709 million for the same period in 2025, an increase of $527 million or 14.2%. The increase in net revenues was driven by solid growth in inspection, service, and monitoring revenues, robust growth in project revenues, acquisitions, and pricing improvements. Gross profit The following table presents gross profit (net revenues less cost of revenues) and gross margin (gross profit as a percentage of net revenues) for the six months ended June 30, 2026 and 2025, respectively: Six Months Ended June 30, Change ($ in millions) 2026 2025 $ % Gross profit $ 1,323 $ 1,157 $ 166 14.3 % Gross margin 31.2 % 31.2 % Gross profit for the six months ended June 30, 2026 was $1,323 million compared to $1,157 million for the same period in 2025, an increase of $166 million or 14.3%. Gross margin for the six months ended June 30, 2026 was 31.2%, unchanged compared to the prior year period. Margins increased in both project and service revenues, driven by disciplined customer and project selection and pricing improvements, offset by project and business mix. Operating expenses The following table presents operating expenses for the six months ended June 30, 2026 and 2025, respectively: Six Months Ended June 30, Change ($ in millions) 2026 2025 $ % Selling, general, and administrative expenses $ 1,045 $ 930 $ 115 12.4 % SG&A expense as a % of net revenues 24.7 % 25.1 % SG&A expenses (excluding amortization) (non-GAAP) $ 915 $ 818 $ 97 11.9 % SG&A expenses (excluding amortization) as a % of net revenues (non-GAAP) 21.6 % 22.1 % Selling, general, and administrative expenses SG&A expenses for the six months ended June 30, 2026 were $1,045 million compared to $930 million for the same period in 2025, an increase of $115 million. SG&A expenses as a percentage of net revenues was 24.7% during the six 45 Table of Contents months ended June 30, 2026 compared to 25.1% for the same period in 2025. The increase in SG&A expenses was primarily driven by expenses from acquisitions completed during the prior 12 months, non-recurring systems and business enablement expenses, amortization of intangible assets, investments to support growth, and foreign currency translation. SG&A expenses excluding amortization for the six months ended June 30, 2026 were $915 million, or 21.6% of net revenues, compared to $818 million, or 22.1% of net revenues, for the same period of 2025. The decrease in SG&A expenses excluding amortization as a percentage of net revenues is primarily due to revenue growth outpacing growth in expenses. See the discussion and reconciliation of our non-GAAP financial measures below. Interest expense, net Interest expense, net was $66 million and $75 million for the six months ended June 30, 2026 and 2025, respectively. The decrease in interest expense, net was primarily driven by a decrease in floating rates and benefits from certain derivative transactions, offset by an increased volume of outstanding debt. Investment expense (income) and other, net Investment expense (income) and other, net was $3 million for the six months ended June 30, 2026 compared to $2 million of income for the same period of 2025. The change in investment expense (income) and other, net was primarily due to a loss on the extinguishment of debt in the current year with no similar activity in the prior year and a loss associated with the impact of foreign currency exchange rates compared to the prior year. Income tax provision The effective tax rate for the six months ended June 30, 2026 was 25.2% compared to 27.1% in the same period of 2025. The difference in the effective tax rate was driven by discrete and nondeductible permanent items. The difference between the effective tax rate and the statutory U.S. federal income tax rate of 21.0% is due to the windfall tax benefit for vested shares partially offset by nondeductible permanent items, taxes on foreign earnings in jurisdictions that have higher tax rates, and state taxes. Net income and adjusted EBITDA The following table presents net income and adjusted EBITDA for the six months ended June 30, 2026 and 2025, respectively: Six Months Ended June 30, Change ($ in millions) 2026 2025 $ % Net income $ 156 $ 112 $ 44 39.3 % Adjusted EBITDA (non-GAAP) 546 465 81 17.4 % Net income as a % of net revenues 3.7 % 3.0 % Adjusted EBITDA as a % of net revenues 12.9 % 12.5 % Net income for the six months ended June 30, 2026 was $156 million compared to $112 million for the same period in 2025, an increase of $44 million. The increase is attributable to strong revenue growth, partially offset by the increase in SG&A expenses discussed above. Net income as a percentage of net revenues for the six months ended June 30, 2026 and 2025 was 3.7% and 3.0%, respectively. Adjusted EBITDA for the six months ended June 30, 2026 was $546 million compared to $465 million for the same period in 2025, an increase of $81 million. The growth in adjusted EBITDA was driven by the same factors discussed above. Segment Results for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 Net Revenues Six Months Ended June 30, Change ($ in millions) 2026 2025 $ % Safety Services $ 2,897 $ 2,629 $ 268 10.2 % Specialty Services 1,342 1,082 260 24.0 % Corporate and Eliminations (3) (2) NM NM $ 4,236 $ 3,709 $ 527 14.2 % 46 Table of Contents Segment Earnings Six Months Ended June 30, Change ($ in millions) 2026 2025 $ % Safety Services $ 482 $ 431 $ 51 11.8 % Safety Services segment earnings as a % of net revenues 16.6 % 16.4 % Specialty Services $ 131 $ 100 $ 31 31.0 % Specialty Services segment earnings as a % of net revenues 9.8 % 9.2 % Corporate and Eliminations $ (67) $ (66) NM NM Adjusted EBITDA (non-GAAP) $ 546 $ 465 $ 81 17.4 % NM = Not meaningful The following discussion breaks down the net revenues and segment earnings by reportable segment for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. Safety Services Safety Services net revenues for the six months ended June 30, 2026 increased by $268 million or 10.2% compared to the same period in 2025. The increase was driven by solid growth in inspection, service, and monitoring revenues, growth in project revenues, acquisitions, pricing improvements, and impacts of foreign exchange translation. Safety Services segment earnings as a percentage of net revenues for the six months ended June 30, 2026 and 2025 was approximately 16.6% and 16.4%, respectively. The increase was primarily driven by disciplined customer and project selection and pricing improvements, resulting in margin expansion in inspection, service, and monitoring revenues and project revenues, partially offset by mix and increased SG&A expenses. Specialty Services Specialty Services net revenues for the six months ended June 30, 2026 increased by $260 million or 24.0% compared to the same period in 2025. The increase was driven by robust growth in both project and service revenues. Specialty Services segment earnings as a percentage of net revenues for the six months ended June 30, 2026 and 2025 was approximately 9.8% and 9.2%, respectively. The increase was driven by disciplined customer and project selection and pricing improvements, resulting in margin expansion in service and project revenues, partially offset by SG&A expenses. Non-GAAP Financial Measures We supplement our reporting of consolidated financial information determined in accordance with GAAP with SG&A expenses (excluding amortization) and adjusted EBITDA (defined below), which are non-GAAP financial measures. We use these non-GAAP financial measures to evaluate our performance, both internally and as compared with our peers, because they exclude certain items that may not be indicative of our core operating results. Management believes these measures are useful to investors because they (a) reflect the same tools management uses to assess performance and prospects, (b) facilitate peer comparison, (c) provide consistent period-to-period comparisons, and (d) in the case of adjusted EBITDA, determine certain elements of executive incentive compensation. These non-GAAP financial measures, however, have limitations as analytical tools and should not be considered a substitute for, or superior to, GAAP financial measures. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses, gains, and other non-recurring items that are required by GAAP to be recorded in our financial statements and may not be comparable to similarly titled measures of other companies due to potential differences in calculation methods. In addition, these measures are subject to inherent limitations as they reflect the exercise of judgment by management about which items are excluded or included in determining these non-GAAP financial measures. Investors are encouraged to review the following reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measures and not to rely on any single financial measure to evaluate our business. SG&A expenses (excluding amortization) SG&A expenses (excluding amortization) is a measure of operating costs used by management to manage the business. We believe this non-GAAP measure provides meaningful information and helps investors understand our core 47 Table of Contents selling, general, and administrative expenses, excluding acquisition-related amortization expense, to better enable investors to understand our financial results and assess our prospects for future performance. The following tables present reconciliations of SG&A expenses to SG&A expenses (excluding amortization) for the periods indicated: Three Months Ended June 30, ($ in millions) 2026 2025 Reported SG&A expenses $ 528 $ 472 Adjustments to reconcile to SG&A expenses to SG&A expenses (excluding amortization) Amortization expense (67) (55) SG&A expenses (excluding amortization) $ 461 $ 417 Six Months Ended June 30, ($ in millions) 2026 2025 Reported SG&A expenses $ 1,045 $ 930 Adjustments to reconcile to SG&A expenses to SG&A expenses (excluding amortization) Amortization expense (130) (112) SG&A expenses (excluding amortization) $ 915 $ 818 Adjusted EBITDA Adjusted earnings before interest, taxes, depreciation, and amortization (“adjusted EBITDA”) is the measure of profitability used by management to manage the business. Adjustments include expenses that are non-recurring in nature and that may not be indicative of the Company’s core operating results, including contingent consideration and compensation, non-service pension cost, systems and business enablement expenses, business process transformation expenses, acquisition and divestiture related expenses, restructuring program related costs, and other miscellaneous items. We supplement the reporting of our consolidated financial information with adjusted EBITDA. We believe this non-GAAP measure provides meaningful information and helps investors understand our financial results and assess our prospects for future performance. The following tables present reconciliations of net income to adjusted EBITDA for the periods indicated: Three Months Ended June 30, ($ in millions) 2026 2025 Reported net income $ 99 $ 77 Adjustments to reconcile net income to adjusted EBITDA: Interest expense, net 36 37 Income tax provision 39 31 Depreciation 21 22 Amortization 68 59 Contingent consideration and compensation (1) — Non-service pension cost 5 5 Systems and business enablement 25 18 Acquisition and divestiture related expenses 9 11 Restructuring program related costs — 11 Other 10 1 Adjusted EBITDA $ 311 $ 272 48 Table of Contents Six Months Ended June 30, ($ in millions) 2026 2025 Reported net income $ 156 $ 112 Adjustments to reconcile net income to adjusted EBITDA: Interest expense, net 66 75 Income tax provision 53 42 Depreciation 42 42 Amortization 131 119 Contingent consideration and compensation (1) 1 Non-service pension cost 10 9 Systems and business enablement 52 30 Business process transformation expenses — 4 Acquisition and divestiture related expenses 28 14 Restructuring program related costs — 14 Other 9 3 Adjusted EBITDA $ 546 $ 465 LIQUIDITY AND CAPITAL RESOURCES Overview Our primary sources of liquidity are cash flows from the operating activities of our consolidated subsidiaries, available cash and cash equivalents, our access to our $1 billion five-year senior secured revolving credit facility (the "Revolving Credit Facility") and the proceeds from debt and equity offerings. We believe these sources will be sufficient to fund our liquidity requirements for at least the next twelve months. Although we believe we have sufficient resources to fund our future cash requirements, there are many factors with the potential to influence our cash flow position including weather, seasonality, commodity prices, market conditions, geopolitical issues, and inflation, over which we have no control. As of June 30, 2026, we had $1,565 million of total liquidity, comprised of $851 million in cash and cash equivalents and $714 million ($1 billion less $280 million of outstanding borrowings and outstanding letters of credit of approximately $6 million, which reduce availability) of available borrowings under our Revolving Credit Facility. During the second quarter of 2026, we completed the Ninth Amendment to our credit agreement, upsizing and extending the Revolving Credit Facility, and extending the 2021 Term Loan. The amendment increased the Revolving Credit Facility by $250 million, from $750 million to $1 billion, increased the letter of credit sublimit from $250 million to $300 million, extended the maturity date of the Revolving Credit Facility to May 14, 2031, and extended the maturity date of the 2021 Term Loan to May 14, 2033. During 2025, we completed the Eighth Amendment to our credit agreement, which increased the Revolving Credit Facility from $500 million to $750 million, extended the facility's maturity to five years from the date of the Eighth Amendment, reduced the applicable margin by 75 basis points, and eliminated the credit spread adjustment. We also completed the Seventh Amendment to our credit agreement, repricing the 2021 Term Loan. The repricing reduced the applicable margin on the 2021 Term Loan by 25 basis points. During 2024, we completed the Sixth Amendment to our credit agreement, refinancing the 2021 Term Loan by increasing its principal amount by approximately $550 million, lowering the interest margin by 50 basis points, and removing the CSA. We also completed our Fifth Amendment to our credit agreement, upsizing our 2021 Term Loan by an aggregate principal amount equal to $300 million. Our principal liquidity requirements have been, and we expect will continue to be, for working capital and general corporate purposes, including capital expenditures and debt service, identifying, executing, and integrating strategic acquisitions and business transformation transactions or initiatives, as well as any accrued consideration and compensation due to the sellers, including tax payments in connection therewith. 49 Table of Contents During 2025, our Board of Directors authorized a share repurchase program ("2025 SRP") to purchase up to $1 billion in shares of our common stock. The timing, amount, and manner of any repurchases under the new repurchase program will be determined at the discretion of our leadership based on a number of factors, including the availability of capital, capital allocation alternatives, and market conditions for our common stock. The share repurchase program is open-ended and does not require us to acquire any specific number of shares. It may be modified, suspended, extended, or terminated by us at any time without prior notice and may be executed through open-market purchases, privately negotiated transactions or otherwise, and we may enter into Rule 10b5-1 trading plans in connection with such repurchases. This new authorization replaces our previous share repurchase authorization announced in 2024 ("2024 SRP"). In 2025, prior to the new authorization, we repurchased 3,095,573 shares of common stock for approximately $75 million under the 2024 SRP. During the six months ended June 30, 2026, we repurchased 1,586,704 shares of common stock for approximately $66 million under the 2025 SRP. As of June 30, 2026, we had approximately $934 million of authorized repurchases remaining under the 2025 SRP. Cash Flows The following table summarizes net cash flows with respect to our operating, investing, and financing activities for the periods indicated: Six Months Ended June 30, ($ in millions) 2026 2025 Net cash provided by operating activities $ 168 $ 145 Net cash used in investing activities (861) (140) Net cash provided by (used in) financing activities 639 (101) Effect of foreign currency exchange rate change on cash, cash equivalents, and restricted cash (8) 28 Net decrease in cash, cash equivalents, and restricted cash $ (62) $ (68) Cash, cash equivalents, and restricted cash, end of period $ 851 $ 433 Net Cash Provided by Operating Activities Net cash provided by operating activities was $168 million for the six months ended June 30, 2026 compared to $145 million for the same period in 2025. The increase in cash provided by operating activities is primarily due to an increase in net income and improvements in working capital efficiencies associated with the various services we provided during the six months ended June 30, 2026 compared to the same period of the prior year. Cash flow from operations is primarily driven by changes in the quantity of services provided and working capital needs associated with the various services we provide. Working capital is primarily affected by changes in total accounts receivable, accounts payable, accrued expenses, and contract assets and contract liabilities, all of which tend to be related and are affected by changes in the timing and volume of work performed. Net Cash Used in Investing Activities Net cash used in investing activities was $861 million for the six months ended June 30, 2026 compared to $140 million for the same period in 2025. This increase is primarily driven by increased acquisition consideration in the current year. We had cash used in acquisitions, net of cash acquired, of $816 million and $111 million in the six months ended June 30, 2026 and 2025, respectively. Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities was $639 million for the six months ended June 30, 2026 compared to net cash used in financing activities of $101 million for the same period in 2025. The cash provided by financing activities for the six months ended June 30, 2026 was driven by $795 million in proceeds from long-term borrowings and $280 million of net short-term debt, offset by $303 million in payments on long-term borrowings, $66 million of share repurchases, $38 million of restricted shares tendered for taxes, and $13 million of payments of acquisition-related consideration, while in the six months ended June 30, 2025, cash used in financing activities was driven by $75 million of share repurchases, $20 million of restricted shares tendered for taxes, and $2 million of payments of acquisition-related consideration. 50 Table of Contents Financing Activities Credit Agreement We have entered into a Credit Agreement by and among APi Group DE, Inc., our wholly-owned subsidiary, as borrower ("APi Group DE"), APG as a guarantor, the subsidiary guarantors from time to time party thereto, the lenders from time to time party thereto, and Citibank N.A., as administrative agent and as collateral agent (the “Credit Agreement”) which provides for: (1) a term loan facility, pursuant to which we incurred the $2,152 million seven-year incremental term loan ("2021 Term Loan") (increased from $1,100 million in 2024 and 2025) used to fund a portion of the purchase price in the Chubb acquisition and to fully repay the balance of a previously outstanding term loan, and (2) a $1 billion Revolving Credit Facility (increased from $750 million in 2026) of which up to $300 million (increased from $250 million in 2026) can be used for the issuance of letters of credit. During the second quarter of 2026, we completed the Ninth Amendment to our credit agreement, upsizing and extending the Revolving Credit Facility. The amendment increased the Revolving Credit Facility by $250 million from $750 million to $1 billion, increased the letter of credit sublimit from $250 million to $300 million, extended the maturity date of the Revolving Credit Facility to May 14, 2031, and extended the maturity date of the 2021 Term Loan to May 14, 2033. During 2025, we completed the Eighth Amendment to our credit agreement, which increased the Revolving Credit Facility from $500 million to $750 million, extended the facility's maturity to five years from the date of the Eighth Amendment, reduced the applicable margin by 75 basis points, and eliminated the credit spread adjustment applicable to the Revolving Credit Facility. We also completed the Seventh Amendment to our credit agreement, repricing the 2021 Term Loan. The repricing reduced the applicable margin on the 2021 Term Loan by 25 basis points. During 2024, we completed the Sixth Amendment to our credit agreement, refinancing the 2021 Term Loan by increasing its principal amount by approximately $550 million, lowering the interest margin by 50 basis points, and removing the CSA. We also completed our Fifth Amendment to our credit agreement, upsizing our 2021 Term Loan by a principal amount equal to $300 million. The amended interest rate applicable to the 2021 Term Loan is, at our option, either (a) a base rate plus an applicable margin equal to 0.75% or (b) a Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.75%. The 2021 Term Loan matures on May 14, 2033. Principal payments on the 2021 Term Loan will be made in quarterly installments on the last day of each fiscal quarter, for a total annual amount equal to 1.00% of the initial aggregate principal amount of the 2021 Term Loan. The interest rate applicable to borrowings under the Revolving Credit Facility is, at our option, either (a) a base rate plus an applicable margin equal to 0.25% or (2) a Term SOFR rate (adjusted for statutory reserves) plus an applicable margin equal to 1.25%. The Credit Agreement contains customary representations and warranties, and affirmative and negative covenants, including covenants that, among other things, restrict our, and our restricted subsidiaries’, ability to (i) incur additional indebtedness; (ii) pay dividends or make other distributions or repurchase or redeem capital stock; (iii) prepay, redeem or repurchase certain debt; (iv) make loans and investments; (v) sell, transfer and otherwise dispose of assets; (vi) incur or permit to exist certain liens; (vii) enter into transactions with affiliates; (viii) enter into agreements restricting subsidiaries’ ability to pay dividends; and (ix) consolidate, amalgamate, merge or sell all or substantially all assets. The Credit Agreement also contains customary events of default. Furthermore, with respect to the revolving credit facility, we must maintain a first lien net leverage ratio that does not exceed 3.75 to 1.00 for each fiscal quarter, if on the last day of any fiscal quarter the outstanding amount of all revolving loans and letter of credit obligations (excluding undrawn letters of credit up to $60 million) under the Credit Agreement is greater than 30% of the total revolving credit commitments thereunder subject to a right of cure. Our first lien net leverage ratio as of June 30, 2026 was 1.3:1.0. As of June 30, 2026, the 2021 Term Loan has $2,152 million remaining principal amount outstanding and we had $280 million outstanding under the Revolving Credit Facility, under which $714 million was available after giving effect to $6 million of outstanding letters of credit, which reduces availability. Senior Notes On June 22, 2021, APi Group DE completed a private offering of $350 million aggregate principal amount of 4.125% Senior Notes due 2029 (the “4.125% Senior Notes”), issued under an indenture, dated June 22, 2021. The 4.125% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by us and certain of our subsidiaries. The 51 Table of Contents 4.125% Senior Notes will mature on July 15, 2029, unless redeemed earlier, and bear interest at a rate of 4.125% per year until maturity, payable semi-annually in arrears. We used the net proceeds from the sale of the 4.125% Senior Notes to repay previously outstanding term loans and for general corporate purposes. As of June 30, 2026, we had $337 million aggregate principal amount of 4.125% Senior Notes outstanding. On October 21, 2021, APi Group DE completed a private offering of $300 million aggregate principal amount of 4.750% Senior Notes due 2029 (the “4.750% Senior Notes”) issued under an indenture dated October 21, 2021, as supplemented by a supplemental indenture dated January 3, 2022. The 4.750% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by us and certain of our subsidiaries. The 4.750% Senior Notes will mature on October 15, 2029, unless earlier redeemed, and bear interest at a rate of 4.750% per year until maturity, payable semi-annually in arrears. We used the net proceeds from the sale of the 4.750% Senior Notes to finance a portion of the consideration for the Chubb acquisition. As of June 30, 2026, we had $277 million aggregate principal amount of 4.750% Senior Notes outstanding. On May 14, 2026, APi Group DE completed a private offering of $500 million aggregate principal amount of 5.750% Senior Notes due 2034 (the "5.750% Senior Notes") issued under an indenture dated May 14, 2026. The 5.750% Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by us and certain of our subsidiaries. The 5.750% Senior Notes will mature on June 1, 2034, unless redeemed earlier, and bear interest at a rate of 5.750% per year until maturity, payable semi-annually in arrears. We intend to use the net proceeds from the offering for general corporate purposes, including funding previously announced acquisitions and related fees and expenses. As of June 30, 2026, we had $500 million aggregate principal amount of 5.750% Senior Notes outstanding. Debt Covenants We were in compliance with all covenants contained in the indentures governing the 4.125% Senior Notes, 4.750% Senior Notes, and Credit Agreement as of June 30, 2026 and December 31, 2025, and the 5.750% Senior Notes as of June 30, 2026. Material Cash Requirements from Known Contractual and Other Obligations Our material cash requirements from known contractual and other obligations primarily relate to the following, for which information on both a short-term and long-term basis is provided in the indicated notes to the Interim Statements and expected to be satisfied using cash generated from operations: •Debt – See Note 10 – "Debt" for future principal payments and interest rates on our debt instruments. •Tax Obligations – See Note 11 – "Income Taxes." •Operating and Finance Leases – See Note 12 – "Leases" in the Annual Report on Form 10-K filed on February 25, 2026. We have not had material changes to our lease obligations during the six months ended June 30, 2026. We make investments in our properties and equipment to enable continued expansion and effective performance of our business. Our capital expenditures are typically less than 1.5% of annual net revenues.