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.

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

APG Shareholder/Stockholder Letter Transcript:

NYSE: APG
2024
Annual Report

APi Group
WHO WE ARE
Founded in 1926, APi Group is a market leading global provider of life safety,
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, 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, complete HVAC, fabrication, and material distribution.
We are committed to delivering on our long-term    13/60/80    shareholder value
creation goals, which are: 13% or more adjusted EBITDA margin in 2025, 60% of
revenues from inspection, service, and monitoring, 80% average adjusted free cash
flow conversion, as well as our aspirational goals of becoming the #1 people-first
company and #1 in business performance in our industry.
OUR PURPOSE
Building
Great Leaders  
MAY 2024-MAY 2025
USA

2024 Annual Report
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.
THE NUMBERS
500+

Locations Worldwide
Reported Net Revenue
29K

#1
12.7%
Team Members
Provider of
Life Safety Services
125+
Acquisitions in
Last 20 Years
7.0B
893M
Adjusted EBITDA1
Adjusted EBITDA Margin1
75%
Adjusted Free Cash
Flow Conversion1
As of FY 2024
Refer to appendix for a reconciliation of non-GAAP measures to most directly comparable GAAP measures.
1 
1

How We Work
Our Values and Our Foundational Beliefs
OUR VALUES
OUR FOUNDATIONAL BELIEFS
Safety, health, and well-being
of all our leaders
Caring and enduring
relationships with others
Everyone is a Leader.
Leadership is the single biggest differentiator between
average and excellent.
Building Great Leaders   is about
investing in people as human beings.
Honesty and integrity
Everyone will have the opportunity
to develop as a Leader.
Excellence, nothing less
Joy in our work and in
each other
Combining individual
company agilities with large
company advantages
2
We each own our own development.
Leaders develop Leaders.
The Care Factor: We commit to genuinely and consistently
caring for everyone on our Team.
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.

2024 Annual Report
APi   s    13/60/80    Shareholder
Value Creation Framework
We aspire to be the #1 People-First Company and
#1 in Business Performance in our industry.
Building Great Leaders
Growing Revenue
    The safety, health, and well-being of each of our leaders
is our #1 value
    Delivering long-term organic revenue growth above
industry average
    Everyone, everywhere is a leader
    Inspection-first go-to-market strategy
    Best-in-class field leaders
    Paying for performance
    Expanding share with new and existing customers
    Cross-selling our services
    Fully leveraging our global platform
    Sustainability
    Team engagement
Generating Free Cash Flow
    Targeting long-term 80% adjusted free cash flow conversion
and net leverage ratio of approximately 2.5x
Expanding Margins
    13%+ Adjusted EBITDA Margin by 2025
    Asset-light, low capex operating model
    Improving mix with long-term target of 60%+ of revenue
from inspection, service, and monitoring
    Pursuing accretive M&A and portfolio optimization, and
other value enhancing capital allocation options
    Pricing initiatives and disciplined project and
customer selection
    Systems, scale, leverage, and operational excellence,
including procurement
    Chubb value capture
3



 4/4/2025 Letter Continued (Full PDF)