APi Group Exceeds 2025 Targets, Sets Ambitious 2026 Growth Goals
Event summary
- APi Group expects 2025 net revenues and adjusted EBITDA to exceed the midpoint of its October 2025 guidance, with revenues between $7,825M–$7,925M and EBITDA between $1,015M–$1,045M.
- 2026 guidance projects net revenues of $8,400M–$8,600M, driven by organic growth in service and project revenues, with adjusted EBITDA margins targeting 13.8% at the midpoint.
- Net leverage ratio for 2025 is expected to be significantly below 2.0x, well under the target range of 2.5–3.0x.
- APi’s leadership will participate in key investor conferences in February 2026 to discuss 2025 performance and 2026 outlook.
The big picture
APi Group’s strong 2025 performance and ambitious 2026 guidance reflect its disciplined execution of the '13/60/80' framework, which has been a cornerstone of its strategy since 2021. The company’s focus on organic growth and margin expansion positions it well in the competitive business services sector, particularly in fire and life safety, security, and elevator and escalator services. The upcoming investor conferences will provide further insights into how APi plans to navigate macroeconomic pressures and capitalize on its global platform.
What we're watching
- Organic Growth Momentum
- Whether APi can sustain its strong organic growth in service and project revenues amid macroeconomic challenges.
- Capital Allocation Strategy
- How APi will leverage its strong balance sheet to pursue value-enhancing acquisitions or other capital allocation opportunities in 2026.
- Margin Expansion
- The pace at which APi can continue expanding adjusted EBITDA margins while maintaining its 80% adjusted free cash flow conversion target.
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