APi : APG Investor Update September 2023

Investor Update

September 6, 2023

Forward Looking Statements and Disclaimers

This presentation does not constitute or form part of any offer, invitation, prospectus or prospectus equivalent document to purchase, otherwise acquire, issue, subscribe for, sell or otherwise dispose of any securities, nor any solicitation of any offer to purchase, otherwise acquire, issue, subscribe for, sell, or otherwise dispose of any securities. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about and observe such restrictions.

Please note that in this presentation, we may discuss events or results that have not yet occurred or been realized, commonly referred to as forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of APi Group Corporation ("APi" or the "Company"). Such discussion and statements may contain words such as "expect," "anticipate," "will," "should," "believe," "intend," "plan," "estimate," "predict," "seek," "continue," "pro forma" "outlook," "may," "might," "should," "can have," "have," "likely," "potential," "target," "indicative," "illustrative," and variations of such words and similar expressions, and relate in this presentation, without limitation, to statements, beliefs, projections and expectations about future events. Such statements are based on the Company's expectations, intentions and projections regarding the Company's future performance, anticipated events or trends and other matters that are not historical facts, including expectations regarding: (i) the Company's long-term targets, goals and strategies, including its capital allocation strategies, the ability to successfully capitalize on its opportunities and deliver long-term value creation and valuation multiple expansion opportunities; (ii) the Company's outlook and expected full year financial performance, including with respect to net revenue, net revenue growth, inspection, service and monitoring revenue, adjusted EBITDA, adjusted free cash flow, adjusted free cash flow conversion, net debt-to- adjusted EBITDA ratio; (iii) the potential benefits of the acquisition of Chubb Limited's fire and security businesses ("Chubb") by APi, including significant growth and margin expansion opportunities, the expected value capture from the acquisition of Chubb, the implementation of certain sales focused revenue growth strategies, including changes in pricing, salesforce optimization and services- focused revenue management strategies, Chubb's potential branch profitability, and financial targets regarding net total organic growth and adjusted EBITDA margin by 2025; (iv) the Company's ability to successfully manage supply chain disruptions, inflationary cost pressures and foreign exchange headwinds through its pricing activities, focused growth in inspection, service and monitoring, strong spend controls and disciplined project and customer selection; (v) the impact of the Company's backlog on future results; (vi) the impact of the Company's focus on inspection and service work, including statutorily required services, on future revenues; (vii) the Company's ability to retain employees, technicians and engineers; (viii) the Company's ability to manage results in volatile circumstances; (ix) the ability of the Company to achieve key financial targets, including with respect to revenue growth, organic net revenue growth, inspection, service and monitoring revenue, adjusted EBITDA margin targets, margin, adjusted free cash flow, adjusted free cash flow conversion rates, net debt to adjusted EBITDA, and long-term leverage ratio targets; (x) the ability of the Company to successfully expand both organically and through accretive M&A transactions; (xi) the ability of the Company to successfully navigate macroeconomic challenges; (xii) the Company's belief that its leadership development culture will drive business performance and increase future cross-selling opportunities; and (xiii) opportunities associated with the Infrastructure Investment and Jobs Act. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: (i) economic conditions, competition and other risks that may affect the Company's future performance, including the impacts of the COVID-19 pandemic, inflationary pressures and other macroeconomic factors on the Company's business, markets, supply chain, customers and workforce, on the credit and financial markets, on the alignment of expenses and revenues and on the global economy generally; (ii) supply chain constraints and interruptions, and the resulting increases in the cost, or reductions in the supply, of the materials and commodities the Company uses in its business and for which the Company bears the risk of such increases; (iii) failure to realize the anticipated benefits of the acquisition of the Chubb fire and security business; (iv) changes in applicable laws or regulations; (v) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (vi) the impact of the conflict between Russia and Ukraine; (vii) the trading price of the Company's common stock, which may be positively or negatively impacted by market and economic conditions, including as a result of the COVID-19 pandemic, the availability of the Company's common stock, the Company's financial performance or determinations following the date of this presentation to use the Company's funds for other purposes; and (viii) other risks and uncertainties, including those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 under the heading "Risk Factors." Given these risks and uncertainties, you are cautioned not to place undue reliance on forward-looking statements. Additional information concerning these risks, uncertainties and other factors that could cause actual results to vary is, or will be, included in the periodic and other reports filed by the Company with the Securities and Exchange Commission. Forward-looking statements included in this presentation speak only as of the date hereof and, except as required by applicable law, the Company does not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this presentation.

©2023 APi Group. All Rights Reserved.	2

The APi Group Opportunity

Investment Overview

Strategic Highlights

Global, market-leading business services provider of life safety, security and specialty services with a substantial recurring revenue base

Safety Services (~70% of total net revenues)(1):

• Provide statutorily-mandated and other contracted services to a large installed base of diverse customers
• Focused on non-discretionary,regulatory-driven, higher margin, recurring inspection, service and monitoring revenue, which represents 50%+ of total net revenues
• Acquisition of Chubb fire and security business ("Chubb") created world's leading life safety services provider

Specialty Services (~30% of total net revenues)(1):

• Diverse offering serving standing customers across largely counter cyclical markets (e.g. telecom and utilities represent majority of segment under Master Service Agreements)

Leadership culture driven by experienced and aligned operating leadership team and board with significant ownership

(1) Calculated based on rounded APi net revenues, excluding Corporate and Eliminations, for the twelve months ended December 31, 2022.

©2023 APi Group. All Rights Reserved.	4

Investment Highlights

Investment Overview

Track record of long-term, above industry average organic growth augmented by cash flow-funded acquisitions

Higher margin, inspection, service and monitoring revenue makes up 50%+ of APi's total net revenues

Asset light, low CapEx, high free cash flow services platform

Significant margin expansion opportunity driven by improving mix of inspection, service and monitoring revenue, pricing, disciplined project and customer selection, value capture opportunities, procurement and operating leverage

Flexible operating structure driven by predominately variable cost structure and small average project size /shorter duration projects

Free cash flow usage: support organic growth, accretive acquisitions, reduce leverage, shareholder returns

Compounder of capital: strong free cash flow generation plus thoughtful, high return on invested capital investments

©2023 APi Group. All Rights Reserved.	5