Page 1

NEWS RELEASE APi GROUP API Group Reports First Quarter 2021 Financial Results 5/12/2021 -Net revenues of $ 803 million- -Reported and adjusted gross margin expansion of 366 and 72 basis points , respectively , for the first quarter 2021- -Quarter end cash balance of approximately $ 750 million and net debt to adjusted EBITDA of 1.75x- APi Group Corporation ( NYSE : APG ) ( " APG " , " API " or the " Company " ) today reported its financial results for the three months ended March 31 , 2021 . First Quarter 2021 Highlights : • Reported net revenues declined by 6.4 % or $ 55 million to $ 803 million compared to $ 858 million in the prior year period , primarily driven by the divestiture of two businesses in Industrial Services • Adjusted net revenues declined by 2.1 % or $ 17 million to $ 803 million , compared to $ 820 million in the prior year period , primarily driven by the anticipated decline in Industrial Services • Net revenues , excluding Industrial Services , increased on an organic basis by 2.4 % compared to the prior year period • Reported gross margin was 22.5 % , representing a 366 basis point increase compared to prior year gross margin of 18.9 % , driven by a decrease in amortization expense combined with improved mix • Adjusted gross margin was 23.0 % , representing a 72 basis point increase compared to prior year adjusted gross margin of 22.3 % , driven by improved mix in Safety Services and disciplined project and customer selection in Specialty Services 1