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APi Group Corporation released an update on its 2025 performance and initial 2026 outlook. Management expects 2025 net revenues and adjusted EBITDA to come in comfortably above the October 30, 2025 guidance midpoints of $7,825 to $7,925 million and $1,015 to $1,045 million. Adjusted EBITDA margins are expected to exceed the 13% target, with adjusted free cash flow conversion around the 80% target. The company also expects to end 2025 with a net leverage ratio significantly below 2.0x, versus its 2.5–3.0x target. For 2026, APi guides to net revenues of $8,400 to $8,600 million and adjusted EBITDA of $1,140 to $1,200 million, implying a 13.8% adjusted EBITDA margin at the midpoint.
APi Group Corporation’s major shareholder Sir Martin E. Franklin has updated his ownership disclosure in an Amendment No. 10 to a Schedule 13D. As of the event date, he beneficially owns 55,536,501 shares of APi Group common stock, representing 12.7% of the class under SEC Rule 13d‑3(d). This total includes Series A Preferred Stock that is convertible into common stock within 60 days and shares subject to a proxy giving him sole voting power.
The beneficial ownership is held through several entities: 24,240,426 shares are held by MEF Holdings LLLP (about 5.6%), 2,711,692 by Brimstone Investments LLC (about 0.63%), and Mariposa Acquisition IV, LLC holds 4,000,000 shares of Series A Preferred Stock convertible into 6,000,000 common shares plus 137,000 common shares (about 1.4% in aggregate). Sir Martin also has sole voting power over 22,447,383 additional shares via a proxy agreement (about 5.2%). The amendment notes that on December 31, 2025, MEF Holdings LLLP gifted 499,680 common shares to a 501(c)(3) private charitable foundation.
APi Group Corp director-related entity reports open-market share purchases. A limited liability company associated with director Anthony E. Malkin, WH Four Winds LLC, bought APi Group common stock in three open-market transactions: 2,000 shares at $39.46 on 11/26/2025, 2,000 shares at $39.03 on 12/05/2025, and 3,000 shares at $39.58 on 12/10/2025, for a total of 7,000 shares held by that entity after the transactions. The filing also shows Malkin with 140,874 APi Group common shares held directly, 125,100 shares held indirectly through Peter Malkin Family LLC, and 41,700 shares held indirectly through Row Jimmy LLC. In addition, he holds 7,844 restricted stock units that each represent a right to receive one APi Group share and are scheduled to vest on May 16, 2026, subject to continued service. Share amounts reflect adjustment for a three-for-two stock dividend effective June 30, 2025.
APi Group Corp director James E. Lillie reported indirect changes in ownership of APG common stock through JTOO LLC, an entity he manages. On December 6, 2024, JTOO LLC transferred 228,000 shares at a reported price of $0 per share, leaving 7,280,116 shares indirectly owned. On December 31, 2025, JTOO LLC transferred another 205,868 shares at $0 per share, leaving 6,914,233 shares indirectly owned. The filing notes that the earlier amount was adjusted for a three-for-two stock dividend effected on June 30, 2025, and that the December 6, 2024 amount has not been updated for transactions occurring between that date and December 31, 2025.
APi Group Corp insider filing details a large share transfer by an affiliated entity. On 12/31/2025, MEF Holdings, LLLP, an entity associated with director and 10% owner Martin E. Franklin, transferred 499,680 shares of APi Group common stock in a transaction coded as a gift at a reported price of $0 per share. Following this transaction, MEF Holdings indirectly held 18,469,110 shares of APi Group common stock.
The filing explains that MEF Holdings, LLLP’s general partner is wholly owned by the Martin E. Franklin Revocable Trust, of which Mr. Franklin is the sole settlor and trustee, and that Mr. Franklin disclaims beneficial ownership of any shares except to the extent of his pecuniary interest.
APi Group Corp reported an insider equity transaction by its VP & Chief Accounting Officer on January 1, 2026. The filing shows 1,390 shares of common stock acquired at an exercise price of $0 through the vesting or settlement of previously granted restricted stock units, and 708 shares withheld at $38.26 to cover tax liabilities. After these transactions, the officer directly owned 11,852 common shares, with an additional 846 shares held through the company 401(k) plan.
The report also lists multiple outstanding equity awards. Restricted stock units generally convert into one share of common stock each and vest in equal installments on dates including January 1, 2026–2028, February 27, 2024–2026, and March 1, 2025–2028. Performance stock units tied to performance periods from 2023–2025, 2024–2026, and 2025–2027 can result in more or fewer shares depending on performance results, and are voluntarily reported even though they are not classified as derivative securities.
APi Group Corporation’s major shareholder group led by Sir Martin E. Franklin updated its ownership disclosure. As of this amendment, Sir Martin beneficially owns 56,470,049 shares of Common Stock, representing 12.9% of the class, including Series A Preferred Stock convertible into Common Stock within 60 days and shares subject to a proxy.
The filing explains that on December 31, 2025 the company declared, and on January 2, 2026 Mariposa Acquisition IV, LLC received, 15,212,810 Common Shares as a dividend on its Series A Preferred Stock. That same day, Mariposa distributed these dividend shares to its members for no consideration, including 5,771,316 shares to MEF Holdings, 2,168,331 shares to Brimstone Investments, and 2,893,117 shares to each of Ashken and Lillie, or their affiliated entities.
The amendment also notes that on January 2, 2026 Mariposa transferred 79,978 Common Shares to employees of an affiliate for services provided. Entity-level positions disclosed include MEF Holdings owning 24,740,106 shares (about 5.7%) and Brimstone owning 2,711,692 shares (about 0.63%), while Mariposa holds 4,000,000 Series A Preferred Shares convertible into 6,000,000 Common Shares plus 137,000 Common Shares.
APi Group Corp director reports stock dividend, transfers, and trust holdings. A holder of the company’s Series A Preferred Stock received a stock dividend of 2,913,565 shares of common stock on 12/31/2025, based on the market price over the last ten days of the year. On 01/02/2026, 9,979 common shares were transferred to employees of an affiliate for services, and 2,893,117 shares were distributed pro rata from Mariposa Acquisition IV, LLC to the Nancy and Ian Ashken Investment Trust LLLP. After these transactions, indirect holdings include 15,552 common shares through Mariposa Acquisition IV, LLC, 10,861,284 common shares through the Ashken Investment Trust, 53,730 common shares through the Ian G.H. Ashken Living Trust, and 300,000 common shares held jointly with the Nancy K. Ashken Living Trust. The reporting person also has 1,152,000 shares of Series A Preferred Stock, convertible into an equal number of common shares, and restricted stock units tied one-for-one to common stock that vest on May 16, 2026.
APi Group Corp director reported several equity transactions and holdings through affiliated entities Mariposa Acquisition IV, LLC and JTOO LLC. On 12/31/2025, Mariposa received a stock dividend of 2,913,565 shares of common stock at $0, paid on its Series A Preferred Stock, which earns an annual stock dividend based on the common share price over the last ten days of the calendar year.
On 01/02/2026, Mariposa transferred 9,979 common shares at $38.97 to employees of an affiliate for services, and made a pro rata distribution of 2,893,117 common shares to JTOO LLC. After these movements, JTOO LLC is shown holding 10,241,218 common shares, with the director reporting indirect beneficial ownership through this entity.
The filing also lists 4,740 restricted stock units that each represent one common share and vest on May 16, 2026, plus 1,152,000 shares of Series A Preferred Stock held indirectly through Mariposa, convertible into common stock on a one-for-one basis at any time or automatically after the issuer’s seventh full financial year following October 1, 2019.
APi Group Corp insider Martin E. Franklin, a director and 10% owner, reported several changes in his indirect holdings of APG common stock and Series A preferred stock through affiliated entities. On December 31, 2025, Mariposa Acquisition IV, LLC, an entity over which he exercises voting and investment power, received a stock dividend of 8,084,991 shares of common stock based on its holdings of Series A Preferred Stock. On January 2, 2026, Mariposa transferred 57,940 shares to employees of an affiliate for services, and made pro rata distributions of 5,771,316 shares to MEF Holdings, LLLP and 2,168,331 shares to Brimstone Investments, LLC, with the same share amounts reported as acquired by those entities. The filing also notes 3,456,000 shares of common stock underlying Series A Preferred Stock held by Mariposa, which is convertible into common stock on a 1.5 to 1 basis and will automatically convert on December 31, 2026.