J P M O R G A N North America Equity Research 30 July 2026 APi Group 2Q First Take: Inspection and Service Strength Supports a Higher Outlook APi Group delivered a record 2Q26, with adj. EPS of $0.44 (vs. consensus $0.42) and net revenues of $2,254M (vs. consensus $2,204M), increasing 13.3% on a reported basis and 10.1% organically, driven by robust project activity and continued strength in inspection, service, and monitoring. Adj. EBITDA of $311M grew 14.3% YoY, with margin expanding ~10bps to 13.8%. Mana ...