APi Group Corporation reported their financial results for the first quarter of 2025, announcing record net revenues of $1.7 billion, a 7.4% increase compared to the previous year. The company's reported net income was $35 million, while adjusted EBITDA reached a record $193 million, reflecting a 30 basis point increase in margin year-over-year. Despite a decrease of 22.2% in net income from the prior year, adjusted net income rose to $104 million, resulting in an adjusted diluted EPS of $0.37, up 8.8% from the same period last year. The Safety Services segment showed significant growth, with net revenues rising by 13.4% to $1.267 billion. However, segment earnings decreased by 32.6% year-over-year, with a margin of 6.4%, primarily due to lower fixed cost absorption resulting from decreased net revenues. APi Group also updated its full-year 2025 guidance, increasing expected net revenues to a range of $7.4 billion to $7.6 billion and adjusted EBITDA to between $985 million and $1.035 billion, reflecting current foreign currency exchange rates. The company repurchased $75 million of common stock and authorized a new $1 billion share repurchase program. APi Group plans to announce new long-term financial targets at its upcoming Investor Day on May 21 in New York City.