First Read: Api Group Corporation Completes Wtech Fire Group Acquisition, Raises Full-Year Outlook

Research evidence excerpt

First Read: Api Group Corporation Completes Wtech Fire Group Acquisition, Raises Full-Year Outlook

Global Research

2 July 2026ab

First Read

EquitiesAPi Group Corporation

Completes Wtech Fire Group Acquisition, Raises United States

Full-Year Outlook Industrial, Diversified

12-month rating Buy

12m price target US$56.00

Updated Stock Thoughts

APG announced the closing of its Wtech Fire Group acquisition (announced in April) and

raised its 2026 guide by ~1% to reflect the half-year contribution from the business. Price (02 Jul 2026) US$41.78

Wtech Fire Group is expected to add $175m of annualized revenue, and APG added RIC: APG.N BBG: APG US

$85m in revenue and $12m of EBITDA to the 2026 guidance. We are currently reviewing

Trading data and key metrics

our estimates. While there was no mention of Q2 activity, raising guidance by the

proportional impact of transaction implies Q2 tracked in line with expectations in our 52-wk range US$49.40-33.64

view. Market cap. US$17.2b

Shares o/s 412m (COM)

Wtech Fire Group Acquisition Completed Free float 82%

Completes acquisition. APG announced the completion of its previously- Avg. daily volume ('000) 872

announced acquisition of Wtech Fire Group, a fire protection and life safety Avg. daily value (m) US$37.9

company. Headquartered in Ireland, Wtech Fire Group serves customers across Common s/h equity (12/26E) US$3.90b

Ireland and the U.K. with some operations in the Nordics and Central Europe, P/BV (12/26E) 4.7x

adding to APG’s inspection-led fire and life safety platform internationally. Net debt to EBITDA (12/26E) 1.3x

Financials. Wtech Fire Group has projected annual revenue of ~$175m, and we EPS (UBS, diluted) (USD)

estimate adjusted EBITDA contribution of ~$24-25m with mid-teens EBITDA 12/26E

margins.