What APi Group Corporation told the SEC could break it.

On material-procurement contracts, APi Group is exposed to price increases in copper and steel used in its supplies/installed components, and to gasoline price increases for its ~12,700-vehicle fleet; rising material prices also pressure customers' capital budgets.

“For certain contracts, including those where we have assumed responsibility for procuring materials for a project, we are exposed to market risk of increases in certain commodity prices of materials, such as copper and steel, which are used as components of supplies or materials utilized in all of our operations. In addition, our customers' capital budgets may be impacted by the prices of certain materials. ... We are also exposed to increases in energy prices, including as they relate to gasoline prices for our rolling-stock fleet of approximately 12,700 vehicles.”

Increased US, Canadian and other tariffs on imported goods directly raise the cost of materials used in APi Group's services and overall project costs, which could lower project activity and reduce demand for its services.

“Increased volatility in the global economy, and the increased tariffs on imported goods by the United States, Canada, and other countries, may also impact the financial results of some of our businesses. These tariffs have a direct impact on the cost of certain materials utilized in the services we provide and will increase the overall cost of projects which could lower project activity and impact the demand for our services.”

APi Group operates in 20+ countries with ~35% of consolidated net revenues from foreign operations (denominated in CAD, EUR, GBP, AUD and others), exposing it to foreign-currency exchange-rate fluctuations.

“We have operations in over 20 countries globally. Revenues generated from foreign operations represented approximately 35% of our consolidated net revenues for the year ended December 31, 2025.”