Janus International : 1Q26 Earnings Presentation

Published: 2026-05-12 07:16:28 ET JBI

Published on 05/12/2026 at 07:16 am EDT

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JanusIntl.com

JanusIntl.com 1

Non-GAAP Financial Measures

Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Please see Appendix, which includes definitions of non-GAAP measures and metrics used in this presentation and reconciliations of non-GAAP measures to the most directly comparable GAAP measure.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, Free Cash Flow Conversion of Adjusted Net Income, and Net Leverage Ratio are non-GAAP financial measures used by Janus to evaluate its operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, Janus believes these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Janus's operating results in the same manner as its management and board of directors and in comparison with Janus's peer group companies. In addition, these non-GAAP financial measures provide useful measures for period-to-period comparisons of Janus's business, as they remove the effect of certain non-recurring events and other non-recurring charges, such as acquisitions, and certain variable or non-recurring charges. Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation expense, amortization, and other non-operational, non-recurring items. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total revenue. Adjusted Net Income is defined as net income as adjusted for the corresponding tax-adjusted add-backs shown in the Adjusted EBITDA reconciliation. Adjusted Diluted EPS is defined as Adjusted Net Income divided by the diluted weighted average number of shares outstanding. Free Cash Flow is calculated by subtracting capital expenditures from cash provided by operating activities. Free Cash Flow Conversion of Adjusted Net Income is calculated as free cash flow divided by Adjusted Net Income. Net Leverage Ratio is defined as the ratio of our consolidated senior secured indebtedness reduced by cash to our trailing four-quarter consolidated Adjusted EBITDA.

Please note that the Company has not provided the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, for the Adjusted EBITDA and Inorganic Revenue forward-looking guidance for 2026 included in this communication in reliance on the "unreasonable efforts" exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. Providing the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, cannot be done without unreasonable effort due to the inherent uncertainty and difficulty in predicting certain non-cash, material and/or non-recurring expenses or benefits, legal settlements or other matters, and certain tax positions. Because these adjustments are inherently variable and uncertain and depend on various factors that are beyond the Company's control, the Company is also unable to predict their probable significance. The variability of these items could have an unpredictable, and potentially significant, impact on our future GAAP financial results, and amounts excluded from these non-GAAP measures in future periods could be significant.

Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, Free Cash Flow, Free Cash Flow Conversion of Adjusted Net Income, and Net Leverage Ratio should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of these non-GAAP measures rather than the nearest GAAP equivalent of Adjusted EBITDA and Adjusted Net Income. These limitations include that the non-GAAP financial measures: exclude depreciation and amortization, and although these are non-cash expenses, the assets being depreciated may be replaced in the future; do not reflect interest expense, or the cash requirements necessary to service interest on debt, which reduces cash available; do not reflect the provision for or benefit from income tax that may result in payments that reduce cash available; exclude non-recurring items (i.e., the extinguishment of debt); and may not be comparable to similar non-GAAP financial measures used by other companies, because the expenses and other items that Janus excludes in the calculation of these non-GAAP financial measures may differ from the expenses and other items, if any, that other companies may exclude from these non-GAAP financial measures when they report their operating results. Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP.

JanusIntl.com 3

Agenda

Ramey Jackson

Chief Executive Officer

1Ǫ2C Review & Business Update

1Ǫ2C Financial Overview & Guidance Update

Anselm Wong

Chief Financial Officer

Financial Results

Delivered $222.7 million in Total Revenue compared to $210.5 million in 1Ǫ 2025

Total Self-Storage up 8.7% year-over-year; New Construction up 10.9%, Restore, Rebuild C Replace ("R3") up 5.3%

Kiwi II Construction contributed $18.1 million to the New Construction sales channel

Commercial C Other declined 0.5%

International revenue of $27.3 million, up 28.8% year-over-year

Net income of $0.2 million compared to Net Income of $10.8 million in 1Ǫ 2025

Adjusted EBITDA1 of $33.0 million, down 14.1% year-over-year, resulting in Adjusted EBITDA Margin1 of 14.8%

Cash flow from operations of $36.2 million. Free cash flow1 generation of $33.4 million; trailing twelve-month period ended April 4, 2026, free cash flow conversion of Adj. Net Income1 of 155%

Nokē Smart Entry System total installed units of 477,000 at quarter end, up 24.2% year-over-year

Announced acquisition of Kiwi II Construction, a premier self-storage and pre-engineered buildings provider

Repurchased approximately 2.9 million shares for $15.7 million (including commissions and excise taxes)

Successfully completed repricing of First Lien Term Loan, reducing interest rate by 50 bps from SOFR + 250 bps to SOFR + 200 bps

Launched Nokē Infinitē, on-door, dual technology, wireless smart locking system that combines the robust features of Bluetooth with the power harvesting functionality of near-field communication (NFC)

Subsequent Events

Operational G Capital Allocation

1. Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and Free Cash Flow Conversion of Adjusted Net Income are not financial measures determined in accordance with GAAP. For a definition of these metrics and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please see the Appendix of this presentation.

Executing a focused strategy to expand share, scale technology and security solutions, and create long-term value

Greater Penetration of Self-Storage

Expand design-build services, increase facility content, and leverage differentiated R3 capabilities to increase share

Ramp Adoption of Smart Security Solutions

Capitalize on existing customer relationships to drive further penetration of Nokē in self-storage

Outperform in Commercial Markets

Further develop product offering and utilize leading scale and global footprint to take share in highly fragmented commercial door market

Win Through Strategic, Accretive Acquisitions

Continue to source, evaluate, and execute on strategic MCA to expand product and solutions offering

Kiwi II Construction Acquisition

Overview

Services Provided

Design

Value E r

nginee

Bid

Material

Supply

Erect / Install

Premier self-storage buildings provider

Founded in 1982 and headquartered in Temecula, CA

Paid $97.2M in cash as consideration

Approximate 5x Adj. EBITDA1 multiple post synergies

Approximately $90M in revenue during 2025

Acquisition of Kiwi II expands and strengthens Janus' building solutions capabilities

Elevates West Coast self-storage design-build presence

1Ǫ 2026

Total Revenue

$222.7M

5.8% increase

Adjusted Diluted EPS1

$0.01

Adj. Net Income1

of $1.7M

Inorganic Revenue

$18.1M

Adjusted EBITDA1

$33.0M

14.1% decrease

14.8% margin1

International Revenue

$27.3M

28.8% increase

Operating Cash Flow

$36.2M

FCF1 of $33.4M

1. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Diluted EPS, and Free Cash Flow are not financial measures determined in accordance with GAAP. For a definition of these metrics and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please see the Appendix of this presentation.

: in millions

$86.G

$G3.G

$G7.3

$88.G

$G6.4

$57.0

$52.G

$57.3

$60.0

$63.G

$81.3

$66.6

$73.5

$64.7

$66.3

1Ǫ 2025 2Ǫ 2025 3Ǫ 2025 4Ǫ 2025 1Ǫ 2026

New Construction R3 Commercial G Other

1Ǫ 2026 revenue of $96.4M up 10.9% year-over-year

$18.1 million of inorganic revenue

Strength in International business offset by continued softness in North America

1Ǫ 2026 revenue of $60.0M up 5.3% year-over-year

Strength in redevelopment and renovation activity

Normalization of retail big-box conversion and expansion activity

1Ǫ 2026 revenue of $66.3M down 0.5% year-over-year

Lower demand for commercial sheet doors

Partially offset by strength in rolling steel and freight terminal project activity

: in millions

Revenue Adjusted EBITDA

$250.0

$200.0

$18.1 $222.7

$50.0

$210.5

$1.7

$0.1

$(7.7)

$40.0

$38.4

$3.5

$0.7

$33.0

$(1.9)

$(7.7)

$150.0 $30.0

$100.0

$20.0

$50.0

1Ǫ25 Price Volume/Other FX Acquisition 1Ǫ26

$10.0

1Ǫ25 Price Volume/Mix SGCA Other 1Ǫ26

1. Adjusted EBITDA is not a financial measure determined in accordance with GAAP. For a definition of this metric and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please see the Appendix of this presentation.

Strong Balance Sheet G Liquidity Enable Financial Flexibility

Balanced Capital Allocation Approach

Acquisitions

Track record of identifying, executing, and integrating acquisitions to support strategic growth

Highly accretive MCA strategy

Acquired Kiwi II Construction in January 2026

Share Repurchases

Repurchased 2.9 million shares for

$15.7M in 1Ǫ 2026 (including commissions and excise taxes)

Announced expanded repurchase authorization up to $75.0M in 2Ǫ 2025

Organic Growth

Invest in key growth initiatives

Further penetrate self-storage market and utilize scale and footprint to increase share in commercial door market

Drive adoption of access control technology through NokēTM platform

Debt Management

Completed repricing of First Lien Term Loan in 1Ǫ 2026, reducing interest rate from SOFR +250 bps to SOFR +200 bps

Solid Free Cash Flow1 Generation

(: in millions)

$240.0

$120.0

$0.0

$1G6.0

$133.G

$114.0

$105.5

$64.6

$7G.7

68%

61%

155%

137%

128%

122%

2021 2022 2023 2024 2025 TTM 1Q

2026

Strong Net Leverage1 Profile

7.5x

5.0x

2.5x

0.0x

4.8x

2.8x

1.6x

2.2x

2.1x

2.7x

2021 2022 2023 2024 2025 TTM 1Q

2026

1. Free Cash Flow, Free Cash Flow Conversion of Adjusted Net Income and Net Leverage are not financial measures determined in accordance with GAAP. For a definition of these metrics and a reconciliation to our most directly comparable financial measure calculated and presented in accordance with GAAP, please see the Appendix of this presentation.

Revenue

$G40M - $G80M

Includes :S0M - :100M inorganic revenue

8.C% growth at the midpoint year-over-year

Adjusted EBITDA2

$165M - $185M

4.0% growth at the midpoint year-over-year

28% - 31%

Effective Tax Rate3

$29M - $34M

Interest Expense, net

1.5% - 2.0% of Revenue

Capital Expenditures

$58M - $68M

Estimate

Assumption

Depreciation and Amortization

Figures in this slide represent the Company's targets and no guarantee can be provided that these figures or other potential results discussed in this Slide will be achieved. See "Forward-Looking Statements."

Adjusted EBITDA is not a financial measure determined in accordance with GAAP. The Company has not provided the most directly comparable GAAP financial measure, or a quantitative reconciliation thereto, for the Adjusted EBITDA and Inorganic Revenue forward-looking guidance for 2026. See "Non-GAAP Financial Measures" for more information.

Adjusted from 27% - 29% previously.

Industry Leader in Well-Structured Market with Attractive Areas for Expansion

Sustainable Demand Drivers Support Future Growth

Self-Storage (New Construction and R3):

Provider of end-to-end solutions, from early design to facility buildout to repair, upgrade, technological advancements and modernization

Industry leader, expanding scale in existing markets and leveraging innovation solutions

Global footprint across North America, Europe and Australia

Commercial G Other:

Utilizing scale and footprint to increase share in growing market for commercial doors

Terminal maintenance capabilities

Source; Yardi Matrix.

Source: MSM 2023 Self-Storage Almanac Self-Storage Demand Study and 2025 SSA Self-storage Demand Study.

Self-Storage (New Construction G R3):

Demand driven by recurring life events

Elevated occupancy rates drive new capacity additions

Average age of facilities >20 years1 drives R3 activity

Increasing household utilization2

11.1%

12.6%

8.9%

9.5%

10.6%

8.9%

9.4%

2005 2007 2013 2017 2020 2022 2024

Commercial G Other:

Continued commercial construction with focus on efficiency and security

Investment in warehouse and distribution networks

Variety of offerings that touch multiple end markets

(In millions, except percentages)

Three Months Ended Variance

April 4, 2026

Margin(1)

March 2G, 2025

Margin(1)

Net Income

$ 0.2

0.1 %

$ 10.8

5.1 %

$ (10.6)

(98.1)%

Interest, net

8.1

10.2

(2.1)

(20.6)%

Income taxes

2.3

4.6

(2.3)

(50.0)%

Depreciation

3.6

2.9

0.7

24.1 %

Amortization

12.0

8.3

3.7

44.6 %

EBITDA*

$ 26.2

11.8 %

$ 36.8

17.5 %

$ (10.6)

(28.8)%

Restructuring charges(2)

2.6

0.4

2.2

550.0 %

Acquisition expense(3)

Loss on extinguishment and

2.1

0.9

1.2

133.3 %

modification of debt(4)

2.1

- %

Other

0.3

(0.3)

(100.0)%

Adjusted EBITDA*

$ 33.0

14.8 %

$ 38.4

18.2 %

$ (5.4)

(14.1)%

Net Income Margin, EBITDA Margin, and Adjusted EBITDA Margin are defined as Net Income divided by revenue, EBITDA divided by total revenue, and Adjusted EBITDA divided by total revenue, respectively.

Restructuring charges consist of the following: 1) facility relocations, 2) severance and hiring costs associated with our strategic transformation, including leadership team changes, and 3) strategic business assessment and transformation projects.

Expenses related to various professional fees, acquisition related compensation, and various acquisition related activities.

Adjustment for loss on extinguishment and modification of debt regarding the write off of unamortized fees and third-party fees as a result of the debt modification completed in February 2026.

*Janus uses measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis.

(In millions, except percentages)

Year Ended

January 3, 2026

December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022

Interest expense, net

36.8

49.6

60.0

42.0

32.9

Depreciation

12.9

12.0

9.3

7.9

6.4

EBITDA*

15G.3 $

1G3.G $

281.G $

224.G $

121.2

Impairment

0.7

12.0

Acquisition expense (income)

4.2

3.5

(1.4)

0.8

COVID-19 related expenses

0.1

1.3

Facility relocation

0.6

1.1

Severance and transition costs

0.5

liabilities

5.9

Adjusted EBITDA*

$ 168.2 $ 208.5 $ 285.6 $ 226.G $ 148.2

Net Income Margin

6.1%

7.3%

12.7%

10.6%

5.8%

Adjusted EBITDA Margin* 19.0% 21.6% 26.8% 22.3% 19.8%

Other 0.5 0.3 - - -

Change in fair value of contingent consideration - - - - 0.7

Share-based compensation - - - - 5.2

Transaction related expenses - - - - 10.4

Loss (gain) on extinguishment of debt - - - - 2.4

debt - 1.7 3.9 - -

Restructuring (income) expenses 3.5 (2.9) 1.2 - -

Amortization 33.2 32.0 29.8 29.7 31.6

Income taxes 21.7 29.9 47.1 37.6 6.5

Net Income $ 53.8 $ 70.4 $ 135.7 $ 107.7 $ 43.8

(In millions, except percentages)

Three Months Ended

April 4, 2026

March 2G, 2025

Net Income

0.2

10.8

Net Income Adjustments(1)

6.8

1.6

Amortization

12.0

8.3

Tax Effect on Net Income Adjustments(2)

(17.3)

(3.0)

Non-GAAP Adjusted Net Income * $ 1.7 $ 17.7

Net Income Adjustments for the three month period ended April 4, 2026 include $2.6 of restructuring charges, $2.1 of acquisition expenses and $2.1 of loss on extinguishment of debt. Net Income Adjustments for the three month period ended March 29, 2025 include $0.9 of acquisition expenses, $0.4 of restructuring charges and $0.3 of other. Refer to the Adjusted EBITDA table above for further details.

The effective tax rates of 92.0% and 29.9% were used for the periods ended April 4, 2026 and March 29, 2025, respectively.

(In millions, except percentages)

Year Ended

January 3, 2026

December 28, 2024

December 30, 2023

December 31, 2022

January 1, 2022

Net Income

$ 53.8

$ 70.4

$ 135.7

$ 107.7

$ 43.8

Net Income Adjustments(1)

8.9

14.6

3.7

2.1

27.0

Amortization

33.2

32.0

29.8

29.7

31.6

Prior Year Adjustment

1.5

Effective Tax Rate

29.8%

25.8%

25.9%

12.9%

Tax Effect on Non-GAAP Net Income Adjustments

(12.5)

(13.9)

(8.6)

(8.2)

(7.6)

Non-GAAP Adjusted Net Income*

$ 83.4

$ 104.6

$ 160.6

$ 131.2

$ G4.8

Refer to the adjusted EBITDA tables above for detailed breakout of adjustment items.

(In millions, except share and per share data)

Three Months Ended

April 4, 2026

March 2G, 2025

Numerator:

GAAP Net Income

0.2

10.8

Non-GAAP Adjusted Net Income*

1.7

17.7

Denominator:

Weighted average number of shares:

Basic 138,364,384 140,050,632

Adjustment for Dilutive Securities 409,870 219,862

Diluted

138,774,254

140,270,494

GAAP Basic EPS

0.00

0.08

GAAP Diluted EPS

0.00

0.08

Non-GAAP Adjusted Basic EPS*

0.01

0.13

Non-GAAP Adjusted Diluted EPS*

0.01

0.13

(In millions, except percentages)

Three Months Ended Trailing Twelve-Months Ended Year Ended

January 3,

December 28,

December 30,

December 31,

January 1,

April 4, 2026

2026

2024

2023

2022

Cash flow from Operating Activities

$ 36.2

127.4

$ 139.5

$ 154.0

$ 215.0

$ 88.5

$ 74.8

Less: Purchases of property, plant and equipment

(2.8)

(21.9)

(25.5)

(20.1)

(19.0)

(8.8)

19.9

Plus one-time proceeds of sale/leaseback

9.6

Free Cash Flow*

$ 33.4

105.5

$ 114.0

$ 133.G

$ 1G6.0

$ 7G.7

$ 64.6

Non-GAAP Adjusted Net Income(1)*

$ 1.7

68.1

$ 83.4

$ 104.6

$ 160.6

$ 131.2

$ 94.8

Free Cash Flow Conversion of Non-GAAP Adjusted Net Income*

155%

137%

128%

122%

61%

68%

Trailing Twelve-month Adjusted Net Income for the period ended April 4, 2026 consists of the sum of Adjusted Net Income, of $28.2, $22.6, $15.6 and $1.7 for the periods ended June 28, 2025, September 27, 2025, January 3, 2026 and April 4, 2026, respectively.

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Disclaimer

Janus International Group Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 11:15 UTC.