JBI · Janus International Group, Inc.

Janus International Group delivered Q1 2026 results with total revenue of $222.7 million, a 5.8% increase year-over-year, primarily driven by self-storage segment growth of 8.7% where new construction rose 10.9% (including $18.1 million inorganic contribution from the Kiwi II Construction acquisition) and R3 revenues increased 5.3%. Commercial and other revenues dipped 0.5%. Despite revenue growth, gross profit declined to $75.2 million from $81.9 million due to higher product costs, and operating expenses rose to $62.1 million from $56.6 million, leading to operating income of $13.1 million versus $25.3 million prior year. A $2.1 million loss on debt extinguishment and modification, along with restructuring charges of $2.6 million and acquisition expenses of $2.1 million, contributed to net income dropping sharply to $0.2 million from $10.8 million. Adjusted EBITDA of $33.0 million (14.8% margin) reflected a 14.1% decline, with drivers including negative volume/mix impact of $7.7 million offset partially by acquisition contribution and pricing. CEO Ramey Jackson noted results exceeded expectations amid economic challenges, highlighting strong industry fundamentals like high occupancy rates supporting self-storage demand. The company completed the $97.2 million Kiwi II acquisition in January 2026 at approximately 5x adjusted EBITDA post-synergies to bolster West Coast design-build presence, repurchased 2.9 million shares for $15.7 million, and repriced its First Lien Term Loan to SOFR + 200 bps, saving 50 basis points. Operating cash flow remained robust at $36.2 million, generating $33.4 million free cash flow, with TTM conversion at 155% of adjusted net income. Net leverage rose slightly to 2.7x from 2.1x post-acquisition. Management reaffirmed full-year 2026 guidance of $940-980 million revenue (including $90-100 million inorganic) and $165-185 million adjusted EBITDA, signaling confidence in G.R.O.W. strategy execution including smart security adoption via Nokē (477,000 units installed, +24.2% YoY) and strategic M&A.