Janus International Group (JBI) investor relations material

Macroeconomic and industry environment

• Anticipated rate cuts could benefit smaller and mid-market participants by improving liquidity and project feasibility, while larger players remain less affected.

• Higher bank deposit requirements have constrained funding for smaller operators, reducing their ability to build multiple projects.

• A consistent trend of rate reductions is needed to bring smaller players back into the market, as many are currently inactive.

• Large operators maintain high occupancy rates and are using the environment as an opportunity for acquisitions.

• Planning for new projects continues, with many customers preparing for a market rebound and aiming to avoid being unprepared when demand returns.

Competitive landscape and strategy

• Larger, well-capitalized players are acquiring smaller, less liquid operators to expand capacity and improve operational efficiency.

• Smaller competitors are lowering prices to win business, raising concerns about their long-term viability and ability to deliver.

• Customers are increasingly valuing reliability and quality over the lowest price, favoring established suppliers.

• Strategic procurement and hedging in steel provide cost stability and supply security, contrasting with smaller competitors exposed to spot market volatility and tariffs.

• The company maintains a five to six month hedge on steel purchases, allowing flexibility in pricing and contract structures.

M&A and international expansion

• Actively monitoring distressed asset opportunities but waiting to see which targets survive the current cycle.

• Exploring expansion in Europe and other international markets where storage demand is growing.

• Domestic acquisition pricing remains high relative to performance, limiting immediate opportunities.