Janus International Group (JBI) CJS Securities 26th Annual "New Ideas for the New Year” Investor Conference summary

Company overview and strategic positioning

• Operates globally with manufacturing in the U.S., Europe, Australia, and the U.K., focusing on customer experience and full lifecycle solutions for self-storage and commercial sectors.

• Two-thirds of revenue comes from repair, rebuild, and replace (R3) services, with the remainder from new construction and commercial products.

• Holds strong market share with public REITs and institutional clients in self-storage, and sees growth potential in the fragmented commercial market.

• Growth strategy includes architect specification, technology upgrades, and expanding market share in both self-storage and commercial segments.

• Key growth drivers are event-based demand in self-storage and consolidation trends, with 60% of facilities over 20 years old.

Recent acquisitions and integration

• Acquired Kiwi II Construction for $97 million, expanding building solutions and national footprint, especially on the West Coast and with institutional clients.

• Kiwi II brings expertise in complex, multi-level projects and seismic engineering, complementing existing East Coast operations.

• Acquisition synergies include procurement, insourcing building materials, and cross-selling opportunities, targeting a five times EBITDA multiple including synergies.

• TMC acquisition in 2024 for $60 million adds high-margin terminal maintenance services, with optimism for recovery after temporary project delays.

Technology and recurring revenue

• Nokē Smart Entry technology offers keyless, secure access for self-storage, with growing adoption among institutional operators.

• Nokē is approaching break-even at 500,000 units, with software margins expected to exceed 60% as scale is achieved.

• Recent focus on resolving legacy product issues is expected to reduce costs and improve profitability.