Janus International Group (JBI) Jefferies Global Industrials Conference 2026 summary

Market environment and customer trends

• Market remains choppy with high interest rates and limited mobility impacting demand.

• Large institutional clients continue developing and refurbishing sites, while smaller clients remain cautious.

• Project cancellations are rare, but development timelines and lease-up periods are extending.

• Backlog visibility is strong, with most projects eventually proceeding despite delays.

Business performance and growth drivers

• R3 segment growth is driven by industry consolidation and acquisitions, with rebranding and facility reconfiguration boosting occupancy.

• Acquisition activity remains robust, especially among well-capitalized operators seeking underperforming assets.

• Recent acquisition of Kiwi expands capabilities into multi-story and complex builds, broadening geographic reach.

• Kiwi integration faces slower ramp-up due to longer rental periods and larger project sizes, impacting near-term forecasts.

Technology and product innovation

• Nokē access control surpassed 500,000 connected devices, reaching break-even and poised for EBITDA contribution.

• New accessories and sensors for Nokē are in development, targeting enhanced security and data analytics for customers.

• Adoption of Nokē is strongest among well-funded mid-to-large operators, with cost savings and theft reduction as key benefits.

• Electronic locks are expected to become the industry standard, with future applications beyond self-storage.