Janus International Group, Inc.

Second-quarter consolidated revenue was $203.5 million, up 2.4% year over year. Adjusted EBITDA was $40.2 million, down 18% year over year, and adjusted EBITDA margin was 17.2%, about 430 basis points below the prior-year period. Adjusted net income was $23.9 million versus $28.2 million a year ago, and adjusted EPS was $0.17. Cash from operations was $24.4 million, free cash flow was $21.6 million, capital expenditures were $2.8 million, and total liquidity was $205.3 million including $127 million of cash. Long-term debt was $550 million and net leverage was 2.7x. For 2026, the company now expects revenue of $925 million-$945 million, Kiwi II inorganic revenue of about $80 million-$90 million, North America organic self-storage revenue to be down high single digits, commercial revenue to be roughly flat, international revenue to grow high single digits, and adjusted EBITDA of $150 million-$170 million. Management said it still expects to be around the higher end of its free cash flow conversion target of 75% to 100%.

Ramey Pierce Jackson said the quarter reflected continued macro pressure, especially in North America new construction, and that demand was weaker than the company had expected. He emphasized that the revised outlook is meant to match current market realities, but said the company’s strategic priorities have not changed. He highlighted progress on Nokē, including surpassing 500,000 installed units, and said the long-term self-storage fundamentals remain favorable even though near-term conditions are challenging.

Anselm Wong focused on the financial results and the updated outlook. He pointed to the Q2 revenue of $203.5 million, adjusted EBITDA of $40.2 million, adjusted EPS of $0.17, free cash flow of $21.6 million, and liquidity of $205.3 million, with net leverage at 2.7x. On guidance, he said lower volumes, negative mix, inflationary pressures, and delayed Kiwi projects drove the cuts to revenue and EBITDA, but he expects margin improvement in the back half from factory and back-office optimization and pricing actions to offset steel inflation. He also said share repurchases remain attractive, noting $17.6 million of buybacks year to date and $63 million remaining on authorization.

Analysts pressed management on whether the weak outlook was mainly due to new construction, Kiwi project timing, or a broader slowdown, and Anselm said the main issue was pushouts rather than cancellations, with Kiwi and commercial sheet doors creating the biggest shortfalls. On commercial, Ramey said the weakness was concentrated in commercial sheet doors used in pre-engineered metal buildings, while rolling steel, architectural specifications, and data center opportunities were still improving. On capital allocation, management said CapEx remains small, refinancing is not an immediate issue, and buybacks remain appealing at current prices.