Janus International Group, Inc. Jefferies Global Industrials Conference 2026

Sure. Janus International. We are the largest provider of self-storage materials for the self-storage industry. We also have a commercial business, and we also have technology in our access control business, which is the largest access control provider in the self-storage industry. Very proud in terms of how that business has progressed into being the market leader in up to half a million connected devices.

Sure. Not much has really changed. I cannot comment to July and August, but if you look at the first half of this year and into current what we are seeing, it is pretty much the similar market. Very choppy. I think everyone knows interest rates have not really moved the right way. People are not moving in terms of mobility around housing. What we are seeing where the customer is, the people that have money, which is the large institutions, the REITs, certain large mom-and-pop guys, they are still business as usual, running their playbook, waiting for the market return, but also still building or as well as refurbishing sites. The smaller customers are really just been sitting on the sidelines for a while now, and they have not really come back in. I think everyone is waiting for that sign.

If you look at some of our bigger customers that are public, a lot of the feedback they have given is they are seeing a little stability in the rental rates in what they are seeing. Everyone is just hoping, "Hey, when is the next big move in terms of seeing people moving again?" Which is one of the biggest drivers for self-storage.

Yeah, no real shift. I think what we are seeing is just more delays in terms of how long it takes to do a project. I think one of our newer businesses, Kiwi, that we have that does the full building, what we are seeing is just consistently just people taking longer to develop properties. I think one of the things we are seeing is just lease-up taking a bit longer than normal in terms of when a brand-new facility comes being brought on, it takes a bit longer to get leased up. So really not change and really not cancellations. I think generally in self-storage, especially for our business, where we are in this cycle is once they determine it is a good site, it is generally a good site.

People usually will hold onto that site and eventually develop it, and that is one of the good things about us having the visibility of the backlog, seeing some of these sites where they are. It is that they will not get canceled. Eventually, someone will develop it because they have picked a site, they have done a lot of background work to determine if it is going to be a good site or not.

Sure. I think the institutional ones have not had a big issue in terms of liquidity and getting funds to develop properties. I think the bigger issue more in general is with steel prices going up recently, if you've tracked steel, is the cost to build a facility going to hunt in terms of their model? I think the larger guys who have access to capital at better rates than the smaller guys, they're still in the money in terms of a lot of their property developments that they work on. I think for the smaller guys that are non-issues, don't have access to capital at favorable rates, they find it harder to make their projects hunt in terms of returns. I think one of the things we're trying to do to improve that despite the market, look, the market's the market, is offer solutions to help them.

Nokē, which is one of our technology solution, is helping a lot. If you go on our website, you'll see one of our large customers has a use case in terms of how Nokē's helped them reduce their theft, reduce their labor cost to make a lot of more projects hunt because you're reducing your ongoing costs. One of the things we want to do is just continue. Look, the market is going to be where it is. How can we actually help our customers actually improve their returns by reducing the running costs?

Sure. R3 has been a great improvement year-over-year. One of the big things we're seeing in a market that we're in is the large guys getting bigger. What you see in the public, you'll see the big REITs acquire some of the smaller guys or very large guy, but there's always acquisitions going on, and I think in this market, if you're not going to be able to build as much due to the market we're in, one of the things you do is acquire a lot of your competitors. You're seeing a lot of the competition being acquired. It could be large ones where you saw Public Storage acquire National Storage Affiliates as well as their Canada location. What you also see is smaller guys are buying up onesie-twosie guys as well, and every time there's an acquisition, that's an opportunity for R3.

One of the things that you always do when you acquire is rebranding. You want to rebrand it to your brand so that you keep that theme in terms of what your company is, as well as just reducing your SEO costs. You don't want to do two, three different brands. You want to do one brand. I think the other thing is they take a look at the occupancy rates. One of the quick wins for acquisitions when they do it, generally, if you look at the public rates, you'll see their occupancy rates are low 90s in terms of how well they manage their facilities. If you were to do that same metric to a smaller operator, you'd see it be meaningfully lower.