Janus International (JBI) outlined its growth trajectory at the Jefferies Global Industrials Conference 2026, highlighting the impact of its Kiwi II Construction Inc. acquisition, strong international expansion, and a milestone for its connected-device platform Nokē.
Janus Chief Financial Officer Anselm Wong told the conference that the company has reached 500,000 connected devices on Nokē, its access-control and IoT platform, which pushed the combined hardware and software business approximately to EBITDA breakeven.
Wong noted that international markets are outperforming the domestic U.S. segment, with particularly strong growth in the United Kingdom and Australia. He said higher technology adoption rates overseas are driving stronger Nokē attachment, fueled by localized door designs, paint systems, and steel specifications tailored to those markets.
The company’s recent acquisition of Kiwi II Construction expanded Janus into complex multi-story structures with seismic design capabilities needed in California, and broadened its geographic reach into Florida and the West Coast. Wong reported that the Kiwi pipeline remains steady with no cancellations, though he acknowledged that delays in new project funding are common as customers take three to six months to lease up newly opened facilities before advancing capital for subsequent projects.
In the reconfiguration and rebranding segment under its R3 initiative, Janus posted strong year-over-year growth driven by ongoing consolidation in the self-storage industry, where larger operators acquire smaller rivals and rebrand properties to maximize occupancy.
On the demand side, Wong described a choppy domestic market elevated interest rates continuing to slow housing mobility and constrain new construction. Large institutional operators and REITs remain active, acquiring and refurbishing properties, while smaller non-institutional customers have been largely cautious due to financing headwinds and persistently high steel costs. Steel procurement faces a six- to seven-month lead time between order placement and delivery, Wong said. The pre-engineered metal building market has contracted sharply, adding pressure to Janus’s commercial sheet door business.
Wong characterized traditional door-and-hallway storage projects as running around $1 million to $1.2 million each, while Kiwi’s full-build projects—including the complete structure plus doors and hallways—range from $3 million to $6 million per site.
Occupancy rates among large institutional self-storage operators remain in the low 90s, but smaller, non-institutional operators typically operate in the 60% to 80% range or lower, Wong said.
Regarding capital allocation, management is evaluating potential stock buybacks and debt reduction, citing the stock as undervalued. Current trading levels sit well below the company’s 52-week high: shares traded at $4.89 on the day of the conference, down 1.31% from the previous close of $4.95, against a 52-week range of $4.26 to $10.80. Analysts’ price targets span $5.50 to $9.00.
Wong also said the M&A pipeline remains active, though he acknowledged limited visibility into large targets of meaningful size following the Kiwi acquisition.
