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Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition. You should read the following discussion and analysis of our financial condition and results of operations in conjunction with the consolidated financial statements and notes thereto contained in this Annual Report on Form 10-K (this “Annual Report”).

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K filed on February 26, 2025 for discussion and analysis of results of operations for the year ended December 28, 2024.

Certain information contained in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the section entitled “Risk Factors,” our actual results could differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis. Factors that could cause or contribute to such differences include, but are not limited to, capital expenditures, economic and competitive conditions, regulatory changes and other uncertainties, as well as those factors discussed below and elsewhere in this Annual Report. We assume no obligation to update any of these forward-looking statements.

Unless otherwise indicated or the context otherwise requires, references in this Management’s Discussion and Analysis of Financial Condition and Results of Operations section to “Janus,” “we,” “us,” “our,” and other similar terms refer to Janus International Group Inc. and its consolidated subsidiaries.

Percentage amounts included in this Annual Report have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Annual Report may vary from those obtained by performing the same calculations using the figures in our Consolidated Financial Statements included elsewhere in this Annual Report. Certain other amounts that appear in this Annual Report may not sum due to rounding.

Dollar amounts are shown in millions of dollars, unless otherwise noted, and rounded to the nearest tenth of a million except for share and per share amounts.

Introduction

This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is a supplement to the accompanying Consolidated Financial Statements and provides additional information on our business, recent developments, financial condition, liquidity and capital resources, cash flows and results of operations. MD&A is organized as follows:

•Business Overview: This section provides a general description of our business, and a discussion of management’s general outlook regarding market demand, our competitive position and product innovation, as well as recent developments that we believe are important to understanding our results of operations and financial condition or in understanding anticipated future trends.

•Basis of Presentation: This section provides a discussion of the basis on which our Consolidated Financial Statements were prepared.

•Results of Operations: This section provides an analysis of our results of operations for the years ended January 3, 2026 and December 28, 2024.

•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our cash flows for the years ended January 3, 2026 and December 28, 2024. This section also provides a discussion of our contractual obligations, other purchase commitments and customer credit risk that existed at January 3, 2026, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.

•Critical Accounting Estimates: This section identifies and summarizes those accounting estimates that significantly impact our reported results of operations and financial condition and require significant judgment or estimates on the part of management in their application.

Business Overview

We are a global manufacturer and supplier of turn-key self-storage, commercial, and industrial building solutions including: roll up and swing doors, hallway systems, relocatable storage units, and facility and door automation technologies with manufacturing operations in Georgia, Texas, Arizona, Indiana, North Carolina, Poland, United Kingdom (“U.K.”), and Australia. The self-storage industry is comprised of institutional and non-institutional facilities. Institutional facilities typically include multi-story, climate controlled facilities located in prime locations owned and/or managed by large real estate investment trusts (“REITs”) or returns-driven operators of scale and are primarily located in the top 50 U.S. metropolitan statistical areas (“MSAs”), whereas the vast majority of non-institutional facilities are single-story, non-climate controlled facilities located outside of city centers owned and/or managed by smaller private operators that are mostly located outside of the top 50 U.S. MSAs. We are highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the restoration, rebuilding, and replacement (“R3”) of self-storage facilities and damaged or end-of-life products.

Our business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. Our Janus International segment is comprised of JIEH, whose production and sales are largely in Europe and Australia. Our Janus North America segment is comprised of all the other entities including Janus International Group, LLC (“Janus Core”), together with each of its operating subsidiaries, Betco, Inc. (“BETCO”), Noke, Inc. (“NOKE”), Asta Industries, Inc. (“ASTA”), Access Control Technologies, LLC (“ACT”), U.S. Door & Building Components, LLC (“U.S. Door”), Janus Door, LLC (“Janus Door”), Steel Door Depot.com, LLC (“Steel Door Depot”), Janus International Canada, Ltd. (“Janus Canada”), and Terminal Door, LLC (“Terminal Door”). Furthermore, our business is comprised of three primary sales channels: self-storage - new construction, self-storage - R3 (R3), and commercial and other. The commercial and other category is primarily comprised of roll-up sheet and rolling steel door sales into the commercial marketplace.

New construction consists of engineering and project management work pertaining to the design, building, and logistics of a greenfield new self-storage facility tailored to customer specifications. Any Nokē Smart Entry System revenue associated with a new construction project also rolls up into this sales channel.

The concept of R3 is to remodel self-storage facilities including storage unit doors, hallways, ceilings, and offices, optimizing unit mix and utilizing vacant land for movable storage units (“MASS” relocatable storage units), and adding a more robust security solution to enable customers to (1) charge higher rental rates and (2) compete with modern self-storage facilities and large operators. In addition, the R3 sales channel includes new self-storage capacity being brought online through conversions and expansions. R3 transforms facilities through door replacement, facility upgrades, Nokē Smart Entry Systems, and relocatable storage MASS units.

Commercial light duty steel roll-up doors are designed for applications that require less frequent and less demanding operations. We offer heavy duty commercial grade steel doors (minimized dead-load, or constant weight of the curtain itself) perfect for warehouses, commercial buildings, and terminals, designed with a higher gauge and deeper guides, which combat the heavy scale of use with superior strength and durability. We also offer rolling steel doors known for minimal maintenance and easy installation with, but not limited to, the following options for: commercial slat doors, heavy duty service doors, fire doors, fire rated counter shutters, insulated service doors, counter shutters and grilles. Following the T.M.C. Acquisition (hereinafter defined), our business expanded to provide trucking terminal renovation, construction, remodeling, and maintenance services to trucking customers in the United States.

Executive Overview

Our operational and corporate strategy is to penetrate the self-storage, commercial and industrial storage markets, as well as capitalizing on aging self-storage facilities, while continuing to diversify our products and solutions. We are a bespoke provider of products and solutions for our clients.

•Total revenues of $884.2 for the year ended January 3, 2026 compared to $963.8 for the year ended December 28, 2024.

•Net income was $53.8 for the year ended January 3, 2026 compared to $70.4 for the year ended December 28, 2024.

•Adjusted EBITDA was $168.2 for the year ended January 3, 2026 compared to $208.5 for the year ended December 28, 2024.

•Adjusted EBITDA as a percentage of revenue was 19.0% for the year ended January 3, 2026 compared to 21.6% for the year ended December 28, 2024.

•Cash flows from operations of $139.5 were generated for the year ended January 3, 2026 compared to $154.0 cash flows from operations for the year ended December 28, 2024.

•Common stock worth $16.0 was repurchased, which consisted of 1,925,242 shares as part of our $100.0 share repurchase program. This program was expanded by $75.0 during the fiscal year and we have $80.5 in remaining capacity under the program as of January 3, 2026.

Information regarding use of Adjusted EBITDA — a non-GAAP measure, and a reconciliation to the most comparable GAAP measure, are included in “Non-GAAP Financial Measures.”

Business Segment Information

Our business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International.

Janus North America is comprised of nine entities including Corporate, Janus Core, Janus Door, Steel Door Depot, ASTA, NOKE, BETCO, ACT and T.M.C. Janus North America produces and provides various fabricated components such as commercial and self-storage doors, walls, hallway systems and building components used primarily by owners or builders of self-storage facilities and also offers installation services along with the products. Janus North America represents approximately 85% to 95% of the Company’s revenue.

Janus International is comprised of Janus International Europe Holdings Ltd. (“Janus Europe Holdings”) and its subsidiaries, Janus International Australia Pty Ltd (“Janus Australia”), Janus International Europe Ltd (“Janus Europe”), Janus International France SARL (“Janus France”), and Janus International Poland sp. z.o.o (“Janus Poland”). The Janus International segment produces and provides similar products and services as Janus North America but largely in Europe, the U.K., and Australia. Janus International represents approximately 5% to 15% of the Company’s consolidated revenue.

Basis of Presentation

The Consolidated Financial Statements have been derived from the accounts of Janus and its wholly owned subsidiaries. Our fiscal year follows a 4-4-5 calendar which divides a year into four quarters of 13 weeks, grouped into two 4-week “months” and one 5-week “month.” The major advantage of a 4-4-5 calendar is that the end date of the period is always the same day of the week, making manufacturing planning easier as every period is the same length. Our fiscal year is composed of the 52 or 53 weeks ending on the Saturday closest to the last day of December. Fiscal year 2025, ending on January 3, 2026, and fiscal year 2024, ending on December 28, 2024, were comprised of 53 weeks and 52 weeks, respectively. All references to years, quarters, and months relate to fiscal periods rather than calendar periods, unless otherwise noted.

We have presented results of operations, including the related discussion and analysis for the year ended January 3, 2026 compared to the year ended December 28, 2024.

Components of Results of Operations

Product Revenues. Product revenues represent the revenue from the sale of products, including steel roll-up and swing doors, rolling steel doors, steel structures, as well as hallway systems and facility and door automation technologies for commercial and self-storage customers. Product revenue is recognized upon transfer of control to the customer, which generally takes place at the point of destination. Product revenues also include all revenues affiliated with erecting a self-storage facility for our customers, which is recognized over time, over the life of the contract, which is generally less than a year. We expect our product revenue may vary from period to period based on, among other things, the timing and size of orders and delivery of products and the impact of significant transactions. Revenues are monitored and analyzed as a function of sales reporting within the following sales channels: new construction, R3, and commercial and other.

Service Revenues. Service revenues reflect installation services to customers for facilities, including steel roll-up and swing doors, hallway systems, and relocatable storage units, which are recognized over time based on the satisfaction of our performance obligation. We are highly integrated with customers at every phase of a project, including facility planning/design, construction, access control, and the R3 of damaged, or end-of-life products or rebranding of facilities due to market consolidation. Service revenues also include software license revenue generated through our Nokē Smart Entry platform and trucking terminal renovation, construction, remodeling, and maintenance services to provided to certain trucking customers. Revenues are monitored and analyzed as a function of sales reporting within the following sales channels: new construction, R3, and commercial and other.

Service obligations are primarily short term and completed within a one-year time period. We expect our service revenue to increase as we add new customers and as our existing customers continue to add more content per square foot.

Product Cost of Revenues. Product costs of revenues includes the manufacturing cost of our steel roll-up and swing doors, rolling steel doors, steel structures, and hallway systems which primarily consists of amounts paid to our third-party contract suppliers and personnel-related costs directly associated with manufacturing operations, depreciation on certain assets, as well as other overhead and indirect costs. Our product cost of revenues includes warranty costs, excess and obsolete inventory charges, shipping costs, cost of spare or replacement parts, and an allocated portion of overhead costs, including depreciation. Product costs of revenues also include all costs affiliated with erecting a self-storage facility for our customers. We expect our product cost of revenues to correlate with our product revenues.

Service Cost of Revenues. Cost of services includes third-party installation-based subcontractor costs directly associated with the installation of our products. We expect our service cost of revenues to correlate with our service revenues.

Selling and Marketing Expense. Selling expenses consist primarily of compensation and benefits of employees engaged in selling activities as well as related travel, advertising, and trade shows/conventions. We expect selling expenses to correlate with overall revenues, with some deviations for strategic investments.

General and Administrative Expense. General and administrative (“G&A”) expenses are comprised primarily of expenses relating to back office employee compensation and benefits, provision for expected credit losses, travel, meals, and entertainment expenses as well as depreciation on certain assets, and amortization. We expect general and administrative expenses to correlate with overall revenues, with some deviations for strategic investments.

Interest Expense, net. Consists of interest expense on short-term and long-term debt and amortization on deferred financing fees (see Note 10 to our Consolidated Financial Statements in this Annual Report for additional information), partially offset by interest income earned on cash equivalents.

Key Performance Measures

We evaluate the performance of our reportable segments based on the revenue of services and products, gross profit, operating margins, and cash from business operations. We use Adjusted EBITDA, which is a non-GAAP financial metric, as a supplemental measure of our performance in order to provide investors with an improved understanding of underlying performance trends. Please see the section “Non-GAAP Financial Measures” below for further discussion of this financial measure, including the reasons why we use such financial measures and reconciliations of such financial measures to the nearest GAAP financial measures.

Human capital is also one of the main cost drivers of the manufacturing, selling, and administrative processes of Janus. As a result, headcount generally reflects our operational status, indicating whether the business is expanding or contracting. While we expect changes in our workforce to generally correlate to our operational performance, certain non-recurring events such as corporate restructuring, could impact general trends related to our headcount as the Company continues to develop an appropriate workforce composition to meet operational demand. As of January 3, 2026 and December 28, 2024, the Company’s headcount was 2,243 (including 426 temporary employees) and 2,271 (including 388 temporary employees), respectively.

The following tables set forth key performance measures for the years ended January 3, 2026 and December 28, 2024:

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

Adjusted EBITDA (% of revenue) 19.0 % 21.6 % (2.6) %

*We use measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. These non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis.

Total revenues decreased by $79.6 or 8.3% for the year ended January 3, 2026 compared to the year ended December 28, 2024, as a result of the continuation of the volume decline associated with uncertainty in the macroeconomic environment, sustained elevated interest rates, along with lower housing churn.

Adjusted EBITDA decreased by $40.3 or 19.3% from the year ended January 3, 2026 compared to the year ended December 28, 2024, and Adjusted EBITDA as a percentage of revenue decreased 260bps for the year ended January 3, 2026 primarily attributable to a decline in sales price in conjunction with loss of leverage on our fixed costs. (See “Non-GAAP Financial Measures” section).

Factors Affecting the Results of Operations

Key Factors Affecting the Business and Financial Statements

We believe our performance and future growth depends on a number of factors that present significant opportunities but also pose risks and challenges.

Factors Affecting Revenues

Our revenues from products sold are driven by economic conditions, which impacts new construction of self-storage facilities, R3 of self-storage facilities, and commercial revenue.

We periodically modify sales prices of our products due to changes in costs for raw materials and energy, market conditions, labor and logistics costs, and the competitive environment. In certain cases, realized price increases are less than the announced price increases due to project pricing, competitive reactions, and changing market conditions.

We also offer a wide assortment of products that are differentiated by style, design, and performance attributes. Pricing and margins for products within the assortment vary. In addition, changes in the relative quantity of products purchased at different price points can impact year-to-year comparisons of revenues and income from operations.

Service revenue is driven by the product revenue and the increase in value-added services, which consists primarily of installation and project management, and third-party security. We believe Janus differentiates itself through on-time delivery, efficient installation, customer service satisfaction, and a reputation for high quality products.

Factors Affecting Growth Through Acquisitions

Our business strategy includes growth through the acquisition of other companies that yield our acceptable internal rate of return. We evaluate companies that we believe will strategically fit into our business and growth objectives, including those that will support our overall strategy of portfolio diversification, geographic expansion, and technological innovation, among other areas of focus. While we seek acquisition opportunities that we believe will augment our business and growth objectives, certain factors could prevent acquisition opportunities from materializing, including target-company availability, relative valuation expectations, and certain due diligence considerations, among other factors.

Factors Affecting Operating Costs

Our operating expenses are comprised of direct production costs (principally raw materials, labor, and energy), manufacturing overhead costs, freight, costs to purchase sourced products, selling and marketing, and general and administrative expenses.

Our largest individual raw material expenditure is steel coils. Fluctuations in the prices of steel coil are generally beyond our control and have a direct impact on the financial results. We enter into agreements with large suppliers in order to lock in steel coil prices for part of our production needs. These agreements are renewed annually and partially mitigate the potential impacts of short-term steel coil price fluctuations. These arrangements allow us to purchase quantities of product within specified ranges as outlined in the contracts.

Outbound freight costs are driven by our volume of product revenues and are subject to the freight market pricing environment.

Tariffs and Trade Restrictions

Some of our products, components, and raw materials may be impacted by recent tariff announcements and restrictions on trade. On February 10, 2025, President Trump issued an executive order re-imposing 25% tariffs on steel imports from all sources under Section 232, effective March 12, 2025, ending country and product exemptions. Effective June 4, 2025, the tariffs on steel imports were increased to 50% for all countries other than the U.K. On February 20, 2026, the U.S. Supreme Court ruled that tariffs under IEEPA are unlawful. The Trump Administration responded by immediately revoking tariffs implemented under IEEPA and imposing a new 10% global tariff pursuant to Section 122 of the Trade Act of 1974, effective February 24, 2026 for a period of 150 days. While we cannot fully predict the impact of potential new tariffs on global trade and economic growth, we believe that our regional presence, strong customer relationships, and strategic approach to supplying raw materials for our operations positions us well to manage through these challenges. We actively monitor the regulatory environment and continue to make adjustments whenever necessary. Most of our steel strategically comes from domestic suppliers. We plan to continue to invest in our key strategic growth objectives while closely managing our cost structure and seeking alternative sources of supply to further reduce the impact of tariffs as appropriate. See Item 1A. Risk Factors – “Changes in U.S. trade policy and the imposition of tariffs could negatively impact our business, financial condition, and results of operations” for a further discussion on risks associated with tariffs and trade restrictions.

Results of Operations - Consolidated

The following discussion should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this document. We have derived this data from our Consolidated Financial Statements included elsewhere in this Annual Report. The following tables set forth our results of operations for the periods presented in dollars.

A detailed discussion of the prior year ended December 28, 2024 to the year ended December 30, 2023 year-over-year changes is not included herein and can be found in the Management’s Discussion and Analysis of Financial Condition and Results of Operations section in the year ended December 28, 2024 Annual Report on Form 10-K filed on February 26, 2025.

Consolidated Results of Operations

For the year ended January 3, 2026 compared to the year ended December 28, 2024

Year Ended Variance

(dollar amounts in table in millions) January 3, 2026 December 28, 2024 $ %

REVENUES

OPERATING EXPENSES

Gain on sale of manufacturing facility — 5.0 (5.0) (100.0) %

Loss on extinguishment and modification of debt — (1.7) 1.7 (100.0) %

Consolidated Revenues

Year Ended Variance Variance Breakdown

Total revenue declined $79.6 for the year ended January 3, 2026 compared to the year ended December 28, 2024. The organic revenue decline for the year ended January 3, 2026 is 75% attributed to the overall decline in volume with the residual 25% decline being attributed to price associated with uncertainty in the economic and interest rate environment. The organic decline was partially offset by $7.3 in inorganic revenue from the T.M.C. Acquisition as well as favorable currency impact during the year.

The following tables and discussion compare Janus’s sales by sales channel:

(dollar amounts in millions) Year Ended Variance

New construction revenues decreased by $52.3 or 12.6% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The decrease in the year ended January 3, 2026 is primarily due to a decline in volume associated with uncertainty in the economic and interest rate environment.

R3 revenues decreased by $12.0 or 4.9% for the year ended January 3, 2026 compared to the year ended December 28, 2024. R3 revenues decreased due to macroeconomic uncertainty as well as an approximately 30% decline in facility expansion and retail big-box conversion activity.

Commercial and other revenues decreased by $15.3 or 5.1% for the year ended January 3, 2026 compared to the year ended December 28, 2024. These decreases were attributable to a decline in volumes related to market softness for rolling sheet doors.

Consolidated Cost of Revenues

Year Ended Variance Variance Breakdown

Total cost of revenues decreased $24.8 or 4.4% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The decrease in product cost of revenues of $37.8 for the year ended January 3, 2026 is primarily attributable to the decline in volume. The $13.0 increase in service cost of revenues is primarily aligned with the growth in revenues at our International segment as well as operational costs of T.M.C., which was acquired during the second quarter of fiscal year 2024.

Operating Expenses - Selling and marketing

Selling and marketing expense decreased $0.1 or 0.1% for the year ended January 3, 2026 compared to the year ended December 28, 2024.

Operating Expenses - General and administrative

General and administrative expenses decreased by $8.3 or 4.9% for the year ended January 3, 2026 compared to December 28, 2024. This decrease was primarily the result of the prior period recognition of bad debt expense of $15.7. The decrease was partially offset by increases in employee related expenses, including an increase in stock based compensation expense of $5.5.

Intangible Asset Impairment

For the year ended January 3, 2026, we recognized a non-cash impairment of $0.7 related to our ACT tradename as well as certain customer relationship intangible assets. For the year ended December 28, 2024, we recognized a $12.0 non-cash impairment of the tradename related to our DBCI business primarily due to an overall change in brand strategy.

Interest Expense, net

Interest expense, net decreased $12.8 to $36.8 or 25.8% for the year ended January 3, 2026 compared to the year ended December 28, 2024 primarily due to a voluntary debt repayments of $40.0 during the 2025 fiscal year and $21.9 during the 2024 fiscal year as well as a lower overall interest rate from the April 2024 Repricing Agreement. Additionally, due to our investment in cash equivalents, we earned in interest income of $5.6 for the year ended January 3, 2026 compared to $2.1 for the year ended December 28, 2024. (See “Liquidity and Capital Resources” section).

Income Taxes

Income tax expense decreased by $7.3 or 24.4% to $22.6 for the year ended January 3, 2026 from $29.9 for the year ended December 28, 2024, due to the year over year decrease of income before taxes.

Segment Results of Operations

We operate in and report financial results for two segments: Janus North America and Janus International with the following sales channels: self-storage - new construction, self-storage - R3, and commercial and other.

Gross profit and Adjusted EBITDA are the measures of profit and loss that our Chief Operating Decision Maker (“CODM”) uses to evaluate the financial performance of the business and as the basis for resource allocation, performance reviews and compensation. Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation, amortization, and other non-operational, non-recurring items. The CODM uses Adjusted EBITDA, a non-GAAP financial measure, as a primary performance metric to assess operating performance, develop future operating plans, and make strategic decisions related to operating expenses and resource allocation, among others. The segment discussion that follows describes the significant factors contributing to the changes in results for each segment included in net earnings.

Results of Operations - Janus North America

For the year ended January 3, 2026 compared to the year ended December 28, 2024

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

REVENUES

OPERATING EXPENSES

Janus North America Revenues

Year Ended Variance Variance Breakdown

Total revenue declined $109.0 for the year ended January 3, 2026 compared to the year ended December 28, 2024. The organic revenue decline for the year ended January 3, 2026 is 75% attributed to the overall decline in volume with the residual 25% decline being attributed to price associated with uncertainty in the economic and interest rate environment. The organic decline was partially offset by $7.3 in inorganic revenue from the T.M.C. Acquisition.

The following tables and discussion compare Janus North America revenues by sales channel.

Year Ended Variance

New Construction revenues decreased by $82.6 or 23.3% for the year ended January 3, 2026 compared to the year ended December 28, 2024 primarily due to a decline in volume associated with uncertainty in the economic and interest rate environment.

R3 revenues decreased by $11.9 or 5.1% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The R3 sales decrease was due to macroeconomic uncertainty as well as an approximately 30% decline in facility expansion and retail big-box conversion activity.

Commercial and Other revenues decreased by $14.5 or 4.8% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The decrease was attributable to a decline in volumes for rolling sheet doors.

Janus North America Cost of Revenues

Year Ended Variance Variance Breakdown

The cost of revenues decreased $46.1 or 9.0% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The decrease in product cost of revenues of $45.5 for the year ended January 3, 2026 is primarily attributable to the decline in volume. The $0.6 decrease in service cost of revenue is primarily attributable to the T.M.C. Acquisition offset by the decline in organic volume for the year ended January 3, 2026 compared to the year ended December 28, 2024.

Operating Expenses - Selling and marketing

Selling and marketing expenses decreased $0.6 or 0.9% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The decrease was primarily due to decreases in employee related expenses.

Operating Expenses - General and administrative

General and administrative expenses decreased $9.2 or 5.8% for the year ended January 3, 2026 compared to the year ended December 28, 2024. This decrease was primarily the result of the prior period recognition of bad debt expense of $15.7. These decrease is partially offset by increases in employee related expenses, including an increase in stock based compensation expense of $5.3.

Intangible Asset Impairment

For the year ended January 3, 2026, the Company recognized a non-cash impairment of $0.7 related to our ACT tradename as well as certain customer relationship intangible assets. For the year ended December 28, 2024, we recognized a $12.0 non-cash impairment of the tradename related to our DBCI business primarily due to an overall change in brand strategy.

Income from Operations

Income from operations decreased by $41.9 or 28.6% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The decrease is primarily due to a decline in sales volume and fixed cost leverage.

Adjusted EBITDA

Adjusted EBITDA decreased by $49.7 or 24.1% for the year ended January 3, 2026 compared to the year ended December 28, 2024, primarily due to a decrease in revenue yielding a decline in gross profit of $62.9 which was not fully offset by decreases in general and administrative expenses.

INTERNATIONAL

Results of Operations - Janus International - For the year ended January 3, 2026 compared to the year ended December 28, 2024:

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

REVENUE

OPERATING EXPENSES

INCOME FROM OPERATIONS $ 6.7 $ — $ 6.7 100.0 %

Janus International Revenues

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

Total revenue increased by $30.3 or 41.2% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The increase in revenues is primarily due to an increase in volume compared to the prior year.

The following table illustrates the revenues by sales channel for the years ended January 3, 2026 and December 28, 2024.

Year Ended Variance

New Construction revenues increased by $30.4 or 48.9% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The increase in New Construction revenues is primarily due to an increase in volume as compared to the prior year due to gains in overall market share as well as favorable currency impact during the fiscal year.

R3 revenues decreased by $0.1 or 0.9% for the year ended January 3, 2026 compared to the year ended December 28, 2024.

Janus International Cost of Revenues

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

Cost of revenues increased by $22.2 or 39.9% for the year ended January 3, 2026 compared to the year ended December 28, 2024. The change in cost of revenues is generally aligned with the changes in revenues following volume activity.

Operating Expenses - General and administrative

General and administrative expenses increased $0.9 or 6.7% for the year ended January 3, 2026 compared to the year ended December 28, 2024. This increase was primarily due to the increase in volume activities partially offset by our restructuring initiatives.

Income from Operations

Income from operations increased by $6.7 for the year ended January 3, 2026 compared to the year ended December 28, 2024. The increase for the period is primarily due to an increase in sales volume.

Adjusted EBITDA

Adjusted EBITDA increased by $9.4 or 427.3% compared to the year ended December 28, 2024, primarily due to increases in revenues.

Results of Operations - Eliminations

Eliminations include transactions to account for intercompany activity. The eliminations necessary to arrive at consolidated financial information activity for the years ended January 3, 2026 and December 28, 2024 are as follows:

Revenues

Year Ended

(dollar amounts in millions) January 3, 2026 December 28, 2024

North America Segment revenues before eliminations $ 783.6 $ 892.6

International Segment revenues before eliminations 103.9 73.6

Intersegment Eliminations (3.3) (2.4)

Consolidated total revenues $ 884.2 $ 963.8

Cost of revenues

Year Ended

(dollar amounts in millions) January 3, 2026 December 28, 2024

North America Segment cost of revenues before eliminations $ 466.7 $ 512.8

International Segment cost of revenues before eliminations 77.8 55.6

Intersegment Eliminations (3.3) (2.4)

Consolidated total cost of revenues $ 541.2 $ 566.0

Revenues by sales channel

Self-storage - new construction $ 271.4 $ 92.6 $ — $ 364.0

Self-storage - new construction $ 354.0 $ 62.2 — $ 416.2

Liquidity and Capital Resources

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing, and financing activities. In doing so, we review and analyze our current cash on hand, borrowing capacity, days sales outstanding, inventory turns, days payable outstanding, capital expenditure forecasts, interest and principal payments on debt, and income tax payments.

Our primary sources of liquidity include cash balances on hand, cash flows from operations, debt offerings, and borrowing availability under our existing credit facility. As market conditions warrant, we may, from time to time, repurchase our outstanding debt securities in the open market, in privately negotiated transactions, by tender offer, by exchange transaction, or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity, and other factors and may be commenced or suspended at any time. At times, we may purchase transferable environmental tax credits that can be used to offset our current year or a prior year income tax liability. We believe our operating cash flows, along with funds available under the line of credit, provide sufficient liquidity to support our short and long-term liquidity and financing needs, which are working capital requirements, capital expenditures, service of indebtedness, and acquisitions.

Financial Policy

Our financial policy seeks to: (i) maintain appropriate leverage by using free cash flows to repay outstanding borrowing, including certain strategic capital investments, (ii) selectively invest in organic and inorganic growth to enhance our portfolio, and (iii) deploy capital through repurchases of common stock.

Liquidity Policy

We maintain a strong focus on liquidity and define our liquidity risk tolerance based on sources and uses to maintain a sufficient liquidity position to meet our obligations under both normal and stressed conditions. We manage our liquidity to provide access to sufficient funding to meet our business needs and financial obligations, as well as capital allocation and growth objectives, throughout business cycles.

Cash Management

We manage our operating cash management activities through banking relationships for the domestic entities and international entities. Domestic subsidiaries monitor cash balances on a monthly basis and excess cash is transferred to us to pay down intercompany debt, interest on the intercompany debt, and intercompany sales of products and materials and other services. International subsidiaries monitor excess cash balances on a periodic basis and transfer excess cash flow to us in the form of a dividend. We compile a monthly standalone business unit and consolidated 13-week cash flow forecast to monitor various cash activities and forecast cash balances to fund operational activities.

Foreign Exchange

We have operations in various foreign countries, principally the United Kingdom, France, Australia, Canada and Poland. Therefore, changes in the value of the related currencies affect our financial statements when translated into U.S. dollars.

Debt Profile

Financing leases 2.2 3.4

Less: unamortized deferred financing fees 7.5 9.9

Less: current portion of long-term debt 6.9 8.8

Long-term debt, net of current portion $ 538.8 $ 583.2

(1)Represents the original issuance date for the First Lien Credit and Guarantee Agreement, dated as of February 12, 2018 (as amended to date, the “First Lien Term Loan”). Subsequent to the original issuance of the First Lien Term Loan, we have amended the First Lien Term Loan on a number of occasions, including most recently on February 2, 2026 when we completed a repricing pursuant to the 2026 Repricing Amendment described below.

(2)The interest rate on the 2024 Repricing Amendment as of January 3, 2026, was 6.32%, which is a variable rate based on Adjusted Term SOFR plus an applicable margin percent of 2.50%.

First Lien Term Loan - In April 2024, we made a voluntary prepayment of $21.9 toward the First Lien Term Loan. We used cash on hand to make the voluntary prepayment.

On April 30, 2024, we completed a repricing pursuant to Amendment No. 7 (the “2024 Repricing Amendment”) to the First Lien Term Loan. The 2024 Repricing Amendment reduced the applicable interest rate margins on the $600.0 First Lien Term Loan from 2.00% to 1.50% for the term loans bearing interest at rates based on the base rate, and from 3.00% to 2.50% for the term loans bearing interest at rates based on the SOFR rate. In addition to the change in the applicable margin rate, we are no longer subject to a Credit Spread Adjustment (“CSA”) rate of 0.1%. Interest is payable in arrears (with respect to base rate loans) or at the end of an interest period selected by us (with respect to SOFR loans). The outstanding loan balance is to be repaid on a quarterly basis in an amount equal to 0.25% of the original balance of the amended loan, with the remaining principal due on the maturity date of August 3, 2030. The interest rate on the First Lien Term Loan as of January 3, 2026, was 6.32%, which is a variable rate based on Adjusted Term SOFR and includes an applicable margin of 2.50%. In conjunction with the 2024 Repricing Amendment, we incurred $1.7 of costs from third parties that did not qualify for capitalization of deferred financing costs and were expensed within “Loss on extinguishment and modification of debt” on the Consolidated Statement of Operations and Comprehensive Income. See Note 10 to our Consolidated Financial Statements in this Annual Report for a further discussion.

In March 2025, we made a voluntary prepayment of $40.0 towards the First Lien Term Loan. We used cash on hand to make the voluntary prepayment.

On February 2, 2026, we completed a repricing pursuant to Amendment No. 8 (the “ 2026 Repricing Amendment”) to the First Lien Term Loan, dated as of February 12, 2018, by and among Janus Intermediate, LLC, our wholly owned subsidiary (“Janus Intermediate”), Janus Core, our wholly owned subsidiary, Goldman Sachs Bank USA (as successor to UBS AG, Stamford Branch), as administrative agent and collateral agent and the other parties thereto. The 2026 Repricing Amendment reduces the applicable interest rate margins on the First Lien’s term loans by 50 basis points to 1.00% (for the term loans bearing interest at rates based on the base rate) and to 2.00% (for the term loans bearing interest at rates based on the secured overnight financing rate).

Line of Credit - We maintain a $125.0 revolving credit facility, pursuant to an ABL Credit and Guarantee Agreement (the “2023 LOC Agreement”). Interest payments with respect to the 2023 LOC Agreement are due in arrears. The maturity date is August 3, 2028. The revolving credit facility bears interest at a floating rate per annum consisting of the SOFR rate plus an applicable margin percent based on excess availability and a 10 basis points flat CSA. There was no outstanding balance on the line of credit as of January 3, 2026. As of January 3, 2026, the interest rate in effect for the facility was 5.42%. The line of credit is secured by accounts receivable and inventories. See Note 9 to our Consolidated Financial Statements in this Annual Report for a further discussion.

As of January 3, 2026, we were compliant with our covenants under the agreements governing our outstanding indebtedness.

As of January 3, 2026 and December 28, 2024, we maintained one letter of credit totaling approximately $0.4 on which there were no balances due. The amount available on the line of credit as of January 3, 2026 and December 28, 2024 was approximately $66.1 and $82.0, respectively.

Statement of Cash Flows

The following table presents a summary of cash flows from operating, investing and financing activities for the following comparative periods. For additional detail, please see the Consolidated Statements of Cash Flows in the Consolidated Financial Statements.

Year ended January 3, 2026 compared to the year ended December 28, 2024:

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

Net cash provided by operating activities $ 139.5 $ 154.0 $ (14.5) (9.4) %

Net cash used in investing activities (25.6) (73.1) 47.5 (65.0) %

Net cash used in financing activities (69.4) (103.0) 33.6 (32.6) %

Effect of foreign currency rate changes on cash 0.6 (0.3) 0.9 300.0 %

Net cash provided by operating activities

Net cash provided by operating activities decreased by $14.5, or 9.4%, to $139.5 for the year ended January 3, 2026, compared to $154.0 for the year ended December 28, 2024. This was primarily driven by a $10.2 reduction in net cash activity from net working capital requirements, as well as a $4.3 decrease in net income adjusted for non-cash items.

Net cash used in investing activities

Net cash used in investing activities decreased by $47.5 or 65.0% for the year ended January 3, 2026, compared to the prior year. This decrease was primarily due to the T.M.C. Acquisition, which resulted in $59.4 of cash outflows during the 2024 fiscal year.

Net cash used in financing activities

Net cash used in financing activities decreased by $33.6 or 32.6% for the year ended January 3, 2026, compared to the prior year. This was driven by a decrease in share repurchases of $15.9 as compared to $78.8 in the prior year, which was partially offset by increased debt payments, net of debt proceeds, of $47.5 during the year ended January 3, 2026, compared to $24.9 in the year ended December 28, 2024.

Capital allocation strategy

We continually assess our capital allocation strategy, including decisions relating to M&A, dividends, stock repurchases, capital expenditures, and debt pay-downs. The timing, declaration, and payment of future dividends, if any, falls within the discretion of Janus’s Board of Directors and will depend upon many factors, including, but not limited to, Janus’s financial condition and earnings, the capital requirements of the business, restrictions imposed by applicable law, and any other factors the Board of Directors deems relevant from time to time.

Non-GAAP Financial Measures

We use measures of performance that are not required by or presented in accordance with GAAP in the United States. Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. Non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis.

Adjusted EBITDA

We use adjusted EBITDA, a non-GAAP financial measure, to evaluate our operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. EBITDA is earnings

before interest, taxes, depreciation, and amortization (“EBITDA”).

We present adjusted EBITDA which is a non-GAAP financial performance measure, which excludes from reported GAAP results, the impact of items consisting of restructuring, acquisition related activities, impairment and loss on extinguishment and modification of debt, and other non-recurring charges. We believe such items are not indicative of normal, ongoing operations, and their inclusion in results makes for more difficult comparisons between years and with peer group companies.

Accordingly, we believe these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, they provide useful measures for period-to-period comparisons of our business, as they remove the effect of certain non-cash items and certain variable charges. Adjusted EBITDA is defined as net income excluding interest expense, income taxes, depreciation expense, amortization, acquisition related expense, and other non-recurring items.

Adjusted EBITDA should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net income, which is the nearest GAAP equivalent of adjusted EBITDA. These limitations include that the non-GAAP financial measures:

•exclude depreciation and amortization, and although these are non-cash expenses, the assets being depreciated may be replaced in the future;

•do not reflect interest expense, or the cash requirements necessary to service interest on debt, which reduces cash available;

•do not reflect the provision for or benefit from income tax that may result in payments that reduce cash available;

•exclude non-recurring items which are outside of our normal operations (e.g., the extinguishment of debt); and

•may not be comparable to similar non-GAAP financial measures used by other companies, because the expenses and other acquisition related and other non-recurring items that Janus excludes in the calculation of these non-GAAP financial measures may differ from the expenses and acquisition related and other non-recurring items, if any, that other companies may exclude from these non-GAAP financial measures when they report their operating results.

Because of these limitations, these non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP.

The following tables present a reconciliation of net income to adjusted EBITDA for the periods indicated:

Year Ended Variance

(dollar amounts in millions) January 3, 2026 December 28, 2024 $ %

Restructuring charges (income)(1) 3.5 (2.9) 6.4 (220.7) %

Loss on extinguishment and modification of debt(4) — 1.7 (1.7) (100.0) %

(1)Restructuring charges consist of the following: 1) facility relocations, 2) severance and hiring costs associated with our strategic transformation, including leadership team changes, and 3) strategic business assessment and transformation projects.

(2)Expenses related to various professional fees, acquisition related compensation, and various acquisition related activities.

(3)Impairment consists of the write down of the ACT Tradename intangible asset and certain customer relationship intangible assets during the year ended January 3, 2026 and the write down of the DBCI Tradename intangible asset during the year ended December 28, 2024, respectively.

(4)Adjustment for loss on extinguishment and modification of debt regarding the write off of unamortized fees and third-party fees as a result of the debt modification completed in April 2024.

Credit Ratings

Costs of borrowing and our respective ability to access the capital markets are affected not only by market conditions but also by the short-term and long-term credit ratings assigned to our respective debt by the major credit rating agencies.

In determining our credit ratings, the rating agencies consider a number of quantitative factors, including but not limited to, debt to total capitalization, operating cash flow relative to outstanding debt, and operating cash flow coverage of interest. In addition, the rating agencies consider qualitative factors such as consistency of our earnings over time and the quality of our management and business strategy.

Our debt is rated by two rating agencies: Standard & Poor’s Corporation (S&P) and Moody’s Investors Service (Moody’s). As of January 3, 2026, our outlook and current debt ratings are as follows:

S&P Moody’s

Corporate BB- Ba3

Senior secured long-term debt(1) BB Ba3

Outlook Stable Stable

(1)A credit rating is not a recommendation to buy, sell or hold securities. Our credit ratings may be revised or withdrawn at any time by the rating agencies, and each rating should be evaluated independently of any other rating. There can be no assurance that a rating will remain in effect for any given period of time or that a rating will not be lowered, or withdrawn entirely, by a rating agency if, in its judgment, circumstances so warrant.

Contractual Obligations

Summarized below are our contractual obligations as of January 3, 2026 and their expected impact on our liquidity and cash flows in future periods:

Finance lease obligations 2.2 0.9 1.2 0.1 —

Unconditional purchase obligations 10.3 8.4 1.9 — —

Debt obligations are presented for the principal balance and include the First Lien Term Loan payments. The First Lien Term Loan has a maturity date of August 3, 2030. (See Note 10, Long-Term Debt, to our Consolidated Financial Statements in this Annual Report for a further discussion).

Finance lease obligations include future payments related to finance leases. Operating lease obligations consist of future payments related to operating lease liabilities for real and personal property leases with various lease expiration dates. The amount included in the “Thereafter” column is primarily comprised of eleven real property leases with expiration dates ranging from 2031–2044. Finance and operating lease obligations are presented net of imputed interest. (See Note 5, Leases, to our Consolidated Financial Statements in this Annual Report for a further discussion of future lease payments).

Unconditional purchase obligations consist of supply contracts that relate to fixed price arrangements as well as multi-year software contracts. As we continue to analyze the impact of previously announced and threatened tariffs as well as potential mitigation strategies, we may look to renegotiate certain fixed pricing arrangements or enter into more favorable fixed pricing arrangements to offset fluctuations in prices for raw materials.

The table above does not include $4.4 in estimated warranty liabilities because it is not certain when or if these liabilities will be funded.

In addition to the contractual obligations and commitments listed and described above, we also had another commitment for which we are contingently liable as of January 3, 2026 and December 28, 2024 consisting of an outstanding letter of credit of $0.4.

Other Matters

Tariffs and Trade Restrictions

Some of our products may be impacted by recent tariff announcements and restrictions on trade. While we cannot predict the impact of potential new tariffs on global trade and economic growth, our regional presence, strong customer relationships, and strategic approach to supplying raw materials for our operations position us well to manage through these challenges. We actively monitor the regulatory environment and continue to make adjustments whenever necessary. Most of our steel strategically comes from domestic suppliers. We plan to continue to invest in our key strategic growth objectives while closely managing our cost structure and seeking alternative sources of supply to further reduce the impact of tariffs as appropriate.

Off-Balance Sheet Arrangements

As of January 3, 2026, we did not have any off-balance sheet arrangements that are material or reasonably likely to be material to our financial condition or results of operations.

Critical Accounting Estimates

For the critical Accounting Estimates used in preparing our Consolidated Financial Statements, we make assumptions, judgments and estimates that can have a significant impact on our revenue, results from operations and net income, as well as on the value of certain assets and liabilities on our consolidated balance sheets. We base our assumptions, judgments and estimates on historical experience and various other factors that we believe to be reasonable under the circumstances. Actual results could differ materially from these estimates under different assumptions or conditions.

In accordance with our policies, we regularly evaluate our estimates, assumptions, and judgments, including, but not limited to, those concerning revenue recognition, business combinations, goodwill and indefinite-life intangible valuations and allowance for credit losses. The results involve judgments about the carrying values of assets and liabilities not readily apparent from other sources. If our assumptions or conditions change, the actual results of our reports may differ from these estimates. The following critical accounting estimates affect the more significant estimates, assumptions, and judgments we use to prepare these consolidated financial statements.

Revenue Recognition

For performance obligations recognized over time, we utilize the cost-to-cost input method as we consider it the most accurate measure of when goods and services are transferred to the customer. Under this method, we estimate the costs to complete individual contracts and recognize revenue proportionately to the total contract price deemed complete, based on the relationship of costs incurred to date to total anticipated costs.

It is important to note that, under the cost-to-cost method, the use of estimated costs to complete each contract is a crucial variable in determining recognized revenue. This estimate can change over the course of a contract’s duration due to many factors such as contract modifications and other elements affecting job completion.

To ensure accuracy, we regularly review and reassess our estimates for each uncompleted contract at least quarterly, incorporating the latest reliable information available. It is important to recognize that changes in these estimates could have both favorable and unfavorable impacts on revenues and their related profits.

Business Combinations

Under the acquisition method of accounting, the Company recognizes tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. We record the excess of the fair value of the consideration transferred over the value of the net assets acquired as goodwill. The accounting for business combinations requires us to make significant estimates and assumptions, especially with respect to intangible assets and the fair value of contingent payment obligations. We use a variety of information sources to determine the value of acquired assets and liabilities including: third-party appraisers for the values and lives of property, identifiable intangibles and inventories; and legal counsel or other advisors to assess the obligations associated with legal, environmental or other claims. Critical estimates in valuing customer relationships, noncompete agreements, and tradenames, include future cash flows that we expect to generate from the acquired assets. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, we could experience impairment charges which could be material.

Goodwill and Indefinite-Life Intangible Valuations

Our business acquisitions result in the recognition of goodwill and other intangible assets, which are a significant portion of our total assets. Goodwill represents the excess of acquisition costs over the fair value of the net tangible assets and identifiable intangible assets acquired in a business combination. Identifiable intangible assets are recognized separately from goodwill and include customer relationships, tradenames and trademarks, software, and other specifically identifiable assets. Certain tradenames and trademarks are deemed to be indefinite-lived.

Goodwill represents the excess of the purchase price paid over the estimated fair value of the net assets acquired and liabilities assumed in the acquisition of a business. Goodwill has an indefinite useful life, and is not amortized, but instead tested for impairment annually on the first day of the fourth quarter of or more often if events or changes in circumstances indicate that the carrying amount may exceed fair value as set forth in ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”). We test for goodwill impairment at the reporting unit level, which is an operating segment or one level below an operating segment. The amount of goodwill acquired in a business combination that is assigned to one or more reporting units as of the acquisition date is the excess of the purchase price of the acquired businesses (or portion thereof) included in the reporting unit, over the fair value assigned to the individual assets acquired or liabilities assumed from a market participant perspective. Goodwill is assigned to the reporting unit(s) expected to benefit from the synergies of the combination even though other assets or liabilities of the acquired entity may not be assigned to that reporting unit.

ASC 350 allows an optional qualitative assessment as part of annual impairment testing, prior to a quantitative assessment test, to determine whether it is more likely than not that the fair value of a reporting unit exceeds its carrying amount. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, we may elect to proceed directly to the quantitative impairment test.

In conducting a qualitative assessment, we analyze actual and projected growth trends for net sales and margin for each reporting unit, as well as historical performance versus plan and the results of prior quantitative tests performed. Additionally, we assess factors that may impact our business, including macroeconomic conditions and the related impact, market-related exposures, plans to market for sale all or a portion of our business, competitive changes, new or discontinued product lines, changes in key personnel, and any potential risks to projected financial results.

If performed, the quantitative test compares the fair value of a reporting unit with its carrying amount. We determine the fair value of each reporting unit by estimating the present value of expected future cash flows, discounted by the applicable discount rate, and peer company multiples. If the carrying value exceeds the fair value, we recognize an impairment loss in the amount equal to the excess, not to exceed the total amount of goodwill allocated to that reporting unit.

In performing a quantitative assessment of indefinite-life intangible assets other than goodwill, primarily tradenames and trademarks, we estimate the fair value of these intangible assets using the relief-from-royalty method which requires assumptions related to projected revenues from our long-range plans; assumed royalty rates that could be payable if we did not own the trademark; and a discount rate using a market based weighted-average cost of capital. If the estimated fair value of the indefinite-life intangible asset is less than its carrying value, we would recognize an impairment loss. If actual results are not consistent with management’s estimate and assumptions, a material impairment charge of our trademarks and trade names could occur, which could have an adverse effect on our financial condition and results of operations.

We performed our annual goodwill impairment testing as of October 1, 2025, by performing a quantitative assessment as noted above for each reporting unit, using our best estimates for assumptions regarding future revenues, discount rates, and long-term growth rates to estimate the fair value of our reporting units. Based on the results of this assessment, the fair value of all of our reporting units exceeded their carrying values, however, we identified two reporting units for which the fair values were not substantially in excess of their carrying values.

Our Betco reporting unit had a fair value in excess of 11.3% of its carrying value of $97.6 and our TMC reporting unit had a fair value in excess of 10.5% of its carrying value of $67.0. As of January 3, 2026, our Betco and TMC reporting units had goodwill balances of $22.7 and $14.8, respectively.

We performed our annual impairment test for our indefinite-lived intangible assets other than goodwill as of October 1, 2025 using the relief-from-royalty method using our best estimates for assumptions related to our projected long-range revenues, discount rates and royalty rates. All of our indefinite-lived trademarks were determined to have concluded fair values in excess of their carrying values with the exception of our ACT tradename for which we recorded a $0.3 impairment charge for the year ended January 3, 2026.

Allowance for Credit Losses

We encounter credit loss risks associated with the collection of our account receivables. We analyze historical experience, customer specific and general economic conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount in estimating credit losses. The accounting estimate related to the allowance for credit losses is a critical accounting estimate because the underlying assumptions used for the allowance can change from time to time and credit losses could potentially have a material impact on our results of operations.

Recently Issued Accounting Standards

See Note 2 to our Consolidated Financial Statements in this Annual Report for a discussion of recently issued accounting pronouncements.

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Foreign Currency Exposures

We are exposed to foreign currency exchange risk related to currency translation exposure because the operations of our subsidiaries are measured in their functional currency which is the currency of the primary economic environment in which the subsidiary operates; particularly, the United Kingdom, Australia, and Poland. Any currency balances that are denominated in currencies other than the functional currency of the subsidiary are re-measured into the functional currency, with the resulting gain or loss recorded in the other income (expense) in our Consolidated Statement of Operations and Comprehensive Income. In turn, subsidiary income statement balances that are denominated in currencies other than the U.S. dollar are translated into U.S. dollars, our functional currency, in consolidation using the average exchange rate in effect during each fiscal month during the period, with any related gain or loss recorded as foreign currency translation adjustments in other comprehensive (loss) income. The assets and liabilities of subsidiaries that use functional currencies other than the U.S. dollar are translated into U.S. dollars in consolidation using period end exchange rates, with the effects of foreign currency translation adjustments included in accumulated other comprehensive income (loss).

We seek to naturally hedge our foreign exchange transaction exposure by matching the transaction currencies for our cash inflows and outflows and maintaining access to credit in the principal currencies in which we conduct business. We do not currently hedge our foreign exchange transaction or translation exposure but may consider doing so in the future. Other comprehensive income (loss) includes foreign currency translation adjustments.

Raw Material Price Exposures and Concentration of Supplier Risk

Our biggest raw material spend is steel coils, which is subject to price volatility due to external factors, and comprises approximately of 55% to 60% of raw material spend on a consolidated level for the fiscal years ended January 3, 2026 and December 28, 2024. Historically, these costs were managed through our expected sales volume, yielding an expected steel coil usage for our procurement team to manage the order to fulfillment schedule. We fulfill those steel coil purchases through dual sourcing strategies with multiple vendors. Prices for spot market purchases were negotiated on a continuous basis in line with the market at the time. Other than short term supply contracts and occasional strategic purchases of larger quantities of certain raw materials, we generally buy materials on an as-needed basis. Periodically, we enter into fixed price and fixed supply agreements to combat fluctuations in the price of steel locking in prices and will continue to do so in the future. We have not entered into hedges with respect to our raw material costs at this time, but we may choose to enter into such hedges in the future.

Interest Rate Exposure

As indicated in Note 10, Long-term Debt, of our Consolidated Financial Statements, for the year ended January 3, 2026, outstanding borrowings under our credit facilities include a First Lien term loan. On April 30, 2024, we completed a repricing pursuant to the 2024 Repricing Amendment to the First Lien Term Loan. The 2024 Repricing Amendment reduced the applicable interest rate margins on the $600.0 First Lien Term Loan from 2.00% to 1.50% for the term loans bearing interest at rates based on the base rate, and from 3.00% to 2.50% for the term loans bearing interest at rates based on the SOFR rate. In addition to the change in the applicable margin rate, we are no longer subject to a CSA rate of 0.10%. Interest is payable in arrears (with respect to base rate loans) or at the end of an interest period selected by us (with respect to SOFR loans). The interest rate on the Amendment No. 7 First Lien term loan as of January 3, 2026 was 6.32%.

As indicated in Note 9, Line of Credit, of our Consolidated Financial Statements, we have a $125.0 revolving credit facility with a financial institution. On August 3, 2023, we refinanced the revolving credit facility, pursuant to the 2023 LOC Agreement. Interest payments with respect to the 2023 LOC Agreement are due in arrears. The maturity date is August 3, 2028. As of January 3, 2026, the Adjusted Term SOFR interest rate for the facility was 5.42%.

We experience risk related to fluctuations in the SOFR rate and base rate at any given time. Taking into account the SOFR floor of 1.00%, a hypothetical increase or decrease in 100 basis points of the SOFR rate on the amounts outstanding under the First Lien Term Loan as of January 3, 2026, would have led to an approximate $5.5 increase or $5.5 decrease in the interest expense of the First Lien Term Loan on an annual basis. We may consider using interest rate hedges in the future to combat potential interest rate exposure. Refer to Item 1A. Risk Factors for further information on the risks associated with our interest rate exposure.

Credit Risk

As of January 3, 2026 and December 28, 2024, our cash was maintained at major financial institutions in the United States, United Kingdom, and Australia, and our current deposits are likely in excess of insured limits. Based on the information available as of the date of this Annual Report, these institutions have sufficient assets and liquidity to conduct their operations in the ordinary course of business with little or no credit risk to us.

Our accounts receivable primarily relate to revenue from the sale of products and services to established customers. To mitigate credit risk, ongoing credit evaluations of customers’ financial condition are performed, deposits are required for select customers, and lien rights on any jobs in which we provide subcontracted installation services are available. As of January 3, 2026 and December 28, 2024 , there were no customers that represented more than 10% of accounts receivable.

Impact of Inflation

Inflationary factors such as increases in the cost of our product and overhead costs may adversely affect our operating results if we are unsuccessful in passing such inflationary increases on to our customers in the form of higher prices.

Tariff Risk

Certain components, raw materials, and commodities we use are subject to tariffs. There remains uncertainty on how recently enacted tariffs and potential future tariffs may affect the price of these raw materials and commodities long term. We are continuously assessing potential supply chain vulnerability and implementing strategies to mitigate potential tariff impacts. We are also utilizing domestic suppliers where possible to reduce supply chain and cost risks. Additionally, we continue to explore alternative supply sources and evaluate shifts in demand. See Part I – Item 1A. Risk Factors – “Changes in U.S. trade policy and the imposition of tariffs may have a material adverse impact on our business and results of operations” for a further discussion on tariff risks.

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to financial statements Page

Report of Independent Registered Public Accounting Firm (PCAOB ID: 185) 52

Report of Independent Registered Public Accounting Firm (PCAOB ID: 243) 55

Consolidated Balance Sheets as of January 3, 2026 and December 28, 2024 55

Notes to the Consolidated Financial Statements 60

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors

Janus International Group, Inc.:

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Janus International Group, Inc. and subsidiaries (the Company) as of January 3, 2026 and December 28, 2024, the related consolidated statements of operations and comprehensive income, changes in stockholders’ equity, and cash flows for the fiscal years then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of January 3, 2026 and December 28, 2024, and the results of its operations and its cash flows for the fiscal years then ended, in conformity with U.S. generally accepted accounting principles.

We also have audited the adjustments to the 2023 consolidated financial statements to retrospectively apply the change in accounting related to the Company’s adoption of ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, as described in Notes 2 and 18. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2023 consolidated financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2023 consolidated financial statements taken as a whole.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of January 3, 2026, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated March 4, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Certain service revenues recognized over time using cost-to-cost percentage of completion

As discussed in Notes 2, 14 and 18 to the consolidated financial statements, the Company recognized $150.0 million of service revenues within its North America segment for the year ended January 3, 2026. Service revenue is recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company. For revenue recognized over time, the Company utilizes the cost-to-cost input method as the most accurate measure of when goods and services are transferred to the customer. Under this method, the Company estimates the costs to complete individual contracts and recognizes revenue proportionately to the total contract price deemed complete, based on the relationship of costs incurred to date to total anticipated costs.

We identified the evaluation of certain service revenues recognized over time using cost-to-cost percentage of completion as a critical audit matter. Specifically, subjective auditor judgment was required to assess management’s percentage of completion assumptions, which are based on the determination of the status of uncompleted projects and rely on the expertise, experience, and judgment of project management. Changes in the percentage of completion assumptions could have an impact on recognized service revenues.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company’s revenue recognition process, including controls related to the development of the percentage of completion assumption for uncompleted contracts. We selected a sample of uncompleted service revenue contracts and, for each sampled contract, assessed the percentage of completion assumption used to recognize service revenues by:

•reading the underlying contract to obtain an understanding of the contractual requirements

•interviewing and reviewing questionnaires prepared by project management personnel of the Company, and inspecting related documentation, to gain an understanding of project status and factors that should be considered within the percentage of completion assumption

•comparing the percentage of completion assumption for the contract to the Company’s project status assessment.

We have served as the Company’s auditor since 2024.

/s/ KPMG LLP

Atlanta, Georgia

March 4, 2026

Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors

Janus International Group, Inc.

Temple, Georgia

Opinion on the Consolidated Financial Statements

We have audited, before the effects of the adjustments to retrospectively apply the change in accounting due to the adoption of Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), as described in Notes 2 and 18, the accompanying consolidated statements of operations and comprehensive income, changes in stockholders’ equity, and cash flows of Janus International Group, Inc. (the “Company”) for the fiscal year ended December 30, 2023 (the 2023 consolidated financial statements before the effects of the change in accounting due to the adoption of ASU 2023-07 described in Notes 2 and 18 are not presented herein). In our opinion, the 2023 consolidated financial statements, before the effects of the adjustments to retrospectively apply the change in accounting due to the adoption of ASU 2023-07 described in Notes 2 and 18, present fairly, in all material respects, the Company’s results of operations and cash flows for the fiscal year ended December 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the change in accounting due to the adoption of ASU 2023-07 described in Notes 2 and 18 and, accordingly, we do not express an opinion or any other form of assurance about whether such adjustments are appropriate and have been properly applied. Those adjustments were audited by KPMG LLP.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ BDO USA, P.C.

We served as the Company's auditor from 2018 to 2024.

Atlanta, Georgia

February 28, 2024

Janus International Group, Inc.

Consolidated Balance Sheets

(amounts in millions, except share and per share data)

ASSETS

Current Assets

Cash and cash equivalents $ 194.4 $ 149.3

Prepaid expenses 9.5 7.2

Property, plant, and equipment, net 66.2 56.8

Right-of-use assets, net 73.4 59.7

Deferred tax assets, net 13.3 36.9

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Current maturities of long-term debt 6.9 8.8

Accrued expenses and other current liabilities 55.0 56.2

Total current liabilities $ 119.3 $ 136.8

Deferred tax liabilities, net 3.1 1.7

Other long-term liabilities 71.3 60.8

STOCKHOLDERS’ EQUITY

Accumulated other comprehensive loss (1.1) (3.8)

Total stockholders’ equity $ 572.5 $ 518.8

Total liabilities and stockholders’ equity $ 1,305.0 $ 1,301.3

See accompanying Notes to the Consolidated Financial Statements

Janus International Group, Inc.

Consolidated Statements of Operations and Comprehensive Income

(amounts in millions, except share and per share data)

Year Ended

REVENUES

OPERATING EXPENSES

Gain on sale of manufacturing facility — 5.0 —

Loss on extinguishment and modification of debt — (1.7) (3.9)

Other income, net 1.7 — 1.0

Other comprehensive income (loss) 2.7 (0.9) $ 1.9

Weighted-average shares outstanding, basic and diluted (Note 16)

Net income per share, basic and diluted (Note 16)

See accompanying Notes to the Consolidated Financial Statements.

Janus International Group, Inc.

Consolidated Statements of Changes in Stockholders’ Equity

(amounts in millions, except share data)

Shares Amount Shares Amount Shares Amount

Issuance of restricted units — — 191,892 — — — — — — —

Share-based compensation — — — — — — 7.1 — — 7.1

Foreign currency translation adjustment — — — — — — — 1.9 1.9

Issuance of restricted units — — 382,669 — — — — — — —

Issuance of common stock on exercise of stock options — — 2,069 — — — — — — —

Share-based compensation — — — — — — 10.7 — — 10.7

Foreign currency translation adjustment — — — — — — — (0.9) (0.9)

Net income — — — — — — — — 70.4 70.4

Issuance of restricted units — — 1,159,192 — — — — — — —

Share-based compensation — — — — — — 16.2 — — 16.2

Foreign currency translation adjustment — — — — — — — 2.7 — 2.7

Net income — — — — — — — — 53.8 53.8

Total shares issued are the aggregate of Common Stock outstanding and Treasury Shares.

See accompanying Notes to the Consolidated Financial Statements

Janus International Group, Inc.

Consolidated Statements of Cash Flows

(amounts in millions)

Year Ended

Cash flows provided by operating activities

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation of property, plant, and equipment 12.9 12.0 9.3

Noncash lease expense 7.8 7.6 6.3

Deferred financing fee amortization 2.6 2.4 3.6

Loss on extinguishment of debt — — 1.6

(Gain) loss on sale of property, plant, and equipment (0.6) (5.0) 0.1

Deferred income taxes, net 24.9 0.1 9.5

Other, net 1.0 (0.7) —

Changes in operating assets and liabilities, excluding effects of acquisition

Prepaid expenses and other current assets (10.8) (3.9) 4.1

Other assets 0.7 — (1.9)

Contract liabilities (1.8) (9.1) 5.0

Accrued expenses and other current liabilities (6.3) (24.6) 10.0

Other long-term liabilities (0.7) (5.1) (3.5)

Net cash provided by operating activities $ 139.5 $ 154.0 $ 215.0

Cash flows used in investing activities

Purchases of property, plant, and equipment $ (25.5) $ (20.1) $ (19.0)

Cash paid for acquisition, net of cash acquired (0.1) (59.4) (1.0)

Proceeds from sale of property, plant, and equipment — 8.9 0.1

Payment for equity method investment — (2.5) —

Net cash used in investing activities $ (25.6) $ (73.1) $ (19.9)

Cash flows used in financing activities

Principal payments on long-term debt $ (47.5) $ (24.9) (428.5)

Repurchase of common stock (15.9) (78.8) —

Cash paid for common stock withheld for taxes (3.1) (1.7) —

Principal payments on finance lease obligations (2.1) (1.6) (0.7)

Proceeds from issuance of long-term debt — — 337.6

Excise taxes paid for repurchase of common stock (0.8) — —

Payments for deferred financing fees — (0.2) (10.8)

Other financing activities — 4.2 —

Net cash used in financing activities $ (69.4) $ (103.0) $ (102.4)

Effect of exchange rate changes on cash and cash equivalents $ 0.6 $ (0.3) $ 0.6

Net increase (decrease) in cash $ 45.1 $ (22.4) $ 93.3

Janus International Group, Inc.

Consolidated Statements of Cash Flows

(amounts in millions)

Year Ended

Supplemental cash flow information

Non-cash investing and financing activities

RSU shares withheld included in accrued employee taxes $ 0.4 $ 0.1 $ 0.4

Purchases of property, plant, and equipment in accounts payable $ 0.3 $ 0.2 $ —

Financing liability related to completed sale leaseback $ (4.2) $ — $ —

See accompanying Notes to the Consolidated Financial Statements

Janus International Group, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in millions, except per share data)

1. Nature of Operations

Janus International Group, Inc. is a holding company incorporated in Delaware. References to “Janus,” “Group,” “Company,” “we,” “our” or “us” refer to Janus International Group, Inc. and its consolidated subsidiaries. We are a global manufacturer, supplier, and provider of turn-key self-storage, commercial, and industrial building solutions. We provide facility and door automation and access control technologies, roll up and swing doors, hallway systems, relocatable storage “MASS” (Moveable Additional Storage Structures) units, and trucking terminal renovation, remodeling, and maintenance services, among other solutions, to serve several U.S. and international locations. We work with our customers throughout every phase of a project by providing solutions, including facility planning and design, construction, technology, and the restoration, rebuilding, and replacement (“R3”) of self-storage facilities and damaged or end-of-life products.

We are headquartered in Temple, Georgia, with operations in the United States of America (“United States” or “U.S.”), United Kingdom (“U.K.”), Australia, France, Canada, and Poland. Janus International Group, Inc. is a holding company with no operations other than global management of certain operating entities, including Janus International Group, LLC. Each of Janus Intermediate Holdco, Inc., Janus Midco, LLC, and Janus Intermediate, LLC are holding companies with no other operations, cash flows, material assets, or liabilities other than the equity interests held in Janus International Group, LLC. We provide products and services through our two operating and reportable segments, which are based on the geographic region of our operations: (i) Janus North America and (ii) Janus International. Our Janus North America segment is comprised of Janus International Group, LLC (“Janus Core”), together with each of its operating subsidiaries, Betco, Inc. (“BETCO”), Nokē, Inc. (“NOKE”), Asta Industries, Inc. (“ASTA”), Access Control Technologies, LLC (“ACT”), U.S. Door & Building Components, LLC (“U.S. Door”), Janus Door, LLC (“Janus Door”), Steel Door Depot.com, LLC (“Steel Door Depot”), Janus International Canada, Ltd. (“Janus Canada”), and Terminal Door, LLC (“Terminal Door”). Our Janus International segment is comprised of Janus International Europe Holdings Ltd. (“Janus Europe Holdings”) and its subsidiaries, Janus International Australia Pty Ltd (“Janus Australia”), Janus International Europe Ltd (“Janus Europe”), Janus International France SARL (“Janus France”), and Janus International Poland sp. z.o.o (“Janus Poland”), whose production and sales are largely in Europe, the U.K., and Australia. Our common stock currently trades on the New York Stock Exchange under the symbol “JBI”.

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).

Principles of Consolidation

The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries. Our joint ventures are accounted for under the equity method of accounting. All significant intercompany accounts and transactions have been eliminated in consolidation.

Reclassifications

Certain items have been reclassified in the prior year financial statements to conform to the presentation and classifications used in the current

year. These reclassifications had no effect on our previously reported balance sheet, results of operations, retained earnings or cash flows.

Use of Estimates in the Consolidated Financial Statements

The preparation of Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Items subject to such estimates and assumptions include, but are not limited to, income taxes and the effective tax rates, inventory basis adjustments, the fair value of assets, liabilities, and assumptions related to business combinations, the recognition and valuation of share-based compensation arrangements, the useful lives of property, plant, and equipment, the commencement date of leases, the incremental borrowing rate used to calculate lease liabilities, estimated progress toward completion for certain revenue contracts, allowance for credit losses, fair values and impairment of intangible assets and goodwill.

Cash and Cash Equivalents

Cash and cash equivalents include our short-term, highly liquid investments that are readily convertible to known amounts of cash and have maturities of three months or less from the date of purchase. Interest income on cash equivalents is offset against interest expense on the Consolidated Statements of Operations and Comprehensive Income. For the year ended January 3, 2026, interest income was $5.6. There was

Janus International Group, Inc.

Notes to Consolidated Financial Statements

$2.1 of interest income for the year ended December 28, 2024. There was no interest income for the year ended December 30, 2023. At January 3, 2026 and December 28, 2024, the Company did not have any restricted cash.

We maintain cash in bank deposit accounts that, at times, may exceed the insured limits of the local country, which may lead to a concentration of credit risk. Substantially all of our cash balances were deposited with financial institutions which management has determined to be high-credit quality institutions. We have not experienced any losses in such accounts.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable primarily arise from the sale of products and services to customers. Accounts receivable are recorded at the invoiced amount and do not bear interest. Additionally, accounts receivable are stated at estimated net realizable value, net of allowance for credit losses, which is based on our assessment of the collectability of customer accounts.

During the fiscal year ended December 28, 2024, we received notice that a customer filed a petition for bankruptcy. In addition, we experienced payment delays from a number of customers, and have an elevated risk of certain customers not making payment, yielding an additional increase in the provision for expected credit losses primarily associated with a change in estimate, totaling $15.7 for the year ended December 28, 2024.

We estimate the allowance for credit losses using the loss-rate method. We apply the same loss rates to accounts receivable across our business units and sales channels where similar risk characteristics are observed. We estimate the allowance for credit losses by considering various factors such as historical write-offs, changes in customers’ credit ratings, delinquency, payment history, the age of the accounts receivable balances, and current and expected economic conditions that may affect a customer’s ability to pay. Account balances are charged off against the allowance when it is determined that internal collection efforts should no longer be pursued.

The activity for the allowance for credit losses during the years ended January 3, 2026 and December 28, 2024 is as follows:

(dollar amounts in millions)

Write-offs (6.4)

Provision for expected credit losses on accounts receivable 0.4

(dollar amounts in millions)

Write-offs (1.2)

Provision for expected credit losses on accounts receivable 15.7

Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using actual costs determined on a first-in, first-out basis or average cost. Labor and overhead costs associated with inventory produced by us are capitalized into inventories.

Property, Plant and Equipment, net

Property, plant and equipment, net are stated at cost less accumulated depreciation. Property, plant and equipment acquired in business combinations are recorded at fair value as of the acquisition date and are subsequently stated less accumulated depreciation. Depreciation is charged to expense on the straight-line basis over the estimated useful life of each asset. Leasehold improvements are amortized over the shorter of the lease term or their respective useful lives. Maintenance and repairs are charged to expense as incurred.

Business Combinations

We account for business acquisitions in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations”, which requires the acquiring entity to recognize all assets acquired and liabilities assumed at their acquisition-date fair values. The determination of fair value involves assessment of factors such as expected future cash flows and appropriate discount rates. When observable market values are unavailable, we utilize acceptable valuation principles, such as discounted cash flow methods. Consideration paid, including contingent consideration, is measured at fair value, and transaction costs are expensed as incurred. The results of operations for acquired entities are included in our consolidated financial statements from the acquisition date.

We determine the fair value of acquired intangible assets using valuation methodologies appropriate to the asset type. Customer relationships and software development costs are valued using the excess earnings method under the income approach, which calculates the present value of incremental after-tax cash flows attributable to the asset over its economic life. The relief-from-royalty method is used to value tradenames

Janus International Group, Inc.

Notes to Consolidated Financial Statements

and trademarks, considering market-based royalty rates and discounting future savings from owning the asset rather than licensing it. These valuation models incorporate future operating projections, discount rates, and other key assumptions, including near-term sales expectations and long-term growth projections.

Goodwill and Indefinite-Lived Intangible Assets

We account for goodwill and indefinite-lived intangible assets under ASC 350, “Intangibles—Goodwill and Other”. Goodwill represents the excess of the consideration transferred over the estimated fair value of net assets acquired and liabilities assumed in a business combination. Indefinite-lived intangible assets, such as tradenames and trademarks, are recognized as part of business acquisitions. Neither goodwill nor indefinite-lived intangible assets are amortized but are tested for impairment annually at the beginning of the fourth quarter or more frequently if events or changes in circumstances indicate that it is more likely than not that the fair value of the asset is below its carrying amount.

Goodwill is tested for impairment at the reporting unit level, which is an operating segment or one level below an operating segment. Goodwill is assigned to the reporting unit(s) expected to benefit from the synergies of the business combination. As part of the annual impairment test, we may first perform a qualitative assessment to determine whether it is more likely than not that a reporting unit’s fair value exceeds its carrying amount. This assessment considers factors such as actual and projected growth trends for net sales and margin, historical performance versus plan, macroeconomic conditions, market-related exposures, competitive dynamics, changes in key personnel, new or discontinued product lines, and potential risks to projected financial results. If the qualitative assessment indicates potential impairment, or if we elect to bypass it, a quantitative impairment test is performed.

The quantitative test compares the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized for the difference, not exceeding the total amount of goodwill allocated to that reporting unit. We determine the fair value of each reporting unit using a combination of the income approach, which applies a discounted cash flow methodology, and the market approach, which considers comparable company valuations.

Indefinite-lived intangible assets are also tested for impairment using a similar process. We may first perform a qualitative assessment to determine whether it is more likely than not that the asset’s fair value exceeds its carrying amount. If this assessment suggests potential impairment, or if we elect to bypass it, a quantitative impairment test is performed, comparing the asset’s fair value with its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized for the difference.

Intangible Assets

Our finite-lived intangible assets primarily consist of customer relationships, non-compete agreements, software development costs, and certain tradenames and trademarks acquired through business combinations. These assets are recorded at fair value at the acquisition date and are amortized on a straight-line basis over their estimated useful lives, which reflect the period over which the assets are expected to contribute to future cash flows.

We regularly evaluate the assigned amortization periods to ensure they remain appropriate. If events or changes in circumstances indicate that the useful life of an asset may no longer be accurate, we revise our estimates accordingly. Additionally, finite-lived intangible assets are assessed for impairment whenever events or circumstances indicate that their carrying amounts may not be recoverable. If the carrying amount of an asset exceeds its estimated future undiscounted cash flows, an impairment loss is recognized in the amount by which the carrying value exceeds the asset’s fair value. Refer to Note 7, Acquired Intangible Assets and Goodwill, for further details.

Leases

We lease certain logistics, office, and manufacturing facilities, as well as vehicles, copiers and other equipment under long-term operating and financing leases with varying terms.

We determine whether an arrangement is a lease at inception of the agreement. Lease liabilities and right-of-use (“ROU”) assets are recognized at commencement date. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Lease liabilities are measured based on the present value of the total lease payments not yet paid based on our incremental borrowing rate, as the rate implicit in the lease is generally not determinable. Lease payments include only payments that are fixed and determinable at the time of commencement. Rent expense commences when the lessor makes the underlying asset available to us. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. We do not assume renewals or early terminations unless it is reasonably certain we will exercise these options at commencement. ROU assets are measured based on the corresponding lease liability adjusted for: (i) payments made to the lessor at or before the commencement date; (ii) initial direct costs; and (iii) tenant incentives under the lease. The variable portion of the lease payments is not included in the right-of-use assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet in accordance with the short-term lease recognition exemption.

We have elected the practical expedient to not separate non-lease components from the lease components to which they relate, and instead account for each as a single lease component. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses.

Janus International Group, Inc.

Notes to Consolidated Financial Statements

Non-lease components for real estate leases primarily relate to common area maintenance, insurance, taxes, utilities and non-lease components for equipment, vehicles and leases within supply agreements primarily relate to usage, repairs, and maintenance.

We estimate the incremental borrowing rate based on the rates of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term, and in a similar economic environment. We use the unsecured borrowing rate and risk-adjust that rate to approximate a collateralized rate, and apply the rate based on the currency of the lease, which is updated on a quarterly basis for measurement of new lease liabilities. See Note 5, Leases, for additional details.

Accounting for Income Taxes

We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts. Valuation allowances are recorded to reduce deferred tax assets to the amount that will more likely than not be realized.

We account for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. We recognize accrued interest associated with unrecognized tax benefits as part of Interest expense, and penalties associated with unrecognized tax benefits as part of Other expenses on the Consolidated Statement of Operations and Comprehensive Income.

Deferred Income Tax Assets and Liabilities. The carrying values of deferred income tax assets and liabilities reflect the application of our income tax accounting policies in accordance with applicable accounting standards, and are based on management’s assumptions and estimates regarding future operating results and levels of taxable income, as well as management’s judgment regarding the interpretation of the provisions of applicable accounting standards. The carrying values of liabilities for income taxes currently payable are based on management’s interpretations of applicable tax laws, and incorporate management’s assumptions and judgments regarding the use of tax planning strategies in various taxing jurisdictions. The use of different estimates, assumptions and judgments in connection with accounting for income taxes may result in materially different carrying values of income tax assets and liabilities and results of operations.

We evaluate the recoverability of these deferred tax assets by assessing the adequacy of future expected taxable income from all sources, including reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. These sources of income inherently rely heavily on estimates. We use our historical experience and our short-term and long-term business forecasts to provide insight. Further, our global business portfolio gives us the opportunity to employ various prudent and feasible tax planning strategies to facilitate the recoverability of future deductions. To the extent we do not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is established.

Janus International Group, Inc.

Notes to Consolidated Financial Statements

Revenue Recognition

We recognize revenue in accordance with ASC 606, “Revenue from Contracts with Customers” (“ASC 606”). We account for a contract with a customer when both parties have approved the contract and are committed to perform their respective obligations, each party’s rights and payment terms can be identified, the contract has commercial substance, and it is probable that we will collect substantially all of the consideration to which it is entitled.

Revenue is recognized when, or as, performance obligations are satisfied by transferring control of a promised good or service to a customer. A performance obligation is a promise to transfer a distinct good or service to the customer and is the unit of account.

Our performance obligations primarily include:

•Product revenues – Product revenues are recognized at a point in time when control transfers to the customer or over time as the steel structure is being constructed at the customer site.

•Service revenues – Service revenues are recognized over time as the customer simultaneously receives and consumes the benefits provided by the Company. Service revenues include certain construction, installation, and remodeling services. It also includes subscription services that are recognized over time as customers receive continuous access to the software and technical support.

Revenues transferred at a point-in-time accounted for 71%, 70%, and 74% of total revenues for the years ended January 3, 2026, December 28, 2024 and December 29, 2023, respectively.

Revenues transferred over time accounted for 29%, 30%, and 26% of total revenues for the years ended January 3, 2026, December 28, 2024 and December 29, 2023, respectively.

We enter into certain contracts with customers that may include multiple performance obligations. For contracts with multiple performance obligations, the transaction price is allocated based on the standalone selling price.

For revenue recognized over time, we utilize the cost-to-cost input method as it provides the most accurate measure of when goods and services are transferred to the customer. Under this method, we estimate the costs to complete individual contracts and recognize revenue proportionately to the total contract price deemed complete, based on the relationship of costs incurred to date to total anticipated costs.

For performance obligations that are not complete at the reporting date, we recognize contract assets or contract liabilities. Contract assets include unbilled receivables and revenues in excess of billings and represent the rights to consideration in exchange for goods or services that we have transferred to a customer. Unbilled receivables arise when revenue is recognized at a point in time before invoicing, representing an unconditional right to payment subject primarily to the passage of time. Revenues in excess of billings result from over-time revenue recognition, where we have an unconditional right to payment. Both unbilled receivables and revenues in excess of billings are recognized as accounts receivable when billed. Contract liabilities result from performance obligations recognized over time and represent the net balance of billings that already occurred in excess of revenue that was recognized. If a down payment is received from a customer before a project becomes active, it is recorded as a customer deposit within accrued expenses and other current liabilities.

Our payment terms are generally up to 90 days on an open account. These payment terms are customary for the industry and, in some cases, may include early payment incentives. Our contracts typically have durations of less than one year and do not contain significant financing components. We have elected to account for shipping and handling as activities to fulfill the promise to transfer the good rather than a promised service. As a result, shipping and handling costs are recorded as expenses in the same period the revenue is recognized. Sales taxes collected from customers are excluded from revenue and recorded as a liability until remitted to the appropriate tax authorities. Additionally, commissions paid to internal and external sales representatives for obtaining contracts are expensed as incurred, as our contracts are generally short-term in nature.

Product Warranties

We record a liability for product warranties at the time of the related sale of goods. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. We adjust our liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect our warranty liabilities. If actual costs differ from estimated costs, we must make a revision to the warranty liability. Generally, we offer warranties ranging between one and three years for our products with the exception of warranties for roofing at one of our business units, where we offer warranties of up to 10 years.

The activity related to product warranty liabilities recorded in accrued expenses and other current liabilities during the years ended January 3, 2026 and December 28, 2024, is as follows:

Janus International Group, Inc.

Notes to Consolidated Financial Statements

(dollar amounts in millions)

Change in warranty provision (0.4)

Warranty charges incurred —

Change in warranty provision 3.0

Warranty charges incurred (0.5)

Shipping and Handling (Product Revenues & Product Cost of Revenues)

We record amounts billed to customers in product revenue transactions, related to shipping and handling, as revenue earned for the goods provided. Shipping and handling costs are included in product cost of revenues. Shipping and handling costs were approximately $31.3, $35.0 and $38.1 for the years ended January 3, 2026, December 28, 2024, and December 30, 2023, respectively.

Advertising Costs

We record all advertising and trade show related costs to the consolidated statements of operations and comprehensive income during the year they are incurred. These costs are included in selling and marketing operating expenses. During the years ended January 3, 2026, December 28, 2024, and December 30, 2023, we incurred and expensed advertising costs of $4.4, $4.6 and $3.8, respectively.

General and Administrative

We record corporate and business unit administrative personnel, facilities, professional services, amortization of intangible assets, share-based compensation, and other operating activities in general and administrative expenses on the Consolidated Statements of Operations and Comprehensive Income.

Selling and Marketing

We record compensation and benefits of employees engaged in selling activities as well as related travel, advertising, trade shows/conventions, meals and entertainment expenses to selling and marketing expense on the Consolidated Statements of Operations and Comprehensive Income.

Share-based Compensation

We recognize expense for share-based compensation plans based on the estimated fair value of the related awards in accordance with ASC 718, “Compensation – Stock Compensation”. Pursuant to our incentive stock plan, we can grant stock options, restricted stock units, performance-based restricted stock units (“PSUs”) to employees and our non-employee directors. The majority of our awards are restricted stock units granted to employees, with vesting periods between one year and four years. We charge compensation expense under the plan to earnings over each award’s individual vesting period. Forfeitures are recorded as they occur. See Note 12, Equity Compensation, for additional information.

Treasury Stock

We account for treasury stock under the cost method pursuant to the provisions of ASC 505-30, “Treasury Stock”. Under the cost method, the gross cost of the shares reacquired is charged to a contra equity account, treasury stock. The equity accounts that were originally credited for the original share issuance, common stock and additional paid-in capital, remain intact.

If the treasury shares are ever reissued in the future at a price higher than its cost, the difference will be recorded as a component of additional paid-in-capital in our Consolidated Balance Sheets. When treasury stock is re-issued at a price lower than its cost, the difference will be recorded as a component of additional paid-in-capital to the extent that there are previously recorded gains to offset the losses. If there are no treasury stock gains in additional paid-in-capital, the losses upon re-issuance of treasury stock are recorded as a reduction of retained earnings in our Consolidated Balance Sheets. If treasury stock is reissued in the future, a cost flow assumption will be adopted to compute excesses and deficiencies upon subsequent share re-issuance.

Janus International Group, Inc.

Notes to Consolidated Financial Statements

Earnings Per Share

Basic Earnings Per Share is computed by dividing net income by the weighted-average number of common shares outstanding during each period. Diluted Earnings Per Share assumes the exercise of outstanding stock options and the vesting of performance share awards using the treasury stock method when the effects of such assumptions are dilutive.

Deferred Financing Fees

Deferred financing fees consist of First Lien Term Loan and the ABL Credit and Guarantee Agreement costs, which are being amortized on the effective interest and straight-line method, respectively, over the life of the related debt. Debt issuances are more fully described in Note 9, Line of Credit, and Note 10, Long-Term Debt.

Fair Value Measurement

We use valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. A three-tiered hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value. This hierarchy requires that we use observable market data, when available, and minimize the use of unobservable inputs when determining fair value:

JBI US Equity

JBI · 10-K · period ended 2026-01-03

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

JBI US Equity☆

JBI · 10-K · period ended 2026-01-03

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

JBI US Equity