Summary of JBI Q4 2025 Earnings Call

1Key Financial Results and Metrics

Full Year 2025 Revenue: $884.2 million

Adjusted EBITDA: $168.2 million

Q4 2025 Revenue: $226.3 million, down 1.9% year-over-year

Self-storage revenue down 0.4%

New construction revenue down 8.1%

R3 (restore, rebuild, replace) revenue up 12.7%

Q4 Adjusted EBITDA: $37.2 million, up 7.5% year-over-year, with an adjusted EBITDA margin of 16.4%

Adjusted Net Income: $15.6 million, down 15.2% year-over-year

Adjusted EPS: $0.11

Free Cash Flow: $19.2 million, with a conversion rate of 137% of adjusted net income

Total Liquidity: $260.5 million, including $194.4 million in cash

Long-term Debt: $551 million, with a net leverage ratio of 2.1x

2Strategic Updates and Business Highlights

Product Innovations:

Expansion of Nokē products in self-storage, achieving recognition at multiple facilities.

Launch of a redesigned web portal for the Nokē Smart Entry platform and a new high-security swing door in Europe.

Acquisition:

Acquisition of Kiwi II Construction to enhance exterior solutions and design-build capabilities.

International Growth:

International segment revenue increased by 33.3% to $26 million, driven by new construction and market share gains.

Cost Management:

Achieved $10 million in annual pre-tax cost savings through a cost reduction program.

3Forward Guidance and Outlook

2026 Revenue Guidance: Expected between $940 million and $980 million, reflecting an 8.6% increase at the midpoint.

2026 Adjusted EBITDA Guidance: Expected between $165 million and $185 million, with an adjusted EBITDA margin of 18.2% at the midpoint.

Market Conditions: Anticipation of continued softness in North American organic self-storage revenues, particularly in new construction, with a projected mid-single-digit decline.

4Bad News, Challenges, or Points of Concern

Market Constraints: Ongoing high interest rates and macroeconomic concerns are limiting new construction and overall market demand.

Revenue Declines: Notable declines in new construction revenue and overall organic revenue are expected to persist.

Margin Pressure: The integration of Kiwi II is expected to initially drag on overall margins, with synergies anticipated to be back-end loaded.

Visibility: While visibility remains at two to three quarters, there are concerns regarding the impact of economic conditions on customer investment and mobility in housing.

5Notable Q&A Insights

Visibility on Revenue: Management indicated that visibility remains consistent with historical averages, but new construction pressures are expected to continue.

Key Metrics for REIT Customers: Interest rates are a primary concern for REIT customers, influencing their willingness to invest in new capacity.

Organic Revenue Declines: Analysts noted low single-digit organic revenue declines, primarily driven by new construction challenges.

Nokē Product Adoption: There is growing interest from large institutional customers in the Nokē products, which are expected to enhance operational efficiency and security for self-storage operators.

Commercial Segment Performance: The commercial segment is experiencing softness, particularly in commercial sheet doors, although growth is noted in the ASTA business. This summary encapsulates the key points from JBI's Q4 2025 earnings call, highlighting both the company's achievements and the challenges it faces moving forward.