Janus International Group, Inc.

Previous wording

The following discussion and analysis provides information which Janus’s management believes is relevant to an assessment and understanding of consolidated results of operations and financial condition. You should read the following discussion and analysis of Janus’s financial condition and results of operations in conjunction with the Unaudited Condensed Consolidated financial statements and notes thereto contained in this Quarterly Report on Form 10-Q (the “Form 10-Q”) and the consolidated financial statements and notes thereto contained in Janus’s Annual Report on Form 10-K for the year ended December 28, 2024.

Current wording

The following discussion and analysis provides information which management believes is relevant to an assessment and understanding of 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 Unaudited Condensed Consolidated financial statements and notes thereto contained in this Quarterly Report on Form 10-Q (the “Form 10-Q”) and the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 28, 2024.

Previous wording

Certain information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q, including information with respect to plans and strategy for Janus’s 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,” Janus’s 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 Form 10-Q. We assume no obligation to update any of these forward-looking statements.

Current wording

Certain information contained in this discussion and analysis or set forth elsewhere in this Form 10-Q, 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 Form 10-Q. We assume no obligation to update any of these forward-looking statements.

Previous wording

Unless otherwise indicated or the context otherwise requires, references in this Janus’s 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.

Current wording

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.

Previous wording

•Results of Operations: This section provides an analysis of our unaudited results of operations for the three month periods ended March 29, 2025 and March 30, 2024.

Current wording

•Results of Operations: This section provides an analysis of our unaudited results of operations for the three and six month periods ended June 28, 2025 and June 29, 2024.

Previous wording

•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our unaudited cash flows for the three month periods ended March 29, 2025 and March 30, 2024. This section also provides a discussion of our contractual obligations, other purchase commitments, and customer credit risk that existed at March 29, 2025, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.

Current wording

•Liquidity and Capital Resources: This section provides a discussion of our financial condition and an analysis of our unaudited cash flows for the six month periods ended June 28, 2025 and June 29, 2024. This section also provides a discussion of our contractual obligations, other purchase commitments, and customer credit risk that existed at June 28, 2025, as well as a discussion of our ability to fund our future commitments and ongoing operating activities through internal and external sources of capital.

Previous wording

Janus is 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. Janus is 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.

Current wording

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.

Previous wording

Our business is operated through two geographic regions that comprise our two reportable segments: Janus North America and Janus International. The Janus International segment is comprised of JIEH, whose production and sales are largely in Europe and Australia. The 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”).

Current wording

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”).

Previous wording

Commercial light duty steel roll-up doors are designed for applications that require less frequent and less demanding operations. Janus offers 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. Janus also offers 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 Southeast United States.

Current wording

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.

Previous wording

Janus’s 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. Janus is a bespoke provider of products and solutions for our clients.

Current wording

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.

Previous wording

Three month period ended March 29, 2025 compared to the three month period ended March 30, 2024:

Current wording

•Total revenues of $228.1 for the three month period ended June 28, 2025 compared to $248.4 for the three month period ended June 29, 2024.

Previous wording

•Adjusted EBITDA as a percentage of revenues was 18.2% for the three month period ended March 29, 2025 compared to 26.1% for the three month period ended March 30, 2024

Current wording

•Adjusted EBITDA as a percentage of revenues was 21.5% for the three month period ended June 28, 2025 compared to 26.0% for the three month period ended June 29, 2024

Previous wording

•Cash flows from operations of $48.3 and free cash flow of $41.9 were generated for the three month period ended March 29, 2025 compared to $28.6 cash flows from operations and $24.0 free cash flow for the three month period ended March 30, 2024.

Current wording

•Cash flows provided by operations of $99.7 were generated for the six month period ended June 28, 2025 compared to $59.6 cash flows provided by operations for the six month period ended June 29, 2024.

Previous wording

•Common stock worth $5.1 was repurchased in the three months ended March 29, 2025, which consisted of 621,643 shares, as part of our previously announced $100.0 share repurchase program.

Current wording

•Common stock worth $10.1 was repurchased in the three months ended June 28, 2025, which consisted of 1,221,672 shares, as part of our previously announced $100.0 share repurchase program.

Previous wording

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

Current wording

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.”

Previous wording

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% - 15% of Janus’s consolidated revenue.

Current wording

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% - 15% of the Company’s consolidated revenue.

Previous wording

On May 17, 2024, the Company, through its wholly owned subsidiary Terminal Door, acquired 100% of the business operations (the “T.M.C. Acquisition”) of Smith T.M.C., Inc., a Georgia corporation, Jerry O.Smith Company, LLC, a Georgia limited liability company, and J.O.S. Realty, Inc., a Georgia corporation (collectively, the “T.M.C. Sellers”). Pursuant to the asset purchase agreement for such acquisition, Terminal Door acquired substantially all the assets of the T.M.C. Sellers related to the business of trucking terminal renovation, construction, remodeling, and maintenance for total consideration of $59.4.

Current wording

On May 17, 2024, through our wholly owned subsidiary Terminal Door, we acquired 100% of the business operations (the “T.M.C. Acquisition”) of Smith T.M.C., Inc., a Georgia corporation, Jerry O. Smith Company, LLC, a Georgia limited liability company, and J.O.S. Realty, Inc., a Georgia corporation (collectively, the “T.M.C. Sellers”). Pursuant to the asset purchase agreement for such acquisition, Terminal Door acquired substantially all the assets of the T.M.C. Sellers related to the business of trucking terminal renovation, construction, remodeling, and maintenance for total consideration of $59.4.

Previous wording

Human capital is also one of the main cost drivers of the manufacturing, selling, and administrative processes of Janus. As a result, management believes that headcount generally reflects Janus’s operational status, indicating whether the business is expanding or contracting. As of March 29, 2025, and March 30, 2024, the headcount was 2,267 employees (including 422 temporary employees) and 2,382 employees (including 424 temporary employees), respectively.

Current wording

Human capital is one of the main cost drivers of our manufacturing, selling, and administrative processes. As a result, we believe that headcount generally provides a reflection of our operational status, indicating whether the business is expanding or contracting. As of June 28, 2025 and June 29, 2024, our headcount was 2,257 employees (including 410 temporary employees) and 2,386 employees (including 430 temporary employees), respectively.

Previous wording

The Unaudited Condensed Consolidated Financial Statements have been derived from the accounts of Janus and its wholly owned subsidiaries. Janus’s 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. Every fifth or sixth year will require a 53rd week. As a result, some reporting periods are not as comparable as other reporting periods.

Current wording

The Unaudited Condensed 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. Every fifth or sixth year will require a 53rd week. As a result, some reporting periods are not as comparable as other reporting periods.

Previous wording

Management evaluates the performance of its 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.

Current wording

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.

Previous wording

The following tables set forth key performance measures for the three month periods ended March 29, 2025 and March 30, 2024:

Current wording

The following tables set forth key performance measures for the three and six month periods ended June 28, 2025 and June 29, 2024:

Previous wording

Total revenue decreased by $44.0 or 17.3% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The $47.5 of the decline is a decrease in organic revenue for the three month period ended March 29, 2025 as a result of the continuation of the volume decline associated with uncertainty in the macroeconomic environment and customer liquidity challenges, causing some customers to adjust project timing which started late in the second fiscal quarter of 2024. The organic decline was partially offset by $3.5 in inorganic revenue from the T.M.C. Acquisition, for the three month period ended March 29, 2025.

Current wording

Total revenue decreased by $20.3 or 8.2% and by $64.3 or 12.8% for the three and six month periods ended June 28, 2025, respectively, compared to the three and six month periods ended June 29, 2024. These declines are primarily due to a decrease in organic revenue for the three and six month periods ended June 28, 2025 as a result of the continuation of the volume decline associated with uncertainty in the macroeconomic environment and customer liquidity challenges which started late in the second fiscal quarter of 2024. These organic declines were partially offset by $3.8 and $7.8 in inorganic revenue from the T.M.C. Acquisition, for the three and six month periods ended June 28, 2025, respectively.

Previous wording

Adjusted EBITDA decreased by $27.9 or 42.1% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024, primarily due to decreased margin from the decrease in revenue, as noted above, and a decline from leverage on fixed costs, yielding a lower margin.

Current wording

Adjusted EBITDA decreased by $15.5 or 24.0% and by $43.4 or 33.2% for the three and six month periods ended June 28, 2025, respectively compared to the three and six months periods ended June 29, 2024, primarily due to the decrease in revenue, as noted above, and a decline from leverage on fixed costs, yielding a lower margin.

Previous wording

Adjusted EBITDA as a percentage of revenue decreased 790bps for the three month period ended March 29, 2025. The decrease in Adjusted EBITDA in three month period ended March 29, 2025 was primarily due to decline in leverage on fixed costs.

Current wording

Adjusted EBITDA as a percentage of revenue decreased 4.5% and 6.1% for the three and six month periods ended June 28, 2025, respectively. The decreases in Adjusted EBITDA in the three and six month periods ended June 28, 2025 were primarily due to declines in leverage on fixed costs.

Previous wording

Janus’s management believes our performance and future growth depends on a number of factors that present significant opportunities but also pose risks and challenges.

Current wording

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

Previous wording

Janus’s 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.

Current wording

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.

Previous wording

Janus periodically modifies sales prices of its 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.

Current wording

We periodically modify sales prices of its 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.

Previous wording

Janus also offers 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 net sales and operating income.

Current wording

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 net sales and operating income.

Previous wording

Janus’s business strategy includes growth through the acquisition of other companies that yield our acceptable internal rate of return. Janus evaluates companies that it believes will strategically fit into its business and growth objectives, including those that will support its overall strategy of portfolio diversification, geographic expansion, and technological innovation, among other areas of focus. While Janus seeks acquisition opportunities that it believes will augment its 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.

Current wording

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 its business and growth objectives, including those that will support its 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.

Previous wording

Janus’s 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.

Current wording

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.

Previous wording

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

Current wording

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.

Previous wording

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

Current wording

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

Previous wording

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.

Current wording

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. While we cannot fully 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 we believe 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. See Part II – 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 risks associated with tariffs and trade restrictions.

Previous wording

(1) Product revenues include product revenues transferred at a point in time and product revenues transferred over time.

Current wording

(1)Product revenues include product revenues transferred at a point in time and product revenues transferred over time.

Previous wording

R3 sales decreased by $13.6 or 19.3% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The R3 sales decrease was due to a nearly 50% decline in facility expansion and retail big-box conversion activity.

Current wording

R3 sales decreased by $8.6 or 14.0% and by $19.4 or 14.7% for the three and six month periods ended June 28, 2025, respectively compared to the three and six month periods ended June 29, 2024. The R3 sales decrease for the three and six months ended June 28, 2025 was due to a nearly 50% decline in facility expansion and retail big-box conversion activity.

Previous wording

Commercial and other sales decreased by $0.7 or 1.0% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The decrease was attributable to a decline in volumes for rolling sheet doors, partially offset by $3.5 in inorganic revenue from the T.M.C. Acquisition.

Current wording

Commercial and other sales increased by $5.1 or 6.7% and by $4.8 or 3.3% for the three and six month periods ended June 28, 2025, respectively, compared to the three and six month periods ended June 29, 2024. These increases were attributable to an increase in volumes for rolling steel doors, increased demand for carports and sheds and by $3.8 for the three month period and $7.3 for the six month period in inorganic revenue from the T.M.C. Acquisition.

Previous wording

The cost of revenues decreased by $15.5 or 10.8% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The decrease in product cost of revenues of $17.0 for the three month period ended March 29, 2025 is attributable to the decline in revenues. The increase in service cost of revenues of $1.5 for the three month period ended March 29, 2025 is primarily attributable to the T.M.C. Acquisition partially offset by the decline in organic volume.

Current wording

Total cost of revenues decreased by $4.5 or 3.2% and by $20.0 or 7.1% for the three and six month periods ended June 28, 2025, respectively, compared to the three and six month periods ended June 29, 2024. The decrease in product cost of revenues of $16.0 and $33.0 for the three and six month periods ended June 28, 2025, respectively, is attributable to the decline in revenues. The increase in service cost of revenues of $11.5 and $13.0 for the three and six month periods ended June 28, 2025, respectively, is primarily attributable to an increase in organic volumes as well as the T.M.C. Acquisition.

Previous wording

Selling and marketing expense decreased $0.7 or 4.0% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The decrease for the three month period is due to a decrease in employee related expenses as a result of a decline in revenue and implementation of the Company’s restructuring plan announced in fiscal 2024.

Current wording

Selling and marketing expense decreased $0.4 or 2.3% and $1.1 or 3.2% for the three and six month periods ended June 28, 2025, respectively, compared to the three and six month periods ended June 29, 2024. The decrease for the three and six month periods are due to reductions in employee related expenses as a result of a decline in revenue and implementation of the restructuring plan announced in fiscal 2024.

Previous wording

General and administrative expenses increased $2.4 or 6.4% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024. The increase for the three months is attributable to higher amortization expense of $0.9 as a result of the acquisition of T.M.C and higher share-based compensation of $2.1 as a result of strategic grants to retain certain key employees. These cost increases are partially offset by a reduction in costs as a result of the restructuring plan announced in fiscal 2024.

Current wording

General and administrative expenses increased $0.2 or 0.5% and $2.6 or 3.4% for the three and six month periods ended June 28, 2025, respectively, compared to the three and six month periods ended June 29, 2024. These increases are attributable to higher amortization expense of $0.9 and $1.7, respectively, as a result of the T.M.C Acquisition and higher share-based compensation as a result of strategic grants to retain certain key employees. These cost increases are partially offset by a reduction in costs as a result of the restructuring plan announced in fiscal 2024.

Previous wording

Interest expense, net decreased $4.2 or 29.2% for the three month period ended March 29, 2025 compared to the three month period ended March 30, 2024, primarily due to voluntary debt repayment during the three month period ended March 29, 2025 of $40.0. A $21.9 million voluntary repayment was also made in April 2024, as well as the Repricing Agreement in April 2024, which lowered the overall interest rate and the investment in cash equivalents, which resulted in interest income of $1.1 for the three period ended March 29, 2025.

Current wording

Interest expense, net decreased $3.9 or 30.0% and $8.0 or 29.3% for the three and six month periods ended June 28, 2025, respectively, compared to the three and six month periods ended June 29, 2024. This was primarily due to voluntary debt repayment during the three and six month period ended June 28, 2025 of $40.0, as well as an increase of interest income of $2.0 million in the six month period ended June 28, 2025 compared to June 29, 2024.

Previous wording

Income tax expense decreased by $5.9 or 56.2% from $10.5 for the three month period ended March 30, 2024 to $4.6 expense for the three month period ended March 29, 2025 due to a decrease in income before taxes.

Current wording

Income tax expense decreased by $3.1 or 32.6% and by $9.0 or 45.0% for the three and six month periods ended June 28, 2025 compared to the three and six month periods ended June 29, 2024 due to a decrease in income before taxes.