Tecnoglass Reports Fourth Quarter and Full Year 2025 Results

- Full Year Revenues Increased 10.5% to a Record $983.6 Million Through Market Share Gains, Geographical
Expansion and Increased Demand for Vinyl Products -

- Full Year Single-Family Residential Revenue Grew to a Record $403.4 Million -

- Record Full Year Gross Profit of $421.4 Million, Representing 42.8% of Revenues -

- Full Year Net Income of $159.6 Million, or $3.42 Per Diluted Share; Full Year Adjusted Net Income¹ of $167.0 Million, or $3.58 Per Diluted Share -

- Full Year Adjusted EBITDA¹ of $291.3 Million, Representing 29.6% of Revenues -

- Strong Full Year Cash Flow from Operations of $135.8 Million -

- Strong Balance Sheet for Disciplined Capital Deployment with Net Leverage of 0.24x at Year End -

- Backlog Expanded 16.1% Year-Over-Year to a Record $1.3 Billion -

- Repurchased $87.6 Million in Shares During the Quarter and $118.0 Million For the Year, Equating to Approximately 5% of Shares Outstanding at the Beginning of 2025 -

- Board Approves US$100 Million Increase of Existing Repurchase Program to US$250 Million -

- Paid $28.1 Million in Dividends During the Year -

- Board Approves Plan to Redomicile Company from Cayman Islands to U.S. Subject to Shareholder Approval -

- Introduces Full Year 2026 Outlook -

Miami, FL, Feb. 26, 2026 (GLOBE NEWSWIRE) -- Tecnoglass, Inc. (NYSE: TGLS) (“Tecnoglass” or the “Company”), a leading producer of high-end aluminum and vinyl windows and architectural glass for the global residential and commercial end markets, today reported financial results for the fourth quarter and full year ended December 31, 2025.

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “We delivered record fourth quarter and full year revenues, demonstrating the resilience of our business model and demand for our differentiated offerings that allow us to continue winning market share. Our disciplined approach to working capital management enabled us to generate strong cash flow despite sharper than expected moves in aluminum costs, tariffs, and unfavorable foreign exchange. This robust cash generation, combined with our solid balance sheet, provided us the flexibility to both reinvest in the business and return capital to shareholders, including additional share repurchases during the quarter under our expanded repurchase authorization. As we enter 2026, we remain focused on operational excellence, disciplined capital allocation, and maintaining financial flexibility while targeting another year of industry leading margins to drive additional value creation.”

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our geographical expansion, vinyl window offering, and market share gains continue to drive growth in our business. This contributed to a 20% increase in our residential orders year-over-year in the fourth quarter, and that strength continued into first quarter 2026. Solid momentum in our multi-family and commercial markets produced another quarter of record backlog with a project pipeline extending well into 2027. Our expanding dealer network is driving continued market share gains across our business nationwide, supported by our new showrooms, including recent openings in the Southeast and West Coast that are enhancing our ability to serve customers and capture incremental growth opportunities. This geographic diversification, combined with our industry-leading margins that allow us to be competitive and innovative product portfolio, positions us to continue gaining share in 2026. With record backlog levels and multiple growth initiatives advancing, we enter 2026 on strong footing.” 

Fourth Quarter 2025 Results

Total revenues for the fourth quarter of 2025 increased 2.4% to a fourth quarter record $245.3 million, compared to $239.6 million in the prior year quarter. Multi-family/commercial revenues grew 5.3% year-over-year driven by organic growth in key markets and, to a lesser extent, from the Continental Glass asset acquisition in March 2025. Single-family residential revenues decreased 2.2% year-over-year, primarily attributable to pricing initiatives previously implemented and market share gains that were more than offset by challenging prior year comparisons and to a lesser extent the timing of invoicing given softer macroeconomic conditions. The fourth quarter of 2024 experienced a temporary elevation in invoicing related to the expiration of Florida sales tax waivers on windows that did not recur in 2025. Changes in foreign currency exchange rates contributed $1.0 million to total revenues in the quarter.

Gross profit for the fourth quarter of 2025 was $98.2 million, representing a 40.0% gross margin, compared to gross profit of $106.5 million, representing a 44.5% gross margin, in the prior year quarter. The year-over-year change in gross margin primarily reflected an unfavorable revenue mix due to a higher level of installation revenue, higher raw material costs related to near all-time high U.S. aluminum costs , which represented an incremental headwind of approximately $4.6 million in the quarter, and a strengthening of the Colombian Peso during the quarter, partly offset by stronger pricing.

Selling, general and administrative expense (“SG&A”) was $53.4 million for the fourth quarter of 2025, compared to $39.4 million in the prior year quarter. The increase was partly attributable to approximately $4.4 million in aluminum and reciprocal tariffs on standalone component sales, higher personnel expenses associated with annual salary adjustments at the beginning of the year and the addition of Continental Glass, a stronger Peso during the period, and higher transportation and commission expenses associated with revenue growth in the quarter . As a percent of total revenues, SG&A was 21.8% for the fourth quarter of 2025 compared to 16.4% in the prior year quarter, primarily due to the aforementioned factors. 

Net income was $26.1 million, or $0.57 per diluted share, in the fourth quarter of 2025 compared to net income of $47.0 million, or $1.00 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction gain of $1.6 million in the fourth quarter of 2025 and a loss of $0.8 million in the fourth quarter of 2024. These non-cash gains and losses are related to the accounting re-measurement of U.S. Dollar denominated assets and liabilities against the Colombian Peso as functional currency.

Adjusted net income¹ was $28.8 million, or $0.63 per diluted share, in the fourth quarter of 2025 compared to adjusted net income¹ of $49.3 million, or $1.05 per diluted share, in the prior year quarter. Adjusted net income¹, as reconciled in the table below, excludes the impact of non-cash foreign exchange transaction gains or losses and other non-core items, along with the tax impact of adjustments at statutory rates, to better reflect core financial performance.

Adjusted EBITDA¹, as reconciled in the table below, was $62.2 million, or 25.4% of total revenues, in the fourth quarter of 2025, compared to $79.2 million, or 33.1% of total revenues, in the prior year quarter. The change was primarily attributable to the aforementioned factors impacting gross margin and SG&A.

Full Year 2025 Results

Total revenues for the full year 2025 increased 10.5% to a record $983.6 million compared to $890.2 million in the prior year. Changes in foreign currency exchange rates had a negligible impact on total revenues in the year.

Gross profit for the full year 2025 increased 10.9% year-over-year to $421.4 million, representing a 42.8% gross margin, compared to gross profit of $380.0 million, representing a 42.7% gross margin, in the prior year. The year-over-year increase in gross margin reflected stronger pricing and operating leverage, partially offset by an unfavorable foreign exchange impact, higher raw material costs, and higher salary expenses. Operating income for the full year 2025 was $230.7 million compared to $227.0 million in the prior year. Net income for the full year 2025 was $159.6 million, or $3.42 per diluted share, compared to net income of $161.3 million, or $3.43 per diluted share, in the prior year. Adjusted net income¹ for the full year 2025 was $167.0 million, or $3.58 per diluted share, compared to $171.6 million, or $3.65 per diluted share, in the prior year. Adjusted EBITDA¹ for the full year 2025 was $291.3 million, or 29.6% of total revenues compared to $275.8 million, or 31.0% of sales, in the prior year.

Cash Generation, Capital Allocation and Liquidity

Cash provided by operating activities for the full year 2025 was $135.8 million, primarily driven by effective working capital management, which more than offset the impact of tariffs and higher raw material costs during the year. Capital expenditures of $89.0 million in the year included scheduled payments on previous investments, along with $15.1 million from the Continental Glass asset acquisition classified as capital expenditures.

During 2025, the Company returned capital to shareholders through an aggregate of $118.0 million in share repurchases and $28.1 million in cash dividends.

In November 2025, the Company’s Board of Directors authorized the expansion of the Company’s share repurchase authorization to $150.0 million, in aggregate, to execute during opportunistic times. This reflected the Board’s confidence in continued cash flow generation capabilities, prudent balance sheet management, and a commitment to delivering superior returns to shareholders while maintaining ample financial flexibility to execute on growth initiatives. In February 2026, the Board approved another program expansion to $250.0 million, in aggregate. Following cumulative repurchases of approximately $140.0 million since inception of the program, the Company has approximately $110.0 million remaining under its share repurchase program. Management will have discretion in the repurchase of common shares under the program, including the timing and amount to be repurchased.

Given the Company’s strong cash generation, it ended 2025 with total liquidity of approximately $465.0 million, including $100.9 million of cash and cash equivalents and approximately $365.0 million of availability under its revolving credit facilities, and total debt of $171.6 million. Net leverage remained low at 0.24x net debt to LTM Adjusted EBITDA¹ at year end. 

Additional Updates

The Board of Directors has approved a plan to redomicile the Company from the Cayman Islands to the United States, subject to shareholder approval. Further information on the planned redomiciliation will be made publicly available through the Company’s public filings with the Securities and Exchange Commission. The Company believes this action will support its strategic objectives by simplifying its organizational and regulatory structure, improving the tax efficiency of dividend distributions, and broadening its potential investor base to include investors that are limited to investing in U.S. domiciled companies. Tecnoglass will remain headquartered in Miami, Florida following the redomiciliation.

As previously disclosed, the Company is conducting a feasibility study for the potential construction of a new state of the art facility in the United States, including due diligence on an identified site. The proposed plant is expected to be highly automated and designed to support future growth needs beyond the Company’s current installed capacity. In addition to diversifying the Company´s operational footprint, the new plant is expected to improve lead-times, transportation costs for certain markets and product types, and supply chain efficiencies, while also expanding access to new opportunities such as Buy America projects and quick turnaround jobs. If the due diligence is yields a favorable outcome, the Company currently expects that 2026 capex related to this project would be limited to the purchase of land.

Full Year 2026 Guidance

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Full year performance demonstrated the strength of our business amid a dynamic macro environment that has continued into early 2026. Based on current visibility provided by our residential order book and multi-year backlog, we are introducing our full year 2026 outlook for revenues to be in the range of $1.06 billion to $1.13 billion, representing growth of approximately 11% at the midpoint. We are introducing our Adjusted EBITDA¹ target for the range of $265 million to $305 million. We continue to benefit from prior pricing initiatives and cost mitigation efforts in response to elevated input costs and tariffs on select products. While we believe our initial guidance appropriately accounts for the elevated aluminum costs, labor dynamics, and unfavorable foreign exchange rates into 2026, it establishes a baseline that excludes several potential upside levers. Specifically, our outlook does not factor in additional pricing actions or opportunistic hedging strategies that we are actively evaluating to further protect margins. With share gains and geographic expansion firmly on track, we expect to build on our decades-long track record of industry outperformance this year and beyond.”

Webcast and Conference Call

Management will host a webcast and conference call on February 26, 2026, at 10:00 a.m. Eastern time to review the Company’s results. The conference call will be broadcast live over the Internet. Additionally, a slide presentation will accompany the conference call. To listen to the call and view the slides, please visit the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. Please go to the website at least 15 minutes early to register, download and install any necessary audio software. For those unable to access the webcast, the conference call will be accessible by dialing 1-844-676-5131 (domestic) or 1-412-634-6589 (international). Upon dialing in, please request to join the Tecnoglass Fourth Quarter 2025 Earnings Conference Call.

If you are unable to listen live, a replay of the webcast will be archived on the website. You may also access the conference call playback by dialing 1-844-512-2921 (Domestic) or 1-412-317-6671 (International) and entering passcode: 10206423.

About Tecnoglass

Tecnoglass Inc. is a leading producer of high-end aluminum and vinyl windows and architectural glass serving the multi-family, single-family, and commercial end markets. Tecnoglass is the second largest glass fabricator serving the U.S. and the #1 architectural glass transformation company in Latin America. Located in Barranquilla, Colombia, the Company’s 5.8 million square foot, vertically integrated, and state-of-the-art manufacturing complex provide efficient access to nearly 1,000 customers in North, Central and South America, with the United States accounting for 95% of total revenues. Tecnoglass’ tailored, high-end products are found on some of the world’s most distinctive properties, including One Thousand Museum (Miami), Paramount (Miami), Salesforce Tower (San Francisco), Via 57 West (NY), Hub50House (Boston), Aeropuerto Internacional El Dorado (Bogotá), One Plaza (Medellín), Pabellon de Cristal (Barranquilla). For more information, please visit www.tecnoglass.com or view our corporate video at https://vimeo.com/134429998.

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of Tecnoglass’ business. These risks, uncertainties and contingencies are indicated from time to time in Tecnoglass’ filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that Tecnoglass’ financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events and changes in assumptions or otherwise, except as required by law.

¹ Adjusted net income (loss) and Adjusted EBITDA in both periods are reconciled in the table below.

Investor Relations:

Santiago Giraldo /CFO 
305-503-9062
investorrelations@tecnoglass.com

Tecnoglass Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share data)

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(In thousands, except share and per share data)
(Unaudited)

Tecnoglass Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands) / (Unaudited)

Revenues by Region
(Amounts in thousands)
(Unaudited)

Reconciliation of Non-GAAP Performance Measures to GAAP Performance Measures
(In thousands)
(Unaudited)

The Company believes that total revenues with foreign currency held neutral, which are not performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

Currency impacts on total revenues for the current quarter have been derived by translating current quarter revenues at the prevailing average foreign currency rates during the prior year quarter, as applicable. 

Reconciliation of Adjusted EBITDA and Adjusted net (loss) income to net (loss) income
(In thousands, except share and per share data) / (Unaudited)

Adjusted EBITDA and adjusted net (loss) income are non-GAAP performance measures. Management believes Adjusted EBITDA and adjusted net (loss) income, in addition to operating profit, net (loss) income and other GAAP measures, are useful to investors to evaluate the Company’s results because they exclude certain items that are not directly related to the Company’s core operating performance. Investors should recognize that Adjusted EBITDA and adjusted net (loss) income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP.

Reconciliations of the non-GAAP measures used in this press release are included in the tables attached to this press release, to the extent available without unreasonable effort. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. Items excluded to arrive at forward-looking non-GAAP measures may have a significant, and potentially unpredictable, impact on our future GAAP results.

Reconciliation of Free Cash Flow to Cash Provided by Operating Activities 
(In thousands, except share and per share data) / (Unaudited)

The Company believes that free cash flow, which is not a performance measures under generally accepted accounting principles (“GAAP”), may provide users of the Company’s financial information with additional meaningful bases for comparing the Company’s current results and results in a prior period, as these measures reflect factors that are unique to one period relative to the comparable period. Management uses such performance measures in managing and evaluating the Company’s business. However, these non-GAAP performance measures should be viewed in addition to, and not as an alternative for, the Company’s reported results under accounting principles generally accepted in the United States.

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