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Here are 1-2 brief analogies to describe Tecnoglass (TGLS):

• Like a more specialized PPG Industries, focused on high-performance architectural glass and window systems.
• Think of them as the Saint-Gobain for the Americas, concentrating on architectural glass and window solutions.

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• Architectural Glass: Specializes in high-performance, impact-resistant, and energy-efficient glass used in commercial and residential buildings.
• Windows and Window Systems: Manufactures integrated window solutions, including impact-resistant and thermal-efficient windows designed for various architectural applications.
• Aluminum Products: Produces extruded aluminum frames and components essential for their window, door, and facade systems.

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Tecnoglass (TGLS) Major Customers

Tecnoglass Inc. (TGLS) primarily operates on a business-to-business (B2B) model, supplying architectural glass, windows, and aluminum products for commercial and high-end residential construction projects.

According to the company's annual reports (10-K filings), Tecnoglass has a highly fragmented customer base. No single customer accounted for more than 10% of its net sales in recent fiscal years (e.g., 2023, 2022, or 2021). Therefore, there are no specific "major customer companies" that can be individually named as accounting for a significant portion of their revenue.

Instead, Tecnoglass serves a broad array of customers within the construction industry. These customers generally fall into the following categories:

• Commercial and Residential Developers/General Contractors: These are companies undertaking large-scale construction projects, including office buildings, hotels, hospitals, universities, and high-rise multi-family residential buildings, which directly specify and purchase Tecnoglass products for their projects.
• Specialized Glazing Contractors and Sub-contractors: Firms that specialize in the installation of glass and curtain wall systems. These contractors often work directly for general contractors or developers and source the glass and aluminum systems from manufacturers like Tecnoglass.
• Window and Door Fabricators/Distributors: While Tecnoglass manufactures finished products, they also supply components (like architectural glass and aluminum profiles) to other companies that may assemble and distribute complete window and door systems or act as resellers to smaller builders and contractors.

In summary, Tecnoglass's sales are diversified across a large number of participants in the construction industry, rather than relying on a few dominant customers.

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José Manuel Daes, Chief Executive Officer and Director

José Manuel Daes is a co-founder of the Tecnoglass group, established with his brother Christian Daes in 1983, with the company Tecnoglass Inc. going public in 2003. He has over 30 years of experience in operating businesses in Colombia and the United States. He also co-founded CI Energia Solar in 1984 and serves as its CEO, as well as Tecnoglass's Corporate Director. In 1994, he founded Tecnoglass to address issues with tempered glass supply and later, in 2007, launched Alutions for aluminum distribution due to supplier problems. Previously, he co-founded Energia Solar in 1994, a company focused on solar water panel heaters, but this venture was superseded by the natural gas boom.

Santiago Giraldo, Chief Financial Officer

Santiago Giraldo joined Tecnoglass in 2016 and was appointed Chief Financial Officer in 2017, having previously served as deputy chief financial officer. He possesses extensive financial experience in capital markets, bank debt, derivatives, treasury, mergers and acquisitions (M&A), and equity-related transactions. Before his tenure at Tecnoglass, Mr. Giraldo held the position of CFO at Ocensa, a subsidiary of Ecopetrol S.A. His prior experience also includes roles as a vice president at Citibank Colombia and in the corporate bank units of JPMorgan Chase and Wells Fargo in the United States. He holds a Business Administrator degree (cum laude) from Washburn University and an MBA with an emphasis in International Business and Finance from California State University at Pomona.

Christian T. Daes, Chief Operating Officer and Director

Christian T. Daes is the Chief Operating Officer and a member of the board of directors at Tecnoglass. He co-founded the Tecnoglass group with his brother José Manuel Daes in 1983 or 1984 and has been the COO since its inception. He also co-founded CI Energia Solar in 1984 and served as its COO. Mr. Daes is responsible for leading automation projects that enhance efficiency and reduce material consumption, and he guides the company's corporate strategy through innovation, technology, and alternative energy generation. He earned a Business Information Systems degree from the University of North Carolina in 1985. His responsibilities encompass all aspects of the company's operations, sales, and marketing.

Carlos Amin, Vice President of Sales

Carlos Amin serves as the Vice President of Sales for Tecnoglass Inc.

Samir Amin, Vice President of Operations and Logistics

Samir Amin holds the position of Vice President of Operations and Logistics at Tecnoglass Inc.

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The key risks to Tecnoglass (TGLS) business are:

1. Geographic Revenue Concentration and Geopolitical/Economic Risks: Tecnoglass is highly dependent on the U.S. market, which accounted for approximately 96% of its sales in the fiscal year ended December 31, 2024. This concentration exposes the company to significant risks related to potential economic downturns, changes in trade policies, and regulatory shifts, such as tariffs or sanctions, between Colombia (where its manufacturing is based) and the United States. Such changes could disrupt supply chains, increase operational costs, and negatively impact profitability and competitive pricing.
2. Market Volatility and Macroeconomic Factors: The company's performance is closely tied to general construction activity trends, particularly in the U.S. This makes it vulnerable to adverse macroeconomic conditions, including fluctuations in interest rates, availability of credit, and overall economic downturns, which could decrease demand for its architectural glass and window products. Additionally, Tecnoglass faces market risks from volatility in foreign currency exchange rates and commodity prices, such as aluminum, which can erode margins.
3. Competitive Landscape and Pricing Pressure: Tecnoglass operates in a highly competitive architectural glass and window manufacturing industry. To maintain its market share and profitability, the company must continuously innovate and control costs effectively. As Tecnoglass expands into potentially saturated markets, it faces increased competition from local players, which could lead to downward pricing pressures and reduced operating margins.

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Tecnoglass (TGLS) operates primarily in the architectural glass and windows and doors markets. The addressable markets for their main products and services, predominantly in North America, are substantial.

Architectural Glass

• The North America architectural glass market was valued at approximately US$ 9,282.38 million (or about $9.28 billion) in 2022. It is projected to grow to US$ 12,770.99 million (or about $12.77 billion) by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 5.5% from 2022 to 2028.

Windows and Doors (including Aluminum and Vinyl Products)

• The North America doors and windows market size was valued at USD 64.08 billion in 2023. It is expected to reach USD 83.22 billion by 2029, growing at a CAGR of 4.45% during this forecast period.
• The U.S. window and door market alone was approximately $28.7 billion in 2024, with a consistent growth rate (CAGR) of about 3.4% through 2030.
• Tecnoglass's strategic entry into the vinyl window market is expected to more than double its addressable market. The vinyl windows segment is estimated to constitute approximately 60% of the architectural window market, which was stated to be $26 billion at the time of their market entry.
• An investor presentation from March 2024 indicates a US market size for windows of $40 billion.

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Expected Drivers of Future Revenue Growth for Tecnoglass (TGLS)

Over the next 2-3 years, Tecnoglass (TGLS) is expected to drive future revenue growth through several key initiatives and market dynamics:

1. Record Backlog Providing Revenue Visibility: Tecnoglass has achieved a record backlog of $1.3 billion, representing a 21.4% increase year-over-year. This substantial backlog offers strong revenue visibility extending through 2026 and 2027, indicating a robust pipeline of secured projects.
2. Geographic Expansion and Market Share Gains: The company is actively pursuing growth through strategic market expansions and continuous market share gains. This includes expanding into new U.S. markets, notably Western U.S. states, and strengthening its presence in other regions beyond its traditional markets.
3. Strong Organic Growth in Residential and Commercial Segments: Tecnoglass anticipates sustained organic growth across both its single-family residential and multifamily/commercial businesses. The single-family residential segment's growth is particularly supported by ongoing geographic expansion.
4. Strategic Pricing Initiatives: Management has implemented strategic pricing actions, including a 5-7% price increase in the single-family residential sector in May 2025, which is now fully integrated into current orders. New pricing is also being applied to the commercial backlog, contributing to revenue expansion.
5. Ramp-up of Vinyl Product Line: The company's efforts to ramp up its vinyl product line are expected to be a significant contributor to growth, particularly within the single-family residential market.

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Share Repurchases

• In November 2025, Tecnoglass's Board of Directors authorized an expansion of the share repurchase program to $150.0 million. Following this expansion, approximately $96.5 million remained under the existing authorization.
• During the third quarter of 2025, the Company repurchased $30.0 million in shares.
• As of February 27, 2025 (related to Q4 2024 results), approximately $76.5 million remained under the share repurchase program. The Board had initially authorized a program to buy up to $50 million of common stock in November 2022.

Outbound Investments

• In April 2025, Tecnoglass acquired certain assets of Florida-based Continental Glass Systems for approximately $30 million.
• This acquisition included a manufacturing plant, various intangibles, and a substantial project backlog, aiming to strengthen Tecnoglass' U.S. market presence and broaden its client reach.

Capital Expenditures

• Capital expenditures for the full year 2024 totaled $79.6 million, which included scheduled payments on previous investments and a payment for the Miami headquarters and associated flagship showroom.
• In the third quarter of 2025, capital expenditures were $18.8 million. For the first quarter of 2025, capital expenditures were $22.4 million.
• Tecnoglass is conducting a feasibility study for a new fully automated U.S. plant, with an estimated cost of $350-$400 million, to support future growth and enhance operational footprint. Capital expenditures are generally expected to moderate through year-end 2025.