Exhibit 99.1

 

 

Tecnoglass Reports Third Quarter 2026 Results

 

- Record Revenue of $310.6 Million, a 19.2% Year-Over-Year Increase, All-Organic Growth Driven by Continued Market Share Gains and Geographic Expansion -

- Net Income of $22.8 Million, or $0.51 Per Diluted Share -

- Adjusted Net Income1 of $27.3 Million, or $0.61 Per Diluted Share -

- Adjusted EBITDA1 of $47.7 Million, Which Would Have Been an Estimated $8.4 Million Higher Excluding a Non-Cash Inventory Revaluation Due to the Rapid Rise in the Colombian Peso -

- Backlog Expanded 13.2% Year-Over-Year to a Record $1.43 Billion -

- Strong Balance Sheet for Disciplined Deployment with Total Liquidity of $380 Million -

- Opened Los Angeles Showroom, Bringing Legacy Line Aluminum Windows to the West Coast and Supporting Ongoing Geographic Expansion -

- Updated Full Year 2026 Guidance -

 

Miami, FL – November 5, 2026 – Tecnoglass Holdings 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 third quarter ended September 30, 2026.

 

José Manuel Daes, Chief Executive Officer of Tecnoglass, commented, “We were pleased to deliver record revenues in the third quarter, up 19% year-over-year, led by 31% growth in our multi-family and commercial business. Single-family residential revenues grew 17% year-over-year excluding the previously disclosed pre-buy activity in the second quarter, reflecting continued market share gains as we expand outside of Florida. Third quarter margins were pressured by costs outside of our control, including elevated aluminum costs, ongoing tariffs and a Colombian Peso at its strongest level since 2018. Our higher volumes in the quarter drew on aluminum purchased at peak prices earlier in the year, and we have since secured aluminum at lower levels. Excluding an $8.4 million non-cash inventory revaluation tied to a rapid rise in the Peso, Adjusted EBITDA for the quarter was actually ahead of our internal expectations given a very strong top line performance. The benefits of our May pricing actions are beginning to flow through single-family residential invoicing, and our automation initiatives are taking hold, which position us well to deliver improved profitability. Together, these actions are making us a stronger and more efficient company, and we remain confident in our ability to unlock additional value for our shareholders.”

 

Christian Daes, Chief Operating Officer of Tecnoglass, added, “Our backlog reached another record of $1.43 billion, extending our track record of sequential growth since 2021 and reflecting consistent execution on a growing pipeline of multi-family and commercial projects. We continued to book large projects within the luxury lodging and condo market, and subsequent to quarter end signed our largest project to date, which continues to provide strong visibility for the next few years. Our May pricing will reach multi-family and commercial revenue as projects booked after the increase move through our backlog, starting with shorter-cycle jobs late this year and larger projects during 2027. In single-family residential projects, our expanding dealer network, vinyl lines and geographic diversification continue to support market share gains, and our recently opened Los Angeles showroom is bringing our Legacy Line to the West Coast. Across both businesses, our differentiated product portfolio, expanding geographic reach, and strong project pipeline position us well to keep gaining share as we move into 2027.”

 

 

 

 

Third Quarter 2026 Results

 

Total revenues for the third quarter of 2026 increased 19.2% to a record $310.6 million, compared to $260.5 million in the prior year quarter. Multi-family/commercial revenues grew 30.9% year-over-year to a record $192.4 million, driven by execution on a record backlog as projects moved into more advanced stages. Single-family residential revenues grew 4.1% year-over-year to $118.1 million, reflecting continued market share gains, geographic expansion and pricing actions, partially offset by the timing of orders placed in the second quarter ahead of the Company’s May pricing actions. Changes in foreign currency exchange rates represented a $2.4 million benefit to total revenues in the quarter.

 

Gross profit for the third quarter was $106.0 million, or a 34.1% gross margin, compared to $111.3 million, or a 42.7% gross margin in the prior year quarter. A stronger Colombian Peso, which appreciated approximately 20% year-over-year and 12% sequentially, drove approximately 580 basis points of the 860 basis point decline. Roughly 250 basis points   of that FX impact was a non-cash inventory revaluation of approximately $8.4 million. That inventory was bought when the Peso was weaker and sold after it strengthened, which increased its reported cost without any cash impact. Gross margin also reflected higher raw material costs from U.S. aluminum purchased at peak prices earlier in the year, an unfavorable mix from a higher level of installation revenue, and higher labor costs related to the annual minimum wage adjustment in Colombia at the beginning of the year. These impacts were partly offset by operating leverage on higher volume, pricing actions implemented in May that began converting into revenue during the quarter, and efficiencies from the Company’s automation initiatives. Excluding that non-cash effect, gross margin was roughly in line with the second quarter of 2026.

 

Selling, general and administrative expense (“SG&A”) was $74.0 million for the third quarter of 2026 compared to $47.3 million in the prior year quarter. The increase primarily reflected approximately $15.5 million   of expenses associated with Section 232 tariffs on finished aluminum window imports, along with higher transportation and commission expenses associated with revenue growth in the quarter and a stronger Colombian Peso. As a percent of total revenues, SG&A was 23.8% for the third quarter of 2026 compared to 18.2% in the prior year quarter, primarily due to the aforementioned factors.

 

Net income was $22.8 million, or $0.51 per diluted share, in the third quarter of 2026 compared to net income of $47.2 million, or $1.01 per diluted share, in the prior year quarter, including a non-cash foreign exchange transaction loss of $3.3 million  in the third quarter of 2026 and a gain of $1.9 million in the third quarter of 2025. These non-cash gains and losses relate to the accounting re-measurement of U.S. Dollar-denominated assets and liabilities against the Colombian Peso as the functional currency.

 

Adjusted net income1 was $27.3 million, or $0.61 per diluted share, in the third quarter of 2026 compared to adjusted net income1 of $46.7 million, or $1.00 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, the non-cash mark-to-market of certain derivative transactions, and other non-core items, along with the tax impact of adjustments at statutory rates, which management believes better reflects core financial performance.

 

Adjusted EBITDA1, as reconciled in the table below, was $47.7 million, or 15.3% of total revenues, in the third quarter of 2026, compared to $79.1 million, or 30.4% of total revenues, in the prior year quarter. The change was primarily attributable to the factors impacting gross margin and SG&A. Adjusted EBITDA would have been approximately $8.4 million higher excluding the non-cash inventory revaluation.

 

 

 

 

Cash Generation, Capital Allocation and Liquidity

 

Cash provided by operating activities for the third quarter of 2026 was approximately $21.5 million, reflecting working capital contributions from trade receivables and inventories and lower income tax payments than in the second quarter  . Capital expenditures of approximately $66.1 million in the quarter included several previously announced investments, including the purchase of land for the potential U.S. facility, and scheduled payments related to capacity enhancements and ongoing automation initiatives. In August, the Company completed the previously announced $23 million purchase of land in St. Lucie County, Florida, to preserve strategic flexibility for a potential new state-of-the-art manufacturing facility. The feasibility study for the potential new facility remains active and does not represent a commitment to proceed with construction, which would occur in phases based on factors such as demand, market conditions and return profiles. The Company has secured state, local and utility incentives that, should the project meet its parameters, are expected to significantly enhance the estimated returns of the potential project.

 

During the quarter, the Company returned capital to shareholders through $6.7 million in cash dividends. As of September 30, 2026, the Company had approximately $92.5 million remaining under its current share repurchase program.

 

The Company ended the third quarter of 2026 with total liquidity of approximately $380 million  , including $97.7 million of cash and cash equivalents and $280 million of availability under its revolving credit facilities, and total debt of $293.6 million. The Company maintains a conservative leverage profile of approximately 0.9x net debt to LTM Adjusted EBITDA¹, providing significant financial flexibility to continue investing in growth initiatives and returning capital to shareholders.

 

Full Year 2026 Guidance

 

Santiago Giraldo, Chief Financial Officer of Tecnoglass, stated, “Based on our performance year to date and the visibility provided by our order book, we are raising our full year 2026 revenue outlook to a range of $1.10 billion to $1.14 billion  and adjusting our Adjusted EBITDA outlook to a range of $210 million to $220 million. The change in our Adjusted EBITDA outlook mainly reflects the approximately $8.4 million non-cash inventory revaluation in the third quarter. Excluding that effect, our Adjusted EBITDA outlook would have been approximately $8.4 million higher. Higher than expected revenues are helping offset elevated raw material costs and a stronger Colombian Peso. We remain encouraged by demand trends and by our ability to grow well above industry rates. Looking ahead, we are committed to fully offsetting the impact of tariffs in 2027, as automation savings and full-year pricing are realized. With a conservative debt leverage profile and strong cash generation, we remain well-positioned to invest in growth while returning capital to shareholders.”

 

Webcast and Conference Call

 

Management will host a webcast and conference call on November 5, 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 Third Quarter 2026 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: 10212425.

 

About Tecnoglass

 

Tecnoglass Holdings 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 6.1 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 approximately 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://www.youtube.com/watch?v=qD3AKBv4EkU.

 

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 Holdings Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

 

   September 30,   December 31, 
   2026   2025 
ASSETS          
Current assets:          
Cash and cash equivalents  $97,683   $100,901 
Investments   3,579    3,150 
Trade accounts receivable, net   282,375    239,448 
Due from related parties   2,441    2,002 
Inventories   274,879    213,524 
Contract assets – current portion   29,458    31,809 
Other current assets   58,040    62,724 
Total current assets  $748,455   $653,558 
Long-term assets:          
Property, plant and equipment, net  $635,375   $476,159 
Long term accounts receivable   1,945    1,730 
Deferred income taxes   3,087    1,257 
Contract assets – non-current   32,098    20,506 
Intangible assets   14,295    12,959 
Goodwill   30,059    30,059 
Equity method investment   55,520    57,443 
Other long-term assets   7,589    6,721 
Total long-term assets   779,968    606,834 
Total assets  $1,528,423   $1,260,392 
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Current liabilities:          
Short-term debt and current portion of long-term debt  $6,514   $427 
Trade accounts payable and accrued expenses   177,831    127,228 
Due to related parties   10,809    10,881 
Dividends payable   6,675    6,730 
Contract liability – current portion   167,704    149,442 
Other current liabilities   23,627    57,038 
Total current liabilities  $393,160   $351,746 
Long-term liabilities:          
Deferred income taxes  $25,587   $22,404 
Contract liability – non-current   1,117    1,988 
Long-term debt   287,126    171,202 
Total long-term liabilities   313,830    195,594 
Total liabilities  $706,990   $547,340 
SHAREHOLDERS’ EQUITY          
Preferred stock, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2026, and December 31, 2025 respectively  $-   $- 
Common stock, $0.0001 par value, 100,000,000 shares authorized, 46,388,946 shares issued, and 44,364,616 shares outstanding at September 30, 2026; and, 46,389,146 shares issued, and 44,737,726 shares outstanding at December 31, 2025   5    5 
Treasury stock   (95,679)   (79,218)
Legal Reserves   1,458    1,458 
Additional paid-in capital   153,344    153,358 
Retained earnings   729,795    670,558 
Accumulated other comprehensive (loss) income   32,510    (33,109)
Shareholders’ equity attributable to controlling interest   821,433    713,052 
Total liabilities and shareholders’ equity  $1,528,423   $1,260,392 

 

 

 

 

Tecnoglass Holdings Inc. and Subsidiaries

Consolidated Statements of Operations and Comprehensive Income

(In thousands, except share and per share data)

(Unaudited)

 

   Three months ended   Nine months ended 
   September 30,   September 30, 
   2026   2025   2026   2025 
Operating revenues:                    
External customers  $309,745   $259,189   $852,707   $734,606 
Related parties   830    1,290    2,171    3,707 
Total operating revenues   310,575    260,479    854,878    738,313 
Cost of sales   (204,610)   (149,159)   (543,045)   (415,133)
Gross profit   105,965    111,320    311,833    323,180 
Operating expenses:                    
Selling expense   (45,225)   (25,977)   (113,206)   (79,324)
General and administrative expense   (28,812)   (21,321)   (85,214)   (63,581)
Total operating expenses   (74,037)   (47,298)   (198,420)   (142,905)
Other Operating income   -    1,361    -    5,641 
Operating income   31,928    65,383    113,413    185,916 
Non-operating income, net   1,117    1,012    2,617    2,616 
Equity method (loss) income   (137)   519    (266)   2,805 
Foreign currency transactions and derivative financial instruments (loss) gains   (3,260)   1,865    2,870    2,203 
Loss on debt extinguishment   -    (1,354)   -    (1,354)
Interest expense, net and deferred cost of financing   (4,476)   564    (11,019)   (2,117)
Income before taxes   25,172    67,989    107,615    190,069 
Income tax provision   (2,419)   (20,801)   (28,416)   (56,609)
Net income  $22,753    47,188    79,199   $133,460 
Basic income per share  $0.51    1.01    1.78   $2.84 
Diluted income per share  $0.51    1.01    1.78   $2.84 
Basic weighted average common shares outstanding   44,364,650    46,847,728    44,452,410    46,941,647 
Diluted weighted average common shares outstanding   44,364,650    46,847,728    44,452,410    46,941,647 
Other comprehensive income:                    
Foreign currency translation adjustments   16,623    20,317    65,528    53,153 
Change in fair value of investments available for sale and derivative contracts   (51)   (2,565)   91    (2,417)
Other comprehensive income   16,572    17,752    65,619    50,736 
Total Comprehensive income  $39,325   $64,940   $144,818   $184,196 

 

 

 

 

Tecnoglass Holdings Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands) / (Unaudited)

 

   Nine months ended September 30, 
   2026   2025 
CASH FLOWS FROM OPERATING ACTIVITIES          
Net income  $79,199    133,460 
Adjustments to reconcile net income to net cash provided by operating activities:          
Allowance for credit losses   1,830    1,696 
Depreciation and amortization   33,203    26,441 
Deferred income taxes   (1,353)   4,576 
Equity method loss (income)   266    (2,805)
Loss (gain) on disposal of assets   536    (4,226)
Deferred cost of financing   485    784 
Realized loss (gain) on derivative instruments   1,903    (2,045)
Change in value of derivative liability   2,731    - 
Unrealized currency translation gains   (32,478)   (18,264)
Other non-cash adjustments   150    410 
Loss on extinguishment of debt   -    1,302 
Changes in operating assets and liabilities:          
Trade accounts receivable   (20,713)   (33,029)
Inventories   (32,434)   (33,903)
Prepaid expenses   (2,500)   (2,993)
Other assets   20,795    (2,771)
Trade accounts payable and accrued expenses   31,854    15,235 
Taxes payable   (40,430)   (7,800)
Labor liabilities   2,592    3,815 
Other liabilities   144    65 
Contract assets and liabilities   (11,891)   26,766 
Related parties   (1,253)   (1,968)
CASH PROVIDED BY OPERATING ACTIVITIES  $32,636    104,746 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
Dividends received   2,257    8,914 
Business acquisition   -    (6,841)
Purchase of investments   (600)   (675)
Sale of property and equipment   -    12,312 
Acquisition of property and equipment   (118,724)   (81,695)
CASH USED IN INVESTING ACTIVITIES  $(117,067)   (67,985)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
Cash dividend   (20,019)   (21,143)
Deferred financing costs and debt issuance fees   -    (1,000)
Share repurchases   (16,475)   (30,327)
Proceeds from debt   131,031    116,018 
Repayments of debt   (16,023)   (114,115)
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES  $78,514    (50,567)
           
Effect of exchange rate changes on cash and cash equivalents  $2,699    2,915 
           
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS   (3,218)   (10,891)
CASH AND CASH EQUIVALENTS - Beginning of period   100,901    134,882 
CASH AND CASH EQUIVALENTS - End of period  $97,683    123,991 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid during the period for:          
Interest  $7,574   $5,091 
Income Tax  $66,143   $59,076 
           
NON-CASH INVESTING AND FINANCING ACTIVITIES:          
Assets acquired under credit or debt  $11,358   $4,687 
Account payable for business acquisition  $3,588   $3,588 

 

 

 

 

Revenues by Region

(Amounts in thousands)

(Unaudited)

 

   Three months ended   Nine months ended 
   September 30,   September 30, 
   2026   2025   % Change   2026   2025   % Change 
Revenues by Region                              
United States   295,096    246,531    19.7%   818,478    701,189    16.7%
Colombia   11,772    7,643    54.0%   25,445    20,677    23.1%
Other Countries   3,707    6,306    -41.2%   10,955    16,447    -33.4%
Total Revenues by Region   310,575    260,479    19.2%   854,878    738,313    15.8%

 

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.

 

    Three months ended     Nine months ended  
    September 30,     September 30,  
    2026     2025     % Change     2026     2025     % Change  
Total Revenues with Foreign Currency Held Neutral   308,191    260,479    18.3%  $850,987   $738,313    15.3%
Impact of changes in foreign currency   2,384    -    n.a    3,891    -    n.a 
Total Revenues, As Reported   310,575    260,479    19.2%  $854,878   $738,313    15.8%

 

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.

 

   Three months ended   Nine months ended 
   September 30,   September 30, 
   2026   2025   2026   2025 
Net income   22,753    47,188    79,199    133,460 
Foreign currency transactions losses (gains)   3,260    (1,865)   (2,870)   (2,203)
Provision for bad debt   507    710    1,829    1,697 
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items)   2,459    1,383    9,692    8,680 
Extinguishment of debt   -    1,354    -    1,354 
Derivative financial instruments   (25)   (2,727)   254    (2,727)
Joint Venture VA (Saint Gobain) adjustments   241    366    316    224 
Tax impact of adjustments at statutory rate   (1,933)   249    (2,766)   (2,248)
Adjusted net income   27,262    46,659    85,654    138,237 
Basic income per share   0.51    1.01    1.78    2.84 
Diluted income per share   0.51    1.01    1.78    2.84 
Diluted Adjusted net income per share   0.61    1.00    1.93    2.94 
                     
Basic weighted average common shares outstanding in thousands   44,365    46,848    44,452    46,942 
Diluted Weighted Average Common Shares Outstanding in thousands   44,365    46,848    44,452    46,942 

 

    Three months ended     

Nine months ended

 
    September 30,    September 30, 
    2026    2025    2026    2025 
                     
Net income   22,753    47,188    79,199    133,460 
Interest expense and deferred cost of financing   4,501    1,686    10,765    4,367 
Income tax provision   2,419    20,801    28,416    56,609 
Depreciation & amortization   11,836    9,958    33,203    26,441 
Foreign currency transactions losses (gains)   3,260    (1,865)   (2,870)   (2,203)
Provision for bad debt   507    710    1,829    1,697 
Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items)   2,459    1,383    9,692    8,680 
Extinguishment of debt   -    1,354    -    1,354 
Derivative financial instruments   (25)   (2,727)   254    (2,727)
Joint Venture VA (Saint Gobain) EBITDA adjustments   (51)   628    446    1,417 
ADJUSTED EBITDA   47,659    79,116    160,934    229,095