Record 2025 revenue of $984 million$1.3 billion and a fourth-quarter book-to-bill of 1.1x (extending 20 consecutive quarters above 1.1x).
Margins were pressured in Q4—adjusted EBITDA fell to $62.2 million (25.4% margin) from $79.2 million (33.1%) a year earlier—primarily due to an unfavorable installation-heavy revenue mix, near all-time high U.S. aluminum costs, and ~9.5% Colombian peso appreciation, though full-year adjusted EBITDA was $291.3 million (29.6%).
2026 guidance calls for $1.06B–$1.13B revenue and $265M–$305M adjusted EBITDA, with management forecasting a vinyl revenue ramp (2.5x–3x vs. 2025) and a backloaded year, while returning capital via an expanded buyback program (authorization to $250M) and pursuing a shareholder vote to redomicile the company to the U.S.
Tecnoglass (NYSE:TGLS) management highlighted record full-year revenue, a growing backlog, and continued market share gains during the company’s fourth-quarter 2025 earnings call, while also detailing cost headwinds that pressured margins late in the year and outlining its 2026 financial outlook.
Chief Executive Officer José Manuel Daes said Tecnoglass delivered “another year of strong performance,” with record 2025 revenue of $984 million (reported by the CFO as $983.6 million), reflecting strength across both the single-family and multifamily/commercial segments.
Daes said the company’s single-family residential business reached an all-time high of $403 million, citing an expanding dealer network, geographic diversification, pricing execution, and momentum in vinyl products. He added that multifamily and commercial revenue grew to $580 million on demand for high-performance products used in high-end residential and luxury lodging projects.
Chief Operating Officer Christian Daes said the company maintained a strong operational focus through a “dynamic macroeconomic environment” and noted the contribution from the Continental Glass Systems acquisition, which he said continues to integrate smoothly while expanding Tecnoglass’s capabilities in high-end architectural glass and glazing and providing a manufacturing presence in Florida.
Management pointed to sustained demand indicators in the project pipeline:
Backlog ended 2025 up 16% to a record $1.3 billion.
Fourth-quarter book-to-bill ratio was 1.1x, extending a streak of 20 consecutive quarters above 1.1x.
Project cancellation rates were described as “near zero,” which the company attributed to its late-stage installation profile.
Christian Daes said backlog composition has shifted toward high-end, large-scale projects that tend to be less sensitive to interest rates and affordability constraints.
He also said Tecnoglass is seeing commercial activity in markets that “wasn’t seen before,” including the Northeast, and stated the company is landing jobs in Texas, Utah, and Colorado. Management also expects to gain traction in California through a new brand and showroom presence.
Chief Financial Officer Santiago Giraldo reported fourth-quarter revenue increased 2.4% year over year to $245.3 million, driven by the multifamily and commercial business and partially offset by a modest decline in single-family residential against what he described as a difficult comparison.
For the full year, Giraldo said adjusted EBITDA was $291.3 million (a 29.6% margin), compared with a 31% margin in the prior year. Full-year gross margin was 42.8%, essentially flat with 42.7% in the prior year, which management said reflected pricing and operating leverage that offset tariffs and higher raw material costs.
However, results softened in the second half, culminating in a weaker fourth quarter. Giraldo said Q4 adjusted EBITDA was $62.2 million (a 25.4% margin) versus $79.2 million (33.1%) a year earlier. Q4 gross margin was 40%, down from 44.5% in the prior-year quarter.
Giraldo attributed the quarterly margin decline to three primary factors:
Unfavorable revenue mix with a higher proportion of installation revenue, which he said reached a record in Q4.
Near all-time high U.S. aluminum costs, including higher spot rates and a sharp increase in U.S. Midwest aluminum premiums.
Colombian peso appreciation of about 9.5% year over year in Q4, which pressured cost structure.
He added that pricing actions implemented earlier in the year partially offset these pressures, and clarified that the company’s previously discussed $25 million tariff impact was “fully offset” through pricing actions. He also said Tecnoglass has pursued mitigation actions on standalone component sales, including pass-through pricing and securing U.S. aluminum supply.
Management emphasized cash generation and shareholder returns. Giraldo said Tecnoglass generated $135.8 million in operating cash flow in 2025, while capital expenditures totaled $89 million, including payments related to the Continental Glass Systems acquisition.
At year-end, the company reported liquidity of about $465 million, including $100.9 million in cash and approximately $365 million of availability under its revolving credit facility and bilateral lines. Giraldo also noted the company refinanced its senior secured credit facility in September, expanding capacity to $500 million, reducing spreads by 25 basis points, and extending maturity to 2030. Net debt to last-twelve-month adjusted EBITDA was 0.24x, which he characterized as conservative.
On capital returns, José Manuel Daes said the company repurchased $180 million in shares during 2025, including $88 million in Q4, and announced the board expanded repurchase authorization by $100 million. Giraldo later provided different figures, stating Tecnoglass repurchased $118 million in shares in 2025, including $87.6 million in Q4, and returned about $146 million to shareholders through repurchases and dividends. Giraldo said the total repurchase authorization was expanded to $250 million, leaving about $110 million remaining.
Giraldo also said the board approved a plan to redomicile the company from the Cayman Islands to the U.S., subject to shareholder approval expected to be sought “within the next couple of months.” He said the move is intended to support tax efficiencies and facilitate dividend distributions, aligning with a more U.S.-centric strategy.
Looking ahead, the company introduced 2026 revenue guidance of $1.06 billion to $1.13 billion and adjusted EBITDA of $265 million to $305 million. Giraldo said first-quarter 2026 is expected to be softer and “more or less in line with Q4,” citing a shorter quarter due to scheduled maintenance shutdowns and the timing of order-to-invoice conversion. He said results are expected to build sequentially through the year, with a more backloaded profile.
On cost assumptions, management outlined a range of outcomes tied to aluminum pricing, foreign exchange, and interest rates. At the high end, the company assumes aluminum input costs soften about 10% by mid-year versus year-end 2025 levels and the Colombian peso trends toward 4,000 per dollar. The low-end scenario assumes no Fed cuts, stable aluminum costs versus year-end 2025, and the peso remains below 3,800 per dollar.
Management also discussed growth initiatives in vinyl and new geographies. In Q&A, Giraldo said vinyl revenue was roughly $10 million in 2025 and is expected to increase at least 2.5x to 3x in 2026, adding that product availability has improved and the dealer base increased more than 20% year over year, with many new vinyl dealers. He also noted showroom-driven residential revenue was about $10 million and is expected to rise to $30 million to $35 million this year, describing vinyl and non-Florida residential opportunities as key drivers of single-family growth.
On capital spending, Tecnoglass expects 2026 capex of $60 million to $75 million, primarily maintenance and efficiency investments. Management said it has begun feasibility work on a potential automated U.S. facility; if pursued, 2026 investment would be limited to an estimated $20 million to $25 million for land acquisition, which is not included in current capex guidance. Christian Daes said the company plans to test automation technology in Colombia first and expects to make a decision on what to build in the U.S. by February or March of next year, noting that U.S. manufacturing could also support “Buy America” eligibility for certain projects.
Tecnoglass, Inc is a vertically integrated designer, manufacturer and distributor of architectural glass, windows and aluminum products for the construction industry. The company’s product portfolio includes tempered, laminated and insulated glass units, high‐performance aluminum windows, curtainwall systems and storefront solutions tailored to commercial, residential and institutional projects.
Established in 1994 as a family‐run enterprise in Barranquilla, Colombia, Tecnoglass has grown through significant investments in automated production lines, research and development, and international quality certifications.
