Tecnoglass Reports Fourth Quarter and Full Year 2025 Results

Tecnoglass Reports Fourth Quarter and Full Year 2025 Results February 26, 2026 - 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 [email protected] Tecnoglass Inc. and Subsidiaries Consolidated Balance Sheets (In thousands, except share and per share data) December 31, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $100,901 $134,882 Investments 3,150 2,645 Trade accounts receivable, net 239,448 202,915 Due from related parties 2,002 2,674 Inventories 213,524 139,642 Contract assets – current portion 31,809 22,920 Other current assets 62,724 54,332 Total current assets $653,558 $560,010 Long-term assets: Property, plant and equipment, net $476,159 $344,433 Long term accounts receivable 1,730 - Deferred income taxes 1,257 285 Contract assets – non-current 20,506 15,208 Intangible assets 12,959 4,389 Goodwill 30,059 23,561 Equity method investment 57,443 63,264 Other long-term assets 6,721 5,498 Total long-term assets 606,834 456,638 Total assets $1,260,392 $1,016,648 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term debt and current portion of long-term debt $427 $1,087 Trade accounts payable and accrued expenses 127,228 98,843 Due to related parties 10,881 9,864 Dividends payable 6,730 7,074 Contract liability – current portion 149,442 97,979 Other current liabilities 57,038 50,979 Total current liabilities $351,746 $265,826 Long-term liabilities: Deferred income taxes $22,404 $11,419 Contract liability – non-current 1,988 - Long-term debt 171,202 108,220 Total long-term liabilities 195,594 119,639 Total liabilities $547,340 $385,465 SHAREHOLDERS’ EQUITY Preferred shares, $0.0001 par value, 1,000,000 shares authorized, 0 shares issued and outstanding at December 31, 2024 and December 31, 2023 respectively $ $- Ordinary shares, $0.0001 par value, 100,000,000 shares authorized, 46,389,146 shares issued, and 44,737,726 shares outstanding at December 31, 2025; and, 46,991,558 shares issued and outstanding at December 31, 2024 5 5 Treasury stock (79,218) - Legal Reserves 1,458 1,458 Additional paid-in capital 153,358 192,094 Retained earnings 670,558 538,787 Accumulated other comprehensive (loss) (33,109) (101,161)Shareholders’ equity attributable to controlling interest 713,052 631,183 Total liabilities and shareholders’ equity $1,260,392 $1,016,648 Tecnoglass Inc. and Subsidiaries Consolidated Statements of Operations and Comprehensive Income (In thousands, except share and per share data) (Unaudited) Three months ended Twelve months ended December 31, Year ended December 31, 2025 2024 2025 2024 Operating revenues: External customers $244,605 $238,611 $979,211 $887,067 Related parties 692 962 4,399 3,114 Total operating revenues 245,297 239,573 983,610 890,181 Cost of sales 977,333 887,347 562,200 510,209 Gross profit 98,230 106,502 421,410 379,972 Operating expenses: Selling expense (26,104) (20,525) (105,428) (81,298)General and administrative expense (27,301) (18,827) (90,882) (71,673)Total operating expenses (53,405) (39,352) (196,310) (152,971)Other operating income - - 5,641 - Operating income 44,825 67,150 230,741 227,001 Non-operating income, net 511 682 3,127 5,858 Foreign currency transactions gains/(loss) 1,553 (807) 3,756 (5,665)Loss on debt extinguishment (26) - (1,380) - Interest expense and deferred cost of financing (1,328) (1,510) (3,445) (7,433)Equity method income (312) 1,720 2,493 5,397 Income before taxes 45,223 67,235 235,292 225,158 Income tax provision (19,117) (20,219) (75,726) (63,849)Net income $26,106 $47,016 $159,566 $161,309 Basic income per share $0.57 $1.00 $3.42 $3.43 Diluted income per share $0.57 $1.00 $3.42 $3.43 Basic weighted average common shares outstanding 45,898,892 46,996,554 46,678,093 46,996,168 Diluted weighted average common shares outstanding 45,898,892 46,996,554 46,678,093 46,996,168 Other comprehensive income: Foreign currency translation adjustments 19,004 (22,219) 72,157 (53,167)Change in fair value derivative contracts (1,688) 404 (4,105) (2,131)Other comprehensive income 17,316 (21,815) 68,052 (55,298)Comprehensive income $43,422 $25,201 $227,618 $106,011 Tecnoglass Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) / (Unaudited) Year ended December 31, 2025 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income $159,566 $161,309 $183,510 Adjustments to reconcile net income to net cash provided by operating activities: Provision for bad debts 2,606 857 2,809 Provision for obsolete inventory 116 98 67 Depreciation and amortization 36,765 26,470 21,878 Deferred income taxes 7,623 (1,870) 8,345 Equity method income (2,493) (5,397) (5,013)Gain on disposal of assets (4,078) Deferred cost of financing 935 1,214 1,243 Other non-cash adjustments 338 34 120 Loss on debt extinguishment 1,327 - - Realized gain on derivative instruments (2,070) - - Unrealized currency translation losses (22,505) 11,984 (25,854)Changes in operating assets and liabilities: Trade accounts receivable (25,348) (44,388) (780)Inventories (45,083) (2,880) (522)Prepaid expenses (4,223) (4,017) (2,849)Other assets (5,877) (2,996) (27,547)Other liabilities (92) 94 (62)Trade accounts payable and accrued expenses 8,124 14,661 (17,429)Taxes payable (3,805) (4,344) (12,851)Labor liabilities 1,884 1,090 1,109 Contract assets and liabilities 31,362 14,322 13,871 Related parties 683 4,291 (1,218)CASH PROVIDED BY OPERATING ACTIVITIES $135,755 $170,532 $138,827 CASH FLOWS FROM INVESTING ACTIVITIES Business acquisition (6,841) - - Sale of property and equipment 12,312 - - Dividends received 8,914 2,703 2,282 Purchase of investments (677) (429) (339)Acquisition of property and equipment (101,262) (79,563) (77,960)CASH USED IN INVESTING ACTIVITIES $(87,554) $(77,289) $(76,017)CASH FLOWS FROM FINANCING ACTIVITIES Cash dividend (28,127) (19,743) (16,427)Share Repurchases (117,954) (291) (23,537)Deferred financing costs and debt issuance fees (1,045) - - Non controlling interest purchase - (2,500) (3,000)Proceeds from debt 175,965 2,532 196 Repayments of debt (114,365) (64,547) - CASH USED IN FINANCING ACTIVITIES $(85,526) $(84,549) $(42,768)Effect of exchange rate changes on cash and cash equivalents $3,344 $(3,320) $5,795 NET (DECREASE) INCREASE IN CASH (33,981) 5,374 25,837 CASH – Beginning of period 134,882 129,508 103,671 CASH – End of period $100,901 $134,882 $129,508 SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Cash paid during the period for: Interest $6,603 $9,977 $11,624 Income Tax $76,110 $86,602 $107,150 NON-CASH INVESTING AND FINANCING ACTIVITIES: Assets acquired under credit or debt $8,988 $6,410 $9,311 Unpaid portion of non-controlling interest purchase $- $- $2,500 Account payable for business acquisition 3,588 - - Revenues by Region (Amounts in thousands) (Unaudited) Three months ended Twelve months ended Dec 31, Dec 31, 2025 2024 % Change 2025 2024 % Change Revenues by Region United States 231,741 228,006 1.6% 932,930 849,904 9.8%Colombia 11,014 8,482 29.8% 31,691 25,026 26.6%Other Countries 2,542 3,084 (17.6)% 18,989 15,250 24.5%Total Revenues by Region 245,296 239,573 2.4% 983,610 890,180 10.5% 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 Twelve months ended Dec 31, Dec 31, 2025 2024 % Change 2025 2024 % Change Total Revenues with Foreign Currency Held Neutral 244,249 239,573 2.0% 983,465 890,180 10.5%Impact of changes in foreign currency 1,048 - 145 - Total Revenues, As Reported 245,297 239,573 2.4% 983,610 890,180 10.5% 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 Twelve months ended December 31, December 31, 2025 2024 2025 2024 Net (loss) income 26,106 47,016 159,566 161,309 Less: Income (loss) attributable to non-controlling interest - - - - (Loss) Income attributable to parent 26,106 47,016 159,566 161,309 Foreign currency transactions losses (gains) (1,553) 807 (3,756) 5,665 Provision for bad debt 909 143 2,606 857 Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) 4,982 2,374 13,662 5,462 Extinguishment of debt 26 - 1,380 - Derivative Financial Instruments (728) - (3,455) - Joint Venture VA (Saint Gobain) adjustments 294 63 518 3,179 Tax impact of adjustments at statutory rate (1,258) (1,084) (3,506) (4,852)Adjusted net (loss) income 28,778 49,319 167,015 171,620 Basic income (loss) per share 0.57 1.00 3.42 3.43 Diluted income (loss) per share 0.57 1.00 3.42 3.43 Diluted Adjusted net income (loss) per share 0.63 1.05 3.58 3.65 Diluted Weighted Average Common Shares Outstanding in thousands 45,899 46,995 46,678 46,996 Basic weighted average common shares outstanding in thousands 45,899 46,995 46,678 46,996 Diluted weighted average common shares outstanding in thousands 45,899 46,995 46,678 46,996 Three months ended Twelve months ended December 31, December 31, 2025 2024 2025 2024 Net (loss) income 26,106 47,016 159,566 161,309 Less: Income (loss) attributable to non-controlling interest - - - - (Loss) Income attributable to parent 26,106 47,016 159,566 161,309 Interest expense and deferred cost of financing 2,536 1,510 6,903 7,433 Income tax (benefit) provision 19,117 20,219 75,726 63,849 Depreciation & amortization 10,324 6,739 36,765 26,469 Foreign currency transactions losses (gains) (1,553) 807 (3,756) 5,665 Provision for bad debt 909 143 2,606 857 Non-Recurring expenses (non-recurring professional fees, capital market fees, other non-core items) 4,982 2,375 13,662 5,462 Extinguishment of debt 26 - 1,380 - Derivative Financial Instruments (728) - (3,455) - Joint Venture VA (Saint Gobain) EBITDA adjustments 524 432 1,941 4,770 Adjusted EBITDA 62,243 79,241 291,338 275,814 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. Three months ended Twelve months ended December 31, December 31, 2025 2024 2025 2024 Cash Provided by Operating Activities 31,009 61,127 135,755 170,532 Acquisition of property and equipment (19,567) (25,690) (101,262) (79,563)Portion of Continental Glass Systems asset acquisiton included in acquisition of property and equipment - - 15,127 - Free Cash Flow 11,442 35,437 49,620 90,969 Source: Tecnoglass Inc.