Tecnoglass Inc.

Second-quarter 2026 revenue increased 15.6% year over year to a record $295.3 million. Adjusted EBITDA was $51.7 million, with margin of 17.5%, versus $79.8 million and 31.2% in the prior-year quarter. Gross margin was 37.3% versus 44.7% a year ago. SG&A was $73.5 million, or 24.9% of revenue, versus $53.1 million, or 20.8% of revenue. Backlog reached a record $1.4 billion, up 15.6% year over year, and book-to-bill was 1.1. Management said an estimated $15 million to $20 million of residential orders were pulled into Q2 ahead of the May price increase. For full-year 2026, revenue guidance was narrowed to $1.08 billion to $1.12 billion and adjusted EBITDA to $220 million to $230 million. Capex is expected to be $80 million to $95 million, including $20 million to $25 million for land tied to a potential new U.S. facility. Cash from operations was about $4.4 million, total liquidity was about $360 million, and net leverage was 0.6x.

Jose Daes emphasized that the company is gaining market share and that demand remains strong across the U.S., including Florida and outside Florida. He highlighted record backlog, geographic expansion, the upcoming West Coast showroom, the ramp of the vinyl line, and the completed redomiciliation to the U.S. His tone was confident and long-term focused, stressing Tecnoglass’s vertically integrated model, durable cash flow and ability to keep returning capital while investing for growth.

Santiago Giraldo focused on the margin bridge and guidance mechanics. He said the Q2 gross margin decline was driven mainly by a 77% higher all-in U.S. aluminum price, a 23% Colombia minimum wage increase, a 14% stronger peso and about $0.7 million of severance costs, partially offset by operating leverage; SG&A also rose by about $17 million from Section 232 tariff expense. He said the peso was the biggest variable for the rest of the year, noted about $26 million of Colombian tax payments and $35.4 million of quarterly capex, and reiterated a solid balance sheet with about $360 million of liquidity, no significant debt maturities until 2030 and net leverage of 0.6x.

Analysts pressed on why EBITDA guidance was lowered, and management said the main driver was FX, not aluminum, with the peso much stronger than prior assumptions. Questions also focused on Q3 sequencing: management said revenues should step down from Q2 because $15 million to $20 million of orders were pulled forward, but EBITDA should be roughly flat sequentially as better pricing begins to offset FX and cost pressures. On buybacks, management explained the pause was due to working-capital needs, tax payments and prebuying U.S. aluminum, while still leaving $100 million authorized and expecting stronger second-half cash flow.