- Record Annual Revenues: Tecnoglass achieved $983.6 million in full-year 2025 revenues, a 10.5% increase, with Q4 revenues of $245.3 million (up 2.4% YoY).
- Backlog Growth: The company reported a record backlog of $1.3 billion and a 1.1x book-to-bill ratio in Q4, reflecting strong order inflows.
- EBITDA Margin Resilience: Adjusted EBITDA reached $291.3 million with a 29.6% margin, despite tariffs, higher raw material costs, and a stronger Colombian peso.
- Shareholder Returns: $146 million was returned to shareholders via buybacks and dividends in 2025, supported by $135.8 million in operating cash flow.
- 2026 Outlook: Revenue guidance of $1.06–$1.13 billion (11% growth at midpoint) and adjusted EBITDA of $265–$305 million, with vinyl revenue expected to grow 2.5–3x and commercial revenue to rise >10% in 2026 and 2027.
Operational Highlights
The company's operational performance was driven by its expanding dealer network, geographic diversification, and strong pricing execution, resulting in a record backlog of $1.3 billion. The multifamily and commercial businesses saw robust demand, with revenues growing to $580 million, while the single-family residential business grew to $403 million. As Chris Daes noted, the company achieved double-digit revenue growth in the multifamily and commercial business, driven by continued strength in key markets and the integration of the Continental Glass System asset acquisition.
Balance Sheet and Cash Flow
The company's balance sheet remained solid, with liquidity of approximately $465 million at year-end. Tecnoglass generated $135.8 million in operating cash flow for the full year, driven by effective working capital management and solid underlying profitability. The company returned approximately $146 million to shareholders through share repurchases and dividends.
Outlook and Valuation
Looking ahead, the company introduced its full-year 2026 outlook, with revenues expected to be in the range of $1.06 billion to $1.13 billion, representing growth of approximately 11% at the midpoint of the range. With a current P/E Ratio of 11.97 and an EV/EBITDA ratio of 7.23, the market appears to be pricing in a moderate growth trajectory. Analysts estimate next year's revenue growth at 10.7%, which is slightly below the company's guidance.
Growth Opportunities
The company is also exploring new opportunities, including a potential new plant in the U.S. and participation in Buy America projects. The feasibility study for the new plant is ongoing, and the company expects to make a decision by February or March 2027. The plant would allow the company to participate in federally funded infrastructure projects and could double its sales in the next 3 to 5 years.