Tecnoglass Delivers $984M Record Revenue, Guides $1.06B–$1.13B and Expands Buyback
Tecnoglass posted record 2025 revenue of $984M and EBITDA of $291.3M (29.6%), while Q4 EBITDA fell to $62.2M (25.4%) due to installation mix, high aluminum costs and a stronger Colombian peso. The company forecasts 2026 revenue of $1.06B–$1.13B, $265M–$305M EBITDA, expanded its buyback to $250M and plans a U.S. redomicile.
1. Record Full-Year 2025 Results
Tecnoglass closed 2025 with record revenue of $984 million and adjusted EBITDA of $291.3 million (29.6% margin). Single-family residential sales reached $403 million while multifamily and commercial revenue grew to $580 million as high-end architectural glass demand strengthened.
2. Q4 Margin Pressures
In Q4, adjusted EBITDA declined to $62.2 million (25.4% margin) from $79.2 million (33.1%) a year earlier. The margin drop reflected an installation-heavy revenue mix, near-record U.S. aluminum costs and a 9.5% appreciation of the Colombian peso.
3. Capital Returns and Balance Sheet
Tecnoglass generated $135.8 million in operating cash flow, funded $89 million in capital expenditures and maintained liquidity of $465 million. The company repurchased $118 million of shares in 2025, expanded its share buyback authorization to $250 million and plans a U.S. redomicile for tax efficiency.
4. Backlog Growth and 2026 Outlook
Backlog rose 16% to a record $1.3 billion with a book-to-bill ratio of 1.1x for 20 consecutive quarters. Management forecasts 2026 revenue of $1.06–$1.13 billion and $265–$305 million adjusted EBITDA, anticipating a vinyl revenue ramp and a backloaded year.