New 10% tariff on finished aluminum windows forces EBITDA revision of ~$50M

Barranquilla-based window and architectural glass manufacturer Tecnoglass, Inc. (NYSE: TGLS) has revised its full-year 2026 financial guidance following the April 2 announcement of updated US trade policy that introduced a 10% tariff on finished aluminum window products imported into the United States.

The company stated that its first quarter 2026 performance was in line with internal expectations, supported by continued order activity and a record project backlog. Those results, the company indicated, support the continuation of its previously stated expectation of strong double-digit full-year revenue growth. However, the tariff development — which was not incorporated into the original 2026 guidance issued February 26, 2026 — required a revision to Adjusted EBITDA projections.

“We are executing at a high level to start 2026, with first quarter performance in line with our expectations and continued strength across our residential and commercial platforms. Our record backlog and strong order activity provide excellent visibility, and we continue to gain market share supported by our differentiated vertically integrated model and industry-leading cost structure. The developments in U.S. trade policy applicable to aluminum-containing imports do not reflect any change in our competitive positioning or underlying demand environment. We have proactively restructured our supply chain over the past several years to significantly reduce raw material tariff exposure, and our platform remains advantaged within our industry,” said CEO José Manuel Daes.

Tecnoglass is now guiding for full-year 2026 Adjusted EBITDA in the range of $225 million USD to $245 million USD. The updated range reflects an estimated net incremental impact of approximately $50 million USD compared to the midpoint of the company’s previously stated guidance, attributable to the newly applied 10% tariff on certain finished aluminum window imports into the US market.

The April 2 White House announcement updated Section 232 metals tariffs on steel, aluminum, and copper imports, and expanded the applicability of those tariffs to finished goods and certain derivative products containing those metals. The action affects Tecnoglass and other aluminum window exporters that ship products into the United States.

In response, Tecnoglass says it has implemented pricing adjustments effective on orders placed beginning in early May, the benefit of which is expected to materialize in the second half of 2026. The company is also advancing operational efficiency measures including logistics improvements, increased automation, and workforce adjustments. The revised guidance also accounts for the potential effect of sustained elevated aluminum prices in the second half of the year.

“The developments in US trade policy applicable to aluminum-containing imports do not reflect any change in our competitive positioning or underlying demand environment. We have proactively restructured our supply chain over the past several years to significantly reduce raw material tariff exposure.” – CEO José Manuel Daes

Santiago Giraldo, Chief Financial Officer of Tecnoglass, added, “The change to our full year 2026 Adjusted EBITDA expectations is entirely a result of the revised U.S. tariff framework, which was not contemplated in our original guidance. We have already announced pricing actions that will start with orders in early May, and we are advancing additional efficiency initiatives, including automation and logistics optimization, to further mitigate the anticipated net impact of tariffs disclosed today. These actions, combined with our strong margin profile and disciplined cost management, position us to partially offset the tariff impact as we move through the year and fully neutralize it in 2027. Our updated outlook reflects this discrete policy-driven headwind and does not change our confidence in the trajectory of the business. We remain well positioned to drive growth, expand margins over time, and continue delivering industry-leading financial performance.”

A more comprehensive update, including first quarter results and a full restatement of 2026 guidance, is expected in early May.

Tecnoglass operates a 5.8 million square foot vertically integrated manufacturing complex in Barranquilla, Colombia, and counts the United States as its dominant market, representing approximately 95% of total revenues. The company describes itself as the second-largest glass fabricator serving the US market and the largest architectural glass transformation company in Latin America. Its products have been specified for notable projects including One Thousand Museum and Paramount in Miami, Salesforce Tower in San Francisco, and Aeropuerto Internacional El Dorado in Bogotá.

This is clear from the analysis made by this ministry based on figures published by DANE, which establishes that non-mining energy exports grew 22% compared to the same period in 2024. And if the volume shipped is reviewed, it was 4.32 million tons for an increase of 9.6% compared to January-May 2024.

Within the basket of non-mining energy goods, those with the greatest weight are industrial goods, which accounted for 55.9% ($6.011.2 million USD) and grew 12.2% in 2024. Those in the agricultural sector participated with 43.9% of that basket and increased by 37.2%.

In the period of analysis, when evaluating the main export products of the non-mining pie, several contributed to boost this growth. The following stand out: coffee, whose foreign sales increased 89%; palm oil with 63.7%; coffee extracts with 36.8%;hass avocado with 24.7%, and polypropylene with 21.9%.

Likewise, beauty preparations had an important behavior and contributed to growth, 6.3%; flowers, 5.7%; bananas, 5.4%; electrical transformers, 4.7% and doors, windows, and their frames, 4.3%, among others.

By regions

About the 9 departments that export the most non-mining energy goods and that represent 90.5% of this basket, all registered increases in their sales.

In the case of Antioquia, which is the department that has the most weight in this type of foreign sales, it registered a growth of 24.8%; it is followed by Bogotá with 15.4%; those of Cundinamarca grew 15.9%; those of Valle del Cauca 16.2%; those of Atlántico 5%; those of Bolívar 10.7%; those of Caldas 44.2%; those of Huila 72.3% and those of Magdalena 44.1%.

Coffee from Colombia. Photo credit: Ministry of Commerce, Industry, and Tourism (MinCIT)

One of the objectives of the government’s Foreign Trade Policy is to promote the development and export of products from the industrial, agro-industrial, and agricultural sectors, moving toward a decarbonized, inclusive, sustainable, and knowledge-based economy.

Of the sectors that make up the non-mining sectors, according to the Ministry of Commerce, Industry and Tourism (MinCIT) the one that registered the greatest growth in its exports was agriculture, which, although it represents 46.6% of this basket, registered an increase of 43.8% in its foreign sales.

In this segment, products such as beef stood out for their sales abroad, which increased 223.4%; coffee, 108.6%; flowers, 15.4%; and Tahiti lemon, 6.1%, among others. On the side of industrial products, a group that also includes agro-industrial products, exports increased 11.7%, and their participation in this non-mining basket was 53.3%.

Products such as palm oil, with an increase of 35.8%; electrical transformers, 22.9%; beauty preparations, 18.8%; doors, windows and their frames, 15.7%; plastics and their manufactures, 10.3%; refrigerators 8% and chocolates, candies and candies with an increase of 3.2%.

On the other hand, of the 10 main departments that export non-mining energy goods and accounted for 93.5% of those sales in the month, 9 registered growth.

These were: Antioquia, 30.4%; Bogotá, 14.9%; Atlántico, 10.6%; Valle del Cauca, 16.8%; Cundinamarca, 16.5%; Bolívar, 22.3%; Caldas, 109.7%; Huila, 67.8%, and Magdalena, 12.9%.

Photo credit: MinCIT.

The conference will provide Tecnoglass an opportunity to engage with industry stakeholders and investors, highlighting its current market strategies and performance across the commercial and residential sectors.

Headquartered in the USA and with factories in Barranquilla, Colombia, Tecnoglass Inc. produces high-end architectural glass and windows for the U.S. and Latin American markets. The company operates a 5.6 million square foot manufacturing facility with integrated processes aimed at efficient production and distribution. The U.S. market is Tecnoglass’ primary revenue source, accounting for 95% of its sales, with a customer base of nearly 1,000 across North, Central, and South America.

Tecnoglass serves multi-family, single-family, and commercial end markets, and its products have been used in high-profile projects such as One Thousand Museum and Paramount Miami Worldcenter in Miami, Salesforce Tower in San Francisco, Via 57 West in New York, and Hub50House in Boston. In Latin America, Tecnoglass has supplied glass for projects such as El Dorado International Airport in Bogotá, One Plaza in Medellín, and Pabellón de Cristal in Barranquilla.

For more on Tecnoglass’ operations, visit the company’s website or view their corporate video.

The company, founded in Barranquilla, Colombia, reported revenue growth of 65% and adjusted EPS growth exceeding 200% over the three-year period ending June 30, 2024. This growth reflects Tecnoglass’ strategic focus on vertical integration and high-end product offerings aimed at both residential and commercial markets in the Americas. With a manufacturing facility covering 5.6 million square feet, the company supplies architectural glass products to a client base spanning North, Central, and South America, with the U.S. accounting for approximately 95% of its revenue.

For more information on the Fortune list, the full article is available on Fortune’s website.

Fortune’s annual list considers publicly traded U.S. companies with consistent financial reporting to the SEC. Rankings are based on performance metrics over three years, including revenue, profits, and stock returns.

Tecnoglass CEO José Manuel Daes noted that the recognition highlights the company’s competitive positioning and strategic execution across its targeted markets, with a focus on sustainable growth through operational efficiencies and a diversified product portfolio.

About Tecnoglass

Tecnoglass Inc. is a supplier of aluminum and vinyl windows and architectural glass to the multi-family, single-family, and commercial markets. The company’s products are found in high-profile properties, including One Thousand Museum and Paramount in Miami, Salesforce Tower in San Francisco, and Via 57 West in New York. In addition to its U.S. presence, the company is a significant architectural glass manufacturer in Latin America.

Tecnoglass serves multi-family, single-family and commercial end markets, and is the second largest glass fabricator serving the U.S.  With production facilities located in Barranquilla, Colombia, the company’s 2.7 million square foot, vertically integrated manufacturing complex serves over 1,000 global customers, with the U.S. accounting for more than 90% of 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).

Tecnoglass serves multi-family, single-family and commercial end markets, and 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 2.7 million square foot, vertically integrated manufacturing complex serves over 1,000 global customers, with the U.S. accounting for more than 90% of 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).

A live broadcast of the presentation, including presentation materials, may be accessed through the Investor Relations section of Tecnoglass’ website at www.tecnoglass.com. A replay of the webcast will be available after the event.

Sidoti says its conference is a virtual forum that provides a unique nexus for quality small cap companies to interface with North America’s leading small cap investors. Investors interested in attending may register here.

At the new rate, the dividend on an annualized basis will be $0.36 per share compared to the previous rate of $0.30 per share. The company’s next quarterly dividend of $0.09 per share will be payable on April 28, 2023 to shareholders of record at the close of business on March 31, 2023.

Santiago Giraldo, Chief Financial Officer of Tecnoglass, commented, “This increase in our quarterly dividend reflects the earnings power of our company and confidence in our ability to consistently generate exceptional free cash flow based on the projected growth of our business. We remain focused on executing on our differentiated strategy and returning value to our shareholders.”

Tecnoglass serves multi-family, single-family and commercial end markets, and 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 2.7 million square foot, vertically integrated manufacturing complex serves over 1,000 global customers, with the U.S. accounting for more than 90% of 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).