NYSE: TGLS

With
over 40 years of experience in architectural glass and aluminum assembly, we specialize in transforming various glass products. Our offerings
include tempered safety glass, double thermo-acoustic glass, and laminated glass. Our wide range of finished glass products are utilized
in diverse buildings for floating facades, curtain walls, windows, doors, handrails, as well as interior and bathroom spatial dividers.
In addition to glass, we manufacture aluminum and vinyl products such as profiles, rods, bars, plates, and other hardware specifically
designed for window manufacturing.

The
majority of our products are manufactured in a 6.1 million square foot, state-of-the-art manufacturing complex in Barranquilla, Colombia
that provides easy access to North, Central and South America, the Caribbean and the Pacific. Our products can be found on some of the
most distinctive buildings in these regions, including 100 Hood Park Drive (Boston), 601 West 29th St (New York). Norwegian
Cruise Line Terminal B (Miami), Paramount Miami Worldcenter (Miami), Via 57 West (New York), One65 Main (Cambridge), AE’O Tower
(Honolulu), Salesforce Tower (San Francisco), and One Thousand Museum (Miami). Our track record of successfully delivering high profile
projects has earned us an increasing number of opportunities across the United States, evidenced by our expanding backlog and overall
revenue growth.

Our
structural competitive advantage is underpinned by our low-cost manufacturing footprint, vertically integrated business model and geographic
location. Our integrated facilities in Colombia and distribution and services operations in Florida provide us with a significant cost
advantage in both manufacturing and distribution, and we continue to invest in these operations to expand our operational capabilities.
We also leverage automation and process digitalization across our operations to improve throughput, consistency and scalability, supporting
cost efficiency and service reliability. Our lower cost manufacturing footprint allows us to offer competitive prices for our customers,
while also providing innovative, high quality and high value-added products, together with consistent and reliable service. We have historically
generated high margin organic growth based on our position as a value-added solutions provider for our customers.

6

We
have a strong presence in the Florida market, which represents a substantial portion of our revenue stream and backlog. Our success in
Florida has primarily been achieved through sustained organic growth, with further penetration now taking place into other highly populated
areas of the United States. As part of our strategy to become a fully vertically integrated company, we have supplemented our organic
growth with some acquisitions that have allowed us added control over our supply chain allowed for further vertical integration of our
business and will act as a platform for our future expansion in the United States. Earlier acquisitions in 2016 and 2017, of ESW and
GM&P respectively, helped establish our U.S. distribution and installation capabilities, while more recent transactions—including
our minority interest in Vidrio Andino, our full ownership of ESMetals, and the 2025 acquisition of certain assets of Continental Glass
Systems, LLC—have enhanced our vertical integration, capacity, customer reach, and backlog.

On
April 3, 2025, we completed the acquisition of certain assets and assume certain liabilities of Continental Glass Systems, LLC, a leading
provider of architectural glass and glazing solutions in the Southeast U.S., that included manufacturing equipment, intangibles, and
a strong project backlog, enhancing our U.S. presence, customer reach, and supply chain efficiency.

The
continued diversification of the group’s presence and product portfolio is a core component of our strategy. In particular, we
are actively seeking to expand our presence in United States outside of Florida. We also launched a residential window offering which,
we believe, will help us expand our presence in the United States and generate additional organic growth. We believe that the quality
of our products, coupled with our ability to price competitively given our structural advantages on cost, will allow us to generate further
growth in the future.

We
have focused on working with The Power of Quality, always making sure that our vision of sustainability is immersed into every
aspect of our business, including social, environmental, economic and governance variables, that help us make decisions and create value
for our stakeholders. We carry out a series of initiatives based on our global sustainability strategy, which is supported on three fundamental
pillars: promoting an ethical and responsible continuous growth, leading eco-efficiency and innovation, and empowering our environment.
As part of this strategy, we have voluntarily adhered to UN Global Compact Principles since 2017 and in pursuit of our cooperation with
the attainment of the SDGs joined in 2021 a program to dynamize, strengthen and make visible the management of greenhouse gas emissions
as a carbon neutral strategy set out by the Colombian government for 2050. Additionally, we are advancing initiatives in circular economy
and implementing comprehensive water management and treatment strategies aimed at improving efficiency, reuse and replenishment, in order
to maintain our water-positive operations.

Competitive
Strengths

Our
success has been grounded in our ability to offer high quality products at competitive prices and with efficient lead times. We are able
to competitively price our products, while still achieving strong margins, due to a number of unique cost advantages. In addition to
our vertically integrated business model, we benefit from structural cost advantages in manufacturing and distribution due to our geographic
location. Alongside these structural advantages, we are committed to quality, product innovation and customer service. We believe these
competitive strengths create a significant barrier to entry, which is underpinned and sustained by the experience of our senior management
team and the loyalty of our highly motivated employees.

Vertical
Integration

We
believe we are unique within the industry in vertically integrating the purchasing of raw materials and the manufacturing, distribution,
and installation of our products. This model allows us to transform raw glass into high-performance architectural glass, extruding our
own aluminum frames and assembling windows in a highly streamlined process from our main campus in Colombia. By integrating each of these
functions, we eliminate inefficiencies throughout the supply chain, generate strong margins and maintain strict quality control from
the sourcing of input materials to final installation, enabling us to provide consistent, high-quality products with significantly shorter
lead times. These efficiencies are only enhanced as our business grows and we benefit from operating leverage and economies of scale.

Our
vertical integration is supported by a 25.8% minority ownership interest in Vidrio Andino Holdings S.A.S., a Colombia-based subsidiary
of Compagnie de Saint-Gobain S.A., which secures a reliable supply of raw glass for our production needs.

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In
2025, our vertically integrated business model remains a decisive factor in navigating global trade dynamics. The benefits of this integration
coupled with our decisive actions to adapt our supply chain structure, currently outweigh the challenges posed by trade barriers, such
as tariffs. Through strategic modifications to our supply chain, we have effectively mitigated the impact of these costs, while continuing
to expand our manufacturing footprint and product portfolio through increased capacity in the U.S. and the acquisition of Continental
Glass Systems (“CGS”). Ownership of the entire process continues to reduce our dependence on third parties, allowing us to
respond quickly to customer needs and ensuring we remain well-prepared against material shortages, logistic slowdowns, and cost inflation.

Cost
of Production Advantages

We
enjoy significant cost advantages because of our location in Colombia, which provides cost efficiencies in terms of labor for the less
automated processes, and other expenses. We believe we are able to offer competitive prices, in part, as a result of our low labor and
energy costswhile maintaining efficient transportation costs into the markets we serve. Employees at our manufacturing facilities in
Colombia earn above the local minimum wage, yet these wages are typically much less than the cost of a comparable employee located within
the United States. Over time, we may add manufacturing capacity in other locations, and intend to manage our footprint to preserve competitive
economics and reliable service. Since 2017, we have the capacity to generate approximately five megawatts of eco-friendly energy on-site
at our manufacturing facilities through solar panels. This investment has allowed us to reduce energy costs, while also having a positive
tax effect due to our ability to deduct the investment from our taxable income in compliance with applicable Colombian tax regulations.
To date, more than 15,000 solar panels have been installed on the roofs of Colombian manufacturing plants to generate reliable and clean
energy. While enhancing production cost efficiencies, along with ESG initiatives, we entered into a long-term power purchase agreement
to cogenerate 9MW through two gas engines with a heat recovery system.

Low-Cost
Distribution

Our
principal manufacturing facility is located in Barranquilla, Colombia, which is strategically located near three of the country’s
major ports: Barranquilla, Cartagena and Santa Marta. These ports provide us with maritime access to all major global markets. The Barranquilla
port is just 16 kilometers away from our production facility. From there, our products can be shipped to Miami in three days and New
York in one week. In addition, for short lead-time projects, our products can be transported by air from Barranquilla to Houston or Miami
within a few hours.

As
a result of the significant trade imbalance between Colombia and the United States for goods transported in container ships, we are able
to transport our products to the United States in containers that would otherwise return empty to the United States. We are therefore
able to distribute our products to the eastern, southern and western regions of the United States at very attractive rates, which are
often lower than a comparable domestic land shipment within the United States. Demand for high-specification architectural glass is typically
highest in large coastal cities, which we are able to ship directly, while most of our competitors must utilize relatively expensive
land transportation services to deliver finished goods to these sites.

Commitment
to Quality and Innovation

Our
commitment to quality is evidenced by our significant investments in land, warehousing space, machinery and equipment. Since 2023, we
have invested nearly $230 million in the latest technologies to enhance the efficiency and accuracy of our production lines, and ultimately
to improve the quality of the products that we deliver to our customers. We believe these significant investments position us to meet
our growth objectives over the next several years. We operate state-of-the-art glass making equipment, glass laminating lines, aluminum
presses, vinyl assembling lines, and high-volume insulating equipment which facilitate more precise manufacturing, enabling us to offer
a broader selection of and higher quality products and remain agile in responding to customer demands, while generating less raw material
waste.

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We
believe our investments in technology have positioned us well for continued growth in the years ahead given the flexibility afforded
by our current installed capacity, improved profitability, and enhanced cash generation. Recent examples of our high return investments
within the last three years include:

●
Automation
of window assembly production lines, increasing efficiencies, labor and material waste costs with an estimated reduction of on-site
damage by 30%;

●
Additional
aluminum expansion project to increase capacity by approximately 400 tons/month;

●
Further
automation of additional glass lines, increasing efficiencies on an end-to-end basis reducing lead times, headcount and on-site damage
by approximately 40%;

●
Automation
of three centralized aluminum warehouses for storing, sorting and delivering extrusion matrices and aluminum profiles to our internal
production processes that reduce lead times for the assembly of architectural systems and reduce on-site damage to materials; plus
one additional warehouse under construction;

●
Acquiring
2.1 million square feet of land adjacent to our existing facilities for future expansion and for our sport facility complex available
to factory employees;

●
Establishing
new vinyl window assembly lines with annualized capacity of approximately $300 million; and

●
Completed
expansion of our architectural metal facade plant, which specializes in engineering, designing, and manufacturing tailor-made facades.

Our
quality assurance department maintains rigorous oversight over the production process to ensure the consistent production of high-quality
products. In addition, we adhere to quality standards that meet all guidelines and requirements for the Insulating Glass Certification
Council (“IGCC”) and Safety Glazing Certification Council (“SGCC”) certification programs.

Finally,
our commitment to quality also extends to our partnerships and alliances. Most notably, for certain products, we offer Kuraray Sentryglass®.
These laminated glass interlayers are five times stronger than conventional laminating materials.

Superior
Customer Service

In
addition to manufacturing high quality products at competitive prices, our customer value proposition to Imagine the Extraordinary
is supplemented by short lead-times, on-time delivery and after-sale support. Through the coordinated efforts of our sales teams, product
specialists and field service teams, we deliver high quality service to our customers, from the initial order to the delivery and installation
of our products, when applicable. We believe our ability to accompany our clients throughout every phase of their projects’ design,
engineering, consulting, manufacturing and installation along with our ability to coordinate these efforts as a one-stop-shop is a key
differentiator from our competition.

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High
Barriers to Entry

The
ability of new competitors to enter the markets that we serve is limited due to the technical certifications required on high specification
building projects, such as IGCC, IqNet Icontec 14001 and ISO9001. We attribute our success, in large part, to our ability to produce
a broad range of sophisticated products, as well as our reputation for delivering high quality, made-to-order architectural glass and
building enclosures on time. Our employees have extensive training, knowledge and experience at manufacturing high specification products.
We believe the vertically-integrated nature of our operations means that there are high barriers to successfully entering our markets
and competing with us on price, quality and agility. In addition, the equipment needed to operate in the glass and window industry is
expensive, therefore requiring significant upfront capital investment.

Loyal
and Highly Motivated Employees

Capitalizing
on our various competitive advantages also requires a skilled and dedicated workforce. We actively encourage and facilitate the development
of our employees through rolling training programs, with multiple training sessions held every week. These programs increase the skills
of our employees and are designed to allow our employees to keep pace with the new technologies being installed at our manufacturing
facilities. We are committed to developing our employees and remaining at the forefront of technology in our industry. These investments
have also contributed to workplace safety, with our Lost Time Injury Frequency Rate (LTIFR), which measures the number of lost-time injuries
per million hours worked during the financial year, of 2.0% which is substantially lower than the average for manufacturing companies
in Colombia which stood at approximately 8.3% for 2025.

We
value our employees and invest in them and our local communities. For several decades, our Tecnoglass ES Windows Foundation has
committed resources to create projects to assist and contribute to the region’s development. For many years, we have allocated
resources from the foundation to initiate and support various regional development projects. In 2025, our scholarship program
allowed over 500 students in their pursuit of higher education across different universities in Colombia. We actively partner with local educational institutions and organizations
to foster societal change and community
enhancement. Our multiple programs also include collaboration with partners to promote sports and encourage healthy lifestyles among
the youth. Our goal at the Tecnoglass ES Windows Foundation is to create positive and lasting impacts on our employees and the
communities we serve. Through our home improvement program, we acknowledge the commitment and dedication of the Tecnoglass group
employees by supporting them to enhance their homes or purchase their own, ensuring the well-being of their families. During 2025,
we delivered more than 110 housing improvements.

These
and other initiatives have allowed us to maintain a strong relationship with the communities and our employees. We continuously strive
to make a difference for our people, contributing to building a better future for the region and our country.

Strategy

We
have identified the following strategic priorities that we believe are important in advancing our business:

Further
Geographic Penetration in the United States

We
have successfully established a leading reputation in the Florida construction market by providing high value, impact-resistant architectural
glass products. Our products have become widely regarded in Florida for their quality and are certified in compliance with all U.S. regulations.

Given
advantageous secular and demographic trends, sales in Florida comprised more than 90% of United States revenue in the year ended
December 31, 2025. In recent years, we have successfully grown our geographic presence in the United States outside of Florida,
particularly into markets along the east coast, and as a result, nearly 13.1% of our U.S. backlog is for projects outside of Florida.
Coastal markets are particularly attractive to us, as they can be directly accessed by ship, resulting in transportation costs from
our manufacturing facilities that are similar to our transportation costs to Florida. These regions are also affected by hurricanes,
significant temperature fluctuations and other extreme forms of weather that foster demand for our products. We are actively
expanding our sales presence in these costal markets and have already successfully completed several projects in large U.S. markets
in the East Coast, Texas and the South West, where we have expanded our sales force and entered into leases for several showrooms
designed to showcase or products throughout these geographies

We
intend to continue growing the business organically outside of Florida. As we explore growth opportunities in new U.S. markets, we intend
to leverage the strong reputation we have developed with national commercial construction contractors, architects, and designers for
providing high quality products at the most competitive prices.

10

In
late 2023, we strategically entered into the vinyl window market, a move that we estimate to more than double our addressable market,
while offering customers a wider selection of solutions to meet their project needs. We are capitalizing on our existing distribution
base for our aluminum products, achieving significant synergies given the significant number of dealers and distributors that already
sell both aluminum and vinyl windows. Additionally, we expect to benefit from a wider product offering in markets where vinyl frames
and windows are more prevalent. As of 2025, we are actively broadening our vinyl product portfolio and securing the necessary building
code certifications required for diverse jurisdictions. While we continue to refine our market penetration, this business line represents
a strategic growth pillar. We expect our focus on meeting stringent regulatory standards and onboarding new clients to provide a solid
foundation for increasing order flow as we expand our geographic reach.

In
the interest of satisfying our clients, we have expanded our product portfolio offer our customers a wider selection of solutions to
meet their project needs, including vinyl windows. We expect to capitalize the existing distribution base for our aluminum products to
obtain significant synergies given the number of dealers and distributors that already sell our products.

Penetrate
the U.S. Residential Market

In
addition to increasing our penetration in the U.S., we continue to seek to further expand our offerings in the U.S. To this end, in April
2017, we launched “ES Windows: Elite Collection” and “ES Windows: Prestige Collection” to target the U.S. residential
new and replacement sectors. We have received significant interest for the new products within these categories to date and positive
reactions from our customers. Currently, residential sales represent a considerable portion of our total sales, and we believe we will
continue growing into this end market in the U.S through share gains, new products and a commitment to execution. We had a significant
demand in the U.S. residential market, representing 41.0% of our total sales for the year ended December 31, 2025, compared to less than
5% for the year ended December 31, 2017, and 41.9% for the year ended December 31, 2024. Despite the current strong demand for housing
in the U.S., during 2025, the residential market faced challenges related to affordability, high interest rates, and tariff uncertainties.
However, according to FMI’s 2025 Building Products Market Overview, annual spending for the residential window and door market
is expected to grow at a Compound Annual Growth rate of 6.2%, to $340 billion from 2025 to 2029. This growth is anticipated to accelerate
in 2027 and remain strong through 2029, mainly driven by high demand for energy efficient products such as vinyl. We believe that our
core strengths that have facilitated our success to date, namely the quality of our products and the structural cost advantages that
allows us to price our products competitively, will similarly contribute to our ongoing success and continued penetration into the U.S.
residential end market in order to target several other geographies. In line with the geographic penetration strategy, we have started
expanding our presence to other markets by opening product showrooms in other states. As of the date of this Annual Report, showrooms
in New York City, Charleston, SC, Houston, TX, Bonita Springs, FL and Phoenix, AZ, have been opened to service its respective regions.
Additionally, showrooms in Los Angeles, CA and Honolulu, HI are in the lease negotiating stages and we expect such showrooms to open
in late 2026.

Continued
Investment in Technology to Meet Evolving Demands

We
have a track record of developing innovative new products, and we intend to continue our focus on new product opportunities in the future.
We are constantly identifying shifts in global trends and customer needs and designing new products to meet those changes in demand.
In order to continue this success, it is critical that we invest in the latest technologies available in our industry. For example, with
the installation of our soft-coating facility, we became able to manufacture low emissivity glass that is energy efficient allowing us
to meet growing demand for “green” products.

We
operate state-of-the-art architectural glass transformation equipment, glass laminating lines, aluminum presses, vinyl assembling lines,
and high-volume insulating equipment, which facilitate more precise manufacturing and generate less raw material waste. We seek to leverage
this platform of cutting-edge equipment to adapt our products to evolving demands in both current and new markets. We expect that our
focus on innovation, which is founded upon our investments in technology, will position us well to take advantage of new opportunities.

We
have carried out enhancements at our glass and aluminum facilities to increase production capacity and automate operations. We anticipate
that these high return investments will continue generating efficiencies in the production processes. We improved efficiency in our glass
production during 2024 and 2025 by further automating certain key manufacturing processes to increase capacity, while reducing material
waste and overall lead times. In 2023, we made investments in our newly installed vinyl assembling lines to manufacture and distribute
cutting-edge vinyl windows for new and existing customers starting in November 2023. During 2024 and 2025, we completed the second phase
of expanding our architectural metal facade plant, which specializes in engineering, designing, and manufacturing tailor-made façade;
and automated another centralized aluminum warehouse for storing, sorting and delivering extrusion matrices and aluminum profiles to
our internal production processes that reduce lead times for the assembly of architectural systems and reduce on-site damage to materials.

Rigorous
Adherence to Quality Standards

Maintaining
the high-quality standards for which we have become known is essential to the execution of our strategy. All of our internal processes
are continually and independently supervised by Tecnoglass’s Quality Assurance department. The Quality Assurance department maintains
rigorous oversight of optimization indicators covering energy, water, recyclable waste and other facets of the production process. Constant
monitoring of these indicators is integral to ensuring that we consistently produce high quality products. Approximately 5% of our production
is randomly selected to verify compliance with a variety of quality standards, such as water leaks, functionality, manufacturing, and
accessories, according to ASTM International (“ASTM”) and American Architectural Manufacturers Association (“AAMA”)
rules.

Our
quality assurance department maintains rigorous oversight over the production process to ensure the consistent production of high-quality
products. In addition, we adhere to quality standards that meet all guidelines and requirements for the Insulating Glass Certification
Council (“IGCC”) and Safety Glazing Certification Council (“SGCC”) certification programs.

These
measures allow us to effectively detect issues and take specific actions to mitigate their reoccurrence. As we grow and our use of technology
evolves, our Quality Assurance team must also evolve its tests, controls and remedies. We believe this rigorous adherence to quality
control will ensure that we will continue to provide the highest quality products and, ultimately, promote customer satisfaction.

Finally,
our commitment to quality also extends to our partnerships and alliances. Most notably, for certain products, we offer Kuraray Sentryglass®.
These laminated glass interlayers are five times stronger than conventional laminating materials.

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Products

We
manufacture and sell the following products:

●

Low-e
Glass – low emissivity glass manufactured by depositing metal particles on the surface of the glass inside a vacuum chamber.
This product offers excellent thermal insulation designed to improve energy efficiency of buildings.

●

Laminated/Thermo-Laminated
Glass - produced by bonding two glass sheets with an intermediate film in-between. As a safety feature, this product fractures
into small pieces if it breaks.

●

Thermo-Acoustic
Glass - manufactured with two or more glass sheets separated by an aluminum or micro-perforated steel profile. This product has
a double-seal system that ensures the unit’s tightness, buffering noise and improving thermal control. This product serves
as an excellent noise barrier, which is used especially in zones close to airports, traffic or wherever there are unpleasant sounds.

●
Tempered
Glass - glass subject to a tempering process through elevated temperatures resulting in greater superficial elasticity and resistance
than conventional glass.

●
Silk-Screened
Glass - special paint is applied to glass using automatic machinery and numerical control, which ensures paint homogeneity and
an excellent finish.

●
Curved
Glass - produced by bending a flat glass sheet over a mold, using an automated heat process, which maintains the glass’
physical properties.

●
Digital
Print Glass - digital printing allows any kind of appearance required by the client, offering versatility to projects.

●

Aluminum
products - sold through our Alutions brand, includes bars, plates, profiles, rods and tubes used primarily in the manufacture
of architectural glass settings including windows, doors, spatial separators and similar products.

●
Curtain
Wall / Floating facades - a non-structural window screen suspended outside a building and are available in many technical specifications
for high performance required in high-rise buildings, resistant to strong winds and ensuring high quality standards.

●
Stick
facade systems – glass and aluminum facade elements are fixed to the structure of the building and the glass and spandrel
are inserted in the grid on site available in many combinations to define colors, thickness, glass types and finishes, and types
of ventilation and design complements.

●
Windows
and Doors - line of window and door products defined by the different types of glass finish, such as normal, impact resistant,
hurricane-proof, safety, soundproof and thermal. Additionally, they are available in numerous structures made of aluminum and vinyl,
including fixed body, sliding windows, casement windows, hung windows, sliding doors and swinging doors.

●

Interior
dividers and Commercial display windows - commercial and interior display windows with a broad range of profiles, colors and
crystal finishes, as well as bathroom stall dividers, office cubicle separators and closets. Products combine functionality, aesthetics
and elegance and are available in a broad range of structures and materials.

●
Hurricane-proof
windows - combine heavy-duty aluminum or vinyl frames with special laminated glass to provide protection from hurricane-force
winds up to 180 mph and wind-borne debris by maintaining their structural integrity and preventing penetration by impacting objects.

●
StormArmour
– attachments for sliding doors that minimize water intrusion during severe weather events such as hurricanes, torrential
rains, and winds.

●
Other
– awnings, structures, automatic doors and other components of architectural systems.

Brands
and Trademarks

Our
main brands are Tecnoglass, ESWindows and Alutions. Our registered trademarks in Colombia and United States include Energia Solar S.A,
ES, ES Imagine Extraordinary, Tecnoglass, Alutions, Eswindows, Tecnobend, Tecnoair, Tecnosmart, ECOMAX by ESWINDOWS, ESWINDOWS Interiors,
ESW Windows and Walls, Solartec by Tecnoglass, Solar Windows, Prestige by ESWINDOWS, Eli by ESWINDOWS, Alessia by ESWINDOWS, Elite Line
by ESWindows, ULTRAVIEW by Tecnoglass, MULTIMAX by ESWIDOWS, Componenti, ES Metals, and E-skin, among others. We rely on a combination
of patent, trademark, unfair competition and trade secret laws, as well as confidentiality procedures and contractual restrictions, to
establish, maintain and protect our proprietary rights.

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Sales,
Marketing and Customer Service

Sales
and Marketing

Our
sales strategy primarily focuses on attracting and retaining customers by consistently providing exceptional customer service, leading
product quality, and competitive pricing. Our customers also value our shorter lead times, knowledge of building code requirements and
technical expertise, which collectively generate significant customer loyalty. We primarily market our products based on product quality,
outstanding service, shorter lead times and on-time delivery.

Our
products are marketed using a combination of internal sales representatives, independent sales representatives and directly to distributors.
We believe this strategy is highly efficient for our business. Our internal sales representatives receive a portion of their performance-based
compensation based on sales and profitability metrics. Additionally, some of our sales and marketing efforts are handled by area sales
representatives who work on a commission basis.

We
do not rely on significant traditional advertising expenditures to drive net sales. We have established and maintain credibility primarily
through the strength of our products, our customer service and quality assurance, the speed at which we deliver finished products and
the attractiveness of our pricing. Our advertising expenditures consist primarily of new showrooms opening, provisions for events, and
maintaining our subsidiaries’ websites.

Customer
Service

We
believe that our ability to provide customers with outstanding service is a strong competitive differentiator. Our customer relationships
are established and maintained through the coordinated efforts of our sales and production teams. We employ a highly responsive and efficient
team of professionals devoted to addressing customer support with the goal of resolving any issue in a timely manner. In order to promote
customer loyalty and employee development, we developed an employee training program with the primary objectives of educating our staff
to be aware of client and supplier needs and familiarizing them with our strategic goals in order to improve the competitiveness, productivity
and quality of all products offered.

Working
Capital Requirements and Debt Facilities

During
the year ended December 31, 2025, we generated $135.7 million of cash from operating activities. We anticipate that working capital will
continue to be a net benefit to cash flow in the near future, which in addition to our current liquidity position, provides ample flexibility
to service our obligations through the next twelve months.

Our
debt is comprised primarily of a Senior Secured Credit Facility which consists of a Committed line of Credit for up to $500 million.
The term loan had a balance of $174 million as of December 31, 2025, matures in late 2030 and bears interest at SOFR plus a spread of
1.25%.

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Customers

Our
customers include architects, building owners, general contractors and glazing contractors in the commercial construction market. We
currently have approximately 1,000 customers. Of our 100 largest customers, which represent over 81% of our sales during the twelve months
ended December 31, 2025, approximately 98% are located in North America and 2% in Latin America. No single customer accounted for more
than 10% of our revenues during the years ended December 31, 2025, and 2024.

Materials
and Suppliers

Our
primary manufacturing materials include glass, ionoplast, polyvinyl butyral, and aluminum and vinyl extrusions. Although in some instances
we have agreements with our suppliers, these agreements are generally terminable by us or the supplier counterparties on limited notice.
Typically, all of our materials are readily available from a number of sources, and no supplier delays or shortages are anticipated.

We
source raw materials and glass necessary to manufacture our products from a variety of domestic and foreign suppliers. During the year
ended December 31, 2025, two suppliers accounted for more than 10% of total raw material purchases, and in aggregate both account for
37.3% of total raw material purchases. During the year ended December 31, 2024, two suppliers accounted for more than 10% of total raw
material purchases, and in aggregate both account for 25.1% of total raw material purchases.

Warranties

We
offer product warranties, which we believe are competitive for the markets in which our products are sold. The nature and extent of these
warranties depend upon the product. Our standard warranties are generally from five to ten years for architectural glass, curtain wall,
laminated and tempered glass, window and door products. Warranties are not priced or sold separately and do not provide the customer
with services or coverages in addition to the assurance that the product complies with original agreed-upon specifications. In the event
of a claim against a product for which we have received a warranty from the supplier, we transfer the claim back to the supplier.

The
cost associated with product warranties was $1.4 million and $2.6 million during the years ended December 31, 2025 and 2024, respectively.

Certifications

Among
our many designations and certifications, Tecnoglass has earned the Miami-Dade County Notice of Acceptance (“NOA”), one of
the most demanding certificates in the industry and a requirement to market hurricane-resistant glass in Florida. Tecnoglass’s
products comply with Miami-Dade county’s safety code standards as its laminated anti-hurricane glass resists impact, pressure,
water and wind. Tecnoglass is also the only company in Latin America authorized by PPG Industries and Guardian Industries to manufacture
floating glass facades.

14

Our
subsidiaries have received a number of other certifications from other national and international standard-setting bodies.

TG
certifications include:

●
ISO
9001:2015 Certificate of Quality Assurance

●
ISO
14001:2015 Certificate of Environmental Management

●
ISO
45001:2018. Occupational Health and Safety management System

●
Exporter
Authorized Economic Operator (AEO).

●
NTC
1578:2011: Product seal for safety glass used in construction, approved by ICONTEC.

●
NTC
2409:1994: Product seal for extruded aluminum alloy profiles, approved by ICONTEC.

●
ANSI
Z97.1-2015, CPSC 16 CFR 1201, CAN/CGSB 12.1-2017: Laminated and tempered safety glass, approved by Safety Glazing Certification Council
“SGCC”.

●
ASTM
E2190: Insulating glass meeting all guidelines and requirements for IGCC® / IGMA® certification approved by the Insulating
Glass Certification Council and the Insulating Glass Manufactures Alliance “IGCC”.

●
Vitro
Certified International Manufacturer Trademark license granted by Vitro for pre-selected projects and to produce certain MSVD coated
products at the Solartec plant.

●
Good
handling of SentryGlas, Butacite and Trosifol products awarded by Kuraray for compliance with all requirements.

●
Certified
Authorization for Saflex™ Interlayer Lamination in Compliance with Dade County Requirements

●
Member
of ACOLVISE (Colombia Association of Safety Glass Transformers)

ES
certifications include:

●
ISO
9001:2015 Certificate of Quality Assurance

●
ISO
14001:2015 Certificate of Environmental Management

●
ISO
45001:2018. Occupational Health and Safety management System

●
Exporter
and Importer Authorized Economic Operator (AEO)

●
CAP
(Certified applicator program) PPG Industries certifies the highest level of coating application.

●
Complies
with NFRC (National Fenestration Rating Council) Energy Efficient Products

●
Complies
with NOA (Notice of Acceptance) Fenestration products for all areas of Florida, including hurricane zones.

●
Complies
with FBC (Florida Building Code) Hurricane protection products

●
CAP
(Certified applicator program) PPG Industries certifies the highest level of coating application

●
Member
of the American Architectural Manufacturers Association (AAMA)

●
Member
of the Colombian Council for Sustainable Construction (CCCS)

ESW
certifications include:

Complies
with minimum security criteria for U.S. Importer of Customs Trade Partnership Against Terrorism (CTPAT) Tier 3 Category.

ES
Metals certification:

ISO
9001:2015 Certificate of Quality Assurance

Tecnoglass
Inc:

Verification
of the Greenhouse Gas Inventory in Compliance with the GHG Protocol and the ISO 14064-3 Standard, certified by ICONTEC.

Competitors

We
have local and international competitors that also focus on glass and aluminum transformation, window ensemble and installation and designing
in the commercial and residential construction markets. The market in the United States in which we compete is mainly comprised of manufacturers,
distributors and installers of glass curtain walls, windows and doors for commercial and residential buildings. Based on our analysis
of the IBIS World Report, we estimate that we capture between 1% and 2% of the U.S. consolidated market by revenue (manufacturing and
services), which represents an attractive opportunity for further penetration. In Colombia, we believe we are the leading producer of
high-end windows, with over 40 years of experience in the glass and aluminum structure assembly market. The industry has a few well-known
players and is mostly fragmented and comprised of small competitors. We currently compete with companies such as Viracon (a subsidiary
within the Apogee Enterprises Inc. Group), PGT, Cardinal Glass and Oldcastle Glass among others in the United States and companies such
as Vitro, Vitelco and others in the Colombia and Latin America.

The
key factors on which we and our competitors compete for business include quality, price, reputation, breadth of products and service
offerings, and production speed leading to shorter lead times. We face intense competition from both smaller and larger market players
who compete against us in our various markets including glass, window and aluminum manufacturing.

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The
principal methods of competition in the window and door industry are the development of long-term relationships with window and door
distributors and dealers, and the retention of customers by delivering a full range of high-quality customized products on demand with
short turnaround times while offering competitive pricing. The vertical integration of our operations, our geographic scope, low labor
costs and economies of scale have helped our subsidiaries consolidate their leading position in Colombia and bolstered their expansion
in the United States and other foreign markets.

Government
Regulations

We
are subject to extensive and varied federal, state, and local government regulation in the jurisdictions in which we operate, including
laws and regulations relating to zoning and density, building design and safety, hurricane and floods, construction, and similar matters.
In particular, the market for our impact-resistant windows and doors depends in large part on our ability to satisfy state and local
building codes that require protection from wind-borne debris. Additionally, certain of the jurisdictions in which we operate require
that installation of doors and windows be approved by competent authorities that grant distribution licenses. We have invested significantly
in our quality assurance department in order to maintain rigorous oversight over the production process to ensure the consistent production
of high-quality products. We have been certified in compliance with rigorous safety standards, as described in more detail in the section
titled “—Certifications.”

We
are subject to laws and regulations relating to our relationships with our employees, public health and safety and fire codes. Although
our business and facilities are subject to federal, state and local environmental regulation, environmental regulation does not have
a material impact on our operations.

Research
and Development

During
the years ended December 31, 2025, 2024 and 2023, we spent approximately $3.1 million, $2.1 million, and $0.9 million, respectively,
in research and development. The Company incurs costs related to the development of new products and pays for external tests that need
to be performed on our products in order to comply with strict building codes.

Human
Capital

As
of December 31, 2025, we had a total of 9,601 employees, none of whom is represented by a union. As of December 31, 2024, we had a total
of 9,837 employees. We actively encourage and facilitate the development of our employees through rolling training programs, with multiple
training sessions held on a weekly basis. These programs increase the skills of our employees and are designed to allow our employees
to keep pace with the new technologies being installed at our manufacturing facilities. We are committed to developing our employees
and remaining at the forefront of technology in our industry. These investments have also helped us manage workplace injuries, with a
Lost Time Injury Frequency Rate of 2.0%, which is considerably lower than the average rate of approximately 8.3% for glass and metal
manufacturing companies in Colombia for 2025. We have remained union-free since ES’s incorporation in 1983. The Company considers
itself an equal opportunity employer and has constantly sought to seek the best talent irrespective of gender or ethnicity. While the
jobs associated to the core manufacturing operations are predominantly filled by males, our sales and administrative staff is comprised
of approximately 38% females and 62% males. From an ethnicity perspective, our labor force is diverse but predominantly Latino based
on our geographic location.

Company
History

We
are an exempted company incorporated under the laws of the Cayman Islands. We were incorporated in 2013 in connection with a business
combination between Tecnoglass subsidiaries TG and ES, and Andina Acquisition Corporation. TG and ES are corporations formed under the
laws of Colombia and founded in 1994 and 1983, respectively, by José M. Daes, our Chief Executive Officer, and Christian T. Daes,
our Chief Operating Officer.

Additional
Information About the Company

We
maintain websites for our subsidiaries, TG, ESW, GM&P, Componenti, and ES Metals, which can be found at https://www.tecnoglass.com/es/,
https://eswindows.com, https://wwwgmpglazing.com, https://componenti.com/es/, https://es-metals.com, respectively. The corporate
filings of Tecnoglass Inc., including our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form
8-K, our proxy statements and reports filed by our executive officers and directors under Section 16(a) of the Securities Exchange Act,
and any amendments to those filings, are available free of charge on the Investor Relations page at investors.tecnoglass.com, which are
uploaded as soon as reasonably practicable after we electronically file (or furnish in certain cases) such material with the Securities
and Exchange Commission, and can also be found at the SEC’s website at http://sec.gov. We do not intend for information contained
in any of our websites, including the Investor Relations pages, to be a part of this Form 10-K.

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