Tecnoglass Inc (TGLS) 2025 Q1 法說會逐字稿

Good day, and welcome to the Tecnoglass Inc., first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Tecnoglass Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would like now to turn the conference over to Mr. Brad Cray, Investor Relations. Please go ahead.

現在我想將會議交給投資者關係部門的布拉德·克雷先生。請繼續。

Thank you for joining us for Tecnoglass' first-quarter 2025 conference call. A copy of the slide presentation to accompany this call may be obtained on the Investors section of the Tecnoglass website.

感謝您參加 Tecnoglass 2025 年第一季電話會議。您可以在 Tecnoglass 網站的投資者部分取得本次電話會議的幻燈片簡報副本。

Our speakers for today's call are Chief Executive Officer, Jose Manuel Daes; Chief Operating Officer, Chris Daes; and Chief Financial Officer, Santiago Giraldo.

今天電話會議的發言人是執行長 Jose Manuel Daes、營運長 Chris Daes 和財務長 Santiago Giraldo。

I'd like to remind everyone that matters discussed in this call, except for historical information, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions.

我想提醒大家，本次電話會議中討論的事項，除歷史資訊外，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述，包括有關未來財務業績、未來增長和未來收購的陳述。

These statements are based on Tecnoglass' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary in a material nature from those expressed or implied by the statements herein due to changes in economic, business, competitive, and/or regulatory factors and other risks and uncertainties affecting the operation of Tecnoglass' business.

這些聲明是基於 Tecnoglass 目前的預期或信念，並受不確定性和情況變化的影響。由於經濟、商業、競爭和/或監管因素的變化以及影響 Tecnoglass 業務運營的其他風險和不確定性，實際結果可能與本文陳述表達或暗示的結果有重大差異。

These risks, uncertainties, and contingencies are indicated from time to time in Tecnoglass' filings with the SEC. The information discussed during the call is presented in light of such risks. Further, investors should keep in mind that Tecnoglass' financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.

這些風險、不確定性和意外事件會不時在 Tecnoglass 向美國證券交易委員會提交的文件中指出。通話中討論的資訊正是考慮到這些風險而提出的。此外，投資者應記住，Tecnoglass 在任何特定時期的財務表現可能無法代表未來的表現。Tecnoglass 沒有義務並且明確否認有義務更新或更改其前瞻性陳述，無論由於新資訊、未來事件、假設變化或其他原因。

I will now turn the call over to Jose Manuel, beginning on slide number 4.

現在我將把發言權交給 Jose Manuel，從第 4 張投影片開始。

Thank you, Brad, and thank you, everyone, for participating on today's call. We are thrilled to report an exceptional start to 2025, with record first quarter results that demonstrate the ongoing strength of our business model.

謝謝布拉德，也謝謝大家參加今天的電話會議。我們很高興地報告 2025 年的一個出色開端，第一季創紀錄的業績證明了我們商業模式的持續實力。

Our revenues increased by 15% year-over-year to reach a first-quarter record of $222.3 million, driven entirely by robust double-digit organic growth across both our residential and multifamily commercial businesses. These outstanding results significantly outperformed broader market trends and underscore our ability to consistently gain market share, even during periods of macroeconomic uncertainty.

我們的營收年增 15%，達到第一季創紀錄的 2.223 億美元，這完全得益於住宅和多戶商業業務強勁的兩位數有機成長。這些出色的業績大大超越了更廣泛的市場趨勢，並強調了我們即使在宏觀經濟不確定時期也能持續獲得市場份額的能力。

Our single family residential revenues grew 21.6% year over year to a first-quarter record of $88.9 million. This impressive growth reflects continued strength in our Florida operations, ongoing geographic expansion and expanded brand recognition, which continues to allow us to gain market share.

我們的單戶住宅營收年增 21.6%，達到第一季創紀錄的 8,890 萬美元。這一令人印象深刻的成長反映了我們在佛羅裡達州的業務持續強勁、地理擴張不斷擴大以及品牌知名度不斷提高，這讓我們繼續獲得市場份額。

Our multifamily and commercial businesses delivered double-digit percentage growth of 11.6% year over year to $133.4 million, reflecting continued execution of our expanding backlog.

我們的多戶住宅和商業業務實現了兩位數的百分比成長，年增 11.6%，達到 1.334 億美元，這反映了我們不斷擴大的積壓訂單的持續執行。

We achieved these results by significantly improving our profitability. During the quarter, we were pleased to drive gross margin expansion and adjusted EBITDA growth. The substantial improvement in most metrics reflects the benefits of a vertically integrated business model, operational efficiencies, and favorable product mix. To that end, we are confident in our ability to maintain industry-leading profitability driven by several strategic initiatives.

我們透過大幅提高獲利能力取得了這些成果。本季度，我們很高興看到毛利率和調整後 EBITDA 的成長。大多數指標的大幅改善反映了垂直整合業務模式、營運效率和良好的產品組合所帶來的好處。為此，我們有信心在多項策略措施的推動下保持業界領先的獲利能力。

First, we have hedged a large portion of our 2025 Colombian peso exposure at premium rates, roughly 9% better than last year, which effectively offsets higher local currency employee compensation.

首先，我們以溢價率對沖了 2025 年哥倫比亞比索風險敞口的很大一部分，比去年高出約 9%，這有效抵消了更高的當地貨幣員工薪酬。

Second, we've adjusted pricing within our Single Family Residential segment. And third, we have adjusted certain supply chain channels in order to substantially minimize our exposure to tariffs.

其次，我們調整了單戶住宅部分的定價。第三，我們調整了某些供應鏈管道，以大幅降低關稅影響。

In April, we were pleased to complete the acquisition of certain assets of Continental Glass Systems, a premier provider of architectural glass and glazing solutions based in Florida. This strategic acquisition enhances our capabilities in several key areas. It allow us to diversify our production footprint into the United States, expands our commercial project portfolio and creates additional synergies across our operations.

四月份，我們很高興完成了對大陸玻璃系統公司部分資產的收購，大陸玻璃系統公司是一家總部位於佛羅裡達州的頂級建築玻璃和玻璃解決方案供應商。此次策略收購增強了我們在幾個關鍵領域的能力。它使我們能夠將生產足跡多元化到美國，擴大我們的商業項目組合，並在我們的營運中創造額外的協同效應。

Continental brings approximately $30 million in annualized revenue and a substantial project backlog, which further strengthens our market position. This investment is also aligned with our broader initiatives to expand our production capabilities in the US through organic and inorganic investments.

大陸集團帶來約 3000 萬美元的年收入和大量項目積壓，進一步鞏固了我們的市場地位。這項投資也與我們透過有機和無機投資擴大在美國生產能力的更廣泛舉措相一致。

Our financial position remains exceptionally strong, with record cash of $157.3 million at quarter end as a result of growth in our short-term cash cycle residential business and disciplined working capital management.

我們的財務狀況依然強勁，由於短期現金週期住宅業務的成長和嚴格的營運資本管理，季末現金達到創紀錄的 1.573 億美元。

Our robust cash generation and resilient balance sheet continues to improve, with significant flexibility to pursue additional growth opportunities, while returning capital to shareholders. Looking ahead, we remain confident in Tecnoglass growth trajectory. While macro uncertainties still remains ahead, our record first quarter performance, a strong growth in single family residential orders year to date and our exceptional project backlog validate our optimism for 2025.

我們強勁的現金創造能力和富有彈性的資產負債表持續改善，具有很大的靈活性來尋求額外的成長機會，同時向股東返還資本。展望未來，我們對 Tecnoglass 的成長軌跡仍然充滿信心。儘管宏觀不確定性仍然存在，但我們第一季創紀錄的業績、今年迄今為止單戶住宅訂單的強勁增長以及我們出色的項目積壓證明了我們對 2025 年的樂觀態度。

While we are cognizant of the uncertainty related to tariffs and the potential impact on overall demand trends, we continue to see strong order traction and ongoing market share growth in many US regions. These factors, coupled with yet another record backlog and our structurally competitive advantages, give us confidence in our ability to continue navigating through complex macro dynamics.

雖然我們意識到與關稅相關的不確定性及其對整體需求趨勢的潛在影響，但我們仍然看到美國許多地區的訂單強勁成長和市場份額持續成長。這些因素，加上另一個創紀錄的積壓訂單和我們的結構性競爭優勢，使我們對自己繼續應對複雜的宏觀動態的能力充滿信心。

I will now turn the call over to Chris to provide additional operating highlights.

現在我將把電話轉給克里斯，讓他提供更多營運亮點。

Thank you, Jose Manuel.

謝謝你，何塞·曼努埃爾。

Moving to slide number 5. Our first-quarter performance further validates the resilience of our business model as we navigate through a dynamic macroeconomic environment. Our Single Family Residential business achieved outstanding results, with revenues increasing 21.6% year over year. These exceptional growth was primarily driven by our ability to capture additional market share and geographic expansion, particularly with further penetration in the Southeast US and dealership growth. We continue to make progress with our expanding vinyl products offering, which are seeing a strong traction with customers.

移至投影片 5。我們第一季的業績進一步驗證了我們的商業模式在動態宏觀經濟環境中的韌性。我們的單戶住宅業務取得了出色的業績，營收年增21.6%。這些卓越的成長主要得益於我們佔領更多市場份額和地理擴張的能力，特別是進一步滲透到美國東南部和經銷商的成長。我們不斷擴大乙烯基產品的供應，並取得了進展，受到客戶的強烈歡迎。

Additionally, we opened up a new showroom in Arizona, aligning with the introduction of our Legacy Light Aluminum Line designed from top geographies like the Southwest US, giving us yet another avenue for organic growth.

此外，我們在亞利桑那州開設了一個新的展廳，與美國西南部等頂級地區設計的 Legacy Light 鋁製系列的推出相一致，為我們提供了另一條有機增長的途徑。

Our multifamily and commercial business also delivered solid performance with revenues growing 11.6% year over year to $133.4 million. We ended the quarter with a record multiyear backlog to -- of $1.14 billion, representing approximately 2.2 times our LTM multifamily and commercial revenues at quarter-end. This provides us with substantial visibility into our project pipeline well into 2026.

我們的多戶住宅和商業業務也表現穩健，營收年增 11.6%，達到 1.334 億美元。我們在本季結束時創下了多年積壓訂單的記錄——11.4 億美元，約為本季末 LTM 多戶型和商業收入的 2.2 倍。這為我們了解 2026 年的專案流程提供了充分的透明度。

The addition of Continental Gas Systems to the Tecnoglass team further enhances our ability to address high-quality projects in high-end residential, luxury lodging, and Class A office space, while allowing us to expand our manufacturing footprint.

大陸天然氣系統公司加入Tecnoglass團隊進一步增強了我們處理高端住宅、豪華住宿和甲級辦公空間等高品質專案的能力，同時也使我們能夠擴大製造足跡。

Moving to slide number 6. Our backlog has demonstrated consistent sequential growth since 2021, reflecting the strong momentum in our project pipeline and robust bidding activity. Our book-to-bill ratio remained healthy at 1.2 times as of the first quarter, extending our track record of maintaining a ratio above 1.1 times for 17 consecutive quarters.

移至幻燈片 6。自 2021 年以來，我們的積壓訂單一直呈現持續的連續成長，這反映了我們專案儲備的強勁勢頭和活躍的投標活動。截至第一季度，我們的訂單出貨比仍保持在 1.2 倍的健康水平，延續了我們連續 17 個季度維持 1.1 倍以上這一水平的記錄。

Historically, approximately two-thirds of our reported backlog is invoiced over the following 12 months, providing a strong visibility to 2025 and into 2026.

從歷史上看，我們報告的積壓訂單中約有三分之二是在接下來的 12 個月內開立發票的，這為 2025 年和 2026 年提供了良好的可預見性。

The quality of our backlog is underpinned by several key factors. First, we have virtually no project cancellations as we typically install windows in buildings that are already well into the construction process. Second, our backlog is concentrated in projects that have demonstrated resilience to interest rate fluctuations. And third, the growing geographic diversification of our project pipeline helps to mitigate regional market risk.

我們的積壓訂單的品質取決於幾個關鍵因素。首先，我們幾乎沒有取消任何項目，因為我們通常在已經進入施工階段的建築物中安裝窗戶。其次，我們的積壓項目集中在那些已證明能夠抵禦利率波動的項目上。第三，我們專案通路的地理分佈日益多樣化，有助於降低區域市場風險。

While external factors may cause temporary fluctuations in delivery timing, our consistently strong book-to-bill ratio reinforces our confidence in sustained revenue growth.

雖然外部因素可能會導致交貨時間暫時波動，但我們持續強勁的訂單出貨比增強了我們對持續收入成長的信心。

I will now turn the call over to Santiago to discuss our financial results and outlook for 2025.

現在我將把電話轉給聖地牙哥，討論我們的財務表現和 2025 年的展望。

Thank you, Christian.

謝謝你，克里斯蒂安。

Turning to Single Family Residential on slide number 7. We were pleased to produce another quarter of double-digit growth in single family residential. Despite the tepid housing market, our successful market share gains through dealership growth, US geographic expansion, and the strong reception of our vinyl product line continues to produce meaningful contributions.

翻到投影片 7 上的「單戶住宅」。我們很高興看到單戶住宅銷量再創兩位數成長。儘管房地產市場不溫不火，但我們透過經銷商成長、美國地理擴張以及乙烯基產品線的強勁反響成功獲得了市場份額，並繼續做出有意義的貢獻。

Looking ahead, we remain excited about the organic growth opportunities in our single family residential business, which are driven by several factors.

展望未來，我們仍然對單戶住宅業務的有機成長機會感到興奮，這受到多種因素的推動。

First, our expanding dealer network, which continues to benefit from our industry-leading five- to six-week lead times and innovative, high-performance products.

首先，我們不斷擴大的經銷商網路繼續受益於我們行業領先的五到六週的交貨時間和創新的高性能產品。

Second, our ongoing geographic expansion through showroom openings and a ramp-up of vinyl windows, with growing traction in new markets beyond our traditional strongholds in Florida and the Southeast.

其次，我們透過開設展廳和增加乙烯基窗戶來持續進行地理擴張，在佛羅裡達和東南部傳統據點之外的新市場中，我們的吸引力也在不斷增強。

And third, we expect share gains to drive the majority of growth, with longer-term fundamentals supported by strong demographic trends, including population migration trends to the Southeast US.

第三，我們預期份額成長將推動大部分成長，而長期基本面將受到強勁的人口趨勢（包括人口向美國東南部遷移的趨勢）的支持。

Turning to the drivers of revenue on slide number 9. Total revenues for the first quarter increased 15.4% year over year to a first quarter record $222.3 million, with double-digit growth across both our Single Family Residential and Multifamily Commercial businesses, as a result of robust demand for our best-in-class product offerings, coupled with our ability to continue taking market share in nearly all geographies where we operate.

轉向幻燈片 9 上的收入驅動因素。第一季總營收年增 15.4%，達到創紀錄的 2.223 億美元，我們的單戶住宅和多戶商業業務均實現了兩位數成長，這得益於對我們一流產品的強勁需求，加上我們能夠繼續在幾乎所有經營地區佔據市場份額。

Looking at the profit drivers on slide number 10. Adjusted EBITDA for the first quarter of 2025 was $70.2 million, representing an adjusted EBITDA margin of 31.6% compared to $51 million or a 26.5% margin in the prior-year quarter.

查看投影片 10 上的利潤驅動因素。2025 年第一季調整後 EBITDA 為 7,020 萬美元，調整後 EBITDA 利潤率為 31.6%，而去年同期為 5,100 萬美元或 26.5%。

First-quarter gross profit was $97.5 million, representing a 43.9% gross margin compared to gross profit of $74.7 million, representing a 38.8% gross margin in the prior-year quarter. The 510-basis-point improvement in gross margin was primarily driven by a favorable mix of single family residential revenues, stronger retail pricing, operating leverage on year-over-year revenue growth, stable raw material costs, and favorable FX dynamics.

第一季毛利為 9,750 萬美元，毛利率為 43.9%，而去年同期的毛利為 7,470 萬美元，毛利率為 38.8%。毛利率提高 510 個基點，主要得益於獨棟住宅收入、零售價格上漲、同比收入增長的經營槓桿、穩定的原材料成本以及有利的外匯動態等有利因素。

SG&A expenses were $42.5 million or 19.1% of total revenues compared to $33.6 million or 17.5% of total revenues in the prior year quarter. The increase was primarily attributable to higher transportation and commission expenses associated with our revenue growth, increased personnel expenses related to annual salary adjustments implemented at the beginning of the year and $4.7 million of tariff expenses.

銷售、一般及行政費用為 4,250 萬美元，佔總收入的 19.1%，而去年同期為 3,360 萬美元，佔總收入的 17.5%。成長的主要原因是伴隨收入成長而來的運輸和佣金費用增加、年初實施的年度薪酬調整導致的人事費用增加以及 470 萬美元的關稅費用。

As Jose mentioned, we have already taken decisive measures to mitigate the impact of tariffs, which will be in full effect starting in May and June and do not expect a material impact on operating profit for the year.

正如 Jose 所提到的，我們已經採取果斷措施來減輕關稅的影響，這些措施將於 5 月和 6 月全面生效，預計不會對今年的營業利潤產生重大影響。

Turning to our view of US aluminum tariff dynamics on slide 11. We are actively addressing the industry-wide dynamics associated with aluminum tariffs through sourcing, pricing, and hedges on currency. We have changed some processes within our supply chains in order to mitigate the impact of tariffs.

在第 11 頁上展示了我們對美國鋁關稅動態的看法。我們正在透過採購、定價和貨幣對沖積極應對與鋁關稅相關的全行業動態。我們已經改變了供應鏈中的某些流程，以減輕關稅的影響。

These also include the potential to diversify certain operations into the US with the recently purchased manufacturing plant from Continental. We are also evaluating potential investments to develop other manufacturing assets in the US over the coming years in order to be more diversified, US-centric and benefit further from logistics efficiencies and improved lead times.

其中還包括利用最近從大陸集團購買的製造工廠將某些業務多元化到美國的可能性。我們也正在評估未來幾年在美國開發其他製造資產的潛在投資，以實現更加多樣化、以美國為中心，並進一步受益於物流效率和縮短的交貨時間。

To that extent, and based on our expected US organic geographical expansion, we are currently in the early stages of evaluating a multiyear project to develop a fully automated and vertically integrated operation in the US to complement our existing manufacturing platform in Colombia.

在此範圍內，基於我們預期的美國有機地理擴張，我們目前正處於評估多年期專案的早期階段，該專案旨在在美國開發完全自動化和垂直整合的業務，以補充我們在哥倫比亞現有的製造平台。

In addition to diversifying our manufacturing footprint, the project would allow us to gain logistical and lead time efficiencies in many new target markets.

除了使我們的製造足跡多樣化之外，該項目還能讓我們在許多新的目標市場中獲得物流和交貨時間效率。

In addition to shifting certain supply chain channels, we have also implemented pricing adjustments effective as of May 1 to offset incremental cost. While we anticipate some temporary short-term margin pressure until these higher priced orders are invoiced, we anticipate that the full calendar year 2025 tariff impact of approximately $25 million will be largely mitigated, assuming similar volumes to what we originally projected for the year.

除了轉移某些供應鏈管道外，我們還實施了自 5 月 1 日起生效的價格調整，以抵消增量成本。雖然我們預計在這些高價訂單開立發票之前，利潤率會面臨一些暫時的短期壓力，但我們預計，2025 年全年約 2500 萬美元的關稅影響將在很大程度上得到緩解，假設交易量與我們最初預測的年度交易量相似。

This means that for the balance of the year, we expect our strategic actions to more than offset the impact of tariffs. Additionally, we were able to opportunistically hedge a large portion of our Colombian peso exposure above COP4,400 per dollar, providing an additional tailwind to further offset the projected 2025 tariff impact.

這意味著，就今年的餘額而言，我們預計我們的策略行動將足以抵消關稅的影響。此外，我們還能夠抓住機會對沖美元兌哥倫比亞比索 4,400 哥倫比亞比索的大部分風險敞口，從而提供額外的順風，進一步抵消預計的 2025 年關稅影響。

Now examining our strong cash flow and balance sheet on slide 12. We generated operating cash flow of $51.2 million in the first quarter, reflecting solid profitability, effective working capital management and higher mix of single family residential revenues, which feature upfront payments and shorter sales cycles without retaining. This resulted in record quarterly free cash flow of $28.8 million.

現在檢查投影片 12 上的強勁現金流和資產負債表。我們在第一季產生了 5,120 萬美元的營運現金流，反映了穩健的盈利能力、有效的營運資本管理和更高的單戶住宅收入組合，其特點是預付款和較短的銷售週期（無需保留）。這導致季度自由現金流達到創紀錄的 2,880 萬美元。

Capital expenditures were $22.4 million, which included mostly scheduled payments on previous investments. As with previous years, our cash flow is seasonal, and we expect cash flow from operations to decrease sequentially in the second quarter of the year to account for the annual timing of income tax payments and a higher use of cash to address working capital needs due to expected sequential quarterly growth. As an offset, we expect capital expenditures to drop significantly throughout 2025, driving strong free cash flow through year-end.

資本支出為 2,240 萬美元，其中大部分包括先前投資的預定付款。與往年一樣，我們的現金流具有季節性，我們預計今年第二季度的經營現金流將環比減少，以考慮到年度所得稅繳納時間，以及由於預期的季度環比增長而需要更多使用現金來滿足營運資金需求。作為補償，我們預計 2025 年全年資本支出將大幅下降，從而推動年底強勁的自由現金流。

Our balance sheet remains exceptionally strong with a record cash position of $157.3 million as of March 31, 2025, resulting in a new record net cash position. This represents a significant increase from our cash position at the end of 2024 and underscores our ability to generate substantial free cash flow.

我們的資產負債表仍然保持強勁，截至 2025 年 3 月 31 日，現金狀況達到創紀錄的 1.573 億美元，創下了新的淨現金狀況。這比我們 2024 年底的現金狀況有顯著成長，並凸顯了我們產生大量自由現金流的能力。

At quarter end, we had total liquidity of approximately $330 million, including $170 million of availability on the revolving credit facilities. This strong liquidity position, combined with a robust cash flow generation, provides us with ample financial flexibility to pursue our growth initiatives, invest in operational enhancements and maintain our commitment to shareholder returns.

截至季末，我們的總流動資金約為 3.3 億美元，其中包括 1.7 億美元的循環信貸額度。強大的流動性狀況，加上強勁的現金流生成，為我們提供了充足的財務靈活性，以追求我們的成長計劃、投資於營運改進並保持對股東回報的承諾。

On slide 13, we highlight our ability to generate returns significantly above the broader industry. Over the past three years, our strategic investments and operational initiatives have consistently yielded superior returns for our shareholders. This outperformance reflects the strength of our business model, our unwavering focus on operational excellence and our disciplined approach to capital allocation.

在第 13 張投影片上，我們強調了我們產生遠高於整個產業的回報的能力。過去三年來，我們的策略投資和營運措施持續為股東帶來豐厚的回報。這一優異表現體現了我們商業模式的實力、我們對卓越營運的堅定關注以及我們對資本配置的嚴謹方法。

Now moving to our outlook on slide 15. Based on our performance through the first quarter of 2025, and now incorporating our acquisition of Continental, we are raising the low end of our previously provided full year 2025 outlook for revenues, which we now expect to be in the range of $960 million to $1.02 billion, representing growth of approximately 11% at the midpoint of the range. Additionally, we are updating our adjusted EBITDA outlook to a range of $305 million to $330 million.

現在轉到第 15 張投影片上的展望。根據我們到 2025 年第一季的業績，並結合我們對大陸集團的收購，我們提高了先前提供的 2025 年全年收入預期的低端，目前我們預計該收入將在 9.6 億美元至 10.2 億美元之間，相當於該範圍中點的約 11% 的增長。此外，我們將調整後的 EBITDA 預期更新為 3.05 億美元至 3.3 億美元。

The high end of our outlook assumes favorable moves in interest rates benefiting mortgage rates, high single-digit growth in our legacy residential revenues, and vinyl revenues reaching approximately $25 million. The high end also assumes improved activity in short-term commercial projects and gross margins in the mid- to high 40 percentage range, supported by favorable foreign exchange rates with the Colombian peso at or above COP4,200.

我們的預期高端假設是利率有利的變動有利於抵押貸款利率，我們的傳統住宅收入將實現高個位數成長，乙烯基收入將達到約 2,500 萬美元。高端預測也假設短期商業項目活動有所改善，毛利率在 40% 左右，並受到哥倫比亞比索在 4,200 哥倫比亞比索或以上的有利匯率的支持。

The low end of our range reflects a more conservative approach to volume growth beyond Q2 for residential invoicing, while also accounting for the potential headwinds from broader implementation of aluminum tariffs impacting construction spending, higher interest rates and a stronger Colombian peso. Under this low-end scenario, we assume more modest growth in legacy residential revenues, vinyl revenues of approximately $10 million to $15 million, and gross margins at the low 40% range.

我們的區間低端反映了對第二季度之後住宅發票銷量增長更為保守的態度，同時也考慮到了更廣泛實施鋁關稅對建築支出、更高的利率和更強勁的哥倫比亞比索帶來的潛在阻力。在這種低端情境下，我們假設傳統住宅收入成長更為溫和，乙烯基收入約為 1,000 萬至 1,500 萬美元，毛利率在 40% 左右。

The guidance midpoint implies modest adjusted EBITDA margin improvement year over year based on various factors. Favorable drivers include higher revenue; our pricing adjustments starting with order placed from May 1 forward, which translate into revenue starting in the mid to end of June; FX hedges; and operational leverage.

根據各種因素，指導中點意味著調整後的 EBITDA 利潤率將比去年同期適度提高。有利的驅動因素包括更高的收入；我們從 5 月 1 日開始的訂單開始進行價格調整，這將轉化為從 6 月中旬到 6 月底開始的收入；外匯對沖；以及營運槓桿。

We anticipate these positive actions to more than offset increased installation mix tied to high-end condo activity in Florida, the 9% salary increases in Colombia and tariff impacts. Continental Glass System is expected to contribute roughly breakeven adjusted EBITDA this year as we integrate the acquisition.

我們預計這些積極舉措將足以抵消佛羅裡達州高端公寓活動帶來的安裝量增加、哥倫比亞 9% 的工資增長以及關稅影響。隨著我們整合收購，大陸玻璃系統預計今年將貢獻大致損益平衡的調整後 EBITDA。

We are now projecting capital expenditures to be in the range of $45 million to $55 million, which includes the tail end of previous investments, maintenance CapEx and further investments in efficiency initiatives as well as our new Miami flagship showroom and executive offices.

我們現在預計資本支出將在 4500 萬美元至 5500 萬美元之間，其中包括先前投資的尾端、維護資本支出和對效率計劃的進一步投資以及我們新的邁阿密旗艦展廳和行政辦公室。

Working capital should continue to be a source of cash as we expand our single family residential revenues, so this will be partially offset by longer cash conversion cycles in our commercial and multifamily business.

隨著我們擴大單戶住宅收入，營運資金應繼續成為現金來源，因此這將被我們商業和多戶住宅業務中更長的現金轉換週期所部分抵消。

In conclusion, our first-quarter 2025 performance demonstrate our exceptional market position and operational excellence as we continue to outpace broader industry trends. Years of investments in vertically integrated operations, our industry-leading margins, and robust backlog all contribute to creating a defensible position for Tecnoglass in the architectural glass industry.

總而言之，我們 2025 年第一季的業績證明了我們卓越的市場地位和卓越的運營，因為我們繼續超越更廣泛的行業趨勢。多年來對垂直整合營運的投資、我們行業領先的利潤率以及強勁的積壓訂單都為 Tecnoglass 在建築玻璃行業創造了穩固的地位。

We entered the remainder of 2025 with tremendous momentum across our business. The strategic acquisition of certain assets of Continental Glass Systems further strengthens our competitive advantages and diversifies our manufacturing footprint.

進入 2025 年剩餘時間，我們的業務將呈現強勁發展勢頭。大陸玻璃系統部分資產的策略性收購進一步增強了我們的競爭優勢，並使我們的生產佈局更加多元化。

Our strategic execution, operational efficiencies, and effective management of dynamic elements, such as tariffs, position us to continue delivering above-market growth and returns for our shareholders. We remain confident in our ability to extend our track record of exceptional performance through 2025 and beyond.

我們的策略執行、營運效率以及對關稅等動態因素的有效管理使我們能夠繼續為股東帶來高於市場的成長和回報。我們堅信，我們有能力將我們卓越的表現延續到 2025 年及以後。

With that, we will be happy to answer your questions. Operator, please open the line for questions.

我們將很樂意回答您的問題。接線員，請打開熱線來回答問題。

(Operator Instructions) Tim Wojs, Baird.

（操作員指示）Tim Wojs，Baird。

Maybe just first questions, kind of higher level. As you look at the architectural glass industry in the US, is it possible to kind of understand how much of the industry is imported to the US from places like China and Europe?

也許只是第一個問題，有點高級。當您觀察美國的建築玻璃產業時，是否可以了解有多少產品是從中國和歐洲等地進口到美國的？

And I'm just trying to understand if that kind of expands your opportunities potentially on kind of the West and the East Coast, particularly in the commercial business.

我只是想知道這是否會擴大您在西海岸和東海岸的機會，特別是在商業領域。

We don't -- this is Christian. We don't have the number, but all our raw materials are from the US, so an advantage to everybody else. And we don't sell that much in architectural glass as we sell in windows. So our sales in the -- on the glass side is very small anyways. But we are concentrating on the window itself.

我們不——這是基督教。我們沒有具體數字，但我們所有的原材料都來自美國，因此對其他人來說都是有利的。我們銷售的建築玻璃不如窗戶多。所以，我們在玻璃方面的銷售額無論如何都很小。但我們的注意力集中在窗戶本身。

Just as a follow-up, Tim. If you recall, last quarter call, we talk about how the US supply is roughly 45% of its internal aluminum needs. So to that extent, even US manufacturers are importing a vast portion of the raw material.

作為後續行動，提姆。如果你還記得的話，上個季度的電話會議中我們談到美國的供應量約佔其內部鋁需求的 45%。因此，就連美國製造商也需要進口大量原料。

So we're definitely seeing this as an opportunity going forward.

因此，我們絕對將此視為未來的一個機會。

Okay. I mean, I guess, when I said architectural glass, I guess, I meant like curtain walls and windows, too. But I mean, like, as you're thinking about big cities on the East Coast and the West Coast, I mean, is a lot of your competition in those areas imports today?

好的。我的意思是，我想，當我說建築玻璃時，我想，我也指向幕牆和窗戶。但我的意思是，當你考慮東海岸和西海岸的大城市時，我的意思是，今天這些地區的許多競爭對手都是進口的嗎？

Not today. I mean, I think we would be one of the most important importers of windows, I believe. And our competition is mostly local.

今天不行。我的意思是，我相信我們會成為最重要的窗戶進口商之一。我們的競爭對手大多是本地的。

This is Jose. We have -- a lot of people in the curtain wall business importing from China, but they are now assembling in Mexico. They're doing the aluminum and the glass from China, and they assemble in Tijuana, I believe. But there are subject to the aluminum tariffs, like everybody else.

這是何塞。我們有很多從事幕牆業務的人從中國進口，但現在他們在墨西哥進行組裝。我相信，他們從中國進口鋁和玻璃，然後在蒂華納進行組裝。但與其他人一樣，他們也要受到鋁關稅的影響。

Okay. And I guess, on the residential growth, I mean, any color on kind of -- when you look at that 22% growth, how much of that was kind of your legacy Florida business and maybe how much of that was kind of outside of Florida? And then it looks like the vinyl expectation on the high end of the guide came down. Any reason for that?

好的。我想，關於住宅成長，我的意思是，當你看到 22% 的成長時，有多少是你在佛羅裡達州的傳統業務，有多少是佛羅裡達州以外的業務？然後看起來指南中高階的黑膠唱片預期下降了。有什麼原因嗎？

I'll take the first one, Tim. If you look at the legacy business, we did roughly $73 million in the first quarter of last year, right? So that -- we probably grew there about 25% -- I'm sorry, about 15% and then the rest came from other places, which are starting to pick up. Obviously, on a percentage basis, that's much higher on a lower base. But those places are starting to contribute more meaningfully than the legacy Florida business, which we're expecting to grow for the full year between mid- to high-single digits.

我選擇第一個，提姆。如果你看一下遺留業務，我們去年第一季的營收約為 7,300 萬美元，對嗎？因此 — — 我們在那裡的成長幅度大概是 25% — — 抱歉，大概是 15%，其餘的成長來自其他地方，這些地方也開始回暖了。顯然，從百分比來看，這個數字在較低基數上要高得多。但這些地方的貢獻開始比傳統的佛羅裡達業務更有意義，我們預計佛羅裡達州業務全年的成長率將在中高個位數之間。

And I'll let Jose take the vinyl question.

我請 Jose 來回答有關黑膠唱片的問題。

Vinyl has been a challenge because we got into the business that we didn't know. And as usual, we start slow and we are learning, and we don't have a complete line. We're developing the last three or four products. And by the end of the year, we're going to be ready.

乙烯基一直是一個挑戰，因為我們進入了一個我們不了解的行業。像往常一樣，我們起步緩慢，還在學習，而且我們還沒有完整的路線。我們正在開發最後三到四種產品。到今年年底，我們將做好準備。

I think that line is going to catapult next year's sales. But this year, we can go in month by month. Obviously, not on the range that we expected because as I said we didn't know the business well.

我認為該產品線將會大幅提昇明年的銷售量。但今年我們可以按月去。顯然，這並不在我們預期的範圍內，因為正如我所說，我們不太了解這個業務。

Okay. And then the last thing, just on Continental, I guess. What does it -- I mean, what is it bringing you that you didn't have before? I guess, how are you going to kind of leverage the US manufacturing with Colombia?

好的。最後一件事，我想，只是關於大陸航空。它——我的意思是，它為你帶來了什麼你以前沒有的東西？我想，您打算如何利用美國製造業來促進哥倫比亞的發展呢？

And then you said breakeven EBITDA margins this year, Santiago. Like what would be a longer-term target for the margins of that asset acquisition?

然後您說今年的 EBITDA 利潤率將實現盈虧平衡，聖地亞哥。例如，該資產收購的利潤率的長期目標是什麼？

Well, let me explain. Number one, we didn't have any manufacturing facility in the US. With Continental, we have the capability of doing around $10 million a month in manufacturing. And we plan to start developing the manufacturing in the US. We will bring the aluminum and the glass and assemble it here. And eventually, like we said, we're going to do a complete line in the US within the next five to seven years.

好吧，讓我解釋一下。首先，我們在美國沒有任何製造工廠。借助大陸集團，我們每個月的製造能力可達約 1,000 萬美元。我們計劃開始在美國發展製造業。我們將把鋁和玻璃帶到這裡並進行組裝。最終，正如我們所說的，我們將在未來五到七年內在美國建造一條完整的生產線。

And Continental brings a couple of things that we didn't have before, which are: number one, the replace and remodel in the condominiums is getting very big in Florida because of the new law, instead of 40 years, it's in 20 years now, I believe. So every condominium has to upgrade, and the insurances are making them change all the windows. And they have a good remodel and replace market, and that's what we plan to do with them also.

大陸集團帶來了一些我們以前沒有的東西，它們是：第一，由於新法律的實施，佛羅裡達州的公寓更換和改造規模非常大，我相信現在只需 20 年，而不是 40 年。因此，每個公寓都必須升級，保險公司要求他們更換所有窗戶。他們擁有良好的改造和更換市場，這也是我們計劃與他們合作的。

And on the second part, Tim, the go-forward expectation is that, that integration to the overall EBITDA margin profile for the group, as you read on the press release, we're expecting to get synergies from this, as we're expecting to manufacture more out of Colombia to supply them.

關於第二部分，提姆，未來的預期是，正如您在新聞稿中看到的，與集團整體 EBITDA 利潤率狀況的整合，我們期望從中獲得協同效應，因為我們希望在哥倫比亞生產更多產品來供應他們。

So even if at inception this is going to be a lower EBITDA margin because of SG&A, as we grow that operation, we're expecting that to align with overall margins for the group.

因此，即使在開始時由於銷售、一般和行政費用的原因，EBITDA 利潤率會較低，但隨著業務的增長，我們預計它將與集團的整體利潤率保持一致。

Julio Romero, Sidoti & Company.

胡里奧·羅梅羅，西多蒂公司。

Congratulations on the acquisition. So the last deal you guys did was for GM&P, the glazer in Florida in 2017, and that was done for a very specific reason. It was a mousetrap of sorts to accelerate US market penetration in the US. Can you maybe compare that deal, which didn't have manufacturing to this one? Kind of compare the thought process because -- and also talk about the trade-off between this dilution to your return metrics with acquired growth, but that the trade-off is a longer-term strategic benefits.

恭喜收購成功。你們做的最後一筆交易是 2017 年與佛羅裡達州的玻璃製造商 GM&P 達成的，這是出於一個非常特殊的原因。這是一種加速美國市場滲透的捕鼠器。您能否將那筆不涉及製造業的交易與這筆交易進行比較？比較一下思考過程，因為——也談論一下這種對回報指標的稀釋與獲得的成長之間的權衡，但這種權衡是一種長期策略利益。

Well, this one, like I said in the answer before, mostly is the replace and remodel of condominiums. And also they have manufacturing facilities that we need to start working here in the US. And it's a very, very good acquisition for a very low price.

嗯，這個，就像我之前在回答中說的，主要是公寓的更換和改造。而且他們還擁有我們需要在美國開始營運的製造設施。這是一次非常非常好的收購，而且價格非常低。

And as a follow-up, in line with the last answer, Julio, we're not expecting this to be dilutive. I mean, we're expecting to get synergies and operating leverage based on the higher output of manufacturing in Colombia to supply Continental. So at the end, we're seeing this as an asset that will be integrated to the group and not the impact of margins in any way.

作為後續行動，與上一個答案一致，胡里奧，我們預計這不會造成稀釋。我的意思是，我們希望透過哥倫比亞更高的產量為大陸集團提供製造服務，獲得協同效應和營運槓桿。所以最終，我們將其視為一種將被整合到集團的資產，而不會以任何方式影響利潤率。

Okay. That's helpful. And you talked about evaluating a multiyear project to build a plant in the US. Can you maybe dive into that a bit? And how big of a facility are you considering? And what are the key factors you're weighing and considering that growth initiatives?

好的。這很有幫助。您也談到了在美國建廠的多年期專案的評估。能稍微深入探討一下嗎？您考慮的設施有多大？您在權衡和考慮成長計劃時考慮的關鍵因素是什麼？

We're going to start by the beginning, which is establish a foundry here where we can produce our billets. The second phase would involve -- obviously, this is going to be done in five to seven years. The second phase will involve establishing an extrusion facility, a glass facility, everything state of the art with the technology that we now have and know to be the most efficient window plant in the US.

我們將從頭開始，在這裡建立一個鑄造廠，生產鋼坯。第二階段將涉及——顯然，這將在五到七年內完成。第二階段將涉及建立一個擠壓設施、一個玻璃設施，一切都採用我們現有的先進技術，並被認為是美國最高效的窗戶工廠。

We plan to -- we are looking into different options. And instead of buying people the same at 12x and 10x EBITDA, we're planning on spending the money wisely on building a good facility in the future -- in the near future.

我們計劃——我們正在研究不同的選擇。我們不會以 12 倍和 10 倍 EBITDA 的價格購買相同的員工，而是計劃在未來——在不久的將來——明智地將這筆錢用於建設一個良好的設施。

In the near future. Sounds good. Go ahead.

在不久的將來。聽起來不錯。前進。

As a follow-up, Julio, obviously, this is undergoing a feasibility analysis. And from a return on invested capital, as Christian was mentioning, these will bring much higher yields than doing straight up M&A. Obviously, you have to evaluate this over a longer time period and is subject to free cash flow and whatnot, but that's the intention.

作為後續行動，胡里奧，顯然，這正在進行可行性分析。從投資資本回報來看，正如克里斯蒂安所提到的，這些將比直接進行併購帶來更高的收益。顯然，你必須在更長的時間段內對此進行評估，並且要受自由現金流等因素的影響，但這就是目的。

Brent Thielman, D.A. Davidson.

布倫特·蒂爾曼、D.A.戴維森。

Congratulations as well. I had another question just on the thought process of developing the line in the US over the next kind of five to seven years. And it may be early, but I'll ask anyway.

也恭喜你。我還有一個問題，是關於未來五到七年內在美國開發該生產線的思考過程。雖然可能還早，但我還是會問。

Are you envisioning something as large as what you have in place today? Or is the vision that this is something simply complementary to what you're already doing in Colombia?

您是否設想過一些與今天所實現的一樣宏大的事情？或者您認為這只是您在哥倫比亞所做工作的補充？

It would be complementary. We will start by the foundry. We're going to produce enough billets. I mean, we are thinking of getting 100% of our billets from our plant in the US in the near future.

這將是互補的。我們將從鑄造廠開始。我們將生產足夠的鋼坯。我的意思是，我們考慮在不久的將來從美國的工廠獲得 100% 的鋼坯。

Then we're going to establish one or two presses -- extrusion presses. Then we want to do a glass sorting system and then do the window plant.

然後我們將建立一到兩台壓力機——擠壓機。然後我們想做一個玻璃分類系統，然後建造一個窗戶工廠。

And it's all going to help us in the growth and also in the ability to deliver within 24 hours when we have an emergency, a broken piece of glass or a replacement or anything of that nature. And we -- I like to dream big, and I hope that we can build a factory that in the future could be 30% to 40% of our invoicing in five years and not of what we do today but the increased growth.

這一切都將有助於我們的發展，當我們遇到緊急情況時，例如玻璃破碎、需要更換或任何類似情況時，我們能夠在 24 小時內交貨。而且我們——我喜歡做大夢，我希望我們能夠建造一座工廠，在未來五年內，工廠的營業額能夠達到我們總營業額的 30% 到 40%，這不僅僅是我們今天所做的，而是不斷增長的。

No. I was just going to follow up. In terms of, obviously, financial metrics, it's way too early. But keep in mind that we're thinking about something that is highly automated, so not a detriment to margins and brings more logistical and lead time advantages.

不。我只是想跟進一下。顯然，從財務指標來看，現在還為時過早。但請記住，我們正在考慮高度自動化的東西，因此不會損害利潤率並帶來更多的物流和交貨時間優勢。

Very good. Appreciate that. And then, I mean, look, the backlog continues to look great. Could you talk about what's happened since the end of the quarter? Could you talk about order trends in commercial since then or the tone of customers? Are they more hesitant? Or is it just business as usual?

非常好。非常感謝。然後，我的意思是，你看，積壓的工作仍然看起來很棒。您能談談本季末以來發生的情況嗎？您能談談自那時以來商業訂單的趨勢或客戶的基調嗎？他們是否更加猶豫？還是這只是一切照舊？

The business is booming. I mean, for us, we are selling and closing a lot of deals in Florida, outside of Florida, in the East Coast, in the center, South, Central USA, in Texas, and also on the West Coast. So we have a good foothold now in Hawaii, and we're getting a low request from California. And we're opening offices there to -- and the amount of backlog is going to keep growing, at least, that's what we see.

生意很興隆。我的意思是，對我們來說，我們在佛羅裡達州、佛羅裡達州以外、東海岸、美國中部、南部、中部、德克薩斯州以及西海岸銷售和達成了很多交易。因此，我們現在在夏威夷站穩了腳跟，而且來自加州的請求很少。我們正在那裡開設辦事處——積壓訂單的數量將持續增長，至少，這是我們所看到的。

And Brent, I don't know if you were just asking about commercial, but residential orders are up 17% year over year. So we're expecting that trend to continue through Q2 and potentially starting in Q3.

布倫特，我不知道您是否只是詢問商業訂單，但住宅訂單比去年同期增長了 17%。因此，我們預計這一趨勢將持續到第二季度，並可能從第三季度開始。

Yes. Appreciate that, Santiago. Yes, I was talking commercial. Maybe just one more on the commercial side as well. Is -- are the -- is the backlog and are the incoming orders becoming more diversified from a geographic perspective relative to a year or two ago?

是的。非常感謝，聖地牙哥。是的，我說的是商業話題。也許在商業方面也還有更多。與一兩年前相比，積壓訂單和新訂單從地理角度來看是否變得更加多樣化？

I know Florida has been phenomenal for you in the last few years, but you talked about a lot of different regions here. Is there more geographic diversity to the things you're seeing coming in orders now?

我知道過去幾年佛羅裡達州對你來說意義非凡，但你在這裡談論了很多不同的地區。現在您看到的訂單是否具有更多的地理多樣性？

Both, both. We're growing in Florida, and we're going out -- for example, we didn't have anything in Tampa. And now in Tampa, we have a few works in Tampa, I mean, more than 10 in Jacksonville, in the Panhandle, in Palm Beach. We didn't have much in Palm Beach. Now, Palm Beach is moving, and we're getting a lot of work.

兩者皆有，兩者皆有。我們正在佛羅裡達州發展，並且正在向外拓展——例如，我們在坦帕什麼都沒有。現在在坦帕，我們在坦帕有一些作品，我的意思是，在傑克遜維爾、狹長地帶、棕櫚灘有 10 多個作品。我們在棕櫚灘沒有太多東西。現在，棕櫚灘正在搬遷，我們有很多工作要做。

But also outside of Florida, we're getting lots of work in Washington, in New York, in Boston, in Maryland. I mean, we're growing even in the Carolina. We have two or three jobs now in Carolina that we never had anything. And now even Nashville, which is moving, we're getting close to closing a few deals in Nashville, too.

但除了佛羅裡達州以外，我們在華盛頓、紐約、波士頓和馬裡蘭州也有很多工作要做。我的意思是，我們甚至在卡羅來納州也在發展。我們現在在卡羅來納州有兩三份工作，但我們從來沒有做過任何工作。現在甚至連納許維爾也在搬遷，我們也即將在納許維爾完成一些交易。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Jose Manuel Daes for any closing remarks. Sir?

我們的問答環節到此結束。我想將會議交還給若澤·曼努埃爾·澤斯先生，請他作最後發言。先生？

Thanks, everyone, for participating on today's call. We are very enthusiastic about what we're doing. I believe the company is going to keep growing in the next three years, at least. And our foothold should grow West of Florida. And thanks again, everyone.

感謝大家參加今天的電話會議。我們對自己所做的事情充滿熱情。我相信公司至少在未來三年內將繼續成長。我們的立足點應該擴大到佛羅裡達州西部。再次感謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。