#1TECNOGLASS 50 United Nations- New York, US Tecnoglass (TGLS) Investor Presentation November 2022#2Disclaimer Disclaimer This presentation (including any information which has been or may be supplied in writing or orally in connection herewith or in connection with any further inquiries, this "Presentation") contains information regarding Tecnoglass Inc. and its subsidiaries, as applicable, where it holds a direct or indirect interest (together "Tecnoglass" or the "Company") that is confidential and proprietary to the Company. We have prepared this document solely for informational purposes. You should not definitively rely upon it or use it to form the definitive basis for any decision, contract, commitment or action whatsoever, with respect to any proposed transaction or otherwise. By participating in this Presentation, each participant agrees to the terms hereof, as follows: Each participant will and will cause its directors, officers, employees, affiliates, agents, advisors and representatives to use the information contained in this Presentation only to evaluate the proposed transaction in respect of the Company and may not communicate, reproduce, distribute or disclose it to any other person, or refer to it publicly, in whole or in part at any time except with our prior written consent. If you are not the intended recipient of this document, please delete and destroy all copies immediately. Neither the Company nor any of its representatives makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this Presentation, and nothing contained herein is, or shall be relied upon as, a promise or representation, whether as to the past or the future. Only those representations and warranties that are made in a definitive written agreement relating to a transaction in respect of the Company, when and if executed, and subject to any limitations and restrictions as may be specified in such definitive agreement, shall have any legal effect. This Presentation does not purport to contain all of the information that may be required to evaluate a potential transaction in respect of the Company, and any person participating in this Presentation should conduct its own independent investigation and analysis. Forward Looking Statements This presentation includes certain 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. These statements are based on Tecnoglass' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially 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. These risks. uncertainties and contingencies are indicated from time to time in Tecnoglass' filings with the Securities and Exchange Commission. The information set forth herein should be read 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. Financial Presentation Certain of the financial information contained herein is unaudited and does not conform to SEC Regulation S-X. Furthermore. it includes EBITDA (earnings before interest. taxes depreciation and amortization) which is a non-GAAP financial measure as defined by Regulation G promulgated by the SEC under the Securities Act of 1933. as amended. Accordingly, such information may be materially different when presented in Tecnoglass' filings with the Securities and Exchange Commission. Tecnoglass believes that the presentation of this non-GAAP financial measure provides information that is useful to investors as it indicates more clearly the ability of Tecnoglass to meet capital expenditures and working capital requirements and otherwise meet its obligations as they become due. EBITDA was derived by taking earnings before interest. taxes. depreciation and amortization as adjusted for certain one-time non-recurring items and exclusions. No offer or solicitation This announcement is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction. nor shall there be any sale. issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. as amended. 2#3Tecnoglass at a Glance Overview Notes: 1. Key Stats $637 MM LTM Q3'22 Revenue Leading Position in U.S. Market U.S. End Market Mix 4% ■SF Residential LatAm/Other 55% Total US Revenues LTM Q3'22 45% ■ Multi-Family/ Commercial ~18% 2012 LTM Q3'22 Revenue CAGR Total Revenues LTM Q3'22 96% ■ U.S. ~35% LTM Q3'22 Adjusted EBITDA Margin (1) ~27% 2012 LTM Q3'22 Adjusted EBITDA CAGR (1) TECNOGLASS ALUTIONS by TCOOLA Six Strategic Brands ENERGIA SOLAR ESWINDOWS gmp ESWINDOWS Tecnoglass is a leading architectural glass manufacturer with vertically integrated operations under one roof COMPONENTI ARCEFECTOR SPECULTIES Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with our bond issuance and respective extinguishment of former debt, withholding taxes associated with payments to bondholders, acquisition related costs and other non-recurring items 3#4Global Leader in Architectural Glass and Windows Supplying Architectural Glass Products to Landmark Properties in the U.S. and Latin America Leading manufacturer, distributor and installer of high-spec architectural glass and windows for residential and commercial applications Global presence with leadership position in U.S. market 35+ year track record of product innovation and reputation for quality Broad portfolio of products specified across a well-diversified base of over 1,000 customers Vertically integrated, state-of-the-art manufacturing complex with significant recent capital investments Strategic, cost-efficient business model providing a significant structural competitive advantage and high barriers to entry Highly skilled, loyal employee base led by an experienced management team Double-digit organic growth track record with industry-leading margins 50 United Nations Plaza New York, NY Parcel N Washington, DC South Miami Dade Cultural Arts Center Miami, FL Residential Project Florida, US Bahaia Centro Ernst & Young Cleveland, OH Santa Marta, Colombia Residential Project Florida, US Fordham University New York, NY El Dorado Airport Bogotá, Colombia Waterway Square Houston, TX Residential Project Florida, US LaSalle School of Business Philadelphia, PA Residential Project Florida, US Hotel Marriott Aruba, Aruba Brickell City Centre Miami, FL Wyly Theatre Dallas, TX Residential Project Florida, US W Hotel Ft. Lauderdale, FL Santo Domingo Airport Santo Domingo, Dominican Republic Via 57 West New York, NY 4#5Built-to-Suit Innovative Products Pacing Ahead of Evolving Industry Trends Tecnoglass' High-Quality Products and Exceptional Customer Service Allow it to Better Serve Customers and Support Organic Growth for Each of our End Markets Residential Multi Family & Single Family: High performance energy-efficient Low-E and impact-resistant Windows and Doors that satisfies the most demanding construction and architectural standards of security, strength and durability. Our main trademarks are Prestige, Eli and Multimax by ESWINDOWS. Commercial Markets: Curtain Wall Systems: Freestanding exterior wall covering, typically non-structural, meant to protect the building against air and water penetration. Windows and Doors: Custom-designed according to specific needs of the customer, with special features such as blast resistant, hurricane resistant and thermally broken. Storefronts, Railings, Louvers and Interiors Architectural Glass Products Soft Coat Glass, Laminated/Insu- Laminated Glass, Insulated Glass, Silk- Screened Glass, Bent Glass, Digital Print Glass Aluminum Products Bars, plates, profiles, rods and tubes used primarily in the manufacture of architectural glass settings, including windows, doors, spatial separators and similar products Tecnoglass has earned the Miami-Dade County Notice of Acceptance, one of the most demanding certificates in the industry and a requirement to market hurricane-resistant glass in Florida NFRC (National Fenestration Rating Council) Energy Efficient Products. FBC (Florida Building Code) Hurricane protection products 11#6Investment Highlights Leading Architectural Glass and Windows Company in the U.S. and Latin America 1 2 3 Strong Revenue Generating Capability, Track Record and Positive Outlook Record of Profitable Growth Driven by Strong Backlog and Residential Expansión Effectively Positioned to Further Penetrate Key Regions and End Markets Operational Efficiencies Result from our Structural Competitive Advantages Vertically-Integrated Business Model Allows Tight Control Over Supply Chain and Costs Geographic Location of Manufacturing Facilities Provides Cost and Logistical Advantages Solid Financial Performance, Cash Generation and Effective Capital Deployment Structurally Strong Margins & Cash Flow Strong Balance Sheet and Leverage Profile Record of High Returns Through Capital Deployment 4 Committed to ESG Principles Sustainability Strategy and Established Policies in Place to Benefit our Stakeholders#71 Effectively Positioned to Further Penetrate the Attractive U.S. Market Total Sales TGLS Revenues by Country 431 375 371 314 305 239 197 183 497 637 U.S. revenues represents ~96% of both total revenues and total backlog as of Q3'22 Leverage combination of high quality and our advantageous low-cost, vertical integration strategy to gain additional market share in U.S. residential and commercial end markets ■ The Company has over 1000 customers, mostly located in North America, without concentration from any one customer exceeding 10% U.S. Single Family Residential Revenues YoY Growth 2013 2014 2015 2016 2017 2018 2019 2020 2021 LTM Q3'22 Other Colombia United States Total TGLS Successful Geographic Expansion in the U.S. +44% +86% +155% 85.8 +142% +213% 75.9 +159% +71% 59.4 59.6 +51% 53.6 +4% -23% 40.9 +12% 22.2 23.4 19.0 15.8 13.7 Significant presence (~64% of US Backlog) Developing Presence (~ 31% of US Backlog) Emerging Presence (~5% of US Backlog) Q1'20 Q2 '20 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Expanding residential penetration through dealer network expansion, geographic diversification and the introduction of new products, specifically catering to untapped opportunity with production homebuilders Efficient business model to ship products to all major U.S. markets while preserving cost advantage#8$ millions 1 Demonstrated History of Converting Backlog to Revenue Backlog by End Market 36% $697m September'22 64% ■ Multi Family / Residential Related ■Commercial Backlog primarily consist of residential related projects which were less impacted by COVID-19 Solid single family residential growth trajectory not fully captured in backlog given shorter term "spot" duration of projects Backlog at $697 mm; up 21% YoY; representing ~1.9x LTM multi family and commercial revenues U.S. backlog of $666 mm, representing 96% of total backlog, led by strong activity in the Southeast U.S., the region with our deepest presence. Florida represents 79% of US Backlog Historically, 62.6% of Revenue in the backlog rolls off within 12 months and 94.3% of the backlog rolls off within 18 months Virtually no project cancellations historically given late-stage installation of windows during construction process Backlog to Revenue Conversion 108% 106% 104% 98% 95% 96% 92% 93% 90% 87% 86% 88% 88% 89% 69% 73% 72% 71% 66% 60% 61% 58% 56% 59% 60% 501 506 515 518 525 532 542 546 550 497 536 66% 58% 63% 55% 57% 576 585 545 552 559 Q1 '18 Q2'18 Q3 '18 Q4 '18 Q1 '19 Q2'19 Q3 '19 Q4 '19 Q1'20 Q2 '20 Q3 '20 Q4'20 Note: Excludes Single-family Residential Total Backlog Revenue Next 12M as % of Backlog Revenue Next 18M as % of Backlog Q1'21 Q2'21 Q3'21 Q4'21#91 Construction Volume in Key End Markets Expected to Grow Vast Market Opportunity U.S. Architectural Glass Market Mix 37% $32.1BN 52% At Q3'22 11% ■Building and construction glass ■Sheet Metal, Window & Door ■ Glass & Glazing Contractors I U.S. Market Size: $32.1bn TGLS U.S. Share: Top-5 ✓ Construction spending grew 10.9% YoY:(2) $1.6 bn $1.8 bn Annual Rate September'21 Annual Rate September'22 Expected healthy industry growth in nonresidential construction on strong economic recovery and high demand in office spaces, commercial projects and institutional buildings Repair & Remodel Exposure Q3'22 ABI (1) score for September at 51.7, the 20th consecutive month in expansion territory All regions continue to show a positive trend, with the highest reading in the Northeast at 54.6 (1), where we are currently focusing our efforts through new representatives and a new showroom in New York Stable market outlook through 2023 as private nonresidential and residential construction drives further demand for glass products 65% Total SF Residential Revenue $85.8 mm 35% R&R New Residential Slowdown in housing starts as mortgage rates continue to rise. However, approximately 65% of our single-family revenues are tied to remodel and renovation projects that are not highly sensitive to mortgage rate fluctuations Sources: 1. 2. The American Institute of Architects (AIA) reported the Architecture Billing Index September, 2022. U.S. Census Bureau#102 Vertically-Integrated & Well-Situated Operations Driving Step-Change in Performance JV & Long Term Supply Relationships Production Process Final Product Sales, Distribution & Installation TECNOGLASS LES ELUTIONS METALS SAINT-GOBAIN Vidrio Andino COMPONENTI Tecnoglass integration across the architectural glass and window value chain provides significant control over a substantial portion of costs and structural advantages relative to industry peers ESWINDOWS gmp Raw Materials Labor ✓ Stable glass supply and costs resulting from JV with St. Gobain, ~60% of glass purchases as of LTM Q2'21 ✓ Majority of aluminum costs hedged through fixed price contracts ✓ Investments in automation initiatives and commitment to workforce providing production efficiency and low turnover ✓ Stable and efficient access to talented workers minimizing wage inflation ✓ US/Colombia trade imbalance mitigates marine transportation costs Transportation ✓ Connected supply chain keeps intercompany transport costs <5% of revenues Energy ✓ 15% energy savings from prior investments in renewables (solar panels) ✓ Utilizing co-generation through on-site natural gas emissions Structural advantages result in substantially shorter lead time than major competitors, unlocking opportunities for continued expansion and market share gains 10 10#112 Geographic Location Provides Cost and Logistical Advantages Manufacturing and Delivery Cost Efficiencies Provide a Significant Structural Competitive Advantage and Result in High Barriers to Entry 1 Main Competitive Advantages Strategic location near 3 of Colombia's four main ports: Barranquilla, Cartagena and Santa Marta o Access to all major global markets Strategically Located Manufacturing Units Berlin, Germany Barcelona, Spain Napoli, Italy Turkey 2 Diversified distribution o Over 1000 clients in North, Central and South America 。 Strong customer relationships 3 Low Shipping Cost to the US 。 The Colombian net import trade imbalance provides favorable shipping rates for exports Multiple Costs Advantages to US Market Las Vegas, NV San Pedro - Los Angeles, CA Houston, TX Progreso, Mexico Ohio Barranquilla - Colombia Puerto Limon, Costa Rica Manzanillo, Panama Ecuador ⚫ Boston, MA New York, NY Washington, DC Ft. Lauderdale, FL Nassau, Bahamas Rio Haina, Dominican Republic San Juan, Puerto Rico Trinidad and Tobago 4 Labor Cost per Hour Energy Cost per KwH Transportation Costs ~36% $ 24 ~57% $0.11 ~$4,500 I ~$3,300 ~8x $0.07 Callao, Peru Arica, Chile Sa Val Paraiso, Chile • Argentina $3 TGLS US St TGLS US SO TGLS U.S-Based Competitor * Source: Federal Reserve Economic Data Source: U.S Energy Information Administration *Tecnoglass' estimate for average land transportation cost from Midwest to major coastal cities Morocco Israel 3.8 million square foot state-of-the-art manufacturing unit in Barranquilla, Colombia Short supply chain and vertical integration provide a significant competitive advantage 9 Singapore#123 Structurally Strengthened Margins & Cash Flow Improved Gross Margin 46.4% 40.8% 37.0% 31.5% US$ millions -5.0 Operating Cash Flow Bridge (2018 – LTM Q3'22) 135.8 -9.6 12.9 1.4 116.5 -19.1 2019 2020 2021 LTM Q3'22 Change in Interest Expense Other Adj. EBITDA FY'18 Operating Cash Flow Change in Working Capital Unrealised FX losses LTM Q3'22 Operating Cash Flow Notes: 1. Gross margin increased to 46.4% as of LTM Q3'22, up from 31.5% at the end of 2019. Three main factors have contributed to the improved margin profile: Step up in gross margin from structural and sustainable operational improvements related to automation initiatives Shift of business strategy to expand into the single-family residential end market is accretive to margins given the higher mix of manufacturing vs. installation revenues Operating leverage on higher revenues have more than offset depreciation, labor, and other indirect manufacturing costs ✓ Tecnoglass has established a strong record of cash flow generation as a result of increased profitability, better working capital management, reduced interest expense and a more favorable mix of revenues Significant DSO improvement, from 90 in 2018 to 76 as of Q3'22, driven by improved collection efforts and a higher mix of revenues from single-family residential, which includes upfront payments, shorter sales cycles and no retainage; Company allows for 10-15 day transit times ✓ Interest expense savings achieved through reduction in both debt outstanding and weighted average interest rate Anticipate strong cash flow for FY2022, further strengthening financial flexibility to execute expected growth Stronger profitability and significant improvement in working capital metrics driving significant cash flow generation and low net leverage (Net Debt / LTM Adjusted EBITDA) levels Prior periods retroactively adjusted to include the historical financial results of Ventanas Solar, given the acquisition of VS was deemed to be a transaction between entities under common control. 12#133 Strong Balance Sheet and Leverage Profile To Execute Growth Liquidity of $254 million, including cash of $84.4 million and $170 million available under committed revolver and other working capital lines Capital Allocation Priorities 1 High Return Strategic Capex ■ Growth capital investments include automation projects, additional production lines and facility footprint expansion to address ongoing geographic and end market expansion Notes: 1. ■ Facility investments expected to increase operational capacity to approximately $950 million in annualized revenues by the end of the second quarter of 2023 Operational expansion supported by continued backlog strength, single-family residential penetration and growing portfolio of innovative products ■ Invested $53.4 million in 2021 and $51.3 million through Q3 2022 2 Share Repurchase Program 3 4 ■ Board of Directors authorized program to buy up to $50 million of the Company's common stock Dividend Payments ■ In august 2022 the Company declared a quarterly cash dividend of $0.075 per share, representing a 15% increase from previous dividend payments Debt Repayment Voluntarily prepaid $32 million resulting in all-time low net debt / LTM adj. EBITDA (¹) and no significant debt maturities until the end of 2026 Improved Leverage Installed vs. Utilized Capacity 950 ($ in Millions) 86% 800 ($ in Millions) 259.8 242.3 74% 72% 224.3 224.5 690 66% 61% 670 199.1 600 615 ¦ 3.0x ¦ 560 168.7 431 371 497 377 2.6x 2.3x 1.6x 2018 2019 2020 Installed Capacity 2021 Utilized Capacity 2022 E 2023 E FY'17 FY'18 FY'19 % Utilized ■Total Debt ¦0.8x¦ 0.4x FY'21 LTM Q3'22 FY'20 Net Debt/Adjusted EBITDA Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with our bond issuance and respective extinguishment of former debt, acquisition related costs and other non-recurring items#144 Committed to ESG Principles 0 0 Outstanding Achievements Social Environmental Leading Eco-Efficiency and Innovation Enhancing Our Environment National Carbon Neutrality Program +15,000 Solar Panels Installed Generating Over 32.443,19 MWh Waste Management and Utilization Container and Packaging Environmental Management Plan Automation and Innovation Employee Training and Education Programs Program for Prevention and Care of COVID-19 Occupational Health and Safety Tecnoglass ESWindows Foundation Social Intervention Campaigns Governance Promoting Continuous, Ethical and Responsible Growth Ethics and Compliance Program Efficient Supply Chain Security Management Continuous Improvement of Our Products Through Our Quality Management System "QMS" Communication Strategies In-Line With the Company's Objectives and Specially Designed for Each Audience#154 Committed to ESG Principles Our Sustainability Strategy contains the Company's guidelines and value propositions to meet the expectations of our stakeholders Social Environmental Leading Eco-Efficiency and Innovation Encourage the energy Enhancing Our Environment Governance Promoting Continuous, Ethical and Responsible Growth efficiency of the operation and ** the products Prevent, mitigate and compensate environmental impacts of the business Promote the efficient use of materials and technologies, respectful with the environment Responsible management of the value chain and the product cycle Position an innovation and quality approach within all of the Company's processes Generate quality work opportunities Promote and adopt the best labor and Human Rights Build and develop a comprehensive teamwork with innovating mentality Achieve an accident-free labor environment, supported by culture of health and safety Generate value for the communities in the areas of influence 0000 Adapt our offer and operation to new markets Conduct our business with integrity, ethical and transparency Adopt best corporate governance practices that facilitate decision making and accountability Consolidate and protect our brand Strengthen risk management as strategic factor for the organization#16Q3 2022 Key Takeaways All around record results in Q3'22 revenues, gross profit, operating income, net income, Adj. EBITDA, and Adj. Net Income Q3'22 revenue growth entirely organic, up 53% to $201.8 mm led by strong U.S. residential and commercial activity Continued rapid growth in the U.S. single-family residential, with Q3'22 sales up 44.3% to $85.8 mm, through dealership expansion, geographic diversification and innovative products. Accelerated recovery in multi-family and commercial construction, up 61% YoY Gross profit increased 104% to $105.3 mm, with gross margin of 52.2%, attributable to operating leverage, favorable pricing and inventory efficiencies ✓ Adj. EBITDA of $78.5 mm, up 104.0% YoY, with margins up 970 bps to 38.9% ✓ Adjusted net income increased 125.9% to $48.0 mm, or $1.01 per diluted share Substantial cash generation with operating cash flow of $29.1 mm driven by higher profitability YoY and enhanced working capital management Continued deleveraging, with net debt / LTM adj. EBITDA at record low 0.4x Record backlog of $696.9 mm, up ~21% YoY, representing ~1.9x LTM multi family and commercial revenues Sales By Geography 4% Total Revenues Q3'22 ■ U.S. LatAm/Other 96% U.S. End Market Mix 57% Total U.S. Revenues Q3'22 43% SF Residential Gross Margin ■Multi-Family/ Commercial 52.2% Adj. EBITDA¹ Margin Operating Cash Flow Net Leverage 38.9% $29.1 mm 0.4x Notes: 1. Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with our bond issuance and respective extinguishment of former debt, withholding taxes associated with payments to bondholders, acquisition related costs and other non-recurring items 13#17Improved 2022 Double-Digit Growth Outlook ■ Expected revenue growth led by continued expansion. into single-family residential, coupled with stronger momentum from multi-family and commercial backlog Adjusted EBITDA outlook incorporates expectation for full year gross margin to be in the mid-to-high ~40% range, mainly attributable to strong operating leverage, structural advantages, vertically integrated operations, and a higher mix of product versus installation revenue Strong invoicing continuing into Q4'22 with October closing as the highest invoicing month of 2022 ■ Anticipate strong cash flow from operations and executing on growth capex investments to support expected growth in demand Revenue $680-$700 MM +37-41% YoY Adj. EBITDA $240-$255 MM +62-72% YoY 13#18TECNOGLASS Appendix Education First Phase II Massachusetts, United States 15#19Culture of Passion and Experience Throughout the Organization Strong Company Culture Driving Exceptional Employee Engagement Compensation materially above Colombian minimum wage supported by profit sharing programs Job-specific training develops expertise across all functional areas Comprehensive customer service, management and strategic planning training through ES Windows University Assistance with home buying/mortgage payments in addition to regular wages Educational stipends for higher education pursuits Senior leaders primarily comprised of homegrown talent with 70% having spent 10+ years at Tecnoglass Exceptional employee loyalty driving low turnover of less than 5% (1) Led by a Highly Experienced and Dedicated Management Team Excellent relationships with employees allow the Company to remain union-free José Manuel Daes CEO Tecnoglass Inc. Christian Daes COO Tecnoglass Inc. Santiago Giraldo 1. For direct labor only Highly skilled workforce ensures quality products CFO Tecnoglass Inc. Rodolfo Espinosa President C.I. Energia Solar Andrea Zambrano General Counsel Tecnoglass Inc. 16#20Operational Review Detailed, Integrated Production and Distribution Process Vertically Integrated Operations Provide Low Cost Base and Operational Flexibility Suppliers SAINT-GOBAIN 3rd Party Raw Material Production Process Providers of TECNOGLAss Glass: PPG Glass Sheets Others Glass Production Process Final Product Insulated Glass C.I.ENERGIA SOLAR ESWINDOWS 3rd Party Providers of Aluminum Primary Aluminum ALUMONS Painting Profiles Production Process Anodizing The Joint Venture with Saint Gobain reinforces our vertical integration strategy and positions Tecnoglass to capture benefits from nearly the entire value chain of our high-quality architectural glass production High-Spec Windows Sales, Distribution & Installation ESWINDOWS Distributors emp СОПРОТЕКН Installers End Customers 17#21Profit & Loss 2022 vs 2021 (1) Figures in US $k Three months ended September 30, 2022 % Sales 2022 vs 2021 Nine months ended September 30, 2022 vs 2021 2021 % Sales $A % A 2022 % Sales 2021 % Sales $ A % A Operating revenues Raw materials Direct labor Indirect costs Cost of sales 201,780 100.0% 131,659 100.0% 70,121 53.3% 505,452 100.0% 364,966 100.0% 140,486 38.5% 51,021 25.3% 5,759 2.9% 39,704 19.7% 96,484 47.8% Gross profit 105,296 52.2% 45,536 34.6% 4,933 3.7% 29,641 22.5% 80,110 60.8% 51,549 39.2% 5,485 826 10,063 16,374 20.4% 53,747 104.3% 12.0% 16.7% 33.9% 142,728 28.2% 16,099 3.2% 107,364 21.2% 266,191 52.7% 239,261 47.3% 120,400 33.0% 22,328 13,544 3.7% 2,555 18.9% 85,034 23.3% 22,330 26.3% 218,978 60.0% 47,213 21.6% 145,988 40.0% 93,273 63.9% 18.5% Administrative & Other expenses Selling expenses SG&A & other operating expenses 14,914 7.4% 20,250 10.0% 35,164 17.4% Operating income 70,132 34.8% Adjusted EBITDA 78,500 38.9% 8,351 6.3% 6,563 78.6% 13,310 10.1% 6,940 52.1% 21,661 16.5% 13,503 62.3% 29,888 22.7% 40,244 38,479 29.2% 40,021 104.0% 39,442 7.8% 50,234 9.9% 89,676 17.7% 134.6% 149,585 29.6% 178,421 35.3% 25,476 7.0% 13,966 54.8% 36,423 10.0% 13,811 37.9% 61,899 17.0% 27,777 44.9% 84,089 23.0% 108,020 29.6% 65,496 77.9% 70,401 65.2% Non-operating revenues, net 2,455 1.2% Foreign currency transaction gains (losses) (450) -0.2% 1,430 1.1% 188 0.1% Extinguishment of Debt- Amortized Costs 0 0.0% Interest expense (2,249) -1.1% 175 0.1% (2,156) -1.6% (175) (93) 1,025 71.7% (638) -339.4% -100.0% 4.3% 6,207 (856) 1.2% -0.2% 0 (5,432) 0.0% -1.1% 3,239 0.9% 333 0.1% (10,803) -3.0% 2,968 91.6% (1,189) -357.1% 10,803 -100.0% (8,120) -2.2% 2,688 -33.1% (Loss) income before taxes 69,888 34.6% 29,525 22.4% 40,363 136.7% 149,504 29.6% 68,738 18.8% 80,766 117.5% Income Tax Provision 22,966 11.4% Net (loss) income 46,922 23.3% Less: Net income attributable to non-controlling interest (197) -0.1% 0.0% Net income (loss) attributable to parent 46,725 23.2% 8,866 6.7% 14,100 159.0% 20,659 15.7% 26,263 (20) (177) 20,639 15.7% 26,086 126.4% 48,216 9.5% 20,155 5.5% 28,061 139.2% 127.1% 101,288 20.0% 48,583 13.3% 52,705 108.5% 885.0% (516) -0.1% 100,772 19.9% (160) 0.0% 48,423 13.3% (356) 222.5% 52,349 108.1% 47,956 23.8% 21,226 16.1% 26,730 125.9% 106,334 21.0% 57,889 15.9% 48,446 83.7% 0.98 0.43 2.11 1.02 1.01 0.45 2.23 1.21 Adjusted Net Income Diluted income (loss) per share Diluted Adjusted net income (loss) per share Diluted weighted average common shares outstanding in thousands 47,674,773 Notes: 47,674,773 47,674,773 47,674,773 1. Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with our bond issuance and respective extinguishment of former debt, withholding taxes associated with payments to bondholders, acquisition related costs and other non-recurring items 18#22Non-GAAP Reconciliation (1) Adjusted EBITDA and adjusted net (loss) income attributable to parent reconciliation Figures in US $k Notes: Three months ended Sep 30, 2022 2021 Nine months ended Sep 30, 2022 2021 Net (loss) income Less: Income (loss) attributable to non-controlling interest 46,922 (197) 20,659 (20) 101,288 (516) 48,583 (160) (Loss) Income attributable to parent 46,725 20,639 100,772 48,423 Foreign currency transactions losses (gains) 450 (188) 856 (333) Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other) 538 1,266 1,947 3,524 Non Recurring professional fees 3,402 Extinguishment of debt - Call Option Premium 8,610 Extinguishment of debt - Deferred Costs (175) 2,193 Joint Venture VA (Saint Gobain) adjustments Change in FV of Hedging Derivatives Tax impact of adjustments at statutory rate Adjusted net (loss) income Basic income (loss) per share 771 (44) 1,743 102 4 (176) (528) (276) (2,384) (4,454) 47,956 21,226 106,336 57,889 0.98 0.43 2.11 1.02 Diluted income (loss) per share 0.98 0.43 2.11 1.02 Diluted Adjusted net income (loss) per share 1.01 0.45 2.23 1.21 Diluted Weighted Average Common Shares Outstanding in thousands Basic weighted average common shares outstanding in thousands Diluted weighted average common shares outstanding in thousands 47,675 47,675 47,675 47,675 47,675 47,675 47,675 47,675 47,675 47,675 47,675 47,675 Three months ended Sep 30, Nine months ended Sep 30, 2022 2021 2022 2021 Net (loss) income 46,922 Less: Income (loss) attributable to non-controlling interest (197) 20,659 (20) 101,288 (516) 48,583 (160) (Loss) Income attributable to parent 46,725 20,639 100,772 48,423 Interest expense and deferred cost of financing 2,249 2,156 5,432 8,120 Income tax (benefit) provision 22,966 8,866 48,216 20,155 Depreciation & amortization 4,627 5,098 15,089 15,605 Foreign currency transactions losses (gains) 450 (188) 856 (333) Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt, acquisition related costs and other). 538 1,266 1,947 3,269 Non Recurring professional fees 3,402 Extinguishment of debt - Call Option Premium 8,610 Extinguishment of debt - Deferred Costs (175) 2,193 Joint Venture VA (Saint Gobain) EBITDA adjustments Change in FV of Hedging Derivatives Adjusted EBITDA 948 813 2,709 2,154 4 (176) 78,503 38,479 178,423 108,020 1. Adjusted EBITDA, Adjusted EBIT and Adjusted Net Income are not measures of financial performance under generally accepted accounting principles ("GAAP"). Management believes Adjusted EBITDA, Adjusted EBIT and Adjusted Net Income, in addition to operating profit, net income and other GAAP measures, is useful to investors to evaluate the Company's results because it excludes certain items that are not directly related to the Company's core operating performance. Investors should recognize that Adjusted EBITDA, Adjusted EBIT and Adjusted Net Income might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with GAAP. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. 19#23Non-GAAP Reconciliation Net Debt, Leverage and Total Investment Reconciliations Figures in US $k As of September 30, 2021 2022 Short Term Debt and Current Portion of Long Term Debt 13,047 434 Long Term Debt 189,408 168,255 Corporate Bond Gross Debt 202,455 168,689 Cash at the end of the period Net Debt LTM Adjusted EBITDA Net Debt / LTM Adjusted EBITDA 86,521 84,434 115,934 84,255 133,824 220,600 0.87x 0.38x Notes: 1. Total Investment and Free Cash Flow are not financial measures under generally accepted accounting principles ("GAAP"). Management believes this measurements are useful to investors to evaluate the Company's performance. Total Investment includes Capex or cash acquisition of property and equipment, assets acquired under capital lease and assets acquired with debt. Free Cash flow is calculated as cash (used in) provided by operating activities (-) Capex or cash acquisition of property and equipment. Free Cash Flow do not include assets acquired under capital lease or debt. Investors should recognize Total Investment and Free Cash Flow might not be comparable to similarly-titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure prepared in accordance with GAAP. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, we have not provided reconciliations for forward-looking non-GAAP measures. 19