#1TECNOGLASS Tecnoglass (TGLS) Investor Presentation May 2023#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 $785 MM LTM Q1'23 Revenue Leading Position in U.S. Market U.S. End Market Mix 4% ■SF Residential ■LatAm/Other 56% Total U.S. Revenues LTM Q1'23 44% ■ Multi-Family/ Commercial ~19% 2012 LTM Q1'23 Revenue CAGR Total Revenues LTM Q1'23 96% ■ U.S. ~39% LTM Q1'23 Adjusted EBITDA (1) Margin ~30% 2012 LTM Q1'23 - Adjusted EBITDA (1) CAGR 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 non-cash foreign exchange transaction gains or losses, non-recurring professional fees and other non-core items, and include the proportional contribution of the Company's joint venture with Saint-Gobain. 3#4Global Leader in Architectural Glass and Windows Supplying Architectural Glass Products to Landmark Properties in the U.S. and Latin America 50 United Nations Plaza New York, NY Parcel N Washington, DC Residential Project South Miami Dade Cultural Arts Center Miami, FL Florida, U.S. Bahaia Centro Ernst & Young Cleveland, OH Santa Marta, Colombia Residential Project Florida, U.S. 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 nearly 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 Fordham University New York, NY Residential Project Florida, U.S. El Dorado Airport Bogotá, Colombia Waterway Square Houston, TX Residential Project Florida, U.S. LaSalle School of Business Philadelphia, PA Hotel Marriott Aruba, Aruba Brickell City Centre Miami, FL Wyly Theatre Dallas, TX Residential Project Florida, U.S. 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, Elite 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. Architectural Glass Products: Soft coat glass, laminated/Insu-laminated glass, insulated glass, silk-screened glass, bent glass and 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. Storefronts, Railings, Louvers and Interiors 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 5#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 Expansion 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 6#71 Effectively Positioned to Further Penetrate the Attractive U.S. Market Total Sales TGLS Revenues by Country 431 375 371 314 305 239 197 183 497 785 717 U.S. revenues continue to represent the majority of our sales, contributing ~96% of total revenues and ~95% total backlog as of Q1'23 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 nearly 1,000 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 2022 LTM Q1'23 Other Colombia United States Total TGLS Successful Geographic Expansion in the U.S. +40% +59% +44% +86% +155% +142% 85.8 85.1 83.6 +213% 75.9 +159% +71% +51% 59.4 59.6 +4% 53.6 -23% +12% 22.2 23.4 19.0 Significant presence (~64% of U.S. Backlog) 13.7 15.8 40.9 Developing Presence (~ 31% of U.S. Backlog) Emerging Presence (~5% of U.S. Backlog) Q1'20 Q2 '20 Q3 '20 Q4 '20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23 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 7#8$ millions 1 Demonstrated History of Converting Backlog to Revenue Backlog by End Market 33% $776m March'23 67% ■Multifamily / 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 of $776.3 mm, up ~19.2% YoY, representing ~1.7x LTM multi family and commercial revenues U.S. backlog of $739 mm, representing 95% of total backlog, led by increased geographical diversification and strong activity in the Southeast U.S., our strongest region, currently outperforming most of the country Historically, 62.7% of Revenue in the backlog rolls off within 12 months and 95.6% 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% 100% 102% 104% 95% 96% 92% 93% 93% 90% 87% 86% 88% 88% 89% 69% 73% 72% 71% 66% 70% 677 66% 60% 59% 61% 58% 56% 59% 60% 58% 63% 725 55% 57% 697 52% 668 651 576 585 501 497 506 515 518 525 532 542 546 550 536 545 552 559 Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2 '20 Q3 '20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Note: Excludes Single-family Residential Total Backlog Revenue Next 12M as % of Backlog Revenue Next 18M as % of Backlog 8#92 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 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 ✓ U.S./Colombia trade imbalance mitigates marine transportation costs Transportation Energy ✓ Connected supply chain keeps intercompany transport costs <5% of revenues ✓ 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 9#102 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 Around 1000 clients in North, Central and South America 。 Strong customer relationships 3 Low Shipping Cost to the U.S. 4 。 The Colombian net import trade imbalance provides favorable shipping rates for exports Multiple Costs Advantages to U.S. Market Labor Cost per Hour ~8x 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 Energy Cost per KwH Transportation Costs ~36% 11¢ 4.5k I 3.3k $ 24 ~57% 7¢ $3 TGLS US St TGLS US SO Source: Federal Reserve Economic Data Source: U.S Energy Information Administration Callao, Peru Arica, Chile Sa Val Paraiso, Chile • Argentina TGLS U.S-Based Competitor * *Tecnoglass' estimate for land transportation from Midwest to major coastal cities Morocco Israel 4.1 million square foot state-of-the-art manufacturing unit in Barranquilla, Colombia Short supply chain and vertical integration provide a significant competitive advantage 10 Singapore#113 Structurally Strengthened Margins & Cash Flow Improved Gross Margin 53.2% 48.8% 40.8% 37.0% 31.5% US$ millions -5.0 Operating Cash Flow Bridge (2018 – LTM Q1'23) 221.2 2019 2020 2021 2022 Q1'23 Change in Adj. EBITDA 2018 Operating Cash Flow 10.8 -24.9 Change in Working Capital Interest Expense -28.1 157.8 -16.1 Unrealised FX Losses Other LTM Q1'23 Operating Cash Flow Notes: Gross margin increased to 53.2% in Q1'23, 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 77 as of Q1'23, 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 in addition to typical 60 day terms Interest expense savings achieved through reduction in both debt outstanding and weighted average interest rate 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. 11#123 Strong Balance Sheet and Leverage Profile To Execute Growth Liquidity of $300 million, including cash of $128.5 million and $170 million available under committed revolver and other working capital lines 1 High Return Strategic Capex Capital Allocation Priorities ■ Growth capital investments include automation projects, additional production lines and facility footprint expansion to address ongoing geographic and end market expansion ■ 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, $83.2 million in 2022 and $20.3 million in Q1 2023 Installed vs. Utilized Capacity 2 3 4 Dividend Payments ■In March 2023 the Company declared a quarterly cash dividend of $0.09 per share, representing a 20% increase from previous dividend payments Share Repurchase Program ■ Board of Directors authorized program to buy up to $50 million of the Company's common stock Debt Repayment Voluntarily prepaid $32 million resulting in all-time low net debt / LTM Adj. EBITDA (¹) and no significant debt maturities until the end of 2026 Improved Leverage Notes: 1. ($ in Millions) ($ in Millions) 259.8 90% 800 950 242.3 224.3 224.5 72% 66% 600 61% 74% 199.1 717 670 3.0x 2.6x 169.5 169.9 615 560 2.3x 497 431 1.6x 371 377 0.8x 0.2x¦ | 0.1x¦ 2018 2019 2020 2021 2022 2023 E FY'17 FY'18 FY'19 FY 20 FY'21 FY'22 LTM Q1'23 Installed Capacity Utilized Capacity % Utilized ■Total Debt Net Debt/Adjusted EBITDA Adjusted EBITDA excludes non-recurring and non-cash expenses mainly associated with non-cash foreign exchange transaction gains or losses, non-recurring professional fees and other non-core items, and include the proportional contribution of the Company's joint venture with Saint-Gobain. 12#13Track Record of Strong Returns Above Peers 32% TGLS 3 Year Average ROE 12% U.S. Building Products Peers 1 18% TGLS 3 Year Average ROIC 7% U.S. Building Products Peers 1 Stronger profitability and a meaningful step-up in cash flow generation has driven significant average returns over the past 3 years, ahead of U.S. Building Product Peers¹ Stronger profitability and significant improvement in working capital driving strong returns Notes: 1. U.S. Building Products Peers include AMWD, APOG, AWI, AYI, AZEK, DOOR, JBI, JELD, NX, PGTI, ROCK, SSD, and TILE. 13#144 Committed to ESG Principles 00 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 14#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 15#16Q1 2023 Key Takeaways Q1'23 all-organic revenue growth of 50.6% to $202.6 mm. Growth continues to be fueled by strong U.S. performance, up 53.4% to $194.8 mm, on continued healthy single-family residential revenue, up 40.0% to $83.6 mm, through dealership expansion, geographic diversification and new innovative products. Ramping commercial activity, up 59.0% YoY Sales By Geography Q1'23 4% Record Q1'23 gross profit increased 78.6% to $107.8 mm, with gross margin up 830 bps reaching a record 53.2% attributable to operating leverage on higher sales, favorable pricing, revenue mix and automation initiatives Total Revenues Q1'23 ■ U.S. LatAm/Other 96% Robust Operating Income of $73.7 mm on higher sales. Operating margins improved by 1110 bps to 36.4% Adj. EBITDA of $85.8 mm, with margins up by 860 bps to a record 42.4% on gross margin expansion ✓ Adj. net income increased 103.1% to $51.5 mm Adj. EPS, which excludes non-cash FX and non core items, up 103.1% to $1.08, compared to $0.53 in the previous year quarter Record cash flow from operations of $43.1 mm driven by higher profitability YoY and enhanced working capital management further strengthening financial flexibility to execute expected growth; record free cash flow of $27.5 mm for the quarter Continued deleveraging, with the lowest net debt / LTM Adj. EBITDA in the company's history at 0.1x Backlog of $776.3 mm, up ~19.2% YoY, representing ~1.7x LTM multi family and commercial revenues Notes: 1. U.S. End Market Mix Q1'23 ■SF Residential 57% Total U.S. Revenues Q1'23 43% Q1'23 Gross Margin ■ Multi-Family/ Commercial 53.2% Q1'23 Adj. EBITDA¹ Margin 42.4% Q1'23 Operating Cash Flow $43.1 mm Q1'23 Net Leverage 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 0.1x 16#17Improved 2023 Double-Digit Growth Outlook ■ Expected revenue growth led by continued geographical expansion and market share gains 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 50% range, mainly attributable to strong operating leverage, structural advantages, vertically integrated operations, and favorable pricing and revenue mix ■ Strong invoicing continuing into Q2'23 on the back of March which represented the highest revenue month in the Company's history. Outlook continues to incorporate a more leveled approached on the single-family residential segment outlook Expect cash flow from operations to trend down in Q2'23 and Q3'23 given timing of tax payments in U.S. & Colombia. Capex expected to trend down after Q3'23 given the finalization of several growth capex initiatives Revenue $810-$850 MM +13-19% YoY Adj. EBITDA $315-$335 MM +19-26% YoY 17#18TECNOGLASS Appendix Education First Phase II Massachusetts, United States 18#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. 19#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 Insulated Glass 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 Final Product C.I.ENERGIA SOLAR ESWINDOWS Sales, Distribution & Installation ESWINDOWS Distributors gmp High-Spec Windows СОПРОТЕКН Installers End Customers 20 20#21Profit & Loss 2023 vs 2022 Figures in U.S. $k Notes: 1. (1) Three months ended March 31, 2023 % Sales 2023 vs 2022 2022 % Sales $A % A Operating revenues Raw materials Direct labor Indirect costs 202,639 100.0% 134,548 100.0% 68,091 50.6% Cost of sales 53,066 26.2% 4,516 2.2% 37,302 18.4% 94,884 46.8% Gross profit 107,755 53.2% 39,638 29.5% 6,047 4.5% 28,530 21.2% 74,215 55.2% 60,333 44.8% 13,428 33.9% (1,531) -25.3% 8,772 30.7% 20,669 27.9% 47,422 78.6% Administrative & Other expenses Selling expenses 17,755 16,320 8.1% 8.8% SG&A & other operating expenses 34,075 16.8% 12,999 9.7% 13,368 9.9% 26,367 19.6% 4,756 2,952 7,708 29.2% 36.6% 22.1% Operating income 73,680 36.4% Adjusted EBITDA 85,836 42.4% 33,966 25.2% 45,351 33.7% 39,714 116.9% 40,485 89.3% Non-operating revenues, net 2,736 1.4% Foreign currency transaction gains (losses) (1,100) -0.5% Interest expense (2,273) -1.1% 1,922 1.4% (2,909) -2.2% (1,468) -1.1% 1,809 (805) 814 42.4% -62.2% 54.8% (Loss) income before taxes Current Tax provision Deferred Tax Provision Net (loss) income Less: Net income attributable to non-controlling interest 73,043 36.0% 31,511 23.4% 41,532 131.8% 24,515 156 12.1% 0.1% 12,126 9.0% 12,389 102.2% (1,568) -1.2% 1,724 -109.9% 48,372 23.9% 20,953 15.6% 27,419 130.9% (137) -0.1% 48,235 23.8% (100) -0.1% (37) 37.0% 20,853 15.5% 27,382 131.3% 51,506 25.4% 25,355 18.8% 26,151 103.1% 1.01 0.44 1.08 0.53 Net income (loss) attributable to parent 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 47,674,773 Adjusted EBITDA, Adjusted Net Income and Adjusted EPS excludes non-recurring and non-cash expenses mainly associated with non-cash foreign exchange transaction gains or losses, non-recurring professional fees and other non-core items, and include the proportional contribution of the Company's joint venture with Saint-Gobain. 21#22Non-GAAP Reconciliation Adjusted EBITDA and adjusted net (loss) income attributable to parent reconciliation Figures in U.S. $k Three months ended Mar 31, 2023 2022 Net (loss) income Less: Income (loss) attributable to non-controlling interest 48,372 (137) 20,953 (100) (Loss) Income attributable to parent 48,235 20,853 Foreign currency transactions losses (gains) 1,100 2,909 Non Recurring expenses (non-recurring profesional fees, capital market fees, provision for bad debt, other non-core ítems) 3,275 3,487 Joint Venture VA (Saint Gobain) adjustments 435 36 Tax impact of adjustments at statutory rate (1,539) (1,930) Adjusted net (loss) income 51,506 25,355 Basic income (loss) per share 1.01 0.44 Diluted income (loss) per share 1.01 0.44 Diluted Adjusted net income (loss) per share 1.08 0.53 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 Three months ended Mar 31, 2023 2022 Net (loss) income 48,372 Less: Income (loss) attributable to non-controlling interest (137) 20,953 (100) (Loss) Income attributable to parent 48,235 20,853 Interest expense and deferred cost of financing 2,273 1,468 Income tax (benefit) provision 24,671 10,558 Depreciation & amortization 4,767 5,251 Foreign currency transactions losses (gains). 1,100 2,909 Non Recurring expenses (non-recurring profesional fees, capital market fees, provision for bad debt, other non-core ítems) 3,275 3,487 Joint Venture VA (Saint Gobain) EBITDA adjustments Adjusted EBITDA 1,515 825 85,836 45,351 Notes: 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. 22#23Non-GAAP Reconciliation Net Debt, Leverage and Total Investment Reconciliations Figures in U.S. $k Notes: Short Term Debt and Current Portion of Long Term Debt Long Term Debt Gross Debt Cash at the end of the period Net Debt As of March 31, 2022 2023 485 183,414 183,899 819 169,076 169,895 84,431 128,538 99,468 41,357 LTM Adjusted EBITDA 163,159 306,151 Net Debt / LTM Adjusted EBITDA 0.61x 0.14x 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. 23