Tecnoglass (TGLS) Investor PresentationNovember 2021

50 United Nations- New York, US

Disclaimer

2

DisclaimerThis 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”) containsinformation 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 tothe 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, commitmentor 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 andwill 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 respectof 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 youare 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 definitivewritten 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, shallhave 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 thisPresentation should conduct its own independent investigation and analysis.

Forward Looking StatementsThis presentation includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. including statements regarding future financialperformance. future growth and future acquisitions. These statements are based on Tecnoglass’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actualresults 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 uncertaintiesaffecting 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. Theinformation 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 futureresults. 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. changesin assumptions or otherwise.

Financial PresentationCertain 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 andamortization) 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 bematerially different when presented in Tecnoglass’ filings with the Securities and Exchange Commission. Tecnoglass believes that the presentation of this non-GAAP financial measure providesinformation 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 theybecome 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 solicitationThis 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 thesolicitation 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 bemade except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933. asamended.

Tecnoglass at a GlanceOverview

Note:1. 2015 and 2016 financial Information has been retroactively adjusted to reflect the acquisition under common control of ES Windows. 2017 financial statements include 10 months of GM&P’s operations after

being acquired in March 1, 2017.2. See the Appendix for a reconciliation of non-GAAP financial measures to the most closely comparable GAAPmeasure.

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Leading Position in U.S. Market

Six Strategic Brands

Key Stats

$465 MMLTM Q3’21 Revenue

~28.7%LTM Q3’21 Adjusted

EBITDA Margin (2)

~16%2012 – LTM Q3’21

Revenue CAGR

~23%2012 – LTM Q3’21

Adjusted EBITDA CAGR (2)

Tecnoglass is a leading architectural glass manufacturer with vertically integrated operations under one roof

Total Revenues LTM Q3’21

U.S. End Market Mix

Total USRevenuesLTM Q3’21

90%

10%

US

LatAm/Other

35%

65%

SF Residential

Multi-Family/Commercial

4

Global Leader in Architectural Glass and WindowsSupplying Architectural Glass Products to Landmark Properties in the U.S. and Latin America

Via 57 West New York,NY

Wyly Theatre Dallas, TX

El Dorado Airport Bogotá,Colombia

LaSalle School of Business Philadelphia, PA

Residential Project

Florida, USSouth Miami Dade

Cultural Arts Center Miami, FL

Brickell City Centre Miami, FL

Santo DomingoAirport Santo Domingo,

Dominican Republic

W HotelFt. Lauderdale,FL

WaterwaySquare Houston, TX

Parcel N Washington,DC

HotelMarriott Aruba, Aruba

Bahaia Centro Santa Marta,Colombia

50 United Nations Plaza New York, NY

FordhamUniversity New York, NY

Ernst & Young Cleveland,OH

✓ Leading manufacturer, distributor and installer of high-spec architectural glass and windows for residential and commercial applications

✓ Global presence with leadership position inU.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 recordwith industry-leading margins

Residential Project

Florida, US

Residential Project

Florida, US

Residential Project

Florida, US

Residential Project

Florida, US

Investment HighlightsLeading Architectural Glass and Windows Company in the U.S. and Latin America

Effectively Positioned to Further Penetrate Key Regions and End Markets

Record of Profitable Growth Driven by Strong Backlog and Residential Expansion

Vertically-Integrated & Well-Situated Operations Driving Step-Change in Performance

Built-to-Suit Innovative Products Pacing Ahead of Evolving Industry Trends

Strong Balance Sheet and Leverage Profile

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1

2

3

4

5

6

Total Sales

TGLS Revenues by Country

83%

14%

Tecnoglass U.S. GrowthStrategy

✓ U.S. revenues continue to represent the majority of our sales, contributing ~90% of total revenues and 86% of total backlog as of Q3’21

✓ Leverage combination of high quality and low production cost to gain additional market share in U.S. residential and commercial end markets

✓ Established relationships with dealers and good reception of our productsamong end customers to grow presence in underpenetrated geographies

✓ Utilize new added capacity with incremental output generated by automation in order to deliver to new clients

✓ Ability to gain share with high-quality products while maintaining strong margins through our advantageous low-cost, vertical integration strategy

TGLS Successful Geographic Expansion in the U.S.

Vast Market Opportunity(1,2,3)

1. IBIS World. IBISWorld Industry Report 32721. Glass Product Manufacturing in the U.S., November 2020

2. IBIS World. IBISWorld Industry Report 33232. Sheet Metal, Window & Door Manufacturing in the U.S., October 2020

3. IBIS World. IBISWorld Industry Report 23815. Glass & Glazing Contractors in the U.S., November 2020

$26.3BN

At Q3’21

US Market Size: $26.3bn TGLS U.S. Share : Top-5

Efficient business model to ship products to all major U.S. markets while preserving cost advantage

Effectively Positioned to Further Penetrate the Attractive U.S. Market1

Significant presence (~64% of US revenues)

Developing Presence (~ 31% of US Revenues)

Emerging Presence (~5% of US Revenues)

34%

14%

52%

Building and construction glass

Sheet Metal, Window & Door

Glass & Glazing Contractors

183197

239

305314

371

431

375

465

0

50

100

150

200

250

300

350

400

450

500

2013 2014 2015 2016 2017 2018 2019 2020 LTMQ3'21

Other Colombia United States Total

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Continued Penetration into U.S. Single Family Residential Market 1

•Source:

1. US Census Bureau

$238.5 mm

Total U.S.Revenue

U.S. Single Family Residential Revenue Mix

LTM Q3’21FY 2017

Multi-family/Commercial SF Residential

$420.7 mm

Total U.S. Revenue

✓ Single family residential sales increased 213% YoY inQ3’21

✓ Single family sales revenues account for ~35% of LTMU.S. revenues (48% in Q3), compared to 3% in 2017

✓ Expanding residential penetration through dealernetwork expansion, geographic diversification and newproduct introductions

✓During Q3’21, began invoicing best-in-class productsfrom our new Multimax product line specificallycatering to untapped opportunity with productionhomebuilders

✓U.S. single-family housing starts up 5% YoY in Q3’21 (1)

✓ Residential revenue growth in the U.S. supported bystrong housing starts, record-low mortgage rates and amigration from cities in search of spaciousaccommodation on increase in work-from-homeopportunities as a result of the pandemic

+12%

-23%

+4%

+51%

+71%

YoY Growth

U.S. Single Family Residential Revenues

+159%

35%

65%

13.7 15.819.0

22.2 23.4

40.9

59.4

0.0

10. 0

20. 0

30. 0

40. 0

50. 0

60. 0

70. 0

Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21

+213%

2

Figures in US$mm

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Proven Track Record of Strong and Profitable U.S. Growth Supported by a Robust Backlog and Residential Expansion

Continued Growth in Backlog as a Result of Efforts to Expand Geographic Footprint, Mix of New End Clients and Strength of Market Position in Residential

✓ Backlog typically gets executed over the following 18months, providing strong visibility

✓ Virtually no project cancellations historically given late-stage installation of windows during constructionprocess

✓ Backlog at $576 mm; up 7.4% YoY; pipeline remainsactive, with pent up demand evident

✓ U.S. backlog of $495 mm, representing 86% of totalbacklog with increased geographical diversification; verystrong activity in the Southeast U.S., the region with ourdeepest presence

✓ The ABI(1) score for September remained at an elevatedlevel of 56.6, returning to levels not seen since early2019

✓ Solid single family residential growth trajectory not fullycaptured in backlog given shorter term “spot” durationof projects

Backlog as of Q3’21 by End Market

Geographic Mix

U.S. Colombia / Latam

Majority of backlog weighted towards medium and high rise residential, which are

outperforming most sectors

At Q3’21

$576 mm

Backlog

$576 mmBacklog

•Source:

1. The American Institute of Architects (AIA) reported the Architecture Billing Index June, 2021.

86%

14%

41%

59%

Commercial

Multi Family /Residential Related

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Unique Location Provides Significant Competitive Advantages

⚫ ⚫

⚫

Barranquilla - Colombia

Puerto Limon, Costa Rica ⚫

Manzanillo, Panama⚫

Progreso, Mexico⚫

Singapore

⚫Morocco⚫ Israel

⚫ Turkey

Barcelona, SpainNapoli, Italy

Ecuador⚫

⚫ Trinidad and Tobago

⚫ Brazil

Ft. Lauderdale, FL

⚫ ArgentinaVal Paraiso, Chile⚫

Callao, Peru⚫

Arica, Chile⚫

Washington, DCLas Vegas, NV ⚫

San Pedro - Los Angeles, CA ⚫

Houston, TX ⚫

⚫Boston, MA

⚫⚫New York, NYOhio⚫

⚫⚫ Nassau, Bahamas

Rio Haina, Dominican Republic⚫ ⚫ San Juan, PuertoRico

⚫⚫ Rio de Janeir Santos, Brazil

o, Brazil

⚫ Berlin, Germanyo Access to all major global markets

o Low shipping rates

Diversified distribution

o Over 1000 clients in North, Central and South America

o Strong customer relationships

o Internally supplied glass and aluminum products

o Strategic raw material sources

Low manufacturing costs

o Access to qualified, low-cost labor supported by other manufacturing and shipping efficiencies provide significant structural competitiveadvantages

Manufacturing and Delivery Cost Efficiencies Provide a Significant Structural Competitive Advantage and Result in High Barriers to Entry

Main Competitive Advantages Strategically Located Manufacturing Units

1 Strategic location near three of Colombia’s four main ports: Barranquilla, Cartagena and Santa Marta

2

3 Vertically integrated business model

4

✓The Colombian net import trade imbalance provides favorable shipping rates for exports

✓The Barranquilla port is just 16 kilometers away from our production facilities and shipping to Miami’s mainport is a three-day journey, six days to New York and 11 days to Los Angeles (through the Panama Canal)

2.7 million square foot state-of-the-art

manufacturing unit in Barranquilla, Colombia

3

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3 Vertically-Integrated & Well Situated Operations Driving Step-Change in Performance

Structural advantages resulting in substantially shorter lead times than industry, unlocking opportunities for continued expansion and market share gains

Suppliers Sales,Distribution

& Installation

Final Product

Production Process

Raw Materials

SuppliersJV & Long Term

Supply Relationships

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

Raw Materials

Labor

Transportation

Energy

✓ Stable glass supply and costs resulting from JV with St. Gobain✓Majority of aluminum costs hedged through fixed price contracts

✓ Investments in automation initiatives and commitment to workforceproviding production efficiency and low turnover

✓ Stable and efficient access to talented workers minimizing wage inflation

✓US/Colombia trade imbalance mitigates marine transportation costs✓ 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

4 Built-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

• Soft Coat Glass: This product offers excellent thermal insulation, and is designed to improve the energy efficiency of buildings

• Laminated / Insu-Laminated Glass: Produced by bonding two glass sheets with anintermediate film in between. As a safety feature, this product fractures into smallpieces if it breaks

• Insulated Glass: Manufactured with two or more glass sheets separated by an aluminum or micro-perforated steel profile, buffering noise and improving thermal control

• Silk-Screened Glass: Special paint is applied to glass using automatic machinery and numerical control, which ensures paint homogeneity and an excellent finish

• Bent Glass: Produced by bending a flat glass sheet over a mold, using an automated heat process, which maintains the glass’ physical properties

• Digital Print Glass: Digital printing allows any kind of appearance required by the client, offering versatility to projects

• Curtain Wall Systems:

• Acts as a window screen suspended outside a building; available in different colors, thicknesses, glass types and finishes, and types of ventilation and design complements

• Windows and Doors:

• Available in different types of glass finishes and structures, normal, hurricane-proof, soundproof, safety and thermal, fixed body, sliding windows and projecting windows

• 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

✓ Tecnoglass’ products comply with Miami-Dade county’s safety code standards, as its laminated anti-hurricane glass resists impact, pressure, water and wind

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Architectural Glass Products Curtain Walls and Other Architectural Systems

Aluminum Products

12

5 Strong Balance Sheet and Leverage Profile To Execute Growth

Notes:

1. 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

2. Calculated based on current nominal amount of financial debt and assuming a Libor + 2.75% interest rate based on projected leverage profile

3. On a pro forma basis as of June 30, 2021 giving effect to the addition of the new $300 mm senior secured facility and pay down of previous facilities

Weighted Average Interest Rate(2)✓In October 2020, entered into new $300 mm credit

facility: $250 mm term loan plus $50 mm revolver

✓Weighted average interest continues to be at the lowest part of the grid, equivalent to Libor + 2.50% in June’21, based on Tecnoglass’ leverage ratio

✓Estimated annual cash interest savings of ~$11 mm

✓Strong cash flow led to $30 mm capital prepayment in the quarter

Improved Leverage

($ in Millions)

18.7 19.721.2 20.4

9.0

7.8% 7.7% 7.3% 7.4%

3,25%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0.0

5.0

10.0

15.0

20.0

25.0

2017 2018 2019 2020 2021E

Annual Cash Interests Weighted Average Interest Rate

~

3.0x

2.6x2.3x

1.6x

0.9x

FY'17 FY'18 FY'19 FY'20 Q3'21

✓Solid cash conversion of adj. EBITDA(1) driving $32.6 mm of cash flow from operations in Q3’21

✓Continued deleveraging, with lowest net debt / LTM adj. EBITDA(1) since 2015 at 0.9x

✓Pro forma liquidity of ~$150 mm(3), including cash of $86.5 mm and $65 mm availability under new credit revolver facility and working capital lines

✓Significant financial flexibility to execute growth

ESG Strategy

Environmental Social Governance

Promoting Continuous, Ethical and Responsible Growth

Enhancing Our EnvironmentLeading Eco-Efficiency and Innovation

Ethics and ComplianceProgram

Efficient Supply ChainSecurity Management

Continuous Improvementof Our Products ThroughOur Quality Management System “QMS”

CommunicationStrategies In-Line Withthe Company’s Objectivesand Specially Designed forEach Audience

Efficient Consumption and Water Saving

+15,000 Solar Panels Installed Generating Over 19,500 MWh

Container and PackagingEnvironmental Management Plan

Employee Training and Education Programs

Program for Preventionand Care of COVID-19

Tecnoglass ESWindowsFoundation

Social InterventionCampaigns

Occupational Health and Safety

Waste Managementand Utilization

Automationand Innovation

Outstanding Achievements

ESG Strategy

Environmental

Our Sustainability Strategy contains the Company’s guidelines and value propositions tomeet the expectations of our stakeholders

Social Governance

Promoting Continuous, Ethical and Responsible Growth

Enhancing Our EnvironmentLeading Eco-Efficiency and Innovation

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

Encourage the energy efficiency of the operation and the products

Prevent, mitigate and compensate environmental impacts of the business

Generate quality work opportunities

Promote and adopt the best labor and Human Rights

Achieve an accident-free labor environment, supported by culture of health and safety

Generate value for the communities in the areas of influence

Build and develop a comprehensive teamwork with innovating mentality

Promote the efficient use of materials and technologies, respectful with the environment

Position an innovation and quality approach within all of the Company`s processes

Responsible management of the value chain and the product cycle

Strengthen risk management as strategic factor for the organization

Q3 2021 Key Takeaways

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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

Sales By Geography

Gross Margin

Adj. EBITDA1 Margin

$39.6%

29.7%

U.S. End Market Mix

Total Revenues

Q3’21

Operating Cash Flow $32.6 mm

0.9xNet Leverage

✓ Structural advantages drove record revenues, gross profit, operatingincome, net income, Adjusted EBITDA, and cash flow from operations

✓ Total Revenues increased 26.2% to a record $130.4 mm led by strong U.S.growth, up 28.8% to $123.2 mm, accounting for 94% of total revenue mix

✓ US single-family residential sales up 213% to a record $59.4 mm led bycontinued penetration of our Prestige and Elite product lines intoSoutheast U.S.; began invoicing Multimax products to productionhomebuilders

✓ Gross profit increased 28.7% to a third quarter record of $51.6 mm, with arecord gross margin of 39.6%, mainly due to operating efficiencies and ahigher revenue mix from manufacturing vs installation activity

✓ Adj. EBITDA1 increased 36.1% to a record $38.7 mm at a margin of 29.7%

✓ Record adjusted net income of $21.6 mm, or $0.45 per diluted share

✓ 6th straight quarter of substantial cash generation with record operatingcash flow of $32.6 mm, mainly due to higher profitability and enhancedworking capital management

✓ Continued deleveraging, with lowest net debt / LTM adj. EBITDA since2015 at 0.9x

✓ Record backlog of $575.8 mm, up 7.4% YoY

94%

6%

U.S.

LatAm/Other

48%52%

SF Residential

Multi-Family/Commercial

Total U.S. Revenues

Q3’21

Improved FY 2021E Growth Outlook

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Revenue 2021E$485-$495 MM

+29-32% YoY

Adj. EBITDA 2021E$140-$145 MM

+43-48% YoY

▪ Revenue growth led by U.S. activity primarily throughrapid expansion into the single family residentialmarket

▪ Adjusted EBITDA outlook incorporates full year grossmargins in the high 30% range, mainly attributable tomore favorable mix of manufacturing vs installationrevenues compared to the prior year, due to significantgrowth in single-family residential sales, which carriesno installation activity

▪ Strong invoicing activity continued into the fourthquarter 2021 through execution of commercial/multi-family project backlog and further penetration of thesingle-family residential market

15

King Open School & Cambridge Street Upper School – MA, USA

Appendix

Education First Phase II

Massachusetts, United States

16

Strong Company Culture Driving Exceptional EmployeeEngagement

José Manuel DaesCEO

Tecnoglass Inc.

Christian DaesCOO

Tecnoglass Inc.

Rodolfo EspinosaPresident

C.I. Energia Solar

Santiago GiraldoCFO

Tecnoglass Inc.

Andrea Zambrano General Counsel Tecnoglass Inc.

Job-specifictraining develops expertise

across all functional areas

Educational stipends for higher education

pursuits

Assistance with home buying / mortgage

payments in additionto regular wages

Senior leaders primarily comprised of homegrown

talent with 70% havingspent 10+ years at Tecnoglass

Highly skilled workforce ensures qualityproducts

Exceptional employeeloyaltydriving low turnoverof

less than 5% (1)

Led by a Highly Experienced and Dedicated ManagementTeam

Compensation materially above

Colombian minimum wage supported by

profit sharingprograms

Comprehensive customer service, management and

strategic planning training through

ES Windows University

Excellent relationships with employees allow the Company

to remain union-free

1. For direct labor only

Culture of Passion and Experience Throughout the Organization

10

Vertically-Integrated Operations Support Low Cost Base and ImprovedOperational Flexibility

Vertically integrated platform provides direct control over a substantial portion of raw material costs, providing a significant advantage relative to other competitors

Tecnoglass Presence

Relevant Brand

Architectural Glass and Window Value Chain

Production Process

Installation

(1)

✓ ✓

Finished Product

✓ ✓

Distribution

✓

Raw Material

1. Raw glass is produced through Vidrio Andino JV. Other raw materials sourced through third-party suppliers

17

Operational ReviewDetailed, Integrated Production and Distribution Process

Suppliers Raw Material Production Process Final Product Sales, Distribution & Installation

3rd Party Providers of Glass:

◼ PPG

◼ Others

Glass Sheets

Insulated

Glass

Painting

Anodizing

End Customers

Distributors

Installers

Primary Aluminum

Glass Production

Process

Profiles Production

Process

High-Spec Windows

Vertically Integrated Operations Provide Low Cost Base and Operational Flexibility

The Joint Venture with Saint Gobain reinforces our vertical integrationstrategy and positions Tecnoglass to capture benefits from nearly theentire value chain of our high-quality architectural glass production

18

Profit & Loss 2021 vs 2020 (1)

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

Figures in US $k2021 % Sales 2020 % Sales $ ∆ % ∆

Operating revenues 363.004 100,0% 272.549 100,0% 90.455 33,2%

Raw materials 119.906 33,0% 82.213 30,2% 37.693 45,8%

Direct labor 13.153 3,6% 13.262 4,9% (109) -0,8%

Indirect costs 84.530 23,3% 74.730 27,4% 9.800 13,1%

Cost of sales 217.589 59,9% 170.205 62,4% 47.384 27,8%

Gross profit 145.415 40,1% 102.344 37,6% 43.071 42,1%

Administrative & Other expenses 25.050 6,9% 24.601 9,0% 449 1,8%

Selling expenses 36.421 10,0% 29.163 10,7% 7.258 24,9%

SG&A & other operating expenses 61.471 16,9% 53.764 19,7% 7.707 14,3%

Operating income 83.944 23,1% 48.580 17,8% 35.364 72,8%

Adjusted EBITDA 107.869 29,7% 72.134 26,5% 35.735 49,5%

Non-operating revenues, net 3.228 0,9% 557 0,2% 2.671 479,5%

Foreign currency transaction gains (losses) 333 0,1% (22.223) -8,2% 22.556 -101,5%

Extinguishment of Debt - Call Option Premium (8.610) -2,4% 0 0,0% (8.610) 0,0%

Extinguishment of Debt- Amortized Costs (2.193) -0,6% 0 0,0% (2.193) 0,0%

Interest expense (8.120) -2,2% (17.236) -6,3% 9.116 -52,9%

(Loss) income before taxes 68.582 18,9% 9.678 3,6% 58.904 608,6%

Income Tax Provision 20.112 5,5% 4.021 1,5% 16.091 400,2%

Net (loss) income 48.470 13,4% 5.657 2,1% 42.813 756,8%1 1 0

Less: Net income attributable to non-controlling interest (151) 0,0% 97 0,0% (248) -255,7%

Net income (loss) attributable to parent 48.319 13,3% 5.754 2,1% 42.565 739,7%

Adjusted Net Income 58.097 16,0% 26.678 9,8% 31.419 117,8%

Basic income (loss) per share 1,02 0,12

Diluted income (loss) per share 1,02 0,12

Basic loss per share 47.674.773 46.117.631

Diluted loss per share 47.674.773 46.117.631

2021 vs 2020Nine months ended September 30,

2021 % Sales 2020 % Sales $ ∆ % ∆

Operating revenues 130.410 100,0% 103.309 100,0% 27.101 26,2%

Raw materials 44.489 34,1% 32.759 31,7% 11.730 35,8%

Direct labor 4.816 3,7% 4.180 4,0% 636 15,2%

Indirect costs 29.460 22,6% 26.249 25,4% 3.211 12,2%

Cost of sales 78.765 60,4% 63.188 61,2% 15.577 24,7%

Gross profit 51.645 39,6% 40.121 38,8% 11.524 28,7%

Administrative & Other expenses 8.181 6,3% 9.381 9,1% (1.200) -12,8%

Selling expenses 13.310 10,2% 10.534 10,2% 2.776 26,4%

SG&A & other operating expenses 21.491 16,5% 19.915 19,3% 1.576 7,9%

Operating income 30.154 23,1% 20.206 19,6% 9.948 49,2%

Adjusted EBITDA 38.741 29,7% 28.456 27,5% 10.285 36,1%

Non-operating revenues, net 1.430 1,1% 557 0,5% 873 156,7%

Foreign currency transaction gains (losses) 188 0,1% (3.066) -3,0% 3.254 -106,1%

Extinguishment of Debt - Call Option Premium 0 0,0% 0 0,0% 0 0,0%

Extinguishment of Debt- Amortized Costs 175 0,1% 0 0,0% 175 0,0%

Interest expense (2.156) -1,7% (6.147) -6,0% 3.991 -64,9%

(Loss) income before taxes 29.791 22,8% 11.550 11,2% 18.241 157,9%

Income Tax Provision 8.848 6,8% 3.279 3,2% 5.569 169,8%

Net (loss) income 20.943 16,1% 8.271 8,0% 12.672 153,2%1 1 0

Less: Net income attributable to non-controlling interest (24) 0,0% 52 0,1% (76) -146,2%

Net income (loss) attributable to parent 20.919 16,0% 8.323 8,1% 12.596 151,3%

Adjusted Net Income 21.560 16,5% 12.691 12,3% 8.869 69,9%

Basic income (loss) per share 0,44 0,18

Diluted income (loss) per share 0,44 0,18

Basic loss per share 47.674.773 46.117.631

Diluted loss per share 47.674.773 46.117.631

Three months ended September 30, 2021 vs 2020

19

(1)Non-GAAP ReconciliationAdjusted EBITDA and adjusted net (loss) income attributable to parent reconciliation

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.

Figures in US $k

2021 2020 2021 2020

Net (loss) income 20.943 8.271 48.470 5.657

Less: Income (loss) attributable to non-controlling interest (24) 52 (151) 97

(Loss) Income attributable to parent 20.919 8.323 48.319 5.754

Foreign currency transactions losses (gains) (188) 3.066 (333) 22.223

Gain on change in fair value of earnout shares liabilities - - - -

Gain on change in fair value of warrant l iability - - - -

Deferred cost of financing

Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt,

acquisition related costs and other) 1.266 2.356 3.522 5.131

Extinguishment of debt - Call Option Premium - - 8.610 -

Extinguishment of debt - Deferred Costs (175) - 2.193 -

Joint Venture VA (Saint Gobain) adjustments 8 389 155 1.408

Change in FV of Hedging Derivatives 4 612 (178) 1.970

Tax impact of adjustments at statutory rate (275) (2.055) (4.191) (9.808)

Adjusted net (loss) income 21.560 12.691 58.097 26.678

Basic income (loss) per share 0,44 0,18 1,02 0,12

Diluted income (loss) per share 0,44 0,18 1,02 0,12

Diluted Adjusted net income (loss) per share 0,45 0,28 1,22 0,58

Diluted Weighted Average Common Shares Outstanding in thousands 47.675 46.118 47.675 46.118

Basic weighted average common shares outstanding in thousands 47.675 46.118 47.675 46.118

Diluted weighted average common shares outstanding in thousands 47.675 46.118 47.675 46.118

2021 2020 2021 2020

Net (loss) income 20.943 8.271 48.470 5.657

Less: Income (loss) attributable to non-controlling interest (24) 52 (151) 97

(Loss) Income attributable to parent 20.919 8.323 48.319 5.754

Interest expense and deferred cost of financing 2.156 6.147 8.120 17.236

Income tax (benefit) provision 8.848 3.279 20.112 4.021

Depreciation & amortization 5.098 5.214 15.605 15.420

Foreign currency transactions losses (gains) (188) 3.066 (333) 22.223

Non Recurring expenses (extinguishment of debt, bond issuance costs, provision for bad debt,

acquisition related costs and other) 1.266 1.073 3.267 2.900

Extinguishment of debt - Call Option Premium - - 8.610 -

Extinguishment of debt - Deferred Costs (175) - 2.193 -

Joint Venture VA (Saint Gobain) EBITDA adjustments 813 742 2.154 2.610

Change in FV of Hedging Derivatives 4 612 (178) 1.970

Adjusted EBITDA 38.741 28.456 107.869 72.134

Nine months endedSep 30, Sep 30,

Three months ended Nine months ended

Sep 30, Sep 30,

Three months ended

19

(1)Non-GAAP ReconciliationNet Debt, Leverage and Total Investment Reconciliations

Figures in US $k

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.

2020 2021

Short Term Debt and Current Portion of Long Term Debt 3.246 13.047

Long Term Debt 34.806 189.408

Corporate Bond 208.329 -

Gross Debt 246.381 202.455

Cash at the end of the period 68.200 86.520

Net Debt 178.181 115.935

LTM Adjusted EBITDA 93.635 133.529

Net Debt / LTM Adjusted EBITDA 1,90x 0,87x

As of September 30,