Tecnoglass Inc

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part 1, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, except as follows:

Risks Related to Colombia and Other Countries Where We Operate

Our business could be negatively impacted by newly imposed U.S. tariffs and ongoing trade tepolitical or economic tensions between the U.S. and Colombia.

In March 2025,  and the U.S. government reinstatnited a 25% tariff on all steel importStates.

Our business operations and increased the aluminum tariff from 10% to 25% under Section 232 of the Trade Expansion Act, eliminating prifinancial performance could be adversely affected by political or exemptconomic tensions and expanding cbetween the goverage to derivative products. Subsequently, in June 2025, nments of Colombia and its neighbor country Venezuela, and these tariffs were doubled to 50% ad valorem. These measures significan United States, mostly impactnfluenced our cost structure during the initiby differences in political months of implemeorientation. In response, we shifted a por and policy priorities between the before mention of our alued countrys adminum sourcing to U.S. suppliers to reduce exposure to the tariff and, consistent with broader market dynamics, adjusted oistrations. Given that our manufacturing is based in Colombia and 96% of our selling pricales to partially offset tfor the increased cost burden.

On April 2fiscal year ended December 31, 2025, President Donald Trump declar4, occurred a shift in U.S. trade policyin the United States, announcing Tariff Libey deterioration Day. As part of this initiin diplomatic or economic relative, a universal 10% tariff was imposed on imports from all ons between the countries, including Colombia, effective April 5, 2025. Addithe impositionally, a second tier of higher of trade reciprocalstrictions, tariffs targeting countries deemed to have unfair trade prac, sanctions, limitations on cross-border payments, or other measures resulting from politices was declared to go into effect on April 9, 2025. While al disagreements between the President of Colombia was not explicitly named among those subject to elevaGustavo Petro, and the President of the United tariffs, the inclusion of Colombian exports under the universal tariff lead toStates Donald Trump, could negatively affect our ability to conduct business in the U.S., increased uncertainty and  our cost pressures on our operations. As of June 30, 2025, the 10% universs, or restrict access to financial tariff remains in effectand commercial channels.

Although no reciprocal tariff initiative against Colombia is active as of the date of this report, this new tariff regime underscores the unpredictability of U.S. trade policy and its potential impact on companies with international manufacturing operations. Given that our manufacturing is based in Colombia and 96% of our sales for the fiscal year ended December 31, 2024, occurrere can be no assurance that such measures will not be introduced in the United States, the imposition of future. Any such deven baseline tarifflopments could materially impact our production costs, supply chain efficiency, and price competitiveness.

Continued trade volatility or further have a material adverse policy developments could disrupt effect on our operationrevenues, compress margins, or reduce demand from our U.S. customer baseprofitability, any of which could have a material adverse effect on our d overall business and financial resulprospects.