We look for Tecnoglass to post essentially flat 4Q:25 sales year over year, with cost pressures driving our projected 19% EPS decline in the quarter. Beyond the quarter, we look for updates on the company's U.S. market penetration initiatives (new showrooms, vinyl windows), and its plans to diversify its manufacturing footprint into the U.S. Moreover, we think TGLS's stock has been pressured by geopolitical tensions between the governments of the U.S. and Colombia, and the January 2026 U.S. military intervention in Colombia's neighboring country, Venezuela. We do not know of any operational effects to TGLS, yet we believe it to be an overhang for the stock. TGLS remains in a net cash position, and its recently upsized revolver has $245 million of availability, supporting our moderate risk rating. Our $74 price target is based on 17x our 2026 EPS estimate of $4.35.