Gene Velaz

Gene Velaz asked about the projected cadence of non-residential, commercial, and single-family work through the first and second halves of 2026 compared to 2025, and if the expansion into Northern Florida is influencing backlog movement. He also inquired about the expected impact of aluminum prices in the second half of 2026 and the potential for vinyl product growth to exceed the 3x projection.

Answer

CFO Santiago Giraldo explained that revenues are projected to increase sequentially each quarter, with Q1 expected to be similar to Q4, and subsequent quarters showing higher revenues, making the year backloaded for both single-family residential and commercial segments. He clarified that the downside scenario assumes stable aluminum pricing (similar to late 2025/current levels), while the upside scenario anticipates aluminum prices tapering off in the second half of 2026. CEO José Manuel Daes stated that the 3x growth projection for vinyl is a conservative minimum, with expectations to ramp up from $1 million/month to $5 million/month in H2 2026, and potentially $10 million/month next year, indicating significant upside potential.

Gene Velaz asked about the cadence of non-residential (commercial) and single-family residential work through the first and second halves of 2026, how expansion into Northern Florida influences backlog movement, the expected impact of aluminum prices on H2 2026, and the potential for vinyl product growth beyond the projected 3x.

Answer

Santiago Giraldo, Chief Financial Officer, projected incremental sequential revenues throughout 2026, with Q1 expected to be in line with Q4 2025, and subsequent quarters showing higher revenues due to backlog, geographical penetration, and vinyl ramp-up, making the year backloaded. For aluminum, he outlined scenarios of stable pricing (low end) or tapering off in H2 (high end). José Manuel Daes, Chief Executive Officer, stated that 3x vinyl growth is a conservative minimum, with potential for 5x monthly sales in H2 2026 and $10 million monthly next year.