TGLS posted record 2Q:26 sales of $295 million, up 16% year over year, topping our forecast. U.S. Residential sales grew 15% against our forecast of a 6% decline, aided by about $15-$20 million of orders pulled forward ahead of a price increase. Pricing actions are taking hold, which was the key item we were monitoring heading into the quarter. Residential realization is underway, and Commercial pricing flows through over a longer horizon and remains a 2027 driver. TGLS narrowed 2026 sales guidance and lowered its profit guidance, owing to a rapid appreciation of the Colombian peso (14% since the 1Q:26 release in May). A 5% move weighs on gross margin by roughly 120 basis points. We lower our estimates and now model 2026 EPS of $2.56 (from $2.72) and 2027 EPS of $3.40 (from $3.58) as we push out the gross margin recovery. We view the current aluminum, FX, and tariff dynamics as cyclical and TGLS's vertically integrated cost base as structural. That advantage should continue to support share gains over a long runway and underpins the double-digit organic growth we model in 2026-2027. Our lowered $58 price target (from $61) is now based on 17x our trimmed 2027 EPS estimate of $3.40 (from $3.58). TGLS's net debt stood at $145 million ($3.26 per share). A solid balance sheet with no major debt maturities until 2030 supports our moderate risk rating.