Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB · BMV:CEMEX/CPO
Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB — Cemex — Q2 2026 Earnings Presentation
30 slides from Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB's earnings presentation, Jul 23, 2026
Slide 1: Second Quarter 2026 Results
Second Quarter 2026 Results Sixth Street Viaduct, Los Angeles, United States
Slide 2: Forward-looking statements disclaimer
Except as the context otherwise may require, references in this presentation to “we,” “us,” “our,” or similar expressions refer to Cemex, S.A.B. de C.V. (“Cemex”) (NYSE: CX; BMV: CEMEX.CPO) and its consolidated entities. The information disclosed in this presentation and the current or future events
Slide 3: Transformation producing strong results
Transformation producing strong results • Consolidated 2Q EBITDA increasing 24% YoY, incl. favorable one-off settlement of outstanding claim in Europe of $42 million • Strong earnings quality ex. one-off 1: Sales +11%, EBITDA +19% and EBIT +29%; EBITDA margin +1.4pp, EBIT margin +1.9pp • Record 2Q F
Slide 4: 2Q26 results reflecting progress on Transformation Goals
2Q26 results reflecting progress on Transformation Goals Adj. FCF from Ops. Net Sales EBITDA EBITDA FCF from Conversion rate1 (LTM) Margin Operations +7% l-t-l +18% l-t-l +27pp 60% +24% +2.1pp +12% +212% 1,018 22.2% 4,593 20.1% 637 33% 4,093 822 2Q25 2Q26 EBIT 204 +38% 681 495 2Q25 2Q26 2Q25 2Q26 2Q
Slide 5: Continued volume recovery in Mexico
Continued volume recovery in Mexico 2Q26 YoY % Volume Growth CONSOLIDATED VOLUMES YoY % Volume Growth 1% 0% 1% 0% USA -2% EUROPE -3% -4% -2% -7% 7% 4% MEX 3% -2% EMEA -4% -4% Cement1 1% Ready-mix SCAC -6% Aggregates 1) Domestic gray cement. 5
Slide 6: Higher sequential prices in most regions
Higher sequential prices in most regions 2Q26 YoY % and QoQ % CONSOLIDATED PRICES Price Increases YoY % Price Increase 5% 4% EUROPE 1% 2% 3% USA 2% 1% 0% -1% 0% 0% -2% 6% 1% 1% 1% 1% 2% 0% 5% 2% 5% MEX 3% 4% EMEA 2% 2% 4% 5% 3% 1% Sequential (1Q26 to 2Q26) Cement1 1% Ready-mix SCAC Aggregates -1% -1
Slide 7: EBITDA growth largely supported by Transformation and pricing
EBITDA growth largely supported by Transformation and pricing EBITDA +18% +24% 1,018 968 50 31 15 78 822 22 2Q25 Volume Price Costs & Urb. Sol. 2Q26 FX 2Q26 Expenses and Other l-t-l reported EBITDA margin 20.1% +2.1pp 22.2% Millions of U.S. dollars. 7
Slide 8: Increasing Project Cutting Edge cost savings program to $475 million
Increasing Project Cutting Edge cost savings program to $475 million with more to come… Cost Savings Program (US$ M) Total Savings 90 475 Breakdown 55 New 75 65 Savings 35 20 48% 52% 45 60 a 400 Existing 1H26 YoY Savings EBITDA COGS Op. Exp. 200 60 Margin as % of as % of Sales Sales 2025 1Q26 2Q26 2
Slide 9: Other Project Cutting Edge initiatives bolster asset efficiency and FCF
… as other Project Cutting Edge initiatives bolster asset efficiency and FCF going forward Opportunity 2026 Space Cost Savings $475 M Program EBITDA $100 to Asset Pruning $150 M FCF Reduce individual ~$300 M FCF spend items FCF Bolt-on M&A and AI contribution 9
Slide 10: Regional Highlights
Regional Highlights L' Arbre Blanc, Montpellier, France
Slide 11: Mexico: Building momentum with improving demand
Mexico: Building momentum with improving demand YTD Millions of U.S. dollars 2Q26 2Q26 Sales 1,311 2,567 % YoY (l-t-l) 12% 11% EBITDA 491 945 % YoY (l-t-l) 27% 26% EBITDA margin 37.5% 36.8% pp var 4.8pp 4.7pp • Structural efficiencies and operating leverage delivering solid results • Second consecut
Slide 12: U.S.: Stable demand despite weather
U.S.: Stable demand despite weather YTD Millions of U.S. dollars 2Q26 2Q26 Sales 1,315 2,511 % YoY (l-t-l) 1% 1% EBITDA 248 438 % YoY (l-t-l) (11%) (6%) AGGS EBITDA margin 18.9% 17.5% 38% pp var (2.4pp) (1.3pp) 2Q26 EBITDA RMX & 18% • Unusually high precipitation impacting performance in key markets
Slide 13: EMEA: Operational excellence and pricing driving results
EMEA: Operational excellence and pricing driving results Europe YTD 76% Millions of U.S. dollars 2Q26 2Q26 2Q26 EBITDA Sales 1,518 2,681 24% % YoY (l-t-l) 9% 5% MEA EBITDA 293 444 % YoY (l-t-l) 24% 23% EBITDA margin 19.3% 16.6% pp var 2.2pp 2.2pp • Favorable one-off of $42 million in Sales and EBITD
Slide 14: SCAC: Cost discipline driving results
SCAC: Cost discipline driving results Jamaica Rest YTD 38% Millions of U.S. dollars 2Q26 2Q26 2Q26 33% EBITDA Sales 307 602 % YoY (l-t-l) (1%) (1%) 29% EBITDA 66 133 Colombia % YoY (l-t-l) 25% 19% EBITDA margin 21.7% 22.0% pp var 4.3pp 3.5pp • Double-digit EBITDA growth driven by disciplined cost an
Slide 15: Financial Developments
Financial Developments Pelješac Bridge, Pelješac, Croatia Built with Vertua Concrete, part of our Vertua family of products with sustainable attributes.
Slide 16: Significant acceleration in Free Cash Flow generation and conversion
Significant acceleration in Free Cash Flow generation and conversion Controlling Adj. FCF Net Income conversion1 2Q25 2Q26 Var. 1H25 1H26 Var. -45% +27pp EBITDA 822 1,018 196 1,417 1,812 395 1,052 Net interest paid (103) (67) 36 (210) (157) 53 60% Maint. capex & lease 574 (208) (168) 41 (381) (312)
Slide 17: Outlook
2026 Outlook Gilbert Chabroux School, Lyon, France Built with Insularis, part of our Vertua family of products with sustainable attributes.
Slide 18: Outlook 2026
1 Outlook 2026 EBITDA2 16% to 17% increase Energy cost/ton of cement produced Low-single digit % increase Maintenance CapEx ~$900 million ~$300 million Growth CapEx Growth Investments ~$210 million Inv. in Intangible Assets Investment in working capital $50 to $100 million investment Cash taxes ~$40
Slide 19: Appendix
Appendix International Museum of Baroque, Puebla, Mexico
Slide 20: 2026 volume guidance: selected countries/regions
1 2026 volume guidance : selected countries/regions Cement Ready-mix Aggregates Cemex Low-single digit increase Flat Low-single digit decrease Mexico Low to mid-single digit increase Flat Low-single digit increase USA Flat Flat Low-single digit increase EMEA Low-single digit decrease Flat Mid-single
Slide 21: Urbanization Solutions
Urbanization Solutions Sales EBITDA +8% l-t-l +20% l-t-l +14% +27% 442 101 387 32% 79 Construction 33% 61% Chemicals 23% 61% Mortars 20% Concrete 34% 31% 13% 17% Products 19% 14% Asphalt 12% 14% 7% 9% YTD 2Q25 YTD 2Q26 YTD 2Q25 YTD 2Q26 EBITDA 20.4% 22.8% margin +2.4pp MEX US EMEA SCAC MEX US EMEA S
Slide 22: Consolidated volumes and prices
Consolidated volumes and prices YTD 2Q26 2Q26 2Q26 vs. vs vs. YTD 2Q25 2Q25 1Q26 Volume 1% 1% 11% Domestic gray Price (USD) 9% 8% 1% cement Price (l-t-l) 3% 3% 1% Volume (1%) 0% 7% Ready mix Price (USD) 8% 6% 2% Price (l-t-l) 1% 1% 1% Volume (1%) (2%) 9% Aggregates Price (USD) 8% 7% 2% Price (l-t-l)
Slide 23: 2Q26 volume and price summary
2Q26 volume and price summary Domestic gray cement Ready mix Aggregates 2Q26 vs. 2Q25 2Q26 vs. 2Q25 2Q26 vs. 2Q25 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 7% 18% 6% (2%) 12% 2% 4% 16% 5% U.S. (0%) (2%) (2%) (2%) (0%) (0%) 1% 2% 2% EMEA (4%) 3%
Slide 24: YTD 2Q26 volume and price summary
YTD 2Q26 volume and price summary Domestic gray cement Ready mix Aggregates YTD 2Q26 vs. YTD 2Q25 YTD 2Q26 vs. YTD 2Q25 YTD 2Q26 vs. YTD 2Q25 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 7% 21% 6% (4%) 17% 3% 5% 18% 4% U.S. (1%) (2%) (2%) 0% (1%) (
Slide 25: Net Debt Variation 2Q26
Net Debt Variation 2Q26 2026 Net Debt Waterfall (US$ M) +1,268 6,225 4,958 1,000 195 -666 156 259 70 77 77 100 Net debt FCF from Growth capex Acquisitions Inv. in Coupons on Dividends Share Redemption Others net 1 Net debt December operations and intangible subordinated buybacks of 5.125% June 2025
Slide 26: Debt maturity profile as of June 30, 2026
Debt maturity profile as of June 30, 2026 Total debt1 as of June 30, 2026: $6,879 million Total debt1 by instrument Average life of debt: 5.4 years 73% Main bank debt agreements 2,442 Other bank debt Fixed Income 10% Leases 2% 15% 1,492 1,299 905 330 221 190 2026 2027 2028 2029 2030 2031 2036 Millio
Slide 27: Additional information on debt
Additional information on debt U.S. dollar Second Quarter First Quarter Currency3 Euro 81% 2025 2026 % var 2026 denomination 14% Total debt1 6,921 6,879 (1%) 6,236 MXN Other 2% Short-term 13% 6% 10% 3% Long-term 87% 94% 90% Cash and cash equivalents 1,166 654 (44%) 687 Net debt 5,756 6,225 8% 5,549
Slide 28: Relevant Sustainability indicators
Relevant Sustainability indicators YTD YTD YTD YTD Carbon strategy 2025 Health and safety 2025 2Q25 2Q26 2Q25 2Q26 Gross Kg of CO2 per ton of 580 577 574 Employee fatalities 0 2 1 cement equivalent Net Kg of CO2 per ton of 536 538 540 cement equivalent Employee LTI frequency rate 0.2 0.3 0.5 Clinker
Slide 29: Notes and Definitions
Notes and Definitions SCAC South, Central America and the Caribbean. EMEA Europe, Middle East and Africa. MEA Middle East, and Africa. Cement When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed from total
Slide 30: Contact Information
Contact Information Investors Relations Stock Information In the United States: NYSE (ADS): CX +1 877 7CX NYSE Mexican Stock Exchange In Mexico: (CPO): CEMEX.CPO +52 81 8888 4327 Ratio of CPO to ADS: 10 to 1 ir@cemex.com