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 — Investor Presentation (2026)
44 slides from Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB's investor presentation, Aug 3, 2026
Slide 1: Investor Presentation
Investor Presentation Brickell Flatiron, Miami, 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: Our Core Businesses and Purpose
Our Core Businesses A binding agent, when mixed with aggregates and water, Cement produces either ready-mix concrete or mortar. Ready Mix A combination of cement, aggregates, admixtures, and Concrete water. Our Purpose Inert granular materials, such as stone, sand, and gravel, We aim to help solve t
Slide 4: Global presence with strong position in the Americas
Global presence with strong position in the Americas 2025 Sales 2025 EBITDA ~$16.1 B ~$3.1 B by product1 by region2 by region2 Mexico US US 35% Ready-mix 28% 32% 29% Cement Mexico 40% 41% 7% 7% SCAC4 10% 16% 33% 23% 3 SCAC4 Aggregates EMEA Urbanization EMEA3 Solutions 1) Percentages before others an
Slide 5: With solid positions in well-structured, attractive markets
With solid positions in well-structured, attractive markets Europe United States • Volume recovery driven by increased public infrastructure and residential • Solid growth prospects with relevant spending pent-up demand in residential • Industry cyclicality dampened by • Competitive advantage under
Slide 6: Project Cutting Edge transformation
Project Cutting Edge transformation focused on Best-in-class Continuously assess all operational assets on a return on capital basis & performance Disciplined capital Build robust allocation with shareholder return accretive growth platform strategy 6
Slide 7: Transformation starts with culture
Transformation starts with culture Operate Lean • Maintain Health & Safety at our core • Shaping a streamlined and agile structure • Reduce bureaucracy, but no shortcuts either Empower Operations • Return decision-making to regions with accountability • Corporate areas to support and enable the regi
Slide 8: Project Cutting Edge delivering recurrent savings
Project Cutting Edge delivering recurrent savings Recurrent EBITDA Savings (US$ M) 35 400 165 35 125 200 Overhead 200 40 75 200 Operating 125 2025 2026 2027 Recurrent savings ACHIEVED EXPECTED 2025 actions should bring $125 M in overhead savings in 2026 8
Slide 9: Asset performance reviews creating value in 2026 & beyond
Asset performance reviews creating value in 2026 & beyond New Benchmarking analysis vs. industry by market EBIT KPIs FCF conversion % Introduced new operating KPIs ROIC – WACC Spread Identified underperforming assets and devised remediation plans Semi-annual reviews of business and action plans EBIT
Slide 10: New capital allocation framework prioritizing shareholder return
New capital allocation framework prioritizing shareholder return Free Cash Flow Capital Allocation 2022 - 20251 2030 Target IG rating is non-negotiable Debt Repayment 0 - 10% Delivering on commitment to 35% enhance shareholder return with 2026 proposed dividend2 & Shareholder Return 40 - 50% initiat
Slide 11: Investment strategy transitioning to bolt-on M&A
Investment strategy transitioning to bolt-on M&A Prioritizing investments in the US and selectively in other markets Investments in aggregates and highly synergetic adjacent businesses Profitable decarbonization focused on Europe and California Recycling divestment proceeds from non-core assets into
Slide 12: Transformation led to a strong recovery in second half
Last year, transformation led to a strong recovery in second half with more expected to come… YoY% Variation 25% 2025 FY EBIT $1.8 B 17% EBITDA $3.1 B Net Sales $16.1 B 8% -6% -14% -23% 1H25 2H25 EBITDA -1.5pp +1.6pp Margin Solid performance in 2H25 led by Mexico’s recovery and Project Cutting Edge
Slide 13: Expected higher Free Cash Flow
…including expected higher Free Cash Flow FCF Conversion Rate1 +15.1pp 46% 31% 2024 2025 2026 Guidance vs. 2024 Maintenance Cash Growth Intangible CapEx Interest2 CapEx Assets -$111 M -$160 M -$ 192 M -$24 M Robust FCF from Operations of $1.4B with 46% conversion rate in 2025 Millions of U.S. dollar
Slide 14: Self help measures driving 2027 Cutting Edge Sprint
Self help measures driving 2027 Cutting Edge Sprint Targets1 $17.8 B Sales EBITDA 5% CAGR (US$ B) $3.7 B EBITDA 10% CAGR +21% 3.7 $2.3 B EBIT 14% CAGR 0.3 EBITDA & EBIT Margin +1.9pp 3.4 ROIC +170bps +1% 0.4 3.1 3.1 -0.2 0.2 2024 Organic Self-Help2 2025 Self-Help2 Self-Help Organic 2027e Growth EBIT
Slide 15: Expect FCF from Operations to grow at a double-digit CAGR
Expect FCF from Operations to grow at a double-digit CAGR, faster than EBITDA FCF from Operations Cumulative FCF Generation 1 conversion rate % 2026 – 2027 (US$ B) 46% 47% 7.1 31% -3.8 3.3 2024 2025 2027 2024 2025 2027 Target EBITDA FCF Items FCF from Ops 2026-2027 ~US$5.0 billion2 available in Fina
Slide 16: What to expect from us
What to expect from us Continue working towards operational excellence Turnaround of underperforming assets Focus on levers we can control to boost FCF generation Balanced capital allocation framework Disciplined investment strategy focused on U.S. aggregates and other highly synergetic businesses W
Slide 17: Disciplined commitment to shareholders
Targeting a 40% to Disciplined commitment to shareholders 50% annual FCF distribution to shareholders by 2030 Progressive dividend with a through-the-cycle mindset • Dividend policy introduced in 2024 • 40% growth in dividend in 20261 Announced intent to repurchase shares for up to $500 M over next
Slide 18: Disciplined investment strategy: Omega acquisition
Disciplined investment strategy: Omega acquisition The leading stucco producer in Western US with the #1 brand HIGHLY SYNERGISTIC VERTICAL INTEGRATION Cement, Sand & Admixtures as raw +$110M +$23M ~65% materials Revenue EBITDA FCF Conversion LOGISTICS, PROCUREMENT, R&D Potential cost opportunities f
Slide 19: 4Q25 Results
4Q25 Results
Slide 20: Positive full-year results with stellar FCF
Positive full-year results with stellar FCF FCF from Net Sales EBITDA EBITDA Net Income Operations Margin +15% +1% +0.1pp 0% 3,080 +2% 1,222 3,058 19.0% 19.1% 16,063 16,132 1,064 939 960 Adj. FCF from Ops. Conversion rate1 +15pp 46% 31% 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 4Q2
Slide 21: EMEA volume growth with improving trend in Mexico
EMEA volume growth with improving trend in Mexico 4Q25 CONSOLIDATED VOLUMES YoY % Volume Growth YoY % Volume Growth 10% 5% 2% 1% USA -3% -1% -1% -6% EUROPE 5% (2%) 2% (3%) (6%) (2%) -3% (1%) (2%) (2%) MEX -1% -2% -11% 7% 3% EMEA -1% (8%) (11%) (12%) FY2025 YoY volumes 7% 6% 3% Cement1 0% Ready-mix S
Slide 22: Positive pricing dynamics in most markets in 2025
Positive pricing dynamics in most markets in 2025 2025 YoY CONSOLIDATED PRICES and QoQ Price % 2025 2% 3% 4% EUROPE 1% 1% 1% USA -2% -2% -3% 0% 0% 0% (2%) (1%) (1%) (1%) (1%) (3%) 5% 6% 6% MEX EMEA 2% 1% (1%) 0% 5% -1% Sequential (3Q25 to 4Q25) (4%) 0% 1% Cement1 5% 5% 2% Ready-mix SCAC Aggregates (
Slide 23: 2025 EBITDA largely explained by Project Cutting Edge and pricing
2025 EBITDA largely explained by Project Cutting Edge and pricing EBITDA +1% +1% -75 3,090 98 -10 3,080 3,058 -71 80 2024 Volume Price Costs & Other 2025 FX 2025 Expenses l-t-l reported EBITDA margin 19.0% +0.1pp 19.1% 23 Millions of U.S. dollars
Slide 24: Delivering on our commitment to improve FCF conversion
Delivering on our commitment to improve FCF conversion Controlling Net Income Adj. FCF +2% 4Q24 4Q25 2024 2025 conversion1 EBITDA 675 781 3,058 3,080 960 939 +15pp Net interest paid (103) (84) (514) (398) Maint. capex & lease 46% (404) (312) (1,011) (917) payments Working Capital 636 529 223 (16) Ne
Slide 25: Net Debt Variation
Net Debt Variation QoQ Net Debt Waterfall (US$ M) -$634 5,592 4,958 -748 106 -164 33 60 0 79 Net debt FCF from Growth capex Acquisitions and Dividends Inv. in intangible Coupons on Others net 1 Net debt September operations divestments assets subordinated December 2025 notes 2025 2025 Net Debt Water
Slide 26: Regional Highlights
Regional Highlights Feeling Residential Housing, Medellín, Colombia 26
Slide 27: 2025 Mexico: Recovery accelerating supported by transformation
2025 Mexico: Recovery accelerating supported by transformation Cement industry • Encouraging 2H25 performance, showing improving conditions after a challenging 1H25: demand1 • EBITDA growing 25% YoY in 2H25, with margins increasing +4.7pp I&C Informal residential • Double-digit growth driven by lean
Slide 28: 2025 U.S.: Improved operating efficiency driving results
2025 U.S.: Improved operating efficiency driving results Cement industry demand1 • Flat margin for the full year largely explained by disruptions from difficult weather conditions I&C in 1H25 15% Infrastructure • Encouraging performance in 2H25, driven by Project Cutting Edge, with higher operating
Slide 29: 2025 EMEA: Delivering record results
2025 EMEA: Delivering record results • EBITDA grew 19% YoY in 2025, with margins up 1.6pp to record levels, driven by higher volumes, Cement industry pricing, and Project Cutting Edge efficiencies. demand2 • Continued positive demand trend in 2025 with CEM and RMX vols growing 7% and 6%, I&C respect
Slide 30: 2025 SCAC: Third consecutive year of EBITDA growth
2025 SCAC: Third consecutive year of EBITDA growth Cement industry • Solid results with EBITDA growing for the third consecutive year, increasing by 2% and demand1 I&C margin expanding by 0.4pp 8% • Strong performance driven by several factors: Residential Infrastructure 24% • Completion of debottle
Slide 31: Outlook 2026
2026 Outlook Gilbert Chabroux School, Lyon, France Built with Insularis, part of our Vertua family of products with sustainable attributes
Slide 32: Outlook 2026
1 Outlook 2026 EBITDA2 High-single digit increase Energy cost/ton of cement Mid-single digit % increase produced Maintenance CapEx ~$900 million Comparison vs. 2025 Maintenance CapEx -$17 M ~$300 million Growth CapEx Growth CapEx -$177 M Growth Investments ~$210 million Inv. in Intangible Assets3 In
Slide 33: 2026 volume guidance: selected countries/regions
1 2026 volume guidance : selected countries/regions Cement Ready-mix Aggregates Cemex Low-single digit increase Low-single digit increase Low-single digit increase Mexico Low-single digit increase Mid-single digit increase Low-single digit increase USA Low-single digit increase Low-single digit incr
Slide 34: Urbanization Solutions
Urbanization Solutions
Slide 35: Reorganizing our Urbanization Solutions portfolio
Reorganizing our Urbanization Solutions portfolio 35
Slide 36: Urb Sol: A strong platform with scale up potential
Urb Sol: A strong platform with scale up potential Construction Chemicals Mortars Concrete Products Asphalt 36
Slide 37: Climate Action Strategy
Climate Action Strategy
Slide 38: Relevant Sustainability indicators
Relevant Sustainability indicators Carbon strategy 2024 2025 Health and safety 2024 2025 Gross Kg of CO2 per ton of cementitious 577 568 Employee fatalities 1 2 Net Kg of CO2 per ton of cementitious 523 528 Employee LTI frequency rate 0.6 0.3 Clinker factor 72.7% 71.4% Operations with zero fatalitie
Slide 39: Cemex leading European decarbonization
Cemex leading European decarbonization Cemex gross CO2 Emissions1 per ton of cement 650 625 -19% 5 years ahead of Cement Europe 2030 Target 600 582 2025 industry avg. CO2 550 emissions2 507 500 2020 2021 2022 2023 2024 2025 Best-in-class in alternative fuels and clinker factor with room to grow 1) G
Slide 40: Cemex's favorable carbon cost curve advantage
Cemex’s favorable carbon cost curve advantage Expect to pass through incremental CO2 costs Illustrative example, using incremental 2026 CO2 costs Mid-to-High Single Digit Low-Single Digit EBITDA/ton Cemex CO2 Estimated EU Potential cost/ton Industry & Imports EBITDA/ton cost/ton Material upside for
Slide 41: Appendix
Appendix International Museum of Baroque, Puebla, Mexico
Slide 42: Debt maturity profile as of December 31, 2025
Debt maturity profile as of December 31, 2025 Total debt1 as of December 31, 2025: $6,780 million Total debt1 by instrument Average life of debt: 3.4 years 54% Main bank debt agreements Other bank debt 27% Fixed Income Leases 2% 17% 1,454 1,445 1,278 999 823 781 2026 2027 2028 2029 2030 2031 Million
Slide 43: Notes and Definitions
Notes and Definitions SCAC South, Central America and the Caribbean. EMEA Europe, Middle East and Africa. MEA Middle East, and Africa. When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed Cement from total
Slide 44: Contact Information
Contact Information Investors Relations Stock Information In the United States: NYSE (ADS): +1 877 7CX NYSE CX In Mexico: Mexican Stock Exchange +52 81 8888 4327 (CPO): CEMEX.CPO ir@cemex.com Ratio of CPO to ADS: 10 to 1