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 — 2Q26 Earnings Presentation
30 slides from Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB's earnings presentation, July 2026
Slide 1: Investor Presentation
Investor Presentation 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: 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 the
Slide 4: Global presence with strong position in the Americas
Global presence with strong position in the Americas 1H26 Sales 1H26 EBITDA ~$8.6 B (+5% YoY l-t-l) ~$1.8 B (+20% YoY l-t-l) by product1 by region1 by region1 Mexico US US 22% Cement Ready-mix 31% 30% 42% 37% Mexico 48% 7% SCAC3 7% 5% 16% 32% SCAC3 23% Urbanization EMEA2 Solutions Aggregates EMEA 2
Slide 5: Project Cutting Edge transformation
Project Cutting Edge transformation focused on Best-in-class Continuously assess all shareholder return operational assets on a return on capital basis & operational excellence performance Disciplined capital Build robust allocation with shareholder return accretive growth platform strategy 5
Slide 6: Project Cutting Edge cost savings program of $475 million
Project Cutting Edge cost savings program of $475 million with more to come… Cost Savings Program (US$ M) Total Savings 90 475 Breakdown 55 New 75 65 Savings 35 atin g 48% 52% O v er 20 45 1H26 YoY p er a he Existing d 60 400 a O Savings EBITDA COGS Op. Exp. 200 60 Margin as % of as % of Sales Sales
Slide 7: Other Project Cutting Edge initiatives bolster asset efficiency and FCF
… as other Project Cutting Edge initiatives bolster asset efficiency and FCF going forward 2028 & Opportunity 2026 2027 Space beyond 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 7
Slide 8: 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 enhance 35% shareholder return: ~40% approved dividend2 increase in 2026 and Shareholder Return 4
Slide 9: 2Q26 Results
2Q26 Results
Slide 10: 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 M • Strong earnings quality ex. one-off 1: Sales +11%, EBITDA +19% and EBIT +29%; EBITDA margin +1.4pp, EBIT margin +1.9pp • Record 2Q FCF fro
Slide 11: 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 12: Regional Highlights
Regional Highlights 12
Slide 13: 2Q26 Mexico: Building momentum with improving demand
2Q26 Mexico: Building momentum with improving demand Cement industry demand2 • Growth driven by CEM volume recovery, efficiencies, operating leverage, with I&C Informal pricing strategy offsetting input cost inflation residential 33% 34% • EBITDA & margin gains largely structural — ops/overhead cons
Slide 14: 2Q26 US: Stable demand despite weather
2Q26 US: Stable demand despite weather Cement industry demand2 • EBITDA & margin pressured by weather plus higher materials & freight costs I&C Infrastructure 15% • Volumes resilient across all products – excluding weather impact: CEM +1%, RMX +1%, AGG +7% YoY 50% 35% Residential • Pricing traction:
Slide 15: 2Q26 EMEA: Operational excellence and pricing driving results
2Q26 EMEA: Operational excellence and pricing driving results EMEA’s Cement industry 1H26 EBITDA 2 3 demand by country • EBITDA +9% YoY (ex. $42 M one-off), driven by cost efficiencies and I&C Residential MEA pricing 30% 30% 29% • Europe: heatwaves, project delays and slow demand recovery impacted v
Slide 16: 2Q26 SCAC: Cost discipline driving results
2Q26 SCAC: Cost discipline driving results SCAC’s 1H26 Cement industry EBITDA 3 demand 2 by country • Another strong quarter: double-digit EBITDA growth and margin I&C expansion >4pp, largely driven by Project Cutting Edge Others 8% 16% Infrastructure 24% • CEM demand led by informal sector; higher
Slide 17: 2026 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% YoY increase Energy cost/ton of cement produced Low-single digit % YoY 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 ta
Slide 19: 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 20: Urbanization Solutions
Urbanization Solutions
Slide 21: Reorganizing our Urbanization Solutions portfolio
Reorganizing our Urbanization Solutions portfolio 21
Slide 22: 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 23: Climate Action Strategy
Climate Action Strategy
Slide 24: 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 25: 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 26: Cemex's favorable carbon cost curve advantage in Europe
Cemex’s favorable carbon cost curve advantage in Europe 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 u
Slide 27: Appendix
Appendix International Museum of Baroque, Puebla, Mexico
Slide 28: 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 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): +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