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 — Q1 2026 Earnings Presentation
31 slides from Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB's earnings presentation, Apr 23, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results “Gran Acuario Mazatlán Mar de Cortés“, Mazatlán, Mexico
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: Self-help focus paying off with current geopolitical uncertainty
Self-help focus paying off with current geopolitical uncertainty Operations in Israel and the UAE (4% of consolidated EBITDA) have largely normalized after onset of Iran War Expect growing inflationary headwinds: as a lesson from Ukraine War playbook, we will maintain pricing strategy that offsets i
Slide 4: Transformation delivering solid 1Q26 results
Transformation delivering solid 1Q26 results • Record 1Q consolidated EBITDA growing 34% YoY, with robust performance in Mexico, EMEA, and SCAC • Strong margin reaching 19.8%, a 3.3pp expansion YoY, with most regions contributing, driven by Project Cutting Edge • Mexico recovery gaining traction, fi
Slide 5: Earnings quality and operating leverage underpinning 1Q results
Earnings quality and operating leverage underpinning 1Q results Adj. FCF from Ops. FCF from Conversion rate1 (LTM) Net Sales EBITDA EBITDA Net Income Operations +20pp Margin +3% l-t-l 51% +23% l-t-l +11% +34% +299 +3.3pp 31% -69% 4,019 794 29 19.8% 3,614 734 1Q25 1Q26 595 16.5% EBIT -270 +56% 228 45
Slide 6: Continued volume recovery in Mexico
Continued volume recovery in Mexico 1Q26 YoY % Volume Growth CONSOLIDATED VOLUMES YoY % Volume Growth 9% 2% 1% 0% USA -1% EUROPE -3% -7% -9% -7% 6% 6% MEX -6% EMEA -4% -4% -7% Cement1 2% Ready-mix SCAC Aggregates -10% -27% 6 1) Domestic gray cement
Slide 7: Positive pricing in most markets
Positive pricing in most markets 1Q26 YoY % and QoQ % CONSOLIDATED PRICES Price Increases YoY % Price Increase 3% 5% 1% 2% EUROPE 2% 2% 1% USA 4% 4% 7% -3% -3% 6% 4% 3% 4% -1% -1% 5% 3% 3% MEX 3% 3% 4% EMEA 5% 0% -2% 1% 3% 6% Sequential (4Q25 to 1Q26) Cement1 Ready-mix 1% 0% SCAC Aggregates -2% 5% 2
Slide 8: Self-help delivering ~45% of EBITDA growth
Self-help delivering ~45% of EBITDA growth1 EBITDA +23% +34% 794 65 729 15 50 54 595 15 1Q25 Volume Price Costs & Urb. Sol. 1Q26 FX 1Q26 Expenses and Other l-t-l reported EBITDA margin 16.5% +3.3pp 19.8% Millions of U.S. dollars 8 1) On a like-to-like basis
Slide 9: Project Cutting Edge driving visible operational improvement
Project Cutting Edge driving visible operational improvement EBITDA Savings under Project Cutting Edge (US$ M) 1Q26 YoY 35 400 105 35 EBITDA COGS Op. Exp. Margin as % of as % of 75 Sales Sales 60 200 Overhead 30 Mexico +4.7pp -3.7pp -1.5pp 200 50 US 0.0pp +0.8pp -0.2pp 75 10 EMEA +2.1pp -0.7pp -1.2p
Slide 10: Accretive portfolio rebalancing continued
Accretive portfolio rebalancing continued Asset divestments in Omega Acquisition Colombia <7x multiple post-synergies Total Expected Proceeds FCF conversion rate of ~65% ~$555 M Expected direct synergies of ~10x multiple ~50% of Omega’s 2025 EBITDA of ~$23 M Improving margins, Leading stucco FCF con
Slide 11: Regional Highlights
Regional Highlights L' Arbre Blanc, Montpellier, France 11
Slide 12: Mexico: Recovery gaining traction
Mexico: Recovery gaining traction YTD Millions of U.S. dollars 1Q26 1Q26 Sales 1,255 1,255 % YoY (l-t-l) 9% 9% EBITDA 453 453 % YoY (l-t-l) 24% 24% EBITDA margin 36.1% 36.1% pp var 4.7pp 4.7pp • Solid EBITDA growth and margin expansion supported by Project Cutting Edge, cement volume recovery, highe
Slide 13: U.S.: Stable despite headwinds, aggregates driving performance
U.S.: Stable despite headwinds, aggregates driving performance YTD Millions of U.S. dollars 1Q26 1Q26 Sales 1,196 1,196 % YoY (l-t-l) 0% 0% EBITDA 190 190 % YoY (l-t-l) 0% 0% AGGS EBITDA margin 15.9% 15.9% 45% pp var 0.0pp 0.0pp 1Q26 22% EBITDA RMX & • Project Cutting Edge, higher cement production,
Slide 14: EMEA: Pricing and cost discipline driving solid results
EMEA: Pricing and cost discipline driving solid results YTD Millions of U.S. dollars 1Q26 1Q26 Sales 1,162 1,162 % YoY (l-t-l) (1%) (1%) EBITDA 152 152 Europe % YoY (l-t-l) 20% 20% EBITDA margin 13.0% 13.0% 60% 1Q26 pp var 2.1pp 2.1pp EBITDA 40% MEA • Solid first-quarter performance, with double-dig
Slide 15: SCAC: Delivering strong results with higher margins
SCAC: Delivering strong results with higher margins YTD Millions of U.S. dollars 1Q26 1Q26 Sales 296 296 % YoY (l-t-l) (1%) (1%) EBITDA 66 66 % YoY (l-t-l) 14% 14% EBITDA margin 22.4% 22.4% Jamaica pp var 2.7pp 2.7pp 43% 1Q26 32% Rest EBITDA • Double-digit EBITDA growth driven by volumes and Project
Slide 16: Financial Developments
Financial Developments Pelješac Bridge, Pelješac, Croatia Built with Vertua Concrete, part of our Vertua family of products with sustainable attributes
Slide 17: About 60% of 2025 total energy spend hedged for 2026
About 60% of 2025 total energy spend hedged for 2026 Total 2025 Energy Spend $1.65 B Alternatives Petcoke Fixed by 2-3 months contract in in inventory Floating 29% Europe 32% Fixed 37% 41% CEM CEM Electricity Fuel ~$1.0 B ~$500 M ~$500 M CEM Nat. Gas 12% Mostly 34% unhedged, 14% referenced to Regula
Slide 18: FCF from Operations improving ~$300 M YoY; LTM conversion rate of 51%
FCF from Operations improving ~$300 M YoY; LTM conversion rate of 51% Controlling Adj. FCF Net Income conversion1 1Q25 1Q26 Var. -69% +20pp EBITDA 595 794 199 734 Net interest paid (107) (90) 17 51% Maint. capex & lease payments (173) (144) 29 Working Capital (484) (453) 31 228 Net taxes paid (59) (
Slide 19: Outlook 2026
2026 Outlook Gilbert Chabroux School, Lyon, France Built with Insularis, part of our Vertua family of products with sustainable attributes
Slide 20: Outlook 2026
1 Outlook 2026 EBITDA2 High-single digit increase Energy cost/ton of cement produced Mid-to-high single digit % increase Maintenance CapEx ~$900 million ~$300 million Growth CapEx Growth Investments ~$210 million Inv. in Intangible Assets3 Investment in working capital $50 to $100 million investment
Slide 21: Appendix
Appendix International Museum of Baroque, Puebla, Mexico
Slide 22: 2026 volume guidance: selected countries/regions
1 2026 volume guidance : selected countries/regions Cement Ready-mix Aggregates Cemex Low-single digit increase Low-single digit increase Low-single digit increase Mexico Low to mid-single digit increase Mid-single digit increase Low to mid-single digit increase USA Low-single digit increase Low-sin
Slide 23: Urbanization Solutions
Urbanization Solutions Sales EBITDA +0% l-t-l +13% l-t-l +8% +23% 197 45 183 34% 36 Construction 33% 63% Chemicals 20% 20% 59% Mortars Concrete 34% 33% 14% 13% Products 20% 16% Asphalt 12% 13% 7% 7% 1Q25 1Q26 1Q25 1Q26 EBITDA 19.9% 22.7% margin +2.8pp MEX US EMEA SCAC MEX US EMEA SCAC By region 17%
Slide 24: Consolidated volumes and prices
Consolidated volumes and prices YTD 1Q26 1Q26 1Q26 vs. vs vs. YTD 1Q25 1Q25 4Q25 Volume 1% 1% (6%) Domestic gray Price (USD) 11% 11% 6% cement Price (l-t-l) 2% 2% 4% Volume (3%) (3%) (6%) Ready mix Price (USD) 9% 9% 4% Price (l-t-l) 1% 1% 3% Volume 0% 0% (11%) Aggregates Price (USD) 10% 10% 5% Price
Slide 25: 1Q26 volume and price summary
1Q26 volume and price summary Domestic gray cement Ready mix Aggregates 1Q26 vs. 1Q25 1Q26 vs. 1Q25 1Q26 vs. 1Q25 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 6% 24% 6% (6%) 21% 3% 6% 21% 3% U.S. (1%) (3%) (3%) 2% (3%) (3%) 9% 2% 2% EMEA (4%) 11% 3
Slide 26: Net Debt Variation 1Q26
Net Debt Variation 1Q26 Net Debt Waterfall (US$ M) -$592 5,549 142 32 100 37 62 4,958 199 -29 49 Shareholder return: ~US$132 M Net debt FCF from Growth Acquisitions Inv. in Coupons on Dividends Share Others,net1 Net debt December operations capex and intangible subordinated buybacks March 2025 dives
Slide 27: Debt maturity profile as of March 31, 2026
Debt maturity profile as of March 31, 2026 Total debt1 as of March 31, 2026: $6,236 million Total debt1 by instrument Average life of debt: 3.7 years 56% Main bank debt agreements Other bank debt 24% Fixed Income Leases 2% 17% 1,756 1,282 1,000 817 781 600 2026 2027 2028 2029 2030 2031 Millions of U
Slide 28: Additional information on debt
Additional information on debt U.S. First Quarter Fourth Quarter Currency3 dollar Euro 79% 15% 2025 2026 % var 2025 denomination Total debt1 6,763 6,236 (8%) 6,780 MXN Other 2% Short-term 13% 10% 21% 3% Long-term 87% 90% 79% Cash and cash equivalents 1,179 687 (42%) 1,822 Net debt 5,584 5,549 (1%) 4
Slide 29: Relevant Sustainability indicators
Relevant Sustainability indicators Carbon strategy 1Q25 2025 1Q26 Health and safety 1Q25 2025 1Q26 Gross Kg of CO2 per ton of 582 577 580 Employee fatalities 0 2 0 cement equivalent Net Kg of CO2 per ton of 536 538 548 cement equivalent Employee LTI frequency rate 0.3 0.3 0.4 Clinker factor 72.1% 71
Slide 30: 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 31: 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