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 — Q3 2026 Earnings Presentation
32 slides from Cemex SAB de CV Cert Part Ord Repr 2 ShsA & 1 ShsB's earnings presentation, Nov 3, 2026
Slide 1: Investor Presentation
Investor Presentation Cable-Stayed Bridge, Nayarit, Mexico
Slide 2: Forward-looking statements disclaimer
Except as the context otherwise may require, references in this presentation and the related conference call and webcast 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 p
Slide 3: Our Core Businesses
Our Core Businesses A binding agent, when mixed with aggregates and water, Cement produces either ready-mix concrete or mortar A combination of cement, Ready-mix 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 YTD 3Q26 Sales YTD 3Q26 EBITDA ~$13.2B (+5% YoY l-t-l) ~$2.8B (+16% YoY l-t-l) by product1 by region1 by region1 Mexico US US 23% Cement Ready-mix 30% 31% 42% 37% Mexico 47% 7% SCAC3 7% 5% 16% 32% SCAC3 23% Urbanization EMEA2 Solutions Aggregates
Slide 5: 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 5
Slide 6: Project Cutting Edge initiatives improving profitability, higher asset efficiency, and increased FCF
Project Cutting Edge initiatives improving profitability, higher asset efficiency, and increased FCF Opportunity 2026 Space Cost Savings $475M Program EBITDA $100 to Asset Pruning $150M FCF Reduce individual ~$300M FCF spend items FCF Bolt-on M&A and AI contribution 6
Slide 7: Cost savings program driving sustainable margin expansion
…with cost savings program driving sustainable margin expansion Total Savings Breakdown Cost Savings Program (US$M) 48% 52% 80 15 60 475 YTD 2026 120 EBITDA COGS Op. Exp. 200 Margin as % of as % of Sales Sales 2025 1H26 3Q26 4Q26 2027 Recurrent Mexico +4.5pp -3.1pp -1.9pp savings US -1.4pp +1.3pp +0
Slide 8: Asset pruning effort delivering ahead of schedule
…and asset pruning effort delivering ahead of schedule Asset pruning designed to improve on key management metrics: EBIT, FCF generation & Return on Invested Capital in estimated cash proceeds, Multi-year process, launched in 2025, with individual transactions affecting KPIs from completed and diffe
Slide 9: 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 10: 3Q26 Results
3Q26 Results
Slide 11: Transformation continues
Transformation continues • Consolidated 3Q EBITDA and EBIT growing at double-digit rate, with sustained margin expansion, for fifth consecutive quarter • Record 3Q FCF from Operations of $723M (+34% YoY), with TTM adj. conversion rate of ~60%¹ for a second consecutive quarter • Close to achieving Ce
Slide 12: 3Q26 results underscore improved earnings quality
3Q26 results underscore improved earnings quality Adj. FCF from Ops. Net Sales EBITDA EBITDA FCF from conversion rate1 (TTM) Margin Operations +5% l-t-l +9% l-t-l +16pp 62% +8% +12% +0.8pp +34% 46% 4,245 4,590 990 20.8% 21.6% 882 723 540 3Q25 3Q26 EBIT +19% 652 547 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 3Q25
Slide 13: Strong cash generation with improved conversion rate
Strong cash generation with improved conversion rate Controlling Adj. FCF Net Income conversion1 YTD YTD -25% 3Q25 3Q26 Var. Var. +16pp 3Q25 3Q26 1,316 EBITDA 882 990 12% 2,299 2,802 22% 62% 982 Net interest paid (104) (69) (314) (226) Maint. CapEx & lease (224) (183) (605) (495) payments 46% Workin
Slide 14: Regional Highlights
Regional Highlights
Slide 15: 3Q26 Mexico: Strong quarter driven by operating leverage and cost efficiencies
3Q26 Mexico: Strong quarter driven by operating leverage and cost efficiencies Cement industry demand1 • EBITDA growth driven by structural efficiencies and demand recovery, with pricing I&C Informal residential offsetting current input cost inflation 33% 34% • CEM volumes increasing +7% YoY, suppor
Slide 16: 3Q26 US: Positive volume dynamics
3Q26 US: Positive volume dynamics Cement industry • EBITDA & margin pressured by raw material inflation, lower cement prices and an demand1 unplanned outage I&C Infrastructure • Volumes: CEM +4% YoY supported by Omega, AGGS +4% YoY, RMX −1% YoY; AGGS 15% +9% QoQ as Texas recovered from 2Q weather di
Slide 17: 3Q26 EMEA: Pricing and Project Cutting Edge supporting results
3Q26 EMEA: Pricing and Project Cutting Edge supporting results EMEA’s YTD 3Q26 Cement industry EBITDA 1 2 demand by subregion • EBITDA +4% YoY, driven by pricing and Project Cutting Edge efficiencies, which I&C Residential MEA mitigated rising energy costs 28% 30% 30% • Europe: Cement volumes grew i
Slide 18: 3Q26 SCAC: Resilient demand led by informal sector
3Q26 SCAC: Resilient demand led by informal sector SCAC’s YTD 3Q26 Cement industry EBITDA 2 demand 1 by country • 3Q EBITDA and margin reflect higher cement purchases in Jamaica, due I&C Others to annual maintenance and stronger-than-expected demand, plus 8% 12% higher regional energy costs Infrastr
Slide 19: Outlook 2026
2026 Outlook Gilbert Chabroux School, Lyon, France Built with Insularis, part of our Vertua family of products.
Slide 20: 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 21: 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 decrease Low-single digit decrease Mexico Low to mid-single digit increase Flat to low-single digit decrease Flat to low-single digit decrease US Flat Low-single digit dec
Slide 22: Urbanization Solutions
Urbanization Solutions
Slide 23: Reorganizing our Urbanization Solutions portfolio
Reorganizing our Urbanization Solutions portfolio 23
Slide 24: Urbanization Solutions
Urbanization Solutions Sales EBITDA +11% l-t-l +20% l-t-l +16% +26% 694 157 597 32% 124 Construction Chemicals 34% 59% 25% 62% Mortars 20% Concrete 29% 18% Products 34% 12% 18% 14% Asphalt 13% 13% 8% 9% YTD 3Q25 YTD 3Q26 YTD 3Q25 YTD 3Q26 EBITDA 20.8% 22.6% margin +1.8pp MEX US EMEA SCAC MEX US EMEA
Slide 25: Climate Action Strategy
Climate Action Strategy
Slide 26: Relevant sustainability indicators
Relevant sustainability indicators YTD YTD YTD YTD Carbon strategy 2025 Health and safety 2025 3Q25 3Q26 3Q25 3Q26 Gross Kg of CO2 per ton of 578 577 570 Employee fatalities 0 2 1 cement equivalent Net Kg of CO2 per ton of 536 538 537 cement equivalent Employee LTI frequency rate 0.3 0.3 0.4 Clinker
Slide 27: 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 28: 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 29: Appendix
Appendix International Museum of Baroque, Puebla, Mexico
Slide 30: Debt maturity profile as of September 30, 2026
Debt maturity profile as of September 30, 2026 Total debt as of September 30, 2026: $6,075 million Total debt by instrument Average life of debt: 5.2 years 82% Revolving Credit Agreement 1,728 Other bank debt 1,483 Fixed Income 1,282 Leases 2% 16% 901 260 237 183 2026 2027 2028 2029 2030 2031 2036 M
Slide 31: 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 d
Slide 32: Contact Information
Contact Information Investor 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