Slides
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Fourth Quarter 2025 Results Brickell Flatiron, Miami, United States
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Except as the context otherwise may require, references in this presentation to “Cemex,” “we,” “us,” “our,” or similar expressions refer to Cemex, S.A.B. de C.V. (NYSE: CX; BMV: CEMEX.CPO) and its consolidated entities. The information included in this presentation contains forward-looking statements within the meaning of applicable securities laws and regulations, including but not limited to Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the “safe harbor” provisions for forward-looking statements within the meaning of applicable securities laws and regulations in all jurisdictions where such provisions exist, including but not limited to the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex’s plans, objectives, goals, targets, and expectations (operative, financial or otherwise), and typically can be identified by the use of words such as, but not limited to, “will,” “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target”, “goal”, “strategy,” “intend,” “aimed”, or other forward-looking words. Unless otherwise indicated, these forward-looking statements reflect our expectations and projections about the future based on certain assumptions and on our knowledge of facts and circumstances as of the date such forward-looking statements are made. Although Cemex believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results, performance and/or achievements may vary, including materially from historical results, performance and/or achievements or those anticipated by forward-looking statements due to various factors. Among others, such risks, uncertainties, assumptions, and other important factors that could cause results and any estimate, projection and/or guidance presented in this presentation to differ or fail to materialize, or that otherwise could have an impact on us, include those discussed in Cemex’s most recent annual report and those detailed from time to time in Cemex’s other filings with the U.S. Securities and Exchange Commission (“SEC”), the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) (“CNBV”) and the Mexican Stock Exchange (Bolsa Mexicana de Valores) (“BMV”), which factors are incorporated herein by reference, including, but not limited to: changes in general economic, political and social conditions, including government shutdowns, new governments or regimes and decisions implemented by such new governments or regimes, changes in laws or regulations in the countries in which we do business, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, any slowdown in the flow of remittances into countries where we operate, consumer confidence and the liquidity of the financial and capital markets in Mexico, the United States of America, the European Union (the “EU”), the United Kingdom, or other countries in which we operate; the cyclical activity of the construction sector and reduced construction activity in our end markets or reduced use in our end markets for our products; our exposure to sectors that impact our and our clients’ businesses, particularly those operating in the commercial and residential construction sectors, and the public and private infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash or other contributions to the pension plans; changes in spending levels for residential and commercial construction and general infrastructure projects; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating or not obtaining investment grade debt ratings from additional rating agencies on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices of raw materials, goods and services, as a result of inflation, trade barriers, measures imposed by governments or as a result of conflicts between countries that disrupt supply chains; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment, services and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, and other environmental, climate and related liabilities relating to existing and/or divested businesses, assets and/or operations; our ability to secure and permit aggregates reserves in strategically located areas in amounts that our operations require to operate or operate in a cost-efficient manner; the timing and amount of federal, state, and local funding for infrastructure; changes in our effective tax rate; our ability to comply with regulations and implement technologies and other initiatives that aim to reduce and/or capture CO2 emissions and comply with related carbon emissions regulations in place in the jurisdictions where we have operations; the legal and regulatory environment, including environmental, climate, trade, energy, tax, antitrust, sanctions, export controls, construction, human rights and labor welfare, and acquisition-related rules and regulations in the countries and regions in which we have operations; the effects of currency fluctuations on our results of operations and financial condition; our ability to satisfy our obligations under our debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, and also regarding our subordinated notes with no fixed maturity and other financial obligations; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by third parties, government and regulatory agencies, including antitrust investigations and claims; our ability to protect our reputation and intellectual property; our ability to consummate asset sales or consummate asset sales in terms favorable to Cemex, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing and commercial initiatives for our products and services, and generally meet our business strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements, and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties, or is subjected to invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; the effects of climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, shortage of usable water, wildfires and natural disasters, such as earthquakes, hurricanes, tornadoes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including but not limited to tariffs or import taxes, including those imposed by the United States of America to key markets in which we operate, in particular, Mexico and the EU, and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement (the “USMCA”), and the overall impact that the imposition or threat of trade barriers may cause on the overall economy of the countries in which we do business or that are part of our global supply chain; availability and cost of trucks, railcars, barges, and ships, terminals, warehouses, as well as their licensed operators, drivers, staff and workers for transport, loading and unloading of our materials or that are otherwise a part of our supply chain; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities, and how any measures implemented by governments to detect and prevent money laundering, terrorism financing and corruption, and other illegal activities, affect our customers, suppliers and countries in which we do business in general; defaults, losses or disruptions in agreements, financial transactions or operations resulting from sanctions or restrictions imposed on any financial institution, including but not limited to banks, common representatives, trustees, payment processors, paying agents or other financial intermediaries, or any related parties; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as global, regional or national instability, hostilities, war, and armed conflicts, including the current war between Russia and Ukraine, conflicts in the Middle East and any insecurity and hostilities in Mexico related to illegal activities or organized crime and any actions any government takes to prevent these illegal activities and organized crime; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as, for example, COVID-19); and our ability to implement our climate action program in effect at any given time, if any, including our current “Future in Action” climate action program, and to achieve our sustainability goals and objectives in effect at any given time, if any, including under our current “Future in Action” climate action program. Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this presentation not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of success and/or implementation of technologies, some of which are not yet proven, among other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance and/or achievements may vary materially from historical results, performance, and/or achievements and/or results, performance and/or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us. Forward- looking statements should not be considered guarantees of future performance, and past results or developments are not indicative of results or developments in subsequent periods. Actual results, performance and/or achievements of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances that may materialize, may differ materially from those described in, or suggested by, the forward-looking statements contained in the information disclosed in this presentation. Any or all of Cemex’s forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The forward-looking statements and the information contained in this presentation are made and stated as of the dates specified in this presentation and are subject to change without notice; and, except to the extent legally required, we expressly disclaim, any obligation or undertaking to update or correct the information contained in this presentation or revise any forward-looking statements in this presentation, whether to reflect new information, the occurrence of anticipated or unanticipated future events or circumstances, any change in our expectations regarding those forward-looking statements, any change in events, conditions, or circumstances on which any such statement is based, or otherwise. Readers should review future reports filed or furnished by us with the SEC, the CNBV and the BMV. Market data used in this presentation not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this presentation is subject to rounding adjustments; accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Unless otherwise specified, all references to records are internal records of Cemex. This presentation includes certain non-International Financial Reporting Standards (“IFRS”) financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include “Operating EBITDA” (operating earnings before other expenses, net plus depreciation and amortization) and “Operating EBITDA Margin”. The closest IFRS financial measure to Operating EBITDA is “Operating earnings before other expenses, net”, as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements for the same period. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex’s creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex’s management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. The financial measures presented in the presentation are being provided for informative purposes only and shall not be construed as investment, financial, or other advice. Also, this presentation includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organization to refer to their reports in this presentation. Cemex acts in strict compliance with antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex’s products and services based upon their quality and characteristics as well as their value to Cemex’s customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex’s prices for Cemex’s products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex’s prices for Cemex’s products. The information, statements, and opinions contained in this presentation are for informational purposes only and do not constitute a public offer under any applicable legislation, an offer to sell, or solicitation of any offer to buy any securities or financial instruments, or any advice or recommendation with respect to such securities or other financial instruments. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Cemex is not responsible for any third-party information referenced. Cautionary Statement Regarding Environmental, Social, and Governance (“ESG”) and Sustainability-Related Data, Metrics, and Methodologies This presentation may include non-financial metrics, estimates, or other information related to ESG and sustainability matters that are subject to significant uncertainties, which may include the methodology, collection, and verification of data, various estimates, and assumptions, and/or underlying data that is obtained from third parties, some of which cannot be independently verified. The preparation of certain information on ESG and sustainability matters that may be contained in the presentation requires the application of a number of key judgments, assumptions, and estimates. The reported measures reflect good faith estimates, assumptions, and judgments at the given point in time. There is a risk that these judgments, estimates, or assumptions may subsequently prove to be incorrect and/or, to the extent legally required, may need to be restated or changed. The disclosure of information on sustainability related matters is not yet subject to the same recognized or accepted reporting or accounting principles and rules as traditional financial information. Consequently, there are no commonly accepted reporting practices for us to follow, and ESG metrics among organizations in our industry may not be comparable. In addition, the underlying data, systems, and controls that support non-financial reporting are generally considerably less sophisticated than the systems and internal control for financial reporting and rely on manual processes. This may result in non-comparable information between organizations and/or between reporting periods within organizations as methodologies continue to develop and/or be socialized. The further development of or changes to accounting and/or reporting standards could materially impact the performance metrics, data points, and targets contained in the presentation, and the reader may not be able to compare non-financial information performance metrics, data points, or targets between reporting periods on a direct like-for- like basis. Additionally, the information disclosed in this presentation may contain references to “green,” “social,” “sustainable,” or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a “green”, “social”, or “sustainable” or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as “green”, “social”, or “sustainable” or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that our activities, products, or assets and/or reporting of such activities and/or reporting of those activities, products, or assets will meet any present or future expectations or requirements for describing or classifying such activities, products, or assets as “green”, “social”, or “sustainable” or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time. Cautionary Statement Regarding Forward-Looking ESG or Sustainability Statements Certain sections in the presentation may contain ESG- or sustainability-related forward-looking statements, such as aims, ambitions, estimates, forecasts, plans, projections, targets, goals and other metrics, including but not limited to: climate and emissions, business and human rights, corporate governance, research and development and partnerships, development of products and services that intend to address sustainability-related concerns and sustainability related targets/ambitions when finalized, including the implementation of technologies and other initiatives that aim to reduce and/or capture CO2 emissions. These forward-looking statements may also include references to specific programs, such as our current “Future in Action” climate action program, as well as various ESG-related indicators, objectives or metrics disclosed previously or that may be disclosed in the future, none of which are guarantees and any and all of which may ultimately not be achieved or may be abandoned at any time, whether in part, in full, or within any specific timeframe. There are many significant uncertainties, assumptions, judgements, opinions, estimates, forecasts and statements made of future expectations underlying these forward-looking statements which could cause actual results, performance, outcomes or events to differ materially from those expressed or implied in these forward-looking statements, which include, but are not limited to: the extent and pace of climate change, including the timing and manifestation of physical and transition risks; the macroeconomic environment; uncertainty around future climate-related policy, including the timely implementation and integration of adequate government policies; the effectiveness of actions of governments, legislators, regulators, businesses, investors, customers, and other stakeholders to mitigate the impact of climate and sustainability-related risks; changes in customer behavior and demand, changes in the available technology for mitigation and the effectiveness of any such technologies, as some of these new technologies may be unproven; excessive costs and expenses related to acquire and/or develop technology for mitigation; the roll-out of low carbon infrastructure; the availability and adoption of renewable energy in our value chain; the development of carbon capture, circular utilization, and sequestration technologies, including the adoption of cost-effective carbon-related technologies such as carbon capture, utilization, and storage ; the availability of accurate, verifiable, reliable, consistent, and comparable climate-related data; lack of transparency and comparability of climate-related forward-looking methodologies; variation in approaches and outcomes, as variations in methodologies may lead to under or overestimates and consequently present exaggerated indication of climate-related risk; and reliance on assumptions and future uncertainty. Calculations of forward-looking metrics are complex and require many methodological choices and assumptions. Accordingly, undue reliance should not be placed on these forward-looking statements. Furthermore, changing national and international standards, industry and scientific practices, regulatory requirements, and market expectations regarding climate change, which remain under continuous development, are subject to different interpretations. There can be no assurance that these standards, practices, requirements, and expectations will not be interpreted differently than our understanding when defining sustainability-related ambitions and targets or change in a manner that substantially increases the cost or effort for us to achieve such ambitions and targets. UNLESS OTHERWISE NOTED, ALL MONETARY FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE Copyright Cemex, S.A.B. de C.V. and its subsidiaries 22
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Delivering on our commitment to enhance shareholder return Sale of Panama2 with partial proceeds invested in US aggregates business Robust FCF from Operations of $1.4B, with 46% conversion rate adjusted for one-off cash expenses 1 Delivered ~$200 M in recurrent EBITDA saving under Project Cutting Edge 2% decline in consolidated gross CO2 emissions driven by reduction in clinker factor 3 2025: A story of two halves, with strong second half recovery led by transformation 3 YoY% Variation EBITDA Margin -1.5pp +1.6pp 1H25 2H25 -14% -6% 17% 8% EBITDA Net Sales 1) FCF from Operations excluding severance payments and discontinued operations. Conversion rate based on FCF from Operations excluding severance payments and discontinued operations divided by EBITDA. 2) On October 3rd , 2025, Cemex successfully closed the divestment of its cement, ready -mix, aggregates assets, and rights to acqui re reserves in Panama, while retaining the admixtures business.
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Positive full-year results with stellar FCF 4 16,063 16,132 2024 2025 0% 2024 2025 3,058 3,080 +1% 939 960 2024 2025 +2% 1,064 1,222 2024 2025 +15% Net Sales EBITDA Net Income FCF from Operations NAYA Residential Resort, Nayarit, Mexico. 2024 2025 19.0% 19.1% +0.1pp EBITDA Margin 4Q25 YoY: +11% +16% +0.8pp Millions of U.S. dollars 1) FCF from Operations excluding severance payments and discontinued operations divided by EBITDA Adj. FCF from Ops. Conversion rate 1 2024 2025 31% 46% +15pp
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EMEA volume growth with improving trend in Mexico 1) Domestic gray cement 5 USA SCAC MEX -3% -6% 10% -1% -11% -2% 0% -14% -28% EMEA 7% 3% -1% 4Q25 YoY % Volume Growth Cement1 Ready-mix Aggregates CONSOLIDATED VOLUMES YoY % Volume Growth 1% -3% 2%5% -1% -1%EUROPE FY2025 YoY volumes (1%) (2%) (2%) (3%) (6%) (2%) (8%) (11%) (12%) 2% (5%) (11%) 5% (2%) 2% 7% 6% 3%
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Positive pricing dynamics in most markets in 2025 6 Cement1 Ready-mix Aggregates 2025 YoY and QoQ Price % 1) Domestic gray cement Note: All price variations are based on FOB prices. For Cemex and all its regions, prices are calculated on a volume-weighted average basis at constant foreign-exchange rates. -3% 1% 4% 5% 6% 6% 2% 5% 5% 2% 1% -1% USA SCAC MEX EMEA 1% 1% 3% (1%) 0% 5% Sequential (3Q25 to 4Q25) (1%) (1%) (3%) (2%) (2%) 11% (4%) 0% 1% (2%) (1%) (1%) CONSOLIDATED PRICES 2025 -2% 2% -2% EUROPE 0% 0% 0%
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7 2025 EBITDA largely explained by Project Cutting Edge and pricing EBITDA Millions of U.S. dollars 19.1% 80 3,080 2025 reported FX -10 2025 l-t-l Other -75 98 PriceVolume -71 Costs & Expenses 2024 3,058 3,090 +1% +1% +0.1pp EBITDA margin 19.0%
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ACHIEVED Ongoing transformation delivering cost efficiencies and higher margins EBITDA Savings under Project Cutting Edge (US$ M) EXPECTED 8 15 200 60 50 40 35 200 30 45 125 1H25 3Q25 4Q25 2026 2027 Recurrent savings Overhead Operating 90 95 165 35 400 2H25 YoY Improvements EBITDA Margin COGS as % of Sales Op. Exp. as % of Sales Mexico +4.7pp -1.3pp -3.1pp US +1.0pp -1.6pp 0.2pp EMEA +0.5pp 0.4pp -0.8pp SCAC +3.2pp -1.2pp -0.5pp Cemex +1.6pp -0.6pp -1.1pp EBIT: +25% YoY EBITDA: +17% YoY
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9 Regional Highlights Aldea Nizuc, Cancún, Mexico
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Sales 1,206 4,364 % YoY (l-t-l) 3% (7%) EBITDA 379 1,404 % YoY (l-t-l) 20% (1%) EBITDA margin 31.5% 32.2% pp var 4.6pp 2.0pp 4Q25 2025 10Casa AV, Veracruz, Mexico Mexico: Recovery accelerating supported by transformation • Higher sales in 4Q, marking first quarter with YoY growth since Mexico’s election in June 2024 • Robust EBITDA performance and margin expansion in 4Q driven by cost efficiencies and prices • Continued recovery of demand conditions; average daily cement sales in 4Q increased by 8% sequentially, outperforming historical seasonality • Expect positive outlook for 2026, with projected increased public spending in social programs and infrastructure Millions of U.S. dollars
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Sales 1,202 5,008 % YoY (l-t-l) (3%) (4%) EBITDA 241 979 % YoY (l-t-l) 1% (5%) EBITDA margin 20.1% 19.5% pp var 0.8pp (0.3pp) 4Q25 2025 U.S.: Improved operating efficiency driving results 21% 39% 40% AGGS CEM 2025 EBITDA RMX & Urb. Sol. Millions of U.S. dollars • Record 4Q EBITDA with higher margin, underscoring business resilience • Positive performance driven by Project Cutting Edge and increased cement kiln efficiency • Aggregates prices up 4% in 2025; flat sequentially in 4Q adjusting for Couch Aggregates • Couch along with other expansion projects, supporting mid -single digit volume growth expectations for aggregates in 2026 • Expect construction activity in 2026 to be driven by infrastructure spending, industrial projects and data centers 11 Brickell Flatiron, Miami, United States
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Sales 1,328 5,118 % YoY (l-t-l) 5% 6% EBITDA 194 788 % YoY (l-t-l) 1% 19% EBITDA margin 14.6% 15.4% pp var (0.8pp) 1.6pp 4Q25 2025 12O’Donnell maternity hospital, Madrid, Spain EMEA: Delivering record results 72% 28% Europe MEA 2025 EBITDA • Solid full year results led by higher volumes, prices and cost efficiencies • Adjusting for one-offs, 4Q EBITDA increased by a double-digit rate, while margin increased by ~1pp YoY • Cement volumes in Europe driven by Spain and Eastern Europe • Strong demand conditions continue in Middle East & Africa • Gradual phase out of EU ETS free carbon allocations and rollout of CBAM should support pricing in continental Europe • Expect positive outlook in infrastructure and further recovery in residential Millions of U.S. dollars
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Sales 281 1,144 % YoY (l-t-l) (3%) 1% EBITDA 53 223 % YoY (l-t-l) (5%) 2% EBITDA margin 18.9% 19.5% pp var (0.5pp) 0.4pp 4Q25 2025 13Pompey Estate, Portland, Jamaica SCAC: Third consecutive year of EBITDA growth 28% 39% 33% TCL COL 2025 EBITDA Rest • Positive results in 2025, with increase in EBITDA led by volumes & prices , SG&A efficiencies and growth in Urbanization Solutions • EBITDA performance in 4Q mainly explained by impact of hurricane in Jamaica and higher maintenance • Record full year EBITDA in Jamaica; debottlenecking project completed in 3Q25 should profitably substitute imports with local production • Sequential prices for cement and ready-mix in 4Q are relatively stable with variation largely explained by regional mix • Expect 2026 volume growth to be driven by improved consumer sentiment and formal construction Millions of U.S. dollars
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Financial Developments Pelješac Bridge, Pelješac, Croatia Built with Vertua Concrete, part of our Vertua family of products with sustainable attributes
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Delivering on our commitment to improve FCF conversion 15 Millions of U.S. dollars 1) FCF from Operations excluding severance payments and discontinued operations divided by EBITDA. -7 -11 2024 2025 Avg. WC days 4Q24 4Q25 2024 2025 EBITDA 675 781 3,058 3,080 Net interest paid (103) (84) (514) (398) Maint. capex & lease payments (404) (312) (1,011) (917) Working Capital 636 529 223 (16) Net taxes paid (59) (78) (854) (301) Other cash expenditures (60) (103)* (51) (322)* Sale of fixed assets 55 16 90 104 FCF from discontinued operations 20 0 124 (8) FCF from Operations 761 748 1,064 1,222 2024 2025 31% 46% +15pp Adj. FCF conversion1 Controlling Net Income 2024 2025 960939 +2% *Includes severance payments for US$48 million in 4Q25 and US$183 million in FY 2025.
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Activate usage of buyback program with intent to buyback up to $500 M in shares over next 3 yrs.2 Proposed Annual Cash Dividend of $180 M1 (~40% increase) under Progressive Dividend Program 1) Subject to shareholder approval at the General Shareholders’ Meeting. 2) While this program will be subject to annual approval at the General Shareholders’ Meeting and other formalities, as per the resolutions adopted at Cemex’s last General Shareholders’ Meeting, held on March 25, 2025, Cemex has an outstanding approval for share buybacks for up to US$500 million; such approval is valid until the date of the next General Shareholders’ Meeting.
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Gilbert Chabroux School, Lyon, France Built with Insularis, part of our Vertua family of products with sustainable attributes 2026 Outlook
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EBITDA2 High-single digit increase Energy cost/ton of cement produced Mid-single digit % increase Maintenance CapEx ~$900 million Growth Investments ~$300 million Growth CapEx ~$210 million Inv. in Intangible Assets 3 Investment in working capital $50 to $100 million investment Cash taxes ~$400 million Net interest paid4 Flat Outlook 2026 1 18 1) Reflects Cemex’s expectations as of February 5, 2026. 2) Like-to-like for ongoing operations and assumes FX rate range of $18.25 to $18.50 MXN per USD for 2026. 3) Investments in Intangible Assets is expected to remain flat in 2026, as the purchase of aggregates mining rights offset other reductions. 4) Including the coupons of subordinated notes with no fixed maturity and the effect of our cross- currency and interest rate swaps. Comparison vs. 2025 Maintenance CapEx -$17 M Growth CapEx -$177 M Inv. in Intangible Assets3 Flat
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Appendix International Museum of Baroque, Puebla, Mexico
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2026 volume guidance 1 : selected countries/regions 20 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 increase Mid-single digit increase EMEA Low-single digit increase Low-single digit increase Mid-single digit decrease Europe Low-single digit increase Flat Mid-single digit decrease MEA Low-to-mid single digit increase Low-single digit increase Low-single digit increase SCAC Low-single digit increase Low-single digit decrease N/A 1) Reflects Cemex’s expectations as of February 5, 2026. All volume guidance in this slide means in percentage terms vs 2025.
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Urbanization Solutions 21 15.3% Sales Related Services Industrialized Construction Performance Materials Circularity 23% 28% 39% 10%By region 2025 EBITDA margin 14.9% +0.4pp 38% 30% 27% 4% -22% l-t-l -19% l-t-l EBITDA Millions of U.S. dollars Calzada del Valle, San Pedro Garza García, Mexico 16% 13% 48% 23% 2024 16% 14% 44% 26% 2025 2,296 2,024 -12% 24% 13% 20% 43% 2024 22% 12% 21% 46% 2025 341 310 -9% MEX US EMEA SCAC MEX US EMEA SCAC
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Consolidated volumes and prices 22All price variations are based on FOB prices. Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates. 2025 vs. 2024 4Q25 vs. 4Q24 4Q25 vs. 3Q25 Domestic gray cement Volume (1%) 1% (3%) Price (USD) 0% 8% 0% Price (l-t-l) 1% 1% (2%) Ready mix Volume (2%) (3%) (5%) Price (USD) 2% 7% 0% Price (l-t-l) 1% 1% (1%) Aggregates Volume (2%) 2% (4%) Price (USD) 5% 9% 0% Price (l-t-l) 3% 4% (1%)
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4Q25 volume and price summary 23All price variations are based on FOB prices. Price (LC) for EMEA, Europe, MEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates. Mexico (1%) 17% 5% (11%) 18% 6% (2%) 23% 11% U.S. (3%) (3%) (3%) (6%) 0% 0% 10% 1% 1% EMEA 7% 10% 2% 3% 12% 2% (1%) 10% 1% Europe 5% 7% (2%) (1%) 10% 1% (1%) 7% (1%) MEA 11% 40% 34% 9% 17% 5% (3%) 23% 8% SCAC 0% 7% 1% (14%) 18% 3% (28%) 35% 20% Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Aggregates 4Q25 vs. 4Q24 4Q25 vs. 4Q24 4Q25 vs. 4Q24 Domestic gray cement Ready mix
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2025 volume and price summary 24All price variations are based on FOB prices. Price (LC) for EMEA, Europe, MEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates. Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico (8%) 1% 5% (11%) 2% 6% (12%) 2% 6% U.S. (3%) (3%) (3%) (6%) 1% 1% (2%) 4% 4% EMEA 7% 6% 2% 6% 7% 1% 3% 4% (1%) Europe 5% 3% (2%) (2%) 7% 2% 2% 2% (2%) MEA 11% 34% 45% 17% 10% 4% 6% 11% 3% SCAC 2% 3% 2% (5%) 7% 5% (11%) 6% 5% Aggregates 2025 vs. 2024 2025 vs. 2024 2025 vs. 2024 Domestic gray cement Ready mix
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Net Debt Variation 25 5,836 4,958 Net debt December 2024 -1,222 FCF from operations 477 Growth capex -965 Acquisitions and divestments 127 Dividends 210 Inv. in intangible assets 99 Coupons on subordinated notes 394 Others net Net debt December 2025 -$879 QoQ Net Debt Waterfall (US$ M) 5,592 4,958 Net debt September 2025 -748 FCF from operations 106 Growth capex -164 Acquisitions and divestments 33 Dividends 60 Inv. in intangible assets 0 Coupons on subordinated notes 79 Others net Net debt December 2025 -$634 2025 Net Debt Waterfall (US$ M) 1 1 1) Others net, for both 4Q25 and Jan-Dec 2025 is largely explained by FX conversion effect and activities related to our stock compensation plan.
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Average life of debt: 3.4 years 26 Debt maturity profile as of December 31, 2025 Total debt 1 as of December 31, 2025: $6,780 million Millions of U.S. dollars 1) Total debt excluding subordinated notes Fixed Income Other bank debt Main bank debt agreements Leases 2026 2027 2028 2029 2030 2031 1,454 823 781 999 1,278 1,445 Total debt 1 by instrument 54% 27% 17%2%
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Additional information on debt 27 Fixed 67% Variable 33% Currency3 denomination Interest rate3 U.S. dollar 68% Euro 21% MXN 7% Other 3% Millions of U.S. dollars. 1) Includes leases, in accordance with IFRS 2) Calculated in accordance with our contractual obligations under our main bank debt agreements 3) Includes the effect of our interest rate and cross-currency derivatives, as applicable Third Quarter 2024 2025 % var 2025 Total debt1 6,700 6,780 1% 6,789 Short-term 7% 21% 11% Long-term 93% 79% 89% Cash and cash equivalents 864 1,822 111% 1,198 Net debt 5,836 4,958 (15%) 5,592 Net debt per bank agreements 2 5,802 5,022 (13%) 5,666 Leverage ratio2 1.81 1.63 1.88 Coverage ratio2 7.26 8.37 7.86 Fourth Quarter
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Relevant Sustainability indicators 28 Carbon strategy 2024 2025 Gross Kg of CO2 per ton of cementitious 577 568 Net Kg of CO2 per ton of cementitious 523 528 Clinker factor 72.7% 71.4% Alternative fuels 36.7% 32.1% Low-carbon products 2024 2025 Blended cement as % of total cement produced 81.8% 84.5% Health and safety 2024 2025 Employee fatalities 1 2 Employee LTI frequency rate 0.6 0.3 Operations with zero fatalities and injuries (%) 96% 97%
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Notes and Definitions 29 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 domestic cement including clinker to domestic gray cement). LC Local currency. l-t-l (like to like) On a like-to-like basis adjusting for currency fluctuations. Maintenance capital expenditures Investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies. Sales When referring to reportable segment sales, revenues are presented before eliminations of intragroup transactions. When referring to Consolidated Sales, these represent the total revenues (Net Sales) of the company as reported in the financial statements. EBIT Means Operating earnings before other expenses, net. EBITDA Means Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization. EBITDA margin Means Operating EBITDA margin: which is calculated by dividing our “Operating EBITDA” by our sales. Free cash flow from operations Cemex defines it as Operating EBITDA minus net interest paid, maintenance capital expenditures, maintenance lease payments, fixed asset sales, change in working capital, net taxes paid, and other cash expenditures. Investment in intangible assets Investments and expenses incurred in the development of internal-use software, industrial property, and trademarks. IFRS International Financial Reporting Standards, as issued by the International Accounting Standards Board. Pp Percentage points. Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products. Growth capital expenditures Investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs. USD/U.S. dollars U.S. dollars. % YoY Year-over-year percentage variation for the same period of the previous year.
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Investors Relations In the United States: +1 877 7CX NYSE In Mexico: +52 81 8888 4327 ir@cemex.com Stock Information NYSE (ADS): CX Mexican Stock Exchange (CPO): CEMEX.CPO Ratio of CPO to ADS: 10 to 1 Contact Information