Exhibit 1

 

Cemex delivers double-digit EBITDA growth

and margin expansion across all regions

 

•

Consolidated EBITDA growing at double-digit rate, with all regions contributing.

 

•

EBITDA margin expanding by 2.5pp, highest third-quarter level since 2020.

 

•

Transformation under Project Cutting Edge delivering ~US$90 million in EBITDA savings in 3Q25.

 

•

Net income, adjusted for discontinued operations increasing by 8% in 3Q25.

Monterrey, Mexico. October 28, 2025 — Cemex announced today its results for the third quarter of 2025, reporting strong EBITDA growth and continued progress in its transformation strategy. Net Sales increased by 5% while consolidated EBITDA grew at a double-digit rate, supported by operational efficiencies and higher consolidated prices.

EBITDA margin expanded by 2.5 percentage points year-over-year, reaching its highest third-quarter level since 2020. The U.S. and EMEA achieved record third-quarter margins, while Mexico and the South, Central America and the Caribbean region posted multi-year EBITDA margin highs.

Cemex made significant headway in the rollout of Project Cutting Edge, capturing approximately US$90 million in EBITDA savings in the third quarter and expects to meet its full year goal of US$200 million in 2025.

“Six months ago, we set out to make Cemex a best-in-class operator and deliver superior shareholder returns,” said Jaime Muguiro, CEO of Cemex. “Our achievements in the quarter confirm that we are setting a strong foundation to position Cemex as a more focused, agile and high-performing company.”

Free Cash Flow from operations improved on higher EBITDA, lower interest expense, and reduced cash taxes. Free Cash Flow from Operations conversion rate reached 61% in the quarter.

Cemex also advanced on its portfolio rebalancing strategy by completing the divestment of its operations in Panama(1) and acquiring a majority stake in Couch Aggregates, a leading aggregates producer in the southeastern United States, strengthening its position in a key growth market.

Cemex’s operations in Europe remain at the forefront of its decarbonization efforts, already ahead of the European Cement Association’s 2030 CO2 emissions target(2), on a per ton of cement equivalent basis, reflecting the Company’s climate action leadership.

Cemex’s Consolidated 2025 Third Quarter Highlights

 

		January - September																Third Quarter
		2025				2024				% var				l-t-l % var				2025				2024				% var				l-t-l % var
Sales			11,952				12,282				(3	%)			(1	%)			4,245				4,055				5	%			2	%
Operating EBITDA			2,299				2,382				(3	%)			(1	%)			882				743				19	%			16	%
Operating EBITDA margin			19.2	%			19.4	%			(0.2pp	)							20.8	%			18.3	%			2.5pp
Controlling interest net income (loss)			1,316				891				48	%							264				406				(35	%)

In millions of U.S. dollars, except percentages.

 

(1)	On October 3rd , 2025, Cemex successfully closed the divestment of its cement, ready-mix, aggregates assets, and rights to acquire reserves in Panama, while retaining the admixtures business.

(2)	Excluding downstream reductions in ready-mix and construction carbonation.

 

1

Regional 2025 Third Quarter Highlights

 

		January - September																Third Quarter
Mexico		2025				2024				% var				l-t-l % var				2025				2024				% var				l-t-l % var
Sales			3,158				3,831				(18	%)			(10	%)			1,117				1,136				(2	%)			(5	%)
Operating EBITDA			1,025				1,193				(14	%)			(6	%)			369				319				16	%			11	%
Operating EBITDA margin			32.4	%			31.1	%			1.3pp								33.1	%			28.1	%			5.0pp
United States
Sales			3,806				3,961				(4	%)			(4	%)			1,310				1,335				(2	%)			(2	%)
Operating EBITDA			738				792				(7	%)			(7	%)			269				258				4	%			4	%
Operating EBITDA margin			19.4	%			20.0	%			(0.6pp	)							20.6	%			19.3	%			1.3pp
Europe, Middle East and Africa
Sales			3,790				3,476				9	%			6	%			1,379				1,243				11	%			5	%
Operating EBITDA			593				460				29	%			25	%			247				201				23	%			17	%
Operating EBITDA margin			15.7	%			13.2	%			2.5pp								17.9	%			16.2	%			1.7pp
South, Central America and the Caribbean
Sales			855				833				3	%			4	%			295				277				6	%			5	%
Operating EBITDA			166				155				7	%			8	%			64				41				55	%			54	%
Operating EBITDA margin			19.4	%			18.6	%			0.8pp								21.6	%			14.8	%			6.8pp

In millions of U.S. dollars, except percentages.

Note: All references to EBITDA mean Operating EBITDA and all references to margin refer to Operating EBITDA margin.

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

Contact information

Analyst and Investor Relations

Patricio Treviño Garza

+52 (81) 8888-4327

ir@cemex.com

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

###

 

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Except as the context otherwise may require, references in this press release to “Cemex,” “we,” “us,” or “our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this press release contains forward-looking statements within the meaning of 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 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. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. Although Cemex believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary, including materially, from historical results 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 guidance presented in this press release to differ, 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) and the Mexican Stock Exchange (Bolsa Mexicana de Valores), 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 and decisions implemented by such new governments, 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, good 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 to key

 

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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, 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 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 “Future in Action” climate action program and achieve our sustainability goals and objectives.

Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this press release 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 may vary materially from historical results, performance, or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results 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 press release. 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 press release are made and stated as of the dates specified in this press release 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 press release or revise any forward-looking statements in this press release, 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 Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores). Market data used in this press release not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this press release 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.

This press release 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” (Operating EBITDA for the period divided by our revenues as reported in our financial statements). 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. 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.

 

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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. Non-IFRS financial measures presented in the press release are being provided for informative purposes only and shall not be construed as investment, financial, or other advice.

Also, this press release 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 press release. Cemex acts in strict compliance of 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 press release 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.

Cautionary Statement Regarding Environmental, Social, and Governance (“ESG”) and Sustainability-Related Data, Metrics, and Methodologies

This press release 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 press release 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. 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 press release, 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 press release 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 press release 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.

 

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These forward-looking statements may also include references to specific programs, such as our “Future in Action” climate action program, as well 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 within 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 FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE

 

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Exhibit 2

 

Operating and financial highlights

 

						January - September												Third Quarter
														l-t-l																l-t-l
		2025				2024				% var				% var				2025				2024				% var				% var
Consolidated volumes
Domestic gray cement			32,456				33,147				(2	%)							11,144				11,154				(0	%)
Ready-mix			32,206				32,747				(2	%)							11,243				11,401				(1	%)
Aggregates			98,650				102,140				(3	%)							35,084				35,417				(1	%)
Sales			11,952				12,282				(3	%)			(1	%)			4,245				4,055				5	%			2	%
Gross profit			3,948				4,192				(6	%)			(3	%)			1,426				1,333				7	%			4	%
as % of Sales			33.0	%			34.1	%			(1.1pp	)							33.6	%			32.9	%			0.7pp
Operating earnings before other income and expenses, net			1,332				1,450				(8	%)			(5	%)			547				428				28	%			25	%
as % of Sales			11.1	%			11.8	%			(0.7pp	)							12.9	%			10.5	%			2.4pp
SG&A expenses as % of Sales			9.6	%			9.6	%			0.0pp								8.7	%			9.6	%			(0.9pp	)
Controlling interest net income (loss)			1,316				891				48	%							264				406				(35	%)
Operating EBITDA			2,299				2,382				(3	%)			(1	%)			882				743				19	%			16	%
as % of Sales			19.2	%			19.4	%			(0.2pp	)							20.8	%			18.3	%			2.5pp
Free Cash Flow from Operations			473				303				56	%							539				186				190	%
Total debt			6,789				7,512				(10	%)							6,789				7,512				(10	%)
Earnings (loss) of continuing operations per ADS			0.47				0.46				3	%							0.16				0.15				8	%
Fully diluted earnings (loss) of continuing operations per ADS			0.47				0.45				4	%							0.16				0.14				10	%
Average ADSs outstanding (1)			1,470				1,468				0	%							1,471				1,470				0	%
Employees			40,244				44,292				(9	%)							40,244				44,292				(9	%)

 

(1)

For purposes of this report, Average ADSs outstanding equals the total number of Series A shares and Series B shares outstanding as if they were all held in ADS form. The calculation of Average ADSs outstanding also includes the restricted ADSs allocated to eligible employees as variable compensation.

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters. In millions of U.S. dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.

 

 

2025 Third Quarter Results		Page 2

Operating results

 

Mexico

 

		January - September																Third Quarter
		2025				2024				% var				l-t-l % var				2025				2024				% var				l-t-l % var
Sales			3,158				3,831				(18	%)			(10	%)			1,117				1,136				(2	%)			(5	%)
Operating EBITDA			1,025				1,193				(14	%)			(6	%)			369				319				16	%			11	%
Operating EBITDA margin			32.4	%			31.1	%			1.3pp								33.1	%			28.1	%			5.0pp

In millions of U.S. dollars, except percentages.

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			(11	%)			(6	%)			(11	%)			(12	%)			(15	%)			(10	%)
Price (USD)			(4	%)			10	%			(3	%)			10	%			(4	%)			10	%
Price (local currency)			5	%			6	%			6	%			6	%			4	%			6	%

In Mexico, 3Q25 results reflect the expected inflection point in quarterly performance underlying our annual guidance, with Operating EBITDA growing by 11% on a like-to-like basis; this double-digit growth was supported by a leaner cost base and higher prices, despite lower volumes.

Project Cutting Edge initiatives are already delivering relevant operational improvements, reflected in the 5.0pp of Operating EBITDA margin expansion in 3Q25, to 33.1%, its highest level since 2021.

Volume trends began to improve after a challenging first half, with average daily cement sales outperforming historical seasonality despite heavy rains in August and September.

Prices for cement, ready-mix, and aggregates have increased by mid-single-digit rates since 4Q24, mitigating input cost inflation.

We are already participating in the execution of several projects under “Viviendas para el Bienestar”, with demand environment expected to improve as the government accelerates its infrastructure and social housing plans.

United States

 

		January - September																Third Quarter
		2025				2024				% var				l-t-l % var				2025				2024				% var				l-t-l % var
Sales			3,806				3,961				(4	%)			(4	%)			1,310				1,335				(2	%)			(2	%)
Operating EBITDA			738				792				(7	%)			(7	%)			269				258				4	%			4	%
Operating EBITDA margin			19.4	%			20.0	%			(0.6pp	)							20.6	%			19.3	%			1.3pp

In millions of U.S. dollars, except percentages.

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			(3	%)			(1	%)			(6	%)			(3	%)			(6	%)			(0	%)
Price (USD)			(2	%)			(3	%)			1	%			0	%			5	%			6	%
Price (local currency)			(2	%)			(3	%)			1	%			0	%			5	%			6	%

The United States reached a record third quarter Operating EBITDA and Operating EBITDA margin, despite demand conditions, driven by increased cost efficiencies and higher prices.

Adjusting for ready-mix asset sales and the consolidation of Couch Aggregates, volumes for our 3 core products declined by 1% year-on-year. Demand continues to reflect strength in infrastructure offset by persistent softness in the residential sector. Aggregates prices are up 5% since 4Q24, adjusting for product-mix.

 

2025 Third Quarter Results		Page 3

Operating results

 

Europe, Middle East, and Africa

 

		January - September																Third Quarter
		2025				2024				% var				l-t-l % var				2025				2024				% var				l-t-l % var
Sales			3,790				3,476				9	%			6	%			1,379				1,243				11	%			5	%
Operating EBITDA			593				460				29	%			25	%			247				201				23	%			17	%
Operating EBITDA margin			15.7	%			13.2	%			2.5pp								17.9	%			16.2	%			1.7pp

In millions of U.S. dollars, except percentages.

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			7	%			5	%			6	%			6	%			4	%			3	%
Price (USD)			4	%			9	%			5	%			8	%			2	%			3	%
Price (local currency) (*)			2	%			4	%			1	%			1	%			(2	%)			(2	%)

The EMEA region continued recording strong performance, reaching new records in Operating EBITDA and Operating EBITDA margins both for Europe and Middle East & Africa.

For the EMEA region, cement, ready-mix and aggregate prices increased by low single-digit rates compared to 4Q24.

In Europe, high-single-digit growth in cement volumes was mostly driven by infrastructure throughout Eastern Europe, with housing activity also boosting demand in Spain. In the UK and Germany volumes are stabilizing.

In the Middle East and Africa, ready-mix and aggregates volumes in the quarter expanded by 13% and 1% respectively, on a year-over-year basis.

Regarding our decarbonization efforts, our operations in Europe remain at the forefront having surpassed already the European Cement Association’s consolidated net CO2 emissions target(1) for 2030, further reinforcing our position as an industry leader.

 

(*)	Calculated on a volume-weighted-average basis at constant foreign exchange rates.

(1)	Excluding downstream reductions in ready-mix and construction carbonation.

 

2025 Third Quarter Results		Page 4

Operating results

 

South, Central America and the Caribbean

 

		January - September																Third Quarter
		2025				2024				% var				l-t-l % var				2025				2024				% var				l-t-l % var
Sales			855				833				3	%			4	%			295				277				6	%			5	%
Operating EBITDA			166				155				7	%			8	%			64				41				55	%			54	%
Operating EBITDA margin			19.4	%			18.6	%			0.8pp								21.6	%			14.8	%			6.8pp

In millions of U.S. dollars, except percentages.

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - September				Third Quarter				January - September				Third Quarter				January - September				Third Quarter
Volume			3	%			5	%			(1	%)			(7	%)			(6	%)			(10	%)
Price (USD)			1	%			3	%			3	%			7	%			(2	%)			(1	%)
Price (local currency) (*)			2	%			3	%			6	%			5	%			0	%			(3	%)

The South, Central America and the Caribbean region delivered strong quarterly results, with Operating EBITDA rising by 54% and Operating EBITDA margin expanding by 6.8pp. Solid results were driven by the completion of the debottlenecking project last quarter in Jamaica, allowing us to replace low margin imports with domestically produced cement, benefits from Project Cutting Edge, as well as a favorable comparison base this quarter.

In Colombia demand is being driven by the informal sector, with a rebound in bagged cement volumes, and the Metro project in Bogotá. In Jamaica we are seeing tourism related developments, along with improved bagged cement sales supported by remittances.

Sequential prices for cement and ready-mix in the region in 3Q25 are relatively stable with variation largely explained by regional mix.

 

(*)	Calculated on a volume-weighted-average basis at constant foreign-exchange rates.

 

2025 Third Quarter Results		Page 5

Operating results

 

Operating EBITDA and Free Cash Flow from Operations

 

		January - September												Third Quarter
		2025				2024				% var				2025				2024				% var
Operating earnings before other expenses, net			1,332				1,450				(8	%)			547				428				28	%
Depreciation and amortization of assets			967				932								335				315
Operating EBITDA			2,299				2,382				(3	%)			882				743				19	%
Net Interest Paid			(314	)			(412	)							(104	)			(129	)
Maintenance capital expenditures & lease payments (1)			(605	)			(608	)							(224	)			(244	)
Change in working capital			(545	)			(413	)							132				161
Net Taxes Paid			(223	)			(795	)							(87	)			(362	)
Other cash expenditures			(219	)			8								(67	)			(15	)
Proceeds from sales of fixed assets			88				35								8				9
Free cash flows from discontinued operations			(8	)			104								(2	)			23
Free Cash Flow from Operations			473				303				56	%			539				186				190	%

In millions of U.S. dollars, except percentages.

 

(1)	Including lease payments of US$70 million in 3Q25 and US$71 million in 3Q24; US$214 million for the period of January-September 2025 and US$218 million in January-September 2024.

 

Net Debt Variation: Amounts below are presented in terms of their effect on Net Debt
Net debt			4Q24:				5,836				2Q25:				5,756
Free Cash Flow from Operations (effect on Net Debt)							(473	)							(539	)
Growth capital expenditures							371								117
Acquisitions and divestments							(801	)							40
Dividends							95								33
Investments in intangible assets							150								55
Coupons on subordinated notes							99								44
Others, net (1)							314								87
Net debt variation							(245	)							(164	)
Net debt			3Q25:				5,592				3Q25:				5,592

In millions of U.S. dollars.

 

(1)	Others net, for both 3Q25 and Jan-Sept 2025 is largely explained by FX conversion effect and activities related to our stock compensation plan.

Information on debt

 

		Third Quarter												Second Quarter						Third Quarter
		2025				2024				% var				2025						2025				2024
Total debt (1)			6,789				7,512				(10	%)			6,921			Currency denomination (3)
Short-term			11	%			5	%							13	%		U.S. dollar			68	%			73	%
Long-term			89	%			95	%							87	%		Euro			21	%			19	%
Cash and cash equivalents			1,198				422				184	%			1,166			Mexican peso			7	%			5	%
Net debt			5,592				7,090				(21	%)			5,756			Other			3	%			3	%
Consolidated net debt (2)			5,666				7,191								5,839			Interest rate (3)
Consolidated leverage ratio (2)			1.88				2.22								2.05			Fixed			67	%			68	%
Consolidated coverage ratio (2)			7.86				7.28								7.12			Variable			33	%			32	%

In millions of U.S. dollars, except percentages and ratios.

 

(1)	Includes leases, in accordance with International Financial Reporting Standards (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.

 

2025 Third Quarter Results		Page 6

Operating results

 

Consolidated Statement of Operations & Statement of Financial Position

Cemex, S.A.B. de C.V. and Subsidiaries

(Thousands of U.S. dollars, except per ADS amounts)

 

		January - September																Third Quarter
														like-to-like																like-to-like
STATEMENT OF OPERATIONS		2025				2024				% var				% var				2025				2024				% var				% var
Sales			11,952,175				12,282,335				(3	%)			(1	%)			4,245,421				4,055,028				5	%			2	%
Cost of sales			(8,004,350	)			(8,090,122	)			1	%							(2,819,782	)			(2,722,094	)			(4	%)
Gross profit			3,947,825				4,192,214				(6	%)			(3	%)			1,425,639				1,332,934				7	%			4	%
Operating expenses			(2,615,743	)			(2,742,134	)			5	%							(878,310	)			(905,355	)			3	%
Operating earnings before other income and expenses, net			1,332,081				1,450,079				(8	%)			(5	%)			547,329				427,579				28	%			25	%
Other expenses, net			(208,634	)			(19,853	)			(951	%)							(95,090	)			(28,257	)			(237	%)
Operating earnings			1,123,447				1,430,226				(21	%)							452,239				399,322				13	%
Financial expense			(345,721	)			(422,716	)			18	%							(110,148	)			(139,254	)			21	%
Other financial income (expense), net			138,086				(272,747	)			N/A								(11,938	)			(97,383	)			88	%
Financial income			31,342				26,434				19	%							12,196				8,020				52	%
Results from financial instruments, net			(40,066	)			(11,732	)			(242	%)							(7,133	)			(7,593	)			6	%
Foreign exchange results			213,902				(218,075	)			N/A								5,968				(74,168	)			N/A
Effects of net present value on assets and liabilities and others, net			(67,091	)			(69,374	)			3	%							(22,969	)			(23,642	)			3	%
Equity in gain (loss) of associates			55,883				68,251				(18	%)							30,624				35,198				(13	%)
Income (loss) before income tax			971,696				803,015				21	%							360,777				197,883				82	%
Income tax			(272,535	)			(122,110	)			(123	%)							(120,868	)			18,568				N/A
Profit (loss) of continuing operations			699,161				680,904				3	%							239,909				216,450				11	%
Discontinued operations			631,711				225,754				180	%							32,140				192,024				(83	%)
Consolidated net income (loss)			1,330,872				906,658				47	%							272,049				408,475				(33	%)
Non-controlling interest net income (loss)			15,196				16,157				(6	%)							8,349				2,758				203	%
Controlling interest net income (loss)			1,315,676				890,501				48	%							263,699				405,717				(35	%)
Operating EBITDA			2,299,039				2,382,027				(3	%)			(1	%)			882,264				742,590				19	%			16	%
Earnings (loss) of continued operations per ADS			0.47				0.46				3	%							0.16				0.15				8	%
Earnings (loss) of discontinued operations per ADS			0.44				0.16				180	%							0.02				0.13				(83	%)

 

		As of September 30
STATEMENT OF FINANCIAL POSITION		2025				2024				% var
Total assets			29,007,657				27,994,794				4	%
Cash and cash equivalents			1,197,717				422,281				184	%
Trade receivables less allowance for doubtful accounts			1,960,041				1,874,969				5	%
Other accounts receivable			781,700				748,443				4	%
Inventories, net			1,559,293				1,557,932				0	%
Assets held for sale			306,185				1,219,287				(75	%)
Other current assets			151,585				158,967				(5	%)
Current assets			5,956,521				5,981,879				(0	%)
Property, machinery and equipment, net			11,908,751				11,252,917				6	%
Other assets			11,142,385				10,759,999				4	%
Total liabilities			15,090,221				15,582,379				(3	%)
Current liabilities			6,526,442				6,090,441				7	%
Long-term liabilities			5,142,095				6,117,876				(16	%)
Other liabilities			3,421,685				3,374,062				1	%
Total stockholder’s equity			13,917,436				12,412,415				12	%
Common stock and additional paid-in capital			7,699,108				7,699,108				0	%
Other equity reserves			(2,502,420	)			(2,783,574	)			10	%
Subordinated notes			1,974,000				1,985,040				(1	%)
Retained earnings			6,432,432				5,198,444				24	%
Non-controlling interest			314,316				313,396				0	%

 

2025 Third Quarter Results		Page 7

Operating results

 

Operating Summary per Country

In thousands of U.S. dollars

 

		January - September																Third Quarter
														like-to-like																like-to-like
Sales		2025				2024				% var				% var				2025				2024				% var				% var
Mexico			3,158,145				3,831,429				(18	%)			(10	%)			1,117,220				1,135,999				(2	%)			(5	%)
U.S.A.			3,806,159				3,960,621				(4	%)			(4	%)			1,309,885				1,334,683				(2	%)			(2	%)
Europe, Middle East and Africa			3,789,670				3,476,292				9	%			6	%			1,378,733				1,242,949				11	%			5	%
Europe			2,849,253				2,748,890				4	%			(0	%)			1,026,428				969,707				6	%			1	%
Middle East and Africa			940,417				727,402				29	%			28	%			352,306				273,242				29	%			20	%
South, Central America and the Caribbean			854,745				832,845				3	%			4	%			294,597				276,703				6	%			5	%
Others and intercompany eliminations			343,455				181,148				90	%			91	%			144,984				64,694				124	%			126	%
TOTAL			11,952,175				12,282,335				(3	%)			(1	%)			4,245,421				4,055,028				5	%			2	%
GROSS PROFIT
Mexico			1,587,411				1,916,010				(17	%)			(10	%)			558,833				544,773				3	%			(1	%)
U.S.A.			1,079,590				1,143,183				(6	%)			(6	%)			385,135				383,884				0	%			0	%
Europe, Middle East and Africa			1,006,311				846,107				19	%			15	%			389,920				333,619				17	%			11	%
Europe			801,331				713,715				12	%			7	%			311,878				279,444				12	%			6	%
Middle East and Africa			204,980				132,392				55	%			58	%			78,042				54,176				44	%			37	%
South, Central America and the Caribbean			266,903				262,065				2	%			3	%			96,450				77,851				24	%			23	%
Others and intercompany eliminations			7,610				24,849				(69	%)			(69	%)			(4,699	)			(7,194	)			35	%			35	%
TOTAL			3,947,825				4,192,214				(6	%)			(3	%)			1,425,639				1,332,934				7	%			4	%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico			867,780				1,034,179				(16	%)			(8	%)			314,626				269,533				17	%			12	%
U.S.A.			349,883				400,637				(13	%)			(13	%)			137,596				125,452				10	%			10	%
Europe, Middle East and Africa			343,452				229,843				49	%			46	%			160,587				120,441				33	%			27	%
Europe			231,059				177,509				30	%			22	%			116,543				94,085				24	%			18	%
Middle East and Africa			112,393				52,334				115	%			127	%			44,044				26,357				67	%			62	%
South, Central America and the Caribbean			114,181				107,591				6	%			7	%			44,092				24,991				76	%			76	%
Others and intercompany eliminations			(343,214	)			(322,171	)			(7	%)			(15	%)			(109,573	)			(112,837	)			3	%			7	%
TOTAL			1,332,081				1,450,079				(8	%)			(5	%)			547,329				427,579				28	%			25	%

 

2025 Third Quarter Results		Page 8

Operating results

 

Operating Summary per Country

Operating EBITDA in thousands of U.S. dollars. Operating EBITDA margin as a percentage of sales.

 

		January - September																Third Quarter
														like-to-like																like-to-like
OPERATING EBITDA		2025				2024				%var				% var				2025				2024				% var				% var
Mexico			1,024,509				1,192,945				(14	%)			(6	%)			369,400				319,277				16	%			11	%
U.S.A.			737,588				792,375				(7	%)			(7	%)			269,307				257,968				4	%			4	%
Europe, Middle East and Africa			593,119				459,976				29	%			25	%			247,059				201,489				23	%			17	%
Europe			430,497				373,025				15	%			10	%			183,908				163,781				12	%			7	%
Middle East and Africa			162,622				86,951				87	%			92	%			63,151				37,708				67	%			59	%
South, Central America and the Caribbean			165,558				154,912				7	%			8	%			63,596				41,021				55	%			54	%
Others and intercompany eliminations			(221,734	)			(218,180	)			(2	%)			(13	%)			(67,097	)			(77,165	)			13	%			20	%
TOTAL			2,299,039				2,382,027				(3	%)			(1	%)			882,264				742,590				19	%			16	%
OPERATING EBITDA MARGIN
Mexico			32.4	%			31.1	%			1.3	pp							33.1	%			28.1	%			5.0	pp
U.S.A.			19.4	%			20.0	%			(0.6	pp)							20.6	%			19.3	%			1.3	pp
Europe, Middle East and Africa			15.7	%			13.2	%			2.5	pp							17.9	%			16.2	%			1.7	pp
Europe			15.1	%			13.6	%			1.5	pp							17.9	%			16.9	%			1.0	pp
Middle East and Africa			17.3	%			12.0	%			5.3	pp							17.9	%			13.8	%			4.1	pp
South, Central America and the Caribbean			19.4	%			18.6	%			0.8	pp							21.6	%			14.8	%			6.8	pp
TOTAL			19.2	%			19.4	%			(0.2	pp)							20.8	%			18.3	%			2.5	pp

 

2025 Third Quarter Results		Page 9