Exhibit 1

 

Cemex reports record first quarter EBITDA

 

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Project Cutting Edge delivers solid results

 

•

EBITDA reached US$794 million, up 34% YoY with EBITDA margin expansion of 3.3 percentage points

 

•

Free Cash Flow from Operations improved by almost US$300 million

 

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Project Cutting Edge contributed approximately 45% of EBITDA growth

Monterrey, Mexico. April 23, 2026 – Cemex announced today its results for the first quarter of 2026, reporting strong performance supported by its disciplined execution of its transformation plan. EBITDA reached a record US$794 million, increasing 34% year-over-year driven by operational efficiencies, pricing strategy, operating leverage and stronger FX. EBITDA margin expanded by 3.3 percentage points to 19.8%, with most regions contributing. Free Cash Flow from Operations grew at a multiple of EBITDA growth, improving by nearly US$300 million, and reached US$29 million in a quarter that has historically generated negative cash flow.

Despite adverse weather in the U.S. and Europe, Net sales increased 3% on a like-to-like basis, supported by cement volume recovery in Mexico and disciplined pricing strategy. This stable top-line performance translated into a 40% like-to-like increase in EBIT, underscoring the leaner cost base and structural improvements in earnings quality. Adjusting for the one-off prior year gain from the sale of our Dominican Republic operations, Net Income would have nearly doubled in the quarter.

Cemex continued advancing its transformation plan during the quarter. Project Cutting Edge delivered approximately 45% of incremental like-to-like EBITDA in the quarter due to a leaner cost structure and improved operating efficiency. The company also progressed on its portfolio rebalancing strategy, with an agreement to divest selected assets in Colombia and completing the acquisition of Omega, a leading stucco and mortar business in the Western United States, enhancing its growth platform in less volatile higher-return markets.

“I am very pleased with our first-quarter results, which reflect the ongoing benefits of our transformation and a structurally stronger Cemex with a more resilient earnings profile,” said Jaime Muguiro, CEO of Cemex. “Despite the uncertain global backdrop, our self-help measures under Project Cutting Edge that we have put into place coupled with strong first quarter results, give me confidence on our full-year high-single-digit EBITDA growth guidance.”

Regional performance reflected broad-based strength. Mexico delivered strong EBITDA growth and margin expansion, supported by continued volume recovery, operational efficiencies, and pricing. The United States showed resilience despite adverse weather, with growth in ready-mix and aggregates volumes and continued benefits from Project Cutting Edge. EMEA reported double-digit EBITDA growth driven by cost discipline and pricing, while South, Central America and the Caribbean achieved double-digit EBITDA growth supported by higher volumes and ongoing transformation benefits.

Cemex also made important progress on its key priority of boosting shareholder return. During the quarter, Cemex repurchased approximately US$100 million in shares, and shareholders approved a nearly 40% increase in the annual dividend.

 

1

Cemex’s Consolidated 2026 First Quarter Highlights

 

		January - March																First Quarter
		2026				2025				% var				l-t-l % var				2026				2025				% var				l-t-l % var
Sales			4,019				3,614				11	%			3	%			4,019				3,614				11	%			3	%
Operating EBITDA			794				595				34	%			23	%			794				595				34	%			23	%
Operating EBITDA margin			19.8	%			16.5	%			3.3pp								19.8	%			16.5	%			3.3pp
Controlling interest net income (loss)			228				734				(69	%)							228				734				(69	%)

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

 

		January - March														First Quarter
		2026				2025				% var		l-t-l % var				2026				2025				% var		l-t-l % var
Mexico
Sales			1,255				981			28%			9	%			1,255				981			28%			9	%
Operating EBITDA			453				308			47%			24	%			453				308			47%			24	%
Operating EBITDA margin			36.1	%			31.4	%		4.7pp							36.1	%			31.4	%		4.7pp
United States
Sales			1,196				1,190			0%			0	%			1,196				1,190			0%			0	%
Operating EBITDA			190				190			0%			0	%			190				190			0%			0	%
Operating EBITDA margin			15.9	%			15.9	%		0.0pp							15.9	%			15.9	%		0.0pp
Europe, Middle East and Africa
Sales			1,162				1,070			9%			(1	%)			1,162				1,070			9%			(1	%)
Operating EBITDA			152				117			30%			20	%			152				117			30%			20	%
Operating EBITDA margin			13.0	%			10.9	%		2.1pp							13.0	%			10.9	%		2.1pp
South, Central America and the Caribbean
Sales			296				281			5%			(1	%)			296				281			5%			(1	%)
Operating EBITDA			66				55			20%			14	%			66				55			20%			14	%
Operating EBITDA margin			22.4	%			19.7	%		2.7pp							22.4	%			19.7	%		2.7pp

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.

 

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About Cemex

Cemex is a multinational construction materials company focused on building a better future for communities worldwide. The company produces and markets cement, ready-mix concrete, aggregates, and related construction materials such as admixtures and mortars, enabling construction projects across its markets. Through customer-centric solutions, operational excellence, and continuous innovation, Cemex delivers high-performance materials that meet the industry’s evolving needs. With a workforce of around 40,000 people worldwide, Cemex provides reliable, sustainable, and high-quality products and services, partnering with its customers to deliver solutions that create long-term value. For more information, visit cemex.com and connect with us on LinkedIn.

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 “we,” “us,” “our,” or similar expressions refer to Cemex, S.A.B. de C.V. (“Cemex”) (NYSE: CX; BMV: CEMEX.CPO) and its consolidated entities. The information disclosed in this press release and the current or future events referenced therein may contain forward-looking statements within the meaning of applicable securities laws and regulations, including but not limited to Section 27A of the Securities Act of 1933, as amended, and Section 21E of the 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 US 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 our plans, objectives, and expectations (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. Although we believe that our expectations are reasonable, we 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. Unless otherwise indicated, these forward-looking statements reflect our current 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. These forward-looking statements necessarily involve risks, uncertainties, assumptions and other important factors that could cause results and any estimate, projection and/or guidance presented in this press release to differ 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 press release to differ or fail to materialize, or that otherwise could have an impact on us, include those discussed in our most recent annual report and those detailed from time to time in our other filings with the U.S. Securities and the Exchange Commission (“SEC”), Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”) and the Mexican Stock Exchange (Bolsa Mexicana de Valores, the “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 (“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 supplies; 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, import and 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 us, 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

 

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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, China 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, the ongoing war among Israel, the United States and Iran, 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 and nature 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 and nature program. Many factors could cause our expectations, expected results, and/or projections expressed in this press release and in the events referenced herein 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 also 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 our operations and the development of market conditions in which we operate, or other circumstances that may materialize, may differ materially from those described in, or suggested by, the forward-looking statements contained in this press release, and events referenced therein. Any or all of our 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 disclosed in this press release are made and stated as of the dates specified in such referenced 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 such referenced 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 CNBV and the BMV. Market data used in this press release and events referenced herein not attributed to a specific source are our estimates 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 our internal records. This press release includes certain non-International Financing Reporting Standards (“IFRS”) financial measures that differ from financial information presented by us in accordance with IFRS in our financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include “Operating EBITDA” or “EBITDA” (operating earnings before other expenses, net plus depreciation and amortization), “Operating EBITDA Margin” or “EBITDA Margin” (Operating EBITDA for the period divided by revenues reported for the same period), “Operating EBIT” or “EBIT” (operating earnings before other expenses, net), and “Free Cash Flow from Operations” (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). 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. We believe there is no close IFRS financial measure to compare to Operating EBITDA Margin.

 

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The closest IFRS financial measure to Operating EBIT is “Operating earnings before other expenses, net”. We believe there is no close IFRS financial measure to compare to Free Cash Flow from Operations. 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, Operating EBITDA Margin, Operating EBIT and Free Cash Flow from Operations 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 our management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by our creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, our 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 this 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. We generated some of this data internally, and some was obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this press release. We act in strict compliance with antitrust laws and as such, among other measures, maintain an independent pricing policy that has been independently developed and its core element is to price our products and services based upon their quality and characteristics as well as their value to our customers. We do not accept any communications or agreements of any type with competitors regarding the determination of our prices for our products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to our prices for our products. The information, statements, and opinions contained in this press release 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. We are not responsible for any third-party information referenced in this press release. Cautionary Statement Regarding Environmental, Social, and Governance (“ESG”) and Sustainability-Related Data, Metrics, and Methodologies. This press release includes 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 contained in this 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. 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 this 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 contains 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 such activities, products, assets or projects and/or reporting of those activities, products, assets or projects will meet any present or future expectations or requirements for describing or classifying such activities, products, assets or projects 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 this press release 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 also include references to specific programs, such as our current “Future in Action” climate action and nature 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.

 

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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 and regulations, 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 STANDARS, AS APPICABLE

 

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Exhibit 2

 

First Quarter Results 2026

 

” Gran Acuario Mazatlán Mar de Cortés”, Mazatlán, Mexico

 

		Stock Listing Information   NYSE (ADS) Ticker: CX Mexican Stock Exchange (CPO) Ticker: CEMEX.CPO Ratio of CEMEXCPO to CX = 10:1		Investor Relations   In the United States: + 1 877 7CX NYSE In Mexico: + 52 (81) 8888 4327 E-Mail: ir@cemex.com

Operating and financial highlights

 

						January - March												First Quarter
		2026				2025				% var				l-t-l % var				2026				2025				% var				l-t-l % var
Consolidated volumes
Domestic gray cement			10,181				10,099				1	%							10,181				10,099				1	%
Ready-mix			10,098				10,389				(3	%)							10,098				10,389				(3	%)
Aggregates			30,173				30,046				0	%							30,173				30,046				0	%
Sales			4,019				3,614				11	%			3	%			4,019				3,614				11	%			3	%
Gross profit			1,320				1,124				17	%			7	%			1,320				1,124				17	%			7	%
as % of Sales			32.8	%			31.1	%			1.7	pp							32.8	%			31.1	%			1.7pp
Operating earnings before other income and expenses, net			453				290				56	%			40	%			453				290				56	%			40	%
as % of Sales			11.3	%			8.0	%			3.3pp								11.3	%			8.0	%			3.3pp
SG&A expenses as % of Sales			9.4	%			10.5	%			(1.1pp	)							9.4	%			10.5	%			(1.1pp	)
Controlling interest net income (loss)			228				734				(69	%)							228				734				(69	%)
Operating EBITDA			794				595				34	%			23	%			794				595				34	%			23	%
as % of Sales			19.8	%			16.5	%			3.3pp								19.8	%			16.5	%			3.3pp
Free cash Flow from Operations			29				(270	)			N/A								29				(270	)			N/A
Total debt			6,236				6,763				(8	%)							6,236				6,763				(8	%)
Earnings (loss) of continuing operations per ADS			0.17				0.51				(67	%)							0.17				0.51				(67	%)
Fully diluted earnings (loss) of continuing operations per ADS			0.16				0.50				(67	%)							0.16				0.50				(67	%)
Average ADSs outstanding (1)			1,463				1,471				(1	%)							1,463				1,471				(1	%)
Employees			38,892				43,295				(10	%)							38,892				43,295				(10	%)

 

(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.

 

 

2026 First Quarter Results		Page 2

Operating results

 

Mexico

 

 

		January - March																First Quarter
		2026				2025				% var				l-t-l % var				2026				2025				% var				l-t-l % var
Sales			1,255				981				28	%			9	%			1,255				981				28	%			9	%
Operating EBITDA			453				308				47	%			24	%			453				308				47	%			24	%
Operating EBITDA margin			36.1	%			31.4	%			4.7pp								36.1	%			31.4	%			4.7pp

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

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - March				First Quarter				January - March				First Quarter				January - March				First Quarter
Volume			6	%			6	%			(6	%)			(6	%)			6	%			6	%
Price (USD)			24	%			24	%			21	%			21	%			21	%			21	%
Price (local currency)			6	%			6	%			3	%			3	%			3	%			3	%

Mexico delivered strong results, supported by continued cement volume recovery, alongside contributions from cost efficiency initiatives, pricing, and operating leverage. Operating EBITDA rose 24% on a like-to-like basis while Operating EBITDA margin expanded by 4.7pp in the quarter. Performance also benefited from lower maintenance activity, which we expect will normalize throughout the rest of the year.

For the first time in 6 quarters, year-over-year cement volumes inflected positively as the government accelerated the rollout of their social programs.

On a sequential basis, cement prices increased mid-single digits. As in other markets, we will look to adapt our pricing strategy to offset cost inflation.

Public spending on social programs such as the Rural Road projects and the government housing program drove demand in the quarter. Recovery in infrastructure has been slow but is beginning to gain momentum.

United States

 

 

		January - March																First Quarter
		2026				2025				% var				l-t-l % var				2026				2025				% var				l-t-l % var
Sales			1,196				1,190				0	%			0	%			1,196				1,190				0	%			0	%
Operating EBITDA			190				190				0	%			0	%			190				190				0	%			0	%
Operating EBITDA margin			15.9	%			15.9	%			0.0pp								15.9	%			15.9	%			0.0pp

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

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - March				First Quarter				January - March				First Quarter				January - March				First Quarter
Volume			(1	%)			(1	%)			2	%			2	%			9	%			9	%
Price (USD)			(3	%)			(3	%)			(3	%)			(3	%)			2	%			2	%
Price (local currency)			(3	%)			(3	%)			(3	%)			(3	%)			2	%			2	%

The United States delivered resilient results in a challenging operating environment, supported by Project Cutting Edge, higher cement production, and continued growth in our aggregates business. The contribution from higher ready-mix and aggregates volumes was offset by pricing and higher freight costs, resulting in stable EBITDA and margins.

Ready-mix volumes grew 2%, marking the first year-over-year increase since mid-2022. Aggregates volumes increased 9% reflecting the consolidation of Couch Aggregates and other investments that have recently come online.

Adjusting for the weather effect in the quarter, we believe there was a slight improvement in underlying market demand.

Demand conditions continue to reflect strength in infrastructure with some bright spots in the industrial sector offset by continued softness in residential.

 

2026 First Quarter Results		Page 3

Operating results

 

Europe, Middle East, and Africa

 

 

		January - March																First Quarter
		2026				2025				% var				l-t-l % var				2026				2025				% var				l-t-l % var
Sales			1,162				1,070				9	%			(1	%)			1,162				1,070				9	%			(1	%)
Operating EBITDA			152				117				30	%			20	%			152				117				30	%			20	%
Operating EBITDA margin			13.0	%			10.9	%			2.1pp								13.0	%			10.9	%			2.1pp

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

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - March				First Quarter				January - March				First Quarter				January - March				First Quarter
Volume			(4	%)			(4	%)			(4	%)			(4	%)			(7	%)			(7	%)
Price (USD)			11	%			11	%			14	%			14	%			14	%			14	%
Price (local currency) (*)			3	%			3	%			3	%			3	%			4	%			4	%

The EMEA region delivered a solid first quarter, driven primarily by our new leaner cost structure and pricing, with EBITDA expanding 20% on a like-to-like basis, with both Europe and the Middle East and Africa expanding at double-digit rates. EBITDA margin increased 2.1pp, reflecting recurring cost savings and higher prices, with some temporary benefit from lower maintenance activity.

In Europe, demand was impacted by adverse winter weather and precipitation early in the quarter. With weather conditions largely normalizing in March, cement volumes grew 14% year-over-year, while ready-mix and aggregates volumes increased low single-digit rates.

Cement and ready-mix prices in EMEA increased by low single digits on a sequential basis. Cement prices in Europe increased by 4% sequentially, supported by the implementation of the Carbon Border Adjustment Mechanism and the tightening of free CO2 allowances under the EU ETS system. We have introduced additional price increases and fuel surcharges in several markets to offset energy inflation.

The Middle East and Africa outperformed our internal prewar expectations, with EBITDA growth of 27%, driven by Project Cutting Edge and improved pricing. Despite heightened geopolitical tensions, the impact of the Iran conflict during the quarter was limited. Average daily sales declined significantly at the outset of the war but have largely recovered as of early April.

While we remain cautious about the outlook given the war, we are pleased with the resilience of our operations in the region to date.

 

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

 

2026 First Quarter Results		Page 4

Operating results

 

South, Central America and the Caribbean

 

 

		January - March																First Quarter
		2026				2025				% var				l-t-l % var				2026				2025				% var				l-t-l % var
Sales			296				281				5	%			(1	%)			296				281				5	%			(1	%)
Operating EBITDA			66				55				20	%			14	%			66				55				20	%			14	%
Operating EBITDA margin			22.4	%			19.7	%			2.7pp								22.4	%			19.7	%			2.7pp

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

 

		Domestic gray cement								Ready-mix								Aggregates
Year-over-year percentage variation		January - March				First Quarter				January - March				First Quarter				January - March				First Quarter
Volume			2	%			2	%			(10	%)			(10	%)			(27	%)			(27	%)
Price (USD)			5	%			5	%			12	%			12	%			9	%			9	%
Price (local currency) (*)			1	%			1	%			(0	%)			(0	%)			(2	%)			(2	%)

The South, Central America and the Caribbean region delivered double-digit EBITDA growth and a margin expansion of 2.7pp, driven by improved cement volumes and the continued benefits of our transformation. Performance was also bolstered by the debottlenecking project completed last year in Jamaica, allowing us to fully supply the local market with domestic production.

Cement demand was supported by growth in the informal construction in Colombia, as well as reconstruction efforts following Hurricane Melissa and tourism-related projects in Jamaica.

Cement prices increased by 5% sequentially.

We remain optimistic about the medium-term outlook for the region, where improved consumer sentiment and informal construction are expected to drive demand.

 

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

 

2026 First Quarter Results		Page 5

Operating results

 

Operating EBITDA and Free Cash Flow from Operations

 

 

		January - March												First Quarter
		2026				2025				% var				2026				2025				% var
Operating earnings before other expenses, net			453				290				56	%			453				290				56	%
Depreciation and amortization of assets			342				305								342				305
Operating EBITDA			794				595				34	%			794				595				34	%
Net Interest Paid			(90	)			(107	)							(90	)			(107	)
Maintenance capital expenditures & lease payments (1)			(144	)			(173	)							(144	)			(173	)
Change in working capital			(453	)			(484	)							(453	)			(484	)
Net Taxes Paid			(65	)			(59	)							(65	)			(59	)
Other cash expenditures			(31	)			(74	)							(31	)			(74	)
Proceeds from sales of fixed assets			18				35								18				35
Free cash flows from discontinued operations			—				(4	)							—				(4	)
Free cash Flow from Operations			29				(270	)			N/A				29				(270	)			N/A

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

 

(1)	Including lease payments of US$67 million in 1Q26 and US$71 million in 1Q25.

 

Net debt 4Q25			4,958
Free Cash Flow from Operations (effect on Net Debt)			(29	)
Growth capital expenditures			49
Acquisitions and divestments			199
Investments in intangible assets			37
Coupons on subordinated notes			62
Dividends			32
Share buybacks			100
Others, net (1)			142
Net debt variation			592
Net debt 1Q26			5,549

In millions of U.S. dollars.

 

(1)	Others, net is largely explained by the change in outstanding balance under securitization programs, activities related to our stock compensation plan, and contributions to pension plans.

Information on debt

 

		First Quarter												Fourth Quarter						First Quarter
		2026				2025				% var				2025						2026				2025
Total debt (1)			6,236				6,763				(8	%)			6,780			Currency denomination (3)
Short-term			10	%			13	%							21	%		U.S. dollar			79	%			70	%
Long-term			90	%			87	%							79	%		Euro			15	%			20	%
Cash and cash equivalents			687				1,179				(42	%)			1,822			Mexican peso			2	%			6	%
Net debt			5,549				5,584				(1	%)			4,958			Other			3	%			4	%
																		Interest rate (3)
Leverage ratio (2)			2.30				2.57								2.26			Fixed			77	%			67	%
																		Variable			23	%			33	%

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

 

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

(2)	Calculated based on Net debt plus subordinated notes.

(3)	Includes the effect of our interest rate and cross-currency derivatives, as applicable.

 

2026 First 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 - March																First Quarter
STATEMENT OF OPERATIONS		2026				2025				% var				like-to-like % var				2026				2025				% var				like-to-like % var
Sales			4,019,094				3,614,218				11	%			3	%			4,019,094				3,614,218				11	%			3	%
Cost of sales			(2,698,882	)			(2,490,226	)			(8	%)							(2,698,882	)			(2,490,226	)			(8	%)
Gross profit			1,320,212				1,123,993				17	%			7	%			1,320,212				1,123,993				17	%			7	%
Operating expenses			(867,524	)			(833,761	)			(4	%)							(867,524	)			(833,761	)			(4	%)
Operating earnings before other income and expenses, net			452,689				290,232				56	%			40	%			452,689				290,232				56	%			40	%
Other expenses, net			(43,048	)			(44,355	)			3	%							(43,048	)			(44,355	)			3	%
Operating earnings			409,641				245,877				67	%							409,641				245,877				67	%
Financial expense			(102,751	)			(115,039	)			11	%							(102,751	)			(115,039	)			11	%
Other financial income (expense), net			11,850				39,596				(70	%)							11,850				39,596				(70	%)
Financial income			14,831				10,726				38	%							14,831				10,726				38	%
Results from financial instruments, net			13,463				(16,072	)			N/A								13,463				(16,072	)			N/A
Foreign exchange results			8,250				66,595				(88	%)							8,250				66,595				(88	%)
Effects of net present value on assets and liabilities and others, net			(24,693	)			(21,652	)			(14	%)							(24,693	)			(21,652	)			(14	%)
Equity in gain (loss) of associates			6,588				5,417				22	%							6,588				5,417				22	%
Income (loss) before income tax			325,329				175,851				85	%							325,329				175,851				85	%
Income tax			(93,929	)			(51,762	)			(81	%)							(93,929	)			(51,762	)			(81	%)
Profit (loss) of continuing operations			231,400				124,089				86	%							231,400				124,089				86	%
Discontinued operations			2,704				617,608				(100	%)							2,704				617,608				(100	%)
Consolidated net income (loss)			234,104				741,698				(68	%)							234,104				741,698				(68	%)
Non-controlling interest net income (loss)			6,447				7,739				(17	%)							6,447				7,739				(17	%)
Controlling interest net income (loss)			227,656				733,959				(69	%)							227,656				733,959				(69	%)
Operating EBITDA			794,280				594,949				34	%			23	%			794,280				594,949				34	%			23	%
Earnings (loss) of continued operations per ADS			0.17				0.51				(67	%)							0.17				0.51				(67	%)

 

		As of March 31
STATEMENT OF FINANCIAL POSITION		2026				2025				% var
Total assets			28,100,128				27,974,866				0	%
Cash and cash equivalents			686,971				1,179,154				(42	%)
Trade receivables less allowance for doubtful accounts			1,948,965				1,780,870				9	%
Other accounts receivable			945,506				717,218				32	%
Inventories, net			1,510,371				1,556,192				(3	%)
Assets held for sale			435,758				33,259				1210	%
Other current assets			114,160				133,629				(15	%)
Current assets			5,641,731				5,400,323				4	%
Property, machinery and equipment, net			11,927,372				11,420,036				4	%
Other assets			10,531,025				11,154,507				(6	%)
Total liabilities			14,657,082				14,743,472				(1	%)
Current liabilities			6,519,210				6,365,905				2	%
Long-term liabilities			4,757,769				4,955,490				(4	%)
Other liabilities			3,380,103				3,422,077				(1	%)
Total stockholder’s equity			13,443,046				13,231,394				2	%
Common stock and additional paid-in capital			7,699,108				7,699,108				0	%
Other equity reserves			(2,660,878	)			(2,599,656	)			(2	%)
Subordinated notes			1,974,000				1,985,040				(1	%)
Retained earnings			6,124,691				5,850,711				5	%
Non-controlling interest			306,124				296,190				3	%

 

2026 First Quarter Results		Page 7

Operating results

 

Operating Summary per Country

In thousands of U.S. dollars

 

		January - March																First Quarter
														like-to-like																like-to-like
Sales		2026				2025				% var				% var				2026				2025				% var				% var
Mexico			1,255,449				981,282				28	%			9	%			1,255,449				981,282				28	%			9	%
U.S.A.			1,195,941				1,190,296				0	%			0	%			1,195,941				1,190,296				0	%			0	%
Europe, Middle East and Africa			1,162,168				1,069,542				9	%			(1	%)			1,162,168				1,069,542				9	%			(1	%)
Europe			813,573				781,686				4	%			(5	%)			813,573				781,686				4	%			(5	%)
Middle East and Africa			348,595				287,856				21	%			9	%			348,595				287,856				21	%			9	%
South, Central America and the Caribbean			295,621				280,690				5	%			(1	%)			295,621				280,690				5	%			(1	%)
Others and intercompany eliminations			109,916				92,408				19	%			23	%			109,916				92,408				19	%			23	%
TOTAL			4,019,094				3,614,218				11	%			3	%			4,019,094				3,614,218				11	%			3	%
GROSS PROFIT
Mexico			663,144				482,330				37	%			17	%			663,144				482,330				37	%			17	%
U.S.A.			293,165				300,856				(3	%)			(3	%)			293,165				300,856				(3	%)			(3	%)
Europe, Middle East and Africa			266,937				238,481				12	%			3	%			266,937				238,481				12	%			3	%
Europe			192,359				174,822				10	%			2	%			192,359				174,822				10	%			2	%
Middle East and Africa			74,579				63,659				17	%			9	%			74,579				63,659				17	%			9	%
South, Central America and the Caribbean			92,769				91,569				1	%			(4	%)			92,769				91,569				1	%			(4	%)
Others and intercompany eliminations			4,197				10,756				(61	%)			(61	%)			4,197				10,756				(61	%)			(61	%)
TOTAL			1,320,212				1,123,993				17	%			7	%			1,320,212				1,123,993				17	%			7	%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico			396,715				259,125				53	%			29	%			396,715				259,125				53	%			29	%
U.S.A.			56,301				63,059				(11	%)			(11	%)			56,301				63,059				(11	%)			(11	%)
Europe, Middle East and Africa			67,059				41,843				60	%			53	%			67,059				41,843				60	%			53	%
Europe			25,394				7,459				240	%			226	%			25,394				7,459				240	%			226	%
Middle East and Africa			41,665				34,383				21	%			16	%			41,665				34,383				21	%			16	%
South, Central America and the Caribbean			44,348				40,145				10	%			5	%			44,348				40,145				10	%			5	%
Others and intercompany eliminations			-111,735				-113,939				2	%			20	%			-111,735				-113,939				2	%			20	%
TOTAL			452,689				290,232				56	%			40	%			452,689				290,232				56	%			40	%

 

2026 First Quarter Results		Page 8