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    Adrian Huerta • JPMorgan Chase & Co.

    Adrian Huerta's questions to Cemex SAB de CV (CX) leadership

    Adrian Huerta's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Adrian Huerta from JPMorgan Chase & Co. asked about the medium-term (18 months) and long-term (2-3 years) outlook for the EMEA region, given its tremendous year-to-date performance.

    Answer

    CEO Jaime Muguiro expressed a bullish outlook for EMEA, citing strong fundamentals and growth potential in Israel and a recovery in Europe driven by infrastructure spending in Spain and Germany. He highlighted long-term tailwinds from the CBAM and phase-out of free CO2 allowances starting in 2026-2027, which should support pricing, along with potential industry capacity rationalization.

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    Adrian Huerta's questions to Cemex SAB de CV (CX) leadership • Q1 2025

    Question

    Adrian Huerta from JPMorgan Chase & Co. asked for more details on the 'Project Cutting Edge' cost-savings program and the new CEO's strategic focus on geographical mix and investments.

    Answer

    CEO Jaime Dominguez explained that 'Project Cutting Edge' is the foundation for broader changes, including reducing overheads and empowering regions. He stated the company will focus on Mexico, the U.S., and Europe, with a relentless emphasis on improving free cash flow conversion and ensuring every asset delivers a return on capital employed (ROCE) above the weighted average cost of capital (WACC), which may lead to further divestments.

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    Adrian Huerta's questions to Cemex SAB de CV (CX) leadership • Q4 2024

    Question

    Adrian Huerta of JPMorgan Chase & Co. questioned U.S. operations, asking why CEMEX's reported price increases lagged peers and for an explanation of the expected decline in U.S. aggregate volumes for 2025.

    Answer

    Executive Lucy Rodriguez explained that overall U.S. pricing was impacted by significant challenges in the Texas market during the first half of 2024, related to import and weather disruptions. She clarified that the guided decline in 2025 aggregate volumes is a supply-side issue, driven by a few quarries reaching their end-of-life, not a reflection of lower demand.

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    Adrian Huerta's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership

    Adrian Huerta's questions to Vesta Real Estate Corporation SAB de CV (VTMX) leadership • Q1 2025

    Question

    Adrian Huerta from JPMorgan Chase & Co. asked about the probability of leasing the new greenfield properties in Monterrey within the year. He also questioned if Vesta plans further land bank acquisitions in 2025.

    Answer

    CEO Lorenzo Dominique Berho Carranza acknowledged that 2025 is a slow year but expressed confidence that the high-quality buildings in Monterrey will be leased, noting that their underwriting accounts for some downtime. Regarding land, he confirmed they will continue to seek opportunities prudently without overshooting their manageable land bank.

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