Arnaud Pinatel

Arnaud Pinatel asked for clarification and quantification of the one-off adjustments mentioned for CEMEX's EMEA region in Q4 2025.

Answer

CEO Jaime Muguiro quantified that excluding these one-offs, EMEA margin would have been 0.9 percentage points higher. He specified the one-offs included a few write-offs, an electricity reimbursement in Q4 2024 not present in Q4 2025, and a variation in variable compensation provision (increase in Q4 2025 vs. reduction in Q4 2024), which affected consolidated margin by 0.6 percentage points.

Arnaud Pinatel from Onfield requested quantification and clarification of the one-off adjustments that impacted CEMEX's EMEA margin in Q4.

Answer

CEO Jaime Muguiro explained that excluding these one-offs, the EMEA margin would have been 0.9 percentage points higher. The one-offs included a few write-offs, an electricity reimbursement in Q4 2024 that wasn't present in Q4 2025, and a variation in the variable compensation provision. He noted that in Q4 2024, variable compensation provisions were reduced, while in Q4 2025, they were increased, creating a delta that affected Europe and the consolidated margin by approximately 0.6 percentage points.