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Arnaud Pinatel

Partner and Research Analyst at Onfield

Arnaud Pinatel is a Partner and Research Analyst at Onfield Investment Research, specializing in the cement and construction materials sector. He covers companies such as CEMEX SAB DE CV and Buzzi SpA, actively participating in earnings calls and industry events like INTERCEM Shipping Americas. Pinatel collaborates with Yassine Touahri at Onfield, contributing to equity research coverage, though specific performance metrics like success rates or rankings are not publicly detailed. His career highlights include recognition as a key industry voice in cementitious materials and sustainable future discussions, with prior experience inferred from his partner-level role at the firm.

Arnaud Pinatel's questions to CEMEX SAB DE CV (CX) leadership

Question · Q4 2025

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.

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Question · Q4 2025

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.

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