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Marcelo Furlan

Research Analyst at Itau Unibanco Holding S.A.

Marcelo Furlan is an Executive Director and Senior Equity Research Analyst at Itaú BBA, specializing in coverage of the Brazilian financial sector with a focus on major banks and financial institutions such as Banco do Brasil, Bradesco, Itaú Unibanco, and Santander Brasil. Known for providing insightful analysis and investment recommendations, his research and calls are highly regarded by institutional investors in Latin America, and he has consistently ranked among the top analysts in sector-focused surveys by Institutional Investor. Furlan began his career in equity research more than a decade ago, initially holding analyst positions within Itaú BBA’s research division and progressing to his current senior leadership role. He holds a postgraduate degree in Finance from Fundação Getulio Vargas and is a certified securities analyst in Brazil (CNPI), reflecting his depth of expertise within his field.

Marcelo Furlan's questions to CEMEX SAB DE CV (CX) leadership

Question · Q4 2025

Marcelo Furlan asked about expectations for further divestments in 2026, the company's goal for EBITDA contribution from the U.S. aggregates business, and how proceeds from divestments might be used for reinvestment in the U.S. aggregates space.

Answer

CEO Jaime Muguiro confirmed ongoing divestment efforts, with plans to reinvest proceeds responsibly and accretively, primarily in U.S. aggregates bolt-ons, followed by mortars, renders, and plasters due to synergies. Lucy Rodriguez added that U.S. aggregates are already benefiting from investments, guiding to a mid-single-digit volume increase in 2026, significantly from inorganic growth.

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Question · Q4 2025

Marcelo Furlan from Itaú inquired about CEMEX's expectations for further divestments in 2026, the planned use of proceeds, and the company's strategic goal for the EBITDA contribution from the aggregates business in the U.S. market, given its current 39% share.

Answer

CEO Jaime Muguiro confirmed that CEMEX is working on divestments and plans to responsibly and accretively reinvest the proceeds, primarily in the U.S. He stated a prioritization of aggregates bolt-ons, followed by mortars, renders, and plasters, due to synergies in admixtures, cementitious materials, sand consumption, shared customer base, and distribution. Muguiro emphasized a disciplined M&A framework, pursuing only accretive acquisitions. Lucy Rodriguez (Chief Communications Officer) added that inorganic growth from U.S. aggregates investments is already contributing to the mid-single-digit volume increase guided for 2026.

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Question · Q2 2024

Marcelo Furlan asked how CEMEX plans to sustain its strong EBITDA margins in Mexico, inquiring about specific cost and efficiency initiatives.

Answer

Executive Maher Al-Haffar outlined several levers for maintaining margins in Mexico. These include actively managing the energy portfolio by switching to cheaper natural gas and alternative fuels, reducing the clinker factor, and addressing transportation costs. Executive Lucy Rodriguez added that a geographic shift in project activity towards the north, where the company's logistics network is more developed, could also provide a future cost benefit.

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