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    Marcelo Furlan

    Research Analyst at Itau

    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

    Marcelo Furlan's questions to CEMEX SAB DE CV (CX) leadership • Q2 2024

    Question

    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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