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    Paul Roger • BNP Paribas

    Paul Roger's questions to HOLN leadership

    Paul Roger's questions to HOLN leadership • H1 2025

    Question

    Paul Roger of BNP Paribas asked about the drivers of Holcim's outperformance in Latin America, specifically in Mexico, and questioned the company's ambition to offer a full range of building envelope solutions in all markets.

    Answer

    CEO Miljan Gutovic stated that while not reporting on Mexico individually, its margins are 'well above the average of LATAM' and he expects a strong H2. Regarding solutions, he confirmed the strategic goal is to be an 'end-to-end supplier,' selling a full range of products on major projects to drive high-value growth.

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    Paul Roger's questions to HOLN leadership • Q2 2025

    Question

    Paul Roger of BNP Paribas asked if LatAm's outperformance was due to country mix or outperformance in Mexico, and about the ambition to offer a full range of building envelope solutions.

    Answer

    CEO Miljan Gutovic confirmed Mexico's margins are 'well above the average of LATAM' and that H2 is expected to be even stronger. He affirmed the strategic goal is to become an end-to-end supplier, selling a full range of solutions on job sites to accelerate high-value growth.

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    Paul Roger's questions to HOLN leadership • H1 2025

    Question

    Paul Roger of BNP Paribas sent questions asking if LatAm's outperformance was due to country mix or outperformance in Mexico, and whether Holcim aims to offer a full range of building envelope solutions in all major markets.

    Answer

    CEO Miljan Gutovic confirmed strong performance in Mexico, with margins 'well above the average of LATAM' and an expectation for an even stronger H2. He affirmed that the strategic goal is to become an end-to-end solutions provider, filling gaps in the portfolio to sell multiple products on each job site, as exemplified by the Elinicon project in Athens.

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    Paul Roger's questions to Cemex SAB de CV (CX) leadership

    Paul Roger's questions to Cemex SAB de CV (CX) leadership • Q2 2025

    Question

    Paul Roger of BNP Paribas asked for clarification on the company's guidance, which mentioned 'potential upside,' and inquired where this upside could originate from.

    Answer

    CEO Jaime Muguiro identified several sources for potential upside to the flat EBITDA guidance. These include favorable FX tailwinds if rates remain at June levels (approx. $40M), additional savings from Project Cutting Edge beyond the base estimate, and indirect savings from headcount reductions (e.g., licenses, travel) that are not yet factored into the forecast.

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    Paul Roger's questions to Cemex SAB de CV (CX) leadership • Q1 2025

    Question

    Paul Roger from BNP Paribas asked about potential changes to the Urbanization Solutions strategy under new leadership, including a possible expansion into light-side verticals.

    Answer

    CEO Jaime Dominguez stated that he sees great potential in specific Urbanization Solutions verticals, particularly in Mexico, the U.S., and Europe, with a focus on the renovation industry. He highlighted mortars, insulation, and circularity as attractive areas. He confirmed the company will continue to deploy capital in this segment with a focused strategy that includes light-side solutions.

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    Paul Roger's questions to Cemex SAB de CV (CX) leadership • Q2 2024

    Question

    Paul Roger inquired about the criteria used by the World Benchmarking Alliance for its sustainability rankings and the specific factors that led to CEMEX achieving the #1 position.

    Answer

    Executive Fernando Olivieri explained that the ranking was based 60% on climate action and 40% on social issues. He credited CEMEX's top score to its 'Future in Action' strategy, which has driven a 14% reduction in Scope 1 CO2 emissions since 2020. Olivieri highlighted the company's strong progress towards its 2025 and 2030 targets and its long-standing focus on social strategy as key contributors to the recognition.

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