Cemex, S.A.B. de C.V. (CX) is a global leader in the construction industry, specializing in the production, marketing, sale, and distribution of essential building materials. The company provides innovative solutions for urbanization and infrastructure development, offering products such as cement, ready-mix concrete, aggregates, and other construction materials and services. Cemex operates across multiple regions, including Mexico, the United States, Europe, Middle East, Africa, Asia, and South, Central America, and the Caribbean.
- Cement - Produces and distributes cement, a fundamental material for construction projects worldwide.
- Concrete - Operates ready-mix concrete plants globally, delivering tailored concrete solutions for diverse construction needs.
- Aggregates - Supplies crushed stone, sand, and gravel, essential for construction and infrastructure projects.
- Urbanization Solutions - Offers products and services for urban development, including concrete products, admixtures, and infrastructure solutions.
- Others - Provides additional construction materials and services, including recycling and sustainability-focused solutions.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Fernando A. González Olivieri [March 25 ExecutiveBoard | Chief Executive Officer (CEO) | Member of the Board of Directors of GCC, S.A.B. de C.V.; Member of the Board of Directors of Axtel, S.A.B. de C.V.; Member of the Board of Trustees of Tecmilenio University; President of the Global Cement and Concrete Association | Fernando A. González Olivieri is the CEO of Cemex since 2014. Previously, he served as CFO from 2011 to 2014 and joined Cemex’s Board of Directors in 2015. | |
Jaime Muguiro Domínguez [March 25 ExecutiveBoard | CEO of Cemex | Jaime Muguiro Domínguez has been a key leader at CX, serving as President of Cemex USA since 2019 and now assumed the role of CEO of Cemex effective April 1, 2025, highlighting his extensive commitment to the company since joining in 1996. He was elected to Cemex’s Board of Directors on March 25, 2025, reinforcing his strategic leadership. | ||
Maher Al-Haffar [March 25 ExecutiveBoard | Executive Vice President of Finance and Administration and Chief Financial Officer (CFO) | UN Global Compact CFO Coalition for the SDGs; NYSE Advisory Board | Maher Al-Haffar has been the Executive Vice President of Finance and Administration and Chief Financial Officer (CFO) at Cemex since 2020. He joined Cemex in 2000 and has held several key leadership roles, and he also serves on external boards including the UN Global Compact CFO Coalition for the SDGs and the NYSE Advisory Board. | |
Rogelio Zambrano Lozano [March 25 ExecutiveBoard | Executive Chairman of Cemex's Board of Directors | Co-Chief Executive Officer at Carza, S.A.P.I. de C.V.; Executive Chairman at Carza, S.A.P.I. de C.V.; Alternate Board Member at Banco Santander México, S.A.; Regional Council Member at Banco de México; Member at Consejo Mexicano de Negocios; Board of Trustees Member and Visiting Professor at Instituto Tecnológico y de Estudios Superiores de Monterrey; Founding Partner and Board Member at Proyectos Industriales Carza; Board Member at Grupo Vigia, S.A. de C.V.; Board Member at GreenPaper (Productora de Papel, S.A. de C.V.); General Board Member at Universidad de Monterrey, A.C. | Rogelio Zambrano Lozano has served as the Executive Chairman of Cemex's Board of Directors since 2014 after joining the board in 1987. He is a seasoned leader with extensive experience in corporate governance and sustainability, and he holds multiple external roles. | |
Jesús Vicente González Herrera [March 25 Executive | President of Cemex South, Central America, and the Caribbean | Jesús Vicente González Herrera has served as President of Cemex South, Central America, and the Caribbean since 2019. He joined Cemex in 1998 and has previously held several senior roles including Corporate Director of Strategic Planning, Vice President of Strategic Planning in Cemex USA, President of Cemex Central America and UK, and Executive Vice President of Sustainability and Operations Development. | ||
Juan Romero [March 25 Executive | Executive Vice President of Sustainability, Commercial, and Operational Development | Vice President and representative of the board of directors of the National Chamber of Cement (appointed June 2011) ; Member of the board of directors of GCC, S.A.B. de C.V. | Juan Romero joined Cemex in 1989 and rose through several senior roles. He held the executive position of Executive Vice President of Sustainability, Commercial, and Operational Development as of March 25, 2025 before retiring effective June 1, 2023. | |
Luis Hernández Echávez [March 25 Executive | Executive Vice President of Digital and Organization Development | Luis Hernández Echávez has been with Cemex since 1996. He currently serves as Executive Vice President of Digital and Organization Development at Cemex, a role he has held since 2020 and in which he oversees Organization and Human Resources, Information Technology, Digital Innovation, and Cemex Ventures. | ||
Mauricio Doehner Cobián [March 25 Executive | Executive Vice President of Corporate Affairs, Enterprise Risk Management and Social Impact | Vice President of Social Responsibility and Vertebration at COPARMEX ; Board member at Vista Oil & Gas, S.A.B. de C.V. ; Board member at Trust for the Americas ; Board member at EGADE Business School ; Board member at Museo de Arte Contemporáneo de Monterrey, A.C. | Executive Vice President at Cemex since 2021, having joined the company in 1996 and held various roles in strategic planning and enterprise risk management. | |
Ricardo Naya [March 25 Executive | Executive Vice President of Sustainability and Operations Development | Ricardo Naya currently serves as Executive Vice President of Sustainability and Operations Development at Cemex since April 1, 2025. Previously, he was President of Cemex Mexico starting in 2019 and has held various executive positions at Cemex since 1996. | ||
Armando J. García Segovia [March 25 Board | Independent Director | Member of the board of directors of Hoteles City Express, S.A.B. de C.V. ; Independent member of the board of directors of GCC, S.A.B. de C.V. ; Board member of Innovación y Conveniencia, S.A. de C.V., PYOSA Industrias, S.A.P.I. de C.V., and Universidad de Monterrey, A.C. (UDEM) ; Founder and Chairman of the Board of Directors of Comenzar de Nuevo, A.C. ; Honorary Consul in Monterrey of the Kingdom of Denmark | Armando J. García Segovia has been an Independent Director on Cemex's Board of Directors since 1983 and serves as President of the Sustainability, Climate Action, Social Impact, and Diversity Committee since 2014. He is noted for his long-standing dedication to sustainability and corporate governance. | |
David Manuel Martínez Guzmán [March 25 Board | Independent Director | Founder and principal of Fintech Advisory Inc. (established in 1987); Managing Director of Fintech Advisory, Ltd.; Board Member of ICA Tenedora, S.A. de C.V.; Board Member of Alfa, S.A.B. de C.V.; Board Member of Vitro, S.A.B. de C.V.; Board Member of Sabadell Bank | David Manuel Martínez Guzmán has been serving as an Independent Director at Cemex since 2015. He brings extensive expertise in financial management, sovereign debt restructuring, and corporate restructuring to the board. | |
Everardo Elizondo Almaguer [March 25 Board | Independent Director at Cemex [since 2016] | Grupo Financiero Banorte, S.A.B. de C.V. ; Compañía Minera Autlán, S.A.B. de C.V. ; Gruma, S.A.B. de C.V. ; Afore XXI-Banorte, S.A. ; Rassini, S.A.B. de C.V. | Everardo Elizondo Almaguer serves as an Independent Director at Cemex since 2016 and holds a significant governance role as President of the Audit Committee since 2019. His expertise in financial systems and macroeconomic environments reinforces his contributions to corporate best practices. | |
Francisco Javier Fernández Carbajal [March 25 Board | Independent Director | Member of the board of directors of Alfa, S.A.B. de C.V.; Member of the board of directors of VISA, Inc.; Alternate member of the board of directors of Fomento Económico Mexicano, S.A.B. de C.V. (FEMSA) | Francisco Javier Fernández Carbajal has served as Independent Director at Cemex since 2012 and as President of the Corporate Practices and Finance Committee since 2019. With over 40 years of experience in strategic planning and risk management, he provides key governance insights at Cemex. | |
Gabriel Jaramillo Sanint [March 25 Board | Independent Director on the Board of Directors | Member of the Board of Directors at Minerva Foods ; Founder and Director of a sustainable economic development program in the Orinoco Basin ; Board Member at Centro Hospitalario Tatama ; Board Member at Medicines for Malaria Ventures ; Board Member at BTG Pactual Bank | Gabriel Jaramillo Sanint has been serving as an Independent Director at CX since 2018 and as a member of the Audit Committee since 2023. He is a seasoned professional with extensive experience in finance and sustainability, having contributed to major financial institutions and global initiatives. | |
Isabel María Aguilera Navarro [March 25 Board | Independent Director on Cemex's Board of Directors | Oryzon Genomics, S.A.; Lar España Real Estate SOCIMI, S.A.; Clínica Baviera; Making Science; Independent consultant and executive in residence at Esade Business School; Member of the board of directors of Canal de Isabel II | Isabel María Aguilera Navarro has served as an Independent Director on Cemex's Board since 2019. She also contributes to the Sustainability, Climate Action, Social Impact, and Diversity Committee since 2023, and brings extensive leadership experience from multinational roles such as at General Electric and Google. | |
Isauro Alfaro Alvarez [March 25 Board | Member, Corporate Practices and Finance Committee | Isauro Alfaro Alvarez serves on Cemex's Corporate Practices and Finance Committee since March 25, 2025. No additional background or prior roles have been provided. | ||
Marcelo Zambrano Lozano [March 25 Board | Non-Independent Director | Member of technical committee of CARZACK 18 ; Member of technical committee of Fibra Inn | Marcelo Zambrano Lozano has served as the Non-Independent Director at CX since 2017. He also contributes on the Sustainability, Climate Action, Social Impact, and Diversity Committee and has extensive expertise in real estate and construction. | |
María de Lourdes Melgar Palacios [March 25 Board | Independent Director on the Board of Directors | Member of the Board of Directors of Smurfit Westrock Group PLC; Member of the Board of Directors of Banco Santander México; Member of the Board of Directors of Mount Holyoke College; Member of the Board of Directors of Global Energy Alliance for People and Planet; Member of the Board of Directors of Natural Resource Governance Institute; Member of Phius; Member of Chapter Zero Mexico; Researcher at MIT Center of Collective Intelligence; Non-resident Researcher at Baker Institute Center for Energy Studies | María de Lourdes Melgar Palacios has served as an Independent Director at Cemex since March 23, 2023. She brings extensive experience from board roles and academic research, having held positions at Smurfit Westrock Group PLC and Banco Santander México. | |
Ramiro Gerardo Villarreal Morales [March 25 Board | Independent Director | Member of the Board of Directors at Andean Precious Metals ; Member of the Board of Directors and alternate member of the Audit and Corporate Practices Committee at GCC, S.A.B. de C.V. ; Member of the Board of Directors, Audit Committee, and Corporate Practices Committee at Vinte Viviendas Integrales, S.A.B. de C.V. ; Member of the Advisory Board at Arendal | Ramiro Gerardo Villarreal Morales is an Independent Director at CX since 2017. He brings over 50 years of professional experience and previously served as General Legal Director from 1987 until December 2017. | |
Rodolfo García Muriel [March 25 Board | Member of the Board of Directors | CEO of Compañía Industrial de Parras, S.A. de C.V.; Chairman of the Board of Directors of Grupo Romacarel, S.A.P.I de C.V. | Rodolfo García Muriel has served on Cemex's Board of Directors since 1985 and is a member of its Corporate Practices and Finance Committee (since 2015) and Audit Committee (since 2016). Outside of CX, he is the CEO of Compañía Industrial de Parras, S.A. de C.V. and Chairman of the Board of Directors of Grupo Romacarel, S.A.P.I de C.V. |
- Given the delays in pricing increases in Texas due to weather disruptions in the first half of 2024, what concrete measures are you implementing to mitigate such risks in future volatile seasons, and how will these efforts ensure consistent pricing execution across your U.S. markets?
- With several of your quarries nearing end of life and replacement production not materializing on schedule, what is your plan to sustain aggregates supply and maintain margin stability in 2025?
- Your strategic CapEx guidance increased to $600 million this year, yet you mentioned no additional EBITDA contributions outside of guidance; how do you plan to balance these growth investments with your progressive dividend and $500 million share buyback program?
- In light of the challenging landscape in Mexico—exacerbated by FX volatility and an anticipated 20% depreciation—what specific actions are you taking to stabilize volumes and offset margin headwinds in the region?
- You noted that the gap between pricing increases and cost inflation has significantly narrowed, particularly compared to the high inflation environment in 2022; how will you adjust your pricing strategy to protect margins if input cost inflation remains volatile in the near term?
Research analysts who have asked questions during CEMEX SAB DE CV earnings calls.
Wilfredo Jorel Guilloty
Goldman Sachs
6 questions for CX
Yassine Touahri
On Field Investment Research
6 questions for CX
Adrian Huerta
JPMorgan Chase & Co.
5 questions for CX
Alejandra Obregon
Morgan Stanley
5 questions for CX
Anne Milne
Bank of America Merrill Lynch
5 questions for CX
Gordon Lee
BTG Pactual
5 questions for CX
Benjamin Theurer
Barclays Corporate & Investment Bank
4 questions for CX
Carlos Peyrelongue
Bank of America
4 questions for CX
Francisco Suarez
Scotiabank
4 questions for CX
Adam Thalhimer
Thompson, Davis & Company, Inc.
3 questions for CX
Paul Roger
BNP Paribas
3 questions for CX
Anna Schumacher
BNP Paribas
2 questions for CX
Alberto Valerio
UBS Group AG
1 question for CX
Alejandra Obregón Martínez
Morgan Stanley
1 question for CX
Anne Jean Milne
BofA Securities
1 question for CX
Benjamine Theurer
Barclays
1 question for CX
Ben Theurer
Barclays
1 question for CX
Daniel Sasson
Itaú BBA
1 question for CX
José Itzamna Espitia Hernández
BBVA México
1 question for CX
Marcelo Furlan
Itau
1 question for CX
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
SHTANG Recycle LTD | 2023 | Cemex acquired a 51% ownership stake for $13 million, securing a 13-year facility license for a state-of-the-art CDEW recycling facility with an expected processing capacity of 600,000 tons of waste yearly, supporting its circular and sustainable business strategy by using recycled materials in its Regenera operations. |
Atlantic Minerals Limited | 2023 | Cemex signed a definitive agreement on January 24, 2023 for a $75 million acquisition of a construction and chemical aggregates quarry and port operations in Newfoundland, Canada; the deal, closing late April 2023, was aimed at expanding U.S. aggregates reserves by approximately 20% and supporting long-term operations on the east coast. |
Recent press releases and 8-K filings for CX.
- CEMEX reported a strong Q3 2025 performance with consolidated EBITDA rising sharply at a double-digit rate and net sales growing for the first time since Q1 2024. The EBITDA margin expanded by 2.5 percentage points, reaching its highest Q3 level since 2020.
- The company realized approximately $90 million in EBITDA savings in Q3 from Project Cutting Edge, remaining on track for its $200 million full-year 2025 goal. This contributed to free cash flow from operations of close to $540 million in Q3, an improvement of more than $350 million versus the prior year.
- CEMEX is advancing its portfolio rebalancing by divesting operations in Panama and acquiring a majority stake in Couch Aggregates in the U.S..
- The company is targeting around 45% free cash flow conversion from operations in 2026 and approximately 50% beyond 2026. For 2026, CEMEX expects Mexico demand volumes to grow by 2.5% to 3%.
- Cemex reported strong Q3 2025 results, with consolidated EBITDA rising at a double-digit rate and net sales growing for the first time since Q1 2024. The EBITDA margin expanded by 2.5 percentage points, reaching its highest level for a third quarter since 2020, driven by cost savings from Project Cutting Edge and higher prices.
- The company made significant progress on its strategic plan, realizing approximately $90 million in EBITDA savings from Project Cutting Edge in Q3 2025, keeping it on track for a $200 million full-year goal.
- Cemex continued its portfolio rebalancing efforts, completing the divestment of its Panama operations and consolidating Couch Aggregates in the U.S.. This strategy is expected to strengthen its U.S. aggregates footprint and offset the EBITDA loss from the Panama sale.
- Looking ahead, Cemex is targeting a 45% free cash flow conversion from operations in 2026, with further improvement to around 50% beyond 2026. The company anticipates Mexico's demand volumes to grow by at least 2.5%-3% in 2026.
- Consolidated EBITDA increased at a double-digit rate in Q3 2025, with substantive margin gains across all regions, largely driven by cost savings under Project Cutting Edge and higher prices.
- Project Cutting Edge generated approximately $90 million in EBITDA savings in Q3 2025, keeping the company on track to reach its $200 million full-year 2025 goal and $400 million in annualized recurring EBITDA savings by 2027.
- The free cash flow from operations conversion rate reached 41% on a trailing 12-month basis, with targets of around 45% for 2026 and 50% beyond 2026.
- Full-year EBITDA guidance for 2025 remains unchanged, expecting a flat performance versus 2024 with potential upside, and cash taxes guidance for 2025 was lowered by $100 million to $350 million.
- The company is actively pursuing bolt-on acquisitions in the U.S., primarily in aggregates, mortars, and admixtures, while prioritizing the U.S., Mexico, and Europe for growth and maintaining an investment-grade rating.
- Cemex reported strong financial results for Q3 2025, with consolidated Net Sales increasing by 5% to $4,245 million and Operating EBITDA growing by 19% to $882 million compared to Q3 2024.
- The company achieved EBITDA margin expansion of 2.5 percentage points year-over-year, reaching 20.8%, its highest third-quarter level since 2020.
- Project Cutting Edge delivered approximately US$90 million in EBITDA savings in Q3 2025 and is on track to meet its US$200 million full-year goal for 2025.
- Free Cash Flow from Operations significantly improved by 190% to $539 million in Q3 2025.
- Cemex also advanced its portfolio rebalancing strategy by completing the divestment of its operations in Panama and acquiring a majority stake in Couch Aggregates.
- Cemex reported a 38% increase in Controlling interest net income to US$318 million in the second quarter of 2025.
- The company raised its 2025 EBITDA savings target under Project Cutting Edge to US$200 million, up from US$150 million previously, with a run rate of US$400 million in savings expected by 2027.
- For Q2 2025, Net sales were US$4.1 billion and Operating EBITDA was US$823 million, with a 20% EBITDA margin.
- Cemex provided full-year 2025 EBITDA guidance for flat performance with potential upside.
- First installment of USD 32.5 million: MXN $0.014105 per share (USD $0.000746) for ordinary shares; MXN $0.042315 per CPO (USD $0.002238); USD $0.022380 per ADS.
- Payment dates: June 18, 2025 for bearer shares and CPO holders (MXN); ADS holders on or around June 26, 2025.
- Conversion rate: MXN 18.9083 per USD as determined by Banco de México on June 16, 2025.
- Tax treatment: Paid from the CUFIN as of December 31, 2013; no withholding applies.
- Cemex successfully closed a US$1.0 billion subordinated notes offering intended to fund general corporate purposes, including repaying debt.
- The offering was conducted under regulatory exemptions and restricted to qualified institutional buyers, with detailed disclosures on its legal constraints.
- The document also includes forward-looking statements that highlight associated risks and uncertainties impacting future performance.
- Cemex declared a USD $130 million cash dividend to be paid in four equal installments of USD $32.5 million each, with the first installment starting on June 18, 2025.
- Dividend payments differ by security type, with CPO holders receiving approximately USD $0.002238 per share and ADS holders approximately USD $0.022380 per share, reflecting distinct payment rates.
- Key dates include a record date of June 17, 2025 and staggered payment schedules, ensuring holders secure dividend rights before the cutoff on June 16, 2025.
- The document is a 6-K press release where Cemex SAB de CV (NYSE: CX) announced the pricing of US.$1.0 billion of subordinated notes with no fixed maturity, filed on June 5, 2025.
- The notes carry an initial interest rate of 7.2% per annum with step-up interest rate provisions, including a reset on September 10, 2030, and include various call options.
- Proceeds from the offering are targeted for general corporate purposes, such as repaying debt or other financial obligations.
- Q1 2025 Results Announcement: The document reports the three‐month period ended March 31, 2025, outlining interim operating results with comparisons to the prior year.
- Discontinued Operations & Divestitures: It details the sale of operations in the Dominican Republic and Haiti, including a significant gain on sale and associated reclassifications.
- Financial Statement Consolidation: The report highlights the consolidation of financial results, addressing discontinued operations and adjustments in key metrics such as gross profit and operating earnings.