CEMEX SAB DE CV (CX) Company Report

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%.

Oct 28, 2025, 3:00 PM

Transcript

Cemex Reports Strong Q3 2025 Performance with Double-Digit EBITDA Growth and Strategic Progress

Earnings

Guidance Update

M&A

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.

Oct 28, 2025, 3:00 PM

Transcript

Cemex Reports Strong Q3 2025 Performance and Strategic Progress

Earnings

Guidance Update

M&A

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.

Oct 28, 2025, 3:00 PM

Transcript

Cemex Announces Strong Q3 2025 Results

Earnings

Revenue Acceleration/Inflection

M&A

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.

Oct 28, 2025, 10:01 AM

6-K

Cemex announces Q2 2025 results and updated strategic transformation targets

Earnings

Guidance Update

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.

Jul 24, 2025, 12:00 AM

6-K

Cemex declares first installment of cash dividend

Dividends

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.

Jun 16, 2025, 12:00 AM

6-K

Cemex Closes $1.0 Billion Subordinated Notes Offering

Debt Issuance

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.

Jun 10, 2025, 12:00 AM

6-K

Cemex Announces Dividend Installment Details

Dividends

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.

Jun 6, 2025, 12:00 AM

6-K

Cemex Announces $1 Billion Subordinated Notes Pricing

Debt Issuance

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.

Jun 5, 2025, 12:00 AM

6-K

CEMEX SAB de CV Announces Q1 2025 Interim Results

Earnings

M&A

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.

Jun 2, 2025, 12:00 AM

6-K