CX · CEMEX, S.A.B. de C.V.

CEMEX delivered record first quarter 2026 results with Operating EBITDA of US$794 million, a 34% year-over-year increase and 23% on a like-to-like basis, driven by operational efficiencies from Project Cutting Edge, disciplined pricing, operating leverage, and favorable foreign exchange. Margin expansion of 3.3 percentage points to 19.8% was broad-based across most regions, with Mexico leading at 4.7pp improvement to 36.1% on volume recovery and cost savings, EMEA up 2.1pp to 13.0% via cost discipline, and South, Central America & Caribbean up 2.7pp to 22.4%. The US held steady at 15.9% despite adverse weather, supported by ready-mix and aggregates volume growth. Net sales rose 3% like-to-like to US$4.0 billion, with cement volumes up 1% consolidated and strong recovery in Mexico. Controlling interest net income of US$228 million reflected a prior-year one-off gain from Dominican Republic divestiture; adjusted, it nearly doubled YoY. Free Cash Flow from Operations swung to positive US$29 million, a nearly US$300 million improvement, due to leaner working capital and lower maintenance capex. Project Cutting Edge accounted for approximately 45% of EBITDA growth through leaner cost structure and efficiency gains. Strategic moves included an agreement to divest Colombian assets and acquisition of Omega stucco/mortar business in the Western US. CEO Jaime Muguiro highlighted transformation benefits and confidence in full-year high-single-digit EBITDA growth guidance despite global uncertainty. Shareholder returns advanced with US$100 million share repurchases and shareholder approval of nearly 40% annual dividend increase. Total debt fell 8% to US$6.2 billion, with leverage at 2.30x.