Group 1 - Cemex is undergoing a significant transformation while maintaining solid margins and profitability despite a challenging environment [1] - The company's low-carbon strategy now accounts for over 55% of its EBITDA [1] - The market continues to value Cemex positively amidst these changes [1]

Group 1 - The investment strategy focuses on long-only investment, evaluating companies from an operational and buy-and-hold perspective [1] - The approach does not prioritize market-driven dynamics or future price action, instead emphasizing long-term earnings power and competitive dynamics [1] - The majority of recommendations will be holds, indicating a cautious approach to market conditions and a belief that only a small fraction of companies are suitable for buying at any given time [1] Group 2 - The articles aim to provide important information for future investors and introduce skepticism in a generally bullish market [1]

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Financial Data and Key Metrics Changes - Net income for the quarter increased by 38% due to strong foreign exchange rates and lower interest expenses [13] - Free cash flow from operations was slightly over $200 million, with a year-over-year increase of 3% when adjusted for severance payments and discontinued operations [33][34] - Consolidated EBITDA margin remained resilient, slightly above the historical ten-year second quarter average, despite a significant volume decline [18] Business Line Data and Key Metrics Changes - In the EMEA region, strong volume recovery and operating leverage led to impressive results, extending four consecutive quarters of earnings recovery [12] - Consolidated prices for ready mix and aggregates increased by 12% sequentially, while cement prices remained relatively flat year-over-year [14] - In the U.S., ready mix volume adjusted for asset divestitures declined by a mid-single-digit rate, while aggregate prices increased by 5% compared to the fourth quarter of 2024 [22] Market Data and Key Metrics Changes - The Mexican market faced challenges due to difficult prior year comparisons and record precipitation levels, impacting volumes [19] - The EMEA region experienced strong demand conditions, with double-digit growth rates in the Middle East and Africa [28] - In the U.S., the residential sector showed weakness, but infrastructure projects and data centers are expected to drive demand in the second half of the year [101] Company Strategy and Development Direction - The company is focused on operational excellence and sustainable shareholder returns, with a roadmap to streamline operations and empower regional teams [5][6] - A strategic shift towards prioritizing small to midsize M&A transactions in the U.S. is planned, aiming for immediate positive impacts on earnings [9] - The company aims to progressively grow its shareholder return program, including potential dividend increases and opportunistic share buybacks [48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, expecting improvements in volumes in Mexico as the government accelerates infrastructure projects [21] - The company anticipates a tailwind of about $60 million in consolidated EBITDA if foreign exchange rates remain stable [38] - Management acknowledged the volatility and lack of visibility in key markets but remains confident in self-help measures taken to date [38] Other Important Information - The company expects EBITDA savings from Project Cutting Edge to reach $200 million this year, up from an initial expectation of $150 million [10] - Energy costs on a per ton of cement basis declined by 15% in the first half, driven by lower power and fuel prices [34] - The company has a comfortable debt maturity schedule with no immediate need to access capital markets [36] Q&A Session Summary Question: Additional savings from Project Cutting Edge - Management indicated that the additional $50 million in savings mainly comes from overhead headcount reductions, with confidence in achieving the $200 million target [42][43] Question: Shareholder return platform - The company clarified that building a shareholder return platform involves capital allocation decisions focused on shareholder returns, including potential dividend increases and share buybacks [48][49] Question: Free cash flow generation levers - Management highlighted that free cash flow generation will be driven by various factors, including reduced CapEx, cutting edge savings, and operational excellence [51][56] Question: New corporate structure and free cash flow conversion - Management explained that the new corporate structure aims to decentralize operational excellence initiatives, which will support improved free cash flow conversion [59][62] Question: Pricing trends in Mexico and the U.S. - Management confirmed a price increase in Mexico effective July 1, expecting further improvements, while in the U.S., cement prices are not expected to increase significantly [72][74] Question: EMEA region performance outlook - Management expressed excitement about the EMEA region, anticipating strong growth driven by infrastructure investments and potential reconstruction efforts in Ukraine [78][80]

Financial Data and Key Metrics Changes - Net income for the quarter increased by 38% due to strong foreign exchange rates and lower interest expenses [11] - Free cash flow from operations was slightly over $200 million, with adjustments for severance payments and discontinued operations showing a 3% increase year-over-year [32] - Consolidated EBITDA is expected to be flat versus 2024, with potential upside depending on macroeconomic conditions [37] Business Line Data and Key Metrics Changes - In the EMEA region, strong volume recovery and operating leverage led to impressive results, extending four consecutive quarters of earnings recovery [10] - Consolidated prices for ready mix and aggregates increased by 12% respectively, while cement prices remained relatively flat year-over-year [12] - The U.S. experienced a mid-single-digit decline in EBITDA primarily due to lower volumes, with ready mix volume adjusted for asset divestitures also declining [21] Market Data and Key Metrics Changes - In Mexico, average daily cement sales stabilized with low single-digit sequential growth, despite challenges from high precipitation levels [18] - The EMEA region showed robust volume growth, particularly in the Middle East and Africa, with double-digit growth rates [27] - In South Central America and the Caribbean, cement volumes increased by 1% when adjusted for business days, driven by demand in Colombia and Jamaica [29] Company Strategy and Development Direction - The company is focused on operational excellence and sustainable shareholder returns, with a roadmap for transformation involving overhead reduction and empowering regional teams [3][4] - A strategic shift towards prioritizing small to midsize M&A transactions in the U.S. is planned, aiming for immediate positive impacts on earnings [6] - The introduction of a new capital allocation model aims to guide future capital deployment decisions, emphasizing shareholder returns [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for the second half of the year, expecting improvements in volumes in Mexico as the government accelerates infrastructure projects [20] - The company anticipates a pickup in construction activity in the U.S. driven by infrastructure projects and data centers [100] - Management acknowledged the volatility and lack of visibility in key markets but remains confident in self-help measures taken to date [37] Other Important Information - The Project Cutting Edge program is expected to yield EBITDA savings of $200 million for the year, up from an initial expectation of $150 million [8] - Energy costs on a per ton of cement basis declined by 15% in the first half, contributing positively to margins [33] - The company has a comfortable debt maturity schedule with no immediate need to access capital markets [36] Q&A Session Summary Question: Additional savings from Project Cutting Edge - Management identified additional savings mainly from overhead headcount reductions, with confidence in achieving the $200 million target [41] Question: Shareholder return platform - The company is focusing on capital allocation decisions that prioritize shareholder returns, including potential dividend increases and share buybacks [44] Question: Free cash flow generation levers - Management is working on multiple fronts, including reducing CapEx, improving operational efficiency, and managing working capital to enhance free cash flow [49] Question: New corporate structure and free cash flow conversion - The new structure aims to decentralize operational excellence initiatives, which is expected to improve free cash flow conversion rates [56] Question: Demand outlook in Mexico and the U.S. - Management expects a small sequential volume improvement in Mexico and a slight increase in the U.S. driven by infrastructure projects [102]

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Table of Contents Exhibit 1 The following summarizes certain information, including financial information, that we may disclose to prospective investors. The information set forth below updates the information contained in our annual report on Form 20-F for the year ended December 31, 2024 (the "2024 Annual Report"), filed with the U.S. Securities and Exchange Commission (the "SEC") on April 28, 2025 and any other documents that we have filed or furnished with the SEC and should be read in conjunction there ...

CEMEX, S.A.B. de C.V. (NYSE: CX ) came across our desk from a screen we ran, where the objective was to find profitable companies with strong balance sheets and a compelling valuation to boot. CEMEX, S.A.B. de C.V. is a Mexican outfit thatIndividual investor with a keen interest in deriving income from investment setups. We do this by buying undervalued profitable stocks with strong balance sheets & minimal debt. Furthermore, when the opportunity arises, we like to write calls against our positions to bring ...

Financial Performance - Cemex reported a significant increase in revenue, reaching $14.5 billion, representing a 10% year-over-year growth[27]. - Operating EBITDA for the year was $2.8 billion, with an Operating EBITDA Margin of 19.3%[35]. - For the year ended December 31, 2024, CEMEX reported revenues of $16.2 billion, a slight decrease compared to the previous year[51]. - CEMEX reduced its total debt plus other financial obligations by $806 million compared to 2023, achieving a leverage ratio of 1.81x as of December 31, 2024[51]. - CEMEX's total debt plus other financial obligations decreased to $7,358 million as of December 31, 2024[51]. Debt and Financial Obligations - Cemex reported a repurchase loss of $38 million for the 7.375% Dollar-denominated notes due 2027 during the year ended December 31, 2023[18]. - The company partially repurchased different series of notes for an aggregate notional amount of $1,172 million in 2022, resulting in a repurchase gain of $104 million[18]. - The company has substantial debt obligations, with $2,728 million, €400 million, and Ps 11,500 million in outstanding Notes as of December 31, 2024, which impose financial covenants[233]. - Non-compliance with debt covenants could result in defaults, materially affecting the company's financial condition and liquidity[236][237]. - The company may need to seek waivers or amendments to debt agreements in the future, which may not be guaranteed[237]. Strategic Initiatives - The company plans to expand its market presence in the EU and Latin America, targeting a 15% increase in market share by 2025[27]. - New product launches are expected to contribute an additional $500 million in revenue over the next fiscal year[27]. - The company is investing $200 million in R&D to develop sustainable construction materials aimed at reducing CO2 emissions by 25% by 2030[43]. - CEMEX accelerated its digital transformation, enhancing customer experience through Cemex Go and leveraging AI-driven solutions[49]. - The company is focusing on developing new products with sustainable attributes, such as the Vertua portfolio, to enhance its market position[208]. Market and Economic Conditions - Global economic conditions, including persistently elevated inflation and interest rates, have adversely affected the company's business, financial condition, liquidity, and results of operations[110]. - The construction sector's cyclical activity is anticipated to stabilize, with projected growth of 5% in the next year[27]. - Future infrastructure funding from federal and state governments is expected to increase by 20%, positively impacting the company's project pipeline[27]. - Political, social, and geopolitical events in the countries where the company operates could materially impact its business and financial condition[110]. - The Mexican economy faces risks including potential economic downturns in the U.S. and public policy shifts that could significantly impact its construction and manufacturing sectors[121]. Operational Challenges - Labor shortages are expected to impact operational efficiency, with a projected increase in labor costs by 8%[31]. - The company is facing challenges related to raw material price volatility, which has increased by 12% over the past year[27]. - High energy and fuel costs have had a material adverse effect on the company's financial condition and results of operations, with ongoing volatility expected[171][172]. - The company may face challenges in generating sufficient cash to service its indebtedness or meet short-term liquidity needs, potentially affecting its ability to refinance[242]. - Disruptions to production facilities due to various factors, including natural disasters and cyber-attacks, could materially affect the company's operations and financial condition[221][222]. Sustainability and Climate Initiatives - The company made significant progress in its "Future in Action" climate action program, reinforcing its industry leadership in decarbonization[49]. - The company has adopted an ambitious sustainability strategy with targets for 2030 and 2050, which, if not met, could adversely affect its reputation and financial condition[191][192]. - The company is committed to increasing the use of alternative energy sources, which may require more capital expenditures and could impact financial performance if unsuccessful[173]. - Climate change has resulted in more frequent weather-related events, posing challenges to economic growth and production capabilities[120]. - The introduction of alternative construction materials and technologies could adversely impact the demand and pricing for the company's products[206]. Risks and Uncertainties - The company faces risks related to compliance with laws and regulations, which could adversely affect its reputation and financial results[97]. - Labor activism and unrest could materially impact the company's reputation and operational results[110]. - Future pandemics and epidemics could have a material adverse effect on the company's financial condition and results of operations[98]. - The company faces risks related to insufficient insurance coverage for potential losses from natural disasters, public health threats, and cybersecurity incidents[225][226]. - The competitive landscape is intensifying due to recent mergers and acquisitions in the industry, which may affect the company's market share and revenues[211].