CEMEX, S.A.B de C.V. (NYSE:CX) Q4 2022 Earnings Conference Call February 13, 2023 10:00 AM ET Company Participants Louisa Rodriguez - EVP, IR Fernando Gonzalez - CEO Maher Al-Haffar - CFO Conference Call Participants Carlos Peyrelongue - Bank of America Benjamin Theurer - Barclays Capital Nikolaj Lippmann - Morgan Stanley Gordon Lee - BTG Pactual Anne Milne - Bank of America Operator Good morning, and welcome to the CEMEX Fourth Quarter 2022 Conference Call and Webcast. My name is Daisy, and I'll be your op ...

CEMEX, S.A.B de C.V. (NYSE:CX) Q3 2022 Results Conference Call October 27, 2022 10:00 AM ET Company Participants Louisa Rodriguez - IR Fernando Gonzalez - CEO Maher Al-Haffar - CFO Conference Call Participants Carlos Peyrelongue - Bank of America Vanessa Quiroga - Credit Suisse Gordon Lee - BTG Pactual Anne Milne - Bank of America Alberto Valerio - UBS Bruno Amorim - Goldman Sachs Operator Good morning. Welcome to the CEMEX Third Quarter 2022 Conference Call and Webcast. My name is Lauren, and I'll be your ...

Cemex SAB de CV (NYSE:CX) Q2 2022 Earnings Conference Call July 28, 2022 10:00 AM ET Company Participants Louisa Page Rodriguez - EVP, IR, Corporate Communications & Public Affairs Fernando Gonzalez - CEO Maher Al-Haffar - CFO & EVP, Finance & Administration Conference Call Participants Benjamin Theurer - Barclays Bank Gordon Lee - BTG Pactual Vanessa Quiroga - Crédit Suisse Francisco Suarez - Scotiabank Nikolaj Lippmann - Morgan Stanley Anne Milne - Bank of America Merrill Lynch Yassine Touahri - On Field ...

CEMEX SAB de CV (NYSE:CX) Q1 2022 Earnings Conference Call April 28, 2022 10:00 AM ET Company Participants Lucy Rodriguez - EVP, IR, Corporate Communications & Public Affairs Fernando Gonzalez - CEO Maher Al-Haffar - CFO and EVP, Finance & Administration Conference Call Participants Francisco Suarez - Scotiabank Alejandro Azar - GBM Benjamin Theurer - Barclays Adrian Huerta - JPMorgan Anne Milne - BofA Securities Yassine Touahri - On Field Investment Vanessa Quiroga - Credit Suisse Operator Good morning. We ...

Exhibit 2 | --- | |---------------------------------------------------------| | | | 2022 | | FIRST QUARTER RESULTS Stock Listing Information | | Philippine Stock Exchange Ticker: CHP | | • Investor Relations | | + 632 8849 3600 | | E-Mail: | | chp.ir@cemex.com | Operating and Financial Highlights | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------|-------|--------|----------------------------|---------|--------|----------------------|------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECT ...

Financial Performance - EBITDA increased by 18%, marking the highest growth in over a decade[2] - Volumes for the company's three core products (cement, ready-mix, and aggregates) increased between 4% and 6%[2] - The company achieved its long-term leverage goal of below 3x[2] - Free cash flow after maintenance capital expenditure was more than $1.1 billion, representing approximately a 40% EBITDA to FCF conversion[2] - Net sales increased by 14% from $12.93 billion to $14.69 billion[3] - FCF after maintenance Capex increased by 15% from $958 million to $1,101 million[3] Pricing and Cost Management - Cement prices experienced the highest growth since 2016, increasing by 5%, while aggregates and ready-mix pricing grew by 3% and 2% respectively[2] - The company aims to recover cement margins with pricing strategy[8] Sustainability and Innovation - The company achieved a record reduction in CO2 emissions, reaching a 26% decline compared to 1990 levels[2] - The alternative fuel substitution rate reached 29.2%[27] - Vertua cement volumes have grown by approximately 50% since launch[25] Debt and Capital Structure - Consolidated net debt was reduced by $2.3 billion[48]

Financial Data and Key Metrics Changes - The company achieved an 18% growth in EBITDA, the highest in a decade, with full-year EBITDA margins improving by 0.8 percentage points despite inflationary pressures [4][6][8] - Free cash flow generated exceeded $1.1 billion, marking a 15% increase from 2020, driven by strong sales growth of 11% [6][52] - Consolidated net debt decreased by $2.3 billion, with a leverage ratio reaching 2.73x, the lowest in over a decade [54][56] Business Line Data and Key Metrics Changes - Cement volumes grew by 6%, the highest since 2016, with consolidated cement prices rising by 5% for the year [7][11] - Urbanization Solutions saw EBITDA increase by 22%, contributing significantly to overall growth [8] - Ready-mix and aggregates margins remained stable to improving, while cement margins were impacted by rising costs [9][11] Market Data and Key Metrics Changes - In the U.S., sales grew by 9%, with cement, ready-mix, and aggregate volumes increasing by 6%, 8%, and 1% respectively [35] - Mexico experienced a 17% increase in sales, with cement volumes surpassing pre-pandemic levels [39][48] - EMEA region saw a 6% annual growth driven by higher prices and volumes, particularly in the U.K., Poland, France, and Spain [43] Company Strategy and Development Direction - The company plans to invest $600 million in strategic assets in 2022, focusing on developed markets and enhancing growth portfolio [14][15] - A significant emphasis is placed on transitioning to a low-carbon economy, with a commitment to aggressive climate action goals validated by SBTi [16][17] - The company is exploring investment opportunities in emerging markets while increasing the weight of developed markets within its portfolio [15][16] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued cost pressures in 2022, particularly from energy, but expects to recover margins through pricing strategies [12][65] - The outlook for 2022 includes mid-single-digit EBITDA growth driven primarily by pricing, with flat to low single-digit volume increases [65] - The company remains optimistic about residential growth and infrastructure demand, particularly in the U.S. due to the Biden Infrastructure Build [38][39] Other Important Information - The company has committed to a sustainability-linked financing framework, aiming for at least 50% of its debt stack to be sustainability-linked by 2025 [55] - The introduction of alternative fuels constituted 29% of the fuel mix, with significant cost savings achieved compared to fossil fuels [28][30] - The company is implementing a digital transformation initiative called "Working Smarter," expected to capture annual savings of up to $100 million [60][63] Q&A Session Summary Question: Concerns about EBITDA growth guidance - Management acknowledged the volatility in costs and inflation, indicating that the guidance reflects cautious expectations for 2022 [68][70] Question: CO2 reduction targets and potential revisions - Management expressed confidence in achieving CO2 reduction targets but noted that future reductions may not be as significant as the 4.4% achieved in 2021 [75][76] Question: Pricing traction in various markets - Management reported strong traction from January pricing increases, particularly in Mexico, with expectations for further increases in the summer and fall [79][84]

Financial Data and Key Metrics Changes - The company reported strong topline growth of 8% on a like-for-like basis, driven by continued demand and pricing efforts to offset input cost inflation [5][6] - Consolidated EBITDA margin dropped by 1.6 percentage points due to supply chain issues and rising costs [6][16] - Free cash flow after maintenance CapEx was approximately $370 million, decreasing from the previous year due to higher maintenance and working capital investments [8][38] - The leverage ratio improved to 2.74x, a reduction of 0.11x sequentially [8][16] Business Line Data and Key Metrics Changes - Total domestic cement sales grew by 2% on an average daily sales basis, with ready-mix volumes up 5% and urbanization solutions sales growing by 16% [10][11] - In the U.S., cement prices increased by 2% sequentially, marking the first time in 15 years that a second round of national cement price increases was introduced in the same year [22][31] - In Mexico, net sales increased by 10%, driven by strong pricing and volumes, although cement volumes declined by 3% due to adverse weather [25][26] Market Data and Key Metrics Changes - In the U.S., cement volumes grew double-digit in three of four key states, with demand primarily driven by the residential sector [21][24] - In EMEA, European cement volumes increased by 4%, led by growth in the UK and Poland, while Asia, the Middle East, and Africa saw a slight decline [31][32] - South Central America and Caribbean operations reported a 10% year-over-year increase in net sales, with regional cement volumes up 5% [34][35] Company Strategy and Development Direction - The company plans to continue adjusting pricing strategies to recover input cost inflation, with expectations for multiple price increases in 2022 [14][100] - The focus remains on bolt-on investments and enhancing operational efficiency through digitalization and alternative fuels [80][82] - The company is committed to sustainability, having signed the business ambition for a 1.5-degree commitment and aiming for significant reductions in carbon emissions [18][19] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the outlook for volumes in the U.S., despite a slowdown in residential growth, expecting continued demand from industrial and commercial sectors [24][56] - The company anticipates that inflationary pressures will persist, particularly in the U.S. and Europe, but believes that pricing strategies will help mitigate these impacts [106][109] - The economic outlook remains favorable, with expectations for growth driven by pandemic reopening and fiscal stimulus [56][116] Other Important Information - The company is refinancing $3.25 billion of bank debt, improving terms to reflect an investment-grade credit profile [9][42] - The company reported a non-cash impairment of approximately $500 million related to goodwill in Spain and the UAE, resulting in a net loss of $376 million for the quarter [41][42] - The company has seen a significant increase in the use of alternative fuels, which is expected to reduce costs and carbon footprint [49][50] Q&A Session Summary Question: Guidance and Expectations for EBITDA Growth - Management indicated that the fourth quarter EBITDA growth is expected to be better than the third quarter due to adjusted pricing strategies and lower maintenance levels [63][66] Question: Strategies to Offset Margin Erosion - Management highlighted the importance of pricing strategies and cost reductions, including increased use of alternative fuels and digitization efforts [76][78] Question: Pricing Dynamics in South America - Management noted that pricing strategies vary by market, with some countries experiencing underutilized capacity affecting pricing effectiveness [92][93] Question: Persistence of Cost Increases - Management expects inflationary pressures to continue, particularly in the U.S. and Europe, but is confident in managing costs through better transportation contracts and production ramp-ups [106][110] Question: Early 2022 Guidance Comfort Level - Management remains positive about the 10% growth in EBITDA for 2022, citing strong market fundamentals and ongoing demand [115][116]

| --- | --- | --- | --- | |----------------------------|-------|-------|-------| | First Quarter 2021 Results | | | | | | | | | | //ca | | | | | Mersey Gateway | | | | Cheshire, England - 2 - This presentation contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities laws. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the U.S. ...