EX-2 3 d63962dex2.htm EX-2

EX-2

Exhibit 2

2015

THIRD QUARTER RESULTS

Stock Listing Information

NYSE (ADS)

Ticker: CX

Mexican Stock Exchange

Ticker: CEMEXCPO

Ratio of CEMEXCPO to CX = 10:1

Investor Relations

In the United States:

+ 1 877 7CX NYSE

In Mexico:

+ 52 (81) 8888 4292

E-Mail:

ir@cemex.com

Operating and financial highlights

January – September Third Quarter

l-t-l l-t-l

2015 2014 % Var. % Var.* 2015 2014 % Var. % Var.*

Consolidated cement volume 49,565 49,096 1% 17,017 17,100 (0%)

Consolidated ready-mix volume 39,778 39,900 (0%) 13,634 13,962 (2%)

Consolidated aggregates volume 111,083 119,322 (7%) 39,068 42,092 (7%)

Net sales 10,722 11,549 (7%) 6% 3,651 4,014 (9%) 5%

Gross profit 3,540 3,637 (3%) 10% 1,240 1,368 (9%) 5%

as % of net sales 33.0% 31.5% 1.5pp 33.9% 34.1% (0.2pp)

Operating earnings before other expenses, net 1,265 1,195 6% 21% 439 479 (8%) 9%

as % of net sales 11.8% 10.4% 1.4pp 12.0% 11.9% 0.1pp

Controlling interest net income (loss) (1) (77) (326) 76% (44) (106) 58%

Operating EBITDA 1,974 2,003 (1%) 11% 677 749 (10%) 5%

as % of net sales 18.4% 17.3% 1.1pp 18.5% 18.7% (0.2pp)

Free cash flow after maintenance capital expenditures(1) 292 (44) N/A 436 349 25%

Free cash flow(1) 117 (145) N/A 377 303 24%

Total debt plus perpetual notes 15,581 16,949 (8%) 15,581 16,949 (8%)

Earnings (loss)of continuing operations per ADS (0.06) (0.25) 75% (0.03) (0.09) 60%

Fully diluted earnings (loss) of continuing operations per ADS (2) (0.06) (0.25) 75% (0.03) (0.09) 60%

Average ADSs outstanding 1,346.4 1,300.2 4% 1,371.7 1,316.8 4%

Employees 42,857 42,830 0% 42,857 42,830 0%

This information does not include discontinued operations. Please see page 17 on this report for additional information.

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.

In millions of US dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.

Please refer to page 8 for end-of quarter CPO-equivalent units outstanding.

*Like?to?like (“l?t?l”) percentage variations adjusted for investments/divestments and currency fluctuations.

(1)This information includes discontinued operations

(2)For 2015 and 2014, the effect of the potential dilutive shares generate anti-dilution; therefore, there is no change between the reported basic

and diluted loss per share.

Consolidated net sales in the third quarter of 2015 decreased to US$3.7 billion, representing a decline of 9%, or an increase of 5% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations compared with the third quarter of 2014. The increase in consolidated net sales was to due higher prices of our products, in local currency terms, in most of our operations, as well as higher volumes in the U.S. and our Asia region.

Cost of sales as a percentage of net sales increased by 0.2pp during the third quarter of 2015 compared with the same period last year, from 65.9% to 66.1%.

Operating expenses as a percentage of net sales decreased by 0.2pp during the third quarter of 2015 compared with the same period last year, from 22.1% to 21.9%. The decrease was mainly driven by lower distribution expenses

Operating EBITDA decreased by 10% to US$677 million during the third quarter of 2015 compared with the same period last year. On a like-to-like basis, operating EBITDA increased by 5% in the third quarter of 2015 compared with the same period last year. The increase on a like-to-like basis was mainly due to higher contributions from Mexico, the U.S. as well as from our Northern Europe and Asia regions.

Operating EBITDA margin decreased by 0.2pp from 18.7% in the third quarter of 2014 to 18.5% this quarter.

Gain (loss) on financial instruments for the quarter was a loss of US$82 million, resulting mainly from derivatives related to CEMEX shares.

Foreign exchange results for the quarter was a gain of US$15 million, mainly due to the fluctuation of the Mexican peso versus the U.S. dollar, partially offset by the fluctuation of the Euro versus the U.S dollar.

Controlling interest net income (loss) was a loss of US$44 million in the third quarter of 2015 versus a loss of US$106 million in the same quarter of 2014. The lower quarterly loss primarily reflects lower financial expenses, higher equity in gain of associates, lower non-controlling interest and lower income tax, partially offset by lower operating earnings, a loss on financial instruments and lower foreign exchange gain.

Total debt plus perpetual notes decreased by US$353 million during the quarter.

2015 Third Quarter Results Page 2

Operating results

Mexico

January – September Third Quarter

2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*

Net sales 2,175 2,354 (8%) 10% 669 803 (17%) 4%

Operating EBITDA 735 742 (1%) 18% 220 245 (10%) 12%

Operating EBITDA margin 33.8% 31.5% 2.3pp 32.8% 30.5% 2.3pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter

Volume 4%(4%)(1%)(13%)(5%)(16%)

Price (USD)(9%)(9%)(11%)(12%)(10%)(15%)

Price (local currency) 8% 14% 7% 10% 7% 7%

In Mexico, our domestic gray cement and ready-mix volumes decreased by 4% and 13%, respectively, during the quarter versus the same period last year. During the first nine months of the year, domestic gray cement volumes increased by 4% and ready-mix volumes declined by 1% versus the comparable period a year ago.

Cement and ready-mix demand continued to grow in the country during the quarter. The decline in our volumes mainly reflects our value-before-volume strategy and focus on profitability. Demand from the industrial-and-commercial sector increased during the quarter, in line with improved retail sales and general commercial activity. The formal-residential sector activity moderated during the quarter from the very strong performance in the first half of the year. Also, the infrastructure sector slowed down during the quarter due to some project delays.

United States

January – September Third Quarter

2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*

Net sales 2,968 2,755 8% 8% 1,093 1,007 9% 9%

Operating EBITDA 392 283 38% 38% 172 136 27% 27%

Operating EBITDA margin 13.2% 10.3% 2.9pp 15.8% 13.5% 2.3pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter

Volume 1% 4% 13% 15% 6% 11%

Price (USD) 7% 6% 6% 5%(0%)(2%)

Price (local currency) 7% 6% 6% 5%(0%)(2%)

In the United States, our domestic gray cement, ready-mix and aggregates volumes increased by 4%, 15% and 11%, respectively, during the third quarter of 2015 versus the same period last year. On a pro-forma basis, adjusting for the acquisition of ready-mix plants in California, ready-mix volumes grew by 12% on a year-over-year basis. During the first nine months of the year and on a year-over-year basis, domestic gray cement, pro-forma ready-mix and aggregates volumes increased by 1%, 11% and 6%, respectively.

Our volumes increased during the quarter despite continued poor weather conditions and reduced oil well cement demand. All three sectors of demand contributed to volume growth in the quarter. Activity in the residential sector remains favorable driven by low levels of inventory, job creation and increased household formation. For the first nine months of the year, multi-family and single-family housing starts are up 14% and 11%, respectively, versus the comparable period of last year. The single-family segment has gained momentum this year with new home sales increasing 21% year-to-date August, versus the same period previous year. The industrial-and-commercial sector growth was supported by lodging and office construction spending. Despite uncertainty over the Federal Highway Program, cement demand from the infrastructure sector picked up during the quarter driven by increased state spending.

2015 Third Quarter Results Page 3

Operating results

Northern Europe

January—September Third Quarter

2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*

Net sales 2,319 2,969 (22%) 3% 829 1,047 (21%) 3%

Operating EBITDA 254 263 (3%) 14% 114 133 (15%) 5%

Operating EBITDA margin 11.0% 8.9% 2.1pp 13.7% 12.7% 1.0pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter

Volume(1%)(9%)(13%)(11%)(18%)(18%)

Price (USD)(13%)(11%)(14%)(12%)(5%)(4%)

Price (local currency) 2% 3% 1% 0% 9% 8%

Our domestic gray cement volumes in the Northern Europe region decreased by 9% and 1% during the third quarter and the first nine months of the year, respectively, versus the comparable periods in 2014. On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of the first quarter, domestic gray cement volumes increased by 1% and 11% during the third quarter and the first nine months of the year, respectively, versus the comparable periods in 2014.

In Germany, our domestic gray cement volumes decreased by 49% and 48% during the third quarter and first nine months of the year, respectively, on a year-over-year basis. Pro-forma cement volumes declined 1% during the third quarter and increased 5% during the first nine months of the year, compared to the same periods of last year. The residential sector remained as the main driver of cement consumption during the quarter despite restrictions such as land availability and regulatory caps on rental increases. This sector continued to benefit from low unemployment, low mortgage rates, rising purchase power and growing immigration.

In Poland, domestic gray cement volumes for our operations decreased by 2% during the quarter as a result of a moderation in activity as well as market dynamics. Cement volumes during the first nine months of the year, however, increased by 19%. Positive year-to-date dynamics reflect our efforts to maintain our market presence this year, strengthened during the second half of last year after bottoming at historically low level in the second quarter of 2014. Our ready-mix operations benefited from the start of important infrastructure projects and residential developments in metropolitan areas, even when there have been delays in planned projects.

In our operations in France, ready-mix volumes decreased by 3% and aggregates volumes remained flat during the third quarter of 2015 versus the comparable period last year. During the first nine months of the year, ready?mix and aggregates volumes decreased by 8% and 3%, respectively, on a year-over-year basis. There was higher activity in traded aggregates volumes during the first nine months of the year. Volumes were affected by continued macroeconomic weakness. Housing sales have improved as a result of government’s initiatives which include a buy-to-let program and a stimulus package.

In the United Kingdom, our domestic gray cement and aggregates volumes increased by 3% and 5%, respectively, while ready-mix volumes declined by 1% on a year-over-year basis during the third quarter of 2015. For the first nine months of the year, domestic gray cement and aggregates volumes increased by 9% and 4%, respectively, while ready-mix volumes decreased by 1%, versus the comparable period in the previous year. The decline in ready-mix volumes reflects our focus on profitability. Cement volume growth was driven by improvements in our main demand sectors.

2015 Third Quarter Results Page 4

Operating results

Mediterranean

January—September Third Quarter

2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*

Net sales 1,066 1,152 (7%) 3% 348 366 (5%) 3%

Operating EBITDA 194 245 (21%)(13%) 59 74 (20%)(14%)

Operating EBITDA margin 18.2% 21.2% (3.0pp) 17.1% 20.3% (3.2pp)

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter

Volume(4%) 5% 4% 1%(7%)(5%)

Price (USD)(11%)(18%)(8%)(6%)(6%)(4%)

Price (local currency)(0%)(8%) 2% 2% 5% 5%

Our domestic gray cement volumes in the Mediterranean region increased by 5% during the third quarter and declined by 4% during the first nine months of 2015, compared with the same periods in 2014. On a pro-forma basis adjusting for the transactions with Holcim closed at the beginning of the first quarter, domestic gray cement volumes declined by 5% and 11% during the third quarter and first nine months of 2015, respectively, versus the same periods in 2014.

In Spain, our domestic gray cement volumes increased by 32% and our ready-mix volumes declined by 18% on a year-over-year basis during the quarter. On a pro-forma basis, cement volumes declined by 13% during the quarter and by 9% during the first nine months of the year, compared with the same periods in 2014. The decline in pro-forma cement volumes is mainly due to our focus on more profitable volumes. Increased mortgages and housing sales as well as the upturn in prices continued to have a positive effect on the residential sector during the quarter. The industrial and commercial sector also improved during the quarter.

In Egypt, our domestic gray cement volumes decreased by 2% and 13% during the third quarter and the first nine months of the year, respectively, versus the comparable periods of last year. The decline in our year-to-date cement volumes reflects the high volumes base of last year when we dispatched additional volumes in light of the then prevalent energy-shortage environment. During the quarter, higher activity continued in the formal-residential and infrastructure sectors.

South, Central America and the Caribbean

January—September Third Quarter

2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*

Net sales 1,460 1,684 (13%) 1% 476 585 (19%) 1%

Operating EBITDA 447 563 (21%)(8%) 139 199 (30%)(13%)

Operating EBITDA margin 30.6% 33.4% (2.8pp) 29.2% 34.0% (4.8pp)

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter

Volume(3%)(2%) 0%(6%) 1%(3%)

Price (USD)(13%)(17%)(14%)(19%)(16%)(22%)

Price (local currency) 1% 3% 4% 5% 3% 3%

Our domestic gray cement volumes in the region decreased by 2% and 3% during the third quarter and the first nine months of 2015, respectively, versus the comparable periods last year.

In Colombia, during the third quarter our domestic gray cement, ready-mix and aggregates volumes declined by 6%, 8% and 11%, respectively, compared to the third quarter of 2014. For the first nine months of 2015, our cement and aggregates volumes declined by 9% and 3%, respectively, while our ready-mix volumes remained flat, compared to the same period in 2014. On a sequential basis, cement volumes improved by 7% and 18% compared with the second and first quarters of 2015, respectively. The year-over-year decline in third quarter cement volume reflects a very high base of comparison—as third quarter 2014 holds the all-time quarterly volume record—as well as our pricing strategy.

2015 Third Quarter Results Page 5

Operating results

Asia

January—September Third Quarter

2015 2014 % Var. l-t-l % Var.* 2015 2014 % Var. l-t-l % Var.*

Net sales 503 457 10% 14% 162 151 7% 16%

Operating EBITDA 130 99 31% 33% 47 40 18% 24%

Operating EBITDA margin 25.8% 21.7% 4.1pp 29.1% 26.4% 2.7pp

In millions of US dollars, except percentages.

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage variation January—September Third Quarter January—September Third Quarter January—September Third Quarter

Volume 17% 16%(6%) 1%(14%) 38%

Price (USD) 1%(1%)(12%)(20%)(9%)(2%)

Price (local currency) 3% 4% 2% 1%(2%) 9%

Our domestic gray cement volumes in the Asia region increased by 16% and by 17% during the third quarter and the first nine months of 2015, respectively, on a year-over-year basis.

In the Philippines, our domestic gray cement volumes showed favorable dynamics. Volume during the quarter benefited from increased activity in our main demand sectors and a better ability to serve our markets through the introduction of the new cement-grinding mill late last year. The residential sector remains strong as developers continue to expand housing projects supported by stable inflation, low mortgage rates and higher housing demand from Filipinos overseas. The industrial-and-commercial sector continued its growth momentum driven by strong office space demand. The infrastructure sector showed increased demand during the quarter as government gradually started to ramp-up project spending.

2015 Third Quarter Results Page 6

Operating EBITDA, free cash flow and debt-related information

Operating EBITDA and free cash flow

January—September Third Quarter

2015 2014 % Var 2015 2014 % Var

Operating earnings before other expenses, net 1,265 1,195 6% 439 479 (8%)

+ Depreciation and operating amortization 710 807 238 270

Operating EBITDA 1,974 2,003 (1%) 677 749 (10%)

—Net financial expense 882 1,024 281 334

—Maintenance capital expenditures 299 289 108 105

—Change in working capital 129 368 (139) (73)

—Taxes paid 452 483 49 46

—Other cash items (net) (53) (107) (46) (2)

—Free cash flow discontinued operations (27) (10) (13) (11)

Free cash flow after maintenance capital expenditures 292 (44) N/A 436 349 25%

—Strategic capital expenditures 175 100 60 46

—Strategic capital expenditures discontinued operations - 1 - 1

Free cash flow 117 (145) N/A 377 303 24%

Free cash flow during the quarter was mainly used to reduce debt.

Our debt during the quarter reflects a negative conversion effect for US$5 million.

Information on debt and perpetual notes

Second Third

Third Quarter Quarter Quarter

2015 2014 % Var 2015 2015 2014

Total debt (1) 15,136 16,479 (8%) 15,474 Currency denomination

Short-term 2% 6% 3% US dollar 83% 86%

Long-term 98% 94% 97% Euro 16% 13%

Perpetual notes 445 470 (5%) 460 Mexican peso 1% 1%

Cash and cash equivalents 457 995 (54%) 492 Other 0% 0%

Net debt plus perpetual notes 15,124 15,954 (5%) 15,442

Interest rate

Consolidated funded debt (2)/EBITDA (3) 5.18 5.37 5.14 Fixed 74% 69%

Variable 26% 31%

Interest coverage (3) (4) 2.59 2.21 2.55

In millions of US dollars, except percentages and ratios.

Includes convertible notes and capital leases, in accordance with International Financial Reporting Standards (IFRS).

Consolidated funded debt as of September 30, 2015 was US$14,035 million, in accordance with our contractual obligations under the Credit Agreement.

EBITDA calculated in accordance with IFRS.

Interest expense calculated in accordance with our contractual obligations under the Credit Agreement.

2015 Third Quarter Results Page 7

Equity-related and derivative instruments information

Equity-related information

One CEMEX ADS represents ten CEMEX CPOs. The following amounts are expressed in CPO terms.

Beginning-of-quarter CPO-equivalent units outstanding 13,415,619,513

Stock-based compensation 31,626,650

End-of-quarter CPO-equivalent units outstanding 13,447,246,163

Outstanding units equal total CEMEX CPO-equivalent units less CPOs held in subsidiaries, which as of September 30, 2015 were 18,991,576.

CEMEX has outstanding mandatorily convertible securities which, upon conversion, will increase the number of CPOs outstanding by approximately 218 million, subject to antidilution adjustments.

Employee long-term compensation plans

As of September 30, 2015, our executives held 29,417,811 restricted CPOs, representing 0.2% of our total CPOs outstanding as of such date.

Derivative instruments

The following table shows the notional amount for each type of derivative instrument and the aggregate fair market value for all of CEMEX’s derivative instruments as of the last day of each quarter presented.

Third Quarter Second Quarter

2015 2014 2015

Notional amount of equity related derivatives (1) 1,291 1,800 1,378

Estimated aggregate fair market value (1) (2) (3) 39 541 137

In millions of US dollars.

The estimated aggregate fair market value represents the approximate settlement result as of the valuation date, based upon quoted market prices and estimated settlement costs, which fluctuate over time. Fair market values and notional amounts do not represent amounts of cash currently exchanged between the parties; cash amounts will be determined upon termination of the contracts considering the notional amounts and quoted market prices as well as other derivative items as of the settlement date. Fair market values should not be viewed in isolation, but rather in relation to the fair market values of the underlying hedge transactions and the overall reduction in CEMEX’s exposure to the risks being hedged.

Note: Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in which case changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement. As of September 30, 2015, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net asset of US$74 million, including a liability of US$18 million corresponding to an embedded derivative related to our mandatorily convertible securities, which according to our debt agreements, is presented net of the assets associated with the derivative instruments. The notional amounts of derivatives substantially match the amounts of underlying assets, liabilities, or equity transactions on which the derivatives are being entered into.

Excludes an interest-rate swap related to our long-term energy contracts. As of September 30, 2015, the notional amount of this derivative was US$161 million, with a positive fair market value of approximately US$34 million.

Net of cash collateral deposited under open positions. Cash collateral was US$1 million as of September 30, 2015 and US$10 million as of September 30, 2014.

As required by IFRS, the estimated aggregate fair market value as of September 30, 2015 and 2014 includes a liability of US$18 million and US$47 million, respectively, relating to an embedded derivative in CEMEX’s mandatorily convertible securities.

2015 Third Quarter Results Page 8

Operating results

Consolidated Income Statement & Balance Sheet

CEMEX, S.A.B. de C.V. and Subsidiaries

(Thousands of U.S. Dollars, except per ADS amounts)

January – September Third Quarter

like-to-like like-to-like

INCOME STATEMENT 2015 2014 % Var.% Var.* 2015 2014 % Var.% Var.*

Net sales 10,722,436 11,548,701 (7%) 6% 3,651,117 4,014,127 (9%) 5%

Cost of sales(7,181,970) (7,911,926) 9% (2,411,616) (2,646,589) 9%

Gross profit 3,540,466 3,636,774 (3%) 10% 1,239,501 1,367,538 (9%) 5%

Operating expenses(2,275,911) (2,441,415) 7% (800,202) (888,593) 10%

Operating earnings before other expenses, net 1,264,555 1,195,359 6% 21% 439,299 478,945 (8%) 9%

Other expenses, net(95,106) (62,813) (51%) (88,406) (85,508) (3%)

Operating earnings 1,169,449 1,132,546 3% 350,892 393,437 (11%)

Financial expense(962,386) (1,266,074) 24% (310,024) (425,184) 27%

Other financial income (expense), net(71,665) 236,762 N/A (76,217) 94,321 N/A

Financial income 13,460 19,748 (32%) 4,521 5,864 (23%)

Results from financial instruments, net(151,758) 128,002 N/A (81,797) 7,791 N/A

Foreign exchange results 109,821 137,087 (20%) 15,257 96,764 (84%)

Effects of net present value on assets and liabilities and others, net(43,188) (48,074) 10% (14,199) (16,098) 12%

Equity in gain (loss) of associates 30,635 14,444 112% 30,676 8,493 261%

Income (loss) before income tax 166,032 117,678 41% (4,673) 71,068 N/A

Income tax(213,296) (377,369) 43% (32,746) (146,199) 78%

Profit (loss) of continuing operations(47,264) (259,691) 82% (37,419) (75,131) 50%

Discontinued operations 13,989 14,022 (0%) 5,641 11,223 (50%)

Consolidated net income (loss)(33,275) (245,670) 86% (31,778) (63,908) 50%

Non-controlling interest net income (loss) 43,995 80,194 (45%) 12,337 41,760 (70%)

Controlling interest net income (loss)(77,270) (325,864) 76% (44,116) (105,668) 58%

Operating EBITDA 1,974,259 2,002,651 (1%) 11% 677,131 748,867 (10%) 5%

Earnings (loss) of continued operations per ADS(0.06) (0.25) 75% (0.03) (0.09) 60%

Earnings (loss) of discontinued operations per ADS 0.01 0.01 (4%) - 0.01 (52%)

As of September 30

BALANCE SHEET 2015 2014 % Var.

Total assets 32,953,427 36,967,966 (11%)

Cash and cash equivalents 456,650 994,687 (54%)

Trade receivables less allowance for doubtful accounts 1,856,308 2,127,876 (13%)

Other accounts receivable 331,174 543,404 (39%)

Inventories, net 1,090,722 1,297,682 (16%)

Assets held for sale 423,383 487,226 (13%)

Other current assets 330,078 278,174 19%

Current assets 4,488,313 5,729,049 (22%)

Property, machinery and equipment, net 12,555,240 14,546,639 (14%)

Other assets 15,909,873 16,692,278 (5%)

Total liabilities 23,548,739 25,621,513 (8%)

Liabilities held for sale 149,160 156,706 (5%)

Other current liabilities 4,260,485 4,861,562 (12%)

Current liabilities 4,409,645 5,018,269 (12%)

Long-term liabilities 13,555,843 13,843,717 (2%)

Other liabilities 5,583,252 6,759,527 (17%)

Total Stockholder’s equity 9,404,687 11,346,453 (17%)

Non-controlling interest and perpetual instruments 1,166,795 1,192,531 (2%)

Total Controlling interest 8,237,892 10,153,922 (19%)

2015 Third Quarter Results Page 9

Operating results

Consolidated Income Statement & Balance Sheet

CEMEX, S.A.B. de C.V. and Subsidiaries

(Thousands of Mexican Pesos in nominal terms, except per ADS amounts)

January—September Third Quarter

INCOME STATEMENT 2015 2014 % Var. 2015 2014 % Var.

Net sales 168,449,467 151,865,413 11% 60,572,037 53,147,045 14%

Cost of sales(112,828,746) (104,041,830) (8%)(40,008,715) (35,040,839) (14%)

Gross profit 55,620,720 47,823,583 16% 20,563,321 18,106,206 14%

Operating expenses(35,754,560) (32,104,610) (11%)(13,275,356) (11,764,975) (13%)

Operating earnings before other expenses, net 19,866,160 15,718,973 26% 7,287,965 6,341,231 15%

Other expenses, net(1,494,119) (825,990) (81%)(1,466,659) (1,132,120) (30%)

Operating earnings 18,372,041 14,892,983 23% 5,821,306 5,209,111 12%

Financial expense(15,119,089) (16,648,878) 9%(5,143,306) (5,629,434) 9%

Other financial income (expense), net(1,125,865) 3,113,424 N/A(1,264,440) 1,248,817 N/A

Financial income 211,457 259,687 (19%) 75,009 77,643 (3%)

Results from financial instruments, net(2,384,118) 1,683,221 N/A(1,357,011) 103,148 N/A

Foreign exchange results 1,725,281 1,802,695 (4%) 253,119 1,281,161 (80%)

Effects of net present value on assets and liabilities and others, net(678,485) (632,180) (7%)(235,558) (213,135) (11%)

Equity in gain (loss) of associates 481,274 189,932 153% 508,915 112,441 353%

Income (loss) before income tax 2,608,361 1,547,461 69%(77,526) 940,934 N/A

Income tax(3,350,882) (4,962,402) 32%(543,251) (1,935,672) 72%

Profit (loss) of continuing operations(742,521) (3,414,941) 78%(620,777) (994,737) 38%

Discontinued operations 219,771 184,386 19% 93,577 148,594 (37%)

Consolidated net income (loss)(522,750) (3,230,555) 84%(527,200) (846,143) 38%

Non-controlling net income (loss) 691,165 1,054,555 (34%) 204,679 552,897 (63%)

Controlling net income (loss)(1,213,915) (4,285,110) 72%(731,879) (1,399,041) 48%

Operating EBITDA 31,015,602 26,334,866 18% 11,233,596 9,914,995 13%

Earnings (loss) of continued operations per ADS(0.98) (3.34) 71%(0.58) (1.14) 50%

Earnings (loss) of discontinued operations per ADS 0.16 0.14 15% 0.07 0.11 (40%)

As of September 30

BALANCE SHEET 2015 2014 % Var.

Total assets 557,242,446 496,479,782 12%

Cash and cash equivalents 7,721,944 13,358,649 (42%)

Trade receivables less allowance for doubtful accounts 31,390,167 28,577,374 10%

Other accounts receivable 5,600,154 7,297,921 (23%)

Inventories, net 18,444,103 17,427,868 6%

Assets held for sale 7,159,399 6,543,448 9%

Other current assets 5,581,614 3,735,871 49%

Current assets 75,897,380 76,941,131 (1%)

Property, machinery and equipment, net 212,309,112 195,361,357 9%

Other assets 269,035,954 224,177,295 20%

Total liabilities 398,209,184 344,096,917 16%

Liabilities held for sale 2,522,290 2,104,567 20%

Other current liabilities 72,044,799 65,290,783 10%

Current liabilities 74,567,089 67,395,350 11%

Long-term liabilities 229,229,302 185,921,116 23%

Other liabilities 94,412,793 90,780,451 4%

Total stockholders’ equity 159,033,263 152,382,865 4%

Non-controlling interest and perpetual instruments 19,730,504 16,015,691 23%

Total controlling interest 139,302,758 136,367,175 2%

2015 Third Quarter Results Page 10

Operating results

Operating Summary per Country

In thousands of U.S. dollars

January—September Third Quarter

like-to-like like-to-like

NET SALES 2015 2014 % Var.% Var. * 2015 2014 % Var.% Var. *

Mexico 2,175,116 2,354,346 (8%) 10% 669,021 803,371 (17%) 4%

U.S.A. 2,968,144 2,755,444 8% 8% 1,092,548 1,006,822 9% 9%

Northern Europe 2,319,230 2,968,808 (22%) 3% 829,317 1,047,124 (21%) 3%

Mediterranean 1,066,282 1,152,092 (7%) 3% 348,253 365,728 (5%) 3%

South, Central America and the Caribbean 1,459,749 1,683,892 (13%) 1% 476,182 584,549 (19%) 1%

Asia 503,384 456,972 10% 14% 162,325 151,227 7% 16%

Others and intercompany eliminations 230,531 177,147 30% 30% 73,470 55,308 33% 33%

TOTAL 10,722,436 11,548,701 (7%) 6% 3,651,117 4,014,127 (9%) 5%

GROSS PROFIT

Mexico 1,083,275 1,149,194 (6%) 13% 337,067 396,026 (15%) 7%

U.S.A. 688,401 487,858 41% 41% 283,838 214,487 32% 32%

Northern Europe 629,166 740,767 (15%) 0% 248,421 306,334 (19%)(4%)

Mediterranean 274,803 327,752 (16%)(5%) 88,613 101,909 (13%)(4%)

South, Central America and the Caribbean 602,090 739,493 (19%)(5%) 191,618 261,897 (27%)(9%)

Asia 199,090 151,562 31% 34% 71,120 68,872 3% 9%

Others and intercompany eliminations 63,642 40,149 59% 85% 18,824 18,013 5% 5%

TOTAL 3,540,466 3,636,774 (3%) 10% 1,239,501 1,367,538 (9%) 5%

OPERATING EARNINGS BEFORE OTHER EXPENSES, NET

Mexico 619,767 604,948 2% 22% 183,074 199,431 (8%) 15%

U.S.A. 93,704 (45,954) N/A N/A 71,819 24,920 188% 188%

Northern Europe 133,099 103,265 29% 53% 71,470 80,712 (11%) 14%

Mediterranean 129,322 172,580 (25%)(20%) 38,082 51,018 (25%)(21%)

South, Central America and the Caribbean 386,807 497,862 (22%)(10%) 119,662 176,302 (32%)(15%)

Asia 105,394 76,433 38% 40% 39,163 32,328 21% 26%

Others and intercompany eliminations (203,538) (213,774) 5%(9%) (83,973) (85,766) 2%(16%)

TOTAL 1,264,555 1,195,359 6% 21% 439,299 478,945 (8%) 9%

2015 Third Quarter Results Page 11

Operating results

Operating Summary per Country

EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales.

January—September Third Quarter

like-to-like like-to-like

OPERATING EBITDA 2015 2014 % Var.% Var. * 2015 2014 % Var.% Var. *

Mexico 735,351 742,060 (1%) 18% 219,511 245,054 (10%) 12%

U.S.A. 392,201 283,192 38% 38% 172,484 136,249 27% 27%

Northern Europe 254,050 263,127 (3%) 14% 113,561 133,075 (15%) 5%

Mediterranean 193,848 244,618 (21%)(13%) 59,397 74,324 (20%)(14%)

South, Central America and the Caribbean 446,592 563,115 (21%)(8%) 139,044 198,515 (30%)(13%)

Asia 130,028 98,981 31% 33% 47,215 39,946 18% 24%

Others and intercompany eliminations (177,812) (192,442) 8%(8%) (74,080) (78,295) 5%(15%)

TOTAL 1,974,259 2,002,651 (1%) 11% 677,131 748,867 (10%) 5%

OPERATING EBITDA MARGIN

Mexico 33.8% 31.5% 32.8% 30.5%

U.S.A. 13.2% 10.3% 15.8% 13.5%

Northern Europe 11.0% 8.9% 13.7% 12.7%

Mediterranean 18.2% 21.2% 17.1% 20.3%

South, Central America and the Caribbean 30.6% 33.4% 29.2% 34.0%

Asia 25.8% 21.7% 29.1% 26.4%

TOTAL 18.4% 17.3% 18.5% 18.7%

2015 Third Quarter Results Page 12

Operating results

Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

January—September Third Quarter

2015 2014 % Var. 2015 2014 % Var.

Consolidated cement volume 1 49,565 49,096 1% 17,017 17,100 (0%)

Consolidated ready-mix volume 39,778 39,900 (0%) 13,634 13,962 (2%)

Consolidated aggregates volume 111,083 119,322 (7%) 39,068 42,092 (7%)

Per-country volume summary

January—September Third Quarter Third Quarter 2015 Vs.

DOMESTIC GRAY CEMENT VOLUME 2015 Vs. 2014 2015 Vs. 2014 Second Quarter 2015

Mexico 4% (4%) (8%)

U.S.A. 1% 4% 9%

Northern Europe(1%) (9%) 2%

Mediterranean(4%) 5% 2%

South, Central America and the Caribbean(3%) (2%) 2%

Asia 17% 16% (6%)

READY-MIX VOLUME

Mexico(1%) (13%) (11%)

U.S.A. 13% 15% 8%

Northern Europe(13%) (11%) 2%

Mediterranean 4% 1% (6%)

South, Central America and the Caribbean 0% (6%) (2%)

Asia(6%) 1% 0%

AGGREGATES VOLUME

Mexico(5%) (16%) (8%)

U.S.A. 6% 11% 9%

Northern Europe(18%) (18%) 2%

Mediterranean(7%) (5%) (4%)

South, Central America and the Caribbean 1% (3%) 1%

Asia(14%) 38% 7%

1 Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker.

2015 Third Quarter Results Page 13

Operating results

Price Summary

Variation in U.S. Dollars

January—September Third Quarter Third Quarter 2015 Vs.

DOMESTIC GRAY CEMENT PRICE 2015 Vs. 2014 2015 Vs. 2014 Second Quarter 2015

Mexico(9%) (9%) (0%)

U.S.A. 7% 6% (0%)

Northern Europe (*)(13%) (11%) (2%)

Mediterranean (*)(11%) (18%) (7%)

South, Central America and the Caribbean (*)(13%) (17%) (7%)

Asia (*) 1% (1%) (2%)

READY-MIX PRICE

Mexico(11%) (12%) (3%)

U.S.A. 6% 5% 2%

Northern Europe (*)(14%) (12%) (2%)

Mediterranean (*)(8%) (6%) (1%)

South, Central America and the Caribbean (*)(14%) (19%) (8%)

Asia (*)(12%) (20%) (11%)

AGGREGATES PRICE

Mexico(10%) (15%) (5%)

U.S.A.(0%) (2%) (1%)

Northern Europe (*)(5%) (4%) (1%)

Mediterranean (*)(6%) (4%) (2%)

South, Central America and the Caribbean (*)(16%) (22%) (12%)

Asia (*)(9%) (2%) 1%

Variation in Local Currency

January—September Third Quarter Third Quarter 2015 Vs.

DOMESTIC GRAY CEMENT PRICE 2015 Vs. 2014 2015 Vs. 2014 Second Quarter 2015

Mexico 8% 14% 7%

U.S.A. 7% 6% (0%)

Northern Europe (*) 2% 3% (1%)

Mediterranean (*)(0%) (8%) (5%)

South, Central America and the Caribbean (*) 1% 3% 1%

Asia (*) 3% 4% 2%

READY-MIX PRICE

Mexico 7% 10% 4%

U.S.A. 6% 5% 2%

Northern Europe (*) 1% 0% (2%)

Mediterranean (*) 2% 2% (0%)

South, Central America and the Caribbean (*) 4% 5% 2%

Asia (*) 2% 1% 0%

AGGREGATES PRICE

Mexico 7% 7% 2%

U.S.A.(0%) (2%) (1%)

Northern Europe (*) 9% 8% (1%)

Mediterranean (*) 5% 5% (1%)

South, Central America and the Caribbean (*) 3% 3% (2%)

Asia (*)(2%) 9% 7%

(*) Volume weighted-average price.

2015 Third Quarter Results Page 14

Other activities

CEMEX inaugurated grinding mill in Nicaragua

On August 27, 2015, CEMEX announced that its subsidiary CEMEX Latam Holdings, S.A. completed the construction of the first phase of a new cement grinding plant in Ciudad Sandino, Managua. CLH invested approximately US$30 million for infrastructure procurement and the installation of the first cement grinding mill, with an annual production capacity of approximately 220,000 metric tons. The second phase, which is expected to be completed by the end of 2017, will include the installation of a second cement grinding mill with an additional annual production capacity of approximately 220,000 metric tons and an additional investment of approximately US$25 million. Upon completion of the second phase, CEMEX Nicaragua is expected to reach an estimated total annual cement production capacity of approximately 860,000 metric tons.

Fortune recognizes CEMEX´s positive impact in the world

On August 20, 2015, CEMEX announced that it was included in Fortune’s Change the World list, a ranking that recognizes 50 companies worldwide that have made a sizable impact on major global social or environmental problems as part of their competitive strategy. In the 16th place, CEMEX is the only Latin-American based company included and the only company from the construction materials sector. CEMEX was selected among over 200 nominees, thanks to its Patrimonio Hoy program which provides low-income families living in urban and semi-urban areas with access to building materials, as well as microfinancing, technical advice, and logistical support to assist participants in building their own homes. The program is destined not only to housing projects but also to the improvement of local public infrastructure. Since its inception, Patrimonio Hoy has provided affordable solutions to approximately 2 million people throughout Latin America.

CEMEX announced divestments of its operations in Croatia, Austria and Hungary

On August 12, 2015, in separate transactions, CEMEX announced it signed an agreement for the sale of its operations in Croatia, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, to Duna-Dráva Cement for approximately €230.9 million and for the sale of its operations in Austria and Hungary to the Rohrdorfer Group for approximately €160.1 million. The operations being sold in Croatia mainly consist of 3 cement plants (approximately 1.66 million tons of cement sold in 2014), 2 aggregate quarries (approximately 0.16 million metric tons of aggregates sold in 2014) and 7 ready-mix plants (approximately 0.25 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Croatia, including Bosnia & Herzegovina, Montenegro and Serbia, had net sales of approximately US$138 million in 2014. The operations in Austria being sold mainly consist of 24 aggregate quarries (approximately 6.47 million metric tons of aggregates sold in 2014) and 34 ready-mix plants (approximately 1.60 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Austria had net sales of approximately US$241 million in 2014. The operations in Hungary being divested mainly consist of 5 aggregate quarries (approximately 1.36 million metric tons of aggregates sold in 2014) and 34 ready-mix plants (approximately 0.46 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Hungary had net sales of approximately US$47 million in 2014. The proceeds obtained from these transactions will be used mainly for debt reduction and for general corporate purposes. The closings of these transactions are subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators. We currently expect to finalize the divestments of our operations in Croatia, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, during first quarter of 2016, and the divestment of our operations in Austria and Hungary during fourth quarter of 2015.

CEMEX successfully completed refinancing of its 2012 facilities agreement due February 2017

On August 3, 2015, CEMEX announced that it fully repaid the total amount outstanding of approximately US$1.94 billion under the facilities agreement dated September 17, 2012, as amended from time to time (the “2012 Facilities Agreement”), with new funds from 17 financial institutions. These lenders have joined the credit agreement dated September 29, 2014, as amended (the “Credit Agreement”) under new tranches, allowing CEMEX to increase the average life of its syndicated bank debt to approximately 4 years. Other financial institutions may join the Credit Agreement in the following months. With this transaction, total commitments under the Credit Agreement increased to approximately US$3.79 billion. These commitments include approximately EUR 620 million and approximately US$3.12 billion, out of which about US$710 million are in a revolving credit tranche. The Credit Agreement now has an amortization profile, considering all commitments, of approximately 10% in 2017; 25% in 2018; 25% in 2019; and 40% in 2020. The new tranches share the same guarantors and collateral package as the original tranches under the Credit Agreement. The leverage covenant included in the Credit Agreement will remain at 6.0x until March 31, 2016 and will gradually decline to 4.0x by June 30, 2019. In this transaction Banco Santander (Mexico) and BBVA Securities Inc. acted as Joint Lead Arrangers and Joint Bookrunners and also as lenders, directly or through their affiliates. On September 21, 2015, one institution joined the Credit Agreement and two other increased their commitments thereto representing new commitments in aggregate of approximately US$30 million. As a result of such increase, total commitments under the Credit Agreement reached approximately EUR 621 million and US$3.15 billion, out of which about US$735 million are in the revolving credit tranche.

CEMEX upgraded by Fitch Ratings

On July 28, 2015, CEMEX announced that it received an upgrade from Fitch Ratings to the Issuer Default Ratings (IDRs) to BB- from B+. Additionally to the upgrade of CEMEX’s IDRs, Fitch also upgraded the national scale to A-(mex) from BBB (mex) and the short-term national scale rating to F2 (mex) from F3(mex), which will allow CEMEX to potentially access the institutional Mexican bond market. The rating outlook remains stable.

2015 Third Quarter Results Page 15

Other information

Mexican Tax Reform 2010 and 2014

In November 2009, Mexico approved amendments to the income tax law, which became effective on January 1, 2010. Such amendments modified the tax consolidation regime by requiring entities to determine income taxes as if the tax consolidation provisions did not exist from 1999 onward, specifically turning into taxable items: a) the difference between the sum of the equity of the controlled entities for tax purposes and the equity of the consolidated entity for tax purposes; b) dividends from the controlled entities for tax purposes to CEMEX, S.A.B. de C.V.; and c) other transactions that represented the transfer of resources between the companies included in the tax consolidation. In December 2010, pursuant to miscellaneous rules, the tax authority in Mexico granted the option to defer the calculation and payment of the income tax over the difference in equity explained above, until the subsidiary is disposed of or CEMEX eliminates the tax consolidation. Tax liabilities associated with the tax loss carryforwards used in the tax consolidation of the Mexican subsidiaries are not offset with deferred tax assets in the balance sheet. The realization of these tax assets is subject to the generation of future tax earnings in the controlled subsidiaries that generated the tax loss carryforwards in the past.

In addition, in connection with new amendments to the income tax law in Mexico approved in December 2013 and effective beginning January 1, 2014, the tax consolidation regime in effect until December 31, 2013, was replaced prospectively by a new integration regime, to which CEMEX will not apply, resulting in that beginning in 2014, each Mexican entity will determine its income taxes based solely in its individual results, and a period of up to 10 years has been established for the settlement of the liability for income taxes related to the tax consolidation regime accrued until December 31, 2013, amount which considering the new rules issued for the disconnection of the tax consolidation regime amounted to approximately US$1,901 million, based on an exchange rate of Ps13.05 to US$1.00 as of December 31, 2013.

Changes in the Parent Company’s tax payable associated with the tax consolidation in Mexico in 2014 were as follows (approximate US$Millions):

2014

Balance at the beginning of the period $1,683*

Restatement for the period $65

Payments during the period ($294)

Balance at the end of the period $1,454

*Based on an exchange rate of Ps14.74 to US$1.00 as of December 31, 2014

As of December 31, 2014, the estimated payment schedule of taxes payable resulting from these changes in the tax consolidation regime in Mexico were as follows (approximate amounts in millions of US dollars):

2015 $350 **

2016 $293

2017 $291

2018 $215

2019 and thereafter $305

1,454

** This amount has been paid

Capped Calls

In relation to the capped calls purchased by CEMEX with proceeds of its subordinated convertibles notes issued in March 2011 and due in March 2016, year-to-date we have amended a portion of the capped calls with the purpose of unwinding the position. As a result, CEMEX has received year-to-date an aggregate amount of US$44 million in cash, equivalent to the unwind of 44.2% of the total notional amount of such capped calls.

European Commission’s Antitrust Proceedings in Europe Closed

Regarding the proceedings formally initiated by the European Commission on December 8, 2010 against CEMEX and other companies regarding anticompetitive practices in Austria, Belgium, the Czech Republic, France, Germany, Italy, Luxembourg, the Netherlands, Spain and the United Kingdom, these proceedings were closed on July 31, 2015 by the European Commission. As a result, CEMEX is not subject to any fines or penalties resulting from such proceedings. CEMEX cooperated with the European Commission throughout the process and, in general, will take any necessary steps to continue to operate in accordance with the laws and regulations of the countries in which it does business.

Antitrust Case in Ohio

Regarding the lawsuit lodged in October 2013 in an Ohio State Court alleging that a nonstructural steel manufacturing joint venture in which CEMEX, Inc. has an indirect majority interest, other nonstructural steel manufacturers, and related associations participated in a conspiracy among the defendants to adopt sham industry standards with a goal to exclude the plaintiffs’ products from the market, during the third quarter the court granted the defendants motion for summary judgment dismissing the claims. As of September 30, 2015, it is not known if the plaintiffs will file an appeal of this decision.

Polish Antitrust Investigation

Regarding the antitrust proceedings formally initiated in January 2007 against all cement producers in Poland, including CEMEX, and the reduced fine of approximately US$25 million issued in December 2013 that was appealed by CEMEX in May 2014, the appeals court in September 2015 informed the parties it intends to close the matter during December 2015. The penalty to be paid, if any, must be paid within 14 calendar days after the formal announcement by the appeals court. An accounting provision for this matter exists.

Tax Matters – Egypt

Regarding the February 9, 2014 development levy on clay (the “Levy on Clay”) for an amount of approximately US$42 million ordered to be paid by CEMEX in Egypt and the subsequent request presented by CEMEX before the Ministerial Committee for Resolution of Investment Disputes (the “Ministerial Committee”) in Egypt claiming non-entitlement of the Egyptian tax authority to the Levy on Clay used in the production of cement from the date of enforceability of Law No. 114/2008 up until issuance of Law No. 73/2010, and from cement produced using imported clinker, on September 28, 2015, CEMEX was notified by the Egyptian Cabinet that it ratified an August 10, 2015 decision by the Ministerial Committee pursuant to which the Egyptian tax authority be instructed to cease claiming payment of the Levy on Clay from CEMEX. This decision applies to the years from 2008 up to the issuance date of Law No. 73/2010. It was further decided that the Levy on Clay should not be imposed on imported clinker. Subject to submission of the decision to the Egyptian tax authority and the issuance of a final release, CEMEX shall be in a position to be released from payment of the above mentioned Levy on Clay amounts and accordingly to withdraw from this case. We expect that the Egyptian tax authority shall provide us soon with this final release in application of the decision approved by the Egyptian Cabinet.

2015 Third Quarter Results Page 16

Other information

Discontinued Operations

On August 12, 2015, in separate transactions, CEMEX announced that it signed agreements for the sale of its operations in Austria and Hungary to the Rohrdorfer Group for approximately €160.1 million, and for the sale of its operations in Croatia to Duna-Dráva Cement, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, for approximately €230.9 million. The combined operations in Austria and Hungary being divested mainly consist of 29 aggregate quarries (approximately 7.83 million metric tons of aggregates sold in 2014) and 68 ready-mix plants (approximately 2.06 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Austria and Hungary had combined net sales of approximately US$288 million in 2014. In addition, the operations in Croatia being divested mainly consist of 3 cement plants (approximately 1.66 million tons of cement sold in 2014), 2 aggregate quarries (approximately 0.16 million metric tons of aggregates sold in 2014) and 7 ready-mix plants (approximately 0.25 million cubic meters of ready-mix sold in 2014). CEMEX’s operations in Croatia, including Bosnia & Herzegovina, Montenegro and Serbia, had net sales of approximately US$138 million in 2014. The closings of these transactions are subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators. CEMEX expects to finalize the divestment of its operations in Austria and Hungary during the fourth quarter of 2015 and the divestments of its operations in Croatia, including its assets in Bosnia & Herzegovina, Montenegro and Serbia, during the first quarter of 2016. The proceeds obtained from these transactions will be used mainly for debt reduction and for general corporate purposes.

For accounting purposes as of September 30, 2015, the balance sheets of CEMEX’s operations in Austria, Hungary and Croatia have been reclassified to assets and liabilities held for sale. As of September 30, 2015 and 2014, the combined selected condensed balance sheet information of CEMEX operations in these countries was as follows:

BALANCE SHEET As of September 30,

(Millions of Mexican pesos) 2015 2014

Current assets 1,603 1,358

Property, machinery and equipment, net 4,552 4,205

Intangible assets and other non-current assets 1,004

980

Total assets held for sale 7,159 6,543

Current liabilities 1,454 1,209

Non-current liabilities 1,068 895

Total liabilities held for sale 2,522 2,104

Net assets held for sale 4,637 4,439

In addition, as required by IFRS considering that the operations in Austria, Hungary and Croatia represent reporting segments on a stand-alone basis, during the reported periods, the income statements of the net assets held for sale were reclassified and presented as discontinued operations. The following table presents combined condensed income statement information of Austria, Hungary and Croatia for the nine-month and the three-month periods ended September 30, 2015 and 2014:

INCOME STATEMENT Jan-Sept Third Quarter

(Millions of Mexican pesos) 2015 2014 2015 2014

Sales 4,563 4,237 1,818 1,607

Cost of sales and operating expenses(4,241)(4,000)(1,651)(1,444)

Other expenses, net(6)(5)(11)(5)

Interest expense, net and others(40)(41)(9)(4)

Income (loss) before income tax 276 191 147 154

Income tax(51)(1)(50)(0)

Net income (loss) 225 190 97 154

Non controlling net income 5 6

3 5

Controlling net income 220 184 94 149

2015 Third Quarter Results Page17

Definitions of terms and disclosures

Methodology for translation, consolidation, and presentation of results

Under IFRS, beginning January 1, 2008, CEMEX translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement. CEMEX reports its consolidated results in Mexican pesos.

For the reader’s convenience, beginning June 30, 2008, US dollar amounts for the consolidated entity are calculated by converting the nominal Mexican peso amounts at the end of each quarter using the average MXN/US$ exchange rate for each quarter. The exchange rates used to convert results for the third quarter of 2015 and the third quarter of 2014 are 16.59 and 13.24 Mexican pesos per US dollar, respectively.

Per-country/region figures are presented in US dollars for the reader’s convenience. Figures presented in US dollars for Mexico, as of September 30, 2015, and September 30, 2014, can be converted into their original local currency amount by multiplying the US-dollar figure by the corresponding average exchange rates for 2015 and 2014, provided below.

Breakdown of regions

Northern Europe includes operations in Austria, the Czech Republic, France, Germany, Hungary, Ireland, Latvia, Poland, and the United Kingdom, as well as trading operations in several Nordic countries.

The Mediterranean region includes operations in Croatia, Egypt, Israel, Spain, and the United Arab Emirates.

The South, Central America and the Caribbean region includes CEMEX’s operations in Argentina, Bahamas, Brazil, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Haiti, Jamaica, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The Asia region includes operations in Bangladesh, China, Malaysia, the Philippines, Taiwan, and Thailand.

Definition of terms

Free cash flow equals operating EBITDA minus net interest expense, maintenance and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation and coupon payments on our perpetual notes).

Maintenance capital expenditures investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.

Net debt equals total debt (debt plus convertible bonds and financial leases) minus cash and cash equivalents.

Operating EBITDA equals operating earnings before other expenses, net, plus depreciation and operating amortization.

pp equals percentage points

Prices all references to pricing initiatives, price increases or decreases, refer to our prices for our products

Strategic capital expenditures investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.

Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.

Earnings per ADS

The number of average ADSs outstanding used for the calculation of earnings per ADS was 1,371.7 million for the third quarter of 2015; 1,346.4 million for year?to?date 2015; 1,316.8 million for the third quarter of 2014; and 1,300.2 million for year?to?date 2014.

According to the IAS 33 Earnings per share, the weighted-average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued as a result of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period.

Exchange rates January—September Third Quarter Third Quarter

2015 2014 2015 2014 2015 2014

Average Average Average Average End of period End of period

Mexican peso 15.71 13.15 16.59 13.24 16.91 13.43

Euro 0.9021 0.7421 0.9013 0.7655 0.8949 0.7917

British pound 0.6528 0.5992 0.6506 0.6036 0.6610 0.6168

Amounts provided in units of local currency per US dollar.

2015 Third Quarter Results Page 18