EX-99.2 3 d642923dex992.htm THIRD QUARTER 2018 RESULTS FOR CEMEX, S.A.B DE C.V.

Exhibit 2

2018 THIRD QUARTER RESULTS ï,§ Stock Listing Information NYSE (ADS) Ticker: CX Mexican Stock Exchange Ticker: CEMEXCPO Ratio of CEMEXCPO to CX = 10:1 ï,§ 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 2018 2017 % var % var 2018 2017 % var % var Consolidated cement volume 52,692 51,062 3% 17,987 17,353 4% Consolidated ready-mix volume 40,067 38,656 4% 13,920 13,220 5% Consolidated aggregates volume 112,593 110,423 2% 39,659 37,659 5% Net sales 10,933 10,218 7% 6% 3,748 3,539 6% 8% Gross profit 3,718 3,507 6% 5% 1,309 1,265 3% 7% as % of net sales 34.0% 34.3% (0.3pp) 34.9% 35.8% (0.9pp) Operating earnings before other 1,330 1,317 1% 3% 490 495 (1%) 2% expenses, net as % of net sales 12.2% 12.9% (0.7pp) 13.1% 14.0% (0.9pp) Controlling interest net income (loss) 591 916 (36%) 174 289 (40%) Operating EBITDA 1,956 1,949 0% 1% 704 703 0% 2% as % of net sales 17.9% 19.1% (1.2pp) 18.8% 19.9% (1.1pp) Free cash flow after maintenance 504 603 (16%) 390 435 (10%) capital expenditures Free cash flow 409 522 (22%) 334 411 (19%) Total debt plus perpetual notes 10,636 11,558 (8%) 10,636 11,558 (8%) Earnings (loss) of continuing operations 0.38 0.49 (23%) 0.11 0.19 (45%) per ADS Fully diluted earnings (loss) of (1) 0.38 0.48 (22%) 0.11 0.19 (44%) continuing operations per ADS Average ADSs outstanding 1,542.2 1,508.9 2% 1,545.1 1,537.9 0% Employees 42,089 40,263 5% 42,089 40,263 5% This information does not include discontinued operations. Please see page 15 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 13 for end-of quarter CPO-equivalent units outstanding. (1) For the period January-September 2018, the effect of the potential dilutive shares generates anti-dilution; therefore, there is no change between the reported basic and diluted loss per share. Consolidated net sales in the third quarter of 2018 reached US$3.7 Operating EBITDA margin decreased by 1.1pp, from 19.9% in the third billion, representing an increase of 6%, or an increase of 8% on a like-to- quarter of 2017 to 18.8% this quarter. like basis for the ongoing operations and adjusting for foreign exchange Other expenses, net, for the quarter were US$48 million, which includes fluctuations, compared with the third quarter of 2017. The like-to-like severance payments and others. increase was due to higher local-currency prices for our products in most of our regions, as well as higher volumes in Mexico, the U.S. and our Foreign exchange results for the quarter was a loss of US$21 million, Europe and Asia, Middle East and Africa regions. mainly due to the fluctuation of the Mexican peso versus the U.S. dollar. Cost of sales as a percentage of net sales increased by 0.9pp during the Controlling interest net income (loss) was an income of US$174 million third quarter of 2018 compared with the same period last year, from in the third quarter of 2018, compared with an income of US$289 million 64.2% to 65.1%. The increase was mainly driven by higher energy costs. in the same quarter of 2017. This lower income primarily reflects a lower gain on financial instruments, a negative variation in foreign exchange Operating expenses as a percentage of net sales remained flat during fluctuations and higher income tax, partially offset by higher operating the third quarter of 2018 compared with the same period last year, at earnings, lower financial expenses and a positive variation in 21.8%. discontinued operations in the U.S. Operating EBITDA remained practically flat at US$704 million during the Total debt plus perpetual notes decreased by US$254 million during the third quarter of 2018 compared with the same period last year, or an quarter. increase of 2% on a like-to-like basis for the ongoing operations and adjusting for foreign-exchange fluctuations. The like-to-like increase was mainly due to higher contributions from Mexico, the U.S., as well as our Europe region. . 2018 Third Quarter Results Page 2

Operating results Mexico January—September Third Quarter l-t-l l-t-l 2018 2017 % var 2018 2017 % var % var % var Net sales 2,526 2,314 9% 10% 857 782 10% 15% Operating EBITDA 913 868 5% 6% 303 302 0% 5% Operating EBITDA margin 36.2% 37.5% (1.3pp) 35.4% 38.6% (3.2pp) In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January—September Third Quarter January—September Third Quarter January—September Third Quarter percentage variation Volume 3% 9% 12% 14% 12% 13% Price (USD) 1% (4%) 7% 2% 6% 5% Price (local currency) 3% 0% 8% 7% 8% 10% In Mexico, our domestic gray cement, ready-mix and aggregates volumes increased by 9%, 14% and 13%, respectively, during the third quarter. During the first nine months of the year, domestic gray cement volumes increased by 3% and both ready-mix and aggregates volumes by 12%, versus the comparable period of 2017. Our quarterly domestic gray cement prices in local currency remained flat year-over-year and decreased by 1% sequentially. Our increase in volumes during the quarter was mainly driven by the industrial-and-commercial sector, supported by projects in the manufacturing and the hospitality-and-tourism segments, as well as a low base of comparison. The formal residential sector remained a strong driver for cement consumption during the quarter, with favorable housing starts and permits. The self-construction sector moderated its growth during the quarter; however, economic indicators which drive this sector—including job creation, real wages, and remittances—remain solid. United States January—September Third Quarter l-t-l l-t-l 2018 2017 % var 2018 2017 % var % var % var Net sales 2,843 2,647 7% 9% 999 916 9% 11% Operating EBITDA 476 447 7% 7% 178 160 12% 12% Operating EBITDA margin 16.8% 16.9% (0.1pp) 17.8% 17.4% 0.4pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January—September Third Quarter January—September Third Quarter January—September Third Quarter percentage variation Volume 7% 7% 9% 10% 4% 8% Price (USD) 3% 3% 2% 3% 4% 3% Price (local currency) 3% 3% 2% 3% 4% 3% In the United States, our domestic gray cement, ready-mix and aggregates volumes increased by 7%, 10% and 8%, respectively, during the third quarter of 2018 on a year-over-year basis. During the first nine months of the year, domestic gray cement, ready-mix and aggregates volumes increased by 7%, 9% and 4%, respectively, on a year-over-year basis. Our cement prices during the quarter, increased by 3% year-over-year and remained stable sequentially. Our volume growth during the third quarter, was supported by strong demand conditions, despite poor weather in Texas and the mid-South. Residential activity continued to drive the market in the third quarter, with year-to-date September housing starts up 6% year over year. In the industrial-and-commercial sector, construction spending is up 4% year-to-date August, with strength in offices, lodging and commercial activity. Regarding infrastructure, street-and-highway spending has been increasing this year, up 6% year-to-date August, on the back of increased state spending. Contract awards in our key states are growing in excess of the national average, driven by specific state infrastructure funding initiatives. 2018 Third Quarter Results Page 3

Operating results South, Central America and the Caribbean January—September Third Quarter l-t-l l-t-l 2018 2017 % var 2018 2017 % var % var % var Net sales 1,358 1,405 (3%) (2%) 442 463 (4%) (1%) Operating EBITDA 311 368 (15%) (16%) 97 114 (15%) (14%) Operating EBITDA margin 22.9% 26.2% (3.3pp) 21.9% 24.6% (2.7pp) In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January—September Third Quarter January—September Third Quarter January—September Third Quarter percentage variation Volume (2%) (3%) (12%) (10%) (9%) (11%) Price (USD) 2% 2% (2%) (3%) (2%) (1%) Price (local currency) 2% 4% (2%) (2%) (3%) (0%) In our South, Central America and the Caribbean region, our domestic gray cement volumes decreased by 3% during the third quarter and by 2% during the first nine months of 2018, versus the comparable periods of 2017. Cement volumes, on a like-to-like basis including the regional operations of TCL, decreased by 3% and 4% during the third quarter and first nine months of the year, respectively. In Colombia, during the third quarter, our domestic gray cement and ready-mix volumes decreased by 8% and 11%, respectively, on a year-over-year basis; however, they increased by 7% and 4%, respectively, on a sequential basis. During the first nine months of the year, our domestic gray cement and ready-mix volumes decreased by 10% and 13%, respectively, versus the same period of 2017. The sequential increase in volumes reflects increased activity after the electoral period. Our quarterly cement prices in local-currency-terms increased by 6% on a year-over-year basis. Europe January—September Third Quarter l-t-l l-t-l 2018 2017 % var 2018 2017 % var % var % var Net sales 2,844 2,607 9% 3% 991 948 5% 6% Operating EBITDA 276 265 4% (2%) 135 129 5% 6% Operating EBITDA margin 9.7% 10.2% (0.5pp) 13.6% 13.6% 0.0pp In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January—September Third Quarter January—September Third Quarter January—September Third Quarter percentage variation Volume 1% (0%) (1%) 2% (1%) 3% Price (USD) 6% 0% 9% 2% 9% 3% Price (local currency) 1% 1% 3% 4% 4% 4% In the Europe region, our ready-mix and aggregates volumes increased by 2% and 3%, respectively, while our domestic gray cement volumes remained flat during the third quarter of 2018, on a year-over-year basis. During the first nine months of 2018 our domestic gray cement volumes increased by 1%, while both our ready-mix and aggregates volumes decreased by 1%, compared with the same period in the previous year. In the United Kingdom, our domestic gray cement and ready-mix volumes decreased by 5% and 3%, respectively, while aggregates volumes remained flat during the third quarter of 2018, on a year-over-year basis. During the first nine months of the year, our domestic gray cement, ready-mix and aggregates volumes decreased by 4%, 5% and 2%, respectively, versus the comparable period in 2017. On a like-to-like basis, our cement prices in local currency remained stable during the quarter on a year-over-year basis. 2018 Third Quarter Results Page 4

Operating results In Spain, our ready-mix and aggregates volumes increased by 31% and 55%, respectively, while our domestic gray cement volumes remained flat during the third quarter and on a year-over-year basis. For the first nine months of the year our domestic gray cement, ready-mix and aggregates volumes increased by 4%, 27% and 26%, respectively, versus the comparable period in 2017. The increase in ready-mix and aggregates volumes reflects in part the introduction of 11 new ready-mix plants and three new aggregates quarries, respectively. Activity in the residential, industrial-and-commercial, and infrastructure sectors continues to be favorable. The residential sector benefited from favorable credit conditions, low interest rates, increase of salaries, job creation and pent-up housing demand. In Germany, our aggregates volumes increased by 2%, our domestic gray cement volumes remained flat and our ready-mix volumes decreased by 11% during the third quarter of 2018, compared with the same period of last year. During the first nine months of the year, our domestic gray cement volumes increased by 1%, while ready-mix and aggregates volumes decreased by 8% and 2%, respectively, on a year-over-year basis. The business climate for the construction sector remains favorable mainly driven by the infrastructure sector. In Poland, our domestic gray cement, ready-mix and aggregates volumes during the third quarter of 2018 increased by 7%, 18% and 14%, respectively, versus the comparable period in 2017. During the first nine months of the year, volumes for these three core products increased by 8%. Our cement prices in local-currency terms during the quarter increased by 7% on a year-over-year basis and by 1% sequentially. The increase in cement volumes during the quarter was mainly due to our participation in large infrastructure projects and a strong residential sector. In our operations in France, ready-mix and aggregates volumes increased by 7% and 11%, respectively, during the third quarter of 2018 and on a year-over-year basis. During the first nine months of the year, our ready-mix volumes decreased by 1% while our aggregates volumes increased by 1%. Volume growth during the quarter reflects continued activity in the industrial-and-commercial sector as well as “Grand Paris”-related projects. Asia, Middle East and Africa January—September Third Quarter l-t-l l-t-l 2018 2017 % var 2018 2017 % var % var % var Net sales 1,087 999 9% 10% 359 346 4% 7% Operating EBITDA 164 170 (4%) (3%) 50 57 (13%) (11%) Operating EBITDA margin 15.0% 17.0% (2.0pp) 13.8% 16.4% (2.6pp) In millions of US dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January—September Third Quarter January—September Third Quarter January—September Third Quarter percentage variation Volume 9% 3% 2% (1%) 1% 0% Price (USD) 1% 4% 6% 2% 4% 0% Price (local currency) 4% 8% 5% 3% 3% 2% Our domestic gray cement volumes in the Asia, Middle East and Africa region during the third quarter and first nine months of the year increased by 3% and 9%, respectively, on a year-over-year basis. In the Philippines, our domestic gray cement volumes increased by 5% and 10% during the third quarter and the first nine months of the 2018, respectively, versus the comparable periods in the previous year. The increase in volumes during the quarter was supported by continued infrastructure activity and growth in the residential sector. In Egypt, our domestic gray cement volumes remained flat during the third quarter of 2018 and increased by 11% during the first nine months of the year, versus the comparable periods in the previous year. Year-to-date volume improvement reflects higher participation in the Lower Egypt region. In Israel, our ready-mix and aggregates volumes during the quarter increased by 2% and 5%, respectively. For the first nine months of the year, ready-mix and aggregates volumes increased by 4% and 5%, respectively, on a year-over-year basis. 2018 Third Quarter Results Page 5

Operating EBITDA, free cash flow and debt-related information Operating EBITDA and free cash flow January—September Third Quarter 2018 2017 % var 2018 2017 % var Operating earnings before other expenses, net 1,330 1,317 1% 490 495 (1%) + Depreciation and operating amortization 626 632 213 208 Operating EBITDA 1,956 1,949 0% 704 703 0% —Net financial expense 493 642 160 203 - Maintenance capital expenditures 290 259 116 105 - Change in working capital 426 200 7 (109) - Taxes paid 185 203 37 40 - Other cash items (net) 58 47 (6) 26 - Free cash flow discontinued operations (1) (5) —3 Free cash flow after maintenance capital expenditures 504 603 (16%) 390 435 (10%) —Strategic capital expenditures 95 81 56 24 Free cash flow 409 522 (22%) 334 411 (19%) In millions of US dollars, except percentages. During the quarter, free cash flow was mainly used for debt repayment. Our total debt plus perpetual notes during the quarter reflects a favorable foreign exchange conversion effect of US$26 million. Information on debt and perpetual notes Second Third Quarter Quarter Third Quarter 2018 2017 % var 2018 2018 2017 Total debt (1) 10,191 11,111 (8%) 10,444 Currency denomination Short-term 1% 7% 5% US dollar 66% 69% Long-term 99% 93% 95% Euro 27% 23% Perpetual notes 445 446 (0%) 446 Mexican peso 0% 1% Total debt plus perpetual notes 10,636 11,558 (8%) 10,890 Other 8% 7% Cash and cash equivalents 304 449 (32%) 308 Net debt plus perpetual notes 10,332 11,108 (7%) 10,582 Interest rate Fixed 62% 69% Consolidated funded debt (CFD) (2) 10,047 10,448 10,219 Variable 38% 31% CFD (2) / EBITDA (3) 3.89 3.98 3.96 (3) (4) Interest coverage 4.33 3.31 4.13 In millions of US dollars, except percentages and ratios. (1) Includes convertible notes and capital leases, in accordance with International Financial Reporting Standards (IFRS). (2) Consolidated funded debt, in accordance with our contractual obligations under the 2017 Credit Agreement. (3) EBITDA calculated in accordance with IFRS. (4) Interest expense calculated in accordance with our contractual obligations under the 2017 Credit Agreement. 2018 Third Quarter Results Page 6

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 2018 2017 % var % var 2018 2017 % var % var Net sales 10,933,070 10,218,067 7% 6% 3,747,531 3,539,322 6% 8% Cost of sales (7,215,113) (6,711,260) (8%) (2,438,464) (2,273,842) (7%) Gross profit 3,717,958 3,506,807 6% 5% 1,309,067 1,265,480 3% 7% Operating expenses (2,387,987) (2,189,837) (9%) (818,686) (770,475) (6%) Operating earnings before other expenses, net 1,329,971 1,316,969 1% 3% 490,381 495,005 (1%) 2% Other expenses, net (82,289) 73,278 N/A (47,761) (68,114) 30% Operating earnings 1,247,681 1,390,248 (10%) 442,620 426,891 4% Financial expense (498,938) (804,642) 38% (154,049) (263,229) 41% Other financial income (expense), net 35,094 114,350 (69%) (32,539) 116,044 N/A Financial income 13,431 13,268 1% 4,002 4,236 (6%) Results from financial instruments, net 60,078 202,242 (70%) 992 95,355 (99%) Foreign exchange results 3,657 (60,364) N/A (21,022) 30,927 N/A Effects of net present value on assets and liabilities and others, net (42,072) (40,796) (3%) (16,511) (14,474) (14%) Equity in gain (loss) of associates 20,351 20,491 (1%) 8,606 11,194 (23%) Income (loss) before income tax 804,188 720,447 12% 264,637 290,900 (9%) Income tax (186,760) 69,727 N/A (84,997) 27,818 N/A Profit (loss) of continuing operations 617,428 790,173 (22%) 179,640 318,719 (44%) Discontinued operations 12,049 184,060 (93%) 12,088 (3,700) N/A Consolidated net income (loss) 629,477 974,234 (35%) 191,728 315,019 (39%) Non-controlling interest net income (loss) 38,589 57,796 (33%) 17,397 25,634 (32%) Controlling interest net income (loss) 590,888 916,438 (36%) 174,331 289,385 (40%) Operating EBITDA 1,955,645 1,948,826 0% 1% 703,592 702,767 0% 2% Earnings (loss) of continued operations per ADS 0.38 0.49 (23%) 0.11 0.19 (45%) Earnings (loss) of discontinued operations per ADS 0.01 0.12 (94%) 0.01 (0.00) N/A As of September 30 BALANCE SHEET 2018 2017 % var Total assets 28,657,295 29,201,096 (2%) Cash and cash equivalents 304,442 449,489 (32%) Trade receivables less allowance for doubtful accounts 1,746,453 1,735,786 1% Other accounts receivable 305,889 228,942 34% Inventories, net 1,061,465 991,378 7% Assets held for sale 97,707 84,533 16% Other current assets 134,695 130,549 3% Current assets 3,650,651 3,620,677 1% Property, machinery and equipment, net 11,562,935 11,831,863 (2%) Other assets 13,443,710 13,748,556 (2%) Total liabilities 17,263,441 18,252,079 (5%) Other current liabilities 4,525,411 4,900,587 (8%) Current liabilities 4,525,411 4,900,587 (8%) Long-term liabilities 9,422,935 9,632,980 (2%) Other liabilities 3,315,094 3,718,512 (11%) Total stockholder’s equity 11,393,855 10,949,016 4% Non-controlling interest and perpetual instruments 1,565,632 1,489,568 5% Total controlling interest 9,828,223 9,459,448 4% 2018 Third Quarter Results Page 7

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 2018 2017 % var 2018 2017 % var Net sales 207,400,341 192,099,662 8% 70,528,526 63,637,010 11% Cost of sales (136,870,685) (126,171,692) (8%) (45,891,893) (40,883,674) (12%) Gross profit 70,529,657 65,927,971 7% 24,636,633 22,753,336 8% Operating expenses (45,300,114) (41,168,945) (10%) (15,407,664) (13,853,142) (11%) Operating earnings before other expenses, net 25,229,543 24,759,026 2% 9,228,969 8,900,194 4% Other expenses, net (1,561,025) 1,377,636 N/A (898,868) (1,224,695) 27% Operating earnings 23,668,517 26,136,662 (9%) 8,330,100 7,675,499 9% Financial expense (9,464,859) (15,127,274) 37% (2,899,210) (4,732,853) 39% Other financial income (expense), net 665,734 2,149,785 (69%) (612,377) 2,086,473 N/A Financial income 254,793 249,441 2% 75,324 76,159 (1%) Results from financial instruments, net 1,139,675 3,802,146 (70%) 18,669 1,714,474 (99%) Foreign exchange results 69,381 (1,134,847) N/A (395,629) 556,072 N/A Effects of net present value on assets and liabilities and others, net (798,114) (766,956) (4%) (310,740) (260,234) (19%) Equity in gain (loss) of associates 386,052 385,230 0% 161,958 201,269 (20%) Income (loss) before income tax 15,255,445 13,544,402 13% 4,980,472 5,230,388 (5%) Income tax (3,542,839) 1,310,859 N/A (1,599,647) 500,173 N/A Profit (loss) of continuing operations 11,712,606 14,855,261 (21%) 3,380,825 5,730,562 (41%) Discontinued operations 228,570 3,460,334 (93%) 227,501 (66,524) N/A Consolidated net income (loss) 11,941,176 18,315,596 (35%) 3,608,325 5,664,037 (36%) Non-controlling interest net income (loss) 732,028 1,086,570 (33%) 327,412 460,894 (29%) Controlling interest net income (loss) 11,209,148 17,229,026 (35%) 3,280,913 5,203,143 (37%) Operating EBITDA 37,098,585 36,637,922 1% 13,241,603 12,635,754 5% Earnings (loss) of continued operations per ADS 7.15 9.17 (22%) 1.99 3.44 (42%) Earnings (loss) of discontinued operations per ADS 0.15 2.29 (94%) 0.15 (0.04) N/A As of September 30 2018 2017 % var BALANCE SHEET Total assets 536,464,571 532,919,996 1% Cash and cash equivalents 5,699,155 8,203,166 (31%) Trade receivables less allowance for doubtful accounts 32,693,595 31,678,093 3% Other accounts receivable 5,726,250 4,178,189 37% Inventories, net 19,870,621 18,092,650 10% Assets held for sale 1,829,075 1,542,734 19% Other current assets 2,521,486 2,382,519 6% Current assets 68,340,181 66,077,350 3% Property, machinery and equipment, net 216,458,137 215,931,498 0% Other assets 251,666,253 250,911,148 0% Total liabilities 323,171,612 333,100,448 (3%) Current liabilities 84,715,692 89,435,718 (5%) Long-term liabilities 176,397,352 175,801,884 0% Other liabilities 62,058,568 67,862,846 (9%) Total stockholders’ equity 213,292,959 199,819,547 7% Non-controlling interest and perpetual instruments 29,308,632 27,184,614 8% Total controlling interest 183,984,328 172,634,933 7% 2018 Third Quarter Results Page 8

Operating results Operating Summary per Country In thousands of U.S. dollars January—September Third Quarter like-to-like like-to-like 2018 2017 % var % var 2018 2017 % var % var NET SALES Mexico 2,526,238 2,313,894 9% 10% 857,421 782,045 10% 15% U.S.A. 2,843,065 2,646,826 7% 9% 998,688 915,721 9% 11% South, Central America and the Caribbean 1,357,910 1,404,532 (3%) (2%) 442,376 462,626 (4%) (1%) Europe 2,844,134 2,606,998 9% 3% 991,252 947,510 5% 6% Asia, Middle East and Africa 1,087,201 998,639 9% 10% 359,292 345,877 4% 7% Others and intercompany eliminations 274,522 247,177 11% 14% 98,501 85,543 15% 2% TOTAL 10,933,070 10,218,067 7% 6% 3,747,531 3,539,322 6% 8% GROSS PROFIT Mexico 1,354,580 1,253,738 8% 9% 454,524 438,853 4% 8% U.S.A. 791,676 708,131 12% 12% 289,020 261,130 11% 11% South, Central America and the Caribbean 489,986 536,301 (9%) (8%) 157,495 170,980 (8%) (6%) Europe 737,327 686,248 7% 1% 292,361 284,160 3% 4% Asia, Middle East and Africa 302,266 300,393 1% 2% 95,238 100,950 (6%) (3%) Others and intercompany eliminations 42,122 21,996 92% 92% 20,429 9,407 117% 221% TOTAL 3,717,958 3,506,807 6% 5% 1,309,067 1,265,480 3% 7% OPERATING EARNINGS BEFORE OTHER EXPENSES, NET Mexico 827,560 778,998 6% 7% 273,933 270,851 1% 6% U.S.A. 244,126 195,238 25% 27% 98,389 83,244 18% 18% South, Central America and the Caribbean 244,986 301,527 (19%) (19%) 75,059 92,407 (19%) (18%) Europe 123,139 120,087 3% (4%) 83,716 77,830 8% 9% Asia, Middle East and Africa 115,886 123,571 (6%) (5%) 33,456 41,462 (19%) (17%) Others and intercompany eliminations (225,725) (202,453) (11%) (2%) (74,172) (70,789) (5%) (9%) TOTAL 1,329,971 1,316,969 1% 3% 490,381 495,005 (1%) 2% 2018 Third Quarter Results Page 9

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 2018 2017 % var % var 2018 2017 % var % var Mexico 913,289 868,357 5% 6% 303,353 301,895 0% 5% U.S.A. 476,239 446,668 7% 7% 178,199 159,629 12% 12% South, Central America and the Caribbean 310,984 367,936 (15%) (16%) 97,028 113,823 (15%) (14%) Europe 275,718 264,676 4% (2%) 134,508 128,686 5% 6% Asia, Middle East and Africa 163,563 169,768 (4%) (3%) 49,537 56,852 (13%) (11%) Others and intercompany eliminations (184,147) (168,579) (9%) 2% (59,033) (58,119) (2%) (6%) TOTAL 1,955,645 1,948,826 0% 1% 703,592 702,767 0% 2% OPERATING EBITDA MARGIN Mexico 36.2% 37.5% 35.4% 38.6% U.S.A. 16.8% 16.9% 17.8% 17.4% South, Central America and the Caribbean 22.9% 26.2% 21.9% 24.6% Europe 9.7% 10.2% 13.6% 13.6% Asia, Middle East and Africa 15.0% 17.0% 13.8% 16.4% TOTAL 17.9% 19.1% 18.8% 19.9% 2018 Third Quarter Results Page 10

Operating results Volume Summary Consolidated volume summary Cement and aggregates: Thousands of metric tons. Ready-mix: Thousands of cubic meters. January —September Third Quarter 2018 2017 % var 2018 2017 % var Consolidated cement volume (1) 52,692 51,062 3% 17,987 17,353 4% Consolidated ready-mix volume 40,067 38,656 4% 13,920 13,220 5% Consolidated aggregates volume 112,593 110,423 2% 39,659 37,659 5% Per-country volume summary January—September Third Quarter Third Quarter 2018 vs. DOMESTIC GRAY CEMENT VOLUME 2018 vs. 2017 2018 vs. 2017 Second Quarter 2018 Mexico 3% 9% (4%) U.S.A. 7% 7% 0% South, Central America and the Caribbean (2%) (3%) (4%) Europe 1% (0%) (5%) Asia, Middle East and Africa 9% 3% 3% READY-MIX VOLUME Mexico 12% 14% (0%) U.S.A. 9% 10% 1% South, Central America and the Caribbean (12%) (10%) 4% Europe (1%) 2% (3%) Asia, Middle East and Africa 2% (1%) 5% AGGREGATES VOLUME Mexico 12% 13% 3% U.S.A. 4% 8% 1% South, Central America and the Caribbean (9%) (11%) (5%) Europe (1%) 3% (2%) Asia, Middle East and Africa 1% 0% 4% (1) Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker. 2018 Third Quarter Results Page 11

Operating results Price Summary Variation in U.S. Dollars January—September Third Quarter Third Quarter 2018 vs. DOMESTIC GRAY CEMENT PRICE 2018 vs. 2017 2018 vs. 2017 Second Quarter 2018 Mexico 1% (4%) 3% U.S.A. 3% 3% (0%) South, Central America and the Caribbean (*) 2% 2% (1%) Europe (*) 6% 0% (3%) Asia, Middle East and Africa (*) 1% 4% (2%) READY-MIX PRICE Mexico 7% 2% 4% U.S.A. 2% 3% 2% South, Central America and the Caribbean (*) (2%) (3%) (1%) Europe (*) 9% 2% (1%) Asia, Middle East and Africa (*) 6% 2% (3%) AGGREGATES PRICE Mexico 6% 5% 3% U.S.A. 4% 3% 1% South, Central America and the Caribbean (*) (2%) (1%) 4% Europe (*) 9% 3% (2%) Asia, Middle East and Africa (*) 4% 0% (1%) Variation in Local Currency January—September Third Quarter Third Quarter 2018 vs. DOMESTIC GRAY CEMENT PRICE 2018 vs. 2017 2018 vs. 2017 Second Quarter 2018 Mexico 3% 0% (1%) U.S.A. 3% 3% (0%) South, Central America and the Caribbean (*) 2% 4% 1% Europe (*) 1% 1% (1%) Asia, Middle East and Africa (*) 4% 8% (0%) READY-MIX PRICE Mexico 8% 7% 1% U.S.A. 2% 3% 2% South, Central America and the Caribbean (*) (2%) (2%) 1% Europe (*) 3% 4% 1% Asia, Middle East and Africa (*) 5% 3% (3%) AGGREGATES PRICE Mexico 8% 10% (1%) U.S.A. 4% 3% 1% South, Central America and the Caribbean (*) (3%) (0%) 6% Europe (*) 4% 4% (0%) Asia, Middle East and Africa (*) 3% 2% (0%) (*) Volume weighted-average price. 2018 Third Quarter Results Page 12

Other information Derivative instruments The derivative following instrument table shows and the the aggregate notional fair amount market for value each for type all of of presented CEMEX’s derivative . instruments as of the last day of each quarter 2018 Third Quarter 2017 Second 2018 Quarter Millions USD of Notional Amount Value Fair Notional Amount Value Fair Notional Amount Value Fair Exchange rate 1,244 (33) 1,062 (27) 1,247 42 derivatives(1) Equity related 111 23 168 (34) 168 31 derivatives(2)(5) Interest rate 1,132 12 142 21 1,132 6 swaps(3) Fuel 47 13 74 12 54 20 derivatives(4) 2,534 15 1,446 (28) 2,601 99 (1) Exchange rate derivatives are used to manage currency exposures that arise from the regular operations and from forecasted transactions. (2) Equity derivatives related to options on the Parent Company’s own shares and to forwards, net of cash collateral, over the shares of Grupo Cementos de Chihuahua, S.A.B. de C.V. (3) As of September 30, 2017, includes Interest-rate swap derivatives related to our long-term energy contracts. In addition, as of September 30, 2018, includes interest-rate swap instruments related to bank loans with a nominal amount of US$1,000 million. (4) Forward contracts negotiated to hedge the price of the fuel consumed in certain operations. (5) As required by IFRS, the equity related derivatives fair market value as of September 30, 2018 and 2017 includes a liability of US$8 million and of US$37 million, respectively, relating to an embedded derivative in CEMEX’s mandatorily convertible securities. instruments Under IFRS, companies on the balance are required sheet to as recognize assets or all derivative liabilities, financial at their estimated recorded in fair the market income value, statement, with changes except in such when fair transactions market values are entered the fair into market for cash value -flow of -hedging the related purposes, derivative in which instruments case changes are in the recognized inverse temporarily effects of the in equity underlying and then hedged reclassified items flow into through earnings the as hedges, income in statement, which case and/or changes transactions in fair value related are recorded to net investment directly in equity the income as part statement of the currency only upon translation disposal effect, of the and net are investment reclassified . As to of September recognition of 30, its derivatives 2018, in connection portfolio, CEMEX with recognized the fair increases market value in its assets liability and of liabilities US$8 million resulting corresponding in a net asset to of an US $embedded 15 million, including derivative a debt related agreements, to our mandatorily is presented convertible net of securities, the assets which associated according with to the our derivative instruments. Equity-related information One expressed CEMEX in ADS CPO represents terms ten CEMEX CPOs. The following amounts are Beginning-of-quarter CPO-equivalent units outstanding 15,104,658,356 Stock-based compensation 29,718,279 End-of-quarter CPO-equivalent units outstanding 15,134,376,635 Outstanding units equal total CEMEX CPO-equivalent units less CPOs held in subsidiaries, which as of September 30, 2018 were 20,541,277. upon CEMEX conversion, also has outstanding will increase mandatorily the number convertible of CPOs securities outstanding which, by approximately 236 million in 2019, subject to antidilution adjustments. Newly issued IFRS effective in 2018 IFRS 9”) 9, Financial instruments: classification and measurement (“IFRS IFRS measurement 9 sets forth of financial the guidance assets and relating liabilities, to the the classification accounting and for credits, expected as credit well losses as the of requirements financial assets for and hedge commitments accounting; to and extend will (“IAS replace 39”) IAS . IFRS 39, 9 Financial was adopted instruments: beginning recognition January 1, 2018 and on measurement prospective categories basis. Among for financial other aspects, assets of: IFRS 1) amortized 9 implemented cost, that the will classification significantly 2) comprise fair value IAS39 through held other to maturity comprehensive and loans income, and receivables similar to categories; IAS 39 held to with maturity the same category; IAS 39 and definition 3) fair .value The adoption through the of income such classification statement categories results and did financial not have situation any. significant effect on CEMEX’s operating In losses, addition, impairment under the losses new impairment for the entire model lifetime based of on financial expected assets, credit recognition, including trade and at accounts each subsequent receivable, reporting are recognized period, even on in initial the absence considering of for a credit their measurement event or if the past loss events has not and yet current been conditions, incurred, as In well this as regard, reasonable CEMEX and implemented supportable forecasts an expected affecting credit collectability loss model . performance, applicable to its as trade well as accounts the credit receivable risk and that expected considers developments the historical for each 1, 2018 group related of customers to the new . The expected effects credit for adoption loss model of IFRS represented 9 on January an increase approximately in the $ allowance 520 million for pesos doubtful recognized accounts against as of January equity. 1, 2018 of accounting In connection categories with hedge of cash accounting, flow hedge, IFRS fair 9 maintains value hedge the same and hedge hedging of a recognizing net investment the ineffective established portion in IAS of 39, a cash as well flow as hedge the requirement immediately of in hedging the income transaction statement are. more Nonetheless, flexible. The the adoption requirements of the new to qualify hedging a operating accounting results requirements and financial did not situation have any . significant effect on CEMEX’s 2018 Third Quarter Results Page 13

Other information IFRS 15, Revenues from contracts with customers (“IFRS 15”) Under promised IFRS goods 15, an or services entity recognizes to customers revenue in an to amount depict that the reflects transfer the of those consideration goods or to services, which the identifying: entity expects a) the to contract(s) be entitled with in exchange a customer for (agreement different performance that creates obligations enforceable (promises) rights and in obligations); the contract b) and the account consideration for those an entity separately; expects c) the to be transaction entitled price in exchange (amount for of transferring transaction price promised to each goods performance or services); obligation d) the based distribution on the relative of the stand-alone recognizing revenue selling prices when of (or each as) the distinct entity good satisfies or service; a performance and e) obligation customer. A by performance transferring control obligation of a may promised be satisfied good at or a service point in to time the (typically services and for construction the sale of goods) contracts) or .over CEMEX time adopted (typically IFRS for 15 the on January sale of 1, on 2018, its operating using the results retrospective and financial approach, situation. without any significant effects Among apply to other CEMEX minor refer effects, to: a) several the main reclassifications changes under that IFRS are required 15 as they to comply b) rebates with and/or IFRS 15 discounts new accounts offered in the to customers statement in of a financial sale transaction position; that transaction are redeemable are considered by the separate customer performance in a subsequent obligations, purchase rather than allocated future to costs, these and promises a portion should of the be deferred sale price to of revenue such transaction until the promise customers is through redeemed their or purchases expires; under and c) loyalty awards programs (points) that offered are later to redeemable obligations, rather for goods than or future services, costs, also and represent a portion separate of the performance sale price of such revenue transactions until the points allocated are redeemed to these or points expire. should These be reclassifications deferred to and adjustments were not material. Considering modified certain the amounts retrospective of the approach, comparative the financial adoption statements of IFRS for 15 the nine-month period ended September 30, 2017, as follows: SELECTED INFORMATION INCOME STATEMENT (Millions of pesos) Jan-Sep Third Quarter Revenues, original 192,594.5 63,812.4 IFRS 15 adoption (5.2) 1.6 Discontinued operations (489.6) (177.0) Revenues, as reported 192,099.7 63,637.0 INFORMATION SELECTED As of September 30, 2017 BALANCE SHEET Other non- Total Customers, Other current current stockholders’ (Millions of pesos) net liabilities liabilities equity Balance, original 31,566.3 89,322.5 67,864.2 199,819.5 IFRS 15 adoption 111.8 113.2 (1.4) 0.1 reported Balance, as 31,678.1 89,435.7 67,862.8 199,819.6 Newly issued IFRS effective in 2019 IFRS 16, Leases (“IFRS 16”) to IFRS the 16 lessee defines the leases right as to any use contract an asset or for part a period of a contract of time that in exchange conveys for throughout consideration that period. and the In lessee summary, directs IFRS the 16 use introduces of the identified a single lessee asset a accounting term of more model, than and 12 requires months, a lessee unless to the recognize, underlying for asset all leases is of with low corresponding value, assets for financial the right-of-use liability, representing the underlying the NPV asset of estimated against a model lease payments in which a under lessee recognizes the contract, amortization with a single of the income right-of-use statement asset and statement interest of on financial the lease position, liability. or A disclose lessee shall in the present notes, either right-of-use in the from assets other separately liabilities. from IFRS other 16 assets, is effective as well beginning as, lease January liabilities 1, separately 2019 and will accounting. supersede all current standards and interpretations related to lease As main of outstanding September 30, lease 2018, contracts CEMEX and has other concluded contracts the inventory that may of have its embedded relevant characteristics the use of an of asset, such contracts including (types an assessment of assets, of committed the most payments, quantification maturity of the dates, required renewal adjustments clauses, for etc. the), proper and is recognition finalizing the of the liabilities, assets considering for the “right-of-use” the exemptions and provided the corresponding by the standard, financial aiming adoption to adopt IFRS is practicable. 16 on January Based 1, on 2019 its retrospectively preliminary assessment to the extent as of such the reporting its outstanding date, CEMEX operating considers leases would that upon be recognized adoption of in IFRS the 16, statement most of amortization of financial position, and interest. increasing CEMEX assets does not and expect liabilities, any breach as well of its as effects. contractual obligations (financial restrictions) due to the adoption Forward contracts on the stock price of GCC stock On September price of Grupo 21, 2018, Cementos CEMEX de amended Chihuahua, the forward S.A.B. de contracts C.V. (“GCC”), on the in order GCC, which to unwind represent 34% of approximately its position, equivalent 3.2% of the to equity 10.6 million capital shares of GCC. of As this a amendment, result, CEMEX CEMEX received retains approximately a position under US$13 its million forward in cash. contracts, After which shares continues of GCC, which to be represent payable in approximately cash, over approximately 6.3% of the equity 20.9 million capital of forward GCC. contracts Additionally, with during the purpose October of extending 2018, CEMEX the original amended tenor these by an may additional be unwound 12 months. earlier The at transactions CEMEX’s option. now mature in March 2020 but through CEMEX continues CAMCEM, to S. have A. de an C.V. approximate , an entity that 20% owns indirect a majority interest interest in GCC in GCC and in which CEMEX has a direct interest. 2018 Third Quarter Results Page 14

Other information Discontinued operations and other disposal groups Discontinued operations On receiving September the corresponding 27, 2018, by authorizations means of two of by its local subsidiaries authorities, and CEMEX after with sold its Votorantim operations Cimentos in Brazil N/NE as part S. A. of (“Votorantim”) binding agreements on May entered 24, 2018. into The distribution Company’s terminal operations located in Brazil, in Manaus, comprised Amazonas mainly of a state water and cement its operating including working license. The capital selling adjustments price was and approximately before withholding US$31 million taxes. month CEMEX’s periods operations ended for September its operating 30, 2018 segment and 2017 in Brazil are reported for the net nine- of tax withholding in the single taxes and line the item reclassification “Discontinued of currency operations” translation and include results accrued in equity. On regulators, June 30, one 2017, of its subsidiaries CEMEX announced in the U.S. closed that after the divestment approval of from its and Pacific ready Northwest mix concrete Materials operations Business consisting in Oregon of and aggregates, Washington asphalt to Cadman subsidiary Materials, of HeidelbergCement Inc., part of Group, Lehigh Hanson, for approximately Inc. and the US $U. 150 S. Materials million. Considering Business, their the operations disposal for of the the six-month entire Pacific period Northwest until their disposal statements on for June the 30, nine-month 2017, included period in ended CEMEX’s September comparative 30, 2017 income were reclassified net of tax to the single line item “Discontinued operations.” in On the November United States 28, 2016, signed CEMEX a definitive announced agreement that one to divest of its its subsidiaries Concrete the Reinforced United Pipe States Manufacturing to Quikrete Business Holdings, (“Concrete Inc. Pipe (“Quikrete”) Business”) for in approximately contingent consideration US$500 based million on plus future an performance. additional US On$ January 40 million 31, approval 2017, after from the regulators, satisfaction CEMEX of certain announced conditions the closing precedent of the including sale to disposal Quikrete of according the entire to the Concrete agreed Pipe upon Business, price conditions. their operations Considering for the the one-month comparative period income ended statements January for 31, the 2017, nine-month included period in CEMEX’s ended September “Discontinued 30, operations. 2017 were” reclassified CEMEX determined net of tax a net to the gain single on disposal line item of January these assets 2017 for as part approximately of discontinued US$148 operations, million recognized which included during a proportional allocation of goodwill for approximately US$260 million. The income following statements table of presents CEMEX condensed discontinued combined operations information mainly: of a) the the 2018 operating and 2017; segment b) the in Brazil Concrete for the Pipe nine-month Business for periods the one-month ended June period 30, for ended the January six-month 31, period 2017; and ended c) the June Pacific 30, 2017: Northwest Materials Business INCOME STATEMENT Jan-Sep Third Quarter (Millions of Mexican pesos) 2018 2017 2018 2017 Sales 504 2,044 167 175 Cost of sales and operating (496) (2,064) (167) (194) Other expenses, net (1) 14 0 0 Interest expense, net and others (4) 0 (2) (2) Income (loss) before income tax 3 (6) (2) (21) Income tax (6) (1) (3) (0) Net income (loss) (3) (7) (5) (21) Non controlling interest net income Controlling interest net income (3) (7) (5) (21) Net gain on sale 232 3,467 233 (46) Discontinued operations 229 3,460 228 (67) Other disposal groups or Other line disposal of business groups and, do due not to represent the remaining the disposal ongoing of activities an entire and sector the consolidated relative size, by are CEMEX not considered line-by-line discontinued in the income operations statement and until were the disposal date. The main disposal groups are as follows: in On the September United States 12, 2016, signed CEMEX a definitive announced agreement that one for of its the subsidiaries sale of its Eagle Fairborn, Materials Ohio cement Inc. (“Eagle plant and Materials”) cement terminal for approximately in Columbus, US Ohio $400 to million. approximately Fairborn 730 plant thousand has tons. an annual On February production 10, 2017, capacity CEMEX of announced divestment of that these such assets. subsidiary CEMEX’s in comparative the United income States statement closed the for operations the nine-month of the period Fairborn ended cement September plant and 30, the 2017, Columbus include cement the their terminal disposal consolidated in February line-by-line 10, 2017. for CEMEX the period determined from January a net gain 1 until on during disposal February of these 2017 assets as part for approximately of Other expenses, US$188 net, million which recognized included a proportional allocation of goodwill for approximately US$211 million. The information following of table the net presents assets sold selected to Eagle combined Materials income for the statements period in 2017 until their disposal in February 10: SELECTED INFORMATION Jan-Sep Third Quarter (Millions of Mexican pesos) 2018 2017 2018 2017 Sales— 86 — Cost of sales and operating Expenses—(71) — Operating earnings before other expenses, net—15 — 2018 Third Quarter Results Page 15

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, provided below. Breakdown of regions 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, Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region. Europe includes operations in Spain, Croatia, the Czech Republic, France, Germany, Latvia, Poland, and the United Kingdom, as well as trading operations in several Nordic countries. The Asia, Middle East and Africa region includes operations in the United Arab Emirates, Egypt, Israel and the Philippines. 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). l-t-l % var percentage variations adjusted for investments/divestments and currency fluctuations. 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. % var percentage variation Earnings per ADS Please refer to page 2 for the number of average ADSs outstanding used for the calculation of earnings per ADS. 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 because 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 2018 2017 2018 2017 2018 2017 Average Average Average Average End of period End of period Mexican peso 18.97 18.80 18.82 17.98 18.72 18.25 Euro 0.8386 0.8939 0.8576 0.8463 0.8616 0.8464 British pound 0.7413 0.7783 0.7657 0.7606 0.7672 0.7464 Amounts provided in units of local currency per US dollar. 2018 Third Quarter Results Page 16