EX-99.2 3 d737395dex992.htm FIRST QUARTER 2019 RESULTS FOR CEMEX, S.A.B DE C.V.

First quarter 2019 results for CEMEX, S.A.B de C.V.

Exhibit 2

2019 FIRST 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 - March First Quarter l-t-l l-t-l 2019 2018 % var % var 2019 2018 % var % var Consolidated cement volume 14,933 15,901 (6%) 14,933 15,901 (6%) Consolidated ready-mix volume 12,085 12,200 (1%) 12,085 12,200 (1%) Consolidated aggregates volume 34,380 33,312 3% 34,380 33,312 3% Net sales 3,238 3,341 (3%) 1% 3,238 3,341 (3%) 1% Gross profit 999 1,070 (7%) (3%) 999 1,070 (7%) (3%) as % of net sales 30.9% 32.0% (1.1pp) 30.9% 32.0% (1.1pp) Operating earnings before other 294 343 (14%) (12%) 294 343 (14%) (12%) expenses, net as % of net sales 9.1% 10.3% (1.2pp) 9.1% 10.3% (1.2pp) Controlling interest net income (loss) 39 20 92% 39 20 92% Operating EBITDA 562 598 (6%) (3%) 562 598 (6%) (3%) as % of net sales 17.4% 17.9% (0.5pp) 17.4% 17.9% (0.5pp) Free cash flow after maintenance (337) (198) (70%) (337) (198) (70%) capital expenditures Free cash flow (373) (207) (80%) (373) (207) (80%) Total debt plus perpetual notes 11,673 12,554 (7%) 11,673 12,554 (7%) Earnings (loss) of continuing operations (0.01) 0.01 N/A (0.01) 0.01 N/A per ADS Fully diluted earnings (loss) of (1) (0.01) 0.02 N/A (0.01) 0.02 N/A continuing operations per ADS Average ADSs outstanding 1,532 1,540 (1%) 1,532 1,540 (1%) Employees 41,054 41,360 (1%) 41,054 41,360 (1%) This information does not include discontinued operations. Please see page 13 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 U.S. dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions. Please refer to page 12 for end-of quarter CPO-equivalent units outstanding. (1) For the period January-March 2019, 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 first quarter of 2019 reached US$3.2 Operating EBITDA margin decreased by 0.5pp, from 17.9% in the first billion, representing a decrease of 3%, or an increase of 1% on a like-to- quarter of 2018 to 17.4% this quarter. like basis for the ongoing operations and adjusting for foreign exchange Gain (loss) on financial instruments for the quarter was a gain of US$8 fluctuations, compared with the first quarter of 2018. The like-to-like million, resulting mainly from the derivatives related to the shares of increase was due to higher local-currency prices for our products in all GCC. of our regions, as well as higher volumes in our three core products in Europe and in ready-mix and aggregates in the U.S. Other expenses, net, for the quarter were US$53 million, which includes severance payments and impairment of assets. Cost of sales as a percentage of net sales increased by 1.1pp during the first quarter of 2019 compared with the same period last year, from Foreign exchange results for the quarter was a gain of US$4 million, 68.0% to 69.1%. The increase was mainly driven by higher energy costs mainly due to the fluctuation of the Mexican peso versus the U.S. dollar. as well as higher volumes of purchased cement and clinker. Controlling interest net income (loss) was a gain of US$39 million in the Operating expenses as a percentage of net sales remained flat during first quarter of 2019, compared with a gain of US$20 million in the same the first quarter of 2019 compared with the same period in 2018 at quarter of 2018. This higher gain primarily reflects lower financial 21.8%, reflecting the cost-reduction initiatives under our A Stronger expenses, a positive variation in foreign exchange fluctuations and a CEMEX plan. positive variation in discontinued operations, partially offset by lower operating earnings, lower gains from financial instruments and higher Operating EBITDA decreased 6% to US$562 million during the first income tax. quarter of 2019 compared with the same period last year or decreased 3% on a like-to-like basis for the ongoing operations and adjusting for Net debt plus perpetual notes increased by US$94 million during the foreign-exchange fluctuations. Higher contributions from our Europe quarter. region were more than offset by declines in the rest of our regions. 2019 First Quarter Results Page 2

Operating results Mexico January - March First Quarter l-t-l l-t-l 2019 2018 % var 2019 2018 % var % var % var Net sales 706 801 (12%) (8%) 706 801 (12%) (8%) Operating EBITDA 255 308 (17%) (14%) 255 308 (17%) (14%) Operating EBITDA margin 36.1% 38.5% (2.4pp) 36.1% 38.5% (2.4pp) In millions of U.S. dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January - March First Quarter January - March First Quarter January - March First Quarter percentage variation Volume (15%) (15%) (11%) (11%) (6%) (6%) Price (USD) (0%) (0%) 0% 0% (1%) (1%) Price (local currency) 3% 3% 4% 4% 3% 3% In Mexico, volumes for domestic gray cement, ready mix and aggregates decreased by 15%, 11% and 6%, respectively, during the first quarter of 2019 on a year-over-year basis. Both domestic gray cement and aggregates prices in local-currency terms increased by 3% during the quarter while ready mix prices increased by 4%, on a year-over-year basis. Sequentially, prices for domestic gray cement increased by 4% while both ready-mix and aggregates prices increased by 2%. The transition phase of the new government resulted in lower infrastructure investment, intensified by the termination of important projects last year, as well as reduced housing activity in anticipation of the announcement and implementation of new housing policies and regulations. The industrial-and-commercial sector drove cement consumption during the quarter, stimulated by tourism activity in the Pacific and Southeast regions. The formal residential sector underwent a significant drop in consumption reflecting a slower-than-expected start of new housing programs. The self-construction sector also experienced a decline in consumption during the quarter. United States January - March First Quarter l-t-l l-t-l 2019 2018 % var 2019 2018 % var % var % var Net sales 878 856 3% 3% 878 856 3% 3% Operating EBITDA 130 131 (1%) (1%) 130 131 (1%) (1%) Operating EBITDA margin 14.8% 15.3% (0.5pp) 14.8% 15.3% (0.5pp) In millions of U.S. dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year January - March First Quarter January - March First Quarter January - March First Quarter percentage variation Volume (4%) (4%) 1% 1% 5% 5% Price (USD) 4% 4% 2% 2% 1% 1% Price (local currency) 4% 4% 2% 2% 1% 1% In the United States, our ready-mix and aggregates daily volumes grew by 3% and 7%, respectively, while domestic gray cement daily volumes declined by 2%, during the first quarter of 2019 on a year-over-year basis. Prices for our domestic gray cement, ready mix and aggregates increased by 4%, 2% and 1%, respectively, on a year-over-year basis. Sequentially, both our domestic gray cement and ready-mix prices grew 1%, while aggregates prices showed a 1% decline. Our volume growth during the first quarter was affected by inclement weather in about half of our portfolio. Infrastructure and residential were the principal drivers of volume growth in the first quarter. While the residential sector has slowed this year, with year-to-date housing starts as of March down 10%, our key-states continue to outperform the national average. In the industrial-and-commercial sector, construction spending is up 3% year-to-date February, with strength in offices and lodging. Regarding infrastructure, street-and-highway spending has continued to grow this year, up 18% year-to-date February, on the back of increased state spending on highways. Contract awards in our key states have grown 17% in the last twelve months as of February and in excess of the national average. 2019 First Quarter Results Page 3

Operating results South, Central America and the Caribbean January - March First Quarter l-t-l l-t-l 2019 2018 % var 2019 2018 % var % var % var Net sales 427 455 (6%) (1%) 427 455 (6%) (1%) Operating EBITDA 103 107 (4%) (0%) 103 107 (4%) (0%) Operating EBITDA margin 24.1% 23.6% 0.5pp 24.1% 23.6% 0.5pp In millions of U.S. dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January - March First Quarter January - March First Quarter January - March First Quarter variation Volume (1%) (1%) (6%) (6%) (14%) (14%) Price (USD) (4%) (4%) (8%) (8%) (3%) (3%) Price (local currency) (*) 2% 2% (1%) (1%) 4% 4% In our South, Central America and the Caribbean region, our domestic gray cement, ready-mix and aggregates volumes decreased by 1%, 6% and 14%, respectively, during the first quarter of 2019 compared to the same period last year. Cement volumes increased in Colombia, Dominican Republic, Guatemala and El Salvador, while ready-mix volumes improved in Colombia and Puerto Rico. In Colombia, during the first quarter, both our domestic gray cement and ready-mix volumes increased by 8% on a year-over-year basis. Sequentially, our domestic gray cement volumes decreased by 3% while ready-mix volumes grew by 5%. This quarter, infrastructure activity continued its positive performance supported by diverse projects including the continuation of 4G activity. In the residential sector, improvements in the informal and social-housing segments were offset by declines in the mid- to high-income segment. Cement prices during the quarter increased 2% on a year-over-year basis and 3% sequentially, in local-currency terms. Europe January - March First Quarter l-t-l l-t-l 2019 2018 % var 2019 2018 % var % var % var Net sales 805 781 3% 12% 805 781 3% 12% Operating EBITDA 61 37 62% 77% 61 37 62% 77% Operating EBITDA margin 7.5% 4.8% 2.7pp 7.5% 4.8% 2.7pp In millions of U.S. dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January - March First Quarter January - March First Quarter January - March First Quarter variation Volume 12% 12% 11% 11% 13% 13% Price (USD) (5%) (5%) (5%) (5%) (4%) (4%) Price (local currency) (*) 4% 4% 3% 3% 3% 3% In the Europe region, our domestic gray cement volumes increased by 12% during the first quarter, while ready-mix and aggregates volumes increased by 11% and 13%, respectively, compared with the same period last year on a like-to-like basis. Cement volumes increased in the United Kingdom, Germany, Poland, the Czech Republic and Spain, while ready-mix volumes increased in the United Kingdom, France, Poland, the Czech Republic, Spain and Croatia. Aggregates volumes increased in all of our countries in the region. Our year-over-year volume performance was driven largely by strong domestic demand and a mild winter across the region compared with the first quarter last year. The infrastructure and residential sectors were the main drivers of demand during the quarter, driven by large infrastructure projects especially in Germany, Poland and France, and favorable residential activity, mainly in Spain, Poland, the United Kingdom and Germany. (*) Calculated on a volume-weighted-average basis at constant foreign-exchange rates 2019 First Quarter Results Page 4

Operating results Asia, Middle East and Africa January - March First Quarter l-t-l l-t-l 2019 2018 % var 2019 2018 % var % var % var Net sales 347 375 (8%) (6%) 347 375 (8%) (6%) Operating EBITDA 54 66 (19%) (18%) 54 66 (19%) (18%) Operating EBITDA margin 15.5% 17.7% (2.2pp) 15.5% 17.7% (2.2pp) In millions of U.S. dollars, except percentages. Domestic gray cement Ready-mix Aggregates Year-over-year percentage January - March First Quarter January - March First Quarter January - March First Quarter variation Volume (14%) (14%) (8%) (8%) (9%) (9%) Price (USD) 11% 11% (3%) (3%) (1%) (1%) Price (local currency) (*) 11% 11% 1% 1% 4% 4% Our domestic gray cement volumes in the Asia, Middle East and Africa region decreased by 14% during the first quarter, on a year-over-year basis. Ready-mix and aggregates volumes declined by 8% and 9%, respectively, compared with the first quarter of 2018. In the Philippines, our domestic gray cement volumes decreased by 1% during the quarter on a year-over-year basis with activity still recovering at the start of the year, after the landslide that took place last September. Cement volumes in the quarter were supported by the residential and infrastructure sectors. In Egypt, our domestic gray cement volumes declined by 31% during the first quarter on a year-over-year basis. The quarterly volume decrease was mainly due to weaker market demand and changes in supply-demand dynamics as temporarily stopped and new capacity came online. In Israel, during the first quarter, our ready-mix volumes declined by 3%, while our aggregates volumes decreased by 4%, year-over-year. This drop in volumes is mainly the result of adverse weather conditions during the quarter. (*) Calculated on a volume-weighted-average basis at constant foreign-exchange rates 2019 First Quarter Results Page 5

Operating EBITDA, free cash flow and debt-related information Operating EBITDA and free cash flow January - March First Quarter 2019 2018 % var 2019 2018 % var Operating earnings before other expenses, net 294 343 (14%) 294 343 (14%) + Depreciation and operating amortization 268 256 268 256 Operating EBITDA 562 598 (6%) 562 598 (6%) - Net financial expense 179 191 179 191 - Maintenance capital expenditures 120 173 120 173 - Change in working capital 526 351 526 351 - Taxes paid 38 50 38 50 - Other cash items (net) 22 26 22 26 - Free cash flow discontinued operations 15 6 15 6 Free cash flow after maintenance capital expenditures (337) (198) (70%) (337) (198) (70%) - Strategic capital expenditures 36 9 36 9 Free cash flow (373) (207) (80%) (373) (207) (80%) In millions of U.S. dollars, except percentages. During the quarter we used the proceeds from the divestment of the Nordics and Baltics assets and the increase in debt to meet the free cash flow deficit and for other corporate purposes. Our total debt plus perpetual notes during the quarter reflects a favorable foreign exchange conversion effect of US$54 million. Information on debt and perpetual notes Fourth First Quarter Quarter First Quarter 2019 2018 % var 2018 2019 2018 Total debt (1) 11,231 12,104 (7%) 11,142 Currency denomination Short-term 12% 5% 3% US dollar 61% 66% Long-term 88% 95% 97% Euro 29% 25% Perpetual notes 443 450 (2%) 444 Mexican peso 1% 1% Total debt plus perpetual notes 11,673 12,554 (7%) 11,586 Other 9% 8% Cash and cash equivalents 301 311 (3%) 309 Net debt plus perpetual notes 11,372 12,243 (7%) 11,278 Interest rate Fixed 70% 63% Consolidated funded debt (2) 10,955 11,848 10,836 Variable 30% 37% Consolidated leverage ratio (2) 3.88 4.11 3.73 (2) Consolidated coverage ratio 4.28 3.79 4.31 In millions of U.S. dollars, except percentages and ratios. (1) Includes convertible notes and leases, in accordance with International Financial Reporting Standards (IFRS). (2) Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated on April 2, 2019. 2018 amounts and ratios are not audited, and were not the actual amounts and ratios reported during 2018 under our Facilities Agreement dated July 2017, and are shown in this document for reference purposes only, giving effect to the adoption of IFRS 16, Leases, as if it had been in effect from January 1, 2018. 2019 First 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 - March First Quarter like-to-like like-to-like INCOME STATEMENT 2019 2018 % var % var 2019 2018 % var % var Net sales 3,238,120 3,341,480 (3%) 1% 3,238,120 3,341,480 (3%) 1% Cost of sales (2,238,800) (2,271,506) 1% (2,238,800) (2,271,506) 1% Gross profit 999,320 1,069,974 (7%) (3%) 999,320 1,069,974 (7%) (3%) Operating expenses (705,341) (727,113) 3% (705,341) (727,113) 3% Operating earnings before other expenses, net 293,979 342,861 (14%) (12%) 293,979 342,861 (14%) (12%) Other expenses, net (52,605) 2,093 N/A (52,605) 2,093 N/A Operating earnings 241,374 344,954 (30%) 241,374 344,954 (30%) Financial expense (189,183) (203,590) 7% (189,183) (203,590) 7% Other financial income (expense), net 1,253 (58,240) N/A 1,253 (58,240) N/A Financial income 4,255 4,722 (10%) 4,255 4,722 (10%) Results from financial instruments, net 7,649 33,739 (77%) 7,649 33,739 (77%) Foreign exchange results 4,261 (83,619) N/A 4,261 (83,619) N/A Effects of net present value on assets and liabilities and others, net (14,913) (13,082) (14%) (14,913) (13,082) (14%) Equity in gain (loss) of associates 1,210 3,325 (64%) 1,210 3,325 (64%) Income (loss) before income tax 54,654 86,450 (37%) 54,654 86,450 (37%) Income tax (61,932) (52,119) (19%) (61,932) (52,119) (19%) Profit (loss) of continuing operations (7,278) 34,331 N/A (7,278) 34,331 N/A Discontinued operations 61,413 (141) N/A 61,413 (141) N/A Consolidated net income (loss) 54,135 34,190 58% 54,135 34,190 58% Non-controlling interest net income (loss) 15,300 13,940 10% 15,300 13,940 10% Controlling interest net income (loss) 38,835 20,251 92% 38,835 20,251 92% Operating EBITDA 561,839 598,449 (6%) (3%) 561,839 598,449 (6%) (3%) Earnings (loss) of continued operations per ADS (0.01) 0.01 N/A (0.01) 0.01 N/A Earnings (loss) of discontinued operations per ADS 0.04 (0.00) N/A 0.04 (0.00) N/A As of March 31 BALANCE SHEET 2019 2018 % var Total assets 28,900,275 30,187,303 (4%) Cash and cash equivalents 300,941 311,135 (3%) Trade receivables less allowance for doubtful accounts 1,633,826 1,714,939 (5%) Other accounts receivable 311,768 221,013 41% Inventories, net 1,114,269 1,016,541 10% Assets held for sale 298,207 90,833 228% Other current assets 173,500 195,796 (11%) Current assets 3,832,511 3,550,257 8% Property, machinery and equipment, net 12,019,816 13,076,082 (8%) Other assets 13,047,948 13,560,963 (4%) Total liabilities 18,085,989 19,336,427 (6%) Current liabilities 5,773,490 5,052,614 14% Long-term liabilities 8,730,473 9,823,233 (11%) Other liabilities 3,582,026 4,460,580 (20%) Total stockholder’s equity 10,814,286 10,850,875 (0%) Non-controlling interest and perpetual instruments 1,568,488 1,564,016 0% Total controlling interest 9,245,799 9,286,859 (0%) 2019 First Quarter Results Page 7

Operating results Operating Summary per Country In thousands of U.S. dollars January - March First Quarter like-to-like like-to-like 2019 2018 % var % var 2019 2018 % var % var NET SALES Mexico 706,435 800,733 (12%) (8%) 706,435 800,733 (12%) (8%) U.S.A. 878,072 855,521 3% 3% 878,072 855,521 3% 3% South, Central America and the Caribbean 426,640 454,814 (6%) (1%) 426,640 454,814 (6%) (1%) Europe 805,285 781,115 3% 12% 805,285 781,115 3% 12% Asia, Middle East and Africa 346,533 374,968 (8%) (6%) 346,533 374,968 (8%) (6%) Others and intercompany eliminations 75,156 74,329 1% 2% 75,156 74,329 1% 2% TOTAL 3,238,120 3,341,480 (3%) 1% 3,238,120 3,341,480 (3%) 1% GROSS PROFIT Mexico 373,086 436,230 (14%) (11%) 373,086 436,230 (14%) (11%) U.S.A. 198,598 208,150 (5%) (6%) 198,598 208,150 (5%) (6%) South, Central America and the Caribbean 158,279 165,992 (5%) 0% 158,279 165,992 (5%) 0% Europe 167,150 152,508 10% 19% 167,150 152,508 10% 19% Asia, Middle East and Africa 86,933 104,839 (17%) (15%) 86,933 104,839 (17%) (15%) Others and intercompany eliminations 15,274 2,254 578% 759% 15,274 2,254 578% 759% TOTAL 999,320 1,069,974 (7%) (3%) 999,320 1,069,974 (7%) (3%) OPERATING EARNINGS BEFORE OTHER EXPENSES, NET Mexico 216,828 271,213 (20%) (17%) 216,828 271,213 (20%) (17%) U.S.A. 28,073 39,239 (28%) (28%) 28,073 39,239 (28%) (28%) South, Central America and the Caribbean 78,305 83,777 (7%) (3%) 78,305 83,777 (7%) (3%) Europe (3,670) (28,765) 87% 88% (3,670) (28,765) 87% 88% Asia, Middle East and Africa 34,137 47,101 (28%) (26%) 34,137 47,101 (28%) (26%) Others and intercompany eliminations (59,694) (69,703) 14% 8% (59,694) (69,703) 14% 8% TOTAL 293,979 342,861 (14%) (12%) 293,979 342,861 (14%) (12%) 2019 First Quarter Results Page 8

Operating results Operating Summary per Country EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of net sales. January - March First Quarter like-to-like like-to-like OPERATING EBITDA 2019 2018 % var % var 2019 2018 % var % var Mexico 255,199 308,063 (17%) (14%) 255,199 308,063 (17%) (14%) U.S.A. 129,625 130,704 (1%) (1%) 129,625 130,704 (1%) (1%) South, Central America and the Caribbean 102,667 107,302 (4%) (0%) 102,667 107,302 (4%) (0%) Europe 60,620 37,358 62% 77% 60,620 37,358 62% 77% Asia, Middle East and Africa 53,604 66,233 (19%) (18%) 53,604 66,233 (19%) (18%) Others and intercompany eliminations (39,875) (51,212) 22% 13% (39,875) (51,212) 22% 13% TOTAL 561,839 598,449 (6%) (3%) 561,839 598,449 (6%) (3%) OPERATING EBITDA MARGIN Mexico 36.1% 38.5% 36.1% 38.5% U.S.A. 14.8% 15.3% 14.8% 15.3% South, Central America and the Caribbean 24.1% 23.6% 24.1% 23.6% Europe 7.5% 4.8% 7.5% 4.8% Asia, Middle East and Africa 15.5% 17.7% 15.5% 17.7% TOTAL 17.4% 17.9% 17.4% 17.9% 2019 First Quarter Results Page 9

Operating results Volume Summary Consolidated volume summary Cement and aggregates: Thousands of metric tons. Ready-mix: Thousands of cubic meters. January - March First Quarter 2019 2018 % var 2019 2018 % var Consolidated cement volume (1) 14,933 15,901 (6%) 14,933 15,901 (6%) Consolidated ready-mix volume 12,085 12,200 (1%) 12,085 12,200 (1%) Consolidated aggregates volume 34,380 33,312 3% 34,380 33,312 3% Per-country volume summary January - March First Quarter First Quarter 2019 vs. DOMESTIC GRAY CEMENT VOLUME 2019 vs. 2018 2019 vs. 2018 Fourth Quarter 2018 Mexico (15%) (15%) (18%) U.S.A. (4%) (4%) (6%) South, Central America and the Caribbean (1%) (1%) (1%) Europe 12% 12% (10%) Asia, Middle East and Africa (14%) (14%) 5% READY-MIX VOLUME Mexico (11%) (11%) (13%) U.S.A. 1% 1% (3%) South, Central America and the Caribbean (6%) (6%) (3%) Europe 11% 11% (11%) Asia, Middle East and Africa (8%) (8%) (8%) AGGREGATES VOLUME Mexico (6%) (6%) (14%) U.S.A. 5% 5% 1% South, Central America and the Caribbean (14%) (14%) 0% Europe 13% 13% (11%) Asia, Middle East and Africa (9%) (9%) (9%) (1) Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar and clinker. 2019 First Quarter Results Page 10

Operating results Price Summary Variation in U.S. dollars January - March First Quarter First Quarter 2019 vs. DOMESTIC GRAY CEMENT PRICE 2019 vs. 2018 2019 vs. 2018 Fourth Quarter 2018 Mexico (0%) (0%) 8% U.S.A. 4% 4% 1% South, Central America and the Caribbean (*) (4%) (4%) 2% Europe (*) (5%) (5%) 5% Asia, Middle East and Africa (*) 11% 11% 4% READY-MIX PRICE Mexico 0% 0% 6% U.S.A. 2% 2% 1% South, Central America and the Caribbean (*) (8%) (8%) 2% Europe (*) (5%) (5%) 4% Asia, Middle East and Africa (*) (3%) (3%) 3% AGGREGATES PRICE Mexico (1%) (1%) 7% U.S.A. 1% 1% (1%) South, Central America and the Caribbean (*) (3%) (3%) (1%) Europe (*) (4%) (4%) 7% Asia, Middle East and Africa (*) (1%) (1%) 12% Variation in Local Currency January - March First Quarter First Quarter 2019 vs. DOMESTIC GRAY CEMENT PRICE 2019 vs. 2018 2019 vs. 2018 Fourth Quarter 2018 Mexico 3% 3% 4% U.S.A. 4% 4% 1% South, Central America and the Caribbean (*) 2% 2% 1% Europe (*) 4% 4% 5% Asia, Middle East and Africa (*) 11% 11% 2% READY-MIX PRICE Mexico 4% 4% 2% U.S.A. 2% 2% 1% South, Central America and the Caribbean (*) (1%) (1%) (0%) Europe (*) 3% 3% 4% Asia, Middle East and Africa (*) 1% 1% 1% AGGREGATES PRICE Mexico 3% 3% 2% U.S.A. 1% 1% (1%) South, Central America and the Caribbean (*) 4% 4% (2%) Europe (*) 3% 3% 6% Asia, Middle East and Africa (*) 4% 4% 9% (*) Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-average basis at constant foreign-exchange rates 2019 First Quarter Results Page 11

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 CEMEX’s presented. derivative instruments as of the last day of each quarter 2019 First Quarter 2018 Fourth 2018 Quarter U. Millions S. dollars of Notional Amount Value Fair Notional Amount Value Fair Notional Amount Value Fair Exchange rate derivatives (1) 1,524 (23) 1,216 (55) 1,249 2 Equity related derivatives (2)(5) 111 7 168 1 111 1 Interest rate swaps (3) 1,126 (16) 137 15 1,126 (8) Fuel derivatives (4) 104 (1) 67 14 122 (14) 2,865 (33) 1,588 (25) 2,608 (19) (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 March 31, 2018, includes Interest-rate swap derivatives related to our long-term energy contracts. In addition, as of March 31, 2019, 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 March 31, 2019 and 2018 includes a liability of US$1 million and of US$6 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-flow-hedging value of 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 March its derivatives 31, 2019, portfolio, in connection CEMEX with recognized the fair market increases value in recognition its assets and of liabilities of US$1 million resulting corresponding in a net liability to an of embedded US$33 million, derivative including related a liability to our agreements, mandatorily is convertible presented net securities, of the assets which associated according with to the derivative our debt 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 14,983,856,154 Stock-based compensation 2,413,367 End-of-quarter CPO-equivalent units outstanding 14,986,269,521 Outstanding units equal total CEMEX CPO-equivalent units less CPOs held in subsidiaries, which as of March 31, 2019 were 20,541,277. CEMEX upon conversion also has outstanding in November mandatorily of 2019, will convertible increase the securities number of which, CPOs adjustments outstanding . by approximately 236 million, subject to antidilution Change in reporting currency to U.S. Dollar de In its Valores quarterly ) for report the three to -the month Mexican period Stock ended Exchange March 31, (Bolsa 2019, Mexicana CEMEX Effects informed of that Changes based in on Foreign International Exchange Accounting Rates (“IAS Standard 21”) 21, under The International authorization of Financial CEMEX, Reporting S.A.B. de C .Standards V.’s Board of (“IFRS”) Directors, and considering with the the its reporting previous favorable currency opinion prospectively of its Audit from Committee, the Mexican CEMEX peso changed to the United for each States subsequent Dollar (the period “U. S and . Dollar”) established beginning that on the March new presentation 31, 2019 and currency is preferable considering the following factors: For functional a consolidated currencies, group it that is a comprises decision of operations each entity with to a number select its of management reporting currency uses when under controlling IAS 21, which and monitoring may be the the currency performance that and management financial uses position the U.S. of dollar the for group these . In purposes; the case of CEMEX, information The Company using believes the U .that S. dollar reporting will improve its consolidated and facilitate financial the analysis and lenders, to a broad among range others) of users of the (rating Company’s agencies, consolidated analysts, investors financial translations statements, to whom U.S. dollars until December of our financial 31, 2018 information relied in in pesos, convenience which were determined using a methodology not based in IFRS; and The comparison use of the of U the .S. dollar CEMEX’s as reporting consolidated currency financial will also statements improve with the those of other global entities. The transactions change in in reporting its financial currency statements, does not does affect not the affect impact negatively of CEMEX’s or positively exchange our hedge financial for balances position, denominated does not constitute or transactions any form incurred of foreign in several U.S. dollars functional or other currencies currencies used and in each does unit not within change CEMEX in any . form the 2019 First Quarter Results Page 12

Other information Newly issued IFRS effective in 2019 IFRS 16, Leases (“IFRS 16”) In lessee summary, accounting beginning model January and requires 1, 2019, a IFRS lessee 16 to introduces recognize, a for single all leases, months allowing or when exemptions the underlying in case asset of is leases of low with value, a term assets of for less the than right- 12 of-use representing the underlying the net present asset against value of a estimated corresponding lease financial payments liability, under recognizes the contract, amortization with a single of income the right-of-use statement asset model and in interest which a on lessee the leases, lease liability. CEMEX After adopted concluding IFRS 16 using the inventory the full retrospective and measurement approach of by its means statement of of which financial it determined position as of an January opening 1, cumulative 2017 as follows: effect in its (Millions of U.S. Dollars) As of January 1, 2017 Assets for the right-of-use (1) $ 1,364 Deferred tax assets 13 Lease financial liabilities 1,480 Deferred tax liabilities 0 Retained earnings (2) $ (103) (1) Includes US$24 million of property, plant and equipment reclassified to assets for the right-of-use related to financial leases at the date of adoption. (2) The initial effect in retained earnings refers to a temporary difference between the straight-line amortization expense of the right-of-use asset and the amortization of the financial liability under the effective interest rate method since origination of the contracts. This difference will reverse over the remaining term of the contracts. three-month CEMEX modified period the ended previously March reported 31, 2018 income to give statement effect for to the the retrospective adoption of IFRS 16, as follows: SELECTED INFORMATION INCOME STATEMENT As originally As modified reported (3) First First (Millions of U.S. dollars) Jan-Mar Quarter Jan-Mar Quarter Revenues 3,341 3,341 3,341 3,341 Cost of sales (2,277) (2,277) (2,272) (2,272) Operating expenses (733) (733) (727) (727) Other (expenses) income, net 2 2 2 2 Financial (expenses) income (240) (240) (259) (259) and others, net Earnings before income tax 93 93 86 86 Income tax (52) (52) (52) (52) Earnings from continuing 41 41 34 34 operations (3) Original income statement excludes discontinued operations of the Baltic and Nordic assets and the operating segment in Brazil and it was prepared to present the information before the adoption of IFRS 16. As amounted of March to 31, US$ 2019 1,238 and million December and 31, US$ 2018, 1,296 assets million, for respectively. the right-of-use In US$ addition, 1,211 financial million as liabilities of March related 31, 2019 to lease and contracts US$1,194 amounted million as to of December liabilities.” 31, 2018 and were included within “Other financial Discontinued operations and other disposal groups Discontinued operations Nordics On March to 29, the 2019, German CEMEX building closed materials the sale group of assets SCHWENK, in the Baltics for a price and consisted equivalent of to one approximately cement production US$387 plant million. in Broceni The Baltic with assets a production divested cement capacity quarries, of approximately six ready-mix 1.7 million plants, tons, one marine four aggregates terminal quarries, and one land two distribution CEMEX’s approximate terminal 38% in Latvia. indirect The interest assets in divested one cement also production included approximately plant in Akmene 1.8 million in Lithuania, tons, as with well as a production the exports capacity business to of in Estonia. Finland, The four Nordic import assets terminals divested in Norway consisted and of four three import import terminals terminals in from Sweden. January CEMEX’s 1 to March operations 29, 2019 of these and for disposed the three-month assets for period the period ended March “Discontinued 31, 2018 operations,” are reported generating net of in tax 2019 in the a gain single on line sale item of approximately statement of US$ currency 66 million, translation which includes effects the of recycling approximately to the income US$31 accrued in equity until the date of disposal. authorizations On September by local 27, authorities, 2018, after CEMEX receiving concluded the the corresponding disposal of its N/NE construction S.A., comprised materials mainly operations of a fluvial in Brazil cement to Votorantim distribution Cimentos terminal located price was in Manaus, approximately Amazonas US$ state 31 and million its operating including license. working The capital selling operating adjustments segment and before in Brazil withholding for the three-month taxes. CEMEX’s period operations ended March for 31, its 2018 operations. are reported ” net of tax in the single line item “Discontinued income The following statements table of presents CEMEX condensed discontinued combined operations information of: a) the of Baltic the and for the Nordic three-month assets for period the period ended from March January 31, 2018, 1 to and March b) the 29, operating 2019 and segment in Brazil for the three-month period ended March 31, 2018: INCOME STATEMENT Jan-Mar First Quarter (Millions of U.S. Dollars) 2019 2018 2019 2018 Sales 29 42 29 42 Cost of sales and operating (30) (40) (30) (40) Other expenses, net 1 (0) 1 (0) Interest expense, net and others (5) (2) (5) (2) Income (loss) before income tax (5) (0) (5) (0) Income tax (0) (0) (0) (0) Net income (loss) (5) (0) (5) (0) Non-controlling interest net income (0) (0) (0) (0) Controlling interest net income (5) (0) (5) (0) Net gain on sale 66 0 66 0 Discontinued operations 61 (0) 61 (0) 2019 First Quarter Results Page 13

Other information Assets held for sale and related liabilities On for March the sale 19, of 2019, aggregates CEMEX and announced ready-mix it has assets signed in the binding North agreements and North- West 87 million regions consisting of Germany in to 13 GP aggregates Günter Papenburg quarries AG and for approximately 18 ready-mix standard facilities. The conditions closing of for this this transaction type of is transaction, subject to the which satisfaction includes of authorization by regulators. agreements In addition, on with March Çimsa 29, Çimento 2019, CEMEX Sanayi announced Ve Ticaret it has A.S. signed , to divest final Spain, CEMEXs for white approximately cement business, US$180 including million. CEMEX its Buñol currently cement expects plant in it proposed could close divestment this divestment does not during include the CEMEXs second white half cement of 2019. business The in Mexico as well as the investment in Lehigh White Cement in the U.S. On counterparties April 8, 2019, for CEMEX the sale entered of its ready-mix into binding and agreements aggregates with business several in the 31.8 central million. region The of transaction France for an is aggregate subject to price several of approximately customary authorizations quarter 2019. and As of CEMEX March expects 31, 2019, to conclude the assets this and sale liabilities during the of third this related business in are the presented statement as of assets financial held position, for sale including and liabilities a proportional directly allocation of goodwill related to this reporting segment of US$22 million. As transactions of March described 31, 2019, above assets are presented and liabilities in the related statement to of the financial three related position in to the assets line items held of for Assets sale, held respectively. for sale and At Liabilities the same directly date discontinued operations treatment is under assessment. 2019 First Quarter Results Page 14

Definitions of terms and disclosures Methodology for translation, consolidation, and presentation of results Under IFRS, 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. Beginning on March 31, 2019 and for each subsequent period CEMEX will report its consolidated results in U.S. Dollars. Breakdown of regions The South, Central America and the Caribbean region includes CEMEX’s operations in Argentina, Bahamas, 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, Poland, and the United Kingdom. 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 (like to like) on a like-to-like basis adjusting for currency fluctuations and for investments/divestments when applicable. Maintenance capital expenditures equals 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 equals 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 - March First Quarter First Quarter 2019 2018 2019 2018 2019 2018 Average Average Average Average End of period End of period Mexican peso 19.27 18.58 19.27 18.58 19.40 18.31 Euro 0.8807 0.8124 0.8807 0.8124 0.8914 0.813 British pound 0.7606 0.7131 0.7606 0.7131 0.7676 0.7131 Amounts provided in units of local currency per U.S. dollar. 2019 First Quarter Results Page 15