Exhibit 2 - Third quarter 2021 results for CEMEX Holdings Philippines, Inc.,

Exhibit 2

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2021 THIRD QUARTER RESULTS Stock Listing Information Philippine Stock Exchange Ticker: CHP Investor Relations + 632 8849 3600 E-Mail: chp.ir@cemex.com


Operating and Financial Highlights


	January - September									Third Quarter
	2021			2020			% var			2021			2020			% var
Net sales		16,308			15,142			8	%		5,414			5,519			(2	%)
Gross profit		6,500			6,313			3	%		2,079			2,529			(18	%)
as % of net sales		39.9	%		41.7	%		(1.8pp	)		38.4	%		45.8	%		(7.4pp	)
Operating earnings before other expenses, net		1,848			1,492			24	%		556			840			(34	%)
as % of net sales		11.3	%		9.9	%		1.4pp			10.3	%		15.2	%		(4.9pp	)
Controlling Interest Net Income (Loss)		897			758			18	%		94			623			(85	%)
Operating EBITDA		3,340			3,281			2	%		1,009			1,431			(30	%)
as % of net sales		20.5	%		21.7	%		(1.2pp	)		18.6	%		25.9	%		(7.3pp	)
Free cash flow after maintenance capital expenditures		3,432			1,967			74	%		1,074			1,922			(44	%)
Free cash flow		1,738			(365	)		N/A			689			1,543			(55	%)
Net debt¹		4,363			6,843			(36	%)		4,363			6,843			(36	%)
Total debt¹		10,718			13,510			(21	%)		10,718			13,510			(21	%)
Earnings per share²		0.07			0.06			3	%		0.01			0.05			(85	%)

In millions of Philippine Pesos, except percentages and earnings per share

¹	U.S. dollar debt converted using end-of-period exchange rate. See Debt Information on page 4 and Exchange Rates on page 7 for more detail.

²	In Philippine Pesos

Net sales increased by 8% year-over-year during the first nine months of 2021 due to higher volumes. For the third quarter, net sales slightly decreased by 2% year-over-year mainly due to lower prices.

Cost of sales was 60% of sales during the first nine months of 2021, compared with 58% in the same period of 2020.

During the third quarter, CHP purchased additional clinker on a one-off basis to support production requirements.

APO Cement Plant executed scheduled major kiln shutdown works towards the end of the third quarter.

Total fuel cost was 5% lower year-over-year for the first nine months of 2021, mainly due to the use of purchased clinker in production, and supported by higher substitution of secondary fuels.

Total power cost increased by 29% year-over-year for the first nine months of 2021 due to higher production volume, increased electricity rates, and a rebate from the wholesale electricity spot market received in the prior year.

Operating expenses, as a percentage of sales, were 29% during the first nine months of 2021, compared with 32% in the same period of 2020.

Distribution expenses were 15% of sales during the first nine months of 2021, a decrease of 3 pp year-over-year. This was driven primarily by lower delivered volumes and efficiency initiatives.

Selling and administrative expenses was 13% of sales during the first nine months of 2021, lower by 1 pp year-over-year.

Operating EBITDA for the first nine months of 2021 increased by 2% year-over-year, supported by higher volume.

Operating EBITDA margin was 20% for the first nine months of 2021, compared with 22% in the same period of last year, mainly due to higher cost of sales.

Controlling interest net income was at PHP 897 million for the first nine months of 2021 mainly due to higher operating earnings and lower financial expenses.

Financial expenses decreased by 72% year-over-year during the first nine months of 2021, reflecting lower debt levels and declining interest rates.

Foreign exchange losses were primarily a result of the declining Philippine Peso to U.S. Dollar exchange rate.

Year-to-date income taxes include a one-time expense from the revaluation of deferred tax assets pursuant to income tax rate reductions related to the Corporate Recovery and Tax Incentives for Enterprises or the CREATE Act, which was approved into law on March 26, 2021.

Total debt at the end of September 2021 was at PHP 10,718 million, of which PHP 8,982 million pertained to debt owed to BDO Unibank, Inc. (the “BDO Loan Facility”).



2021 Third Quarter Results		Page 2


Operating Results


	January - September			Third Quarter			Third Quarter 2021
Domestic Gray Cement	2021 vs. 2020			2021 vs. 2020			vs. Second Quarter 2021
Volume		11	%		1	%		(4	%)
Price in PHP		(4	%)		(3	%)		1	%

Our domestic cement volumes increased by 1% year-over-year during the third quarter, as construction activity remained stable despite a return to stricter lockdown measures due to the spread of the COVID-19 Delta variant.

Sequentially, our domestic cement volumes decreased by 4%, as the rainy season affected our industry.

On a year-to-date basis, our domestic cement volumes increased by 11% year-over-year.

Our domestic cement prices increased by 1% sequentially, due to price adjustments implemented in the third quarter of 2021.

Year-over-year, the change in our domestic cement prices was mainly driven by a higher proportion of pick-up sales.

Net of freight charges, our domestic cement prices decreased by 1% year-over-year during the third quarter and first nine months of 2021, mainly due to competitive market dynamics and the impact of COVID-19 on business activity.



2021 Third Quarter Results		Page 3


Operating EBITDA, Free Cash Flow and Debt Information

Operating EBITDA and Free Cash Flow


				January - September									Third Quarter
	2021			2020			% var			2021			2020			% var
Operating earnings before other income, net		1,848			1,492			24	%		556			840			(34	%)
+ Depreciation and operating amortization		1,491			1,789						453			592

Operating EBITDA		3,340			3,281			2	%		1,009			1,431			(30	%)
- Net financial expenses		195			707						80			173
- Maintenance capital expenditures		164			167						90			121
- Change in working capital		(607	)		131						(320	)		(888	)
- Income taxes paid		184			305						76			100
- Other cash items (net)		(27	)		4						10			3

Free cash flow after maintenance capital expenditures		3,432			1,967			74	%		1,074			1,922			(44	%)
- Strategic capital expenditures		1,694			2,331						385			379

Free cash flow		1,738			(365	)		N/A			689			1,543			(55	%)

In millions of Philippine Pesos

Debt Information


	Third Quarter						Second Quarter
	2021			2020			% var			2021
Total debt⁽¹⁾⁽²⁾		10,718			13,510			(21	%)		11,491
Short term		25	%		6	%					4	%
Long term		75	%		94	%					96	%

Cash and cash equivalents		6,355			6,667			(5	%)		6,062

Net debt		4,363			6,843			(36	%)		5,429

Leverage Ratio⁽³⁾		2.53			3.33						2.47
Coverage Ratio⁽³⁾		7.54			5.21						7.83


	Third Quarter
	2021			2020
Currency denomination
U.S. dollar		2	%		5	%
Philippine peso		98	%		95	%

Interest rate
Fixed		66	%		56	%
Variable		34	%		44	%

In millions of Philippine Pesos, except percentages

⁽¹⁾	U.S. dollar debt converted using end-of-period exchange rate. See Exchange Rates on page 7 for more detail

⁽²⁾	Includes leases, in accordance with Philippine Financial Reporting Standards (PFRS)

⁽³⁾	Based on BDO Loan Facility financial covenants



2021 Third Quarter Results		Page 4


Financial Results

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

(Thousands of Philippine Pesos in nominal terms, except per share amounts)


	January - September									Third Quarter
INCOME STATEMENT	2021			2020			% var			2021			2020			% var
Net sales		16,308,455			15,142,304			8	%		5,414,361			5,519,262			(2	%)
Cost of sales		(9,808,216	)		(8,829,341	)		(11	%)		(3,335,332	)		(2,990,621	)		(12	%)

Gross profit		6,500,239			6,312,963			3	%		2,079,029			2,528,641			(18	%)
Selling and Administrative Expenses		(2,192,126	)		(2,131,900	)		(3	%)		(735,712	)		(753,968	)		2	%
Distribution expenses		(2,459,798	)		(2,688,895	)		9	%		(787,413	)		(935,069	)		16	%

Operating earnings before other expenses, net		1,848,315			1,492,168			24	%		555,904			839,604			(34	%)
Other income (expenses), net		27,282			(4,308	)		N/A			(9,633	)		(2,935	)		(228	%)

Operating earnings (loss)		1,875,597			1,487,860			26	%		546,271			836,669			(35	%)
Financial and other financial expenses, net		(194,632	)		(707,223	)		72	%		(79,680	)		(173,099	)		54	%
Foreign exchange gain (loss), net		(447,045	)		133,009			N/A			(331,929	)		133,314			N/A

Net income (loss) before income taxes		1,233,920			913,646			35	%		134,662			796,884			(83	%)
Income tax benefit (expenses)		(336,702	)		(155,512	)		(117	%)		(41,117	)		(173,768	)		76	%

Consolidated net income (loss)		897,218			758,134			18	%		93,545			623,116			(85	%)
Non-controlling interest net income (loss)		19			16			19	%		5			4			25	%

Controlling Interest net income (loss)		897,237			758,150			18	%		93,550			623,120			(85	%)

Operating EBITDA		3,339,765			3,281,154			2	%		1,008,774			1,431,247			(30	%)
Earnings per share		0.07			0.06			3	%		0.01			0.05			(85	%)


	as of September 30							as of December 31
BALANCE SHEET	2021		2020		% Var			2020		% Var
Total Assets		64,344,395		63,721,233		1	%		63,760,347		1	%
Cash and Temporary Investments		6,355,034		6,667,022		(5	%)		6,139,411		4	%
Derivative Asset		35,050		0					24,039		46	%
Trade Accounts Receivables		689,824		807,720		(15	%)		700,162		(1	%)
Other Receivables		61,209		41,077		49	%		47,512		29	%
Insurance Claims and Premium Receivables		183,600		175,285		5	%		87,569		110	%
Inventories		2,929,904		2,273,242		29	%		2,349,966		25	%
Assets Held for Sale		0		0					0
Other Current Assets		1,754,148		1,362,209		29	%		1,825,209		(4	%)
Current Assets		12,008,769		11,326,555		6	%		11,173,868		7	%
Fixed Assets		22,178,296		21,246,158		4	%		21,699,377		2	%
Investments in an Associate and Other Investments		14,097		14,097		0	%		14,097		0	%
Other Assets and Noncurrent Accounts Receivables		444,299		799,317		(44	%)		782,399		(43	%)
Advances to Contractors		908,543		1,286,693		(29	%)		1,142,685		(20	%)
Deferred Income Taxes - net		930,697		1,188,719		(22	%)		1,088,227		(14	%)
Goodwill		27,859,694		27,859,694		0	%		27,859,694		0	%
Other Assets		30,157,330		31,148,520		(3	%)		30,887,102		(2	%)

Total Liabilities		20,007,371		21,080,917		(5	%)		20,849,759		(4	%)
Current Liabilities		11,301,253		7,549,321		50	%		8,169,894		38	%
Long-Term Liabilities		6,623,167		11,095,900		(40	%)		10,566,642		(37	%)
Deferred Tax Liability		1,448		1,043		39	%		853		70	%
Other Liabilities		2,081,503		2,434,653		(15	%)		2,112,370		(1	%)

Consolidated Stockholders’ Equity		44,337,024		42,640,316		4	%		42,910,588		3	%
Non-controlling Interest		131		154		(15	%)		150		(13	%)
Stockholders’ Equity Attributable to Controlling Interest		44,336,893		42,640,162		4	%		42,910,438		3	%



2021 Third Quarter Results		Page 5


Financial Results

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January - September									Third Quarter
INCOME STATEMENT	2021			2020			% var			2021			2020			% var
Net sales		333,184			303,217			10	%		107,763			113,309			(5	%)
Cost of sales		(200,384	)		(176,803	)		(13	%)		(66,384	)		(61,396	)		(8	%)

Gross profit		132,800			126,414			5	%		41,379			51,913			(20	%)
Selling and Administrative Expenses		(44,786	)		(42,690	)		(5	%)		(14,643	)		(15,480	)		5	%
Distribution expenses		(50,254	)		(53,844	)		7	%		(15,672	)		(19,197	)		18	%

Operating earnings before other expenses, net		37,760			29,880			26	%		11,064			17,236			(36	%)
Other income (expenses), net		557			(86	)		N/A			(192	)		(60	)		(220	%)

Operating earnings (loss)		38,317			29,794			29	%		10,872			17,176			(37	%)
Financial and other financial expenses, net		(3,976	)		(14,162	)		72	%		(1,586	)		(3,554	)		55	%
Foreign exchange gain (loss), net		(9,133	)		2,663			N/A			(6,606	)		2,737			N/A

Net income (loss) before income taxes		25,208			18,295			38	%		2,680			16,359			(84	%)
Income tax benefit (expenses)		(6,879	)		(3,114	)		(121	%)		(818	)		(3,567	)		77	%

Consolidated net income (loss)		18,329			15,181			21	%		1,862			12,792			(85	%)
Non-controlling interest net income (loss)		0			0						0			0

Controlling Interest net income (loss)		18,329			15,181			21	%		1,862			12,792			(85	%)

Operating EBITDA		68,232			65,703			4	%		20,078			29,383			(32	%)


	as of September 30							as of December 31
BALANCE SHEET	2021		2020		% Var			2020		% Var
Total Assets		1,261,656		1,313,975		(4	%)		1,327,705		(5	%)
Cash and Temporary Investments		124,609		137,479		(9	%)		127,843		(3	%)
Derivative Asset		687		0					501		37	%
Trade Accounts Receivables		13,526		16,656		(19	%)		14,580		(7	%)
Other Receivables		1,200		847		42	%		989		21	%
Insurance Claims and Premium Receivables		3,600		3,614		(0	%)		1,823		97	%
Inventories		57,449		46,876		23	%		48,934		17	%
Assets Held for Sale		0		0					0
Other Current Assets		34,395		28,090		22	%		38,007		(10	%)
Current Assets		235,466		233,562		1	%		232,677		1	%
Fixed Assets		434,869		438,110		(1	%)		451,854		(4	%)
Investments in an Associate and Other Investments		276		291		(5	%)		294		(6	%)
Other Assets and Noncurrent Accounts Receivables		8,712		16,482		(47	%)		16,292		(47	%)
Advances to Contractors		17,815		26,532		(33	%)		23,795		(25	%)
Deferred Income Taxes - net		18,249		24,512		(26	%)		22,661		(19	%)
Goodwill		546,269		574,486		(5	%)		580,132		(6	%)
Other Assets		591,321		642,303		(8	%)		643,174		(8	%)

Total Liabilities		392,303		434,703		(10	%)		434,163		(10	%)
Current Liabilities		221,594		155,672		42	%		170,125		30	%
Long-Term Liabilities		129,866		228,805		(43	%)		220,033		(41	%)
Deferred Tax Liability		28		22		27	%		18		56	%
Other Liabilities		40,814		50,204		(19	%)		43,987		(7	%)

Consolidated Stockholders’ Equity		869,353		879,272		(1	%)		893,542		(3	%)
Non-controlling Interest		3		3		0	%		3		0	%
Stockholders’ Equity Attributable to Controlling Interest		869,350		879,269		(1	%)		893,539		(3	%)



2021 Third Quarter Results		Page 6


Definitions of Terms and Disclosures

Methodology for translation, consolidation, and presentation of results

CEMEX Holdings Philippines, Inc. (“CHP”) reports its consolidated financial statements under Philippine Financial Reporting Standards (“PFRS”). When reference is made in 2021 and 2020 to consolidated financial statements, it means CHP financial information together with its subsidiaries.

For the purpose of presenting figures in U.S. dollars, the consolidated balance sheet as of September 30, 2021 has been converted at the end of period exchange rate of 51.00 Philippine pesos per US dollar while the consolidated income statement for the nine-month period ended September 30, 2021 has been converted at the January to September 2021 average exchange rate of 48.95 Philippine pesos per US dollar. On the other hand, the consolidated income statement for the three-month period ended September 30, 2021 has been converted at the July to September 2021 average exchange rate of 50.24 Philippine pesos per US dollar.

Definition of terms

PHP refers to Philippine Pesos.

pp equals percentage points.

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

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

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).

Maintenance capital expenditures are 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.

Strategic capital expenditures are 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.

Change in Working capital in the Free cash flow statements only include trade receivables, trade payables, receivables and payables from and to related parties, other current receivables, inventories, other current assets, and other accounts payable and accrued expense.

Net debt equals total debt minus cash and cash equivalents.

January - September

Third Quarter

January - September

2021

2020

2021

2020

2021

2020

Exchange Rates

average

End of period

Philippine peso

48.95

49.94

50.24

48.71

51.00

48.50

Amounts provided in units of local currency per US dollar



2021 Third Quarter Results		Page 7


Disclaimer

This report contains forward-looking statements. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect CEMEX Holdings Philippines, Inc.’s (“CHP”) current expectations and projections about future events based on CHP’s knowledge of present facts and circumstances and assumptions about future events, as well as CHP’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CHP’s expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on CHP or its subsidiaries (together, the “CHP Group”), include, but are not limited to, the cyclical activity of the construction sector; the CHP Group’s exposure to other sectors that impact the CHP Group’s business, such as, but not limited to, the energy sector; general political, social, economic, health and business conditions in the markets in which the CHP Group operates; competition in the markets in which the CHP Group offers its products and services; the regulatory environment, including environmental, tax, antitrust and acquisition-related rules and regulations; the CHP Group’s ability to satisfy its debt obligations and the ability of CEMEX, S.A.B. de C.V. (“CEMEX”), the ultimate parent company of the major shareholder of CHP, to satisfy CEMEX’s obligations under its material debt agreements, the indentures that govern CEMEX’s senior notes and CEMEX’s other debt instruments; the CHP Group’s and CEMEX’s ability to refinance their existing indebtedness; the impact of CEMEX’s below investment grade debt rating on the CHP Group’s and CEMEX’s cost of capital; the CHP Group’s and CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; achieve cost-savings from the CHP Group’s cost-reduction initiatives and implement the CHP Group’s pricing initiatives for the CHP Group’s products; the increasing reliance on information technology infrastructure for the CHP Group’s invoicing, procurement, financial statements and other processes that can adversely affect operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subject to cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for the CHP Group’s products and services; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, the CHP Group’s products and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from free trade agreements; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in CHP’s public filings. Readers are urged to read this document and carefully consider the risks, uncertainties and other factors that affect the CHP Group’s business. The information contained in this report is subject to change without notice, and CHP is not obligated to publicly update or revise forward-looking statements. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to the CHP Group’s prices for products sold or distributed by the CHP Group.



2021 Third Quarter Results		Page 8