EX-99.2

Exhibit 2

LOGO


		2022
		FIRST QUARTER RESULTS

		• Stock Listing Information
		Philippine Stock Exchange
		Ticker: CHP

		• Investor Relations
		+ 632 8849 3600
		E-Mail:
		chp.ir@cemex.com

Operating and Financial Highlights

LOGO


				January - March									First Quarter
	2022			2021			% var			2022			2021			% var
Net sales		5,240			5,202			1	%		5,240			5,202			1	%
Gross profit		1,989			2,023			(2	%)		1,989			2,023			(2	%)
as % of net sales		37.9	%		38.9	%		(1.0pp	)		37.9	%		38.9	%		(1.0pp	)
Operating earnings before other expenses, net		573			474			21	%		573			474			21	%
as % of net sales		10.9	%		9.1	%		1.8pp			10.9	%		9.1	%		1.8pp
Controlling Interest Net Income (Loss)		261			205			27	%		261			205			27	%
Operating EBITDA		1,047			1,026			2	%		1,047			1,026			2	%
as % of net sales		20.0	%		19.7	%		0.3pp			20.0	%		19.7	%		0.3pp
Free cash flow after maintenance capital expenditures		(115	)		1,266			N/A			(115	)		1,266			N/A
Free cash flow		(249	)		580			N/A			(249	)		580			N/A
Net debt¹		6,299			6,089			3	%		6,299			6,089			3	%
Total debt¹		10,910			12,153			(10	%)		10,910			12,153			(10	%)
Earnings per share²		0.02			0.02			0.27			0.02			0.02			27	%

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 1% year-over-year during the first quarter of 2022 due mainly to price updates.

Cost of sales was 62% of sales for the first quarter of 2022, compared with 61% in the same period of 2021, mainly due to higher fuel cost.

Total fuel cost was up by 50% year-over-year driven by elevated global energy prices.

Total power cost was 8% lower year-over-year mainly due to lower volume sold.

APO Plant kiln #1 maintenance was executed in first quarter 2022.

Operating expenses were 27% of sales for the first three months of 2022, compared with 30% in the same period of 2021.

Distribution expenses were 13% of sales during the first quarter, a decrease of 3 percentage points year-over-year, supported by supply chain efficiencies.

Selling and administrative expenses, as a percentage of sales, were flat at 14% during the first quarter.

Operating EBITDA for the first quarter of 2022 increased by 2% year-over-year, mainly due to price updates and lower distribution expenses.

Operating EBITDA margin was flat at 20% for the first quarter of 2022, with price updates and efficiency initiatives.

Controlling interest net income was PHP 261 million, with higher operating earnings and a benefit in deferred income taxes booked during the first quarter of 2022.

Financial expenses increased by 67% year-over-year due to a temporary pause in interest capitalization for our Solid Plant New Line, prior to resumption of the project.

Foreign exchange losses were attributable to movement in the Philippine Peso to U.S. Dollar exchange rate

Income taxes in the first quarter of 2021 included a one-time expense from the revaluation of deferred tax assets pursuant to income tax rate reductions related to the CREATE Act³.

Total debt declined by 10% year-over-year, and stood at PHP 10,910 million at the end of March 2022, of which PHP 8,912 million pertained to debt owed to BDO Unibank, Inc. (the “BDO Loan Facility”).

³	The Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which was approved into law on March 26, 2021


2022 First Quarter Results		Page 2

Operating Results

LOGO


Domestic Gray Cement	January - March			First Quarter			First Quarter 2022
	2022 vs. 2021			2022 vs. 2021			vs. Fourth Quarter 2021
Volume		(6	%)		(6	%)		10	%
Price in PHP		7	%		7	%		3	%

Volumes improved during the quarter, after a slow start affected by the recovery from Typhoon Odette and a surge in Omicron-led COVID-19 cases.

Our domestic cement prices were up by 3% sequentially due to price updates in the first quarter of 2022, mainly to reflect input cost inflation in fuel and transport.


2022 First Quarter Results		Page 3

Operating EBITDA, Free Cash Flow and Debt Information

LOGO

Operating EBITDA and Free Cash Flow


				January - March									First Quarter
	2022			2021			% var			2022			2021			% var
Operating earnings before other income, net		573			474			21	%		573			474			21	%
+ Depreciation and operating amortization		474			552						474			552

Operating EBITDA		1,047			1,026			2	%		1,047			1,026			2	%
- Net financial expenses		104			63						104			63
- Maintenance capital expenditures		68			32						68			32
- Change in working capital		842			(323	)					842			(323	)
- Income taxes paid		141			27						141			27
- Other cash items (net)		7			(38	)					7			(38	)

Free cash flow after maintenance capital expenditures		(115	)		1,266			N/A			(115	)		1,266			N/A
- Strategic capital expenditures		134			686						134			686

Free cash flow		(249	)		580			N/A			(249	)		580			N/A

In millions of Philippine Pesos

Debt Information


	First Quarter									Fourth Quarter				First Quarter
	2022			2021			% var			2021				2022			2021
Total debt⁽¹⁾⁽²⁾		10,910			12,153			(10	%)		10,755		Currency denomination
Short term		47	%		5	%					35	%	U.S. dollar		4	%		3	%
Long term		53	%		95	%					65	%	Philippine peso		96	%		97	%

Cash and cash equivalents		4,611			6,064			(24	%)		5,812		Interest rate

Net debt		6,299			6,089			3	%		4,943		Fixed		67	%		60	%

Leverage Ratio⁽³⁾		2.81			2.95						2.79		Variable		33	%		40	%

Coverage Ratio⁽³⁾		7.45			6.47						7.20

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


2022 First Quarter Results		Page 4

Financial Results

LOGO

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January - March									First Quarter
INCOME STATEMENT	2022			2021			% var			2022			2021			% var
Net sales		5,240,454			5,202,237			1	%		5,240,454			5,202,237			1	%
Cost of sales		(3,251,941	)		(3,179,297	)		(2	%)		(3,251,941	)		(3,179,297	)		(2	%)

Gross profit		1,988,513			2,022,940			(2	%)		1,988,513			2,022,940			(2	%)
Selling and Administrative Expenses		(718,425	)		(719,201	)		0	%		(718,425	)		(719,201	)		0	%
Distribution expenses		(697,127	)		(829,894	)		16	%		(697,127	)		(829,894	)		16	%

Operating earnings before other expenses, net		572,961			473,845			21	%		572,961			473,845			21	%
Other income (expenses), net		(7,494	)		38,073						(7,494	)		38,073

Operating earnings (loss)		565,467			511,918			10	%		565,467			511,918			10	%
Financial and other financial expenses, net		(104,298	)		(62,578	)		(67	%)		(104,298	)		(62,578	)		(67	%)
Foreign exchange gain (loss), net		(96,073	)		(71,043	)		(35	%)		(96,073	)		(71,043	)		(35	%)

Net income (loss) before income taxes		365,096			378,297			(3	%)		365,096			378,297			(3	%)
Income tax benefit (expenses)		(103,798	)		(172,813	)		40	%		(103,798	)		(172,813	)		40	%

Consolidated net income (loss)		261,298			205,484			27	%		261,298			205,484			27	%
Non-controlling interest net income (loss)		8			8			0	%		8			8			0	%

Controlling Interest net income (loss)		261,306			205,492			27	%		261,306			205,492			27	%

Operating EBITDA		1,047,455			1,026,033			2	%		1,047,455			1,026,033			2	%
Earnings per share		0.02			0.02			27	%		0.02			0.02			27	%


			as of March 31					as of December 31
BALANCE SHEET	2022		2021		% Var			2021		% Var
Total Assets		65,317,179		63,459,463		3	%		64,387,766		1	%
Cash and Temporary Investments		4,611,175		6,064,369		(24	%)		5,811,635		(21	%)
Derivative Asset		93,269		41,484		125	%		12,540		644	%
Trade Accounts Receivables		707,262		896,670		(21	%)		696,868		1	%
Other Receivables		62,481		42,511		47	%		66,522		(6	%)
Insurance Claims and Premium Receivables		0		0					91,798		(100	%)
Inventories		4,299,643		2,206,582		95	%		3,099,092		39	%
Other Current Assets		2,205,888		1,590,609		39	%		2,209,600		(0	%)
Current Assets		11,979,718		10,842,225		10	%		11,988,055		(0	%)
Fixed Assets		22,856,861		21,921,009		4	%		22,788,019		0	%
Investments in an Associate and Other Investments		14,097		14,097		0	%		14,097		0	%
Other Assets and Noncurrent Accounts Receivables		434,010		826,580		(47	%)		436,240		(1	%)
Advances to Contractors		1,274,668		1,057,699		21	%		454,805		180	%
Derivative asset - LT		29,179		0					17,910
Deferred Income Taxes - net		868,952		938,159		(7	%)		828,946		5	%
Goodwill		27,859,694		27,859,694		0	%		27,859,694		0	%
Other Assets		30,480,600		30,696,229		(1	%)		29,611,692		3	%

Total Liabilities		20,639,435		20,245,688		2	%		20,180,841		2	%
Current Liabilities		14,272,803		8,131,165		76	%		12,695,504		12	%
Long-Term Liabilities		4,408,233		10,038,103		(56	%)		5,515,700		(20	%)
Deferred Tax Liability		1,666		848		96	%		1,445		15	%
Other Liabilities		1,956,733		2,075,572		(6	%)		1,968,192		(1	%)

Consolidated Stockholders’ Equity		44,677,744		43,213,775		3	%		44,206,925		1	%
Non-controlling Interest		117		142		(18	%)		125		(6	%)
Stockholders’ Equity Attributable to Controlling Interest		44,677,627		43,213,633		3	%		44,206,800		1	%


2022 First Quarter Results		Page 5

Financial Results

LOGO

Income Statement & Balance Sheet Information

CEMEX Holdings Philippines, Inc.

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


	January -March												First Quarter
INCOME STATEMENT	2022			2021			% var			2022			2021			% var
Net sales		102,113			107,484			(5	%)		102,113			107,484			(5	%)
Cost of sales		(63,366	)		(65,688	)		4	%		(63,366	)		(65,688	)		4	%

Gross profit		38,747			41,796			(7	%)		38,747			41,796			(7	%)
Selling and Administrative Expenses		(13,999	)		(14,860	)		6	%		(13,999	)		(14,860	)		6	%
Distribution expenses		(13,584	)		(17,147	)		21	%		(13,584	)		(17,147	)		21	%

Operating earnings before other expenses, net		11,164			9,789			14	%		11,164			9,789			14	%
Other income (expenses), net		(146	)		787						(146	)		787

Operating earnings (loss)		11,018			10,576			4	%		11,018			10,576			4	%
Financial and other financial expenses, net		(2,032	)		(1,293	)		(57	%)		(2,032	)		(1,293	)		(57	%)
Foreign exchange gain (loss), net		(1,872	)		(1,468	)		(28	%)		(1,872	)		(1,468	)		(28	%)

Net income (loss) before income taxes		7,114			7,815			(9	%)		7,114			7,815			(9	%)
Income tax benefit (expenses)		(2,023	)		(3,571	)		43	%		(2,023	)		(3,571	)		43	%

Consolidated net income (loss)		5,091			4,244			20	%		5,091			4,244			20	%
Non-controlling interest net income (loss)		0			0						0			0

Controlling Interest net income (loss)		5,091			4,244			20	%		5,091			4,244			20	%

Operating EBITDA		20,410			21,199			(4	%)		20,410			21,199			(4	%)


			as of March 31					as of December 31
BALANCE SHEET	2022		2021		% Var			2021		% Var
Total Assets		1,262,413		1,307,634		(3	%)		1,340,769		(6	%)
Cash and Temporary Investments		89,122		124,961		(29	%)		121,018		(26	%)
Derivative Asset		1,803		855		111	%		261		591	%
Trade Accounts Receivables		13,670		18,477		(26	%)		14,511		(6	%)
Other Receivables		1,208		876		38	%		1,385		(13	%)
Insurance Claims and Premium Receivables		0		0					1,912		(100	%)
Inventories		83,101		45,468		83	%		64,533		29	%
Other Current Assets		42,634		32,776		30	%		46,011		(7	%)
Current Assets		231,538		223,413		4	%		249,631		(7	%)
Fixed Assets		441,764		451,700		(2	%)		474,523		(7	%)
Investments in an Associate and Other Investments		272		290		(6	%)		294		(7	%)
Other Assets and Noncurrent Accounts Receivables		8,388		17,032		(51	%)		9,084		(8	%)
Advances to Contractors		24,636		21,795		13	%		9,471		160	%
Derivative asset - LT		564		0					373
Deferred Income Taxes - net		16,795		19,332		(13	%)		17,261		(3	%)
Goodwill		538,456		574,072		(6	%)		580,132		(7	%)
Other Assets		589,111		632,521		(7	%)		616,615		(4	%)

Total Liabilities		398,908		417,179		(4	%)		420,232		(5	%)
Current Liabilities		275,857		167,550		65	%		264,363		4	%
Long-Term Liabilities		85,200		206,843		(59	%)		114,855		(26	%)
Deferred Tax Liability		32		17		88	%		30		7	%
Other Liabilities		37,819		42,769		(12	%)		40,984		(8	%)

Consolidated Stockholders’ Equity		863,505		890,455		(3	%)		920,537		(6	%)
Non-controlling Interest		2		3		(33	%)		3		(33	%)
Stockholders’ Equity Attributable to Controlling Interest		863,503		890,452		(3	%)		920,534		(6	%)


2022 First Quarter Results		Page 6

Definitions of Terms and Disclosures

LOGO

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 to consolidated financial statements, it means financial statements corresponding to CHP together with its subsidiaries.

For the purpose of presenting figures in U.S. dollars, the consolidated balance sheet as of March 31, 2022 has been converted at the end of period exchange rate of 51.74 Philippine pesos per US dollar while the consolidated income statement for the three-month period ended March 31, 2022 has been converted at the January to March 2022 average exchange rate of 51.32 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.

Exchange Rates

January - March

First Quarter

January - March

2022
average

2021
average

2022
average

2021
average

2022
End of period

2021
End of period

Philippine peso

51.32

48.40

51.32

48.40

51.74

48.53

Amounts provided in units of local currency per US dollar


2022 First Quarter Results		Page 7

Disclaimer

LOGO

The information contained in this report includes forward-looking statements. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to CEMEX Holdings Philippines, Inc.’s (“CHP”) plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of words such as “will”, “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential” “target,” “strategy,”, “intend”, and similar terms. Although CHP believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or results anticipated by forward-looking statements due to various factors. These forward-looking statements reflect, as of the date on which such forward-looking statements are made, CHP’s 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 unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from historical results or those anticipated by in this report. Among others, such risks, uncertainties, and assumptions include those discussed in CHP’s most recent annual report and those detailed from time to time in CHP’s filings with the Philippine Securities and Exchange Commission, which are incorporated by reference, including, but not limited to: impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 and its variants (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; the cyclical activity of the construction sector; CHP’s and its subsidiaries (together, the “CHP Group”) exposure to other sectors that impact the CHP Group’s business, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; our ability to secure and permit aggregates reserves in strategically located areas; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in our effective tax rate; competition in the markets in which the CHP Group offers its products and services; general political, social, economic, health, and business conditions in the markets in which the CHP Group operates or that affect its operations and any significant economic, health, political, or social developments in those markets, including any nationalization or privatization of any assets or operations; the regulatory environment, including environmental, tax, labor, antitrust and acquisition-related rules and regulations; 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 notes and CEMEX’s other debt instruments; CHP Group’s and CEMEX’s ability to refinance their existing indebtedness; availability of short-term credit lines, which can assist the CHP Group in connection with market cycles; the impact of CEMEX’s below investment grade debt rating on the CHP Group’s and CEMEX’s cost of capital; loss of reputation of the CHP Group’s brands; CHP Group’s and CEMEX’s ability to consummate asset sales and fully integrate newly acquired businesses; CHP Group’s ability to achieve cost-savings with its cost-reduction initiatives and implement the CHP Group’s pricing initiatives for its products; the increasing reliance on information technology infrastructure for the CHP Group’s operations, sales in general, sales 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 the 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; availability and cost of trucks, railcars, barges and ships, as well as their licensed operators, for transport of our materials; labor shortages and constraints; terrorist and organized criminal activities as well as geopolitical events, such as war and armed conflicts, including the current war between Russia and Ukraine; declarations of insolvency or bankruptcy or becoming subject to similar proceedings; and, natural disasters and other unforeseen events (including global health hazards such as COVID-19). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or that otherwise could have an impact on the CHP Group. Any or all of CHP’s forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. These factors may be revised or supplemented, but CHP is not under, and expressly disclaims, any obligation to update or correct the information contained in this report or any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. Readers should review future reports filed by us with the Philippine Securities and Exchange Commission. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to the CHP Group’s prices for the CHP Group’s products. We generated some of this data internally, and some was obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this report.


2022 First Quarter Results		Page 8