EX-99.2 3 d689586dex992.htm FIRST QUARTER 2024 RESULTS FOR CEMEX

Exhibit 2

First Quarter Results 2024 Estadio Banorte - Borregos, Monterrey, Mexico Built with Fortis and Promptis concrete, part of our Vertua family of sustainable products Stock Listing Informatio Investor Relations NYSE (ADS) In the United States: Ticker: CX + 1 877 7CX NYSE Mexican Stock Exchange (CPO) In Mexico: Ticker: CEMEX.CPO + 52 (81) 8888 4292 Ratio of CEMEXCPO to CX = 10 E-Mail: ir@cemex.com

Operating and financial highlights |  |

|  |  |  |  | January - March |  |  |  |  |  | First Quarter |
|  |  |  |  |  |  |  |  |  |  | l-t-l |  |  |  |  |  |  |  |  |  |  |  | l-t-l |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |
Consolidated volumes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Domestic gray cement |  |  | 12,021 |  |  |  | 12,317 |  |  |  | (2 | %) |  |  |  |  |  |  | 12,021 |  |  |  | 12,317 |  |  |  | (2 | %) |  |  |  |
Ready-mix |  |  | 10,250 |  |  |  | 11,706 |  |  |  | (12 | %) |  |  |  |  |  |  | 10,250 |  |  |  | 11,706 |  |  |  | (12 | %) |  |  |  |
Aggregates |  |  | 31,606 |  |  |  | 32,251 |  |  |  | (2 | %) |  |  |  |  |  |  | 31,606 |  |  |  | 32,251 |  |  |  | (2 | %) |  |  |  |
Net sales |  |  | 4,138 |  |  |  | 4,036 |  |  |  | 3 | % |  |  | (0 | %) |  |  | 4,138 |  |  |  | 4,036 |  |  |  | 3 | % |  |  | (0 | %)
Gross profit |  |  | 1,390 |  |  |  | 1,290 |  |  |  | 8 | % |  |  | 3 | % |  |  | 1,390 |  |  |  | 1,290 |  |  |  | 8 | % |  |  | 3 | %
as % of net sales |  |  | 33.6 | % |  |  | 32.0 | % |  |  | 1.6pp |  |  |  |  |  |  |  | 33.6 | % |  |  | 32.0 | % |  |  | 1.6pp |  |  |  |  |
Operating earnings before other income and expenses, net |  |  | 452 |  |  |  | 435 |  |  |  | 4 | % |  |  | (1 | %) |  |  | 452 |  |  |  | 435 |  |  |  | 4 | % |  |  | (1 | %)
as % of net sales |  |  | 10.9 | % |  |  | 10.8 | % |  |  | 0.1pp |  |  |  |  |  |  |  | 10.9 | % |  |  | 10.8 | % |  |  | 0.1pp |  |  |  |  |
SG&A expenses as % of net sales |  |  | 9.7 | % |  |  | 8.8 | % |  |  | 0.9pp |  |  |  |  |  |  |  | 9.7 | % |  |  | 8.8 | % |  |  | 0.9pp |  |  |  |  |
Controlling interest net income (loss) |  |  | 254 |  |  |  | 225 |  |  |  | 13 | % |  |  |  |  |  |  | 254 |  |  |  | 225 |  |  |  | 13 | % |  |  |  |
Operating EBITDA |  |  | 772 |  |  |  | 733 |  |  |  | 5 | % |  |  | 2 | % |  |  | 772 |  |  |  | 733 |  |  |  | 5 | % |  |  | 2 | %
as % of net sales |  |  | 18.7 | % |  |  | 18.2 | % |  |  | 0.5pp |  |  |  |  |  |  |  | 18.7 | % |  |  | 18.2 | % |  |  | 0.5pp |  |  |  |  |
Free cash flow after maintenance capital expenditures |  |  | (212 | ) |  |  | (55 | ) |  |  | (286 | %) |  |  |  |  |  |  | (212 | ) |  |  | (55 | ) |  |  | (286 | %) |  |  |  |
Free cash flow |  |  | (287 | ) |  |  | (141 | ) |  |  | (104 | %) |  |  |  |  |  |  | (287 | ) |  |  | (141 | ) |  |  | (104 | %) |  |  |  |
Total debt |  |  | 7,844 |  |  |  | 7,862 |  |  |  | (0 | %) |  |  |  |  |  |  | 7,844 |  |  |  | 7,862 |  |  |  | (0 | %) |  |  |  |
Earnings (loss) of continuing operations per ADS |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 13 | % |  |  |  |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 13 | % |  |  |  |
Fully diluted earnings (loss) of continuing operations per ADS |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 13 | % |  |  |  |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 13 | % |  |  |  |
Average ADSs outstanding (1) |  |  | 1,469 |  |  |  | 1,476 |  |  |  | (0 | %) |  |  |  |  |  |  | 1,469 |  |  |  | 1,476 |  |  |  | (0 | %) |  |  |  |
Employees |  |  | 46,134 |  |  |  | 43,718 |  |  |  | 6 | % |  |  |  |  |  |  | 46,134 |  |  |  | 43,718 |  |  |  | 6 | % |  |  |  |

(1) | For purposes of this report, Average ADSs outstanding equals the total number of Series A shares and Series B shares outstanding as if they were all held in ADS form. Please see “Equity-related information” below in this report. The calculation of Average ADSs outstanding also includes the restricted CPOs allocated to eligible employees as variable compensation.

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 13 for CPO-equivalent units outstanding.

Consolidated net sales reached US$4.1 billion, an increase of 3%, and flat on a like-to-like basis, compared to the first quarter of 2023. Our higher prices in local currency terms in all regions were offset by lower consolidated volumes driven primarily by bad weather and fewer working days. Net sales increased in Mexico and SCAC, partially offset by decreases in the US and EMEA.

Cost of sales, as a percentage of Net Sales, decreased by 1.6pp to 66.4% during the first quarter of 2024 from 68.0% in the same period last year, mainly driven by pricing of our products and easing cost headwinds. This was the sixth consecutive quarter of a year-over-year decrease in cost of sales as a percentage of Net Sales.

Operating expenses, as a percentage of Net Sales, increased by 1.5pp to 22.7% during the first quarter of 2024 compared with the same period last year, driven by higher payroll, transportation, and maintenance costs.

Operating EBITDA grew 5%, and 2% on a like-to-like basis, reaching US$772 million. Three of our four regions, accounting for 90% of consolidated Operating EBITDA, experienced a combined growth rate of 15%. Operating EBITDA outperformance reflects not only strong pricing of our products and decelerating input cost inflation, but also the success of our growth investment strategy and growth in our Urbanization Solutions business. The two strategic priorities contributed to over 50% of incremental consolidated Operating EBITDA growth in the quarter.

Operating EBITDA margin increased year-over-year by 0.5pp from, as well as sequentially, in a quarter where the historic sequential behavior is for a decline in margins. The expansion reflects pricing strategy execution for our products, as well as easing cost inflation and operational efficiencies.

Controlling interest net income (loss) resulted in an income of US$254 million, 13% higher versus the same quarter of 2023. The higher income reflects a positive effect in results from financial instruments and taxes, partially offset by lower operating earnings, higher financial expenses, and a negative effect in foreign exchange results.

2024 First Quarter Results |  | Page 2

Operating results |  |

Mexico

|  | January - March |  |  | First Quarter |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |
Sales |  |  | 1,314 |  |  |  | 1,097 |  |  |  | 20 | % |  |  | 10 | % |  |  | 1,314 |  |  |  | 1,097 |  |  |  | 20 | % |  |  | 10 | %
Operating EBITDA |  |  | 420 |  |  |  | 344 |  |  |  | 22 | % |  |  | 12 | % |  |  | 420 |  |  |  | 344 |  |  |  | 22 | % |  |  | 12 | %
Operating EBITDA margin |  |  | 31.9 | % |  |  | 31.4 | % |  |  | 0.5pp |  |  |  |  |  |  |  | 31.9 | % |  |  | 31.4 | % |  |  | 0.5pp |  |  |  |  |

In millions of U.S. dollars, except percentages.

|  | Domestic gray cement |  |  | Ready-mix |  |  | Aggregates |
Year-over-year percentage variation |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |
Volume |  |  | 7 | % |  |  | 7 | % |  |  | 2 | % |  |  | 2 | % |  |  | 9 | % |  |  | 9 | %
Price (USD) |  |  | 12 | % |  |  | 12 | % |  |  | 23 | % |  |  | 23 | % |  |  | 31 | % |  |  | 31 | %
Price (local currency) |  |  | 4 | % |  |  | 4 | % |  |  | 13 | % |  |  | 13 | % |  |  | 21 | % |  |  | 21 | %

Our Mexican operations delivered strong results, with Sales rising 20% and EBITDA growing to record levels supported by higher prices of our products, strong volumes, and decelerating input cost inflation. Operating EBITDA margin increased 0.5pp year-over-year due to double-digit ready-mix and aggregates price increases and a mid-single-digit cement increase.

Adjusting for two less working days in the quarter, bulk cement and aggregates volumes grew double-digit, while ready-mix volumes rose mid-single digit, reflecting the dynamism of formal construction in the country. We continue to see improvement in bagged cement volumes with mid-single-digit growth on increased social spending, lower inflation, and a favorable comparison base.

Full year volume guidance for cement and ready-mix volume was increased, from low-single digit growth to low to mid-single digit growth.

Our sequential prices for cement, ready-mix and aggregates rose low single-digits, reflecting the traction of January price increases implemented to offset the ongoing cost inflation of the business.

United States

|  | January - March |  |  | First Quarter |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |
Sales |  |  | 1,234 |  |  |  | 1,255 |  |  |  | (2 | %) |  |  | (2 | %) |  |  | 1,234 |  |  |  | 1,255 |  |  |  | (2 | %) |  |  | (2 | %)
Operating EBITDA |  |  | 237 |  |  |  | 230 |  |  |  | 3 | % |  |  | 3 | % |  |  | 237 |  |  |  | 230 |  |  |  | 3 | % |  |  | 3 | %
Operating EBITDA margin |  |  | 19.2 | % |  |  | 18.3 | % |  |  | 0.9pp |  |  |  |  |  |  |  | 19.2 | % |  |  | 18.3 | % |  |  | 0.9pp |  |  |  |  |

In millions of U.S. dollars, except percentages.

|  | Domestic gray cement |  |  | Ready-mix |  |  | Aggregates |
Year-over-year percentage variation |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |
Volume |  |  | (9 | %) |  |  | (9 | %) |  |  | (14 | %) |  |  | (14 | %) |  |  | 9 | % |  |  | 9 | %
Price (USD) |  |  | 4 | % |  |  | 4 | % |  |  | 9 | % |  |  | 9 | % |  |  | (2 | %) |  |  | (2 | %)
Price (local currency) |  |  | 4 | % |  |  | 4 | % |  |  | 9 | % |  |  | 9 | % |  |  | (2 | %) |  |  | (2 | %)

In the United States, despite bad weather in much of our portfolio, EBITDA rose 3%, while EBITDA margin expanded almost 1pp. Margin growth was driven by higher prices of our products and lower cost inflation largely in the form of fuel, freight, and imports.

Cement and ready-mix volumes declined high-single digit and mid teen percentage, respectively, due to heavy precipitation and a deep freeze in much of our portfolio. We estimate the impact of weather conditions on cement volumes explains approximately half of the volume decline. Over the last two months, with better weather, we have seen cement and ready-mix volumes recover sequentially. Aggregates volumes, typically less impacted by weather conditions, grew 9% on the back of increased base material sales for infrastructure work.

2024 First Quarter Results |  | Page 3

Operating results |  |

On a like-to-like basis for end of year price adjustments and freight to customers, cement prices rose 2% sequentially. The difficult weather conditions delayed cement and ready-mix pricing increases in several of our markets to April. In aggregates, our sequential prices increased 6% on the back of January price actions and favorable product mix. We expect to implement additional price increases in the rest of our aggregate markets over the next months.

Europe, Middle East, Africa and Asia

|  | January - March |  |  | First Quarter |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |
Sales |  |  | 1,115 |  |  |  | 1,229 |  |  |  | (9 | %) |  |  | (10 | %) |  |  | 1,115 |  |  |  | 1,229 |  |  |  | (9 | %) |  |  | (10 | %)
Operating EBITDA |  |  | 88 |  |  |  | 148 |  |  |  | (41 | %) |  |  | (41 | %) |  |  | 88 |  |  |  | 148 |  |  |  | (41 | %) |  |  | (41 | %)
Operating EBITDA margin |  |  | 7.8 | % |  |  | 12.0 | % |  |  | (4.2pp | ) |  |  |  |  |  |  | 7.8 | % |  |  | 12.0 | % |  |  | (4.2pp | ) |  |  |  |

In millions of U.S. dollars, except percentages.

|  | Domestic gray cement |  |  | Ready-mix |  |  | Aggregates |
Year-over-year percentage variation |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |
Volume |  |  | (4 | %) |  |  | (4 | %) |  |  | (18 | %) |  |  | (18 | %) |  |  | (15 | %) |  |  | (15 | %)
Price (USD) |  |  | (0 | %) |  |  | (0 | %) |  |  | 1 | % |  |  | 1 | % |  |  | 3 | % |  |  | 3 | %
Price (local currency) (*) |  |  | (1 | %) |  |  | (1 | %) |  |  | 0 | % |  |  | 0 | % |  |  | 2 | % |  |  | 2 | %

In EMEA, EBITDA declined 41% driven by a challenging demand backdrop in Europe and geopolitical events in Asia, Middle East and Africa (“AMEA”). Despite volume challenges, pricing for all products is up sequentially in Europe and AMEA.

Europe experienced the largest EBITDA decline, 44%, due to a significant drop in volumes, while our prices for cement, ready-mix and aggregates rose low to mid-single digit sequentially. Volumes were down between high-single and double-digit for cement, ready-mix and aggregates due to fewer working days, bad weather, and a strong prior year quarter comparison base. Demand conditions were a mixed bag with important volume declines in UK, Germany, and France while the rest of our European footprint showed a positive volume performance.

First quarter in Europe typically represents approximately 12% of full year European EBITDA and can be significantly disrupted by weather. It should not be seen as an indicator of full year performance.

In AMEA, EBITDA experienced a decline of 35% due to ongoing tensions from the conflict in the Middle East.

(*) | Calculated on a volume-weighted-average basis at constant foreign-exchange rates.

2024 First Quarter Results |  | Page 4

Operating results |  |

South, Central America and the Caribbean

|  | January - March |  |  | First Quarter |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | l-t-l % var |
Sales |  |  | 422 |  |  |  | 410 |  |  |  | 3 | % |  |  | (0 | %) |  |  | 422 |  |  |  | 410 |  |  |  | 3 | % |  |  | (0 | %)
Operating EBITDA |  |  | 103 |  |  |  | 84 |  |  |  | 22 | % |  |  | 22 | % |  |  | 103 |  |  |  | 84 |  |  |  | 22 | % |  |  | 22 | %
Operating EBITDA margin |  |  | 24.3 | % |  |  | 20.5 | % |  |  | 3.8pp |  |  |  |  |  |  |  | 24.3 | % |  |  | 20.5 | % |  |  | 3.8pp |  |  |  |  |

In millions of U.S. dollars, except percentages.

|  | Domestic gray cement |  |  | Ready-mix |  |  | Aggregates |
Year-over-year percentage variation |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |  |  | January - March |  |  | First Quarter |
Volume |  |  | (6 | %) |  |  | (6 | %) |  |  | (9 | %) |  |  | (9 | %) |  |  | (3 | %) |  |  | (3 | %)
Price (USD) |  |  | 9 | % |  |  | 9 | % |  |  | 27 | % |  |  | 27 | % |  |  | 17 | % |  |  | 17 | %
Price (local currency) (*) |  |  | 6 | % |  |  | 6 | % |  |  | 13 | % |  |  | 13 | % |  |  | 4 | % |  |  | 4 | %

The South, Central America and Caribbean region delivered solid results with its fourth consecutive year-over-year growth in EBITDA, led by strong pricing performance of our products and decelerating input cost inflation. EBITDA margin increased by almost 4pp, largely explained by the strong pricing contribution, lower energy, and raw materials costs as well as timing of kiln maintenance.

Cement prices rose mid-single digits, more than compensating for input cost inflation. Regional cement volumes were impacted by two less working days in the quarter as well as continued weak bagged cement demand. Bulk cement volumes continue to grow, supported by infrastructure projects such as the Metro and the 4th Bridge over the Canal in Panama, and tourism related projects in the Jamaica and Dominican Republic.

(*) | Calculated on a volume-weighted-average basis at constant foreign-exchange rates.

2024 First Quarter Results |  | Page 5

Operating results |  |

Operating EBITDA and free cash flow

|  | January - March |  |  | First Quarter |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | 2024 |  |  | 2023 |  |  | % var |
Operating earnings before other income and expenses, net |  |  | 452 |  |  |  | 435 |  |  |  | 4 | % |  |  | 452 |  |  |  | 435 |  |  |  | 4 | %
+ Depreciation and operating amortization |  |  | 321 |  |  |  | 298 |  |  |  |  |  |  |  | 321 |  |  |  | 298 |  |  |  |  |
Operating EBITDA |  |  | 772 |  |  |  | 733 |  |  |  | 5 | % |  |  | 772 |  |  |  | 733 |  |  |  | 5 | %
- Net financial expense |  |  | 148 |  |  |  | 144 |  |  |  |  |  |  |  | 148 |  |  |  | 144 |  |  |  |  |
- Maintenance capital expenditures |  |  | 175 |  |  |  | 156 |  |  |  |  |  |  |  | 175 |  |  |  | 156 |  |  |  |  |
- Change in working capital |  |  | 468 |  |  |  | 454 |  |  |  |  |  |  |  | 468 |  |  |  | 454 |  |  |  |  |
- Taxes paid |  |  | 187 |  |  |  | 84 |  |  |  |  |  |  |  | 187 |  |  |  | 84 |  |  |  |  |
- Other cash items (net) |  |  | 5 |  |  |  | (51 | ) |  |  |  |  |  |  | 5 |  |  |  | (51 | ) |  |  |  |
- Free cash flow discontinued operations |  |  | — |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  |  |
Free cash flow after maintenance capital expenditures |  |  | (212 | ) |  |  | (55 | ) |  |  | (286 | %) |  |  | (212 | ) |  |  | (55 | ) |  |  | (286 | %)
- Strategic capital expenditures |  |  | 76 |  |  |  | 86 |  |  |  |  |  |  |  | 76 |  |  |  | 86 |  |  |  |  |
Free cash flow |  |  | (287 | ) |  |  | (141 | ) |  |  | (104 | %) |  |  | (287 | ) |  |  | (141 | ) |  |  | (104 | %)

In millions of U.S. dollars, except percentages.

FCF after maintenance capex for the first quarter of 2024 was negative 212 million, 157 million less year-over-year, impacted by higher taxes paid in Mexico and maintenance, as well as lower fixed asset sales. Due to the seasonality of our working capital cycle, first quarter free cash flow is typically negative and turns around in subsequent quarters.

Our EBITDA and free cash flow items guidance for the full year was maintained.

Information on debt

|  | First Quarter |  |  |  |  |  | Fourth Quarter |  |  |  |  | First Quarter |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | 2023 |  |  |  |  | 2024 |  |  | 2023 |
Total debt (1) |  |  | 7,844 |  |  |  | 7,862 |  |  |  | (0 | %) |  |  | 7,486 |  |  | Currency denomination |  |  |  |  |  |  |  |
Short-term |  |  | 4 | % |  |  | 4 | % |  |  |  |  |  |  | 3 | % |  | U.S. dollar |  |  | 76 | % |  |  | 77 | %
Long-term |  |  | 96 | % |  |  | 96 | % |  |  |  |  |  |  | 97 | % |  | Euro |  |  | 14 | % |  |  | 14 | %
Cash and cash equivalents |  |  | 476 |  |  |  | 758 |  |  |  | (37 | %) |  |  | 624 |  |  | Mexican peso |  |  | 5 | % |  |  | 4 | %
Net debt |  |  | 7,369 |  |  |  | 7,104 |  |  |  | 4 | % |  |  | 6,862 |  |  | Other |  |  | 5 | % |  |  | 4 | %
Consolidated net debt (2) |  |  | 7,371 |  |  |  | 7,157 |  |  |  |  |  |  |  | 6,888 |  |  | Interest rate (3) |  |  |  |  |  |  |  |
Consolidated leverage ratio (2) |  |  | 2.18 |  |  |  | 2.62 |  |  |  |  |  |  |  | 2.06 |  |  | Fixed |  |  | 70 | % |  |  | 74 | %
Consolidated coverage ratio (2) |  |  | 7.80 |  |  |  | 6.38 |  |  |  |  |  |  |  | 7.91 |  |  | Variable |  |  | 30 | % |  |  | 26 | %

In millions of U.S. dollars, except percentages and ratios.

(1) | Includes leases, in accordance with International Financial Reporting Standards (IFRS).

(2) | Calculated in accordance with our contractual obligations under our main bank debt agreements.

(3) | Includes the effect of our interest rate derivatives, as applicable.

During the quarter we issued sustainability-linked long-term notes in Mexico for an equivalent of ~US$320 million, a reopening of the October issuance, and swapped them into dollars. Additionally, we upsized and extended the maturity of our €500 million sustainability-linked loan facility. The new facility consists of a €450 million term loan maturing in 2029, and a new €300 million committed revolving credit facility. This brings our total committed revolving facilities to slightly over $2.3 billion dollars, further strengthening our liquidity position.

2024 First Quarter Results |  | Page 6

Operating results |  |

Consolidated Statement of Operations & Statement of Financial Position

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 |
STATEMENT OF OPERATIONS |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |
Net sales |  |  | 4,137,511 |  |  |  | 4,035,801 |  |  |  | 3 | % |  |  | (0 | %) |  |  | 4,137,511 |  |  |  | 4,035,801 |  |  |  | 3 | % |  |  | (0 | %)
Cost of sales |  |  | (2,747,949 | ) |  |  | (2,746,129 | ) |  |  | (0 | %) |  |  |  |  |  |  | (2,747,949 | ) |  |  | (2,746,129 | ) |  |  | (0 | %) |  |  |  |
Gross profit |  |  | 1,389,561 |  |  |  | 1,289,672 |  |  |  | 8 | % |  |  | 3 | % |  |  | 1,389,561 |  |  |  | 1,289,672 |  |  |  | 8 | % |  |  | 3 | %
Operating expenses |  |  | (937,941 | ) |  |  | (854,716 | ) |  |  | (10 | %) |  |  |  |  |  |  | (937,941 | ) |  |  | (854,716 | ) |  |  | (10 | %) |  |  |  |
Operating earnings before other income and expenses, net |  |  | 451,620 |  |  |  | 434,955 |  |  |  | 4 | % |  |  | (1 | %) |  |  | 451,620 |  |  |  | 434,955 |  |  |  | 4 | % |  |  | (1 | %)
Other expenses, net |  |  | (23,176 | ) |  |  | 8,240 |  |  |  | N/A |  |  |  |  |  |  |  | (23,176 | ) |  |  | 8,240 |  |  |  | N/A |  |  |  |  |
Operating earnings |  |  | 428,444 |  |  |  | 443,196 |  |  |  | (3 | %) |  |  |  |  |  |  | 428,444 |  |  |  | 443,196 |  |  |  | (3 | %) |  |  |  |
Financial expense |  |  | (140,923 | ) |  |  | (130,350 | ) |  |  | (8 | %) |  |  |  |  |  |  | (140,923 | ) |  |  | (130,350 | ) |  |  | (8 | %) |  |  |  |
Other financial income (expense), net |  |  | 6,275 |  |  |  | 29,742 |  |  |  | (79 | %) |  |  |  |  |  |  | 6,275 |  |  |  | 29,742 |  |  |  | (79 | %) |  |  |  |
Financial income |  |  | 9,909 |  |  |  | 6,852 |  |  |  | 45 | % |  |  |  |  |  |  | 9,909 |  |  |  | 6,852 |  |  |  | 45 | % |  |  |  |
Results from financial instruments, net |  |  | (4,278 | ) |  |  | (11,415 | ) |  |  | 63 | % |  |  |  |  |  |  | (4,278 | ) |  |  | (11,415 | ) |  |  | 63 | % |  |  |  |
Foreign exchange results |  |  | 24,963 |  |  |  | 58,063 |  |  |  | (57 | %) |  |  |  |  |  |  | 24,963 |  |  |  | 58,063 |  |  |  | (57 | %) |  |  |  |
Effects of net present value on assets and liabilities and others, net |  |  | (24,318 | ) |  |  | (23,758 | ) |  |  | (2 | %) |  |  |  |  |  |  | (24,318 | ) |  |  | (23,758 | ) |  |  | (2 | %) |  |  |  |
Equity in gain (loss) of associates |  |  | 8,599 |  |  |  | 7,933 |  |  |  | 8 | % |  |  |  |  |  |  | 8,599 |  |  |  | 7,933 |  |  |  | 8 | % |  |  |  |
Income (loss) before income tax |  |  | 302,396 |  |  |  | 350,520 |  |  |  | (14 | %) |  |  |  |  |  |  | 302,396 |  |  |  | 350,520 |  |  |  | (14 | %) |  |  |  |
Income tax |  |  | (43,910 | ) |  |  | (130,694 | ) |  |  | 66 | % |  |  |  |  |  |  | (43,910 | ) |  |  | (130,694 | ) |  |  | 66 | % |  |  |  |
Profit (loss) of continuing operations |  |  | 258,486 |  |  |  | 219,827 |  |  |  | 18 | % |  |  |  |  |  |  | 258,486 |  |  |  | 219,827 |  |  |  | 18 | % |  |  |  |
Discontinued operations |  |  | — |  |  |  | (0 | ) |  |  | 100 | % |  |  |  |  |  |  | — |  |  |  | (0 | ) |  |  | 100 | % |  |  |  |
Consolidated net income (loss) |  |  | 258,486 |  |  |  | 219,827 |  |  |  | 18 | % |  |  |  |  |  |  | 258,486 |  |  |  | 219,827 |  |  |  | 18 | % |  |  |  |
Non-controlling interest net income (loss) |  |  | 4,091 |  |  |  | (5,619 | ) |  |  | N/A |  |  |  |  |  |  |  | 4,091 |  |  |  | (5,619 | ) |  |  | N/A |  |  |  |  |
Controlling interest net income (loss) |  |  | 254,396 |  |  |  | 225,446 |  |  |  | 13 | % |  |  |  |  |  |  | 254,396 |  |  |  | 225,446 |  |  |  | 13 | % |  |  |  |
Operating EBITDA |  |  | 772,423 |  |  |  | 732,668 |  |  |  | 5 | % |  |  | 2 | % |  |  | 772,423 |  |  |  | 732,668 |  |  |  | 5 | % |  |  | 2 | %
Earnings (loss) of continued operations per ADS |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 13 | % |  |  |  |  |  |  | 0.17 |  |  |  | 0.15 |  |  |  | 13 | % |  |  |  |
Earnings (loss) of discontinued operations per ADS |  |  | — |  |  |  | — |  |  |  | N/A |  |  |  |  |  |  |  | — |  |  |  | — |  |  |  | N/A |  |  |  |  |

|  | As of March 31, |
STATEMENT OF FINANCIAL POSITION |  | 2024 |  |  | 2023 |  |  | % var |
Total assets |  |  | 28,602,557 |  |  |  | 27,488,331 |  |  |  | 4 | %
Cash and cash equivalents |  |  | 475,689 |  |  |  | 757,806 |  |  |  | (37 | %)
Trade receivables less allowance for doubtful accounts |  |  | 1,943,641 |  |  |  | 1,909,796 |  |  |  | 2 | %
Other accounts receivable |  |  | 766,660 |  |  |  | 525,142 |  |  |  | 46 | %
Inventories, net |  |  | 1,800,148 |  |  |  | 1,767,411 |  |  |  | 2 | %
Assets held for sale |  |  | 50,499 |  |  |  | 50,875 |  |  |  | (1 | %)
Other current assets |  |  | 147,083 |  |  |  | 139,373 |  |  |  | 6 | %
Current assets |  |  | 5,183,719 |  |  |  | 5,150,403 |  |  |  | 1 | %
Property, machinery and equipment, net |  |  | 12,458,810 |  |  |  | 11,639,315 |  |  |  | 7 | %
Other assets |  |  | 10,960,028 |  |  |  | 10,698,612 |  |  |  | 2 | %
Total liabilities |  |  | 16,490,290 |  |  |  | 15,353,809 |  |  |  | 7 | %
Current liabilities |  |  | 6,669,742 |  |  |  | 5,625,457 |  |  |  | 19 | %
Long-term liabilities |  |  | 6,526,279 |  |  |  | 6,609,193 |  |  |  | (1 | %)
Other liabilities |  |  | 3,294,269 |  |  |  | 3,119,159 |  |  |  | 6 | %
Total stockholder’s equity |  |  | 12,112,267 |  |  |  | 12,134,522 |  |  |  | (0 | %)
Common stock and additional paid-in capital |  |  | 7,699,108 |  |  |  | 7,686,469 |  |  |  | 0 | %
Other equity reserves |  |  | (2,218,404 | ) |  |  | (2,224,637 | ) |  |  | 0 | %
Subordinated notes |  |  | 1,734,482 |  |  |  | 1,885,259 |  |  |  | (8 | %)
Retained earnings |  |  | 4,548,100 |  |  |  | 4,471,227 |  |  |  | 2 | %
Non-controlling interest |  |  | 348,982 |  |  |  | 316,204 |  |  |  | 10 | %

2024 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 |
SALES |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |
Mexico |  |  | 1,314,212 |  |  |  | 1,097,044 |  |  |  | 20 | % |  |  | 10 | % |  |  | 1,314,212 |  |  |  | 1,097,044 |  |  |  | 20 | % |  |  | 10 | %
U.S.A. |  |  | 1,233,975 |  |  |  | 1,254,960 |  |  |  | (2 | %) |  |  | (2 | %) |  |  | 1,233,975 |  |  |  | 1,254,960 |  |  |  | (2 | %) |  |  | (2 | %)
Europe, Middle East, Asia and Africa |  |  | 1,115,189 |  |  |  | 1,228,623 |  |  |  | (9 | %) |  |  | (10 | %) |  |  | 1,115,189 |  |  |  | 1,228,623 |  |  |  | (9 | %) |  |  | (10 | %)
Europe |  |  | 808,478 |  |  |  | 854,451 |  |  |  | (5 | %) |  |  | (7 | %) |  |  | 808,478 |  |  |  | 854,451 |  |  |  | (5 | %) |  |  | (7 | %)
Asia, Middle East and Africa |  |  | 306,710 |  |  |  | 374,173 |  |  |  | (18 | %) |  |  | (15 | %) |  |  | 306,710 |  |  |  | 374,173 |  |  |  | (18 | %) |  |  | (15 | %)
South, Central America and the Caribbean |  |  | 422,059 |  |  |  | 409,910 |  |  |  | 3 | % |  |  | (0 | %) |  |  | 422,059 |  |  |  | 409,910 |  |  |  | 3 | % |  |  | (0 | %)
Others and intercompany eliminations |  |  | 52,075 |  |  |  | 45,264 |  |  |  | 15 | % |  |  | 17 | % |  |  | 52,075 |  |  |  | 45,264 |  |  |  | 15 | % |  |  | 17 | %
Total Consolidated |  |  | 4,137,511 |  |  |  | 4,035,801 |  |  |  | 3 | % |  |  | (0 | %) |  |  | 4,137,511 |  |  |  | 4,035,801 |  |  |  | 3 | % |  |  | (0 | %)
GROSS PROFIT |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 662,188 |  |  |  | 526,231 |  |  |  | 26 | % |  |  | 16 | % |  |  | 662,188 |  |  |  | 526,231 |  |  |  | 26 | % |  |  | 16 | %
U.S.A. |  |  | 341,728 |  |  |  | 347,386 |  |  |  | (2 | %) |  |  | (2 | %) |  |  | 341,728 |  |  |  | 347,386 |  |  |  | (2 | %) |  |  | (2 | %)
Europe, Middle East, Asia and Africa |  |  | 210,753 |  |  |  | 269,719 |  |  |  | (22 | %) |  |  | (22 | %) |  |  | 210,753 |  |  |  | 269,719 |  |  |  | (22 | %) |  |  | (22 | %)
Europe |  |  | 153,723 |  |  |  | 194,156 |  |  |  | (21 | %) |  |  | (23 | %) |  |  | 153,723 |  |  |  | 194,156 |  |  |  | (21 | %) |  |  | (23 | %)
Asia, Middle East and Africa |  |  | 57,030 |  |  |  | 75,562 |  |  |  | (25 | %) |  |  | (21 | %) |  |  | 57,030 |  |  |  | 75,562 |  |  |  | (25 | %) |  |  | (21 | %)
South, Central America and the Caribbean |  |  | 148,602 |  |  |  | 126,784 |  |  |  | 17 | % |  |  | 14 | % |  |  | 148,602 |  |  |  | 126,784 |  |  |  | 17 | % |  |  | 14 | %
Others and intercompany eliminations |  |  | 26,291 |  |  |  | 19,552 |  |  |  | 34 | % |  |  | 34 | % |  |  | 26,291 |  |  |  | 19,552 |  |  |  | 34 | % |  |  | 34 | %
Total Consolidated |  |  | 1,389,561 |  |  |  | 1,289,672 |  |  |  | 8 | % |  |  | 3 | % |  |  | 1,389,561 |  |  |  | 1,289,672 |  |  |  | 8 | % |  |  | 3 | %
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET |  |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 363,097 |  |  |  | 293,452 |  |  |  | 24 | % |  |  | 14 | % |  |  | 363,097 |  |  |  | 293,452 |  |  |  | 24 | % |  |  | 14 | %
U.S.A. |  |  | 109,813 |  |  |  | 111,765 |  |  |  | (2 | %) |  |  | (2 | %) |  |  | 109,813 |  |  |  | 111,765 |  |  |  | (2 | %) |  |  | (2 | %)
Europe, Middle East, Asia and Africa |  |  | 6,705 |  |  |  | 67,547 |  |  |  | (90 | %) |  |  | (89 | %) |  |  | 6,705 |  |  |  | 67,547 |  |  |  | (90 | %) |  |  | (89 | %)
Europe |  |  | (7,161 | ) |  |  | 37,843 |  |  |  | N/A |  |  |  | N/A |  |  |  | (7,161 | ) |  |  | 37,843 |  |  |  | N/A |  |  |  | N/A |
Asia, Middle East and Africa |  |  | 13,867 |  |  |  | 29,703 |  |  |  | (53 | %) |  |  | (50 | %) |  |  | 13,867 |  |  |  | 29,703 |  |  |  | (53 | %) |  |  | (50 | %)
South, Central America and the Caribbean |  |  | 80,419 |  |  |  | 62,981 |  |  |  | 28 | % |  |  | 29 | % |  |  | 80,419 |  |  |  | 62,981 |  |  |  | 28 | % |  |  | 29 | %
Others and intercompany eliminations |  |  | (108,414 | ) |  |  | (100,790 | ) |  |  | (8 | %) |  |  | 1 | % |  |  | (108,414 | ) |  |  | (100,790 | ) |  |  | (8 | %) |  |  | 1 | %
Total Consolidated |  |  | 451,620 |  |  |  | 434,955 |  |  |  | 4 | % |  |  | (1 | %) |  |  | 451,620 |  |  |  | 434,955 |  |  |  | 4 | % |  |  | (1 | %)

2024 First Quarter Results |  | Page 8

Operating results |  |

Operating Summary per Country

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

|  | January - March |  |  | First Quarter |  |  |  |
|  |  |  |  |  |  |  |  |  |  | like-to-like |  |  |  |  |  |  |  |  |  |  |  | like-to-like |
OPERATING EBITDA |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |  |  | 2024 |  |  | 2023 |  |  | % var |  |  | % var |
Mexico |  |  | 419,721 |  |  |  | 344,401 |  |  |  | 22 | % |  |  | 12 | % |  |  | 419,721 |  |  |  | 344,401 |  |  |  | 22 | % |  |  | 12 | %
U.S.A. |  |  | 237,037 |  |  |  | 229,835 |  |  |  | 3 | % |  |  | 3 | % |  |  | 237,037 |  |  |  | 229,835 |  |  |  | 3 | % |  |  | 3 | %
Europe, Middle East, Asia and Africa |  |  | 87,527 |  |  |  | 147,599 |  |  |  | (41 | %) |  |  | (41 | %) |  |  | 87,527 |  |  |  | 147,599 |  |  |  | (41 | %) |  |  | (41 | %)
Europe |  |  | 54,341 |  |  |  | 96,852 |  |  |  | (44 | %) |  |  | (46 | %) |  |  | 54,341 |  |  |  | 96,852 |  |  |  | (44 | %) |  |  | (46 | %)
Asia, Middle East and Africa (1) |  |  | 33,187 |  |  |  | 50,747 |  |  |  | (35 | %) |  |  | (32 | %) |  |  | 33,187 |  |  |  | 50,747 |  |  |  | (35 | %) |  |  | (32 | %)
South, Central America and the Caribbean |  |  | 102,758 |  |  |  | 83,979 |  |  |  | 22 | % |  |  | 22 | % |  |  | 102,758 |  |  |  | 83,979 |  |  |  | 22 | % |  |  | 22 | %
Others and intercompany eliminations |  |  | (74,621 | ) |  |  | (73,146 | ) |  |  | (2 | %) |  |  | 10 | % |  |  | (74,621 | ) |  |  | (73,146 | ) |  |  | (2 | %) |  |  | 10 | %
Total Consolidated |  |  | 772,423 |  |  |  | 732,668 |  |  |  | 5 | % |  |  | 2 | % |  |  | 772,423 |  |  |  | 732,668 |  |  |  | 5 | % |  |  | 2 | %
OPERATING EBITDA MARGIN |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 31.9 | % |  |  | 31.4 | % |  |  |  |  |  |  |  |  |  |  | 31.9 | % |  |  | 31.4 | % |  |  |  |  |  |  |  |
U.S.A. |  |  | 19.2 | % |  |  | 18.3 | % |  |  |  |  |  |  |  |  |  |  | 19.2 | % |  |  | 18.3 | % |  |  |  |  |  |  |  |
Europe, Middle East, Asia and Africa |  |  | 7.8 | % |  |  | 12.0 | % |  |  |  |  |  |  |  |  |  |  | 7.8 | % |  |  | 12.0 | % |  |  |  |  |  |  |  |
Europe |  |  | 6.7 | % |  |  | 11.3 | % |  |  |  |  |  |  |  |  |  |  | 6.7 | % |  |  | 11.3 | % |  |  |  |  |  |  |  |
Asia, Middle East and Africa |  |  | 10.8 | % |  |  | 13.6 | % |  |  |  |  |  |  |  |  |  |  | 10.8 | % |  |  | 13.6 | % |  |  |  |  |  |  |  |
South, Central America and the Caribbean |  |  | 24.3 | % |  |  | 20.5 | % |  |  |  |  |  |  |  |  |  |  | 24.3 | % |  |  | 20.5 | % |  |  |  |  |  |  |  |
Total Consolidated |  |  | 18.7 | % |  |  | 18.2 | % |  |  |  |  |  |  |  |  |  |  | 18.7 | % |  |  | 18.2 | % |  |  |  |  |  |  |  |

(1) | In the Philippines, Sales (in thousands of dollars) for the first quarter 2024 were US$70,072 and for the period January to March 2024 were US$70,072. Operating EBITDA (in thousands of dollars) for the first quarter 2024 was US$4,281 and for the period January to March 2024 was US$4,281.

2024 First Quarter Results |  | Page 9

Operating results |  |

Volume Summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

|  | January - March |  |  |  |  |  | First Quarter |  |  |  |
|  | 2024 |  |  | 2023 |  |  | % var |  |  | 2024 |  |  | 2023 |  |  | % var |
Consolidated cement volume (1) |  |  | 13,736 |  |  |  | 14,402 |  |  |  | (5 | %) |  |  | 13,736 |  |  |  | 14,402 |  |  |  | (5 | %)
Consolidated ready-mix volume |  |  | 10,250 |  |  |  | 11,706 |  |  |  | (12 | %) |  |  | 10,250 |  |  |  | 11,706 |  |  |  | (12 | %)
Consolidated aggregates volume (2) |  |  | 31,606 |  |  |  | 32,251 |  |  |  | (2 | %) |  |  | 31,606 |  |  |  | 32,251 |  |  |  | (2 | %)

Per-country volume summary

|  | January - March |  |  | First Quarter |  |  | First Quarter 2024 |
DOMESTIC GRAY CEMENT VOLUME |  | 2024 vs. 2023 |  |  | 2024 vs. 2023 |  |  | vs. Fourth Quarter 2023 |
Mexico |  |  | 7 | % |  |  | 7 | % |  |  | (7 | %)
U.S.A. |  |  | (9 | %) |  |  | (9 | %) |  |  | (2 | %)
Europe, Middle East, Asia and Africa |  |  | (4 | %) |  |  | (4 | %) |  |  | (4 | %)
Europe |  |  | (8 | %) |  |  | (8 | %) |  |  | (6 | %)
Asia, Middle East and Africa |  |  | 0 | % |  |  | 0 | % |  |  | (3 | %)
South, Central America and the Caribbean |  |  | (6 | %) |  |  | (6 | %) |  |  | (3 | %)
READY-MIX VOLUME |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 2 | % |  |  | 2 | % |  |  | (4 | %)
U.S.A. |  |  | (14 | %) |  |  | (14 | %) |  |  | (4 | %)
Europe, Middle East, Asia and Africa |  |  | (18 | %) |  |  | (18 | %) |  |  | (6 | %)
Europe |  |  | (12 | %) |  |  | (12 | %) |  |  | (8 | %)
Asia, Middle East and Africa |  |  | (26 | %) |  |  | (26 | %) |  |  | (2 | %)
South, Central America and the Caribbean |  |  | (9 | %) |  |  | (9 | %) |  |  | (13 | %)
AGGREGATES VOLUME |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 9 | % |  |  | 9 | % |  |  | (4 | %)
U.S.A. |  |  | 9 | % |  |  | 9 | % |  |  | (5 | %)
Europe, Middle East, Asia and Africa |  |  | (15 | %) |  |  | (15 | %) |  |  | (8 | %)
Europe |  |  | (15 | %) |  |  | (15 | %) |  |  | (9 | %)
Asia, Middle East and Africa |  |  | (17 | %) |  |  | (17 | %) |  |  | (5 | %)
South, Central America and the Caribbean |  |  | (3 | %) |  |  | (3 | %) |  |  | (12 | %)

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

(2) | Consolidated aggregates volumes include aggregates from our marine business in the United Kingdom.

2024 First Quarter Results |  | Page 10

Operating results |  |

Price Summary

Variation in U.S. dollars

|  | January - March |  |  | First Quarter |  |  | First Quarter 2024 vs. |
DOMESTIC GRAY CEMENT PRICE |  | 2024 vs. 2023 |  |  | 2024 vs. 2023 |  |  | Fourth Quarter 2023 |
Mexico |  |  | 12 | % |  |  | 12 | % |  |  | 6 | %
U.S.A. |  |  | 4 | % |  |  | 4 | % |  |  | (1 | %)
Europe, Middle East, Asia and Africa (*) |  |  | (0 | %) |  |  | (0 | %) |  |  | (0 | %)
Europe (*) |  |  | 5 | % |  |  | 5 | % |  |  | 2 | %
Asia, Middle East and Africa (*) |  |  | (9 | %) |  |  | (9 | %) |  |  | (3 | %)
South, Central America and the Caribbean (*) |  |  | 9 | % |  |  | 9 | % |  |  | 5 | %
READY-MIX PRICE |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 23 | % |  |  | 23 | % |  |  | 6 | %
U.S.A. |  |  | 9 | % |  |  | 9 | % |  |  | 1 | %
Europe, Middle East, Asia and Africa (*) |  |  | 1 | % |  |  | 1 | % |  |  | 1 | %
Europe (*) |  |  | (0 | %) |  |  | (0 | %) |  |  | 0 | %
Asia, Middle East and Africa (*) |  |  | (1 | %) |  |  | (1 | %) |  |  | 5 | %
South, Central America and the Caribbean (*) |  |  | 27 | % |  |  | 27 | % |  |  | 9 | %
AGGREGATES PRICE |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 31 | % |  |  | 31 | % |  |  | 4 | %
U.S.A. |  |  | (2 | %) |  |  | (2 | %) |  |  | 6 | %
Europe, Middle East, Asia and Africa (*) |  |  | 3 | % |  |  | 3 | % |  |  | 5 | %
Europe (*) |  |  | 5 | % |  |  | 5 | % |  |  | 5 | %
Asia, Middle East and Africa (*) |  |  | (4 | %) |  |  | (4 | %) |  |  | 9 | %
South, Central America and the Caribbean (*) |  |  | 17 | % |  |  | 17 | % |  |  | 2 | %

(*) | 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.

2024 First Quarter Results |  | Page 11

Operating results |  |

Variation in Local Currency

|  | January - March |  |  | First Quarter |  |  | First Quarter 2024 vs. |
DOMESTIC GRAY CEMENT PRICE |  | 2024 vs. 2023 |  |  | 2024 vs. 2023 |  |  | Fourth Quarter 2023 |
Mexico |  |  | 4 | % |  |  | 4 | % |  |  | 3 | %
U.S.A. |  |  | 4 | % |  |  | 4 | % |  |  | (1 | %)
Europe, Middle East, Asia and Africa (*) |  |  | (1 | %) |  |  | (1 | %) |  |  | 1 | %
Europe (*) |  |  | 3 | % |  |  | 3 | % |  |  | 2 | %
Asia, Middle East and Africa (*) |  |  | (3 | %) |  |  | (3 | %) |  |  | 1 | %
South, Central America and the Caribbean (*) |  |  | 6 | % |  |  | 6 | % |  |  | 5 | %
READY-MIX PRICE |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 13 | % |  |  | 13 | % |  |  | 3 | %
U.S.A. |  |  | 9 | % |  |  | 9 | % |  |  | 1 | %
Europe, Middle East, Asia and Africa (*) |  |  | 0 | % |  |  | 0 | % |  |  | 1 | %
Europe (*) |  |  | (2 | %) |  |  | (2 | %) |  |  | 1 | %
Asia, Middle East and Africa (*) |  |  | 0 | % |  |  | 0 | % |  |  | 2 | %
South, Central America and the Caribbean (*) |  |  | 13 | % |  |  | 13 | % |  |  | 8 | %
AGGREGATES PRICE |  |  |  |  |  |  |  |  |  |  |  |
Mexico |  |  | 21 | % |  |  | 21 | % |  |  | 1 | %
U.S.A. |  |  | (2 | %) |  |  | (2 | %) |  |  | 6 | %
Europe, Middle East, Asia and Africa (*) |  |  | 2 | % |  |  | 2 | % |  |  | 5 | %
Europe (*) |  |  | 3 | % |  |  | 3 | % |  |  | 5 | %
Asia, Middle East and Africa (*) |  |  | (3 | %) |  |  | (3 | %) |  |  | 5 | %
South, Central America and the Caribbean (*) |  |  | 4 | % |  |  | 4 | % |  |  | 1 | %

(*) | 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.

2024 First Quarter Results |  | Page 12

Other Information |  |

Operating expenses

The following table shows the breakdown of operating expenses for the period presented.

|  | January - March |  |  | First Quarter |
In thousands of US dollars |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Administrative expenses |  |  | 307,087 |  |  |  | 275,726 |  |  |  | 307,087 |  |  |  | 275,726 |
Selling expenses |  |  | 94,101 |  |  |  | 79,613 |  |  |  | 94,101 |  |  |  | 79,613 |
Distribution and logistics expenses |  |  | 479,786 |  |  |  | 446,696 |  |  |  | 479,786 |  |  |  | 446,696 |
Operating expenses before depreciation |  |  | 880,975 |  |  |  | 802,034 |  |  |  | 880,975 |  |  |  | 802,034 |
Depreciation in operating expenses |  |  | 56,966 |  |  |  | 52,682 |  |  |  | 56,966 |  |  |  | 52,682 |
Operating expenses |  |  | 937,941 |  |  |  | 854,716 |  |  |  | 937,941 |  |  |  | 854,716 |

As % of Net Sales |
Administrative expenses |  |  | 7.4 | % |  |  | 6.8 | % |  |  | 7.4 | % |  |  | 6.8 | %
SG&A expenses |  |  | 9.7 | % |  |  | 8.8 | % |  |  | 9.7 | % |  |  | 8.8 | %

Equity-related information

As of December 31, 2022, based on our latest 20-F annual report, the number of outstanding CPO-equivalents was 14,487,786,971. See Cemex’s reports furnished to or filed with the U.S. Securities and Exchange Commission for information, if any, regarding repurchases of securities and other developments that may have caused a change in the number of CPO-equivalents outstanding after December 31, 2022. For the three-month period ended March 31, 2024, no CPOs were repurchased by Cemex.

One Cemex ADS represents ten Cemex CPOs. One Cemex CPO represents two Series A shares and one Series B share.

For purposes of this report, outstanding CPO-equivalents equal the total number of Series A and B shares outstanding as if they were all held in CPO form, less CPOs held by Cemex and its subsidiaries, which as of December 31, 2022, were 20,541,277. Restricted CPOs allocated to eligible employees as variable compensation are not included in the outstanding CPO-equivalents.

Derivative instruments

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

|  | First Quarter |  |  | Fourth Quarter |
|  | 2024 |  |  | 2023 |  |  | 2023 |
In millions of US dollars |  | Notional amount |  |  | Fair value |  |  | Notional amount |  |  | Fair value |  |  | Notional amount |  |  | Fair value |
Exchange rate derivatives (1) |  |  | 1,422 |  |  |  | (88 | ) |  |  | 1,495 |  |  |  | (94 | ) |  |  | 1,276 |  |  |  | (84 | )
Interest rate swaps (2) |  |  | 1,408 |  |  |  | 80 |  |  |  | 1,040 |  |  |  | 41 |  |  |  | 1,085 |  |  |  | 53 |
Fuel derivatives (3) |  |  | 308 |  |  |  | 19 |  |  |  | 161 |  |  |  | (1 | ) |  |  | 232 |  |  |  | 5 |
|  |  | 3,138 |  |  |  | 11 |  |  |  | 2,696 |  |  |  | (54 | ) |  |  | 2,593 |  |  |  | (26 | )

1) | The exchange rate derivatives are used to manage currency exposures arising from regular operations, net investment hedge and forecasted transactions. As of March 31, 2024, the derivatives related to net investment hedge represents a notional amount of US$1,123 million

2) | Interest-rate swap derivatives related to bank loans, includes an interest rate and exchange rate swap derivative with a notional amount of US$658 million.

3) | Cemex’s derivative financial instruments portfolio includes swaps and financial options. These derivative instruments are mainly used to hedge the market price risk of certain fuels associated with certain Cemex operations, such as transportation and production. In addition, there are call spreads on Brent oil and derivatives thereof, designed to economically mitigate the exposure related to the cost of fuel implicit in distribution expenses.

Under IFRS, companies are required to recognize the fair value of all derivative financial instruments on the balance sheet as financial assets or liabilities, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in such cases, changes in the fair market value of the related derivative instruments are recognized temporarily in equity and subsequently reclassified into earnings as the effects of the underlying are recognized in the income statement. Moreover, in transactions related to net investment hedges, changes in fair market value are recorded directly in equity as part of the currency translation effect and are reclassified to the income statement only in the case of a disposal of the net investment. As of March 31, 2024, in connection with its derivatives portfolio’s fair market value recognition, Cemex recognized a change in mark-to-market as compared to 4Q23 resulting in a financial asset of US$11 million.

2024 First Quarter Results |  | Page 13

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.

Breakdown of regions and subregions

The South, Central America and the Caribbean region includes Cemex’s operations in Bahamas, Colombia, the Dominican Republic, Guatemala, Guyana, Haiti, Jamaica, Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The EMEA region includes Europe, Middle East, Asia, and Africa.

Europe subregion includes operations in Spain, Croatia, the Czech Republic, France, Germany, Poland, and the United Kingdom.

Asia, Middle East, and Africa subregion includes operations in Philippines, United Arab Emirates, Egypt, and Israel.

Definition of terms

Free cash flow Cemex defines it as Operating EBITDA minus net interest expense, maintenance and expansion 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 equal 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 financial leases) minus cash and cash equivalents.

Sales, when referring to reportable segment sales, revenues are presented before eliminations of intragroup transactions. When referring to Consolidated Sales, these represent the total revenues (Net Sales) of the company as reported in the financial statements.

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

Operating EBITDA margin, or EBITDA margin, is calculated by dividing our “Operating EBITDA” by our sales.

pp equals percentage points.

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

SG&A expenses equal selling and administrative expenses

Strategic capital expenditures equal 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 |
|  | 2024 Average |  |  | 2023 Average |  |  | 2024 Average |  |  | 2023 Average |  |  | 2024 End of period |  |  | 2023 End of period |
Mexican peso |  |  | 16.95 |  |  |  | 18.39 |  |  |  | 16.95 |  |  |  | 18.39 |  |  |  | 16.57 |  |  |  | 18.03 |
Euro |  |  | 0.9237 |  |  |  | 0.9289 |  |  |  | 0.9237 |  |  |  | 0.9289 |  |  |  | 0.9264 |  |  |  | 0.9224 |
British pound |  |  | 0.7898 |  |  |  | 0.8166 |  |  |  | 0.7898 |  |  |  | 0.8166 |  |  |  | 0.7921 |  |  |  | 0.8111 |
Amounts provided in units of local currency per U.S. dollar. |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

2024 First Quarter Results |  | Page 14

Disclaimer |  |

Except as the context otherwise may require, references in this report to “Cemex,” “we,” “us,” or “our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the “safe harbor” provisions for forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex’s plans, objectives, and 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,” “aimed”, or other similar forward-looking words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or those anticipated by forward-looking statements due to various factors. Among others, such risks, uncertainties, and assumptions that could cause results to differ, or that otherwise could have an impact on us, include those discussed in Cemex’s most recent annual report and those detailed from time to time in Cemex’s other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: changes in Mexico’s or other countries’, in which we operate, general economic, political and social conditions, including new governments, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, consumer confidence and the liquidity of the financial and capital markets; the cyclical activity of the construction sector and reduced construction activity in our end markets; our exposure to sectors that impact our and our clients’ businesses, particularly those operating in the commercial and residential construction sectors, and the infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; changes in spending levels for residential and commercial construction; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, 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 our effective tax rate; our ability to comply and implement technologies that aim to reduce CO2 emissions in jurisdictions with carbon regulations in place; the legal and regulatory environment, including environmental, energy, tax, antitrust, human rights and labor welfare, acquisition-related rules and regulations; the effects of currency fluctuations on our results of operations and financial conditions; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, including our subordinated notes with no fixed maturity; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by government and regulatory agencies; our ability to protect our reputation; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing initiatives for our products, and generally meet our business strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements, and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties, or is subjected to invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement; availability and cost of trucks, railcars, barges, and ships, as well as their licensed operators and drivers, for transport of our materials; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine and conflicts in the Middle East; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could 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; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; 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). . Many factors could cause Cemex’s expectations, expected results,

2024 First Quarter Results |  | Page 15

Disclaimer |  |

and/or projections expressed in this report not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. 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 otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances or assumptions suggested by such statements may differ materially from those described in, or suggested by, the forward-looking statements contained herein. Any or all of Cemex’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 and the information contained in this report is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct the information contained in this report or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). Market data used in this report not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this report is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

This report includes certain non-IFRS financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include “Operating EBITDA (operating earnings before other expenses, net plus depreciation and amortization)” and “Operating EBITDA Margin”. The closest IFRS financial measure to Operating EBITDA is “Operating earnings before other expenses, net”, as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex’s creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex’s management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in this annual report are being provided for informative purposes only and shall not be construed as investment, financial, or other advice.

Also, this report includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organizations to refer to their reports in this report. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex’s products and services based upon their quality and characteristics as well as their value to Cemex’s customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex’s prices for Cemex’s products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex’s prices for Cemex’s products.

Additionally, the information contained in this report contains references to “green,” “social,” “sustainable,” or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green,’ ‘social,’ or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.

2024 First Quarter Results |  | Page 16

Disclaimer |  |

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE

Copyright Cemex, S.A.B. de C.V. and its subsidiaries

2024 First Quarter Results |  | Page 17