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Business Combinations, Divestitures and Discontinued Operations and Selected Financial Information by Reportable Segment and Line of Business (Tables)

12 Months Ended

Dec. 31, 2024

Statement [line items]

Summary of Combined Condensed Fair Value Information of the Assets Acquired and Liabilities

The following table presents the combined condensed fair value information of the assets acquired and liabilities assumed that were integrated into Cemex in connection with the acquisition of RC-Baustoffe Berlin in 2024 and of Kiesel, Atlantic Minerals and SHTANG in 2023.

				2024				2023
Current assets		$			2				30
Property, machinery and equipment					8				89
Other non-current assets and goodwill					5				25
Total assets					15				144
Current liabilities					1				17
Non-current liabilities					9				19
Total liabilities					10				36
Net assets acquired		$			5				108

Summary of Purchase Price Allocation

The following table presents combined condensed information of the statement of financial position of the operations held for sale in the Dominican Republic as of December 31, 2024, and as of the date of sale in 2024 of Guatemala and the Philippines.

				2024
Current assets		$			326
Property, machinery and equipment					733
Other non-current assets and goodwill					161
Total assets					1,220
Current liabilities					291
Non-current liabilities					113
Total liabilities					404
Net assets sold or held for sale		$			816

Summary of Condensed Combined Information of the Statement of Income of Discontinued Operations

The following table presents condensed combined information of the statements of income of: a) the operations in the Philippines for the period from January 1 to December 2, 2024 and the years 2023 and 2022; b) the operations in Guatemala for the period from January 1 to September 10, 2024 and the years 2023 and 2022; c) the operations in the Dominican Republic for the years 2024, 2023 and 2022; d) Neoris’ operations for the period from January 1 to October 25, 2022; and e) the operations in Costa Rica and El Salvador for the period from January 1 to August 31, 2022.

				2024				2023				2022
Revenues		$			737				833				1,127
Cost of sales, operating expenses and other expenses, net					(633	)			(732	)			(882	)
Financial expenses, net, and others					9				25				(22	)
Earnings before income tax					113				126				223
Income tax					(109	)			(46	)			(44	)
Result of discontinued operations					4				80				179
Net disposal result					43				—				304
Net result of discontinued operations		$			47				80				483

Summary of Consolidating Income Statements by Reportable Segment

Selected information of the consolidated statements of income by reportable segment for the years 2024, 2023 and 2022, excluding the share of profits of equity accounted investments by reportable segment that is included in note 14.1, was as follows:

2024						Sales (including intragroup transactions)				Less: Intragroup transactions				External revenues								Operating EBITDA				Less: Depreciation and amortization				Operating earnings before other expenses, net				Other expenses, net				Financial expense				Financial income and other items, net
Mexico		$					4,881				(136	)			4,745								1,475				207				1,268				(26	)			(38	)			(269	)
United States							5,194				—				5,194								1,031				514				517				(4	)			(74	)			(33	)
EMEA
United Kingdom							953				—				953								186				91				95				(6	)			(14	)			15
France							756				—				756								34				42				(8	)			(56	)			(16	)			1
Germany							476				(52	)			424								23				34				(11	)			2				(3	)			(5	)
Poland							543				(1	)			542								100				27				73				(1	)			(3	)			—
Spain							455				(46	)			409								60				29				31				(13	)			(4	)			(1	)
Israel							724				—				724								79				37				42				(1	)			(8	)			1
Rest of EMEA							784				—				784								155				47				108				(8	)			(7	)			(5	)
SCA&C
Colombia 1							468				(2	)			466								65				27				38				(11	)			(4	)			(15	)
Panama 1							148				(23	)			125								29				17				12				(2	)			(1	)			—
Caribbean TCL 2							330				(21	)			309								87				20				67				(18	)			(3	)			(4	)
Rest of SCA&C 1							302				(1	)			301								54				16				38				(5	)			(2	)			—
Reportable segments															15,732								3,378				1,108				2,270				(149	)			(177	)			(315	)
Other activities 3															468								(300	)			142				(442	)			142				(378	)			(64	)
Consolidated		$													16,200								3,078				1,250				1,828				(7	)			(555	)			(379	)

2023						Sales (including intragroup transactions)				Less: Intragroup transactions				External revenues								Operating EBITDA				Less: Depreciation and amortization				Operating earnings before other expenses, net				Other expenses, net				Financial expense				Financial income and other items, net
Mexico		$					5,060				(205	)			4,855								1,488				221				1,267				(59	)			(39	)			105
United States							5,338				—				5,338								1,040				483				557				(31	)			(75	)			(30	)
EMEA
United Kingdom							992				—				992								193				72				121				(6	)			(14	)			(17	)
France							842				—				842								53				54				(1	)			(39	)			(15	)			(1	)
Germany							497				(50	)			447								37				32				5				(3	)			(2	)			(5	)
Poland							467				(1	)			466								72				24				48				1				(2	)			2
Spain							449				(38	)			411								71				31				40				3				(2	)			1
Israel							794				—				794								90				33				57				5				(6	)			1
Rest of EMEA							770				(4	)			766								147				48				99				(7	)			(6	)			(6	)
SCA&C
Colombia 1							458				—				458								62				25				37				(19	)			(6	)			(1	)
Panama 1							158				(26	)			132								35				17				18				(2	)			—				—
Caribbean TCL 2							329				(12	)			317								78				20				58				(17	)			(2	)			(2	)
Rest of SCA&C 1							285				—				285								54				11				43				(10	)			(1	)			1
Reportable segments															16,103								3,420				1,071				2,349				(184	)			(170	)			48
Other activities 3															451								(271	)			119				(390	)			(27	)			(369	)			(32	)
Consolidated		$													16,554								3,149				1,190				1,959				(211	)			(539	)			16
2022						Sales (including intragroup transactions)				Less: Intragroup transactions				External revenues								Operating EBITDA				Less: Depreciation and amortization				Operating earnings before other expenses, net				Other expenses, net				Financial expense				Financial income and other items, net
Mexico		$					3,842				(200	)			3,642								1,133				172				961				(69	)			(28	)			32
United States							5,038				(4	)			5,034								762				455				307				(205	)			(55	)			(21	)
EMEA
United Kingdom							982				—				982								195				60				135				(8	)			(8	)			(8	)
France							781				—				781								63				50				13				1				(10	)			2
Germany							485				(46	)			439								40				28				12				2				(2	)			(3	)
Poland							419				(4	)			415								64				22				42				1				(2	)			4
Spain							382				(36	)			346								6				28				(22	)			(113	)			(2	)			2
Israel							840				—				840								112				46				66				5				(4	)			—
Rest of EMEA							707				(1	)			706								116				55				61				(10	)			(4	)			2
SCA&C
Colombia 1							429				—				429								61				24				37				12				(7	)			22
Panama 1							149				(34	)			115								28				16				12				(2	)			—				—
Caribbean TCL 2							302				(8	)			294								74				17				57				(19	)			(4	)			(1	)
Rest of SCA&C 1							271				(1	)			270								53				11				42				(2	)			(2	)			(5	)
Reportable segments															14,293								2,707				984				1,723				(407	)			(128	)			26
Other activities 3															413								(274	)			88				(362	)			(81	)			(377	)			146
Consolidated		$													14,706								2,433				1,072				1,361				(488	)			(505	)			172

1 Until June 2023, after the conclusion of a tender offer and delisting process, Cemex Latam Holdings, S.A. (“CLH”), a company incorporated in Spain, traded its ordinary shares on the Colombian Stock Exchange. CLH is the indirect holding company of Cemex’s operations in Colombia, Panama, Nicaragua and, until September 10, 2024, of the operations in Guatemala and, until August 31, 2022, of the operations in Costa Rica and El Salvador. As of December 31, 2024 and 2023, there was a non-controlling interest in CLH of 0.16% and 0.50%, respectively (note 21.4).

2 The shares of TCL trade on the Trinidad and Tobago Stock Exchange. As of December 31, 2024 and 2023, there was a non-controlling interest in TCL of 30.17% of its ordinary shares in both years (note 21.4).

3 In regards of external revenues, refers mainly to trade maritime transactions of cement and clinker carried by Cemex’s trading unit and, in the rest of the captions, refers to Cemex’s corporate activities.

Summary of Balance sheet Information by Reportable Segment

As of December 31, 2024 and 2023, the selected statement of financial position information by reportable segment was as follows:

2024						Associates and joint ventures				Other segment assets				Total assets				Total liabilities				Net assets by segment								Capital expenditures 1
Mexico		$					—				4,155				4,155				1,693				2,462								315
United States							285				12,700				12,985				2,903				10,082								486
EMEA
United Kingdom							6				1,386				1,392				848				544								65
France							38				820				858				412				446								52
Germany							3				487				490				279				211								36
Poland							—				426				426				138				288								38
Spain							—				637				637				234				403								41
Israel							—				895				895				540				355								57
Rest of EMEA							10				732				742				316				426								79
SCA&C
Colombia							—				954				954				280				674								105
Panama							—				281				281				73				208								13
Caribbean TCL							—				511				511				238				273								50
Rest of SCA&C							—				234				234				85				149								21
Reportable segments							342				24,218				24,560				8,039				16,521								1,358
Other activities							411				2,063				2,474				6,692				(4,218	)							22
Assets held for sale							—				265				265				91				174								—
Consolidated		$					753				26,546				27,299				14,822				12,477								1,380
2023						Associates and joint ventures				Other segment assets				Total assets				Total liabilities				Net assets by segment								Capital expenditures 1
Mexico		$					—				5,381				5,381				2,052				3,329								264
United States							216				12,782				12,998				2,770				10,228								521
EMEA
United Kingdom							6				1,484				1,490				960				530								107
France							41				922				963				467				496								44
Germany							3				506				509				289				220								47
Poland							—				415				415				153				262								44
Spain							—				666				666				212				454								38
Philippines							—				795				795				135				660								85
Israel							—				808				808				507				301								41
Rest of EMEA							11				852				863				329				534								75
SCA&C
Colombia							—				1,007				1,007				308				699								76
Panama							—				292				292				78				214								13
Caribbean TCL							—				478				478				207				271								18
Dominican Republic							—				233				233				95				138								16
Rest of SCA&C							—				280				280				111				169								25
Reportable segments							277				26,901				27,178				8,673				18,505								1,414
Other activities							452				754				1,206				7,644				(6,438	)							3
Assets held for sale							—				49				49				—				49								—
Consolidated		$					729				27,704				28,433				16,317				12,116								1,417

1 Capital expenditures represent: a) the purchases of property, machinery and equipment, b) stripping costs, as well as c) assets for the right-of-use incurred during the respective period (notes 15.1 and 15.2) and exclude increases in assets related to asset retirement obligations (note 18.3).

Summary of Revenues by Line of Business and Reportable Segment

Revenues including intragroup transactions and external customers by line of business and reportable segment for the years ended December 31, 2024, 2023 and 2022, were as follows:

2024						Cement				Concrete				Aggregates				Urbanization solutions				Others				Eliminations				External revenues
Mexico		$					3,207				1,434				393				1,077				10				(1,376	)			4,745
United States							1,905				2,905				1,374				658				1				(1,649	)			5,194
EMEA
United Kingdom							285				292				379				208				24				(235	)			953
France							—				568				339				17				—				(168	)			756
Germany							210				141				84				67				54				(132	)			424
Poland							381				197				52				8				1				(97	)			542
Spain							325				117				45				27				—				(105	)			409
Israel							—				592				190				113				—				(171	)			724
Rest of EMEA							540				318				57				18				19				(168	)			784
SCA&C
Colombia							318				178				50				56				24				(160	)			466
Panama							112				33				8				15				4				(47	)			125
Caribbean TCL							316				5				9				1				3				(25	)			309
Rest of SCA&C							269				9				5				25				1				(8	)			301
Reportable segments							7,868				6,789				2,985				2,290				141				(4,341	)			15,732
Other activities							—				—				—				—				468				—				468
Consolidated		$																													16,200

2023						Cement				Concrete				Aggregates				Urbanization solutions				Others				Eliminations				External revenues
Mexico		$					3,378				1,397				399				1,163				13				(1,495	)			4,855
United States							1,988				3,070				1,347				694				14				(1,775	)			5,338
EMEA
United Kingdom							315				344				376				201				22				(266	)			992
France							—				656				356				17				—				(187	)			842
Germany							227				171				91				38				62				(142	)			447
Poland							331				169				44				6				—				(84	)			466
Spain							326				119				41				25				—				(100	)			411
Israel							—				662				200				116				2				(186	)			794
Rest of EMEA							551				288				52				17				23				(165	)			766
SCA&C
Colombia							316				163				48				54				22				(145	)			458
Panama							128				30				9				12				4				(51	)			132
Caribbean TCL							316				5				8				1				4				(17	)			317
Rest of SCA&C							253				9				5				25				1				(8	)			285
Reportable segments							8,129				7,083				2,976				2,369				167				(4,621	)			16,103
Other activities							—				—				—				—				451				—				451
Consolidated		$																													16,554

2022						Cement				Concrete				Aggregates				Urbanization solutions				Others				Eliminations				External revenues
Mexico		$					2,663				925				261				843				14				(1,064	)			3,642
United States							2,017				2,871				1,202				697				12				(1,765	)			5,034
EMEA
United Kingdom							312				329				371				206				27				(263	)			982
France							—				622				332				15				—				(188	)			781
Germany							220				186				81				32				71				(151	)			439
Poland							282				160				41				4				1				(73	)			415
Spain							281				99				34				25				—				(93	)			346
Israel							—				718				213				97				21				(209	)			840
Rest of EMEA							504				260				48				18				26				(150	)			706
SCA&C
Colombia							296				137				40				62				19				(125	)			429
Panama							119				27				7				13				2				(53	)			115
Caribbean TCL							297				4				6				2				5				(20	)			294
Rest of SCA&C							245				9				3				19				1				(7	)			270
Reportable segments							7,236				6,347				2,639				2,033				199				(4,161	)			14,293
Other activities							—				—				—				—				413				—				413
Consolidated		$																													14,706

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