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6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 or 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April, 2021

Commission File Number: 001-14946

CEMEX, S.A.B. de C.V.

(Translation of Registrant’s name into English)

Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre,

San Pedro Garza García, Nuevo León 66265, México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Contents


1.		Press release dated April 29, 2021, announcing first quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).

2.		First quarter 2021 results for CEMEX.

3.		Presentation regarding first quarter 2021 results for CEMEX.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	CEMEX, S.A.B. de C.V.
	(Registrant)

Date: April 29, 2021	By:	/s/ Rafael Garza Lozano
		Name: Rafael Garza Lozano
		Title: Chief Comptroller

EXHIBIT INDEX


EXHIBIT NO.		DESCRIPTION

1.		Press release dated April 29, 2021, announcing first quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).

2.		First quarter 2021 results for CEMEX.

3.		Presentation regarding first quarter 2021 results for CEMEX.

Press release dated April 29, 2021

Exhibit 1

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

Analyst and Investor Relations

Alfredo Garza

+52 (81) 8888-4576

alfredo.garza@cemex.com

Analyst and Investor Relations

Fabián Orta

+52 (81) 8888-4139

fabian.orta@cemex.com

LOGO

CEMEX ANNOUNCES 28% INCREASE IN FIRST QUARTER EBITDA ON BACK OF TOP-LINE GROWTH OF 9%

MONTERREY, MEXICO, APRIL 29, 2021– CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today strong results in the first quarter of 2021 with EBITDA growing on a year over year basis in all regions. Consolidated net sales increased 9%, on a year-over-year basis to $3.4 billion in the first quarter of 2021. Operating EBITDA improved 28% during the first quarter of 2021 to US$684 million, while the EBITDA margin increased to 20.1%, 2.8 percentage points higher year over year. The robust EBITDA performance in the quarter is attributable to significant momentum in cement volumes, higher prices and operational leverage in the business.

CEMEX’s Consolidated First Quarter 2021 Financial and Operational Highlights

•

Net Sales increased 9%, to US$3,411 million.

•

Operating EBITDA rose 28% to US$684 million, compared to the same period in 2020.

•

Operating EBITDA margin increased by 2.8pp, to 20.1%.

•

Free Cash Flow after Maintenance Capital Expenditures was the highest for a first quarter in five years, increasing by US$216 million year over year.

•

Controlling Interest Net Income was US$665 million in the first quarter of 2021 versus US$42 million in the same quarter of 2020.

•

Net debt and leverage were reduced materially during the first quarter. Net debt plus perpetuals decreased US$547 million, while leverage ratio was reduced to 3.61 times, almost half-a-turn reduction compared to fourth quarter of 2020.

“We are quite pleased with our first quarter results where we achieved some important milestones and advanced significantly against our Operation Resilience goals, despite persistent challenges from COVID in many markets” said Fernando A. González, CEO of CEMEX. “First quarter performance convinces me that we should be entering a period of sustainable growth for our major markets and we will likely reach two of our Operation Resilience goals well in advance of the 2023 timetable: achieving an investment grade capital structure and a higher than 20% consolidated EBITDA margin.”

Geographical Markets First Quarter 2021 Highlights

Net Sales in Mexico increased 19% to US$822 million. Operating EBITDA went up 27% to US$299 million in the quarter, versus the same period of the previous year.

CEMEX’s operations in the United States reported Net Sales of US$1.0 billion, an increase of 5% from the same period in 2020. Operating EBITDA grew 21% to US$196 million versus the same quarter of 2020.

In our Europe, Middle East, Africa and Asia region, Net Sales rose by 2%, compared to the same period of the previous year, reaching US$1.1 billion. Operating EBITDA was US$113 million for the quarter, 3% higher than the same period last year.

CEMEX’s operations in the South, Central America and the Caribbean region reported Net Sales of US$424 million, an increase of 15% over the same period of 2020. Operating EBITDA improved 40% to US$123 million in the first quarter of 2021, in contrast to the same quarter of 2020.

CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the wellbeing of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com

Note: All percentage variations related to Net Sales and EBITDA are on a like to like basis for ongoing operations and adjusting for currency fluctuations

###

This press release contains forward-looking statements that reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. CEMEX assumes no obligation to update or correct the information contained in this press release. The information contained in this press release is subject to change without notice, and CEMEX is not obligated to publicly update or revise any forward-looking statements. Readers should review future reports filed by CEMEX with the U.S. Securities and Exchange Commission. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. Operating EBITDA is defined as operating income plus depreciation and operating amortization. Free Cash Flow is defined 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). Net debt is defined as total debt minus cash and cash equivalents. The Consolidated Funded Debt to Operating EBITDA ratio is calculated by dividing Consolidated Funded Debt at the end of the quarter by Operating EBITDA for the last twelve months. All of the above items are presented under the guidance of International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free Cash Flow (as defined above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of CEMEX’s ability to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.

First quarter 2021 results for CEMEX.

Exhibit 2

LOGO

First Quarter Results 2021

LOGO


Stock Listing Information		Investor Relations

NYSE (ADS)		In the United States:

Ticker: CX		+ 1 877 7CX NYSE

Mexican Stock Exchange		In Mexico:

Ticker: CEMEXCPO		+ 52 (81) 8888 4292

Ratio of CEMEXCPO to CX = 10:1		E-Mail: ir@cemex.com

Operating and financial highlights

LOGO


	January - March												First Quarter
										l-t-l												l-t-l
	2021			2020			% var			% var			2021			2020			% var			% var
Consolidated cement volume		16,162			14,829			9	%					16,162			14,829			9	%
Consolidated ready-mix volume		11,552			11,608			(0	%)					11,552			11,608			(0	%)
Consolidated aggregates volume		31,746			31,713			0	%					31,746			31,713			0	%
Net sales		3,411			3,076			11	%		9	%		3,411			3,076			11	%		9	%
Gross profit		1,109			964			15	%		14	%		1,109			964			15	%		14	%
as % of net sales		32.5	%		31.4	%		1.1	pp					32.5	%		31.4	%		1.1	pp
Operating earnings before other income and expenses, net		406			260			56	%		57	%		406			260			56	%		57	%
as % of net sales		11.9	%		8.4	%		3.5	pp					11.9	%		8.4	%		3.5	pp
Controlling interest net income (loss)		665			42			1476	%					665			42			1476	%
Operating EBITDA		684			533			28	%		28	%		684			533			28	%		28	%
as % of net sales		20.1	%		17.3	%		2.8	pp					20.1	%		17.3	%		2.8	pp
Free cash flow after maintenance capital expenditures		1			(215	)		N/A						1			(215	)		N/A
Free cash flow		(53	)		(276	)		81	%					(53	)		(276	)		81	%
Total debt plus perpetual notes		10,859			12,143			(11	%)					10,859			12,143			(11	%)
Earnings (loss) of continuing operations per ADS		0.42			0.01			5534	%					0.42			0.01			5534	%
Fully diluted earnings (loss) of continuing operations per ADS		0.42			0.01			6540	%					0.42			0.01			6540	%
Average ADSs outstanding		1,496			1,517			(1	%)					1,496			1,517			(1	%)
Employees		42,304			40,856			4	%					42,304			40,856			4	%

This information does not include discontinued operations. Please see page 13 on this report for additional information.

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.

In millions of U.S. dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.

Please refer to page 12 for end-of quarter CPO-equivalent units outstanding.

Consolidated net sales in the first quarter of 2021 reached US$3.4 billion, which increased 9% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations, compared to the first quarter of 2020. Higher cement volumes in most of our regions, as well as higher prices for our products in local currency terms in Mexico and our South, Central America and the Caribbean region were the primary factors responsible for the increase.

Cost of sales, as a percentage of net sales decreased by 1.2pp during the first quarter of 2021 compared with the same period last year, from 68.6% to 67.5%

Operating expenses, as a percentage of net sales decreased by 2.3pp during the first quarter 2021 compared with the same period last year, from 22.9% to 20.6%, mainly driven by our “Operation Resilience” efforts.

Operating EBITDA in the first quarter of 2021 reached US$684 million, a 28% increase year over year on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations. The growth was due to higher contributions from all our regions.

Operating EBITDA margin increased by 2.8pp from 17.3% in the first quarter of 2020 to 20.1% this quarter.

Other income and expenses, net for the quarter was an income of US$570million, which mainly includes proceeds from the sale of carbon credits in Europe during the quarter and the sale of ready-mix and aggregate assets in southeast France.

Foreign exchange results represented a loss of US$7 million, mainly due to the fluctuation of the Mexican peso, Colombian peso and Euro versus the U.S. dollar.

Controlling interest net income (loss) resulted in an income of US$665 million in the first quarter of 2021 versus an income of US$42 million in the same quarter of 2020. The higher income primarily reflects higher operating earnings, including a gain on sale of assets, and a positive variation from financial instruments, partially offset by higher financial expenses, a negative variation in foreign exchange results and higher income tax.

Net debt plus perpetual notes decreased by US$547 million during the quarter.


2021 First Quarter Results				Page 2

Operating results

LOGO

Mexico


	January – March												First Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		822			685			20	%		19	%		822			685			20	%		19	%
Operating EBITDA		299			233			28	%		27	%		299			233			28	%		27	%
Operating EBITDA margin		36.4	%		34.0	%		2.4	pp					36.4	%		34.0	%		2.4	pp

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		13	%		13	%		(12	%)		(12	%)		(3	%)		(3	%)
Price (USD)		5	%		5	%		(1	%)		(1	%)		3	%		3	%
Price (local currency)		5	%		5	%		(1	%)		(1	%)		3	%		3	%

In Mexico, our cement volumes increased by 13% during the quarter while ready-mix and aggregates declined by 12% and 3%, respectively, year-over-year. Activity continues to be driven by the informal sector with bagged cement increasing at double digits. Bagged cement growth is supported by a high level of remittances, home improvements, government social programs, and pre-electoral spending. Activity in the formal sector continues showing a slight improvement.

Cement and ready-mix prices in local-currency terms improved sequentially, following the increase at the beginning of the year.

United States


	January – March															First Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		1,013			965			5	%		5	%		1,013			965			5	%		5	%
Operating EBITDA		196			163			21	%		21	%		196			163			21	%		21	%
Operating EBITDA margin		19.4	%		16.9	%		2.5	pp					19.4	%		16.9	%		2.5	pp

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	%		3	%		3	%		(0	%)		(0	%)
Price (USD)		(1	%)		(1	%)		(1	%)		(1	%)		1	%		1	%
Price (local currency)		(1	%)		(1	%)		(1	%)		(1	%)		1	%		1	%

Our United States business continued to show strong momentum during the period, achieving its highest first quarter reported EBITDA and EBITDA margin since 2006 and 2007, respectively. EBITDA was US$196 million, up 21% YoY, while EBITDA margin was 19.4%, up 2.5 percentage points YoY.

Cement and ready-mix volumes grew 9% and 3%, respectively, during the quarter while aggregates volumes remained flat. Residential remained the largest contributor to volume growth, while infrastructure also supported volumes.

Pricing for cement and ready-mix was stable, and aggregates increased 4%, sequentially.


2021 First Quarter Results				Page 3

Operating results

LOGO

Europe, Middle East, Africa and Asia


	January – March									First Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		1,087			994			9	%		2	%		1,087			994			9	%		2	%
Operating EBITDA		113			103			9	%		3	%		113			103			9	%		3	%
Operating EBITDA margin		10.4	%		10.4	%		0.0	pp					10.4	%		10.4	%		0.0	pp

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		(3	%)		(3	%)		3	%		3	%		2	%		2	%
Price (USD)		2	%		2	%		8	%		8	%		12	%		12	%
Price (local currency) (*)		(4	%)		(4	%)		1	%		1	%		4	%		4	%

In our EMEAA region, EBITDA grew 9% as a result of cost savings, larger contribution from the urbanization solutions business, and ready-mix and aggregate volume growth.

In Europe, our cement volumes declined 9% due to unfavorable weather conditions along with newly imposed lockdown measures. Volumes improved year-over-year in the UK, France, and Spain. The UK experienced its first year-over-year volume growth for all core products since 1st quarter of 2019.

European prices increased between 4% and 8% sequentially in local currency terms for all core products. This movement reflects January pricing increases in the UK and Spain as well as geographic mix.

In the Philippines, volumes declined due to reinstated lockdown measures, which continue constraining economic activity in the country.

Israel ready-mix volumes were higher driven by construction activity related to the government’s infrastructure program.

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


2021 First Quarter Results				Page 4

Operating results

LOGO

South, Central America and the Caribbean


	January – March												First Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		424			373			14	%		15	%		424			373			14	%		15	%
Operating EBITDA		123			91			36	%		40	%		123			91			36	%		40	%
Operating EBITDA margin		29.1	%		24.3	%		4.8	pp					29.1	%		24.3	%		4.8	pp

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		16	%		16	%		(10	%)		(10	%)		(6	%)		(6	%)
Price (USD)		2	%		2	%		(1	%)		(1	%)		(7	%)		(7	%)
Price (local currency) (*)		4	%		4	%		(1	%)		(1	%)		(8	%)		(8	%)

In our South, Central America and the Caribbean region, EBITDA reached its best levels since 2017. Regional cement volumes improved 16% on a year-over-year basis with growth in all countries, except Panama. Cement prices for the region rose 5%, sequentially and in local currency terms, due to increases in the Dominican Republic and Costa Rica, among others, as well as to geographic mix. EBITDA was 36% higher driven by the Dominican Republic, Colombia, and TCL.

In Colombia, the industry is enjoying robust growth, with the self-construction and infrastructure sectors as the main drivers of demand. Our cement volumes in the country grew 4%, less than the industry in the quarter, mainly due to our pricing strategy and competitive dynamics.

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


2021 First Quarter Results				Page 5

Operating results

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Operating EBITDA and free cash flow


	January - March									First Quarter
	2021			2020			% var			2021			2020			% var
Operating earnings before other income and expenses, net		406			260			56	%		406			260			56	%
+ Depreciation and operating amortization		278			273						278			273

Operating EBITDA		684			533			28	%		684			533			28	%
- Net financial expense		170			172						170			172
- Maintenance capital expenditures		96			123						96			123
- Change in working capital		349			410						349			410
- Taxes paid		50			41						50			41
- Other cash items (net)		21			14						21			14
- Free cash flow discontinued operations		(3	)		(12	)					(3	)		(12	)

Free cash flow after maintenance capital expenditures		1			(215	)		N/A			1			(215	)		N/A
- Strategic capital expenditures		53			61						53			61

Free cash flow		(53	)		(276	)		81	%		(53	)		(276	)		81	%

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

Free cash flow increased by US$223 million, or 81% year-over-year. This was driven primarily by strong EBITDA growth and by the lowest investment in working capital in a 1st quarter since 2016. Average working capital days reached a record level of -17, versus -14 in first quarter of 2020.

Information on debt and perpetual notes


										Fourth Quarter
	First Quarter									Fourth Quarter
	2021			2020			% var			2020

Total debt ⁽¹⁾		10,413			11,701			(11	%)		10,598

Short-term		8	%		4	%					4	%
Long-term		92	%		96	%					96	%
Perpetual notes		446			441			1	%		449

Total debt plus perpetual notes		10,859			12,143			(11	%)		11,047

Cash and cash equivalents		1,309			1,387			(6	%)		950

Net debt plus perpetual notes		9,550			10,756			(11	%)		10,097

Consolidated funded debt ⁽²⁾		9,666			10,751						10,254

Consolidated leverage ratio ⁽²⁾		3.61			4.40						4.07
Consolidated coverage ratio ⁽²⁾		4.10			3.87						3.82


	First Quarter
	2021			2020
Currency denomination
U.S. dollar		65	%		69	%
Euro		22	%		23	%
Mexican peso		4	%		0	%
Other		9	%		8	%
Interest rate(3)
Fixed		83	%		70	%
Variable		17	%		30	%

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 the 2017 Facilities Agreement, as amended and restated on April and November 2019.

⁽³⁾

Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,325 million.

Leverage ratio, as calculated under the Facilities Agreement, was reduced to 3.61 times, a reduction of 0.46 of a turn compared to December 31st. Increased EBITDA and asset sales, including carbon credits, contributed to our net debt reduction of US$547 million versus the fourth quarter of 2020.


2021 First Quarter Results				Page 6

Operating results

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Consolidated Income Statement & Balance Sheet

CEMEX, S.A.B. de C.V. and Subsidiaries

(Thousands of U.S. dollars, except per ADS amounts)


	January - March												First Quarter
										like-to-like												like-to-like
INCOME STATEMENT	2021			2020			% var			% var			2021			2020			% var			% var
Net sales		3,411,030			3,075,934			11	%		9	%		3,411,030			3,075,934			11	%		9	%
Cost of sales		(2,301,971	)		(2,111,613	)		(9	%)					(2,301,971	)		(2,111,613	)		(9	%)

Gross profit		1,109,059			964,321			15	%		14	%		1,109,059			964,321			15	%		14	%
Operating expenses		(702,991	)		(704,477	)		0	%					(702,991	)		(704,477	)		0	%

Operating earnings before other income and expenses, net		406,068			259,843			56	%		57	%		406,068			259,843			56	%		57	%
Other income and expenses, net		569,797			(42,746	)		N/A						569,797			(42,746	)		N/A

Operating earnings		975,866			217,098			350	%					975,866			217,098			350	%
Financial expense		(244,462	)		(170,244	)		(44	%)					(244,462	)		(170,244	)		(44	%)
Other financial income (expense), net		(19,572	)		14,713			N/A						(19,572	)		14,713			N/A
Financial income		3,229			4,926			(34	%)					3,229			4,926			(34	%)
Results from financial instruments, net		(98	)		(27,399	)		100	%					(98	)		(27,399	)		100	%
Foreign exchange results		(6,606	)		51,721			N/A						(6,606	)		51,721			N/A
Effects of net present value on assets and liabilities and others, net		(16,098	)		(14,535	)		(11	%)					(16,098	)		(14,535	)		(11	%)
Equity in gain (loss) of associates		3,345			4,915			(32	%)					3,345			4,915			(32	%)

Income (loss) before income tax		715,176			66,482			976	%					715,176			66,482			976	%
Income tax		(74,747	)		(50,027	)		(49	%)					(74,747	)		(50,027	)		(49	%)

Profit (loss) of continuing operations		640,429			16,455			3792	%					640,429			16,455			3792	%
Discontinued operations		31,965			30,776			4	%					31,965			30,776			4	%

Consolidated net income (loss)		672,394			47,231			1324	%					672,394			47,231			1324	%
Non-controlling interest net income (loss)		7,861			5,063			55	%					7,861			5,063			55	%

Controlling interest net income (loss)		664,533			42,168			1476	%					664,533			42,168			1476	%

Operating EBITDA		684,322			532,938			28	%		28	%		684,322			532,938			28	%		28	%
Earnings (loss) of continued operations per ADS		0.42			0.01			5534	%					0.42			0.01			5534	%
Earnings (loss) of discontinued operations per ADS		0.02			0.02			5	%					0.02			0.02			5	%


	As of March 31
BALANCE SHEET	2021		2020		% var
Total assets		27,562,367		28,597,946		(4	%)
Cash and cash equivalents		1,308,733		1,386,584		(6	%)
Trade receivables less allowance for doubtful accounts		1,631,961		1,558,743		5	%
Other accounts receivable		406,358		365,665		11	%
Inventories, net		1,073,814		971,315		11	%
Assets held for sale		155,764		359,048		(57	%)
Other current assets		131,157		135,677		(3	%)
Current assets		4,707,787		4,777,031		(1	%)
Property, machinery and equipment, net		11,160,912		11,071,060		1	%
Other assets		11,693,668		12,749,855		(8	%)

Total liabilities		17,987,728		18,423,280		(2	%)
Current liabilities		5,417,872		4,589,395		18	%
Long-term liabilities		8,693,079		10,202,024		(15	%)
Other liabilities		3,876,777		3,631,862		7	%

Total stockholder’s equity		9,574,639		10,174,666		(6	%)
Non-controlling interest and perpetual instruments		889,209		1,390,974		(36	%)
Total controlling interest		8,685,430		8,783,692		(1	%)


2021 First Quarter Results				Page 7

Operating results

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Operating Summary per Country

In thousands of U.S. dollars


	January - March												First Quarter
										like-to-like												like-to-like
NET SALES	2021			2020			% var			% var			2021			2020			% var			% var
Mexico		821,642			685,337			20	%		19	%		821,642			685,337			20	%		19	%
U.S.A.		1,013,157			964,994			5	%		5	%		1,013,157			964,994			5	%		5	%
Europe, Middle East, Asia and Africa		1,087,071			993,632			9	%		2	%		1,087,071			993,632			9	%		2	%
Europe		718,964			641,734			12	%		3	%		718,964			641,734			12	%		3	%
Philippines		107,466			110,796			(3	%)		(8	%)		107,466			110,796			(3	%)		(8	%)
Middle East and Africa		260,642			241,102			8	%		4	%		260,642			241,102			8	%		4	%
South, Central America and the Caribbean		424,252			372,572			14	%		15	%		424,252			372,572			14	%		15	%
Others and intercompany eliminations		64,907			59,398			9	%		15	%		64,907			59,398			9	%		15	%

TOTAL		3,411,030			3,075,934			11	%		9	%		3,411,030			3,075,934			11	%		9	%


GROSS PROFIT
Mexico		427,330			355,669			20	%		20	%		427,330			355,669			20	%		20	%
U.S.A.		266,151			244,983			9	%		9	%		266,151			244,983			9	%		9	%
Europe, Middle East, Asia and Africa		235,874			228,926			3	%		(3	%)		235,874			228,926			3	%		(3	%)
Europe		146,065			136,829			7	%		(1	%)		146,065			136,829			7	%		(1	%)
Philippines		42,493			46,900			(9	%)		(14	%)		42,493			46,900			(9	%)		(14	%)
Middle East and Africa		47,317			45,196			5	%		(0	%)		47,317			45,196			5	%		(0	%)
South, Central America and the Caribbean		165,239			140,452			18	%		20	%		165,239			140,452			18	%		20	%
Others and intercompany eliminations		14,464			(5,709	)		N/A			N/A			14,464			(5,709	)		N/A			N/A

TOTAL		1,109,059			964,321			15	%		14	%		1,109,059			964,321			15	%		14	%


OPERATING EARNINGS BEFORE OTHER INCOME AND EXPENSES, NET
Mexico		260,021			195,628			33	%		32	%		260,021			195,628			33	%		32	%
U.S.A.		87,240			55,092			58	%		58	%		87,240			55,092			58	%		58	%
Europe, Middle East, Asia and Africa		30,379			24,386			25	%		22	%		30,379			24,386			25	%		22	%
Europe		(4,939	)		(10,233	)		52	%		61	%		(4,939	)		(10,233	)		52	%		61	%
Philippines		18,956			19,975			(5	%)		(8	%)		18,956			19,975			(5	%)		(8	%)
Middle East and Africa		16,361			14,644			12	%		4	%		16,361			14,644			12	%		4	%
South, Central America and the Caribbean		100,924			67,830			49	%		53	%		100,924			67,830			49	%		53	%
Others and intercompany eliminations		(72,495	)		(83,094	)		13	%		15	%		(72,495	)		(83,094	)		13	%		15	%

TOTAL		406,068			259,843			56	%		57	%		406,068			259,843			56	%		57	%


2021 First Quarter Results				Page 8

Operating results

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Operating Summary per Country

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


	January - March												First Quarter
										like-to-like												like-to-like
OPERATING EBITDA	2021			2020			% var			% var			2021			2020			% var			% var
Mexico		298,743			232,988			28	%		27	%		298,743			232,988			28	%		27	%
U.S.A.		196,464			162,918			21	%		21	%		196,464			162,918			21	%		21	%
Europe, Middle East, Asia and Africa		112,517			103,149			9	%		3	%		112,517			103,149			9	%		3	%
Europe		52,854			44,672			18	%		11	%		52,854			44,672			18	%		11	%
Philippines		30,386			30,964			(2	%)		(6	%)		30,386			30,964			(2	%)		(6	%)
Middle East and Africa		29,277			27,513			6	%		1	%		29,277			27,513			6	%		1	%
South, Central America and the Caribbean		123,370			90,550			36	%		40	%		123,370			90,550			36	%		40	%
Others and intercompany eliminations		(46,770	)		(56,667	)		17	%		21	%		(46,770	)		(56,667	)		17	%		21	%

TOTAL		684,322			532,938			28	%		28	%		684,322			532,938			28	%		28	%


OPERATING EBITDA MARGIN
Mexico		36.4	%		34.0	%								36.4	%		34.0	%
U.S.A.		19.4	%		16.9	%								19.4	%		16.9	%
Europe, Middle East, Asia and Africa		10.4	%		10.4	%								10.4	%		10.4	%
Europe		7.4	%		7.0	%								7.4	%		7.0	%
Philippines		28.3	%		27.9	%								28.3	%		27.9	%
Middle East and Africa		11.2	%		11.4	%								11.2	%		11.4	%
South, Central America and the Caribbean		29.1	%		24.3	%								29.1	%		24.3	%

TOTAL		20.1	%		17.3	%								20.1	%		17.3	%


2021 First Quarter Results				Page 9

Operating results

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Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.


	January - March							First Quarter
	2021		2020		% var			2021		2020		% var
Consolidated cement volume ⁽¹⁾		16,162		14,829		9	%		16,162		14,829		9	%
Consolidated ready-mix volume		11,552		11,608		(0	%)		11,552		11,608		(0	%)
Consolidated aggregates volume		31,746		31,713		0	%		31,746		31,713		0	%

Per-country volume summary


	January - March			First Quarter			First Quarter 2021 vs.
DOMESTIC GRAY CEMENT VOLUME	2021 vs. 2020			2021 vs. 2020			Fourth Quarter 2020
Mexico		13	%		13	%		(6	%)
U.S.A.		9	%		9	%		(2	%)
Europe, Middle East, Asia and Africa		(3	%)		(3	%)		(9	%)
Europe		(9	%)		(9	%)		(17	%)
Philippines		(4	%)		(4	%)		14	%
Middle East and Africa		15	%		15	%		(15	%)
South, Central America and the Caribbean		16	%		16	%		0	%

READY-MIX VOLUME
Mexico		(12	%)		(12	%)		(11	%)
U.S.A.		3	%		3	%		2	%
Europe, Middle East, Asia and Africa		3	%		3	%		(12	%)
Europe		(0	%)		(0	%)		(14	%)
Philippines		N/A			N/A			N/A
Middle East and Africa		8	%		8	%		(9	%)
South, Central America and the Caribbean		(10	%)		(10	%)		(2	%)

AGGREGATES VOLUME
Mexico		(3	%)		(3	%)		(11	%)
U.S.A.		(0	%)		(0	%)		(2	%)
Europe, Middle East, Asia and Africa		2	%		2	%		(14	%)
Europe		5	%		5	%		(12	%)
Philippines		N/A			N/A			N/A
Middle East and Africa		(7	%)		(7	%)		(21	%)
South, Central America and the Caribbean		(6	%)		(6	%)		(10	%)

⁽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 UK.


2021 First Quarter Results				Page 10

Operating results

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Price Summary

Variation in U.S. dollars


	January - March			First Quarter			First Quarter 2021 vs.
DOMESTIC GRAY CEMENT PRICE	2021 vs. 2020			2021 vs. 2020			Fourth Quarter 2020
Mexico		5	%		5	%		4	%
U.S.A.		(1	%)		(1	%)		0	%
Europe, Middle East, Asia and Africa (*)		2	%		2	%		3	%
Europe (*)		11	%		11	%		5	%
Philippines		0	%		0	%		(1	%)
Middle East and Africa (*)		(14	%)		(14	%)		4	%
South, Central America and the Caribbean (*)		2	%		2	%		4	%

READY-MIX PRICE
Mexico		(1	%)		(1	%)		0	%
U.S.A.		(1	%)		(1	%)		(1	%)
Europe, Middle East, Asia and Africa (*)		8	%		8	%		3	%
Europe (*)		12	%		12	%		6	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		1	%		1	%		0	%
South, Central America and the Caribbean (*)		(1	%)		(1	%)		4	%

AGGREGATES PRICE
Mexico		3	%		3	%		(3	%)
U.S.A.		1	%		1	%		4	%
Europe, Middle East, Asia and Africa (*)		12	%		12	%		10	%
Europe (*)		13	%		13	%		9	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		8	%		8	%		9	%
South, Central America and the Caribbean (*)		(7	%)		(7	%)		4	%

(*)	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


2021 First Quarter Results				Page 11

Operating results

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Variation in Local Currency


	January -March			First Quarter			First Quarter 2021 vs.
DOMESTIC GRAY CEMENT PRICE	2021 vs. 2020			2021 vs. 2020			Fourth Quarter 2020
Mexico		5	%		5	%		5	%
U.S.A.		(1	%)		(1	%)		0	%
Europe, Middle East, Asia and Africa (*)		(4	%)		(4	%)		3	%
Europe (*)		3	%		3	%		4	%
Philippines		(4	%)		(4	%)		(0	%)
Middle East and Africa (*)		(14	%)		(14	%)		4	%
South, Central America and the Caribbean (*)		4	%		4	%		5	%

READY-MIX PRICE
Mexico		(1	%)		(1	%)		1	%
U.S.A.		(1	%)		(1	%)		(1	%)
Europe, Middle East, Asia and Africa (*)		1	%		1	%		3	%
Europe (*)		4	%		4	%		5	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		(4	%)		(4	%)		0	%
South, Central America and the Caribbean (*)		(1	%)		(1	%)		5	%

AGGREGATES PRICE
Mexico		3	%		3	%		(2	%)
U.S.A.		1	%		1	%		4	%
Europe, Middle East, Asia and Africa (*)		4	%		4	%		8	%
Europe (*)		4	%		4	%		8	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		2	%		2	%		9	%
South, Central America and the Caribbean (*)		(8	%)		(8	%)		5	%

(*)	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


2021 First Quarter Results				Page 12

Other information

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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
	2021					2020					2020

In millions of US dollars.	Notional amount		Fair value			Notional amount		Fair value			Notional amount		Fair value
Exchange rate derivatives ⁽¹⁾		1,028		(11	)		980		130			741		(42	)
Equity related derivatives ⁽²⁾		—		—			72		3			27		3
Interest rate swaps ⁽³⁾		1,325		(41	)		1,000		(64	)		1,334		(47	)
Fuel derivatives ⁽⁴⁾		108		24			185		(27	)		128		5

		2,461		(28	)		2,237		42			2,230		(81	)

(1)

Exchange rate derivatives are used to manage currency exposures that arise from the regular operations and from forecasted transactions.

(2)

Equity derivatives related with forwards, net of cash collateral, over the shares of Grupo Cementos Chihuahua, S.A.B. de C.V.

(3)

Interest-rate swap derivatives related to bank loans.

(4)

Forward contracts negotiated to hedge the price of the fuel consumed in certain operations.

Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as assets or liabilities, at their estimated fair market value, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in which case changes in the fair market value of the related derivative instruments are recognized temporarily in equity and then reclassified into earnings as the inverse effects of the underlying hedged items flow through the income statement, and/or transactions related to net investment hedges, in which case changes in fair value are recorded directly in equity as part of the currency translation effect, and are reclassified to the income statement only upon disposal of the net investment. As of March 31, 2021, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net liability of US$28 million.

Equity-related information

One CEMEX ADS represents ten CEMEX CPOs. One CEMEX CPO represents two Series A shares and one Series B share. The following amounts are expressed in CPO-equivalent terms.


Beginning-of-quarter outstanding CPO-equivalents			14,708,429,449

End-of-quarter outstanding CPO-equivalents			14,708,429,449

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 in subsidiaries, which as of March 31, 2021 were 20,541,277.

Assets held for sale and discontinued operations

On March 31, 2021, CEMEX sold 24 concrete plants and 1 aggregates quarry in France to LafargeHolcim for approximately US$44 million. These assets are located in the Rhone Alpes region in the Southeast of France, East of CEMEX´s Lyon operations, which the company will retain. CEMEX’s operations of these assets in France for the three-month periods ended March 31, 2021 and 2020 are reported in the Income Statements net of income tax in the single line item “Discontinued operations.”

On August 3, 2020, through an affiliate in the United Kingdom, CEMEX closed the sale of certain assets to Breedon Group plc for approximately US$230 million, including approximately US$30 million of debt. The assets included 49 ready-mix plants, 28 aggregate quarries, four depots, one cement terminal, 14 asphalt plants, four concrete products operations, as well as a portion of CEMEX’s paving solutions business in the United Kingdom. After completion of this divestiture, CEMEX maintains a significant footprint in key operating geographies in the United Kingdom related with the production and sale of cement, ready-mix, aggregates, asphalt and paving solutions, among others. For purposes of the Income Statement for the three-month period ended March 31, 2020 the operations related to this segment are presented net of income tax in the single line item “Discontinued operations,” including an allocation of goodwill of US$47 million.

On March 6, 2020, CEMEX concluded the sale of its U.S. affiliate Kosmos Cement Company (“Kosmos”), a partnership with a subsidiary of Buzzi Unicem S.p.A. in which CEMEX held a 75% interest, to Eagle Materials Inc. for US$665 million. The share of proceeds to CEMEX from this transaction was US$499 million before transactional and other costs and expenses. The assets divested consisted of Kosmos’ cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves. CEMEX’s Income Statement for the three-month period ended March 31, 2020 present the operations related to this segment from January 1 to March 6, 2020 net of income tax in the single line item “Discontinued operations.”

On March 29, 2019, CEMEX signed a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.Ş. to divest CEMEX’s white cement business, except for Mexico and the U.S., for an initial price of US$180 million, including its Buñol cement plant. The transaction is pending for approval from the corresponding authorities. CEMEX currently expects to close this transaction by the end of 2Q21. As of March 31, 2021 and 2020, the assets and liabilities associated with the white cement business were presented in the Statements of Financial Position within the line items of “assets and liabilities held for sale”, as correspond. Moreover, CEMEX’s operations of these assets in Spain for the three-month periods ended March 31, 2021 and 2020 are reported in the Income Statements net of income tax in the single line item “Discontinued operations.”


2021 First Quarter Results				Page 13

Other information

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The following table presents condensed combined information of the Income Statements of CEMEX’s discontinued operations previously mentioned in: a) the Southeast of France for the three-month periods ended March 31, 2021 and 2020; b) the United Kingdom for the period from January 1 to March 31, 2020; c) the United States related to Kosmos for the period from January 1 to March 6, 2020; and d) Spain for the three-month periods ended March 31, 2021 and 2020:


INCOME STATEMENT	Jan-Mar									First Quarter
(Millions of U.S. dollars)	2021			2020			2021			2020
Sales		23			97			23			97
Cost of sales and operating expenses		(22	)		(90	)		(22	)		(90	)
Other income (expenses), net		(1	)		0			(1	)		0
Interest expense, net, and others		—			6			—			6

Income before income tax		—			13			—			13

Income tax		—			0			—			0

Income from discontinued operations		—			13			—			13

Net gain on sale		32			18			32			18

Income from discontinued operations		32			31			32			31

Assets held for sale and related liabilities

As of March 31, 2021, the following table presents condensed combined information of the Statement of Financial Position for the assets held for sale in Spain, as mentioned above:


(Millions of U.S. dollars)	1Q21
Current assets		3
Non-current assets		97

Total assets of the disposal group		100
Current liabilities		0
Non-current liabilities		0

Total liabilities directly related to disposal group		0

Total net assets of disposal group		100

Other significant transactions

In connection with the CO2 emission allowances in the European Union (the “Allowances”) under the EU Emissions Trading System (“EU ETS”), considering the Company’s target across all of its cement plants in Europe to reach 55% reduction in CO2 emissions by year 2030 versus its 1990 baseline and the expected delivery of net-zero CO2 concrete for all products and geographies by year 2050, as well as the innovative technologies and considerable capital investments that have to be deployed to achieve such goals, during the second half of March 2021, CEMEX sold 12.3 million Allowances in several transactions for approximately €509 million (approximately US$600 million) that the Company had accrued as of the end of the Phase III under the EU ETS, which finalized on December 31, 2020. This sale was recognized in the three-month period ended March 31, 2021 as part of the line item “Other income (expenses), net”. As of the date of this report, CEMEX believes it still retains sufficient Allowances to cover the requirements of its operations in Europe until at least the end of 2025 under the Phase IV of the EU ETS, which commenced on January 1, 2021 and will last until December 31, 2030. CEMEX considers this transaction will improve its ability to further address the investments required to achieve its reductions goals, which include, but are not limited to, the general process switch from fossil fuels to lower carbon alternatives, becoming more efficient in the use of energy, sourcing alternative raw materials that contribute to reducing overall emissions or clinker factor, developing and actively promoting lower carbon products, and the recent deployment of ground breaking hydrogen technology in all CEMEX’s European kilns. CEMEX is also working closely with alliances to develop industrial scale technologies towards its goal of a net zero carbon future.


2021 First Quarter Results				Page 14

Definitions of terms and disclosures

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Methodology for translation, consolidation, and presentation of results

Under IFRS, CEMEX translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement. Beginning on March 31, 2019 and for each subsequent period CEMEX reports its consolidated results in U.S. dollars.

Breakdown of regions and subregions

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

The EMEAA region includes Europe, Middle East, Asia, and Africa. Asia includes our Philippines operations.

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

Middle East and Africa subregion include the United Arab Emirates, Egypt, and Israel.

Definition of terms

Free cash flow equals operating EBITDA minus net interest expense, maintenance, and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation and coupon payments on our perpetual notes).

l-t-l (like to like) on a like-to-like basis adjusting for currency fluctuations and for investments/divestments when applicable.

Maintenance capital expenditures 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 convertible bonds and financial leases) minus cash and cash equivalents.

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

pp equals percentage points

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

Strategic capital expenditures 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
	2021		2020		2021		2020		2021		2020
	Average		Average		Average		Average		End of period		End of period
Mexican peso		20.63		20.72		20.63		20.72		20.43		23.68
Euro		0.833		0.9076		0.833		0.9076		0.8525		0.907
British pound		0.7226		0.7819		0.7226		0.7819		0.7256		0.8057


2021 First Quarter Results				Page 15

Disclaimer

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This report contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities laws. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, or 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. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, among other things: the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding senior secured notes and our other debt instruments and financial obligations; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of capital; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our global pricing initiatives for our products and generally meet our “Operation Resilience” plan’s initiatives; 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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our 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, including the USMCA, if it comes into effect, and NAFTA, while it is in effect, both of which Mexico is a party to; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read this report and carefully consider the risks, uncertainties and other factors that affect our business. The information contained in this report is subject to change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by CEMEX with the United States Securities and Exchange Commission. CEMEX’s “Operation Resilience” plan is designed based on CEMEX’s current beliefs and expectations. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, and aggregates. 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.

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS,

BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE


2021 First Quarter Results				Page 16

Presentation regarding first quarter 2021 results for CEMEX.

First Quarter 2021 Results Exhibit 3

This presentation contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities laws. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, or 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. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, among other things: the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding senior secured notes and our other debt instruments and financial obligations; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of capital; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our global pricing initiatives for our products and generally meet our “Operation Resilience” plan’s initiatives; 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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our 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, including the USMCA, if it comes into effect, and NAFTA, while it is in effect, both of which Mexico is a party to; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business. The information contained in this presentation is subject to change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by CEMEX with the United States Securities and Exchange Commission. CEMEX’s “Operation Resilience” plan is designed based on CEMEX’s current beliefs and expectations. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. This presentation also includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker and aggregates. 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 presentation. 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

Net sales increased 9% l-t-l YoY with higher contribution in all regions 28% YoY increase in EBITDA, reaching US$684 M Strong pricing performance with prices up mid-single digit sequentially in local currency terms EBITDA margin at 20.1%, up 2.8pp YoY, to the highest first quarter margin since 2007 Highest first quarter cement volumes since 2008 drives operational leverage FCF after maintenance capex was the highest for a first quarter in five years and increased US$216 M Leverage of 3.61x driven by EBITDA growth and asset sales; accelerating the path to investment grade capital structure Key achievements in 1st Quarter 2021 Net sales Operating EBITDA Operating EBITDA margin Free Cash Flow after maintenance capex +2.8pp +216 +9% l-t-l +28% l-t-l Millions of U.S. dollars

Key markets in expansion, after COVID recovery MEAA US EUR MEX SCAC CEMEX Cement volumes YoY % change1 1) On an average daily sales Region Cement volumes1 1Q21 vs. 1Q19 US +20% MEX +16% SAC +5% MEAA +6% EUR (8%) CEMEX 9%

Unique footprint with superior supply chain capabilities in production constrained markets Unique supply chain capabilities throughout our America´s footprint High flexibility to serve production constrained markets CPN plant expected to be ready by 2Q21 to serve incremental demand in western US Capacity additions in Mexico, Dominican Republic and Colombia within the next two years Far East Mediterranean

EBITDA expansion driven by higher volumes and prices, lower opex and freight, and higher contribution from urbanization solutions EBITDA variation Millions of U.S. dollars

Advancing materially against our “Operation Resilience” goals 20.1% margin, an increase of 2.8pp YoY ~US$50 M of incremental savings in 2021 ~US$600 M bolt-on investment pipeline expected to contribute US$100 M of incremental EBITDA in 2021 Urbanization Solutions EBITDA grew 41% in 1Q21 Increased total capex guidance to ~US$1.3 B ~24% reduction vs. 1990 baseline Reduction of 3% YoY in 1Q21 Net leverage at 3.61x, a decrease of 0.46x QoQ Net debt plus perpetuals at ~US$9.6 B, with a ~US$550 M decrease QoQ -35% in net CO2 emissions by 2030 ≤3.0x net leverage by 2023 EBITDA margin of ≥20% by 2023 Optimize our portfolio for growth 1Q21 progress

Fully committed to our global Climate Agenda Climate and Energy Circular Economy Kg of CO2 per ton of cementitious Alternative fuels as a % of total fuels Blended cement as a % of total cement sold Waste consumption Target 2030 520 kg or 35% reduction vs. 1990 43% 75% 25 million metric tons Performance 2020 620 kg or 22.6% reduction vs. 1990 25.2% 64.7% 19 million metric tons, equivalent to 50 times the non-recoverable waste we generate Performance 1Q21 613 kg or 24% reduction vs. 1990, or 3% reduction vs. 1Q21 26% 67.1% 4.4 million metric tons Link to priority United Nations SDGs

Regional Highlights I.E. Leticia Arango, Colombia

United States: Achieved 21% increase in EBITDA, driven by volumes, operational leverage and cost savings Millions of U.S. dollars Growth momentum continued in 1Q21, with all key states, except for Texas, increasing cement volumes at double-digit Unique footprint with superior supply chain capabilities in production constrained markets Residential as largest driver of demand EBITDA growth and margin expansion driven by higher volumes, lower freight and SG&A and higher contribution from urbanization solutions business Over medium term, demand supported by economic reopening and Biden’s US$2.3 T “American Jobs Plan” infrastructure proposal

Mexico: Strong demand growth brings industry volumes back to 2018 levels Continued bagged cement momentum supported by government social programs, home improvement activity, higher remittances and pre-electoral spending Gradual recovery in the formal sector with pickup in formal residential and acceleration of government infrastructure projects Strong pricing traction in cement after January price increase Higher volumes and prices, and cost containment measures support strong margin expansion Millions of U.S. dollars

EMEAA: EBITDA growth partially offset by weather impact in Europe Millions of U.S. dollars EMEAA: Europe, Middle East, Africa and Asia region Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange Unfavorable weather throughout Europe, but particularly in Germany, Poland, and Czech Republic UK with first YoY cement volume growth since 1Q19, as housing and infrastructure activity picks up Prices in Europe for three core products up between 4% to 8% sequentially in local currency terms Our current carbon allowance position expected to last until at least 2025 Increased infrastructure activity in Israel driving ready-mix volumes Cement volumes in Philippines down 4%, impacted by lockdowns and subdued economic activity

Highest quarterly cement volumes since 2Q18, with growth in all countries, except Panama Cement prices up 5% sequentially mainly due to increases in Dominican Republic and Costa Rica, among others, as well as to geographic-mix In Colombia, activity supported by self-construction and 4G highways projects In the Dominican Republic, strong bagged cement performance driven by remittances Record high EBITDA in TCL Group since CEMEX assumed control Margin expansion due to higher volumes and prices, as well as cost reduction initiatives SCAC: EBITDA returns to 1Q17 level due to strong volumes and pricing Millions of U.S. dollars SCAC: South, Central America and the Caribbean region Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates 1Q21 Results

1Q21 Results Casa Erasto – Mexico City, Mexico

Highest 1st quarter free cash flow since 2016, with record working capital days Average working capital days Controlling Interest Net Income US$ M Millions of U.S. dollars Highest quarterly net income since 3rd quarter of 2007

Average life of debt: 6.2 years Proforma1 total debt excluding perpetual notes as of March 31, 2021: US$10,085 million 1,337 1,462 345 554 1060 Fixed Income Other bank debt 2017 Facilities Agreement Leases Millions of U.S. dollars 1) Giving proforma effect to the redemption in April of US$321 M Notes of 5.7% due 2025 No material maturities until July 2023, with a >6-year average life

Material net debt and leverage reduction Net Debt plus perpetuals variation Millions of U.S. dollars 1) Includes proceeds from the sale of CO2 allowances and sale of assets in France 2) Other relates to US$87 M of financial fees/bond premiums, US$39 M from a decrease in funding from securitizations of A/R, and others 3) As defined under the 2017 Facilities Agreement, as amended and restated 4.07x 3.61x -0.46x Consolidated leverage ratio3 1 2

Casa Vargas – Querétaro, Mexico 2021 Outlook

2021 guidance1 1) Reflects CEMEX’s current expectations 2) Like-to-like for ongoing operations and assuming FX levels as of March 31st, 2021, for the remaining of the year 3) Including perpetual bonds Operating EBITDA > US$2.9 billion2 Consolidated volume growth 3% to 5% Cement 2% to 4% Ready mix 1% to 3% Aggregates Energy cost/ton of cement produced ~10% increase Capital expenditures ~US$1.3 billion total ~US$800 M Maintenance, ~US$500 M Strategic Investment in working capital US$100 to US$150 million Cash taxes ~US$250 million Cost of debt3 Decrease of ~US$120 million

Sustainable growth, tight supply/demand dynamics and operating leverage in key markets Capture growth through unique supply chain capabilities Pricing traction supported by tight supply, CO2 costs, and rising energy and shipping costs With economic reopening, resumption of COVID delayed formal construction projects In US and Europe, medium term upside from infrastructure stimulus such as “Green Europe” and “American Jobs Plan” Bolt-on investments that offer important contribution to EBITDA over the near term Investment grade capital structure and ≥20% EBITDA margin, two of our goals under Operation Resilience, likely to be reached well in advance of 2023 timeline Material progress on 2030 carbon goals, while expanding carbon capture initiatives to achieve 2050 net zero concrete ambition What to expect

Appendix Dubai International Airport, Terminal D, United Arab Emirates

Average life of debt: 6.0 years Debt maturity profile as of 1Q21 Total debt excluding perpetual notes as of March 31, 2021: US$10,413 million > Fixed Income1 Other bank debt 2017 Facilities Agreement Leases Millions of U.S. dollars 1) During March 2021, CEMEX sent a redemption notice for the 5.7% Notes due 2025 to fully redeem in April 2021 the outstanding amount of US$321 M. This debt was classified as short-term debt, therefore showing as a maturity in 2021

Consolidated volumes and prices Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates

Additional information on debt and perpetual notes Currency denomination Interest rate3 Millions of U.S. dollars 1) Includes leases, in accordance with International Financial Reporting Standard (IFRS) 2) Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated 3) Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,325 million MXN 4%

Additional information on debt Total debt1 by instrument Millions of U.S. dollars 1) Includes leases, in accordance with IFRS

1Q21 volume and price summary: selected countries/region Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates

2021 expected volume outlook1: selected countries 1) Reflects CEMEX’s current expectations. Volumes on a like-to-like basis CEMENT Ready Mix Aggregates CEMEX +3% to +5% +2% to +4% +1% to +3% Mexico +7% to +9% +8% to +12% +8% to +12% USA +3% to +5% +1% to +3% +1% to +3% Europe (1%) to +1% +1% to +3% +1% to +3% Colombia +10% to +12% +19% to +21% NA Panama +29% to +31% +42% to +44% NA Costa Rica +7% to +9% +10% to +12% NA Dominican Republic +14% to +16% (7%) to (5%) NA Israel NA (2%) to (4%) (2%) to (4%) Philippines +5% to +7% NA NA

Definitions SCAC South, Central America and the Caribbean EMEAA Europe, Middle East, Africa and Asia Cement When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed from total domestic cement including clinker to domestic gray cement) LC Local currency 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 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 Promoter Score (NPS) A core KPI that helps us to systematically measure our customer loyalty and satisfaction Operating EBITDA Operating earnings before other expenses, net plus depreciation and operating amortization pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products Strategic capital expenditures 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 TCL Operations Trinidad Cement Limited includes Barbados, Guyana, Jamaica and Trinidad and Tobago USD U.S. dollars % var Percentage variation