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 June, 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. | Presentation that includes information of CEMEX, S.A.B. de C.V. (NYSE:CX) (“CEMEX”) discussed by Fernando A. González Olivieri, CEMEX’s Chief Executive Officer, on June 24, 2021, during CEMEX’s annual event, CEMEX Day. |
| 2. | Presentation that includes information of CEMEX discussed by José Antonio González Flores, CEMEX’s Executive Vice President of Strategic Planning and Business Development, on June 24, 2021, during CEMEX’s annual event, CEMEX Day. |
| 3. | Presentation that includes information of CEMEX discussed by Maher Al-Haffar, CEMEX’s Executive Vice President of Finance and Administration (CFO), on June 24, 2021, during CEMEX’s annual event, CEMEX Day. |
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: June 24, 2021 | By: | /s/ Rafael Garza Lozano | ||||
| Name: | Rafael Garza Lozano | |||||
| Title: | Chief Comptroller | |||||
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EXHIBIT INDEX
| EXHIBIT NO. |
DESCRIPTION | |
| 1. | Presentation that includes information of CEMEX, S.A.B. de C.V. (NYSE:CX) (“CEMEX”) discussed by Fernando A.González Olivieri, CEMEX’s Chief Executive Officer, on June 24, 2021, during CEMEX’s annual event, CEMEX Day. | |
| 2. | Presentation that includes information of CEMEX discussed by José Antonio González Flores, CEMEX’s Executive Vice President of Strategic Planning and Business Development, on June 24, 2021, during CEMEX’s annual event, CEMEX Day. | |
| 3. | Presentation that includes information of CEMEX discussed by Maher Al-Haffar, CEMEX’s Executive Vice President of Finance and Administration (CFO), on June 24, 2021, during CEMEX’s annual event, CEMEX Day. | |
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Exhibit 1 Fernando A. González - CEO CIRCA RESORT & CASINO, UNITED STATES Photo: Ryan GobutyExhibit 1 Fernando A. González - CEO CIRCA RESORT & CASINO, UNITED STATES Photo: Ryan Gobuty
This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend 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,” “aimed” 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, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; 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, energy, 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, including our perpetual debentures; 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 and on the cost of the products and services we purchase; 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 pricing initiatives for our products and generally meet our “Operation Resilience” 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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting 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 United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in the our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). 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 subsidiariesThis presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend 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,” “aimed” 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, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; 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, energy, 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, including our perpetual debentures; 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 and on the cost of the products and services we purchase; 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 pricing initiatives for our products and generally meet our “Operation Resilience” 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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting 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 United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in the our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). 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
Reaffirming our Purpose and Strategic Priorities § A leading vertically integrated building materials and solutions company, with bias towards the US and Europe § Focus on our four core businesses – cement, ready mix, aggregates and urbanization solutions § Enhanced EBITDA through operational performance and cost efficiencies § Building solutions to support the development of growing, sustainable metropolises § Simplified investment grade capital structure § More sustainable business with progress toward long- term decarbonization goals 3 OUR WHY: BUILDING A BETTER FUTUREReaffirming our Purpose and Strategic Priorities § A leading vertically integrated building materials and solutions company, with bias towards the US and Europe § Focus on our four core businesses – cement, ready mix, aggregates and urbanization solutions § Enhanced EBITDA through operational performance and cost efficiencies § Building solutions to support the development of growing, sustainable metropolises § Simplified investment grade capital structure § More sustainable business with progress toward long- term decarbonization goals 3 OUR WHY: BUILDING A BETTER FUTURE
Management actions drive significant achievements EBITDA Net Sales +7% +18% Trailing 9 months March ’21 YoY basis EBITDA margin Leverage of -1.4x +2pp 1 3.2x 1) As defined under the Facilities Agreement and on a proforma basis as of 4 March 31, 2021, adjusting for the issuance of $1.0B subordinated debtManagement actions drive significant achievements EBITDA Net Sales +7% +18% Trailing 9 months March ’21 YoY basis EBITDA margin Leverage of -1.4x +2pp 1 3.2x 1) As defined under the Facilities Agreement and on a proforma basis as of 4 March 31, 2021, adjusting for the issuance of $1.0B subordinated debt
Raising 2021 EBITDA guidance to 1 ~$3.1 B 1) Like-to-like for ongoing operations and assuming FX levels as of 5 FLYSPOT BUILDING, POLAND end of May 2021 for the remaining of the yearRaising 2021 EBITDA guidance to 1 ~$3.1 B 1) Like-to-like for ongoing operations and assuming FX levels as of 5 FLYSPOT BUILDING, POLAND end of May 2021 for the remaining of the year
Developed Markets enjoying robust fiscal stimulus, with spillover effects on Emerging Markets Expected GDP growth Europe (in % YoY) 4.7% 4.7% USA 2.5% 6.5% 4.0% Mexico 2.4% 5.3% 2021 2022 2023 2.8% 2.3% 2021 2022 2023 AMEA 2021 2022 2023 5.4% 5.4% 5.2% Cement volumes Region 1Q21 vs. 1Q19 SAC 5.0% US +20% 4.2% 3.9% MEX +16% 2021 2022 2023 SAC +5% EMEA -1% CEMEX +9% 2021 2022 2023 On an average daily sales basis Note: AMEA, Europe and SAC GDP growth EBITDA weighted 6 Source: Bloomberg GDP Consensus. Developed Markets enjoying robust fiscal stimulus, with spillover effects on Emerging Markets Expected GDP growth Europe (in % YoY) 4.7% 4.7% USA 2.5% 6.5% 4.0% Mexico 2.4% 5.3% 2021 2022 2023 2.8% 2.3% 2021 2022 2023 AMEA 2021 2022 2023 5.4% 5.4% 5.2% Cement volumes Region 1Q21 vs. 1Q19 SAC 5.0% US +20% 4.2% 3.9% MEX +16% 2021 2022 2023 SAC +5% EMEA -1% CEMEX +9% 2021 2022 2023 On an average daily sales basis Note: AMEA, Europe and SAC GDP growth EBITDA weighted 6 Source: Bloomberg GDP Consensus.
Expecting double-digit EBITDA 1 growth in 2022 1) On a YoY basis and like-to-like for ongoing operations 7 FLYSPOT BUILDING, POLAND - Inside viewExpecting double-digit EBITDA 1 growth in 2022 1) On a YoY basis and like-to-like for ongoing operations 7 FLYSPOT BUILDING, POLAND - Inside view
Returning to organic growth mode We are investing…. ~10 M tons Other Bolt-on 1 of cement capacity investments in our by 2023 four core businesses 1) Includes legacy and bolt-on investments 8 1) Vs. 1990 baseline Expect ~$400 M in EBITDA by 2023 from $925M in growth investmentsReturning to organic growth mode We are investing…. ~10 M tons Other Bolt-on 1 of cement capacity investments in our by 2023 four core businesses 1) Includes legacy and bolt-on investments 8 1) Vs. 1990 baseline Expect ~$400 M in EBITDA by 2023 from $925M in growth investments
Capacity arriving in the right markets at the right time Cement capacity additions by 2023 ~10 M tons Europe: 1.0 M MT of cement capacity by 2023 Philippines 1.5 M MT Americas: 7.5 M MT 9Capacity arriving in the right markets at the right time Cement capacity additions by 2023 ~10 M tons Europe: 1.0 M MT of cement capacity by 2023 Philippines 1.5 M MT Americas: 7.5 M MT 9
Setting more ambitious “Operation Resilience” targets Original Operation Resilience Pillars Targets EBITDA growth through ≥20% margin by 2023 margin enhancement Achieve investment grade ≤3.0x net leverage by 2023 capital structure Optimize our portfolio Strategic investments and divestments for growth Advance sustainability 520 kgCO /ton 2 agenda - Reduction in net 35% by 2030 1 CO emissions 2 10 1) Vs. 1990 baselineSetting more ambitious “Operation Resilience” targets Original Operation Resilience Pillars Targets EBITDA growth through ≥20% margin by 2023 margin enhancement Achieve investment grade ≤3.0x net leverage by 2023 capital structure Optimize our portfolio Strategic investments and divestments for growth Advance sustainability 520 kgCO /ton 2 agenda - Reduction in net 35% by 2030 1 CO emissions 2 10 1) Vs. 1990 baseline
Sustain an EBITDA margin ≥20% EBITDA growth through margin enhancement Sept. 2020 Progress June 2021 Target as of 1Q21 New target ≥20% EBITDA 20.1% EBITDA 1 ≥20% margin margin by margin 2023 1) On an annualized basis 11Sustain an EBITDA margin ≥20% EBITDA growth through margin enhancement Sept. 2020 Progress June 2021 Target as of 1Q21 New target ≥20% EBITDA 20.1% EBITDA 1 ≥20% margin margin by margin 2023 1) On an annualized basis 11
3.0x leverage by 2Q21 2½ years ahead of schedule INTERNATIONAL MUSEUM OF THE BAROQUE. MEXICO3.0x leverage by 2Q21 2½ years ahead of schedule INTERNATIONAL MUSEUM OF THE BAROQUE. MEXICO
Already achieving Investment Grade capital structure Achieve investment grade capital structure Sept. 2020 Progress June 2021 Target as of 1Q21 New target ≤3.0x net Investment 3.23x net leverage 1 leverage by 2023 grade rating 1) As defined under the Facilities Agreement and on a proforma basis 13 for the issuance of $1.0B subordinated debtAlready achieving Investment Grade capital structure Achieve investment grade capital structure Sept. 2020 Progress June 2021 Target as of 1Q21 New target ≤3.0x net Investment 3.23x net leverage 1 leverage by 2023 grade rating 1) As defined under the Facilities Agreement and on a proforma basis 13 for the issuance of $1.0B subordinated debt
Strong pipeline of bolt-on investments yielding material EBITDA growth Optimize our portfolio for growth Sept. 2020 Progress June 2021 Target as of 1Q21 New target Accelerate Strategic ~$600 M in bolt-on/margin investments approved bolt-on and investments enhancement divestments projects 14Strong pipeline of bolt-on investments yielding material EBITDA growth Optimize our portfolio for growth Sept. 2020 Progress June 2021 Target as of 1Q21 New target Accelerate Strategic ~$600 M in bolt-on/margin investments approved bolt-on and investments enhancement divestments projects 14
Bolt-on investment strategy provides EBITDA momentum §Expected to deliver: › Incremental EBITDA of $150 M in 2021; and Cement › EBITDA contribution of ~$330 M by 2023 §~$710 M pipeline of approved projects Aggregates › Bolt-on and margin enhancing investments in four core businesses › Focused primarily on US, Europe and Mexico Ready-Mix › Short payback periods and high IRRs §Analyzing ~$4.0 B in incremental projects Urb. Solutions 15Bolt-on investment strategy provides EBITDA momentum §Expected to deliver: › Incremental EBITDA of $150 M in 2021; and Cement › EBITDA contribution of ~$330 M by 2023 §~$710 M pipeline of approved projects Aggregates › Bolt-on and margin enhancing investments in four core businesses › Focused primarily on US, Europe and Mexico Ready-Mix › Short payback periods and high IRRs §Analyzing ~$4.0 B in incremental projects Urb. Solutions 15
Aligning sustainability targets to Well-Below 2-Degree Scenario of Science Based Targets initiative June 2021 New target 800 >40% reduction <475 kgs by 2030 >40% reduction 611 520 Previous 2030 Target 520 kgs by 2025 35% reduction 35% reduction 475 New 2030 Target 1990 1Q21 2025 2030 Alternative fuels Thermal efficiency Clinker factor Remaining emissions 16 Kgs of CO per ton of cementitious material. Reductions vs. 1990 baseline 2 Net kgs of CO per ton of cementitious 2 Aligning sustainability targets to Well-Below 2-Degree Scenario of Science Based Targets initiative June 2021 New target 800 >40% reduction <475 kgs by 2030 >40% reduction 611 520 Previous 2030 Target 520 kgs by 2025 35% reduction 35% reduction 475 New 2030 Target 1990 1Q21 2025 2030 Alternative fuels Thermal efficiency Clinker factor Remaining emissions 16 Kgs of CO per ton of cementitious material. Reductions vs. 1990 baseline 2 Net kgs of CO per ton of cementitious 2
Announcing a medium-term carbon reduction goal in concrete of 165 kgs of CO by 2030 2 June 2021 New target 255 215 165 kgs by 2030 35% reduction 165 Net zero by 2050 0 1990 2020 2030 2050 Cement levers Concrete levers Carbon capture, utilization and storage Recarbonation Remaining emissions 17 Kgs of CO per cubic meter. Reduction vs. 1990 baseline 2 Net kgs of CO per cubic meter 2 Announcing a medium-term carbon reduction goal in concrete of 165 kgs of CO by 2030 2 June 2021 New target 255 215 165 kgs by 2030 35% reduction 165 Net zero by 2050 0 1990 2020 2030 2050 Cement levers Concrete levers Carbon capture, utilization and storage Recarbonation Remaining emissions 17 Kgs of CO per cubic meter. Reduction vs. 1990 baseline 2 Net kgs of CO per cubic meter 2
Showcasing our Rudersdorf Germany plant: Carbon neutral by 2030 E-Reverse watergas Renewable energy shift reactor production Electrolyzer for H2 production Fischer Tropsch reactor Production of more CO electrolyzer sustainable fuels Production of sustainable building materials Preparation of CO for transport, such 2 as ship, rail or a purpose-built pipeline Cement plant with carbon capture unit 18Showcasing our Rudersdorf Germany plant: Carbon neutral by 2030 E-Reverse watergas Renewable energy shift reactor production Electrolyzer for H2 production Fischer Tropsch reactor Production of more CO electrolyzer sustainable fuels Production of sustainable building materials Preparation of CO for transport, such 2 as ship, rail or a purpose-built pipeline Cement plant with carbon capture unit 18
Piloting Carbon capture technology Harnessing solar, wind and hydro Developing electro-mobility solutions Partnering with other industries, associations and academia to decarbonize the industry 19Piloting Carbon capture technology Harnessing solar, wind and hydro Developing electro-mobility solutions Partnering with other industries, associations and academia to decarbonize the industry 19
Recycled 50x more waste than we generated Contributing to construction Clinker substitution with residue sustainability of energy-intensive industries through circular solutions Open-innovation to develop new circular building products 20Recycled 50x more waste than we generated Contributing to construction Clinker substitution with residue sustainability of energy-intensive industries through circular solutions Open-innovation to develop new circular building products 20
Management action results in more aggressive targets Sep 2020 June 2021 Operation Resilience pillars Targets New targets EBITDA growth through ≥20% margin ≥20% margin by 2023 margin enhancement Achieve investment grade ≤3.0x net leverage Investment grade rating by 2023 capital structure Optimize our portfolio Strategic investments Accelerate bolt-on/margin and divestments for growth enhancement projects In cement: Advance sustainability <475 kgs by 2030 520 kgs agenda - Reduction in net 520 kgs by 2025 2 35% by 2030 1 In concrete: CO emissions 2 165 kgs by 2030 1) Kgs of CO per ton of cementitious materials or cubic meters of concrete 2 21 2) Vs. 1990 baselineManagement action results in more aggressive targets Sep 2020 June 2021 Operation Resilience pillars Targets New targets EBITDA growth through ≥20% margin ≥20% margin by 2023 margin enhancement Achieve investment grade ≤3.0x net leverage Investment grade rating by 2023 capital structure Optimize our portfolio Strategic investments Accelerate bolt-on/margin and divestments for growth enhancement projects In cement: Advance sustainability <475 kgs by 2030 520 kgs agenda - Reduction in net 520 kgs by 2025 2 35% by 2030 1 In concrete: CO emissions 2 165 kgs by 2030 1) Kgs of CO per ton of cementitious materials or cubic meters of concrete 2 21 2) Vs. 1990 baseline
Operation Resilience underpinned by disciplined capital allocation enhances shareholder return Invest significantly in growth strategy Margin improvement Deleveraging to Invest to achieve secure investment Climate Action goals grade rating Total shareholder return 22Operation Resilience underpinned by disciplined capital allocation enhances shareholder return Invest significantly in growth strategy Margin improvement Deleveraging to Invest to achieve secure investment Climate Action goals grade rating Total shareholder return 22
§ Capitalize on favorable market outlook to consolidate recent achievements and accelerate strategic shift towards growth What to § Materially drive EBITDA momentum through bolt-on investment strategy and capacity expansion expect Our path § Further fortify capital structure on road to Investment Grade rating forward § Disciplined capital allocation while optimizing total shareholder return § Continue global leadership and advocacy in circular economy while advancing materially on carbon reduction goals 23§ Capitalize on favorable market outlook to consolidate recent achievements and accelerate strategic shift towards growth What to § Materially drive EBITDA momentum through bolt-on investment strategy and capacity expansion expect Our path § Further fortify capital structure on road to Investment Grade rating forward § Disciplined capital allocation while optimizing total shareholder return § Continue global leadership and advocacy in circular economy while advancing materially on carbon reduction goals 23
Exhibit 2 FLOATING HILL HOUSE, NICARAGUA José Antonio González EVP Strategy and Business Exhibit 2 FLOATING HILL HOUSE, NICARAGUA José Antonio González EVP Strategy and Business
This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend 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,”“aimed” 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, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019(“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and ourclients’ 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, energy, 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, including our perpetual debentures; 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 and on the cost of the products and services we purchase; 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 pricing initiatives for our products and generally meet our“OperationResilience”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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting 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 United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in the our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). 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 subsidiariesThis presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend 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,”“aimed” 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, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019(“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and ourclients’ 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, energy, 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, including our perpetual debentures; 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 and on the cost of the products and services we purchase; 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 pricing initiatives for our products and generally meet our“OperationResilience”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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting 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 United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in the our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). 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
CEMEX growth strategy geared to ~125 attractive metro-markets Focus on bolt-on investments and some mid-size investments in high potential geographies Plans to serve sustainable construction needs for ~125 metro markets These cities represent around 70% of population, and 80% of construction GDP within our footprint for the next 10 years Metropolitan areas with CX operations 3CEMEX growth strategy geared to ~125 attractive metro-markets Focus on bolt-on investments and some mid-size investments in high potential geographies Plans to serve sustainable construction needs for ~125 metro markets These cities represent around 70% of population, and 80% of construction GDP within our footprint for the next 10 years Metropolitan areas with CX operations 3
$925 M growth investment expected to generate ~$400 M EBITDA by 2023 1 Cement projects for ~10 M Tons Bolt-on & Margin (4.3 M Ton legacy projects) enhancement projects ~$425 M ~$500 M in 2021-2023 CAPEX investment pipeline Steady-state EBITDA of Steady-state EBITDA of ~$170 M ~$350M Urbanization Cement Aggregates Ready Mix Solutions 4 1) Includes legacy and bolt-on investments$925 M growth investment expected to generate ~$400 M EBITDA by 2023 1 Cement projects for ~10 M Tons Bolt-on & Margin (4.3 M Ton legacy projects) enhancement projects ~$425 M ~$500 M in 2021-2023 CAPEX investment pipeline Steady-state EBITDA of Steady-state EBITDA of ~$170 M ~$350M Urbanization Cement Aggregates Ready Mix Solutions 4 1) Includes legacy and bolt-on investments
Cement capacity additions to contribute $170 M of EBITDA ~$425 M investment in cement 2021 – 2023 Investment and tons by region capacity expansions ~10 M tons Investment 23% 11% 66% M tons 75% 15% 10% Americas AMEA Europe $170 M steady state EBITDA contribution 5Cement capacity additions to contribute $170 M of EBITDA ~$425 M investment in cement 2021 – 2023 Investment and tons by region capacity expansions ~10 M tons Investment 23% 11% 66% M tons 75% 15% 10% Americas AMEA Europe $170 M steady state EBITDA contribution 5
Bolt-on investments to contribute $350 M of EBITDA Investment by product Aggregates 35% Urbanization Solutions ~$500 M 18% Bolt-on investments 27% 20% Cement Ready-mix Investment by region Europe AMEA 32% 5% $350 M 3% SAC steady state EBITDA 17% contribution 43% Mexico US 6Bolt-on investments to contribute $350 M of EBITDA Investment by product Aggregates 35% Urbanization Solutions ~$500 M 18% Bolt-on investments 27% 20% Cement Ready-mix Investment by region Europe AMEA 32% 5% $350 M 3% SAC steady state EBITDA 17% contribution 43% Mexico US 6
Cement investments focused on increasing capacity, improving efficiency and reducing our CO footprint 2 Capacity Alternative increase fuels Operational Clinker factor Efficiency 7Cement investments focused on increasing capacity, improving efficiency and reducing our CO footprint 2 Capacity Alternative increase fuels Operational Clinker factor Efficiency 7
Aggregates investments directed at adding reserves, improving logistics and increasing production capacity Footprint Logistics Enhancement Optimization Capacity Operational Increase Efficiency 8Aggregates investments directed at adding reserves, improving logistics and increasing production capacity Footprint Logistics Enhancement Optimization Capacity Operational Increase Efficiency 8
Investing in Ready Mix in attractive markets to enhance our vertical integration, and to optimize our network Vertical Integration / Operational Capacity Efficiency Increase 9Investing in Ready Mix in attractive markets to enhance our vertical integration, and to optimize our network Vertical Integration / Operational Capacity Efficiency Increase 9
Our investments in Urbanization Solutions will benefit from our operational and commercial capabilities Construction Systems Performance Materials Circularity 10Our investments in Urbanization Solutions will benefit from our operational and commercial capabilities Construction Systems Performance Materials Circularity 10
▪ Drive growth through bolt-on investments in high growth metro-markets with bias to US and Europe What to ▪ Closely track implementation of current project expect pipeline to ensure delivery of expected results Our path forward ▪ Continue developing new project pipeline, currently $4 B, for incremental opportunities in the years to come ▪ Continuous focus on our CO reduction roadmap 2 11▪ Drive growth through bolt-on investments in high growth metro-markets with bias to US and Europe What to ▪ Closely track implementation of current project expect pipeline to ensure delivery of expected results Our path forward ▪ Continue developing new project pipeline, currently $4 B, for incremental opportunities in the years to come ▪ Continuous focus on our CO reduction roadmap 2 11
FLOATING HILL HOUSE, NICARAGUA José Antonio González EVP Strategy and Business FLOATING HILL HOUSE, NICARAGUA José Antonio González EVP Strategy and Business
Exhibit 3 Maher Al-Haffar - CFO Casa Vargas, Queretaro, MexicoExhibit 3 Maher Al-Haffar - CFO Casa Vargas, Queretaro, Mexico
This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend 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,”“aimed” 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, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019(“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and ourclients’ 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, energy, 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, including our perpetual debentures; 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 and on the cost of the products and services we purchase; 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 pricing initiatives for our products and generally meet our“OperationResilience”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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting 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 United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in the our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). 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 subsidiariesThis presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend 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,”“aimed” 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, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019(“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and ourclients’ 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, energy, 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, including our perpetual debentures; 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 and on the cost of the products and services we purchase; 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 pricing initiatives for our products and generally meet our“OperationResilience”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 cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting 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 United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in the our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). 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
Our building blocks for shareholder value creation Lower ▪Achieve and maintain investment grade rating WACC Increase ▪FCF to EBITDA conversion rate >50% in medium term FCF Improve ▪Improve total shareholder return valuation Continued ▪Strategic bolt-on and margin enhancement investments growth 3Our building blocks for shareholder value creation Lower ▪Achieve and maintain investment grade rating WACC Increase ▪FCF to EBITDA conversion rate >50% in medium term FCF Improve ▪Improve total shareholder return valuation Continued ▪Strategic bolt-on and margin enhancement investments growth 3
Inflection point in our results and capital structure Key 2021 actions Liability ▪Reduce net debt by ~$2.0 B in 2021 Management ▪Lower our average cost of capital Subordinated debt ▪Reduce full-year interest expense by ~$120M Enhanced FCF generation ▪Extend average life of debt to ~6 years Asset sales ▪Improve FCF / EBITDA conversion rate 4Inflection point in our results and capital structure Key 2021 actions Liability ▪Reduce net debt by ~$2.0 B in 2021 Management ▪Lower our average cost of capital Subordinated debt ▪Reduce full-year interest expense by ~$120M Enhanced FCF generation ▪Extend average life of debt to ~6 years Asset sales ▪Improve FCF / EBITDA conversion rate 4
Accelerating glide path towards investment grade rating Facilities Agreement Leverage 4.1x 1.1x – 1.3x ’21 + ‘22 0.8x 1 2.2x – 2.0x debt reduction EBITDA 2 growth 2020 2022 1) Considers $1.7 - $2.2 B debt reduction and $1.0 B reduction from subordinated debt during the period for illustrative purposes 5 2) Considers EBITDA growth of 10% over 2021 guidance of $3.1 BAccelerating glide path towards investment grade rating Facilities Agreement Leverage 4.1x 1.1x – 1.3x ’21 + ‘22 0.8x 1 2.2x – 2.0x debt reduction EBITDA 2 growth 2020 2022 1) Considers $1.7 - $2.2 B debt reduction and $1.0 B reduction from subordinated debt during the period for illustrative purposes 5 2) Considers EBITDA growth of 10% over 2021 guidance of $3.1 B
Comfortable runway to next maturities Amounts in bars in billions of USD Bank debt Bonds Leases 1.9 1.4 1.1 1.1 1.1 0.9 0.6 0.6 0.3 0.3 0.1 21 22 23 24 25 26 27 28 29 30 ≥31 Note: Pro-forma debt profile as of March 31, 2021 excluding subordinated debt, giving pro-forma effect to the prepayment of $369M of bank debt in May, redemption of $321M 6 of 5.70% notes due 2025, €450M of 2.75% notes due 2024 and $449M of perpetual notesComfortable runway to next maturities Amounts in bars in billions of USD Bank debt Bonds Leases 1.9 1.4 1.1 1.1 1.1 0.9 0.6 0.6 0.3 0.3 0.1 21 22 23 24 25 26 27 28 29 30 ≥31 Note: Pro-forma debt profile as of March 31, 2021 excluding subordinated debt, giving pro-forma effect to the prepayment of $369M of bank debt in May, redemption of $321M 6 of 5.70% notes due 2025, €450M of 2.75% notes due 2024 and $449M of perpetual notes
Accelerating capital efficiency Return on Capital Employed ~9.0% ~8.5% 5.4% 2020 2021 2022 Return on Capital Employed for 2021 excludes the sale of CO credits for ~$600 M 7 2Accelerating capital efficiency Return on Capital Employed ~9.0% ~8.5% 5.4% 2020 2021 2022 Return on Capital Employed for 2021 excludes the sale of CO credits for ~$600 M 7 2
Accelerating capital efficiency Return on Capital Employed (excluding goodwill) ~15.5% ~15.0% 10.9% 2020 2021 2022 Return on Capital Employed for 2021 excludes the sale of CO credits for ~$600 M 8 2Accelerating capital efficiency Return on Capital Employed (excluding goodwill) ~15.5% ~15.0% 10.9% 2020 2021 2022 Return on Capital Employed for 2021 excludes the sale of CO credits for ~$600 M 8 2
▪ Maintain prudent financial policy that supports growth What to expect ▪ Reach and maintain investment grade rating Our path forward ▪ Continue reducing our average cost of capital ▪ Sustained dividend policy in the short term 9▪ Maintain prudent financial policy that supports growth What to expect ▪ Reach and maintain investment grade rating Our path forward ▪ Continue reducing our average cost of capital ▪ Sustained dividend policy in the short term 9
Maher Al-Haffar - CFO Casa Vargas, Queretaro, MexicoMaher Al-Haffar - CFO Casa Vargas, Queretaro, Mexico