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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 July, 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 July 29, 2021, announcing second quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).

2.	Second quarter 2021 results for CEMEX.

3.	Presentation regarding second 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: July 29, 2021	By:	/s/ Rafael Garza Lozano
		Name: Rafael Garza Lozano
		Title: Chief Comptroller

EXHIBIT INDEX


EXHIBIT NO.		DESCRIPTION

1. 2. 3.		Press release dated July 29, 2021, announcing second quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”). Second quarter 2021 results for CEMEX. Presentation regarding second quarter 2021 results for CEMEX.

Exhibit 1 - Press Release

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 REPORTS 39% YoY INCREASE IN SECOND QUARTER EBITDA

AND SURPASSES DELEVERAGING TARGET OF BELOW 3 TIMES

•

Achieved Operating EBITDA of US$818 million, significantly outpacing pre-pandemic second quarter 2019 level.

•

The company reached a 2.85 times leverage ratio⁽¹⁾, arriving at its September 2020 Operation Resilience target of less than 3 times significantly ahead of schedule.

MONTERREY, MEXICO, JULY 29, 2021– CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today strong results in the second quarter of 2021 with EBITDA growing in all regions. Consolidated net sales increased 25%, to $3.9 billion, while Operating EBITDA improved 39%, to US$818 million. The EBITDA margin increased 2.1 percentage points year over year, to 21.2%. The robust EBITDA performance in the quarter is attributable to significant momentum in cement volumes, higher prices, increased contribution from our growth investment portfolio, operational leverage, and a favorable base effect. EBITDA in the quarter is 31% higher than pre-pandemic second quarter 2019 EBITDA. The company also achieved an investment-grade capital structure of 2.85 times leverage at the end of the quarter.

CEMEX’s Consolidated Second Quarter 2021 Financial and Operational Highlights

•

Net Sales increased 25%, to US$3,855 million.

•

Consolidated cement volumes grew 22%, to levels higher than pre-pandemic second quarter 2019.

•

Operating EBITDA rose 39%, to US$818 million.

•

Operating EBITDA margin increased by 2.1pp, to 21.2%, well above the company´s Operation Resilience target of ³20%.

•

Free Cash Flow after Maintenance Capital Expenditures reached US$401 million, with a conversion rate of EBITDA to Free Cash Flow after Maintenance Capital Expenditures of 49%, the highest in a second quarter since 2017.

•

Controlling Interest Net Income was US$270 million versus a loss of US$44 million in the same quarter of 2020.

•

Net debt and leverage were reduced materially during the second quarter. Net debt decreased US$743 million versus the first quarter of 2021, due to the issuance of subordinated notes and free cash flow.

•

Leverage ratio was 2.85 times, a reduction of 0.76 times compared to end of first quarter 2021, and 1.72 times lower versus second quarter of 2020.

“We are quite pleased to report another strong consecutive performance. During the quarter, we accomplished some important milestones in our growth story. Quarterly highlights include the achievement of our long-time leverage goal, a 39% increase in quarterly EBITDA, and our announcement of industry leading Climate Action targets” said Fernando A. González, CEO of CEMEX. “Our growth in the quarter, which exceeded pre-pandemic levels, gives us confidence that this performance is sustainable in the second half of the year. We are optimistic and we will take advantage of this favorable backdrop to focus on our bolt-on investment strategy, further deleveraging and investing to reach our new Climate Action targets.”

Geographical Markets Second Quarter 2021 Highlights

Net Sales in Mexico increased 43%, to US$935 million. Operating EBITDA rose 58% to US$332 million.

In the United States, Net Sales reached US$1.1 billion, an increase of 13%. Operating EBITDA grew 7% to US$212 million.

In our Europe, Middle East, Africa and Asia region, Net Sales rose by 21%, reaching US$1.3 billion. Operating EBITDA was US$198 million for the quarter, or 25% higher.

South, Central America and the Caribbean region had Net Sales of US$418 million, an increase of 50%. Operating EBITDA improved 79% to US$117 million.

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, compared to the second quarter of 2020.

(1) Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated

###

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.

Exhibit 2 - 2Q2021 Results

Exhibit 2

LOGO

Second Quarter Results 2021

LOGO

Stock Listing Information

NYSE (ADS)

Ticker: CX

Mexican Stock Exchange

Ticker: CEMEXCPO

Ratio of CEMEXCPO to CX = 10:1

Investor Relations

In the United States:

+ 1 877 7CX NYSE

In Mexico:

+ 52 (81) 8888 4292

E-Mail: ir@cemex.com

LOGO


Operating and financial highlights


	January - June												Second Quarter
										l-t-l												l-t-l
	2021			2020			% var			% var			2021			2020			% var			% var
Consolidated cement volume		33,958			29,195			16	%					17,822			14,367			24	%
Consolidated ready-mix volume		24,145			22,066			9	%					12,593			10,458			20	%
Consolidated aggregates volume		66,913			62,042			8	%					35,167			30,328			16	%
Net sales		7,266			5,979			22	%		17	%		3,855			2,903			33	%		25	%
Gross profit		2,410			1,895			27	%		22	%		1,301			931			40	%		30	%
as % of net sales		33.2	%		31.7	%		1.5pp						33.7	%		32.1	%		1.6pp
Operating earnings before other income and expenses, net		933			538			73	%		67	%		527			278			89	%		77	%
as % of net sales		12.8	%		9.0	%		3.8pp						13.7	%		9.6	%		4.1pp
Controlling interest net income (loss)		934			(2	)		N/A						270			(44	)		N/A
Operating EBITDA		1,502			1,086			38	%		34	%		818			553			48	%		39	%
as % of net sales		20.7	%		18.2	%		2.5pp						21.2	%		19.1	%		2.1pp
Free cash flow after maintenance capital expenditures		401			(75	)		N/A						401			140			187	%
Free cash flow		240			(190	)		N/A						293			86			241	%
Total debt		9,665			13,196			(27	%)					9,665			13,196			(27	%)
Earnings (loss) of continuing operations per ADS		0.60			0.01			3964	%					0.18			0.01			2353	%
Fully diluted earnings (loss) of continuing operations per ADS		0.60			0.01			3964	%					0.18			0.01			2353	%
Average ADSs outstanding		1,496			1,502			(0	%)					1,496			1,487			1	%
Employees		43,771			40,150			9	%					43,771			40,150			9	%

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 13 for end-of quarter CPO-equivalent units outstanding.

Consolidated net sales in the second quarter of 2021 reached US$3.9 billion, a year-over-year 25% increase on a like-to-like basis for ongoing operations and for foreign exchange fluctuations. The increase was mainly due to higher volumes and prices, in local currency terms, in all our regions and products.

Cost of sales, as a percentage of net sales decreased by 1.6pp during the second quarter of 2021 compared to the same period last year, from 67.9% to 66.3%.

Operating expenses, as a percentage of net sales decreased by 2.4pp during the second quarter of 2021 compared with the same period last year, from 22.5% to 20.1%, mainly as a result of our cost reduction initiatives.

Operating EBITDA in the second quarter of 2021 reached US$818 million, an increase of 48%, or 39% on a like-to-like basis. While all regions were responsible for EBITDA growth, Mexico, EMEA, and SCAC had the largest contributions.

Operating EBITDA margin increased by 2.1pp from 19.1% in the second quarter of 2020 to 21.2% this quarter.

Other income and expenses, net for the quarter were US$25 million, including severance payments, among others.

Foreign exchange results represented a loss of US$17 million, mainly due to the fluctuation of the Mexican peso and Euro, versus the U.S. dollar.

Controlling interest net income (loss) resulted in an income of US$270 million in the second quarter of 2021 versus a loss of US$44 million in the same quarter of 2020. The gain primarily reflects higher operating earnings, a positive variation from discontinued operations, and lower financial expenses.


2021 Second Quarter Results				Page 2


Operating results

Mexico


	January – June												Second Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		1,757			1,253			40	%		30	%		935			568			65	%		43	%
Operating EBITDA		631			416			52	%		41	%		332			183			81	%		58	%
Operating EBITDA margin		35.9	%		33.2	%		2.7pp						35.5	%		32.3	%		3.2pp

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - June			Second Quarter			January - June			Second Quarter			January - June			Second Quarter
Volume		21	%		28	%		13	%		56	%		21	%		56	%
Price (USD)		14	%		23	%		6	%		17	%		10	%		20	%
Price (local currency)		6	%		7	%		1	%		2	%		4	%		4	%

In Mexico, our operations enjoyed exceptional supply and demand conditions with volumes across all our business lines reporting growth. Cement volumes increased 28%, while ready-mix and aggregates both grew 56% during the quarter, on a year-over-year basis. The Mexican industry continued operating at peak production levels.

During the quarter, cement activity was mainly driven by bulk volumes, which increased at a double-digit rate on a year-over-year basis, reflecting last year’s lockdown measures which restricted delivery of cement and ready mix. Bulk cement volumes in the second quarter were slightly above 2019 pre-pandemic levels on a daily sales basis. Bagged cement volumes sustained its growth trajectory and continued to be supported by a high level of remittances, home improvements, government social programs, and pre-electoral spending. Activity in the formal sector showed significant improvement, primarily driven by formal residential sector recovery. Despite an important sequential volume growth, ready-mix volumes still lag pre-pandemic levels.

United States


	January – June															Second Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		2,145			1,971			9	%		9	%		1,132			1,006			13	%		13	%
Operating EBITDA		409			361			13	%		13	%		212			198			7	%		7	%
Operating EBITDA margin		19.0	%		18.3	%		0.7pp						18.7	%		19.7	%		(1.0pp	)

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - June			Second Quarter			January - June			Second Quarter			January - June			Second Quarter
Volume		9	%		8	%		9	%		14	%		2	%		4	%
Price (USD)		0	%		2	%		0	%		1	%		2	%		3	%
Price (local currency)		0	%		2	%		0	%		1	%		2	%		3	%

Our operations in the United States continued to enjoy strong demand in the second quarter with most of our markets sold out. Despite adverse weather conditions in Texas, cement volumes grew 8%, ready mix 14% and aggregates 4%. Activity continued to be driven by solid residential activity.

On a sequential basis, cement prices increased 3%, while ready-mix and aggregates grew by 2% and 1%, respectively.

EBITDA reached US$212 million during the quarter, up 7% YoY, while EBITDA margin was 18.7%, decreasing 1.0 percentage point YoY, impacted primarily by the rising cost of imports.


2021 Second Quarter Results				Page 3


Operating results

Europe, Middle East, Africa and Asia


	January – June									Second Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		2,376			1,971			21	%		12	%		1,291			977			32	%		21	%
Operating EBITDA		311			249			25	%		16	%		198			146			36	%		25	%
Operating EBITDA margin		13.1	%		12.6	%		0.5pp						15.4	%		15.0	%		0.4pp

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - June			Second Quarter			January - June			Second Quarter			January - June			Second Quarter
Volume		5	%		17	%		9	%		14	%		9	%		15	%
Price (USD)		8	%		11	%		9	%		11	%		14	%		15	%
Price (local currency) (*)		1	%		3	%		1	%		2	%		4	%		5	%

In our EMEA region, EBITDA grew 25% YoY in second quarter mainly as a result of strong performance in Europe and the Philippines, while EBITDA margin improved by 0.4 percentage points due primarily to the Philippines.

European volumes for our three core products were up between 14% and 23% YoY during the second quarter, reflecting an easy comparable base in Western European operations last year due to the impact from COVID and an acceleration in residential and infrastructure activity.

We implemented cement price increases in Germany, Poland, Czech Republic, and Croatia. Our European cement prices declined 1% sequentially. The decline was a result of a geographic mix effect, with the UK, the country with the highest cement price in the region, growing its sequential volumes at a slower pace than the other countries.

In the Philippines, cement volumes grew by 45% mainly due to a low prior year comparison base and increased construction activity.

Israel ready-mix volumes were higher primarily driven by increased activity in the transportation sector resulting from execution of the government’s infrastructure program.

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


2021 Second Quarter Results				Page 4


Operating results

South, Central America and the Caribbean


	January – June												Second Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		842			651			29	%		30	%		418			279			50	%		50	%
Operating EBITDA		241			156			54	%		56	%		117			66			78	%		79	%
Operating EBITDA margin		28.6	%		24.0	%		4.6pp						28.1	%		23.6	%		4.5pp

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - June			Second Quarter			January - June			Second Quarter			January - June			Second Quarter
Volume		28	%		43	%		13	%		60	%		12	%		46	%
Price (USD)		2	%		2	%		0	%		4	%		(5	%)		1	%
Price (local currency) (*)		3	%		3	%		0	%		3	%		(5	%)		(0	%)

Our South, Central America and the Caribbean was the region in our portfolio that experienced the most severe government lockdown measures last year. As a result, regional cement volumes in the second quarter of 2021 showed a strong improvement of 43% on a year-over-year basis, with growth in all countries. Favorable volume dynamics coupled with good pricing performance drove an increase of 50% in net sales and 78% in EBITDA during the quarter. The Dominican Republic, Panama, and Colombia were the largest contributors to EBITDA growth.

In Colombia, industry cement growth momentum was interrupted by social protests in May which restricted the ability of the industry to deliver product. In June, industry activity returned to first quarter levels. Activity in the country continued to be driven by self-construction and infrastructure projects.

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


2021 Second Quarter Results				Page 5


Operating results

Operating EBITDA and free cash flow


	January - June									Second Quarter
	2021			2020			% var			2021			2020			% var
Operating earnings before other income and expenses, net		933			538			73	%		527			278			89	%
+ Depreciation and operating amortization		569			548						291			275

Operating EBITDA		1,502			1,086			38	%		818			553			48	%
- Net financial expense		315			355						145			182
- Maintenance capital expenditures		208			217						112			94
- Change in working capital		412			481						63			71
- Taxes paid		129			81						79			40
- Other cash items (net)		41			43						20			29
- Free cash flow discontinued operations		(4	)		(15	)					(1	)		(2	)

Free cash flow after maintenance capital expenditures		401			(75	)		N/A			401			140			187	%
- Strategic capital expenditures		161			115						108			54

Free cash flow		240			(190	)		N/A			293			86			241	%

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

During the quarter, free cash flow after maintenance capital expenditures increased 187% versus 2Q20, and 85% versus 2Q19 pre-pandemic levels. The increase was driven primarily by the strong EBITDA performance, lower financial expense, and lower investment in working capital.

Working capital management, with particular attention to credit quality and receivables collection, translated into a record for the second quarter of negative 13 days in average working capital usage.

Information on debt



	Second Quarter									First Quarter				Second Quarter
	2021			2020			% var			2021				2021			2020
Total debt ⁽¹⁾		9,665			13,196			(27	%)		10,413		Currency denomination
Short-term		10	%		6	%					8	%	U.S. dollar		65	%		71	%
Long-term		90	%		94	%					92	%	Euro		22	%		21	%
Cash and cash equivalents		1,305			2,832			(54	%)		1,309		Mexican peso		4	%		1	%

Net debt		8,361			10,364			(19	%)		9,104		Other		8	%		7	%

Consolidated funded debt ⁽²⁾		8,476			10,790						9,666		Interest rate⁽³⁾
Consolidated leverage ratio ⁽²⁾		2.85			4.57						3.61		Fixed		88	%		74	%
Consolidated coverage ratio ⁽²⁾		4.78			3.69						4.10		Variable		12	%		26	%

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

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

⁽²⁾	Calculated in accordance with our contractual obligations under 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$1,333 million.

We significantly reduced our leverage ratio in 2Q21 due to the increase in EBITDA, strong free cash flow generation and the issuance of subordinated notes. During the quarter, net debt was reduced by $743 million dollars, which resulted in a leverage ratio of 2.85 times, a reduction of 0.76 times compared to end of 1Q21, and 1.72 times versus 2Q20.


2021 Second Quarter Results				Page 6


Operating results

Consolidated Income Statement & Balance Sheet

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

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


	January - June												Second Quarter
										like-to-like												like-to-like
INCOME STATEMENT	2021			2020			% var			% var			2021			2020			% var			% var
Net sales		7,266,335			5,978,531			22	%		17	%		3,855,305			2,902,598			33	%		25	%
Cost of sales		(4,856,625	)		(4,083,395	)		(19	%)					(2,554,654	)		(1,971,783	)		(30	%)

Gross profit		2,409,710			1,895,136			27	%		22	%		1,300,651			930,815			40	%		30	%
Operating expenses		(1,476,938	)		(1,357,273	)		(9	%)					(773,947	)		(652,796	)		(19	%)

Operating earnings before other income and expenses, net		932,772			537,863			73	%		67	%		526,704			278,020			89	%		77	%
Other income and expenses, net		545,168			(112,522	)		N/A						(24,630	)		(69,776	)		65	%

Operating earnings		1,477,940			425,341			247	%					502,074			208,243			141	%
Financial expense		(398,193	)		(350,905	)		(13	%)					(153,730	)		(180,661	)		15	%
Other financial income (expense), net		(46,658	)		31,330			N/A						(27,086	)		16,617			N/A
Financial income		9,488			8,921			6	%					6,259			3,995			57	%
Results from financial instruments, net		(3,463	)		(6,817	)		49	%					(3,366	)		20,583			N/A
Foreign exchange results		(23,129	)		57,598			N/A						(16,523	)		5,877			N/A
Effects of net present value on assets and liabilities and others, net		(29,554	)		(28,372	)		(4	%)					(13,456	)		(13,837	)		3	%
Equity in gain (loss) of associates		18,814			13,489			39	%					15,469			8,574			80	%

Income (loss) before income tax		1,051,903			119,255			782	%					336,727			52,773			538	%
Income tax		(133,156	)		(89,844	)		(48	%)					(58,410	)		(39,816	)		(47	%)

Profit (loss) of continuing operations		918,747			29,411			3024	%					278,318			12,957			2048	%
Discontinued operations		33,604			(23,803	)		N/A						1,639			(54,579	)		N/A

Consolidated net income (loss)		952,351			5,608			16881	%					279,957			(41,623	)		N/A
Non-controlling interest net income (loss)		17,875			7,146			150	%					10,015			2,082			381	%

Controlling interest net income (loss)		934,476			(1,537	)		N/A						269,942			(43,705	)		N/A

Operating EBITDA		1,502,054			1,085,903			38	%		34	%		817,732			552,966			48	%		39	%
Earnings (loss) of continued operations per ADS		0.60			0.01			3964	%					0.18			0.01			2353	%
Earnings (loss) of discontinued operations per ADS		0.02			(0.02	)		N/A						0.00			(0.04	)		N/A


	As of June 30
BALANCE SHEET	2021			2020			% var
Total assets		27,909,863			29,959,821			(7	%)
Cash and cash equivalents		1,304,657			2,831,766			(54	%)
Trade receivables less allowance for doubtful accounts		1,701,960			1,550,826			10	%
Other accounts receivable		525,356			313,995			67	%
Inventories, net		1,132,506			929,020			22	%
Assets held for sale		162,312			355,788			(54	%)
Other current assets		168,982			143,058			18	%
Current assets		4,995,773			6,124,452			(18	%)
Property, machinery and equipment, net		11,202,042			11,105,890			1	%
Other assets		11,712,048			12,729,479			(8	%)

Total liabilities		17,468,829			19,742,516			(12	%)
Current liabilities		5,763,930			4,662,555			24	%
Long-term liabilities		7,830,086			11,412,602			(31	%)
Other liabilities		3,874,814			3,667,359			6	%

Total stockholder’s equity		10,441,034			10,217,305			2	%
Common stock and additional paid-in capital		7,893,304			10,382,881			(24	%)
Other equity reserves and subordinated notes		(1,472,704	)		(3,209,859	)		54	%
Retained earnings		3,568,785			1,619,002			120	%
Non-controlling interest and perpetual instruments		451,649			1,425,281			(68	%)


2021 Second Quarter Results				Page 7


Operating results

Operating Summary per Country

In thousands of U.S. dollars


	January - June												Second Quarter
										like-to-like												like-to-like
	2021			2020			% var			% var			2021			2020			% var			% var
NET SALES
Mexico		1,756,813			1,253,191			40	%		30	%		935,171			567,854			65	%		43	%
U.S.A.		2,145,079			1,970,635			9	%		9	%		1,131,922			1,005,641			13	%		13	%
Europe, Middle East, Asia and Africa		2,376,243			1,971,065			21	%		12	%		1,290,584			977,433			32	%		21	%
Europe		1,646,777			1,317,033			25	%		14	%		929,225			675,298			38	%		25	%
Philippines		225,593			190,487			18	%		13	%		118,127			79,691			48	%		42	%
Middle East and Africa		503,873			463,545			9	%		4	%		243,231			222,444			9	%		3	%
South, Central America and the Caribbean		842,262			651,448			29	%		30	%		417,970			278,875			50	%		50	%
Others and intercompany eliminations		145,938			132,192			10	%		15	%		79,658			72,794			9	%		13	%

TOTAL		7,266,335			5,978,531			22	%		17	%		3,855,305			2,902,598			33	%		25	%

GROSS PROFIT
Mexico		897,001			648,321			38	%		29	%		469,669			292,652			60	%		40	%
U.S.A.		559,561			524,532			7	%		7	%		293,410			279,549			5	%		5	%
Europe, Middle East, Asia and Africa		584,250			490,533			19	%		10	%		348,374			261,607			33	%		22	%
Europe		403,270			324,914			24	%		13	%		257,203			188,084			37	%		24	%
Philippines		92,804			76,191			22	%		16	%		50,312			29,291			72	%		65	%
Middle East and Africa		88,176			89,428			(1	%)		(7	%)		40,859			44,232			(8	%)		(13	%)
South, Central America and the Caribbean		324,627			238,627			36	%		38	%		159,387			98,175			62	%		63	%
Others and intercompany eliminations		44,270			(6,877	)		N/A			N/A			29,811			(1,168	)		N/A			N/A

TOTAL		2,409,710			1,895,136			27	%		22	%		1,300,651			930,815			40	%		30	%

OPERATING EARNINGS BEFORE OTHER INCOME AND EXPENSES, NET
Mexico		551,334			345,127			60	%		48	%		291,313			149,499			95	%		70	%
U.S.A.		181,158			142,150			27	%		27	%		93,918			87,058			8	%		8	%
Europe, Middle East, Asia and Africa		142,585			90,866			57	%		47	%		112,120			66,480			69	%		56	%
Europe		69,800			34,811			101	%		85	%		74,653			45,045			66	%		51	%
Philippines		45,586			30,642			49	%		44	%		26,630			10,667			150	%		142	%
Middle East and Africa		27,198			25,413			7	%		(1	%)		10,837			10,769			1	%		(8	%)
South, Central America and the Caribbean		197,565			111,663			77	%		80	%		96,641			43,832			120	%		121	%
Others and intercompany eliminations		(139,870	)		(151,943	)		8	%		16	%		(67,289	)		(68,849	)		2	%		18	%

TOTAL		932,772			537,863			73	%		67	%		526,704			278,020			89	%		77	%


2021 Second Quarter Results				Page 8


Operating results

Operating Summary per Country

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


	January - June												Second Quarter
										like-to-like												like-to-like
	2021			2020			% var			% var			2021			2020			% var			% var
OPERATING EBITDA
Mexico		630,947			416,169			52	%		41	%		332,204			183,181			81	%		58	%
U.S.A.		408,532			361,351			13	%		13	%		212,068			198,433			7	%		7	%
Europe, Middle East, Asia and Africa		311,049			249,300			25	%		16	%		198,446			146,151			36	%		25	%
Europe		190,140			145,467			31	%		20	%		137,200			100,796			36	%		24	%
Philippines		67,253			53,503			26	%		21	%		36,867			22,539			64	%		58	%
Middle East and Africa		53,656			50,330			7	%		1	%		24,379			22,817			7	%		0	%
South, Central America and the Caribbean		240,621			156,265			54	%		56	%		117,252			65,715			78	%		79	%
Others and intercompany eliminations		(89,095	)		(97,182	)		8	%		22	%		(42,238	)		(40,515	)		(4	%)		23	%

TOTAL		1,502,054			1,085,903			38	%		34	%		817,732			552,966			48	%		39	%

OPERATING EBITDA MARGIN
Mexico		35.9	%		33.2	%								35.5	%		32.3	%
U.S.A.		19.0	%		18.3	%								18.7	%		19.7	%
Europe, Middle East, Asia and Africa		13.1	%		12.6	%								15.4	%		15.0	%
Europe		11.5	%		11.0	%								14.8	%		14.9	%
Philippines		29.8	%		28.1	%								31.2	%		28.3	%
Middle East and Africa		10.6	%		10.9	%								10.0	%		10.3	%
South, Central America and the Caribbean		28.6	%		24.0	%								28.1	%		23.6	%

TOTAL		20.7	%		18.2	%								21.2	%		19.1	%


2021 Second Quarter Results				Page 9


Operating results

Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.


	January - June							Second Quarter
	2021		2020		% var			2021		2020		% var
Consolidated cement volume ⁽¹⁾		33,958		29,195		16	%		17,822		14,367		24	%
Consolidated ready-mix volume		24,145		22,066		9	%		12,593		10,458		20	%
Consolidated aggregates volume ⁽²⁾		66,913		62,042		8	%		35,167		30,328		16	%

Per-country volume summary


	January - June			Second Quarter			Second Quarter 2021 vs.
	2021 vs. 2020			2021 vs. 2020			First Quarter 2021
DOMESTIC GRAY CEMENT VOLUME
Mexico		21	%		28	%		11	%
U.S.A.		9	%		8	%		9	%
Europe, Middle East, Asia and Africa		5	%		17	%		20	%
Europe		3	%		14	%		47	%
Philippines		16	%		45	%		7	%
Middle East and Africa		(4	%)		(4	%)		(20	%)
South, Central America and the Caribbean		28	%		43	%		(2	%)
READY-MIX VOLUME
Mexico		13	%		.56	%		6	%
U.S.A.		9	%		14	%		10	%
Europe, Middle East, Asia and Africa		9	%		14	%		11	%
Europe		9	%		18	%		25	%
Philippines		N/A			N/A			N/A
Middle East and Africa		8	%		7	%		(7	%)
South, Central America and the Caribbean		13	%		60	%		(12	%)
AGGREGATES VOLUME
Mexico		21	%		56	%		5	%
U.S.A.		2	%		4	%		5	%
Europe, Middle East, Asia and Africa		9	%		15	%		21	%
Europe		14	%		23	%		27	%
Philippines		N/A			N/A			N/A
Middle East and Africa		(10	%)		(12	%)		(0	%)
South, Central America and the Caribbean		12	%		46	%		(19	%)

⁽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 Second Quarter Results				Page 10


Operating results

Price Summary

Variation in U.S. dollars


	January - June			Second Quarter			Second Quarter 2021 vs.
	2021 vs. 2020			2021 vs. 2020			First Quarter 2021
DOMESTIC GRAY CEMENT PRICE
Mexico		14	%		23	%		5	%
U.S.A.		0	%		2	%		3	%
Europe, Middle East, Asia and Africa (*)		8	%		11	%		7	%
Europe (*)		13	%		14	%		1	%
Philippines		1	%		0	%		2	%
Middle East and Africa (*)		(4	%)		3	%		8	%
South, Central America and the Caribbean (*)		2	%		2	%		1	%
READY-MIX PRICE
Mexico		6	%		17	%		4	%
U.S.A.		0	%		1	%		2	%
Europe, Middle East, Asia and Africa (*)		9	%		11	%		1	%
Europe (*)		13	%		15	%		(2	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		2	%		2	%		2	%
South, Central America and the Caribbean (*)		0	%		4	%		(1	%)
AGGREGATES PRICE
Mexico		10	%		20	%		4	%
U.S.A.		2	%		3	%		1	%
Europe, Middle East, Asia and Africa (*)		14	%		15	%		(3	%)
Europe (*)		14	%		16	%		(4	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		9	%		10	%		2	%
South, Central America and the Caribbean (*)		(5	%)		1	%		1	%

(*)	Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-average basis at constant foreign-exchange rates


2021 Second Quarter Results				Page 11


Operating results

Variation in Local Currency


	January - June			Second Quarter			Second Quarter 2021 vs.
	2021 vs. 2020			2021 vs. 2020			First Quarter 2021
DOMESTIC GRAY CEMENT PRICE
Mexico		6	%		7	%		2	%
U.S.A.		0	%		2	%		3	%
Europe, Middle East, Asia and Africa (*)		1	%		3	%		7	%
Europe (*)		3	%		4	%		(1	%)
Philippines		(4	%)		(3	%)		2	%
Middle East and Africa (*)		(5	%)		1	%		8	%
South, Central America and the Caribbean (*)		3	%		3	%		2	%
READY-MIX PRICE
Mexico		1	%		2	%		1	%
U.S.A.		0	%		1	%		2	%
Europe, Middle East, Asia and Africa (*)		1	%		2	%		(0	%)
Europe (*)		4	%		4	%		(3	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		(4	%)		(4	%)		0	%
South, Central America and the Caribbean (*)		0	%		3	%		1	%
AGGREGATES PRICE
Mexico		4	%		4	%		1	%
U.S.A.		2	%		3	%		1	%
Europe, Middle East, Asia and Africa (*)		4	%		5	%		(4	%)
Europe (*)		4	%		5	%		(5	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		2	%		3	%		1	%
South, Central America and the Caribbean (*)		(5	%)		(0	%)		2	%

(*)	Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-average basis at constant foreign-exchange rates


2021 Second Quarter Results				Page 12


Other information

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.


	Second Quarter										First Quarter
	2021					2020					2021
In millions of US dollars.	Notional amount		Fair value			Notional amount		Fair value			Notional amount		Fair value
Exchange rate derivatives ⁽¹⁾		1,019		(29	)		800		84			1,028		(11	)
Equity related derivatives ⁽²⁾		—		—			72		5			—		—
Interest rate swaps ⁽³⁾		1,333		(32	)		1,000		(59	)		1,325		(41	)
Fuel derivatives ⁽⁴⁾		88		40			170		(14	)		108		24

		2,440		(21	)		2,042		16			2,461		(28	)

(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 de 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 June 30, 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$21 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 June 30, 2021 were 20,541,277.

Assets held for sale and discontinued operations

On July 9, 2021, CEMEX concluded the sale initiated in March 2019 of its white cement business, excluding for the Mexican and the U.S white cement business, to Çimsa Çimento Sanayi Ve Ticaret A.Ş. for a price of approximately US$155 million. Assets sold include CEMEX”s Buñol cement plant in Spain and its white cement business outside Mexico and the U.S. As of June 30, 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”. Moreover, CEMEX’s operations of these assets in Spain for the six-month periods ended June 30, 2021 and 2020 are reported in the Income Statements net of income tax in the single line item “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 period ended March 31, 2021 and the six-month period ended June 30, 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 to the production and sale of cement, ready-mix, aggregates, asphalt, and paving solutions, among others. For purposes of the Income Statement for the six-month period ended June 30, 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 six-month period ended June 30, 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.”


2021 Second Quarter Results				Page 13


Other information

The following table presents condensed combined information of the Income Statements of CEMEX’s discontinued operations, previously mentioned, in: a) Spain for the six-month periods ended June 30, 2021 and 2020; b) the southeast of France for the three-month period ended March 31, 2021 and the six-month period ended June 30, 2020; c) the United Kingdom for the period from January 1 to June 30, 2020; and d) the United States related to Kosmos for the period from January 1 to March 6, 2020:


INCOME STATEMENT	Jan-Jun						Second Quarter
(Millions of U.S. dollars)	2021			2020			2021			2020
Sales		41			154			18			57
Cost of sales and operating expenses		(41	)		(146	)		(19	)		(56	)
Other income (expenses), net		(1	)		(1	)		(1	)		(1	)
Interest expense, net, and others		—			6			—			—

Income before income tax		(1	)		13			(2	)		0

Income tax		—			(55	)		—			(55	)

Income from discontinued operations		(1	)		(42	)		(2	)		(55	)

Net gain on sale		35			18			4			—

Income from discontinued operations		34			(24	)		2			(55	)

Assets held for sale and related liabilities

As of June 30, 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)	2Q21
Current assets		3
Non-current assets		96

Total assets of the disposal group		99
Current liabilities		0
Non-current liabilities		0

Total liabilities directly related to disposal group		0

Total net assets of disposal group		99

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 estimates of being ahead of its then current 35% reduction goals in CO₂ emissions by year 2030 versus its 1990 baseline across all of CEMEX’s cement plants in Europe 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, in different transactions, CEMEX sold 12.3 million Allowances for approximately €509 million (approximately US$600 million) that the Company had accrued as of the end of Phase III on December 31, 2020, of compliance under the EU ETS. This sale was recognized in the six-month period ended June 30, 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 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.

Issuance of Subordinated Notes without Fixed Maturity

On June 8, 2021, CEMEX, S.A.B. de C.V. successfully closed the issuance of US$1.0 billion of its 5.125% Subordinated Notes with no Fixed Maturity (the “Subordinated Notes”). CEMEX used the proceeds from the Subordinated Notes to redeem in full all outstanding series of perpetual debentures previously issued by consolidated special purpose vehicles for an aggregate amount of approximately US$447 million and for other general corporate purposes, including the repayment of other indebtedness.

Considering the overall characteristics of the Subordinated Notes, including that they do not have contractual repayment date and do not meet the definition of a financial liability under IFRS, CEMEX accounts for its Subordinated Notes as equity instruments in the line item “Other equity reserves and subordinated notes without fixed maturity.” As of June 30, 2021, such line item includes the proceeds from the issuance of Subordinated Notes net of issuance costs for a total of US$994 million.

As mentioned above, during June 2021, CEMEX used a portion of the proceeds from the issuance of the Subordinated Notes to redeem the outstanding amount of perpetual debentures that were accounted as part of CEMEX’s non-controlling interest in equity.


2021 Second Quarter Results				Page 14


Definitions of terms and disclosures

Methodology for translation, consolidation, and presentation of results

Under IFRS, CEMEX translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement. 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 EMEA region includes Europe, Middle East, Asia, and Africa. Asia subregion 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.


	January - June				Second Quarter				Second Quarter
Exchange rates	2021 Average		2020 Average		2021 Average		2020 Average		2021 End of period		2020 End of period
Mexican peso		20.34		21.90		20.04		23.08		19.94		22.99
Euro		0.8312		0.9059		0.8295		0.9041		0.8432		0.8902
British pound		0.7188		0.7944		0.715		0.8069		0.7230		0.8070

Amounts provided in units of local currency per U.S. dollar.


2021 Second Quarter Results				Page 15


Disclaimer

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 to which Mexico is a party; 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 Second Quarter Results				Page 16

Exhibit 3 - 2Q2021 Results Presentation

Second Quarter 2021 Results MERSEY GATEWAY, UNITED KINGDOM 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 to which Mexico is a party; 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 25% l-t-l YoY, with higher contributions in all regions 39% YoY increase in EBITDA, reaching $818 M, highest amount for a 2Q since 2007 Second quarter cement volumes grew 22% YoY, with levels 10% higher vs 2Q19 Cement prices up 4% YoY and 2% QoQ in local currency terms, with all regions showing growth EBITDA margin at 21.2%, up 2.1pp YoY, well above our “Operation Resilience” target FCF after maintenance capex was the highest for a second quarter since 2016, at $401 M Leverage ratio of 2.85x, a decrease of 0.76x vs. 1Q21, driven by EBITDA growth, new subordinated notes, and FCF generation Key achievements in 2nd Quarter 2021 Net sales Operating EBITDA Operating EBITDA margin Free Cash Flow after maintenance capex +2.1pp +261 M +25% l-t-l +39% l-t-l Millions of U.S. dollars

Growth accelerates in 2nd quarter MEAA US EUR MEX SCAC CEMEX Cement volumes YoY % change1 1) On an average daily sales Region Cement volumes1 2Q21 vs. 2Q19 US +14% MEX +19% SCAC +1% MEAA (2%) EUR 10% CEMEX 10%

Unique footprint with superior supply chain capabilities in production constrained markets Most markets in the Americas operating at very high capacity utilization Shipping rates have escalated significantly Our unique supply chain in the Americas is a competitive advantage under this environment High flexibility to serve production constrained markets Far East Mediterranean Industry spot shipping rates1: +97% Industry spot shipping rates1: +173% 1) Industry spot shipping rates per ton of cement/clinker refer to average 2020 vs. 2Q21

Growth strategy pays off with expected ~$400 M in EBITDA in 2023 Cement projects for ~10 M Tons1 Cement Aggregates Ready Mix Urbanization Solutions ~$500 M investment pipeline ~$425 M in 2021-2023 CAPEX Bolt-on & Margin enhancement projects Vs. 1990 baseline 10 M MT in incremental cement capacity arriving at the right time Americas: 7.5 M MT Philippines: 1.5 M MT Europe: 1.0 M MT 1) Includes legacy (4.3 M MT) and bolt-on investments (5.7 M MT). Of the $425 M investment, $210 M are related to bolt-on, and rest to legacy projects 2023 EBITDA contribution: ~$130 M ~$270M

EBITDA expansion driven by higher volumes EBITDA variation Millions of U.S. dollars

Reset Operation Resilience pillars to more ambitious targets Operation Resilience pillars Targets 2Q Progress EBITDA growth through margin enhancement ≥20% margin 21.2% in 2Q21 20.7% in 1H21 Achieve investment grade capital structure Investment grade rating 2.85x leverage as of 2Q21 Optimize our portfolio for growth Accelerate bolt-on/margin enhancement projects $710 M in approved projects under deployment Advance sustainability agenda - net CO2 emissions1 In cement: <475 kgs by 2030 520 kgs by 2025 In concrete: 165 kgs by 2030 604 kgs for cement, 1.3% decline QoQ Kgs of CO2 per ton of cementitious materials or cubic meters of concrete

Announced industry leading climate action goals New Target 2025 New Target 2030 Performance 2020 Performance 1H21 Climate and Energy Kg of CO2 per ton of cementitious1 520 kg, or 35% reduction <475 kg, or >40% reduction 620 kg, or 22.6% reduction 604 kg, or 24.5% reduction Alternative fuels as a % of total fuels 43% ~50% 25.3% 28.5% Clinker Factor 74% ~71% 77.6% 76.1% Blended cement as a % of total cement produced ~69% 75% 63.1% 65.3% Reduction vs. 1990 baseline

Applying digital innovation in all that we do Commercial: CX Go, the first digital global platform in industry End-to-end integrated platform covering the full customer journey +60% of global sales processed through CEMEX Go Latest innovations: Completely paperless experience, RMX Go App, direct real-time connectivity between CEMEX and select customers through CEMEX Go Developer Center Manufacturing: CEMEX Smart Operations Applies latest technology to production processes to enable operational efficiency, safety and business analytics Artificial intelligence to enhance efficiency, lower energy consumption and promote sustainability Virtual reality safety training, drones for inventory management, and data analytics for predictive maintenance Business Services: Working Smarter Leverage digital technology and service providers to improve services and enhance user experience at lower cost Migrate administrative services to a pure digital environment that promotes remote work Apply scalable technology to standardize services across businesses and centralize operations

Regional Highlights

United States: Expansion continues but partially offset by rising cost pressures Millions of U.S. dollars Strong volume performance across all products, despite heavy rains in Texas Residential sector driving demand Sequential prices for cement rising 3%, reflecting successful April pricing increase in most markets. Additional round of pricing increases announced for the summer EBITDA margin impacted by higher imports, logistics, and maintenance costs Over medium term, demand supported by economic reopening and potential new infrastructure plan 6M21 2T21 6M21 vs. 6M20 2T21 vs. 2T20 6M21 2Q21 6M21 vs. 6M20 2Q21 vs. 2Q20 Ventas Netas 2145.0786302360002 1131.9215887020002 Cemento Volumen 8.5390555900946741E-2 8.0482288603282284E-2 Net Sales 2145.0786302360002 1131.9215887020002 Cement Volume 8.5390555900946741E-2 8.0482288603282284E-2 % var (comp) 8.8521494394019393E-2 0.12557244861114375 Precio (ML) 4.1783620752763404E-3 1.8873302633529043E-2 % var (l-t-l) 8.8521494394019393E-2 0.12557244861114375 Price (LC) 4.1783620752763404E-3 1.8873302633529043E-2 Flujo de Operación 408.53196729300009 212.06841125900016 Concreto Volumen 8.5103098940494087E-2 0.13795305801920579 Operating EBITDA 408.53196729300009 212.06841125900016 Ready mix Volume 8.5103098940494087E-2 0.13795305801920579 % var (comp) 0.13056682106547679 6.8713344769441784E-2 Precio (ML) 3.3470225408329156E-3 1.1049029862392208E-2 % var (l-t-l) 0.13056682106547679 6.8713344769441784E-2 Price (LC) 3.3470225408329156E-3 1.1049029862392208E-2 Margen Flujo de Operación 0.19045081216815518 0.1873525634422997 Agregados Volumen 1.6362057350612864E-2 3.5130391324505988E-2 Operating EBITDA margin 0.19045081216815518 0.1873525634422997 Aggregates Volume 1.6362057350612864E-2 3.5130391324505988E-2 var pp 0.70000000000000062 -1.0000000000000009 Precio (ML) 2.0597021591123327E-2 2.8916442481185241E-2 pp var 0.70000000000000062 -1.0000000000000009 Price (LC) 2.0597021591123327E-2 2.8916442481185241E-2

Mexico: ~60% increase in 2Q21 EBITDA driven by volume recovery Bagged cement growing double-digit, supported by government social programs, home improvement activity, higher remittances and pre-electoral spending Bulk cement and ready mix year-over-year volume growth reflects continued formal sector recovery and favorable comparison resulting from 2Q20 industry restrictions Formal sector benefitting from acceleration in residential construction Strong pricing traction in cement on the back of our April price increase EBITDA margin expansion due to higher volumes and prices, despite rising energy costs Millions of U.S. dollars 6M21 2T21 6M21 vs. 6M20 2T21 vs. 2T20 6M21 2Q21 6M21 vs. 6M20 2Q21 vs. 2Q20 Ventas Netas 1756.813382750355 935.17117375548207 Cemento Volumen 0.20797458008056752 0.28381704434633315 Net Sales 1756.813382750355 935.17117375548207 Cement Volume 0.20797458008056752 0.28381704434633315 % var (comp) 0.30075272613837267 0.43192249543227235 Precio (ML) 6.3770132219523143E-2 7.3363615540142341E-2 % var (l-t-l) 0.30075272613837267 0.43192249543227235 Price (LC) 6.3770132219523143E-2 7.3363615540142341E-2 Flujo de Operación 630.94658863608083 332.20387756146221 Concreto Volumen 0.13095624010706974 0.56255705893924723 Operating EBITDA 630.94658863608083 332.20387756146221 Ready mix Volume 0.13095624010706974 0.56255705893924723 % var (comp) 0.40747803502458879 0.57776594877641152 Precio (ML) 5.5570290179065094E-3 2.19385662519242E-2 % var (l-t-l) 0.40747803502458879 0.57776594877641152 Price (LC) 5.5570290179065094E-3 2.19385662519242E-2 Margen Flujo de Operación 0.35914263565565008 0.35523323096817683 Agregados Volumen 0.2061736924748587 0.56168603118141947 Operating EBITDA margin 0.35914263565565008 0.35523323096817683 Aggregates Volume 0.2061736924748587 0.56168603118141947 var pp 2.6999999999999966 3.1999999999999975 Precio (ML) 3.7710290220648875E-2 4.3243604123699313E-2 pp var 2.6999999999999966 3.1999999999999975 Price (LC) 3.7710290220648875E-2 4.3243604123699313E-2

EMEA: Double-digit EBITDA growth driven by better volumes and prices Millions of U.S. dollars EMEA: Europe, Middle East, Africa and Asia region Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange Strong volume growth in Europe and the Philippines, two geographies heavily impacted by COVID in 2Q20 Prices in Europe for the three core products up between 2% to 5% YoY EBITDA margin up 0.4 percentage points YoY, driven by a 2.9 percentage points margin increase in the Philippines Residential and infrastructure activity accelerating and driving demand across Europe Egyptian decree to rationalize cement production to be supportive 6M21 2T21 6M21 vs. 6M20 2T21 vs. 2T20 6M21 2Q21 6M21 vs. 6M20 2Q21 vs. 2Q20 Ventas Netas 2376.2427334231393 1290.5836744841022 Cemento Volumen 5.0283386647153275E-2 0.17355523742336834 Net Sales 2376.2427334231393 1290.5836744841022 Cement Volume 5.0283386647153275E-2 0.17355523742336834 % var (comp) 0.11632205437925837 0.21283455765338599 Precio (comp) 1.0733169736141152E-2 2.8021231168374787E-2 % var (l-t-l) 0.11632205437925837 0.21283455765338599 Price (l-t-l) 1.0733169736141152E-2 2.8021231168374787E-2 Flujo de Operación 311.0489229080535 198.44596514043218 Concreto Volumen 8.5331912358138806E-2 0.14038257315043301 Operating EBITDA 311.0489229080535 198.44596514043218 Ready mix Volume 8.5331912358138806E-2 0.14038257315043301 % var (comp) 0.16228132543420717 0.25313359179403122 Precio (comp) 1.2182800182603109E-2 1.8822001142701366E-2 % var (l-t-l) 0.16228132543420717 0.25313359179403122 Price (l-t-l) 1.2182800182603109E-2 1.8822001142701366E-2 Margen Flujo de Operación 0.13089947358196288 0.15376450908520825 Agregados Volumen 8.7239092190808734E-2 0.14759329675876826 Operating EBITDA margin 0.13089947358196288 0.15376450908520825 Aggregates Volume 8.7239092190808734E-2 0.14759329675876826 var pp 0.50000000000000044 0.40000000000000036 Precio (comp) 4.0850245139354237E-2 4.6276370337109324E-2 pp var 0.50000000000000044 0.40000000000000036 Price (l-t-l) 4.0850245139354237E-2 4.6276370337109324E-2

SCAC: Strong operating performance despite regional disruptions 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 Strong volume performance supported by easy comparison base and growth in all countries Cement prices 2% higher sequentially mainly due to increases in Jamaica and Costa Rica In the Dominican Republic, bagged cement performance drives demand In Colombia, despite social unrest in quarter, volumes are 44% higher supported by self-construction and infrastructure projects Volumes impacted by industry lockdown in Trinidad and Tobago for 8 weeks Margin expansion mainly due to higher volumes and prices 6M21 2T21 6M21 vs. 6M20 2T21 vs. 2T20 6M21 2Q21 6M21 vs. 6M20 2Q21 vs. 2Q20 Ventas Netas 842.26228030211314 417.97045563310434 Cemento Volumen 0.27809224279456179 0.42541383727673193 Net Sales 842.26228030211314 417.97045563310434 Cement Volume 0.27809224279456179 0.42541383727673193 % var (comp) 0.30244286296739653 0.50049564125861445 Precio (comp) 3.4187727422491015E-2 3.0026033142444831E-2 % var (l-t-l) 0.30244286296739653 0.50049564125861445 Price (l-t-l) 3.4187727422491015E-2 3.0026033142444831E-2 Flujo de Operación 240.6211554940131 117.25153503118082 Concreto Volumen 0.13065128211475729 0.60093701470532956 Operating EBITDA 240.6211554940131 117.25153503118082 Ready mix Volume 0.13065128211475729 0.60093701470532956 % var (comp) 0.56204830089847047 0.78901842650207399 Precio (comp) 9.4363548295617729E-4 2.9928914288473937E-2 % var (l-t-l) 0.56204830089847047 0.78901842650207399 Price (l-t-l) 9.4363548295617729E-4 2.9928914288473937E-2 Margen Flujo de Operación 0.28568435405620218 0.28052589232312763 Agregados Volumen 0.11835234482809071 0.45597945716940264 Operating EBITDA margin 0.28568435405620218 0.28052589232312763 Aggregates Volume 0.11835234482809071 0.45597945716940264 var pp 4.5999999999999988 4.5000000000000036 Precio (comp) -5.3173919682778605E-2 -3.9189381318855019E-3 pp var 4.5999999999999988 4.5000000000000036 Price (l-t-l) -5.3173919682778605E-2 -3.9189381318855019E-3

2Q21 Results Casa Erasto – Mexico City, Mexico EC RESIDENCE, COSTA RICA

Highest FCF after maintenance capex in a second quarter since 2016 Average working capital days Controlling Interest Net Income US$ M Millions of U.S. dollars January - June Second Quarter Validación 2021 2020 % var 2021 2020 % var Flujo de operación TRUE TRUE TRUE TRUE TRUE TRUE Operating EBITDA 1502.0538930176854 1085.9030898335823 0.38323014924644833 817.73162399255602 552.96558943648131 0.47881105011596414 - Gasto financiero neto TRUE TRUE TRUE TRUE TRUE TRUE - Net Financial Expense 314.60357042504955 354.70976278985131 144.76348177575696 182.2745677038649 - Inversiones en activo fijo de TRUE TRUE TRUE TRUE TRUE TRUE - Maintenance Capex 208.01790911510747 217.07924063037785 111.76555794651381 94.061392009677547 mantenimiento TRUE TRUE TRUE TRUE TRUE TRUE - Change in Working Capital 412.17691211225491 480.55825304805882 63.153303565587628 70.719402266976871 - Inversiones en capital de trabajo TRUE TRUE TRUE TRUE TRUE TRUE - Taxes Paid 129.11824999787203 80.652066200786166 78.694840154985968 39.682038356884945 - Impuestos TRUE TRUE TRUE TRUE TRUE TRUE - Other Cash Items (net) 40.561670339687041 42.526857903970708 19.549462883049834 28.612274436184261 - Otros gastos TRUE TRUE TRUE TRUE TRUE TRUE - Free Cash Flow -3.8269435328555144 -14.64614285531289 -0.84408714103034699 -2.2077588521038409 - Flujo de efectivo libre de TRUE TRUE TRUE TRUE TRUE TRUE Discontinued Operations operaciones discontinuas Free Cash Flow after 401.40252456056987 -74.976947884149695 N/A 400.64906480769213 139.82367351499656 1.8653879184823534 Flujo de efectivo libre después TRUE TRUE #DIV/0! TRUE TRUE #DIV/0! Maintenance Capex de inv AF mtto - Strategic Capex 160.91780988934693 114.60923298481663 107.56236361614208 53.891634135345079 - Inversiones en activo fijo TRUE TRUE TRUE TRUE TRUE TRUE Free Cash Flow 240.48471467122295 -189.58618086896632 N/A 293.08670119155005 85.932039379651485 2.4106801526806581 de operaciones discontinuas Flujo de efectivo libre TRUE TRUE TRUE TRUE TRUE TRUE OJO: Si en alguno de los dos años existe un flujo negativo el % var es = N/A Enero - Junio Segundo Trimestre OJO: Validar los signos de las variaciones 2021 2020 % var 2021 2020 % var Flujo de operación 1502.0538930176854 1085.9030898335823 0.38323014924644833 817.73162399255602 552.96558943648131 0.47881105011596414 - Gasto financiero neto 314.60357042504955 354.70976278985131 144.76348177575696 182.2745677038649 - Inversiones en activo fijo de 208.01790911510747 217.07924063037785 111.76555794651381 94.061392009677547 mantenimiento - Inversiones en capital de trabajo 412.17691211225491 480.55825304805882 63.153303565587628 70.719402266976871 - Impuestos 129.11824999787203 80.652066200786166 78.694840154985968 39.682038356884945 - Otros gastos 40.561670339687041 42.526857903970708 19.549462883049834 28.612274436184261 - Flujo de efectivo libre de -3.8269435328555144 -14.64614285531289 -0.84408714103034699 -2.2077588521038409 operaciones discontinuas Flujo de efectivo libre después 401.40252456056987 -74.976947884149695 N/A 400.64906480769213 139.82367351499656 1.8653879184823534 de inv AF mtto #DIV/0! #DIV/0! - Inversiones en activo fijo 160.91780988934693 114.60923298481663 107.56236361614208 53.891634135345079 estratégicas Flujo de efectivo libre 240.48471467122295 -189.58618086896632 N/A 293.08670119155005 85.932039379651485 2.4106801526806581

Average life of debt: 6.3 years1 Proforma1 total debt as of June 30, 2021: $9,123 million Fixed Income Other bank debt 2017 Facilities Agreement Leases Millions of U.S. dollars 1) Giving proforma effect to the redemption in July of $542 M Notes due 2024 with a 2.75% coupon The best runway to next maturities in a decade

Accelerating our path towards investment-grade rating Net Debt variation Millions of U.S. dollars 1) Includes the net effect of the issuance of $1.0 B subordinated notes which are considered equity under IFRS and therefore not included in net debt, and the repayment of $447 M of perpetual debentures which were also considered as equity under IFRS and were not included in net debt 2) As defined under the 2017 Facilities Agreement, as amended and restated 3.61x 2.85x -0.76x Consolidated leverage ratio2 1

2021 Outlook

2021 guidance1 1) Reflects CEMEX’s current expectations 2) Like-to-like for ongoing operations and assuming FX levels as of June 30th, 2021, for the remaining of the year 3) Including perpetual bonds and subordinated notes Operating EBITDA ~$3.1 billion2 Consolidated volume growth 5% to 7% Cement 3% to 5% Ready mix 2% to 4% Aggregates Energy cost/ton of cement produced ~12% increase Capital expenditures ~$1.3 billion total ~$800 M Maintenance, ~$500 M Strategic Investment in working capital $100 to $150 million Cash taxes ~$250 million Cost of debt3 Decrease of ~$120 million

As we move beyond favorable base effects, volume growth in most regions, but at moderated pace Isolated flareups of COVID, but with minimal disruptions to our business With most of our regions at a favorable point in the cycle and positive GDP outlook, a sustainable growth trajectory Unprecedented amounts of monetary and fiscal stimulus in developed markets, with approximately half still sitting on household balance sheets With economic reopening, industrial and commercial investment to meet surge in consumer spending and supply chain disruptions, as well as resumption of stalled formal construction projects In US and Europe, medium term upside from infrastructure stimulus programs such as Biden’s American Jobs Plan and Green Deal in Europe With tight supply/demand dynamics, pricing policy to adequately reflect the rising inflationary costs Capitalize on favorable market outlook to consolidate recent achievements and accelerate deleveraging and strategic shift towards growth Advance materially on our new intermediate and long-term Climate Action goals, showing progress on a quarterly basis What to expect

Second Quarter 2021 Results MERSEY GATEWAY, UNITED KINGDOM Q&A session

OYAMEL RESIDENCE, MEXICO Appendix

Average life of debt: 5.9 years Debt maturity profile as of 2Q21 Total debt as of June 30, 2021: $9,665 million > Fixed Income1 Other bank debt 2017 Facilities Agreement Leases Millions of U.S. dollars 1) During June 2021, CEMEX sent a redemption notice for the 2.75% Notes due 2024 to partially redeem in July 2021 the outstanding amount of US$542 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 6M21 vs. 6M20 2T21 vs. 2T20 2T21 vs. 1T21 Cemento gris doméstico Volumen (comp) 0.13568596172369274 0.21563873756315299 0.10765453530148927 Precio (USD) 7.2745084942273927E-2 0.10205265244542343 3.3972786117802641E-2 Precio (comp) 3.5038390194253921E-2 3.9047927714571662E-2 2.4908450278042664E-2 Concreto Volumen (comp) 9.4192937527902032E-2 0.20413822957628969 9.0152806447124201E-2 Precio (USD) 4.2015198752218319E-2 4.7374237710091222E-2 1.9898548047467098E-2 Precio (comp) 2.3213417801091207E-3 -2.8233101969117325E-3 1.2903887027493767E-2 Agregados Volumen (comp) 7.8519264232491226E-2 0.15954378548042358 0.10775695365358984 Precio (USD) 5.8996546164778473E-2 5.8586565102627511E-2 2.7674852388393715E-3 Precio (comp) 1.21925115397159E-2 1.2260484559449836E-3 -3.8560844496206359E-3 6M21 vs. 6M20 2Q21 vs. 2Q20 2Q21 vs. 1Q21 Domestic gray cement Volume (l-t-l) 0.13568596172369274 0.21563873756315299 0.10765453530148927 Price (USD) 7.2745084942273927E-2 0.10205265244542343 3.3972786117802641E-2 Price (l-t-l) 3.5038390194253921E-2 3.9047927714571662E-2 2.4908450278042664E-2 Ready mix Volume (l-t-l) 9.4192937527902032E-2 0.20413822957628969 9.0152806447124201E-2 Price (USD) 4.2015198752218319E-2 4.7374237710091222E-2 1.9898548047467098E-2 Price (l-t-l) 2.3213417801091207E-3 -2.8233101969117325E-3 1.2903887027493767E-2 Aggregates Volume (l-t-l) 7.8519264232491226E-2 0.15954378548042358 0.10775695365358984 Price (USD) 5.8996546164778473E-2 5.8586565102627511E-2 2.7674852388393715E-3 Price (l-t-l) 1.21925115397159E-2 1.2260484559449836E-3 -3.8560844496206359E-3 Validación Cemento gris doméstico 0 0 0 0 0 0 0 0 0 Concreto 0 0 0 0 0 0 0 0 0 Agregados 0 0 0 0 0 0 0 0 0

Additional information on debt 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$1,333 million MXN 4% Segundo Trimestre Primer Trimestre Second Quarter First Quarter 2021 2020 % var 2021 2021 2020 % var 2021 Deuda Total1 9665.3122907790821 13195.629834597567 -0.26753687304582918 10412.727710741116 Total debt1 9665.3122907790821 13195.629834597567 -0.26753687304582918 10412.727710741116 Corto Plazo 9.7653141215875747E-2 6.0094794513426926E-2 7.6169229762298882E-2 Short-term 9.7653141215875747E-2 6.0094794513426926E-2 7.6169229762298882E-2 Largo Plazo 0.90234685878412424 0.93990520548657308 0.9238307702377011 Long-term 0.90234685878412424 0.93990520548657308 0.9238307702377011 Efectivo y equivalentes 1304.6569999999999 2831.7662999999998 -0.53927801174835643 1308.7331999999999 Cash and cash equivalents 1304.6569999999999 2831.7662999999998 -0.53927801174835643 1308.7331999999999 Deuda neta 8360.6552907790829 10363.863534597567 -0.19328778665708957 9103.9945107411149 Net debt 8360.6552907790829 10363.863534597567 -0.19328778665708957 9103.9945107411149 Deuda Fondeada Consolidada2 8476.1055458973569 10790.495765923986 -0.21448414143633643 9666 Consolidated funded debt2 8476.1055458973569 10790.495765923986 -0.21448414143633643 9666 Razón de apalancamiento consolidado2 2.8537710412239004 4.5730649377660413 3.61 Consolidated leverage ratio2 2.8537710412239004 4.5730649377660413 3.61 Razón de cobertura de intereses consolidado2 4.78 3.69 4.0999999999999996 Consolidated coverage ratio2 4.78 3.69 4.0999999999999996 1 Incluye notas convertibles subordinadas y arrendamientos, de acuerdo a las NIIFs (IFRS por sus siglas en inglés) 2 Calculado de acuerdo a nuestras obligaciones contractuales bajo el Contrato de Crédito de 2017, según fue enmendado y reexpresado el 2 de abril de 2019. Los montos y razones financieras de 2018 no han sido auditados, y no corresponden con los montos y razones financieras reportadas durante 2018 de acuerdo a nuestro Contrato de Crédito de julio de 2017, y se muestran en este documento únicamente para efectos informativos, dando efecto a la adopción de IFRS 16, Arrendamientos, como si hubiera estado vigente desde enero 1 de 2018. 1 Includes convertible notes and 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 on April 2, 2019. 2018 amounts and ratios are not audited, and were not the actual amounts and ratios reported during 2018 under our Facilities Agreement dated July 2017, and are shown in this document for reference purposes only, giving effect to the adoption of IFRS 16, Leases, as if it had been in effect from January 1, 2018. OJO: Información viene del data bridge - COVENANTS Currency Denomination 2Q21 US Dollar #REF! Euro #REF! Mexican Peso #REF! Other #REF! Interest rate 2Q21 Fixed #REF! Variable #REF! Validacion Deuda Total1 0 0 0 0 Costo Plazo 0 0 0 0 Largo Plazo 0 0 0 0 Notas perpetuas #REF! #REF! #REF! #REF! Efectivo y equivalentes 0 0 0 0 Deuda neta más notas perpetuas 0 0 0 0 Deuda Consolidada Fondeada2 /Flujo de operación3 0 0 0 0 Cobertura de intereses3 4 0 0 0 0

Additional information on debt Total debt1 by instrument Millions of U.S. dollars 1) Includes leases, in accordance with IFRS Second Quarter First Quarter 2021 % of total 2021 % of total Fixed Income 6127.6428999999998 0.63400011103925769 6431.3998168658836 0.61763428227638828 2017 Facilities Agreement 1983.8904 0.20526436582812577 2324.9532848911813 0.22 Others 1553.5169000000001 0.16073552313261655 1656.6048596468081 0.15909070849868917 Total Debt1 9665.0501999999997 10412.957961403872 Segundo Trimestre Primer Trimestre 2021 % del total 2021 % del total Renta Fija 6127.6428999999998 0.63400011103925769 6431.3998168658836 0.61763428227638828 Contrato de Crédito 2017 1983.8904 0.20526436582812577 2324.9532848911813 0.22 Otros 1553.5169000000001 0.16073552313261655 1656.6048596468081 0.15909070849868917 Deuda Total1 9665.0501999999997 10412.957961403872 OJO: Información viene del data bridge

2Q21 volume and price summary: selected countries/regions Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates Domestic gray cement Ready mix Aggregates 2Q21 vs. 2Q20 2Q21 vs. 2Q20 2Q21 vs. 2Q20 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 0.28381704434633315 0.23438938402869183 7.3363615540142341E-2 0 0.56255705893924723 0.17471927984332319 2.1938566251924051E-2 0 0.56168603118141947 0.20031228230960321 4.3243604123699493E-2 U.S. 8.0482288603282284E-2 1.8873302633529043E-2 1.8873302633529043E-2 0 0.13795305801920579 1.1049029862392208E-2 1.1049029862392208E-2 0 3.5130391324505988E-2 2.8916442481185241E-2 2.8916442481185241E-2 Europe 0.13623407665985388 0.13941915658659429 3.5034202408407406E-2 0 0.18184856337561264 0.14596503982614725 4.1662737567984554E-2 0 0.22749508639110588 0.15792419955246484 4.5345022424063228E-2 Israel N/A N/A N/A 0 8.845975235324011E-3 6.630776889499844E-2 -4.8875299778166556E-3 0 -0.11978231458498013 0.10499316709420388 3.1097333887236768E-2 Philippines 0.45368238416209594 4.9684568818720619E-3 -3.4970212674570629E-2 0 N/A N/A N/A 0 N/A N/A N/A Colombia 0.44070590657025055 1.4234421420803804E-2 3.4196150978213617E-3 0 0.66108818244182121 1.569078826242622E-2 9.8324749028283927E-3 0 0.81570825728884888 -1.7251701837464578E-2 -2.3345087622491392E-2 Panama 4.1412427158756921 -4.6847623210543518E-2 -4.6847623210543518E-2 0 54.091031692515173 -0.28629573633442956 -0.28629573633442956 0 11.41429172954658 -0.14708965837497548 -0.14708965837497548 Costa Rica 0.16096407567095056 -2.9188259314532016E-2 4.2854655906974182E-2 0 -0.16880861410211878 -4.6913618536887726E-2 2.5033829864927061E-2 0 -0.52743756790915486 0.43630175480275912 0.54551938318540905 Dominican Republic 0.72487519266348788 0.17278534313379049 0.16793998408693805 0 0.21792895386808561 0.16687542180273421 0.1605757307156761 0 N/A N/A N/A Cemento gris doméstico Concreto Agregados 2T21 vs. 2T20 2T21 vs. 2T20 2T21 vs. 2T20 Volumen Precio Precio Volumen Precio Precio Volumen Precio Precio (USD) (ML) (USD) (ML) (USD) (ML) México 0.28381704434633315 0.23438938402869183 7.3363615540142341E-2 0.56255705893924723 0.17471927984332319 2.1938566251924051E-2 0.56168603118141947 0.20031228230960321 4.3243604123699493E-2 Estados Unidos 8.0482288603282284E-2 1.8873302633529043E-2 1.8873302633529043E-2 0.13795305801920579 1.1049029862392208E-2 1.1049029862392208E-2 3.5130391324505988E-2 2.8916442481185241E-2 2.8916442481185241E-2 Europa 0.13623407665985388 0.13941915658659429 3.5034202408407406E-2 0.18184856337561264 0.14596503982614725 4.1662737567984554E-2 0.22749508639110588 0.15792419955246484 4.5345022424063228E-2 Israel N/A N/A N/A 8.845975235324011E-3 6.630776889499844E-2 -4.8875299778166556E-3 -0.11978231458498013 0.10499316709420388 3.1097333887236768E-2 Filipinas 0.45368238416209594 4.9684568818720619E-3 -3.4970212674570629E-2 N/A N/A N/A N/A N/A N/A Colombia 0.44070590657025055 1.4234421420803804E-2 3.4196150978213617E-3 0.66108818244182121 1.569078826242622E-2 9.8324749028283927E-3 0.81570825728884888 -1.7251701837464578E-2 -2.3345087622491392E-2 Panamá 4.1412427158756921 -4.6847623210543518E-2 -4.6847623210543518E-2 54.091031692515173 -0.28629573633442956 -0.28629573633442956 11.41429172954658 -0.14708965837497548 -0.14708965837497548 Costa Rica 0.16096407567095056 -2.9188259314532016E-2 4.2854655906974182E-2 -0.16880861410211878 -4.6913618536887726E-2 2.5033829864927061E-2 -0.52743756790915486 0.43630175480275912 0.54551938318540905 República Dominicana 0.72487519266348788 0.17278534313379049 0.16793998408693805 0.21792895386808561 0.16687542180273421 0.1605757307156761 N/A N/A N/A Validación México 0 0 0 0 0 0 0 0 0 Estados Unidos 0 0 0 0 0 0 0 0 0 Europa 0 0 0 0 0 0 0 0 0 Israel N/A N/A N/A 0 0 0 0 0 0 Filipinas 0 0 0 N/A N/A N/A N/A N/A N/A Colombia 0 0 0 0 0 0 0 0 0 Panamá 0 0 0 0 0 0 0 0 0 Costa Rica 0 0 0 0 0 0 0 0 0 República Dominicana 0 0 0 0 0 0 N/A N/A N/A

6M21 volume and price summary: selected countries/regions Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates Domestic gray cement Ready mix Aggregates 6M21 vs. 6M20 6M21 vs. 6M20 6M21 vs. 6M20 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 0.20797458008056752 0.13917472878558076 6.3770132219522949E-2 0 0.13095624010706974 6.0305569610321068E-2 5.5570290179068043E-3 0 0.2061736924748587 9.9165202099571276E-2 3.7710290220648875E-2 U.S. 8.5390555900946741E-2 4.1783620752765573E-3 4.1783620752765573E-3 0 8.5103098940494087E-2 3.3470225408327196E-3 3.3470225408327196E-3 0 1.6362057350612864E-2 2.0597021591123508E-2 2.0597021591123508E-2 Europe 3.0973328995280748E-2 0.12727840279010097 3.3243189850297165E-2 0 9.1443491000480395E-2 0.13404713081660111 3.8039882476782791E-2 0 0.14293019416020808 0.14102372064516586 3.9782704831047962E-2 Israel N/A N/A N/A 0 2.943545584865663E-2 5.7070079195137867E-2 -7.1669106159536668E-3 0 -9.5215223881445807E-2 9.083451433152076E-2 2.4023912860625281E-2 Philippines 0.16063134780036914 7.0740765379592938E-3 -3.8142703274333736E-2 0 N/A N/A N/A 0 N/A N/A N/A Colombia 0.20775913076759714 1.8713295662823665E-2 2.0893510524314679E-2 0 0.23804478679808808 -3.0268158839053217E-3 3.1427025466985643E-3 0 0.32076750880626065 -5.0001097061085062E-2 -4.4616667454428383E-2 Panama 0.49524275878419671 -4.0888862546839724E-2 -4.0888862546839724E-2 0 9.5338683897849386E-2 -6.7223273112717391E-2 -6.7223273112717391E-2 0 0.11583503345339859 -0.16313095652531712 -0.16313095652531712 Costa Rica 0.11272636575459125 -3.4223720708462697E-2 3.3524664355325029E-2 0 -0.21117255938579793 -3.5578201944675723E-2 3.2245062982472449E-2 0 -8.1196564233073004E-2 -0.22887802905231905 -0.17469552263745777 Dominican Republic 0.47803493282929532 0.13156577871990366 0.17866857504455755 0 -0.20692985835440988 6.1130059454357628E-2 0.11133576968468577 0 N/A N/A N/A Cemento gris doméstico Concreto Agregados 6M21 vs. 6M20 6M21 vs. 6M20 6M21 vs. 6M20 Volumen Precio Precio Volumen Precio Precio Volumen Precio Precio (USD) (ML) (USD) (ML) (USD) (ML) México 0.20797458008056752 0.13917472878558076 6.3770132219522949E-2 0.13095624010706974 6.0305569610321068E-2 5.5570290179068043E-3 0.2061736924748587 9.9165202099571276E-2 3.7710290220648875E-2 Estados Unidos 8.5390555900946741E-2 4.1783620752765573E-3 4.1783620752765573E-3 8.5103098940494087E-2 3.3470225408327196E-3 3.3470225408327196E-3 1.6362057350612864E-2 2.0597021591123508E-2 2.0597021591123508E-2 Europa 3.0973328995280748E-2 0.12727840279010097 3.3243189850297165E-2 9.1443491000480395E-2 0.13404713081660111 3.8039882476782791E-2 0.14293019416020808 0.14102372064516586 3.9782704831047962E-2 Israel N/A N/A N/A 2.943545584865663E-2 5.7070079195137867E-2 -7.1669106159536668E-3 -9.5215223881445807E-2 9.083451433152076E-2 2.4023912860625281E-2 Filipinas 0.16063134780036914 7.0740765379592938E-3 -3.8142703274333736E-2 0 N/A N/A N/A 0 N/A N/A N/A Colombia 0.20775913076759714 1.8713295662823665E-2 2.0893510524314679E-2 0.23804478679808808 -3.0268158839053217E-3 3.1427025466985643E-3 0.32076750880626065 -5.0001097061085062E-2 -4.4616667454428383E-2 Panamá 0.49524275878419671 -4.0888862546839724E-2 -4.0888862546839724E-2 9.5338683897849386E-2 -6.7223273112717391E-2 -6.7223273112717391E-2 0.11583503345339859 -0.16313095652531712 -0.16313095652531712 Costa Rica 0.11272636575459125 -3.4223720708462697E-2 3.3524664355325029E-2 0 -0.21117255938579793 -3.5578201944675723E-2 3.2245062982472449E-2 0 -8.1196564233073004E-2 -0.22887802905231905 -0.17469552263745777 República Dominicana 0.47803493282929532 0.13156577871990366 0.17866857504455755 -0.20692985835440988 6.1130059454357628E-2 0.11133576968468577 N/A N/A N/A Validación México 0 0 0 0 0 0 0 0 0 Estados Unidos 0 0 0 0 0 0 0 0 0 Europa 0 0 0 0 0 0 0 0 0 Israel N/A N/A N/A 0 0 0 0 0 0 Filipinas 0 0 0 N/A N/A N/A N/A N/A N/A Colombia 0 0 0 0 0 0 0 0 0 Panamá 0 0 0 0 0 0 0 0 0 Costa Rica 0 0 0 0 0 0 0 0 0 República Dominicana 0 0 0 0 0 0 N/A N/A N/A

2021 expected volume outlook1: selected countries/regions 1) Reflects CEMEX’s current expectations. Volumes on a like-to-like basis CEMENT Ready Mix Aggregates CEMEX +5% to +7% +3% to +5% +2% to +4% Mexico +10% to +12% +8% to +12% +8% to +12% USA +4% to +6% +4% to +6% +1% to +3% Europe +2% to +4% +3% to +5% +6% to +8% Colombia +9% to +11% +14% to +16% N/A Panama +34% to +36% +40% to +42% N/A Costa Rica +7% to +9% (6%) to (4%) N/A Dominican Republic +19% to +21% (9%) to (7%) N/A Israel N/A (5%) to (3%) (5%) to (3%) Philippines +12% to +14% N/A N/A

Definitions SCAC South, Central America and the Caribbean EMEA 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 Operating EBITDA Operating earnings before other expenses, net plus depreciation and operating amortization IFRS International Financial Reporting Standards, as issued by the International Accounting Standards Board 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