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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 February, 2022

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 February 10, 2022, announcing fourth quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).

2.	Fourth quarter 2021 results for CEMEX.

3.	Presentation regarding fourth 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: February 10, 2022	By:	/s/ Rafael Garza Lozano
		Name:	Rafael Garza Lozano
		Title:	Chief Comptroller

EXHIBIT INDEX


EXHIBIT NO.		DESCRIPTION

1.		Press release dated February 10, 2022, announcing fourth quarter 2021 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (“CEMEX”).

2.		Fourth quarter 2021 results for CEMEX.

3.		Presentation regarding fourth 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 / Fabián Orta

+1 (212) 317-6011

+52 (81) 8888-4327

ir@cemex.com

LOGO

CEMEX REPORTS HIGHEST EBITDA GROWTH IN A DECADE,

WITH GREAT PROGRESS ON CLIMATE ACTION AGENDA

•

EBITDA grew 18% and Net Sales grew 14% driven by higher volumes and solid pricing performance in all core products during the year.

•

Consolidated cement prices grew 5%, the largest annual pricing gain since 2016.

•

Achieved leverage below 3 times¹ in 2021, with eyes on Investment Grade rating.

•

Consolidated its Climate Action leadership: Record reduction in CO₂ emissions.

MONTERREY, MEXICO. FEBRUARY 10, 2022 – CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today strong results for the full year 2021 with double-digit EBITDA growth, the highest in more than a decade, coupled with a double-digit increase in sales driven by higher volumes and robust pricing in all core products in all regions. EBITDA margin increased 0.8 percentage points in the year, despite headwinds in energy and import costs. CO₂ emissions declined 4.4 percentage points, the largest annual decline the company has ever achieved.

CEMEX’s Consolidated 2021 Full Year and Fourth Quarter Financial and Operational Highlights.

•

Net Sales increased 14% to US$14,548 million in 2021, and 3% to US$3,618 million in fourth quarter.

•

Operating EBITDA increased 18% to US$2,861 million in 2021, and 3% to US$651 million in fourth quarter. Operating EBITDA proforma² increased 18% to US$2,901 million in 2021, versus $2,455 million in 2020.

•

Operating EBITDA margin expanded 0.8pp in 2021, to 19.7%, and declined by 0.1pp, to 18.0% in fourth quarter.

•

Free Cash Flow after Maintenance Capital Expenditures rose 15% in 2021, reaching US$1,101 million, and US$332 million in fourth quarter.

•

Controlling Interest Net Income was US$753 million in 2021 versus a loss of US$1,467 million in 2020, due to an impairment charge in 2020. In the fourth quarter, Controlling Interest Net Income was US$195 million versus US$70 million in the same quarter of 2020, an increase of 179%.

•

CEMEX advanced significantly on its investment grade goal, reducing its leverage ratio¹ by 1.4x, to 2.73x in 2021. Consolidated net debt was reduced by US$2,265 billion¹, achieving the longest average life of debt in more than a decade, at 6.2 years.

“We are very pleased to report exceptional financial and strategic performance during 2021, despite the unprecedented challenges from COVID and cost inflation. I am proud of our efforts, the organization, and how we responded to the unique circumstances of the year,” said Fernando A. González, CEO of CEMEX. “In 2021, under our Future in Action program, we accelerated our climate action ambition, establishing more aggressive 2030 decarbonization goals as well as a detailed plant

by plant roadmap to reach the targets. With our enhanced roadmap in place, we achieved our lowest carbon emission level on record and our largest annual year over year decline. And we pushed the boundaries on innovation – introducing new sustainable products and developing breakthrough decarbonization technologies. Our performance gives me great confidence that we can reach not only our 2030 climate goal but also our Net Zero ambition.”

Geographical Markets 2021 Full Year and Fourth Quarter Highlights

Net Sales in Mexico increased 23% in 2021, to US$3,466 million, and 1% in fourth quarter, to US$841 million. Operating EBITDA increased 25% in 2021, to US$1,163 million, and decreased 9% in fourth quarter, to US$243 million.

CEMEX’s operations in the United States reported Net Sales of US$4,355 million in 2021, an increase of 9%, and US$1,094 million in fourth quarter, an increase of 8%. Operating EBITDA increased 2% to US$762 million in 2021 and decreased 7% to US$174 million in fourth quarter.

In the Europe, Middle East, Africa and Asia region, Net Sales increased by 10% in 2021, to US$4,825 million, and 1% in fourth quarter, to US$1,197 million. Operating EBITDA was US$676 million in 2021, 8% higher, and US$165 million for the fourth quarter, 4% higher.

CEMEX’s operations in the South, Central America and the Caribbean region, reported Net Sales of US$1,567 million in 2021, an increase of 16%, and US$391 million in fourth quarter, an increase of 2%. Operating EBITDA increased by 24% to US$421 million in 2021 and increased 3% to US$99 million in the fourth quarter.

CEMEX is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. For more information, please visit: www.cemex.com

1)	Calculated in accordance with our contractual obligations under the 2021 Credit Agreement.

2)	Proforma including operations in Costa Rica and El Salvador. CEMEX announced in December 2021 an agreement for the sale of these operations. Reported numbers treat these operations as discontinued operations for the years 2021 and 2020.

###

CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements 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. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.

Exhibit 2 - Fourth quarter 2021 results for CEMEX

Exhibit 2

LOGO

Operating and financial highlights


	January - December												Fourth Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Consolidated cement volume		66,970			63,153			6	%					16,500			17,403			(5	%)
Consolidated ready-mix volume		49,239			46,656			6	%					12,542			12,412			1	%
Consolidated aggregates volume		136,995			132,063			4	%					34,769			34,910			(0	%)

Net sales		14,548			12,814			14	%		11	%		3,618			3,497			3	%		5	%
Gross profit		4,673			4,122			13	%		17	%		1,090			1,090			(0	%)		(1	%)
as % of net sales		32.1	%		32.2	%		(0.1pp	)					30.1	%		31.2	%		(1.1pp	)
SG&A expenses as % of net sales		7.64	%		9.39	%		(1.8pp	)					7.87	%		9.20	%		(1.3pp	)
Operating earnings before other income and expenses, net		1,734			1,311			32	%		29	%		366			342			7	%		8	%
as % of net sales		11.9	%		10.2	%		1.7pp						10.1	%		9.8	%		0.3pp
Controlling interest net income (loss)		753			-1,467			N/A						195			70			179	%
Operating EBITDA		2,861			2,421			18	%		15	%		651			633			3	%		4	%
as % of net sales		19.7	%		18.9	%		0.8pp						18.0	%		18.1	%		(0.1pp	)

Free cash flow after maintenance capital expenditures		1,101			958			15	%					332			574			(42	%)
Free cash flow		722			734			(2	%)					227			496			(54	%)

Total debt		8,555			10,598			(19	%)					8,555			10,598			(19	%)
Earnings (loss) of continuing operations per ADS		0.51			(0.91	)		N/A						0.15			0.05			189	%
Fully diluted earnings (loss) of continuing operations per ADS		0.51			(0.91	)		N/A						0.15			0.05			189	%
Average ADSs outstanding		1,495			1,498			(0	%)					1,495			1,496			(0	%)
Employees		45,870			41,667			10	%					45,870			41,667			10	%

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 fourth quarter of 2021 reached US$3.6 billion, an increase of 5% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations, compared to the fourth quarter of 2020. Higher local currency prices in all regions contributed to top line growth.

Cost of sales, as a percentage of net sales, increased by 1.1pp during the fourth quarter of 2021 compared with the same period last year, from 68.8% to 69.9%. The increase was mainly driven by higher energy costs, as well as higher costs of raw materials and purchased cement.

Operating expenses, as a percentage of net sales decreased by 1.4pp during the fourth quarter of 2021 compared with the same period last year, from 21.4% to 20.0% mainly due to lower administrative, sales, distribution, and corporate expenses.

Operating EBITDA in the fourth quarter of 2021 reached US$651 million, increasing 4% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations. During the quarter, our EMEA and SCAC regions contributed favorably to EBITDA.

Operating EBITDA margin decreased by 0.1pp from 18.1% in the fourth quarter of 2020 to 18.0% this quarter.

Other expenses, net for the quarter were US$80 million, which mainly include impairment of assets and severance payments.

Controlling interest net income (loss) resulted in an income of US$195 million in the fourth quarter of 2021 versus an income of US$70 million in the same quarter of 2020. The improvement in net income primarily reflects lower financial expenses, a positive variation from financial instruments and foreign exchange results, and lower income tax.


2021 Fourth Quarter Results		Page 2

Operating results

Mexico


	January - December												Fourth Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		3,466			2,812			23	%		17	%		841			836			1	%		3	%
Operating EBITDA		1,163			931			25	%		18	%		243			268			(9	%)		(8	%)
Operating EBITDA margin		33.6	%		33.1	%		0.5pp						28.9	%		32.1	%		(3.2pp	)

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - December			Fourth Quarter			January - December			Fourth Quarter			January - December			Fourth Quarter
Volume		8	%		(4	%)		8	%		2	%		12	%		4	%
Price (USD)		13	%		7	%		8	%		5	%		9	%		3	%
Price (local currency)		7	%		9	%		3	%		7	%		4	%		5	%

In Mexico, sales rose 17% in 2021, to a record level in peso terms. Top-line growth was driven by high single digit volume and pricing growth for cement and ready mix. During the year, bagged cement grew double digits supported by government social programs and record level remittances. Bagged volumes slowed in the second half of the year as the comps became more difficult and we moved out beyond the midterm elections.

The country continues to experience a pickup in the formal economy, and bulk cement and ready-mix volumes benefited from higher formal housing and industrial activity. The latter was supported by growth in manufacturing and warehouses, onshoring, as well as the buildout of logistic networks. While cement prices grew 9% during the quarter in local currency terms, the increase was not sufficient to compensate for rapidly escalating cost inflation in the second half of 2021, driven largely by energy.

United States


	January - December												Fourth Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		4,355			3,994			9	%		9	%		1,094			1,011			8	%		8	%
Operating EBITDA		762			747			2	%		2	%		174			186			(7	%)		(7	%)
Operating EBITDA margin		17.5	%		18.7	%		(1.2pp	)					15.9	%		18.4	%		(2.5pp	)

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - December			Fourth Quarter			January - December			Fourth Quarter			January - December			Fourth Quarter
Volume		6	%		0	%		8	%		4	%		1	%		(1	%)
Price (USD)		3	%		6	%		2	%		5	%		5	%		9	%
Price (local currency)		3	%		6	%		2	%		5	%		5	%		9	%

In the United States, strong volume performance and improved pricing led to high single-digit growth in sales in 2021. The region continued to enjoy strong demand across all products with most of our markets sold out. Activity continues to be driven mainly by the residential sector. Despite difficult prior year comps and winter weather in California, cement volumes during the quarter were flat, with ready-mix growing 4% and aggregates down 1%.

With the implementation of two rounds of price increases during the year, our cement prices were up 3% for 2021, 6% in the fourth quarter, and 7% point to point (from December to December). EBITDA grew 2% in the year, while our EBITDA margin declined mainly due to cost headwinds from energy and cement and clinker imports in the second half of 2021.


2021 Fourth Quarter Results		Page 3

Operating results

Europe, Middle East, Africa and Asia


	January - December												Fourth Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		4,825			4,376			10	%		6	%		1,197			1,181			1	%		2	%
Operating EBITDA		676			625			8	%		4	%		165			158			4	%		5	%
Operating EBITDA margin		14.0	%		14.3	%		(0.3pp	)					13.8	%		13.4	%		0.4pp

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - December			Fourth Quarter			January - December			Fourth Quarter			January - December			Fourth Quarter
Volume		1	%		(5	%)		3	%		(2	%)		3	%		(1	%)
Price (USD)		8	%		10	%		5	%		2	%		8	%		1	%
Price (local currency) (*)		5	%		13	%		1	%		2	%		3	%		1	%

In EMEA, top line annual growth of 6% was driven mainly by higher prices in Europe and Egypt, coupled with better volumes in most markets.

In Europe, we achieved record cement volumes in 2021, led by double-digit growth in the UK, with most markets above pre-COVID levels. Growth was supported by higher infrastructure and residential activity in Poland, France, and Spain. European cement prices in local currency terms rose 4% in 2021, supported by a second round of price increases in the second half of the year.

In the Philippines, cement volumes were up 7% in the year, with all sectors growing. Pricing in the Philippines has been improving gradually, with three consecutive quarters of growth. In fourth quarter, volumes were heavily impacted by a major typhoon in the central part of the country, which caused significant disruptions.

In Israel, construction activity was strong in the year, with average daily sales volumes for ready-mix growing double-digit, and low single digit for aggregates.

EBITDA for the EMEA region rose 4% in 2021 with a slight decline in EBITDA margin.

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


2021 Fourth Quarter Results		Page 4

Operating results

South, Central America and the Caribbean


	January – December												Fourth Quarter
	2021			2020			% var			l-t-l % var			2021			2020			% var			l-t-l % var
Net sales		1,567			1,349			16	%		18	%		391			383			2	%		6	%
Operating EBITDA		421			338			24	%		25	%		99			97			3	%		3	%
Operating EBITDA margin		26.9	%		25.1	%		1.8pp						25.4	%		25.3	%		0.1pp

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - December			Fourth Quarter			January - December			Fourth Quarter			January - December			Fourth Quarter
Volume		13	%		(1	%)		10	%		6	%		(0	%)		(13	%)
Price (USD)		2	%		3	%		1	%		(3	%)		(0	%)		3	%
Price (local currency) (*)		5	%		8	%		2	%		2	%		1	%		9	%

Our South, Central America and the Caribbean region enjoyed a strong year in 2021. Net sales rose 18% on a like to like basis, the highest annual growth since 2012. While benefiting from an easy prior year comp due to severe lockdowns in the region in 2020, regional cement volumes grew 13% during the year and surpassed pre-pandemic levels. With volume growth and high-capacity utilization, the region experienced strong pricing momentum with cement prices up 8% in the fourth quarter. As a result of solid top line growth coupled with tight cost management, full-year EBITDA grew 25% and EBITDA margin expanded by approximately two percentage points.

In Colombia, full-year cement volumes grew 8% and were supported by housing, self-construction, and infrastructure projects. In the Dominican Republic, we experienced strong demand growth in 2021 with cement volumes up 22% on the back of a dynamic self-construction sector and the reactivation of delayed tourism projects.

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


2021 Fourth Quarter Results		Page 5

Operating results

Operating EBITDA and free cash flow


	January - December									Fourth Quarter
	2021			2020			% var			2021			2020			% var
Operating earnings before other income and expenses, net		1,734			1,311			32	%		366			342			7	%
+ Depreciation and operating amortization		1,127			1,111						284			291

Operating EBITDA		2,861			2,421			18	%		651			633			3	%
- Net financial expense		574			715						123			173
- Maintenance capital expenditures		714			568						340			249
- Change in working capital		151			(113	)					(268	)		(453	)
- Taxes paid		194			157						40			43
- Other cash items (net)		154			184						90			58
- Free cash flow discontinued operations		(28	)		(48	)					(6	)		(12	)

Free cash flow after maintenance capital expenditures		1,101			958			15	%		332			574			(42	%)
- Strategic capital expenditures		380			225						105			78

Free cash flow		722			734			(2	%)		227			496			(54	%)

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

During 2021 our operations generated US$1.1 billion dollars in free cash flow after maintenance capex, an increase of US$143 million versus the year before. This growth was driven primarily by higher EBITDA and savings on financial expenses. Our free cash flow was similar to 2020, as we increased the amount of strategic capex.

Free cash flow was primarily used to pay down debt during the year.

Information on debt


	Fourth Quarter									Third Quarter				Fourth Quarter
	2021			2020			% var			2021				2021			2020
Total debt ⁽¹⁾		8,555			10,598			(19	%)		8,982		Currency denomination
Short-term		4	%		4	%					4	%	U.S. dollar		83	%		64	%
Long-term		96	%		96	%					96	%	Euro		8	%		23	%
Cash and cash equivalents		613			950			(36	%)		869		Mexican peso		4	%		4	%

Net debt		7,942			9,648			(18	%)		8,113		Other		5	%		9	%

Consolidated net debt ⁽²⁾		7,921			10,186						8,092		Interest rate⁽³⁾
Consolidated leverage ratio ⁽²⁾		2.73			4.13						2.80		Fixed		90	%		83	%
Consolidated coverage ratio ⁽²⁾		5.99			3.82						5.31		Variable		10	%		17	%

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 2021 Credit Agreement.

⁽³⁾	Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,005 million.

We had the largest reduction in our leverage ratio ever, a decline of 1.4x, and we ended the year with a ratio reaching 2.73 times. Net debt was reduced by $1.7 billion during the year.

In November, we closed a $3.25 billion dollars bank debt refinancing, with improved terms and conditions more reflective of an investment grade credit. The new bank debt is aligned with our Sustainability Linked Financing Framework.

As of year-end, 90% of our debt is fixed rate.


2021 Fourth Quarter Results		Page 6

Operating results

Consolidated Statement of Operations & Statement of Financial Position

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

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


	January - December												Fourth Quarter
										like-to-like												like-to-like
STATEMENT OF OPERATIONS	2021			2020			% var			% var			2021			2020			% var			% var
Net sales		14,547,734			12,813,996			14	%		11	%		3,618,235			3,496,962			3	%		5	%
Cost of sales		(9,874,366	)		(8,691,909	)		(14	%)					(2,528,213	)		(2,406,664	)		(5	%)

Gross profit		4,673,368			4,122,086			13	%		17	%		1,090,022			1,090,299			(0	%)		(1	%)
Operating expenses		(2,939,243	)		(2,811,326	)		(5	%)					(723,794	)		(748,119	)		3	%

Operating earnings before other income and expenses, net		1,734,124			1,310,759			32	%		29	%		366,227			342,179			7	%		8	%
Other expenses, net		(115,639	)		(1,766,661	)		93	%					(80,350	)		(25,763	)		(212	%)

Operating earnings		1,618,485			(455,901	)		N/A						285,878			316,416			(10	%)
Financial expense		(662,239	)		(776,952	)		15	%					(135,575	)		(177,867	)		24	%
Other financial income (expense), net		(78,471	)		(119,769	)		34	%					(8,381	)		(93,447	)		91	%
Financial income		22,159			20,239			9	%					10,424			8,341			25	%
Results from financial instruments, net		(5,106	)		(16,059	)		68	%					(2,891	)		263			N/A
Foreign exchange results		(37,218	)		(2,663	)		(1297	%)					(2,604	)		(25,914	)		90	%
Effects of net present value on assets and liabilities and others, net		(58,306	)		(121,286	)		52	%					(13,310	)		(76,137	)		83	%
Equity in gain (loss) of associates		53,923			49,370			9	%					16,153			18,051			(11	%)

Income (loss) before income tax		931,699			(1,303,252	)		N/A						158,075			63,153			150	%
Income tax		(144,743	)		(44,659	)		(224	%)					81,408			20,307			301	%

Profit (loss) of continuing operations		788,473			(1,347,800	)		N/A						240,999			83,571			188	%
Discontinued operations		(10,011	)		(98,728	)		90	%					(36,746	)		(10,389	)		(254	%)

Consolidated net income (loss)		778,462			(1,446,529	)		N/A						204,253			73,183			179	%
Non-controlling interest net income (loss)		25,349			20,703			22	%					9,449			3,459			173	%

Controlling interest net income (loss)		753,113			(1,467,231	)		N/A						194,805			69,723			179	%

Operating EBITDA		2,860,881			2,421,364			18	%		15	%		650,550			633,158			3	%		4	%
Earnings (loss) of continued operations per ADS		0.51			(0.91	)		N/A						0.15			0.05			189	%
Earnings (loss) of discontinued operations per ADS		(0.01	)		(0.07	)		90	%					(0.02	)		(0.01	)		(254	%)


	As of December 31
STATEMENT OF FINANCIAL POSITION	2021			2020			% var
Total assets		26,650,370			27,425,481			(3	%)
Cash and cash equivalents		612,820			950,366			(36	%)
Trade receivables less allowance for doubtful accounts		1,520,974			1,532,832			(1	%)
Other accounts receivable		557,814			477,094			17	%
Inventories, net		1,260,673			970,623			30	%
Assets held for sale		140,639			187,410			(25	%)
Other current assets		132,331			116,293			14	%
Current assets		4,225,251			4,234,618			(0	%)
Property, machinery and equipment, net		11,322,109			11,412,726			(1	%)
Other assets		11,103,010			11,778,137			(6	%)

Total liabilities		16,379,252			18,473,918			(11	%)
Current liabilities		5,380,321			5,352,891			1	%
Long-term liabilities		7,305,779			9,159,637			(20	%)
Other liabilities		3,693,152			3,961,391			(7	%)

Total stockholder’s equity		10,271,118			8,951,563			15	%
Common stock and additional paid-in capital		7,810,104			7,893,304			(1	%)
Other equity reserves and subordinated notes		(1,370,266	)		(2,453,028	)		44	%
Retained earnings		3,387,423			2,634,310			29	%
Non-controlling interest and perpetual instruments		443,856			876,977			(49	%)


2021 Fourth Quarter Results		Page 7

Operating results

Operating Summary per Country

In thousands of U.S. dollars


	January - December										Fourth Quarter
								like-to-like										like-to-like
NET SALES	2021		2020		% var			% var			2021		2020		% var			% var
Mexico		3,465,715		2,811,801		23	%		17	%		840,549		835,587		1	%		3	%
U.S.A.		4,355,485		3,993,601		9	%		9	%		1,094,077		1,010,572		8	%		8	%
Europe, Middle East, Asia and Africa		4,825,402		4,375,836		10	%		6	%		1,197,201		1,180,953		1	%		2	%
Europe		3,349,146		2,967,307		13	%		8	%		813,196		795,712		2	%		5	%
Philippines		424,055		398,376		6	%		6	%		90,561		94,451		(4	%)		1	%
Middle East and Africa		1,052,202		1,010,153		4	%		(0	%)		293,444		290,790		1	%		(3	%)
South, Central America and the Caribbean		1,567,470		1,349,428		16	%		18	%		391,408		383,157		2	%		6	%
Others and intercompany eliminations		333,662		283,331		18	%		21	%		95,000		86,694		10	%		13	%

TOTAL		14,547,734		12,813,996		14	%		11	%		3,618,235		3,496,962		3	%		5	%


GROSS PROFIT
Mexico		1,702,899		1,437,590		18	%		12	%		369,716		414,926		(11	%)		(9	%)
U.S.A.		1,100,638		1,081,082		2	%		2	%		272,398		273,038		(0	%)		(0	%)
Europe, Middle East, Asia and Africa		1,224,510		1,133,349		8	%		4	%		298,417		292,821		2	%		3	%
Europe		880,756		776,979		13	%		9	%		217,357		204,819		6	%		8	%
Philippines		161,461		165,863		(3	%)		(4	%)		27,737		36,857		(25	%)		(21	%)
Middle East and Africa		182,293		190,508		(4	%)		(9	%)		53,322		51,144		4	%		(0	%)
South, Central America and the Caribbean		579,974		493,031		18	%		19	%		141,879		138,382		3	%		4	%
Others and intercompany eliminations		65,346		-22,966		N/A			N/A			7,612		-28,868		N/A			40	%

TOTAL		4,673,368		4,122,086		13	%		17	%		1,090,022		1,090,299		(0	%)		(1	%)


OPERATING EARNINGS BEFORE OTHER INCOME AND EXPENSES, NET
Mexico		1,002,291		782,619		28	%		21	%		200,048		228,394		(12	%)		(11	%)
U.S.A.		312,356		306,999		2	%		2	%		65,881		74,680		(12	%)		(12	%)
Europe, Middle East, Asia and Africa		332,152		287,888		15	%		12	%		71,087		67,743		5	%		4	%
Europe		211,839		151,627		40	%		36	%		51,654		35,888		44	%		45	%
Philippines		73,856		71,742		3	%		2	%		9,164		13,419		(32	%)		(31	%)
Middle East and Africa		46,457		64,519		(28	%)		(34	%)		10,270		18,436		(44	%)		(50	%)
South, Central America and the Caribbean		340,307		252,667		35	%		35	%		79,305		74,472		6	%		6	%
Others and intercompany eliminations		-252,982		-319,414		21	%		27	%		-50,094		-103,111		51	%		52	%

TOTAL		1,734,124		1,310,759		32	%		29	%		366,227		342,179		7	%		8	%


2021 Fourth 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 - December												Fourth Quarter
										like-to-like												like-to-like
OPERATING EBITDA	2021			2020			% var			% var			2021			2020			% var			% var
Mexico		1,163,444			930,718			25	%		18	%		243,252			268,240			(9	%)		(8	%)
U.S.A.		761,986			746,799			2	%		2	%		174,253			186,381			(7	%)		(7	%)
Europe, Middle East, Asia and Africa		675,653			625,093			8	%		4	%		164,806			157,757			4	%		5	%
Europe		446,024			389,259			15	%		10	%		107,515			99,902			8	%		9	%
Philippines		113,644			117,798			(4	%)		(5	%)		18,116			24,763			(27	%)		(24	%)
Middle East and Africa		115,985			118,036			(2	%)		(7	%)		39,175			33,091			18	%		13	%
South, Central America and the Caribbean		420,870			338,087			24	%		25	%		99,328			96,824			3	%		3	%
Others and intercompany eliminations		-161,072			-219,333			27	%		35	%		-31,089			-76,044			59	%		60	%

TOTAL		2,860,881			2,421,364			18	%		15	%		650,550			633,158			3	%		4	%


OPERATING EBITDA MARGIN
Mexico		33.6	%		33.1	%								28.9	%		32.1	%
U.S.A.		17.5	%		18.7	%								15.9	%		18.4	%
Europe, Middle East, Asia and Africa		14.0	%		14.3	%								13.8	%		13.4	%
Europe		13.3	%		13.1	%								13.2	%		12.6	%
Philippines		26.8	%		29.6	%								20.0	%		26.2	%
Middle East and Africa		11.0	%		11.7	%								13.3	%		11.4	%
South, Central America and the Caribbean		26.9	%		25.1	%								25.4	%		25.3	%

TOTAL		19.7	%		18.9	%								18.0	%		18.1	%


2021 Fourth 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 - December							Fourth Quarter
	2021		2020		% var			2021		2020		% var
Consolidated cement volume ⁽¹⁾		66,970		63,153		6	%		16,500		17,403		(5	%)
Consolidated ready-mix volume		49,239		46,656		6	%		12,542		12,412		1	%
Consolidated aggregates volume ⁽²⁾		136,995		132,063		4	%		34,769		34,910		(0	%)

Per-country volume summary


	January - December			Fourth Quarter			Fourth Quarter 2021 vs.
DOMESTIC GRAY CEMENT VOLUME	2021 vs. 2020			2021 vs. 2020			Third Quarter 2021
Mexico		8	%		(4	%)		4	%
U.S.A.		6	%		0	%		(2	%)
Europe, Middle East, Asia and Africa		1	%		(5	%)		(10	%)
Europe		5	%		9	%		(9	%)
Philippines		7	%		(2	%)		(16	%)
Middle East and Africa		(16	%)		(36	%)		(3	%)
South, Central America and the Caribbean		13	%		(1	%)		(2	%)

READY-MIX VOLUME
Mexico		8	%		2	%		2	%
U.S.A.		8	%		4	%		(3	%)
Europe, Middle East, Asia and Africa		3	%		(2	%)		1	%
Europe		4	%		(0	%)		(6	%)
Philippines		N/A			N/A			N/A
Middle East and Africa		0	%		(5	%)		14	%
South, Central America and the Caribbean		10	%		6	%		(1	%)

AGGREGATES VOLUME
Mexico		12	%		4	%		2	%
U.S.A.		1	%		(1	%)		(3	%)
Europe, Middle East, Asia and Africa		3	%		(1	%)		(3	%)
Europe		7	%		1	%		(6	%)
Philippines		N/A			N/A			N/A
Middle East and Africa		(9	%)		(6	%)		12	%
South, Central America and the Caribbean		(0	%)		(13	%)		1	%

⁽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 Fourth Quarter Results		Page 10

Operating results

Price Summary

Variation in U.S. dollars


	January - December			Fourth Quarter			Fourth Quarter 2021 vs.
DOMESTIC GRAY CEMENT PRICE	2021 vs. 2020			2021 vs. 2020			Third Quarter 2021
Mexico		13	%		7	%		(3	%)
U.S.A.		3	%		6	%		1	%
Europe, Middle East, Asia and Africa (*)		8	%		10	%		(1	%)
Europe (*)		8	%		2	%		(2	%)
Philippines		(2	%)		(1	%)		0	%
Middle East and Africa (*)		12	%		37	%		13	%
South, Central America and the Caribbean (*)		2	%		3	%		1	%

READY-MIX PRICE
Mexico		8	%		5	%		(1	%)
U.S.A.		2	%		5	%		2	%
Europe, Middle East, Asia and Africa (*)		5	%		2	%		(0	%)
Europe (*)		6	%		(2	%)		(1	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		4	%		8	%		3	%
South, Central America and the Caribbean (*)		1	%		(3	%)		(3	%)

AGGREGATES PRICE
Mexico		9	%		3	%		(1	%)
U.S.A.		5	%		9	%		1	%
Europe, Middle East, Asia and Africa (*)		8	%		1	%		(3	%)
Europe (*)		6	%		(2	%)		(3	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		12	%		14	%		(4	%)
South, Central America and the Caribbean (*)		(0	%)		3	%		(5	%)

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


2021 Fourth Quarter Results		Page 11

Operating results

LOGO

Variation in Local Currency


	January - December			Fourth Quarter			Fourth Quarter 2021 vs.
DOMESTIC GRAY CEMENT PRICE	2021 vs. 2020			2021 vs. 2020			Third Quarter 2021
Mexico		7	%		9	%		0	%
U.S.A.		3	%		6	%		1	%
Europe, Middle East, Asia and Africa (*)		5	%		13	%		2	%
Europe (*)		4	%		5	%		1	%
Philippines		(2	%)		3	%		1	%
Middle East and Africa (*)		11	%		37	%		13	%
South, Central America and the Caribbean (*)		5	%		8	%		2	%

READY-MIX PRICE
Mexico		3	%		7	%		2	%
U.S.A.		2	%		5	%		2	%
Europe, Middle East, Asia and Africa (*)		1	%		2	%		0	%
Europe (*)		2	%		1	%		2	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		(1	%)		3	%		0	%
South, Central America and the Caribbean (*)		2	%		2	%		(1	%)

AGGREGATES PRICE
Mexico		4	%		5	%		2	%
U.S.A.		5	%		9	%		1	%
Europe, Middle East, Asia and Africa (*)		3	%		1	%		(2	%)
Europe (*)		1	%		(1	%)		(0	%)
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		6	%		8	%		(6	%)
South, Central America and the Caribbean (*)		1	%		9	%		(4	%)

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


2021 Fourth Quarter Results		Page 12

Other information

LOGO

Operating Expenses

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


	January - December						Fourth Quarter
In thousands of US dollars	2021			2020			2021			2020
Administrative expenses		836,790			923,111			212,094			247,310
Selling expenses		274,404			280,029			72,616			74,300
Distribution and logistic expenses		1,636,802			1,412,686			396,927			374,911
Operating expenses before depreciation		2,747,996			2,615,826			681,637			696,521
Depreciation in operating expenses		191,248			195,499			42,158			51,599
Operating expenses		2,939,244			2,811,326			723,794			748,119
As % of Net Sales
Administrative expenses		5.8	%		7.2	%		5.9	%		7.1	%
SG&A expenses		7.6	%		9.4	%		7.9	%		9.2	%

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 December 31, 2021 were 20,541,277.

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.


	Fourth Quarter										Third 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⁾		1,761		9			741		(42	)		1,006		5
Equity related derivatives ⁽²⁾		—		—			27		3			—		—
Interest rate swaps ⁽³⁾		1,005		(18	)		1,334		(47	)		1,322		(23	)
Fuel derivatives ⁽⁴⁾		145		30			128		5			67		40
		2,911		21			2,230		(81	)		2,395		22

(1)

Exchange rate derivatives to manage currency exposures arising from regular operations and forecasted transactions. As of December 31, 2021, it includes a notional of $1,511 of net investment hedge.

(2)

Equity derivatives related with forwards, net of cash collateral, over the shares of GCC, 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 December 31, 2021, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net asset of US$21 million.


2021 Fourth Quarter Results		Page 13

Other information

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Assets held for sale and discontinued operations

On December 29, 2021, CEMEX signed an agreement with certain affiliates of Cementos Progreso Holdings, S.L. for the sale of its operations in Costa Rica and El Salvador, for a total consideration of $335 subject to final adjustments. The assets for divestment consist of one cement plant, one grinding station, seven ready-mix plants, one aggregates quarry, as well as one distribution center in Costa Rica and one distribution center in El Salvador. The transaction is subject to satisfaction of closing conditions in Costa Rica and El Salvador, including approvals by competition authorities. CEMEX currently expects to finalize this transaction during the first half of 2022. As of December 31, 2021, the assets and liabilities associated with these operations were presented in the Statement of Financial Position within the line items of “Assets and liabilities directly related to assets held for sale”. CEMEX’s results of operations for these assets for the years ended December 31, 2021 and 2020 are reported in the Statements of Operations, net of income tax, in the single line item “Discontinued operations.”

On July 9, 2021, CEMEX concluded the sale of its white cement business to Çimsa Çimento Sanayi Ve Ticaret A.Ş. agreed in March 2019 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. CEMEX’s Statements of Operations for the years ended December 31, 2021 and 2020 include the operations of these assets in Spain from January 1 to July 9, 2021 and the year 2020, and are reported net of income tax in the single line item “Discontinued operations,” including an allocation of goodwill of US$41 million.”

On March 31, 2021, CEMEX sold 24 concrete plants and one 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 CEMEX retained. CEMEX’s Statements of Operations for the years ended December 31, 2021 and 2020 include the operations of these assets in France for the three-month period ended March 31, 2021 and the year 2020 and are reported net of income tax in the single line item “Discontinued operations.”

On August 3, 2020, 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 maintained 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. CEMEX’s Statement of Operations for the year ended December 31, 2020, include the operations related to this segment from January 1 to August 3, 2020 and are reported 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 Statement of Operations for the year ended December 31, 2020 includes the operations related to this segment from January 1 to March 6, 2020 net of income tax in the single line item “Discontinued operations.”

The following table presents condensed combined information of the Statements of Operations of CEMEX’s discontinued operations, previously mentioned, in: a) Costa Rica and El Salvador for the years ended December 31, 2021 and 2020; b) Spain related to the white cement business for the period from January 1 to July 9, 2021 and the year ended December 31, 2020; c) the southeast of France for the three-month period ended March 31, 2021 and the year ended December 31, 2020; d) the United Kingdom for the period from January 1 to August 3, 2020; and e) the United States related to Kosmos for the period from January 1 to March 6, 2020:


STATEMENT OF OPERATIONS	Jan-Dec						Fourth Quarter
(Millions of U.S. dollars)	2021			2020			2021			2020
Sales		185			346			36			53
Cost of sales, operating expenses, and other expenses		(162	)		(326	)		(31	)		(49	)
Interest expense, net, and others		11			9			7			(3	)

Income before income tax		34			29			12			1

Income tax		(40	)		(83	)		(27	)		—

Income from discontinued operations		(6	)		(54	)		(15	)		1

Net gain on sale		(4	)		(45	)		(22	)		(11	)

Income from discontinued operations		(10	)		(99	)		(37	)		(10	)

Other significant transactions

In connection with CO₂ emission allowances (the “Allowances”)in the European Union under the European Union’s Emissions Trading System (“EU ETS”), considering CEMEX’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 CEMEX had accrued at the end of Phase III of compliance under the EU ETS as of December 31, 2020. This sale was recognized in the year ended December 31, 2021 as part of the line item “Other 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.


2021 Fourth Quarter Results		Page 14

Other information

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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 in June 2021 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. The perpetual debentures were accounted as part of CEMEX’s non-controlling interest in equity.

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 September 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.

Impairment of property, plant and equipment, goodwill and other intangible assets in 3Q21 and 3Q20

During the third quarter of 2021, rising input cost inflation and higher freight and supply chain disruptions led to a confirmation of impairment indicators in Spain, the United Arab Emirates (“UAE”) and other businesses. As a result, we recognized a non-cash aggregate goodwill impairment charge of approximately US$440 million comprised of, approximately, $317 million related to our business in Spain, $96 million related to our business in UAE, and $27 million related to our IT business segment due to a reorganization. The impairment of goodwill in Spain and the UAE in 2021 resulted from an excess of the net book value of such businesses versus the discounted cash flow projections as of September 30, 2021 related to these reporting segments.

In addition, during the third quarter of 2021 we recognized non-cash impairment charges of intangible assets due to a technological revamp of certain internal use software of $49 million.

As previously disclosed, during the third quarter of 2020, we recognized a non-cash aggregate impairment charge of approximately US$1.5 billion, of which approximately US$1.02 billion related to our business in the U.S. and approximately US$480 million related to several assets, both cases due to the lack of visibility and uncertainty associated with the COVID-19 Pandemic.

These non-cash charges recognized during the third quarter of 2021 and 2020 did not impact our liquidity, Operating EBITDA and cash taxes payable, nevertheless our total assets, net income (loss) and equity were affected in each quarter.


2021 Fourth Quarter Results		Page 15

Definitions of terms and disclosures

LOGO

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 Bahamas, Colombia, the Dominican Republic, Guatemala, Guyana, Haiti, Jamaica, Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

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

SG&A expenses equal selling and administrative expenses

Strategic capital expenditures equal investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.

Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.

% var percentage variation

Earnings per ADS

Please refer to page 2 for the number of average ADSs outstanding used for the calculation of earnings per ADS.

According to the IAS 33 Earnings per share, the weighted-average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder’s equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued because of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period.


Exchange rates	January - December				Fourth Quarter				Fourth Quarter
	2021 Average		2020 Average		2021 Average		2020 Average		2021 End of period		2020 End of period
Mexican peso		20.43		21.58		20.83		20.42		20.50		19.89
Euro		0.8467		0.8736		0.8735		0.837		0.8789		0.8183
British pound		0.7262		0.7758		0.7386		0.7522		0.7395		0.7313

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


2021 Fourth Quarter Results		Page 16

Disclaimer

LOGO

Except as the context otherwise may require, references in this report to “CEMEX,” “we,” “us” or “our” refer to CEMEX, S.A.B. de C.V. and its consolidated entities. This report contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 and its variants (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, energy, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding notes and our other debt instruments and financial obligations, including our subordinated notes with no fixed maturity; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing initiatives for our products and generally meet our “Operation Resilience” strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in our public filings. Readers are urged to read this report and carefully consider the risks, uncertainties and other factors that affect our business and operations. 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 us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready mix concrete, clinker, aggregates and urbanization solutions. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. 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 Fourth Quarter Results		Page 17

Exhibit 3 - Presentation re 4th Qtr 2021 results for CEMEX

Exhibit 3 Fourth Quarter 2021 Results SPLIT AIRPORT, CROATIA

Except as the context otherwise may require, references in this presentation to “CEMEX,” “we,” “us” or “our” refer to CEMEX, S.A.B. de C.V. and its consolidated entities. This presentation contains forward-looking statements within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, but are not limited to: the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 and its variants (“COVID-19”), which have affected and may continue to adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products and services; the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, energy, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding notes and our other debt instruments and financial obligations, including our subordinated notes with no fixed maturity; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing initiatives for our products and generally meet our “Operation Resilience” strategy’s goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties or is subjected to cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and the other risks and uncertainties described in our public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business and operations. The information contained in this presentation is subject to change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). This presentation also includes statistical data regarding the production, distribution, marketing and sale of cement, ready mix concrete, clinker, aggregates and urbanization solutions. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. 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

• EBITDA increased 18%, highest growth in more than a decade • Volumes for our 3 core products up between 4% and 6% • Highest growth in cement prices since 2016 (+5%), 2021: A year of great with aggregates and ready-mix pricing growing 3% and 2% achievements despite • Urbanization Solutions EBITDA growing > 20% unprecedented • EBITDA margin improvement of 0.8pp, despite unparalleled cost challenges pressures in 2H21 • Generated more than $1.1 B of FCF after maint. capex, representing a ~40% EBITDA to FCF conversion • Long-time leverage goal of below 3x achieved • Consolidating our Climate Action leadership: Record reduction in CO emissions 2 reaching 26% decline vs. 1990 1 • Return over capital employed in excess of 14% 3 1) Excludes asset sales and goodwill

EBITDA Growth: Double digit increase with margin improvement despite inflation headwind EBITDA FCF after 1 1 Net Sales EBITDA Margin maint. Capex +0.8pp +14% +18% +15% 14,687 2,901 19.7% 1,101 958 18.9% 12,929 2,455 EBITDA growth in all four regions 2020 2021 2020 2021 2020 2021 2020 2021 Record low Opex as a % of Sales 1) Proforma including operations in Costa Rica and El Salvador. CEMEX announced in December 2021 an agreement for the sale of these operations. Reported numbers treat these operations as discontinued 4 operations for the years 2021 and 2020.

Strong volumes across all products and regions CONSOLIDATED VOLUMES (l-t-l) Full year volumes variation 6% 6% 4% 3% 3% 7% 5% 8% 4% 1% EMEA 6% EUROPE USA 1% 12% 8% 8% MEX 1 Cement 13% Ready mix 10% Aggregates SCAC 0% 5 1) Grey domestic cement

Highest growth in LC cement prices since 2016 CONSOLIDATED PRICES (l-t-l) Full year prices variation 5% 3% 5% 5% 2% 4% 3% 3% 2% 2% EMEA 1% USA EUROPE 1% 10% 4% 3% 14% 3% -1% Point to point: 7% 5% 8% 7% 5% 1% -3% 4% 3% MEX Prices point to point (Dec’20 to Dec’21) 9% 7% 7% 1 Cement 5% Ready mix 2% Aggregates SCAC 1% 7% 2% 5% 1) Grey domestic cement 6 Note: For CEMEX, SCAC, Europe and EMEA, prices (l-t-l) are calculated on a volume-weighted average basis at constant foreign-exchange rates

All regions contributing to volume and price levers, as well as to urbanization solutions growth Full year EBITDA variation +15% +18% 380 2,901 68 2,861 79 2,793 -263 33 281 -138 2,421 1 1 1 2 2020 Volume Urb. Solutions Price Variable costs Cement & Fixed costs 2021 l-t-l FX 2021 reported Large 4Q21 2021 proforma & freight Clinker imports & others divestments 7 1) Excluding operations in Costa Rica and El Salvador 2) Including operations in Costa Rica and El Salvador

Aiming to recover cement margins with pricing strategy 1 Cement Aggregates Ready-mix 2021 YoY 2021 YoY 2021 YoY 2 2 2 % change % change % change 8% 5% 3% 2% 2% 2% Unitary Prices Unitary Costs Unitary Prices Unitary Costs Unitary Prices Unitary Costs 8 1) Grey domestic cement 2) Like-to-like basis for the ongoing operations and for foreign exchange fluctuations

Advancing on our Operation Resilience targets 9

Leverage: Achieved below 3x in 2021 with eyes on Investment Grade rating 1.4x deleveraging in 2021 Both agencies at BB with + outlook 10 1) Leverage ratio in accordance with our bank agreements

Optimize portfolio for growth: Robust pipeline across core businesses and supporting CO agenda 2 bolt-on investments to be deployed in 2022 ~$900 M and beyond Growth investment strategy paying off, with incremental EBITDA of: in 2021 expected in 2022 $100 M $100 M $380 M in strategic capex in 2021, highest in a decade Portfolio rebalancing examples Accelerating growth Investments Divestments investments in 2022 • RMX in San Antonio, TX • Costa Rica & El Salvador • AGG in Paris, France • White CEM in Spain • Madrid/Baleares, Spain • RMX/AGG in southeast France Will continue to pursue opportunistic divestments 11

Advancing our sustainability agenda through our Future in Action program Sustainable Innovation products and solutions Promoting a Decarbonizing circular and operations green economy 12

Sustainable products and solutions 1 UK HS2 Mexico-Queretaro Highway • High speed rail in UK, largest• Concrete highway in Mexico infrastructure project in Europe• Vertua concrete • Vertua concrete• 35,000 m3 Poland P180 La Marseillaise Since launch, Vertua cement • Office building in Warsaw • 30-Storey skyscraper in Marseille volumes have grown ~50% • Vertua concrete • Vertua concrete • 3,500 m3 • 20,000 m3 Vertua® : The industry-first green cement and concrete. Vertua Cement Offering Reduction in kg CO /ton 2 Ground-breaking solution for 3D printing using Thermal Water conventional management efficiency ready-mix 13 1) Photo: Colne Valley Viaduct concepts created for HS2 by Grimshaw Architects

Decarbonizing our operations Alternative fuels 29.2% alternative fuel substitution rate Clean electricity CO emissions ~+4pp 2 30% clean electricity -4.4% consumption In 2021 we made the largest ever Clinker factor CO per ton of 2 CO reduction in a year 2 +1pp cementitious 75.8% material clinker factor -1.8pp 14

Innovation Recent developments First clinker produced Successful trials of using solar energy electric ready-mixers Americas Europe Victorville, California Rüdersdorf, Germany 7 carbon Balcones, Texas Chelm, Poland capture pilots Monterrey, Mexico Synhelion, Spain Disciplined approach across the globe Leilac, Germany to broad spectrum of decarbonization technologies Green hydrogen Hydrogen injection Industry pioneer project in Mallorca, technologies such in hydrogen Spain as HiiROC 15

Promoting a circular and green economy In 2021, we consumed: Includes: • Municipal and agricultural waste, and other 20 M tons • Slag, fly-ash and other additions of waste as alternative fuels • Own waste and raw materials We consumed 50 times the ProAmbiente, our sustainable waste management waste we produced business in Mexico Processes ~13% of total Mexico City waste Expanded business with recent acquisition of operation in Querétaro 16

Transition to a low carbon economy is profitable Fuel by Gcal Fuel composition 2021 2021 Alternative -66% fuels 29% 71% Fossil Generated $200M in savings fuels Fossil fuels Alternative fuels from alternative fuels Alternative fuel 50% substitution target by 2030 17

Digital innovation at the core of all that we do New Business Models Commercial New 68 functionalities 61% Real time interactions Global sales Net Promoter Score through our customers’ V 4.20.18 In 2021 In 2021 journey Promoting open innovation via: CX 4.0 Operations Operations Drone usage for Artificial IT subsidiary inventory monitoring Intelligence Optimize production, Ready-mix Investment examples: Real time emissions energy consumption management system monitoring system and CO emissions 2 Last Mile solution for Management Mexico and USA Working Smarter: Transforming Business Mgmt • Adoption of cutting-edge digital technologies Jobsite delivery • Hardwiring new ways of working coordination platform • Up to $100 M per year savings target 18

Regional Highlights BIOENGINEERING CENTER, MEXICO

US: Strong demand amid sold-out markets drive pricing initiatives 2021 4Q21 Net Sales 4,355 1,094 % var (l-t-l) 9% 8% Operating EBITDA 762 174 % var (l-t-l) 2% (7%) Operating EBITDA margin 17.5% 15.9% pp var (1.2pp) (2.5pp) • Volume growth across all products, driven by the residential sector • Point-to-point cement prices, from December 2020 to December 2021, up 7% • Announced price increases in January for markets representing ~40% of our total cement volumes; rest of markets in April • EBITDA margin impacted primarily by sharp increases in energy and import costs Hard Rock Hotel, United States 20 Millions of U.S. dollars

Mexico: Record annual sales 2021 4Q21 Net Sales 3,466 841 % var (l-t-l) 17% 3% Operating EBITDA 1,163 243 % var (l-t-l) 18% (8%) Operating EBITDA margin 33.6% 28.9% pp var 0.5pp (3.2pp) • High-single-digit cement volume growth in 2021 driven by government social programs and record level of remittances • While bagged cement moderated in the second half of the year, the formal sector showed signs of improvement • Quarter performance impacted by difficult comp and rising energy costs, among other st • Announced price increases effective January 1 to deal with rising input cost inflation Avancer Tower, Mexico 21 Millions of U.S. dollars

EMEA: Double-digit EBITDA growth in Europe, with strong pricing and volume performance across the region 2021 4Q21 Net Sales 4,825 1,197 % var (l-t-l) 6% 2% Operating EBITDA 676 165 % var (l-t-l) 4% 5% Operating EBITDA margin 14.0% 13.8% pp var (0.3pp) 0.4pp • Strong full year volume performance in Europe and the Philippines • Mid-single digit increase in cement prices YoY driven by Europe and Egypt • Implemented a second round of price increases in Europe during 2H21 • Robust construction activity in Israel throughout 2021 Lecture Center VŠPJ, Czech Republic 22 Millions of U.S. dollars

SCAC: Strong volume performance and improved pricing led to double-digit growth in sales 2021 4Q21 Net Sales 1,567 391 % var (l-t-l) 18% 6% Operating EBITDA 421 99 % var (l-t-l) 25% 3% Operating EBITDA margin 26.9% 25.4% pp var 1.8pp 0.1pp • Full-year cement volumes up 13% despite disruptions in some markets. Cement volumes above pre-pandemic levels • Strong supply-demand dynamics led to favorable pricing. Cement prices up 8% in 4Q21 in LC • Region with highest FY EBITDA margin expansion on the back of volume, prices and cost control initiatives • Announced price increases in most of our markets to deal with cost pressures Atrio Tower, Colombia 23 Millions of U.S. dollars

Financial Developments EC RESIDENCE, COSTA RICA

2021 was a transformative year for our capital structure 1 • Reduced consolidated net debt by $2.3 B • Realized $141 M in recurrent interest expense savings 1 • Decreased consolidated leverage ratio by 1.40x to 2.73x • Achieved the longest average life of debt in more than a decade, at 6.2 years • Executed first IG-style and sustainability-linked financing • Credit rating and outlook upgrade by Fitch to BB/positive • Outlook upgrade by S&P to positive 25 1) Calculated in accordance with our contractual obligations under the 2021 Credit Agreement

Entering 2022 with minimal financial risk • No refinancing needs for the next 3 years, with an average maturity of $800 M/year for the next 10 years • Minimal interest rate risk, with 90% of our debt at fixed rates as we enter a cycle of interest rate hikes • Best liquidity in a decade, with the highest committed revolving credit facility ($1.75 B) • FX risks adequately addressed through a comprehensive and multi-tiered hedging strategy 26

$1.1 B in FCF due to EBITDA growth and lower financial expense Free Cash Flow +143 141 146 264 440 1,101 20 38 30 958 380 722 FCF after Op. EBITDA Net Financial Maintenance Change in WC Taxes Paid Other Cash FCF Disc. FCF after Strategic FCF after Maintenance Expense CAPEX Items (net) Operations Maintenance CAPEX Total CAPEX CAPEX 2020 CAPEX 2021 27 Millions of U.S. dollars

Working Smarter: A bold move in digital innovation creating a unique competitive advantage • CEMEX’s most ambitious undertaking to adopt digital technologies in the delivery of business services • Digitizes mission-critical services, such as finance, accounting, HR and IT, among others, leveraging remote work and virtual centers of excellence • $500 M in services to be provided by 6 strategic partners at an optimized cost • Access to our strategic partners’ R&D and innovation • Estimated $100 M savings per year 28

2022 Outlook INTERNATIONAL MUSEUM OF THE BAROQUE, MEXICO

1 2022 guidance 2 Operating EBITDA Mid-single digit growth Flat for Cement Consolidated volume growth Low single digit increase for Ready mix Low to mid single digit increase for Aggregates Energy cost/ton of cement ~19% increase produced ~$1,300 million total Capital expenditures ~$700 M Maintenance, ~$600 M Strategic Investment in working capital ~$150 million Cash taxes ~$250 million 3 Cost of debt Reduction of ~$10 million 1) Reflects CEMEX’s current expectations st 2) Like-to-like for ongoing operations and assuming December 31 2021 FX levels 30 3) Including perpetual bonds and subordinated notes with no fixed maturity

Appendix OYAMEL RESIDENCE, MEXICO

Debt maturity profile as of December 31, 2021 Total debt as of December 31, 2021: $8,555 million 2021 Credit Agreement Other bank debt Average life of debt: Fixed Income 6.2 years Leases 1,964 1,222 1,049 1,026 1,022 953 510 437 339 36 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 32 Millions of U.S. dollars

Consolidated volumes and prices 2021 vs. 2020 4Q21 vs. 4Q20 4Q21 vs. 3Q21 Volume (l-t-l) 6% (3%) (3%) Domestic gray Price (USD) 7% 7% 0% cement Price (l-t-l) 5% 9% 2% Volume (l-t-l) 6% 1% (0%) Ready mix Price (USD) 4% 4% (0%) Price (l-t-l) 2% 4% 1% Volume (l-t-l) 4% (0%) (2%) Aggregates Price (USD) 5% 4% (2%) Price (l-t-l) 3% 5% (1%) 33 Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates

Additional information on debt MXN 4% Other Fourth Quarter Third Quarter Euro 5% 2021 2020 % var 2021 8% 1 8,555 10,598 (19%) 8,982 Total debt Currency Short-term 4% 4% 4% denomination U.S. Long-term 96% 96% 96% dollar Cash and cash equivalents 613 950 (36%) 869 83% Net debt 7,942 9,648 (18%) 8,113 2 7,921 10,186 (22%) 8,092 Consolidated net debt 2 Variable 2.73 4.13 2.80 Consolidated leverage ratio 10% 2 5.99 3.82 5.31 Consolidated coverage ratio 3 Interest rate Fixed 90% 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 2021 Credit Agreement. 34 3) Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,005 million

Additional information on debt 1 Total debt by instrument Fourth Quarter Third Quarter 2021 2021 % of total % of total 18% Fixed Income 5,330 62% 5,569 62% 2021 Credit Agreement 1,728 20% 1,957 22% 1 1,497 18% 1,457 16% Others 20% Total Debt 8,555 8,982 62% Millions of U.S. dollars 35 1) Includes leases, in accordance with IFRS

4Q21 volume and price summary: selected countries and regions Domestic gray cement Ready mix Aggregates 4Q21 vs. 4Q20 4Q21 vs. 4Q20 4Q21 vs. 4Q20 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico (4%) 7% 9% 2% 5% 7% 4% 3% 5% U.S. 0% 6% 6% 4% 5% 5% (1%) 9% 9% Europe 9% 2% 5% (0%) (2%) 1% 1% (2%) (1%) Israel N/A N/A N/A 0% 7% 1% (6%) 14% 9% Philippines (2%) (1%) 3% N/A N/A N/A N/A N/A N/A Colombia (4%) (9%) (2%) 6% (6%) 1% 2% (1%) 7% Panama 8% (5%) (5%) (7%) (6%) (6%) (1%) (2%) (2%) Dominican Republic (5%) 10% 8% 47% 13% 10% N/A N/A N/A 36 Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates

2021 volume and price summary: selected countries and regions Domestic gray cement Ready mix Aggregates 2021 vs. 2020 2021 vs. 2020 2021 vs. 2020 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 8% 13% 7% 8% 8% 3% 12% 9% 4% U.S. 6% 3% 3% 8% 2% 2% 1% 5% 5% Europe 5% 8% 4% 4% 6% 2% 7% 6% 1% Israel N/A N/A N/A (0%) 6% (0%) (9%) 12% 5% Philippines 7% (2%) (2%) N/A N/A N/A N/A N/A N/A Colombia 8% (3%) (0%) 11% (1%) 1% 14% (2%) 0% Panama 41% (5%) (5%) 22% (8%) (8%) 26% (7%) (7%) Dominican Republic 22% 11% 11% (2%) 13% 14% N/A N/A N/A 37 Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates

1 2022 expected volume outlook : selected countries/regions Cement Ready Mix Aggregates CEMEX Flat Low single digit increase Low to mid single digit increase Mexico Flat to low single digit decline Mid single digit increase Low to mid single digit increase USA Low single digit increase Low single digit increase Low single digit increase Europe Low single digit increase Low single digit increase Low to mid single digit increase Colombia Low to mid single digit increase Low teens increase N/A Panama Mid single digit increase At least 30% N/A High single digit to low teens Dominican Republic Flat N/A increase Israel N/A Flat Low single digit increase Philippines High single digit increase N/A N/A 38 1) Reflects CEMEX’s current expectations. Volumes on a like-to-like basis

Relevant ESG indicators Carbon strategy 4Q21 2021 2020 Health and safety 4Q21 2021 2020 Kg of CO per ton of cementitious 591 593 620 Employee fatalities 1 1 3 2 Alternative fuels (%) 30.3% 29.2% 25.3% Employee L-T-I frequency rate 0.6 0.5 0.5 Operations with zero fatalities and Clinker factor 75.4% 75.8% 77.6% 98% 95% 95% injuries (%) Low-carbon products 4Q21 2021 2020 Customers and suppliers 4Q21 2021 2020 Blended cement as % of total Net Promoter Score (NPS) 69 70 68 68.1% 66.1% 63.1% cement produced % of sales using CX Go 60% 62% 61% Total cement w/Vertua specs 66.8% 65.7% N/A Concrete w/Vertua specs 51% 51% N/A 39

Definitions SCAC South, Central America and the Caribbean EMEA Europe, Middle East, Africa and Asia When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported Cement 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 Investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on Maintenance capital projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are expenditures 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 Investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects Strategic capital expenditures 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 40

Contact Information Investors Stock Information Relations NYSE (ADS): CX In the United States +1 877 7CX NYSE Mexican Stock Exchange: CEMEXCPO In Mexico +52 81 8888 4292 Ratio of CEMEXCPO to CX: ir@cemex.com 10 to 1