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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 May 2023

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 May 2, 2023, announcing first quarter 2023 results for Cemex, S.A.B. de C.V. (NYSE: CX) (“Cemex”).

2.	First quarter 2023 results for Cemex.

3.	Presentation regarding first quarter 2023 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: May 2, 2023	By:	/s/ Rafael Garza Lozano
		Name: Rafael Garza Lozano
		Title: Chief Comptroller

EXHIBIT INDEX


EXHIBIT NO.		DESCRIPTION

1.		Press release dated May 2, 2023, announcing first quarter 2023 results for Cemex, S.A.B. de C.V. (NYSE: CX) (“Cemex”).

2.		First quarter 2023 results for Cemex.

3.		Presentation regarding first quarter 2023 results for Cemex.

Press Release

Exhibit 1

LOGO

Cemex reports solid growth in Sales and EBITDA, while marking

important inflection point in margin recovery

Monterrey, Mexico. May 2, 2023 – Cemex reported today a 9% growth in Sales and a 6% growth in EBITDA in the first quarter of 2023. The strong results are attributable to pricing, decelerating input cost inflation, and contributions from the company’s growth investments and the Urbanization Solutions business. EBITDA margin showed significant sequential improvement, with a 1.9 percentage points increase.

“I am quite pleased with our first quarter growth achieved against a backdrop of challenging weather in our footprint in the U.S. and a strong prior year comparison base,” said Fernando A. González, CEO of Cemex. “I believe this quarter marks an important inflection point in our mission to recover 2021 margins and compensate for the steep cost inflation we’ve experienced over the past two years. Importantly, our pipeline of growth investments and our Urbanization Solutions business were a significant contributor to EBITDA growth. And, of course, we never lose sight of our decarbonization roadmap, with our Future in Action program resulting in a 3% decline in CO₂ emissions versus the first quarter of 2022.”

Cemex’s Consolidated 2023 First Quarter Financial and Operational Highlights

•

Net Sales increased 9% to US$4,036 million.

•

Operating EBITDA increased 6% to US$733 million.

•

Operating EBITDA margin of 18.2%, with a strong sequential improvement of 1.9pp and the lowest year-over-year margin decline in five quarters.

•

Free Cash Flow after Maintenance Capital Expenditures was negative US$55 million, a year-over-year improvement of US$120 million.

•

Year-over-year reduction of 3% in CO₂ levels.

•

Issued US$1 billion of subordinated perpetual notes, the first of its kind in the industry, accelerates the path towards investment grade.

•

Leverage ratio at 2.62x¹, a reduction of 0.22x versus fourth quarter of 2022.

•

EBITDA growth of 34% in Urbanization Solutions business.

•

Incremental EBITDA contribution of US$40 million from growth investments and Urbanization Solutions.

Geographical Markets 2023 First Quarter Highlights

•

Net Sales in Mexico increased 13% in the first quarter, to US$1,097 million, while Operating EBITDA increased 9% to US$344 million. Sequential EBITDA margin improved 4.7pp to 31.4%.

•

Cemex’s operation in the United States reported record EBITDA² with a growth of 15%, despite significant weather challenges impacting most markets. Net Sales increased 5% to US$1,255 million. EBITDA Margin increased 1.5pp to 18.3% while improving sequentially for the third straight quarter.

•

In the Europe, Middle East, Africa and Asia region, Net Sales increased 14% in the First Quarter, to US$1,234 million. Operating EBITDA was US$148 million, 15% higher. EBITDA Margin of 12.0% was down 0.3pp.

•

Cemex’s operations in South, Central America, and the Caribbean region, reported Net Sales of US$411 million in the First Quarter, an increase of 4%. Operating EBITDA decreased 21% to US$84 million. EBITDA Margin declined 5.9pp, to 20.4%. Decreases in EBTIDA and EBITDA Margin are mainly attributable to higher energy and maintenance costs and lower cement volumes.

1)	As calculated under Cemex’s main debt agreements

2)	On a reported basis since 2006

Note: All percentage variations related to Net Sales and EBITDA are on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations compared to the same period of last year.

About Cemex

Cemex, S.A.B. de C.V. (“Cemex”) (NYSE: CX) 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 help 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

Contact information

Analyst and Investor Relations - Monterrey

Fabián Orta

+52 (81) 8888-4327

ir@cemex.com

Analyst and Investor Relations - New York

Scott Pollak

+1 (212) 317-6011

ir@cemex.com

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

###

This press release contains, and the reports we will file or furnish in the future may contain, 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, unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from CEMEX’s expectations, including, among others, risks, uncertainties, and assumptions discussed in CEMEX’s most recent annual report and detailed from time to time in CEMEX’s other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to CEMEX’s expectations and projections not producing the expected benefits and/or results. These factors may be revised or supplemented and the information contained in this press release and the report referenced herein is subject to change without notice, but CEMEX is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Any or all of CEMEX’s forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. References to prices in this press release refer to Cemex’s prices for Cemex’s products and services. 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.

First quarter 2023 results for Cemex

Exhibit 2

LOGO

First Quarter Results 2023

LOGO

6th Street Viaduct, Los Angeles, United States

Built with Vertua Concrete, part of our Vertua family of sustainable products

Stock Listing Information

NYSE (ADS)

Ticker: CX

Mexican Stock Exchange (CPO)

Ticker: CEMEX.CPO

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

LOGO


	January - March												First Quarter
										l-t-l												l-t-l
	2023			2022			% var			% var			2023			2022			% var			% var
Consolidated cement volume		14,402			15,776			(9	%)					14,402			15,776			(9	%)
Consolidated ready-mix volume		11,706			12,165			(4	%)					11,706			12,165			(4	%)
Consolidated aggregates volume		32,251			33,867			(5	%)					32,251			33,867			(5	%)

Net sales		4,036			3,725			8	%		9	%		4,036			3,725			8	%		9	%
Gross profit		1,290			1,149			12	%		12	%		1,290			1,149			12	%		12	%
as % of Net sales		32.0	%		30.9	%		1.1pp						32.0	%		30.9	%		1.1pp
Operating earnings before other income and expenses, net		435			406			7	%		5	%		435			406			7	%		5	%
as % of Net sales		10.8	%		10.9	%		(0.1pp	)					10.8	%		10.9	%		(0.1pp	)
SG&A expenses as % of Net sales		8.8	%		7.7	%		1.1pp						8.8	%		7.7	%		1.1pp
Controlling interest net income (loss)		225			198			14	%					225			198			14	%
Operating EBITDA		733			685			7	%		6	%		733			685			7	%		6	%
as % of Net sales		18.2	%		18.4	%		(0.2pp	)					18.2	%		18.4	%		(0.2pp	)

Free cash flow after maintenance capital expenditures		(55	)		(175	)		69	%					(55	)		(175	)		69	%
Free cash flow		(141	)		(251	)		44	%					(141	)		(251	)		44	%

Total debt		7,862			8,963			(12	%)					7,862			8,963			(12	%)
Earnings (loss) of continuing operations per ADS		0.15			0.12			22	%					0.15			0.12			22	%
Fully diluted earnings (loss) of continuing operations per ADS ⁽¹⁾		0.15			0.12			22	%					0.15			0.12			22	%
Average ADSs outstanding		1,476			1,489			(1	%)					1,476			1,489			(1	%)
Employees		43,718			46,535			(6	%)					43,718			46,535			(6	%)

This information does not include discontinued operations. Please see page 14 of 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 first quarter of 2023 reached US$4.0 billion, an increase of 9% on a like-to-like basis, compared to the first quarter of 2022. Higher prices in local currency terms in all regions were the main drivers of our top line growth.

Cost of sales, as a percentage of Net sales, decreased by 1.1pp to 68.0% during the first quarter of 2023, from 69.1% in the same period last year, mainly driven by pricing and easing cost headwinds.

Operating expenses, as a percentage of Net sales, increased by 1.2pp to 21.2% during the first quarter of 2023 compared with the same period last year, mainly due to higher administrative expenses.

Operating EBITDA in the first quarter of 2023 reached US$733 million, increasing 6% on a like-to-like basis, driven by pricing, easing cost headwinds, as well as incremental contributions from our growth investments and Urbanization Solutions business. EBITDA was higher in three of our four regions, with the US and Europe growing double-digit, and Mexico increasing high single-digit.

Operating EBITDA margin decreased by 0.2pp from 18.4% in the first quarter of 2022 to 18.2% this quarter, but significantly increased on a sequential basis by 1.9pp. The year-over-year contraction was the lowest since 4Q21.

Controlling interest net income (loss) resulted in an income of US$225 million in the first quarter of 2023 versus an income of US$198 million in the same quarter of 2022. The higher income primarily reflects a positive variation in foreign exchange results and minority interests, as well as a higher operating income.


2023 First Quarter Results		Page 2

Operating results

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Mexico


	January - March												First Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		1,097			881			25	%		13	%		1,097			881			25	%		13	%
Operating EBITDA		344			286			20	%		9	%		344			286			20	%		9	%
Operating EBITDA margin		31.4	%		32.5	%		(1.1pp	)					31.4	%		32.5	%		(1.1pp	)

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - March			First Quarter			January - March			First Quarter			January - March			First Quarter
Volume		(3	%)		(3	%)		10	%		10	%		6	%		6	%
Price (USD)		29	%		29	%		37	%		37	%		32	%		32	%
Price (local currency)		17	%		17	%		24	%		24	%		20	%		20	%

Our Mexican operations delivered strong results, with double-digit growth in Sales and high single-digit increase in EBITDA. EBITDA rose for the second consecutive quarter, while EBITDA margin increased sequentially by 4.7pp, the first sequential margin expansion in four quarters.

Our low single-digit cement volume decline reflects market share loss in bagged cement as a result of our pricing strategy. Bulk cement and ready-mix volumes continued to grow double-digit, while aggregate volumes rose mid single-digit, reflecting the dynamism of formal construction in the country.

The alternative fuel substitution rate reached a record in Mexico of 42% with some plants reaching levels of up to 77%.

United States


	January - March												First Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		1,255			1,196			5	%		5	%		1,255			1,196			5	%		5	%
Operating EBITDA		230			200			15	%		15	%		230			200			15	%		15	%
Operating EBITDA margin		18.3	%		16.8	%		1.5pp						18.3	%		16.8	%		1.5pp

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - March			First Quarter			January - March			First Quarter			January - March			First Quarter
Volume		(19	%)		(19	%)		(12	%)		(12	%)		(15	%)		(15	%)
Price (USD)		22	%		22	%		24	%		24	%		30	%		30	%
Price (local currency)		22	%		22	%		24	%		24	%		30	%		30	%

In the United States, despite significant weather challenges in most of our markets and a strong 1Q22 comparison base, EBITDA rose to US$230 million, a record first quarter result¹, representing a 15% increase. Volumes declined double digits primarily due to severe winter weather in much of our portfolio. We estimate the impact of weather conditions on cement volumes explains ~60% of the decline. EBITDA margin expanded, benefiting from higher prices and lower imports. On the pricing side, first quarter price increases were successful, with additional price increases announced for third quarter.

(1)	On a reported basis since 2006


2023 First Quarter Results		Page 3

Operating results

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Europe, Middle East, Africa and Asia


	January - March												First Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		1,234			1,185			4	%		14	%		1,234			1,185			4	%		14	%
Operating EBITDA		148			145			2	%		15	%		148			145			2	%		15	%
Operating EBITDA margin		12.0	%		12.3	%		(0.3pp	)					12.0	%		12.3	%		(0.3pp	)

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - March			First Quarter			January - March			First Quarter			January - March			First Quarter
Volume		(10	%)		(10	%)		(3	%)		(3	%)		(1	%)		(1	%)
Price (USD)		16	%		16	%		9	%		9	%		3	%		3	%
Price (local currency) (*)		29	%		29	%		17	%		17	%		10	%		10	%

EMEA delivered strong financial results, with Sales and EBITDA growing double-digit despite a tough comparative base and a challenging volume backdrop. As a result of first quarter price announcements, pricing momentum continued, with regional sequential increases of between 8% and 10% for all products.

EBITDA in Europe grew 46% while margin rose 2.5pp, reflecting not only our pricing efforts and carbon strategy, but also the strong contribution from our growth investments and Urbanization Solutions business. Pricing traction continued, with sequential increases of between 9% and 14%.

In the Philippines, cement volumes declined 16% during the first quarter mainly due to continued macro challenges and bad weather, as well as a difficult comparison base. Domestic cement prices were 5% higher in first quarter in local currency terms and remained stable sequentially. On a like-to-like basis, Sales in the country decreased 11% during the quarter, while EBITDA and EBITDA margin declined by 65% and 16.6pp respectively, mainly due to higher energy costs. The expected date of completion of the new line of our Solid Cement Plant is first quarter 2024.

In Middle East and Africa, EBITDA grew double-digit mainly driven by Egypt, which showed strong pricing and EBITDA margin performance.

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


2023 First Quarter Results		Page 4

Operating results

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South, Central America and the Caribbean


	January - March												First Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		411			416			(1	%)		4	%		411			416			(1	%)		4	%
Operating EBITDA		84			109			(23	%)		(21	%)		84			109			(23	%)		(21	%)
Operating EBITDA margin		20.4	%		26.3	%		(5.9pp	)					20.4	%		26.3	%		(5.9pp	)

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


	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January - March			First Quarter			January - March			First Quarter			January - March			First Quarter
Volume		(8	%)		(8	%)		(1	%)		(1	%)		2	%		2	%
Price (USD)		6	%		6	%		6	%		6	%		7	%		7	%
Price (local currency) (*)		11	%		11	%		21	%		21	%		22	%		22	%

Net sales in the South, Central America and Caribbean region grew 4% driven by a disciplined pricing strategy. Cement volumes remained pressured by weak bagged cement demand, while bulk cement continued to grow supported by the formal sector, mainly in the infrastructure and tourism segments. The decline in EBITDA and EBTIDA margin resulted primarily from higher energy and maintenance costs, and lower cement volumes.

In Colombia, cement volumes declined mid single-digit, largely attributable to a slow start of the year in formal construction activity and weak bagged cement demand. Cement prices picked up momentum with a double-digit sequential price increase.

In the Dominican Republic, cement volumes declined due to a drop in retail cement demand, while ready-mix volumes posted double-digit growth mainly related to recovery in the formal segment.

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


2023 First Quarter Results		Page 5

Operating results

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Operating EBITDA and free cash flow


	January - March									First Quarter
	2023			2022			% var			2023			2022			% var
Operating earnings before other income and expenses, net		435			406			7	%		435			406			7	%
+ Depreciation and operating amortization		298			279						298			279

Operating EBITDA		733			685			7	%		733			685			7	%
- Net financial expense		144			127						144			127
- Maintenance capital expenditures		156			181						156			181
- Change in working capital		454			487						454			487
- Taxes paid		84			50						84			50
- Other cash items (net)		(51	)		17						(51	)		17
- Free cash flow discontinued operations		—			(3	)					—			(3	)

Free cash flow after maintenance capital expenditures		(55	)		(175	)		69	%		(55	)		(175	)		69	%
- Strategic capital expenditures		86			76						86			76

Free cash flow		(141	)		(251	)		44	%		(141	)		(251	)		44	%

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

FCF after maintenance capex for the first quarter of 2023 was higher than the prior year mainly due to higher fixed asset sales, increasing EBITDA, as well as lower working capital and maintenance capex.

Information on debt


										Fourth Quarter
	First Quarter													First Quarter
	2023			2022			% var			2022				2023			2022
Total debt ⁽¹⁾		7,862			8,963			(12	%)		8,147		Currency denomination
Short-term		4	%		4	%					4	%	U.S. dollar		77	%		85	%
Long-term		96	%		96	%					96	%	Euro		14	%		7	%
Cash and cash equivalents		758			593			28	%		495		Mexican peso		4	%		3	%

Net debt		7,104			8,370			(15	%)		7,652		Other		4	%		5	%

Consolidated net debt ⁽²⁾		7,157			8,266						7,620		Interest rate⁽³⁾

Consolidated leverage ratio ⁽²⁾		2.62			2.83						2.84		Fixed		74	%		86	%
Consolidated coverage ratio ⁽²⁾		6.38			6.60						6.27		Variable		26	%		14	%

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 our main bank debt agreements.

⁽³⁾	Includes the effect of our interest rate derivatives, as applicable.


2023 First Quarter Results		Page 6

Operating results

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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 - March												First Quarter
										like-to-like												like-to-like
	2023			2022			% var			% var			2023			2022			% var			% var
STATEMENT OF OPERATIONS
Net sales		4,035,801			3,724,620			8	%		9	%		4,035,801			3,724,620			8	%		9	%
Cost of sales		(2,746,129	)		(2,575,495	)		(7	%)					(2,746,129	)		(2,575,495	)		(7	%)

Gross profit		1,289,672			1,149,125			12	%		12	%		1,289,672			1,149,125			12	%		12	%
Operating expenses		(854,716	)		(743,118	)		(15	%)					(854,716	)		(743,118	)		(15	%)

Operating earnings before other income and expenses, net		434,955			406,007			7	%		5	%		434,955			406,007			7	%		5	%
Other expenses, net		8,240			(21,154	)		N/A						8,240			(21,154	)		N/A

Operating earnings		443,196			384,853			15	%					443,196			384,853			15	%
Financial expense		(132,059	)		(118,407	)		(12	%)					(132,059	)		(118,407	)		(12	%)
Other financial income (expense), net		31,451			(24,208	)		N/A						31,451			(24,208	)		N/A
Financial income		6,852			3,695			85	%					6,852			3,695			85	%
Results from financial instruments, net		(9,706	)		(2,074	)		(368	%)					(9,706	)		(2,074	)		(368	%)
Foreign exchange results		58,063			(10,477	)		N/A						58,063			(10,477	)		N/A
Effects of net present value on assets and liabilities and others, net		(23,758	)		(15,352	)		(55	%)					(23,758	)		(15,352	)		(55	%)
Equity in gain (loss) of associates		7,933			5,401			47	%					7,933			5,401			47	%

Income (loss) before income tax		350,520			247,638			42	%					350,520			247,638			42	%
Income tax		(130,694	)		(51,992	)		(151	%)					(130,694	)		(51,992	)		(151	%)

Profit (loss) of continuing operations		219,827			195,646			12	%					219,827			195,646			12	%
Discontinued operations		(0	)		12,158			N/A						(0	)		12,158			N/A

Consolidated net income (loss)		219,827			207,805			6	%					219,827			207,805			6	%
Non-controlling interest net income (loss)		(5,619	)		9,720			N/A						(5,619	)		9,720			N/A

Controlling interest net income (loss)		225,446			198,084			14	%					225,446			198,084			14	%

Operating EBITDA		732,668			685,288			7	%		6	%		732,668			685,288			7	%		6	%
Earnings (loss) of continued operations per ADS		0.15			0.12			22	%					0.15			0.12			22	%
Earnings (loss) of discontinued operations per ADS		0.00			0.01			(100	%)					0.00			0.01			(100	%)


	As of March 31
	2023			2022			% var
STATEMENT OF FINANCIAL POSITION
Total assets		27,488,331			27,176,873			1	%
Cash and cash equivalents		757,806			592,863			28	%
Trade receivables less allowance for doubtful accounts		1,909,796			1,793,924			6	%
Other accounts receivable		525,142			580,605			(10	%)
Inventories, net		1,767,411			1,393,335			27	%
Assets held for sale		50,875			146,674			(65	%)
Other current assets		139,373			139,446			(0	%)
Current assets		5,150,403			4,646,847			11	%
Property, machinery and equipment, net		11,639,315			11,354,360			3	%
Other assets		10,698,612			11,175,666			(4	%)

Total liabilities		15,353,809			16,660,504			(8	%)
Current liabilities		5,625,457			5,393,802			4	%
Long-term liabilities		6,609,193			7,669,721			(14	%)
Other liabilities		3,119,159			3,596,982			(13	%)

Total stockholder’s equity		12,134,522			10,516,369			15	%
Common stock and additional paid-in capital		7,686,469			7,810,104			(2	%)
Other equity reserves		(2,224,636	)		(2,284,690	)		3	%
Subordinated notes		1,885,258			948,842			99	%
Retained earnings		4,471,227			3,585,506			25	%
Non-controlling interest		316,204			456,607			(31	%)


2023 First Quarter Results		Page 7

Operating results

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Operating Summary per Country

In thousands of U.S. dollars


	January - March												First Quarter
										like-to-like												like - to-like
	2023			2022			% var			% var			2023			2022			% var			% var
NET SALES
Mexico		1,097,044			880,700			25	%		13	%		1,097,044			880,700			25	%		13	%
U.S.A.		1,254,960			1,196,130			5	%		5	%		1,254,960			1,196,130			5	%		5	%
Europe, Middle East, Asia and Africa		1,234,241			1,185,165			4	%		14	%		1,234,241			1,185,165			4	%		14	%
Europe		860,069			791,048			9	%		14	%		860,069			791,048			9	%		14	%
Philippines		84,861			102,038			(17	%)		(11	%)		84,861			102,038			(17	%)		(11	%)
Middle East and Africa		289,312			292,079			(1	%)		21	%		289,312			292,079			(1	%)		21	%
South, Central America and the Caribbean		411,112			416,109			(1	%)		4	%		411,112			416,109			(1	%)		4	%
Others and intercompany eliminations		38,444			46,515			(17	%)		(19	%)		38,444			46,515			(17	%)		(19	%)

TOTAL		4,035,801			3,724,620			8	%		9	%		4,035,801			3,724,620			8	%		9	%

GROSS PROFIT
Mexico		526,231			415,955			27	%		15	%		526,231			415,955			27	%		15	%
U.S.A.		347,386			297,313			17	%		17	%		347,386			297,313			17	%		17	%
Europe, Middle East, Asia and Africa		269,719			270,427			(0	%)		10	%		269,719			270,427			(0	%)		10	%
Europe		194,156			172,712			12	%		18	%		194,156			172,712			12	%		18	%
Philippines		18,316			38,803			(53	%)		(50	%)		18,316			38,803			(53	%)		(50	%)
Middle East and Africa		57,246			58,912			(3	%)		27	%		57,246			58,912			(3	%)		27	%
South, Central America and the Caribbean		126,784			152,481			(17	%)		(13	%)		126,784			152,481			(17	%)		(13	%)
Others and intercompany eliminations		19,552			12,948			51	%		163	%		19,552			12,948			51	%		163	%

TOTAL		1,289,672			1,149,125			12	%		12	%		1,289,672			1,149,125			12	%		12	%

OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico		293,452			246,457			19	%		7	%		293,452			246,457			19	%		7	%
U.S.A.		111,765			81,719			37	%		37	%		111,765			81,719			37	%		37	%
Europe, Middle East, Asia and Africa		67,547			62,737			8	%		28	%		67,547			62,737			8	%		28	%
Europe		37,843			16,626			128	%		139	%		37,843			16,626			128	%		139	%
Philippines		976			19,136			(95	%)		(97	%)		976			19,136			(95	%)		(97	%)
Middle East and Africa		28,727			26,975			6	%		49	%		28,727			26,975			6	%		49	%
South, Central America and the Caribbean		62,981			88,578			(29	%)		(27	%)		62,981			88,578			(29	%)		(27	%)
Others and intercompany eliminations		(100,790	)		(73,484	)		(37	%)		(29	%)		(100,790	)		(73,484	)		(37	%)		(29	%)

TOTAL		434,955			406,007			7	%		5	%		434,955			406,007			7	%		5	%


2023 First Quarter Results		Page 8

Operating results

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Operating Summary per Country

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


	January - March												First Quarter
										like-to-like												like-to-like
	2023			2022			% var			% var			2023			2022			% var			% var
OPERATING EBITDA
Mexico		344,401			285,938			20	%		9	%		344,401			285,938			20	%		9	%
U.S.A.		229,835			200,426			15	%		15	%		229,835			200,426			15	%		15	%
Europe, Middle East, Asia and Africa		147,599			145,378			2	%		15	%		147,599			145,378			2	%		15	%
Europe		96,852			69,470			39	%		46	%		96,852			69,470			39	%		46	%
Philippines		9,896			28,910			(66	%)		(65	%)		9,896			28,910			(66	%)		(65	%)
Middle East and Africa		40,851			46,999			(13	%)		18	%		40,851			46,999			(13	%)		18	%
South, Central America and the Caribbean		83,979			109,255			(23	%)		(21	%)		83,979			109,255			(23	%)		(21	%)
Others and intercompany eliminations		(73,146	)		(55,709	)		(31	%)		(20	%)		(73,146	)		(55,709	)		(31	%)		(20	%)

TOTAL		732,668			685,288			7	%		6	%		732,668			685,288			7	%		6	%

OPERATING EBITDA MARGIN
Mexico		31.4	%		32.5	%								31.4	%		32.5	%
U.S.A.		18.3	%		16.8	%								18.3	%		16.8	%
Europe, Middle East, Asia and Africa		12.0	%		12.3	%								12.0	%		12.3	%
Europe		11.3	%		8.8	%								11.3	%		8.8	%
Philippines		11.7	%		28.3	%								11.7	%		28.3	%
Middle East and Africa		14.1	%		16.1	%								14.1	%		16.1	%
South, Central America and the Caribbean		20.4	%		26.3	%								20.4	%		26.3	%

TOTAL		18.2	%		18.4	%								18.2	%		18.4	%


2023 First Quarter Results		Page 9

Operating results

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Volume Summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.


	January - March							First Quarter
	2023		2022		% var			2023		2022		% var
Consolidated cement volume ⁽¹⁾		14,402		15,776		(9	%)		14,402		15,776		(9	%)
Consolidated ready-mix volume		11,706		12,165		(4	%)		11,706		12,165		(4	%)
Consolidated aggregates volume ⁽²⁾		32,251		33,867		(5	%)		32,251		33,867		(5	%)

Per-country volume summary


	January - March			First Quarter			First Quarter 2023 vs.
	2023 vs. 2022			2023 vs. 2022			Fourth Quarter 2022
DOMESTIC GRAY CEMENT VOLUME
Mexico		(3	%)		(3	%)		(9	%)
U.S.A.		(19	%)		(19	%)		(7	%)
Europe, Middle East, Asia and Africa		(10	%)		(10	%)		(10	%)
Europe		(9	%)		(9	%)		(13	%)
Philippines		(16	%)		(16	%)		(2	%)
Middle East and Africa		(6	%)		(6	%)		(10	%)
South, Central America and the Caribbean		(8	%)		(8	%)		1	%
READY-MIX VOLUME
Mexico		10	%		10	%		(5	%)
U.S.A.		(12	%)		(12	%)		(1	%)
Europe, Middle East, Asia and Africa		(3	%)		(3	%)		(3	%)
Europe		(8	%)		(8	%)		(5	%)
Philippines		N/A			N/A			N/A
Middle East and Africa		5	%		5	%		(1	%)
South, Central America and the Caribbean		(1	%)		(1	%)		(5	%)
AGGREGATES VOLUME
Mexico		6	%		6	%		(8	%)
U.S.A.		(15	%)		(15	%)		(3	%)
Europe, Middle East, Asia and Africa		(1	%)		(1	%)		(4	%)
Europe		(1	%)		(1	%)		(5	%)
Philippines		N/A			N/A			N/A
Middle East and Africa		0	%		0	%		1	%
South, Central America and the Caribbean		2	%		2	%		(3	%)

⁽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 the UK.


2023 First Quarter Results		Page 10

Operating results

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Price Summary

Variation in U.S. dollars


	January - March			First Quarter			First Quarter 2023 vs.
	2023 vs. 2022			2023 vs. 2022			Fourth Quarter 2022
DOMESTIC GRAY CEMENT PRICE
Mexico		29	%		29	%		14	%
U.S.A.		22	%		22	%		4	%
Europe, Middle East, Asia and Africa (*)		16	%		16	%		11	%
Europe (*)		29	%		29	%		18	%
Philippines		(1	%)		(1	%)		3	%
Middle East and Africa (*)		(16	%)		(16	%)		(7	%)
South, Central America and the Caribbean (*)		6	%		6	%		8	%
READY-MIX PRICE
Mexico		37	%		37	%		19	%
U.S.A.		24	%		24	%		5	%
Europe, Middle East, Asia and Africa (*)		9	%		9	%		10	%
Europe (*)		16	%		16	%		15	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		0	%		0	%		2	%
South, Central America and the Caribbean (*)		6	%		6	%		16	%
AGGREGATES PRICE
Mexico		32	%		32	%		15	%
U.S.A.		30	%		30	%		8	%
Europe, Middle East, Asia and Africa (*)		3	%		3	%		11	%
Europe (*)		4	%		4	%		12	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		(2	%)		(2	%)		5	%
South, Central America and the Caribbean (*)		7	%		7	%		7	%

(*)	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.


2023 First Quarter Results		Page 11


Operating results

Variation in Local Currency


	January - March 2023 vs. 2022			First Quarter 2023 vs. 2022			First Quarter 2023 vs. Fourth Quarter 2022
DOMESTIC GRAY CEMENT PRICE
Mexico		17	%		17	%		7	%
U.S.A.		22	%		22	%		4	%
Europe, Middle East, Asia and Africa (*)		29	%		29	%		10	%
Europe (*)		35	%		35	%		14	%
Philippines		5	%		5	%		(0	%)
Middle East and Africa (*)		39	%		39	%		10	%
South, Central America and the Caribbean (*)		11	%		11	%		7	%
READY-MIX PRICE
Mexico		24	%		24	%		11	%
U.S.A.		24	%		24	%		5	%
Europe, Middle East, Asia and Africa (*)		17	%		17	%		8	%
Europe (*)		21	%		21	%		10	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		13	%		13	%		5	%
South, Central America and the Caribbean (*)		21	%		21	%		15	%
AGGREGATES PRICE
Mexico		20	%		20	%		8	%
U.S.A.		30	%		30	%		8	%
Europe, Middle East, Asia and Africa (*)		10	%		10	%		8	%
Europe (*)		10	%		10	%		9	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		10	%		10	%		7	%
South, Central America and the Caribbean (*)		22	%		22	%		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.


2023 First Quarter Results		Page 12


Other information

Operating expenses

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


	January - March						First Quarter
In thousands of US dollars	2023			2022			2023			2022
Administrative expenses		275,726			215,021			275,726			215,021
Selling expenses		79,613			72,478			79,613			72,478
Distribution and logistics expenses		446,696			411,456			446,696			411,456
Operating expenses before depreciation		802,034			698,955			802,034			698,955
Depreciation in operating expenses		52,682			44,163			52,682			44,163
Operating expenses		854,716			743,118			854,716			743,118
As % of Net sales
Administrative expenses		6.8	%		5.8	%		6.8	%		5.8	%
SG&A expenses		8.8	%		7.7	%		8.8	%		7.7	%

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			14,487,786,971

End-of-quarter outstanding CPO-equivalents			14,487,786,971

For purposes of this report, outstanding CPO-equivalents equal the total number of Series A and B shares outstanding as if they were all held in CPO form less CPOs held in subsidiaries, which as of March 31, 2023, 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.


	First Quarter									Fourth Quarter
	2023					2022				2022
In millions of US dollars	Notional amount		Fair value			Notional amount		Fair value		Notional amount		Fair value
Exchange rate derivatives ⁽¹⁾		1,495		(94	)		1,842		1		1,337		(30	)
Interest rate swaps ⁽²⁾		1,040		41			1,313		31		1,018		54
Fuel derivatives		161		(1	)		117		68		136		8

		2,696		(54	)		3,272		100		2,491		32

1)	The exchange rate derivatives are used to manage currency exposures arising from regular operations, net investment hedge and forecasted transactions. As of March 31, 2023, the derivatives related to the net investment hedge represent a notional amount of US$995 million.

2)	Interest-rate swap derivatives related to bank loans.

Under IFRS, companies are required to recognize the fair value of all derivative financial instruments on the balance sheet as financial assets or liabilities, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in such cases, 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. Moreover, in transactions related to net investment hedges, changes in fair market value are recorded directly in equity as part of the currency translation effect and are reclassified to the income statement only in the case of a disposal of the net investment. As of March 31, 2023, in connection with its derivatives portfolio’s fair market value recognition, CEMEX recognized a negative change in mark to market as compared to 4Q22 which increased its net financial liabilities by US$54 million.


2023 First Quarter Results		Page 13

Other information

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Discontinued operations

On October 25, 2022, CEMEX successfully concluded a partnership with Advent International (“Advent”). As part of the partnership, Advent acquired a 65% stake in Neoris for US$119 million from CEMEX. While surrendering control to Advent, CEMEX retained a 34.8% stake and remained a key strategic partner and customer of Neoris. CEMEX’s retained 34.8% stake in Neoris is subsequently accounted for under the equity method. Neoris’ results for the three-month period ended March 31, 2022, are reported in CEMEX’s income statements, net of income tax, in the single line item “Discontinued operations.”

On August 31, 2022, CEMEX concluded with affiliates of Cementos Progreso Holdings, S.L. the sale of its operations in Costa Rica and El Salvador, for a total consideration related to the aggregate majority ownership of US$325 million. The assets divested consisted 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. As of March 31, 2022, the assets and liabilities associated with these operations are presented in the Statement of Financial Position within the line items of “Assets held for sale” and “Liabilities directly related to assets held for sale”. CEMEX’s operations of these assets for the three-month period ended March 31, 2022, are reported in CEMEX’s income statements, net of income tax, in the single line item “Discontinued operations.”

The following table presents condensed combined information of the income statements for the three-month period ended March 31, 2022, for CEMEX’s discontinued operations in: NEORIS; and Costa Rica and El Salvador:


STATEMENT OF OPERATIONS	Jan-Mar					First Quarter
(Millions of U.S. dollars)	2023		2022			2023		2022
Sales		—		81			—		81
Cost of sales, operating expenses, and other expenses, net		—		(73	)		—		(73	)
Interest expense, net, and others		—		8			—		8

Income (loss) before income tax		—		16			—		16

Income tax		—		(4	)		—		(4	)

Income (loss) from discontinued operations		—		12			—		12

Net gain (loss) on sale		—		81			—		81

Net result from discontinued operations		—		(73	)		—		(73	)

Relevant accounting effects included in the reported financial statements

During the fourth quarter of 2022, CEMEX recognized non-cash impairment charges in the statement of operations for an aggregate amount of US$442 million within the line-item other expenses, net, of which US$365 million refer to impairment of goodwill and US$77 million refer to impairment of property, machinery and equipment. The impairment losses of goodwill refer to CEMEX operating segments in the United States for US$273 million and Spain for US$92 million, which reduced the line item of goodwill in the statement of financial position. Moreover, the impairment losses of property, machinery and equipment relate mainly also to CEMEX’s businesses in the United States and Spain.

The impairment losses of goodwill are mainly related to the significant increase in the discount rates as compared to 2021 and the resulting significant decrease in the CEMEX’s projected cash flows in these operating segments considering the global high inflationary environment, which increased the risk-free rates, and the material increase in the funding cost observed in the industry during the period. These negative effects more than offset the expected improvements in the estimated Operating EBITDA generation in both of CEMEX’s businesses in the United States and Spain. These non-cash impairment losses did not impact CEMEX’s liquidity, Operating EBITDA and cash taxes payable. Nevertheless, it decreased CEMEX’s total assets and equity and generated net losses in the fourth quarter.


2023 First Quarter Results		Page 14

Definitions of terms and disclosures

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Methodology for translation, consolidation, and presentation of results

Under IFRS, CEMEX translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement.

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).

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 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 and services

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 - March				First Quarter				First Quarter
	2023		2022		2023		2022		2023		2022
	Average		Average		Average		Average		End of period		End of period
Mexican peso		18.39		20.32		18.39		20.32		18.03		19.88
Euro		0.9289		0.8959		0.9289		0.8959		0.9224		0.9038
British pound		0.8166		0.7509		0.8166		0.7509		0.8111		0.7610

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


2023 First Quarter Results		Page 15

Disclaimer

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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. The information included in this report contains, and other reports we will file or furnish in the future may contain, 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. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related CEMEX’s plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of 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 terms. Although CEMEX believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or results anticipated by forward-looking statements due to various factors. These forward-looking statements reflect, as of the date on which 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, uncertainties and assumptions that could cause actual results to differ materially from historical results or those anticipated in this report. Among others, such risks, uncertainties, and assumptions that could cause results to differ, or that otherwise could have an impact on us, include those discussed in CEMEX’s most recent annual report and those detailed from time to time in CEMEX’s other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, which could 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 the 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 of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other remedial actions, and other liabilities relating to existing and/or divested businesses; our ability to secure and permit aggregates reserves in strategically located areas; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in our effective tax rate; 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, labor, 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 other debt instruments and financial obligations, including our subordinated notes with no fixed maturity and other 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 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 business strategy 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 the demand for consumer goods, consequently affecting demand for our products and services; climate change, in particular reflected in weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; 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; availability and cost of trucks, railcars, barges and ships, as well as their licensed operators and drivers, for transport of our materials; labor shortages and constraints; terrorist and organized criminal activities as well as geopolitical events, such as war and armed conflicts, including the current war between Russia and Ukraine; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; and, natural disasters and other unforeseen events (including global health hazards such as COVID-19). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Any or all of CEMEX’s forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. These factors may be revised or supplemented and the information contained in this report is subject to change without notice, but CEMEX is not under, and expressly disclaims, any obligation to update or correct the information contained in this report or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, 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, but not limited to, 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 that were available as of the date of this report. 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


2023 First Quarter Results		Page 16

Presentation regarding first quarter 2023 results for Cemex.

Exhibit 3 First Quarter 2023 Results L’Arbre Blanc, Montpellier, France SOU FUJIMOTO ARCHITECTS, OXO Architectes, DREAM, Laisné Architectes

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. The information included in this presentation contains, and the reports we will file or furnish in the future may contain, 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. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related CEMEX’s plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of 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 terms. Although CEMEX believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or results anticipated by forward-looking statements due to various factors. These forward-looking statements reflect, as of the date on which 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, uncertainties and assumptions that could cause actual results to differ materially from historical results or those anticipated in this presentation. Among others, such risks, uncertainties, and assumptions that could cause results to differ, or that otherwise could have an impact on us, include those discussed in CEMEX’s most recent annual report and those detailed from time to time in CEMEX’s other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, which could 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 the 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 of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other remedial actions, and other liabilities relating to existing and/or divested businesses; our ability to secure and permit aggregates reserves in strategically located areas; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in our effective tax rate; 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, labor, 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 other debt instruments and financial obligations, including our subordinated notes with no fixed maturity and other 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 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 business strategy 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 the demand for our products and services; climate change, in particular reflected in weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; 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; availability and cost of trucks, railcars, barges, and ships, as well as their licensed operators and drivers, for transport of our materials; labor shortages and constraints; terrorist and organized criminal activities as well as geopolitical events, such as war and armed conflicts, including the current war between Russia and Ukraine; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; and, natural disasters and other unforeseen events (including global health hazards such as COVID-19). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Any or all of CEMEX’s forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. These factors may be revised or supplemented and the information contained in this presentation is subject to change without notice, but CEMEX is not under, and expressly disclaims, any obligation to update or correct the information contained in this presentation or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, 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, but not limited to, 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 that were available as of the date of this presentation. 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

Key highlights in • 9% growth in Sales driven by pricing First Quarter 2023 • Mid-single digit growth in EBITDA attributable to pricing strategy, easing cost headwinds, growth investments and Urbanization Solutions • Significant recovery in EBITDA margin • Improvement in COGS as percentage of Sales • Closed the Atlantic Minerals Limited acquisition in late April, which will boost US aggregates reserves by ~20% • Urbanization Solutions EBITDA growing 34% • Continued reduction in CO emissions, with -3% vs. 1Q22 2 • Placed $1B green subordinated perpetual notes providing attractive funding and accelerating path towards investment grade • Leverage ratio at 2.62x 1 • ROCE at 12.2% , well above our cost of capital Port Marianne School, Montpellier, France 3 Built with Vertua concrete, part of our Vertua 1) Trailing twelve months as of March 2023, excluding goodwill family of sustainable products

1Q23: Strong EBITDA growth with important QoQ margin recovery EBITDA FCF after Net Sales EBITDA Margin maint. Capex +9% l-t-l +6% l-t-l -0.2pp +8% +7% 4,036 733 18.4% 18.2% 685 3,725 -55 -175 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 1Q22 1Q23 4 Millions of U.S. dollars Panorama High Rise, Miami, United States

Weak bagged cement demand in EM and weather in the US impact volumes… CONSOLIDATED VOLUMES 1Q23 YoY volume variation (l-t-l) USA -1% -12% -4% -3% -1% -15% EMEA -5% -19% EUROPE 10% -10% -8% 6% -10% -9% MEX -3% 1 2% Cement Ready-mix -1% SCAC Aggregates -8% 5 1) Domestic gray cement

…while pricing momentum accelerates CONSOLIDATED PRICES 1Q23 YoY and QoQ price variation (l-t-l) 20% 19% 29% 18% 30% 35% 24% 22% 17% 21% 10% EMEA USA 10% EUROPE 24% 10% 8% 8% 20% QoQ: 4% 5% 8% 17% 14% 10% 9% 7% 8% 8% MEX 7% 11% 8% Sequential (4Q22 to 1Q23) 22% 1 21% Cement Ready-mix 11% SCAC Aggregates 7% 15% 5% 1) Domestic gray 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

Pricing contribution outpacing current inflation… 1Q23 EBITDA variation +6% +7% -472 625 733 728 -12 5 40 685 -138 FX 1Q22 Volume Price Costs Growth Other 1Q23 1Q23 Investments & l-t-l reported Urbanization Solutions EBITDA margin 18.4% 18.2% -0.2pp 7 Millions of U.S. dollars

…and making inroads in margin recovery Consolidated EBITDA Margin 21.2% 20.1% 19.6% 19.7% FY 2021 18.4% 18.2% 17.8% 18.1% 18.0% 17.2% FY 2022 16.3% 16.4% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 8

2022 Integrated Report detailing exceptional Future in Action results 7th consecutive “A” Achieving records: Integrated Report • Clinker Factor of 73.7% • Alternative fuels at 35% • Hydrogen injection in 44% of production “A–” Over last 2 years, reduction in Climate Change Net CO emissions of: 2 • ~9% per CO /ton 2 “4” • ~22% per kg CO /Revenues $ 2 ~3% reduction vs 1Q22 per CO /ton 2 Highest level SBTi validation Increasing adoption of our 64 of net-zero CO goals 2 Vertua products: under 1.5°C scenario • 33% for ready-mix, +16.1pp YoY 9

Fast growing Urbanization Solutions business: Spotlight on Performance Materials 2022 Urbanization Solutions EBITDA EBITDA ($ M) +34% Circularity 6% 70 Industrialized 19% Construction 52 Admixtures enable CO emissions Related 2 reduction of up to ~40% Services 37% Key Megatrends 17% Others • Decarbonization $49M Performance • Construction 38% Materials efficiency 2022 • Circularity 21% Admixtures EBITDA 1Q22 1Q23 10

Regional Highlights 411 Tower, Monterrey, Mexico

Mexico: Double-digit growth in Sales and high single-digit growth in EBITDA YTD 1Q23 1Q23 Net Sales 1,097 1,097 % var (l-t-l) 13% 13% Operating EBITDA 344 344 % var (l-t-l) 9% 9% Operating EBITDA margin 31.4% 31.4% pp var (1.1pp) (1.1pp) • Continued growth in formal sector explained by nearshoring investments, tourism, and infrastructure projects • Strong growth in Sales driven by pricing • High-single digit increase in EBITDA, rising for the second consecutive quarter • YoY decline in EBITDA margin continued to moderate against 2022 performance • Significant EBITDA margin improvement vs. 4Q22 • Record alternative fuels substitution rate of 42% La Mexicana Park, Mexico City, Mexico Built with Vertua Concrete, part of our Vertua family of sustainable products 12 Millions of U.S. dollars

1 US: Record first quarter EBITDA despite adverse weather YTD 1Q23 1Q23 Net Sales 1,255 1,255 % var (l-t-l) 5% 5% Operating EBITDA 230 230 % var (l-t-l) 15% 15% Operating EBITDA margin 18.3% 18.3% pp var 1.5pp 1.5pp • Strong double-digit price increases across all products • Volume decline largely attributable to severe winter weather and difficult prior year comp. • Sequential margin improvement for the 3rd straight quarter, benefiting from higher prices and a lower level of imports • Closed the Atlantic Minerals Limited acquisition in late April, expanding our US reserves by 20% and further strengthening our position in aggregate constrained markets such as Florida and the east coast of the U.S. • Expect the Infrastructure Bill, Inflation Reduction Act and Acqualina Building, Miami, United States the CHIPS Act to be supportive of volumes 13 1) On a reported basis Millions of U.S. dollars

EMEA: Strong results despite tough comparison base and challenging volume backdrop YTD 1Q23 1Q23 Net Sales 1,234 1,234 % var (l-t-l) 14% 14% Operating EBITDA 148 148 % var (l-t-l) 15% 15% Operating EBITDA margin 12.0% 12.0% pp var (0.3pp) (0.3pp) • Strong top line growth driven by continued pricing momentum • Resilient EBITDA margin • European operations well positioned to reach the EU 55% CO reduction goal by 2030 2 • EBITDA in Europe increased 46%, with margin expanding 2.5pp • Strong EBITDA contribution from growth investments • Volumes in the Philippines impacted by continued macro challenges and bad weather, as well as a tough Crédit Agricole Building, Nimes, France comparison base Built with Vertua Concrete, part of our Vertua family of sustainable products 14 Millions of U.S. dollars

SCAC: Top line growth driven by disciplined pricing strategy YTD 1Q23 1Q23 Net Sales 411 411 % var (l-t-l) 4% 4% Operating EBITDA 84 84 % var (l-t-l) (21%) (21%) Operating EBITDA margin 20.4% 20.4% pp var (5.9pp) (5.9pp) • Increase in Sales supported by a double-digit increase in prices • Bagged cement demand continued to be subdued, but resilient formal construction driven by infrastructure and tourism-related projects • EBITDA and margin impacted by higher energy costs and maintenance Gimnasio Moderno, Bogotá, Colombia 15 Millions of U.S. dollars

Financial Developments Crédit Agricole Building, Nimes, France Built with Vertua Concrete, part of our Vertua family of sustainable products

Improving FCF due to growth in EBITDA, reduced working capital and capex, and higher asset sales First Quarter Average working capital days 2023 2022 % var Operating EBITDA 733 685 7% 1Q’23 1Q’22 - Net Financial Expense 144 127 -3 - Maintenance Capex 156 181 - Change in Working Capital 454 487 -11 - Taxes Paid 84 50 - Other Cash Items (net) (51) 17 Controlling Interest Net Income - Free Cash Flow - (3) US$ M Discontinued Operations Free Cash Flow after (55) (175) 69% 225 198 Maintenance Capex - Strategic Capex 86 76 Free Cash Flow (141) (251) 44% 1Q’23 1Q’22 17

Strengthening our capital structure and accelerating path to investment grade 1 • Issued $1.0 B green subordinated perpetual Proforma debt maturity notes, the first of its kind in our industry; profile as of March 2023 proceeds to be used to finance green Billions of U.S. dollars investments 2 • Called our 7.375% 2027 notes , leaving a two- year window (’27 & ’28) without relevant maturities • Delisted CEMEX Latam Holdings from the 2.3 Colombian Stock Exchange 1.6 1.4 • Increased our stake in CEMEX Holdings 0.8 0.7 0.6 Philippines to ~90% from ~78% 0.3 0.1 0.1 1 • Reached 2025 goal of 50% of debt linked to 23 24 25 26 27 28 29 30 ≥31 sustainability KPIs two years ahead of schedule 1) Giving effect to the redemption of ~$934M of 7.375% 2027 Notes with proceeds from our Revolving Credit Facility under our Credit Agreement 18 th 2) To be redeemed on June 5 , 2023

2023 Outlook Gilbert Chabroux School, Lyon France Built with Insularis, part of our Vertua family of sustainable products

2023 guidance - No revision to EBITDA and FCF elements expected until 2Q23 results Guidance as of February 13, 2023 1 Operating EBITDA Low single-digit increase Energy cost/ton of cement produced ~10% increase ~$1,250 million total Capital expenditures ~$850 million Maintenance, ~$400 million Strategic Investment in working capital ~$250 million Cash taxes ~$250 million 2 Cost of debt Increase of ~$70 million Recognize 1Q23 results and market trends could provide upside support 1) Like-to-like for ongoing operations and assuming December 31, 2022 FX levels for the remaining of the year 20 2) Including subordinated notes with no fixed maturity and the effect of our EUR-USD cross-currency swap

Appendix Happy Residence for Seniors, Montpellier, France Built with Insularis, part of our Vertua family of sustainable products

Debt maturity profile as of March 31, 2023 Total debt as of March 31, 2023: $7,862 million Main bank debt agreements Other bank debt Average life of debt: Fixed Income 5.0 years Leases 1,605 1,391 1,315 1,064 789 741 641 254 61 2023 2024 2025 2026 2027 2028 2029 2030≥ 2031 22 Millions of U.S. dollars

Consolidated volumes and prices 3M23 vs. 3M22 1Q23 vs. 1Q22 1Q23 vs. 4Q22 Volume (l-t-l) (10%) (10%) (7%) Domestic gray Price (USD) 20% 20% 10% cement Price (l-t-l) 20% 20% 7% Volume (l-t-l) (4%) (4%) (3%) Ready mix Price (USD) 18% 18% 10% Price (l-t-l) 19% 19% 8% Volume (l-t-l) (5%) (5%) (4%) Aggregates Price (USD) 15% 15% 10% Price (l-t-l) 18% 18% 8% 23 Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates

Additional information on debt MXN 4% Other 4% Euro First Quarter Fourth Quarter 15% 2023 2022 % var 2022 Currency 1 7,862 8,963 (12%) 8,147 Total debt denomination Short-term 4% 4% 4% U.S. dollar Long-term 96% 96% 96% 77% Cash and cash equivalents 758 593 28% 495 Net debt 7,104 8,370 (15%) 7,652 2 7,157 8,266 (13%) 7,620 Consolidated net debt 2 2.62 2.83 2.84 Consolidated leverage ratio Variable 26% 2 6.38 6.60 6.27 Consolidated coverage ratio 3 Interest rate Fixed 74% 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 our main bank debt agreements 3) Includes the effect of our interest rate derivatives, as applicable 24

Additional information on debt 1 Total debt by instrument First Quarter Fourth Quarter 19% 2023 % of total 2022 % of total Fixed Income 4,080 52% 4,139 51% Main Bank Debt Agreements 2,307 29% 2,578 32% 52% 1 1,475 19% 1,430 17% Others Total Debt 7,862 8,147 29% Millions of U.S. dollars 25 1) Includes leases, in accordance with IFRS

1Q23 volume and price summary: selected countries and regions Domestic gray cement Ready mix Aggregates 1Q23 vs. 1Q22 1Q23 vs. 1Q22 1Q23 vs. 1Q22 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico (3%) 29% 17% 10% 37% 24% 6% 32% 20% U.S. (19%) 22% 22% (12%) 24% 24% (15%) 30% 30% Europe (9%) 29% 35% (8%) 16% 21% (1%) 4% 10% Israel N/A N/A N/A 5% 0% 12% 0% (2%) 10% Philippines (16%) (1%) 5% N/A N/A N/A N/A N/A N/A Colombia (4%) (3%) 17% (6%) 3% 25% (3%) 4% 26% Panama 1% 4% 4% 44% 8% 8% 18% 14% 14% Dominican Republic (8%) 15% 14% 10% 20% 19% N/A N/A N/A 26 Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates

1 2023 expected volume outlook : selected countries/regions Cement Ready-mix Aggregates Low single digit decline Low single digit decline Flat CEMEX Flat High single digit increase High single digit increase Mexico Mid single digit decline Mid single digit decline Mid single digit decline USA Mid single digit decline Low to mid single digit decline Flat to low single digit decline Europe Flat High single digit increase NA Colombia Flat≥20% increase NA Panama Dominican Republic Flat to low single digit decline Low double-digit increase NA Israel NA Flat to low single digit increase Low single digit decline Philippines Low single digit decline NA NA 27 1) Reflects CEMEX’s current expectations. Volumes on a like-to-like basis

Relevant ESG indicators Carbon strategy 1Q23 2022 Customers and suppliers 1Q23 2022 Kg of CO per ton of 2 Net Promoter Score (NPS) 68 66 558 562 cementitious % of sales using CX Go 66% 60% Alternative fuels (%) 34% 35% Clinker factor 73.3% 73.7% Health and safety 1Q23 2022 Low-carbon products 1Q23 2022 2 3 Blended cement as % of total Employee fatalities 81% 75% cement produced Employee L-T-I frequency 0.5 0.5 rate Vertua concrete as % of total 43% 33% Operations with zero fatalities 99% 96% Vertua cement as % of total and injuries (%) 51% 41% 28

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 expenditures 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 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 U.S. dollars USD/U.S. dollars Percentage variation % var 29

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