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6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2024

Commission File Number: 001-14946

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

(Translation of Registrant’s name into English)

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

San Pedro Garza García, Nuevo León 66265, México

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

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

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

Contents


1.		Press release dated April 25, 2024, announcing first quarter 2024 results for Cemex, S.A.B. de C.V. (NYSE: CX) (“Cemex”).

2.		First quarter 2024 results for Cemex.

3.		Presentation regarding first quarter 2024 results for Cemex.

SIGNATURE

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


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

Date:	April 25, 2024	By:	/s/ Rafael Garza Lozano
			Name: Rafael Garza Lozano
			Title: Chief Comptroller

EXHIBIT INDEX


EXHIBIT NO.		DESCRIPTION

1.		Press release dated April 25, 2024, announcing first quarter 2024 results for Cemex, S.A.B. de C.V. (NYSE: CX) (“Cemex”).

2.		First quarter 2024 results for Cemex.

3.		Presentation regarding first quarter 2024 results for Cemex.

PRESS RELEASE

Exhibit 1

LOGO

Cemex reports record first quarter EBITDA,

with Net Income growth of 13%

Monterrey, Mexico. April 25, 2024 – Cemex reported record first quarter results today, with a 5% increase in EBITDA. Three of four regions, markets accounting for 90% of consolidated EBITDA, experienced a combined growth rate of 15%. EBITDA margin expanded by half a percentage point, driven by favorable price-cost dynamics. These strong results were further bolstered by growth investments and Urbanization Solutions, contributing to over 50% of incremental EBITDA in the quarter.

“Our first quarter in 2024 continued to build on an exceptional 2023,” said Fernando A. González, CEO of Cemex. “EBITDA represents a first quarter record for the company, despite fewer working days and difficult weather conditions in many markets. Our pricing strategy effectively outpaced input cost inflation, while our growth investments and Urbanization Solutions business were instrumental in driving EBITDA growth in the quarter”.

Cemex’s Consolidated 2024 First Quarter Financial and Operational Highlights

•

Net Sales increased 3% to US$4,138 million.

•

EBITDA increased 5% to US$772 million.

•

EBITDA margin increased 0.5pp to 18.7%.

•

Free Cash Flow after Maintenance Capital Expenditures was negative US$212 million, a year-over-year decline of US$157 million.

•

Growth investments account for 10% of total EBITDA and 26% of incremental EBITDA.

•

15% increase in EBITDA from Urbanization Solutions.

•

Controlling interest net income increased 13%, due primarily to better operational results and lower taxes.

Geographical Markets 2024 First Quarter Highlights

•

Sales in Mexico increased 20%, to US$1,314 million, while EBITDA grew 22% to US$420 million. EBITDA Margin expanded 0.5pp to 31.9%.

•

Sales in the United States declined 2% to US$1,234 million. EBITDA increased 3% to US$237 million, and EBITDA Margin reached 19.2%, a 0.9pp expansion.

•

In the Europe, Middle East, Africa, and Asia region, Sales were down 9%, to US$1,115 million. EBITDA was US$88 million, 41% lower, while EBITDA Margin decreased 4.2pp to 7.8%.

•

Cemex’s operations in South, Central America, and the Caribbean region reported Sales of US$422 million, an increase of 3%, while EBITDA rose 22% to US$103 million. EBITDA Margin increased 3.8pp, to 24.3%.

Note: All percentage variations related to Sales, Net Sales, EBITDA and Controlling interest net income are compared to the same period of last year. All references to EBITDA mean Operating EBITDA.

About Cemex

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 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 - New York

Blake Haider

+1 (212) 317-6011

ir@cemex.com

Analyst and Investor Relations - Monterrey

Fabián Orta

+52 (81) 8888-4327

ir@cemex.com

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

###

Except as the context otherwise may require, references in this press release to “Cemex,” ”we,” ”us,” ”our,” refer to Cemex, S.A.B. de C.V. and its consolidated subsidiaries. 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, 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 U.S. 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/or expected results not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release 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. 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. All references to prices in this press release refer to Cemex’s prices for Cemex products and services. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green’, ‘social’, or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.

FIRST QUARTER 2024 RESULTS FOR CEMEX

Exhibit 2

LOGO

First Quarter Results 2024 Estadio Banorte - Borregos, Monterrey, Mexico Built with Fortis and Promptis concrete, part of our Vertua family of sustainable products Stock Listing Informatio Investor Relations NYSE (ADS) In the United States: Ticker: CX + 1 877 7CX NYSE Mexican Stock Exchange (CPO) In Mexico: Ticker: CEMEX.CPO + 52 (81) 8888 4292 Ratio of CEMEXCPO to CX = 10 E-Mail: ir@cemex.com


Operating and financial highlights


				January - March									First Quarter
										l-t-l												l-t-l
	2024			2023			% var			% var			2024			2023			% var			% var
Consolidated volumes
Domestic gray cement		12,021			12,317			(2	%)					12,021			12,317			(2	%)
Ready-mix		10,250			11,706			(12	%)					10,250			11,706			(12	%)
Aggregates		31,606			32,251			(2	%)					31,606			32,251			(2	%)

Net sales		4,138			4,036			3	%		(0	%)		4,138			4,036			3	%		(0	%)
Gross profit		1,390			1,290			8	%		3	%		1,390			1,290			8	%		3	%
as % of net sales		33.6	%		32.0	%		1.6pp						33.6	%		32.0	%		1.6pp
Operating earnings before other income and expenses, net		452			435			4	%		(1	%)		452			435			4	%		(1	%)
as % of net sales		10.9	%		10.8	%		0.1pp						10.9	%		10.8	%		0.1pp
SG&A expenses as % of net sales		9.7	%		8.8	%		0.9pp						9.7	%		8.8	%		0.9pp
Controlling interest net income (loss)		254			225			13	%					254			225			13	%
Operating EBITDA		772			733			5	%		2	%		772			733			5	%		2	%
as % of net sales		18.7	%		18.2	%		0.5pp						18.7	%		18.2	%		0.5pp

Free cash flow after maintenance capital expenditures		(212	)		(55	)		(286	%)					(212	)		(55	)		(286	%)
Free cash flow		(287	)		(141	)		(104	%)					(287	)		(141	)		(104	%)

Total debt		7,844			7,862			(0	%)					7,844			7,862			(0	%)
Earnings (loss) of continuing operations per ADS		0.17			0.15			13	%					0.17			0.15			13	%
Fully diluted earnings (loss) of continuing operations per ADS		0.17			0.15			13	%					0.17			0.15			13	%
Average ADSs outstanding⁽¹⁾		1,469			1,476			(0	%)					1,469			1,476			(0	%)
Employees		46,134			43,718			6	%					46,134			43,718			6	%

⁽¹⁾

For purposes of this report, Average ADSs outstanding equals the total number of Series A shares and Series B shares outstanding as if they were all held in ADS form. Please see “Equity-related information” below in this report. The calculation of Average ADSs outstanding also includes the restricted CPOs allocated to eligible employees as variable compensation.

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 CPO-equivalent units outstanding.

Consolidated net sales reached US$4.1 billion, an increase of 3%, and flat on a like-to-like basis, compared to the first quarter of 2023. Our higher prices in local currency terms in all regions were offset by lower consolidated volumes driven primarily by bad weather and fewer working days. Net sales increased in Mexico and SCAC, partially offset by decreases in the US and EMEA.

Cost of sales, as a percentage of Net Sales, decreased by 1.6pp to 66.4% during the first quarter of 2024 from 68.0% in the same period last year, mainly driven by pricing of our products and easing cost headwinds. This was the sixth consecutive quarter of a year-over-year decrease in cost of sales as a percentage of Net Sales.

Operating expenses, as a percentage of Net Sales, increased by 1.5pp to 22.7% during the first quarter of 2024 compared with the same period last year, driven by higher payroll, transportation, and maintenance costs.

Operating EBITDA grew 5%, and 2% on a like-to-like basis, reaching US$772 million. Three of our four regions, accounting for 90% of consolidated Operating EBITDA, experienced a combined growth rate of 15%. Operating EBITDA outperformance reflects not only strong pricing of our products and decelerating input cost inflation, but also the success of our growth investment strategy and growth in our Urbanization Solutions business. The two strategic priorities contributed to over 50% of incremental consolidated Operating EBITDA growth in the quarter.

Operating EBITDA margin increased year-over-year by 0.5pp from, as well as sequentially, in a quarter where the historic sequential behavior is for a decline in margins. The expansion reflects pricing strategy execution for our products, as well as easing cost inflation and operational efficiencies.

Controlling interest net income (loss) resulted in an income of US$254 million, 13% higher versus the same quarter of 2023. The higher income reflects a positive effect in results from financial instruments and taxes, partially offset by lower operating earnings, higher financial expenses, and a negative effect in foreign exchange results.


2024 First Quarter Results		Page 2


Operating results

Mexico


	January - March												First Quarter
	2024			2023			% var			l-t-l % var			2024			2023			% var			l-t-l % var
Sales		1,314			1,097			20	%		10	%		1,314			1,097			20	%		10	%
Operating EBITDA		420			344			22	%		12	%		420			344			22	%		12	%
Operating EBITDA margin		31.9	%		31.4	%		0.5pp						31.9	%		31.4	%		0.5pp

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		7	%		7	%		2	%		2	%		9	%		9	%
Price (USD)		12	%		12	%		23	%		23	%		31	%		31	%
Price (local currency)		4	%		4	%		13	%		13	%		21	%		21	%

Our Mexican operations delivered strong results, with Sales rising 20% and EBITDA growing to record levels supported by higher prices of our products, strong volumes, and decelerating input cost inflation. Operating EBITDA margin increased 0.5pp year-over-year due to double-digit ready-mix and aggregates price increases and a mid-single-digit cement increase.

Adjusting for two less working days in the quarter, bulk cement and aggregates volumes grew double-digit, while ready-mix volumes rose mid-single digit, reflecting the dynamism of formal construction in the country. We continue to see improvement in bagged cement volumes with mid-single-digit growth on increased social spending, lower inflation, and a favorable comparison base.

Full year volume guidance for cement and ready-mix volume was increased, from low-single digit growth to low to mid-single digit growth.

Our sequential prices for cement, ready-mix and aggregates rose low single-digits, reflecting the traction of January price increases implemented to offset the ongoing cost inflation of the business.

United States


	January - March												First Quarter
	2024			2023			% var			l-t-l % var			2024			2023			% var			l-t-l % var
Sales		1,234			1,255			(2	%)		(2	%)		1,234			1,255			(2	%)		(2	%)
Operating EBITDA		237			230			3	%		3	%		237			230			3	%		3	%
Operating EBITDA margin		19.2	%		18.3	%		0.9pp						19.2	%		18.3	%		0.9pp

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		(9	%)		(9	%)		(14	%)		(14	%)		9	%		9	%
Price (USD)		4	%		4	%		9	%		9	%		(2	%)		(2	%)
Price (local currency)		4	%		4	%		9	%		9	%		(2	%)		(2	%)

In the United States, despite bad weather in much of our portfolio, EBITDA rose 3%, while EBITDA margin expanded almost 1pp. Margin growth was driven by higher prices of our products and lower cost inflation largely in the form of fuel, freight, and imports.

Cement and ready-mix volumes declined high-single digit and mid teen percentage, respectively, due to heavy precipitation and a deep freeze in much of our portfolio. We estimate the impact of weather conditions on cement volumes explains approximately half of the volume decline. Over the last two months, with better weather, we have seen cement and ready-mix volumes recover sequentially. Aggregates volumes, typically less impacted by weather conditions, grew 9% on the back of increased base material sales for infrastructure work.


2024 First Quarter Results		Page 3


Operating results

On a like-to-like basis for end of year price adjustments and freight to customers, cement prices rose 2% sequentially. The difficult weather conditions delayed cement and ready-mix pricing increases in several of our markets to April. In aggregates, our sequential prices increased 6% on the back of January price actions and favorable product mix. We expect to implement additional price increases in the rest of our aggregate markets over the next months.

Europe, Middle East, Africa and Asia


	January - March												First Quarter
	2024			2023			% var			l-t-l % var			2024			2023			% var			l-t-l % var
Sales		1,115			1,229			(9	%)		(10	%)		1,115			1,229			(9	%)		(10	%)
Operating EBITDA		88			148			(41	%)		(41	%)		88			148			(41	%)		(41	%)
Operating EBITDA margin		7.8	%		12.0	%		(4.2pp	)					7.8	%		12.0	%		(4.2pp	)

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		(4	%)		(4	%)		(18	%)		(18	%)		(15	%)		(15	%)
Price (USD)		(0	%)		(0	%)		1	%		1	%		3	%		3	%
Price (local currency) (*)		(1	%)		(1	%)		0	%		0	%		2	%		2	%

In EMEA, EBITDA declined 41% driven by a challenging demand backdrop in Europe and geopolitical events in Asia, Middle East and Africa (“AMEA”). Despite volume challenges, pricing for all products is up sequentially in Europe and AMEA.

Europe experienced the largest EBITDA decline, 44%, due to a significant drop in volumes, while our prices for cement, ready-mix and aggregates rose low to mid-single digit sequentially. Volumes were down between high-single and double-digit for cement, ready-mix and aggregates due to fewer working days, bad weather, and a strong prior year quarter comparison base. Demand conditions were a mixed bag with important volume declines in UK, Germany, and France while the rest of our European footprint showed a positive volume performance.

First quarter in Europe typically represents approximately 12% of full year European EBITDA and can be significantly disrupted by weather. It should not be seen as an indicator of full year performance.

In AMEA, EBITDA experienced a decline of 35% due to ongoing tensions from the conflict in the Middle East.

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


2024 First Quarter Results		Page 4


Operating results

South, Central America and the Caribbean


	January - March												First Quarter
	2024			2023			% var			l-t-l % var			2024			2023			% var			l-t-l % var
Sales		422			410			3	%		(0	%)		422			410			3	%		(0	%)
Operating EBITDA		103			84			22	%		22	%		103			84			22	%		22	%
Operating EBITDA margin		24.3	%		20.5	%		3.8pp						24.3	%		20.5	%		3.8pp

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		(6	%)		(6	%)		(9	%)		(9	%)		(3	%)		(3	%)
Price (USD)		9	%		9	%		27	%		27	%		17	%		17	%
Price (local currency) (*)		6	%		6	%		13	%		13	%		4	%		4	%

The South, Central America and Caribbean region delivered solid results with its fourth consecutive year-over-year growth in EBITDA, led by strong pricing performance of our products and decelerating input cost inflation. EBITDA margin increased by almost 4pp, largely explained by the strong pricing contribution, lower energy, and raw materials costs as well as timing of kiln maintenance.

Cement prices rose mid-single digits, more than compensating for input cost inflation. Regional cement volumes were impacted by two less working days in the quarter as well as continued weak bagged cement demand. Bulk cement volumes continue to grow, supported by infrastructure projects such as the Metro and the 4^th Bridge over the Canal in Panama, and tourism related projects in the Jamaica and Dominican Republic.

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


2024 First Quarter Results		Page 5


Operating results

Operating EBITDA and free cash flow


	January - March									First Quarter
	2024			2023			% var			2024			2023			% var
Operating earnings before other income and expenses, net		452			435			4	%		452			435			4	%
+ Depreciation and operating amortization		321			298						321			298

Operating EBITDA		772			733			5	%		772			733			5	%
- Net financial expense		148			144						148			144
- Maintenance capital expenditures		175			156						175			156
- Change in working capital		468			454						468			454
- Taxes paid		187			84						187			84
- Other cash items (net)		5			(51	)					5			(51	)
- Free cash flow discontinued operations		—			—						—			—

Free cash flow after maintenance capital expenditures		(212	)		(55	)		(286	%)		(212	)		(55	)		(286	%)
- Strategic capital expenditures		76			86						76			86

Free cash flow		(287	)		(141	)		(104	%)		(287	)		(141	)		(104	%)

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

FCF after maintenance capex for the first quarter of 2024 was negative 212 million, 157 million less year-over-year, impacted by higher taxes paid in Mexico and maintenance, as well as lower fixed asset sales. Due to the seasonality of our working capital cycle, first quarter free cash flow is typically negative and turns around in subsequent quarters.

Our EBITDA and free cash flow items guidance for the full year was maintained.

Information on debt


	First Quarter									Fourth Quarter				First Quarter
	2024			2023			% var			2023				2024			2023
Total debt ⁽¹⁾		7,844			7,862			(0	%)		7,486		Currency denomination
Short-term		4	%		4	%					3	%	U.S. dollar		76	%		77	%
Long-term		96	%		96	%					97	%	Euro		14	%		14	%
Cash and cash equivalents		476			758			(37	%)		624		Mexican peso		5	%		4	%

Net debt		7,369			7,104			4	%		6,862		Other		5	%		4	%

Consolidated net debt ⁽²⁾		7,371			7,157						6,888		Interest rate⁽³⁾
Consolidated leverage ratio ⁽²⁾		2.18			2.62						2.06		Fixed		70	%		74	%
Consolidated coverage ratio ⁽²⁾		7.80			6.38						7.91		Variable		30	%		26	%

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

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

⁽²⁾	Calculated in accordance with our contractual obligations under our main bank debt agreements.

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

During the quarter we issued sustainability-linked long-term notes in Mexico for an equivalent of ~US$320 million, a reopening of the October issuance, and swapped them into dollars. Additionally, we upsized and extended the maturity of our €500 million sustainability-linked loan facility. The new facility consists of a €450 million term loan maturing in 2029, and a new €300 million committed revolving credit facility. This brings our total committed revolving facilities to slightly over $2.3 billion dollars, further strengthening our liquidity position.


2024 First 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 - March												First Quarter
										like-to-like												like-to-like
STATEMENT OF OPERATIONS	2024			2023			% var			% var			2024			2023			% var			% var
Net sales		4,137,511			4,035,801			3	%		(0	%)		4,137,511			4,035,801			3	%		(0	%)
Cost of sales		(2,747,949	)		(2,746,129	)		(0	%)					(2,747,949	)		(2,746,129	)		(0	%)

Gross profit		1,389,561			1,289,672			8	%		3	%		1,389,561			1,289,672			8	%		3	%
Operating expenses		(937,941	)		(854,716	)		(10	%)					(937,941	)		(854,716	)		(10	%)

Operating earnings before other income and expenses, net		451,620			434,955			4	%		(1	%)		451,620			434,955			4	%		(1	%)
Other expenses, net		(23,176	)		8,240			N/A						(23,176	)		8,240			N/A

Operating earnings		428,444			443,196			(3	%)					428,444			443,196			(3	%)
Financial expense		(140,923	)		(130,350	)		(8	%)					(140,923	)		(130,350	)		(8	%)
Other financial income (expense), net		6,275			29,742			(79	%)					6,275			29,742			(79	%)
Financial income		9,909			6,852			45	%					9,909			6,852			45	%
Results from financial instruments, net		(4,278	)		(11,415	)		63	%					(4,278	)		(11,415	)		63	%
Foreign exchange results		24,963			58,063			(57	%)					24,963			58,063			(57	%)
Effects of net present value on assets and liabilities and others, net		(24,318	)		(23,758	)		(2	%)					(24,318	)		(23,758	)		(2	%)
Equity in gain (loss) of associates		8,599			7,933			8	%					8,599			7,933			8	%

Income (loss) before income tax		302,396			350,520			(14	%)					302,396			350,520			(14	%)
Income tax		(43,910	)		(130,694	)		66	%					(43,910	)		(130,694	)		66	%

Profit (loss) of continuing operations		258,486			219,827			18	%					258,486			219,827			18	%
Discontinued operations		—			(0	)		100	%					—			(0	)		100	%

Consolidated net income (loss)		258,486			219,827			18	%					258,486			219,827			18	%
Non-controlling interest net income (loss)		4,091			(5,619	)		N/A						4,091			(5,619	)		N/A

Controlling interest net income (loss)		254,396			225,446			13	%					254,396			225,446			13	%

Operating EBITDA		772,423			732,668			5	%		2	%		772,423			732,668			5	%		2	%
Earnings (loss) of continued operations per ADS		0.17			0.15			13	%					0.17			0.15			13	%
Earnings (loss) of discontinued operations per ADS		—			—			N/A						—			—			N/A


	As of March 31,
STATEMENT OF FINANCIAL POSITION	2024			2023			% var
Total assets		28,602,557			27,488,331			4	%
Cash and cash equivalents		475,689			757,806			(37	%)
Trade receivables less allowance for doubtful accounts		1,943,641			1,909,796			2	%
Other accounts receivable		766,660			525,142			46	%
Inventories, net		1,800,148			1,767,411			2	%
Assets held for sale		50,499			50,875			(1	%)
Other current assets		147,083			139,373			6	%
Current assets		5,183,719			5,150,403			1	%
Property, machinery and equipment, net		12,458,810			11,639,315			7	%
Other assets		10,960,028			10,698,612			2	%

Total liabilities		16,490,290			15,353,809			7	%
Current liabilities		6,669,742			5,625,457			19	%
Long-term liabilities		6,526,279			6,609,193			(1	%)
Other liabilities		3,294,269			3,119,159			6	%

Total stockholder’s equity		12,112,267			12,134,522			(0	%)
Common stock and additional paid-in capital		7,699,108			7,686,469			0	%
Other equity reserves		(2,218,404	)		(2,224,637	)		0	%
Subordinated notes		1,734,482			1,885,259			(8	%)
Retained earnings		4,548,100			4,471,227			2	%
Non-controlling interest		348,982			316,204			10	%


2024 First Quarter Results		Page 7


Operating results

Operating Summary per Country

In thousands of U.S. dollars


	January - March												First Quarter
										like-to-like												like-to-like
SALES	2024			2023			% var			% var			2024			2023			% var			% var
Mexico		1,314,212			1,097,044			20	%		10	%		1,314,212			1,097,044			20	%		10	%
U.S.A.		1,233,975			1,254,960			(2	%)		(2	%)		1,233,975			1,254,960			(2	%)		(2	%)
Europe, Middle East, Asia and Africa		1,115,189			1,228,623			(9	%)		(10	%)		1,115,189			1,228,623			(9	%)		(10	%)
Europe		808,478			854,451			(5	%)		(7	%)		808,478			854,451			(5	%)		(7	%)
Asia, Middle East and Africa		306,710			374,173			(18	%)		(15	%)		306,710			374,173			(18	%)		(15	%)
South, Central America and the Caribbean		422,059			409,910			3	%		(0	%)		422,059			409,910			3	%		(0	%)
Others and intercompany eliminations		52,075			45,264			15	%		17	%		52,075			45,264			15	%		17	%

Total Consolidated		4,137,511			4,035,801			3	%		(0	%)		4,137,511			4,035,801			3	%		(0	%)

GROSS PROFIT
Mexico		662,188			526,231			26	%		16	%		662,188			526,231			26	%		16	%
U.S.A.		341,728			347,386			(2	%)		(2	%)		341,728			347,386			(2	%)		(2	%)
Europe, Middle East, Asia and Africa		210,753			269,719			(22	%)		(22	%)		210,753			269,719			(22	%)		(22	%)
Europe		153,723			194,156			(21	%)		(23	%)		153,723			194,156			(21	%)		(23	%)
Asia, Middle East and Africa		57,030			75,562			(25	%)		(21	%)		57,030			75,562			(25	%)		(21	%)
South, Central America and the Caribbean		148,602			126,784			17	%		14	%		148,602			126,784			17	%		14	%
Others and intercompany eliminations		26,291			19,552			34	%		34	%		26,291			19,552			34	%		34	%

Total Consolidated		1,389,561			1,289,672			8	%		3	%		1,389,561			1,289,672			8	%		3	%

OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico		363,097			293,452			24	%		14	%		363,097			293,452			24	%		14	%
U.S.A.		109,813			111,765			(2	%)		(2	%)		109,813			111,765			(2	%)		(2	%)
Europe, Middle East, Asia and Africa		6,705			67,547			(90	%)		(89	%)		6,705			67,547			(90	%)		(89	%)
Europe		(7,161	)		37,843			N/A			N/A			(7,161	)		37,843			N/A			N/A
Asia, Middle East and Africa		13,867			29,703			(53	%)		(50	%)		13,867			29,703			(53	%)		(50	%)
South, Central America and the Caribbean		80,419			62,981			28	%		29	%		80,419			62,981			28	%		29	%
Others and intercompany eliminations		(108,414	)		(100,790	)		(8	%)		1	%		(108,414	)		(100,790	)		(8	%)		1	%

Total Consolidated		451,620			434,955			4	%		(1	%)		451,620			434,955			4	%		(1	%)


2024 First Quarter Results		Page 8


Operating results

Operating Summary per Country

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


	January - March												First Quarter
										like-to-like												like-to-like
OPERATING EBITDA	2024			2023			% var			% var			2024			2023			% var			% var
Mexico		419,721			344,401			22	%		12	%		419,721			344,401			22	%		12	%
U.S.A.		237,037			229,835			3	%		3	%		237,037			229,835			3	%		3	%
Europe, Middle East, Asia and Africa		87,527			147,599			(41	%)		(41	%)		87,527			147,599			(41	%)		(41	%)
Europe		54,341			96,852			(44	%)		(46	%)		54,341			96,852			(44	%)		(46	%)
Asia, Middle East and Africa⁽¹⁾		33,187			50,747			(35	%)		(32	%)		33,187			50,747			(35	%)		(32	%)
South, Central America and the Caribbean		102,758			83,979			22	%		22	%		102,758			83,979			22	%		22	%
Others and intercompany eliminations		(74,621	)		(73,146	)		(2	%)		10	%		(74,621	)		(73,146	)		(2	%)		10	%

Total Consolidated		772,423			732,668			5	%		2	%		772,423			732,668			5	%		2	%

OPERATING EBITDA MARGIN
Mexico		31.9	%		31.4	%								31.9	%		31.4	%
U.S.A.		19.2	%		18.3	%								19.2	%		18.3	%
Europe, Middle East, Asia and Africa		7.8	%		12.0	%								7.8	%		12.0	%
Europe		6.7	%		11.3	%								6.7	%		11.3	%
Asia, Middle East and Africa		10.8	%		13.6	%								10.8	%		13.6	%
South, Central America and the Caribbean		24.3	%		20.5	%								24.3	%		20.5	%

Total Consolidated		18.7	%		18.2	%								18.7	%		18.2	%

(1)	In the Philippines, Sales (in thousands of dollars) for the first quarter 2024 were US$70,072 and for the period January to March 2024 were US$70,072. Operating EBITDA (in thousands of dollars) for the first quarter 2024 was US$4,281 and for the period January to March 2024 was US$4,281.


2024 First Quarter Results		Page 9


Operating results

Volume Summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.


	January - March							First Quarter
	2024		2023		% var			2024		2023		% var
Consolidated cement volume ⁽¹⁾		13,736		14,402		(5	%)		13,736		14,402		(5	%)
Consolidated ready-mix volume		10,250		11,706		(12	%)		10,250		11,706		(12	%)
Consolidated aggregates volume ⁽²⁾		31,606		32,251		(2	%)		31,606		32,251		(2	%)

Per-country volume summary


	January - March			First Quarter			First Quarter 2024
DOMESTIC GRAY CEMENT VOLUME	2024 vs. 2023			2024 vs. 2023			vs. Fourth Quarter 2023
Mexico		7	%		7	%		(7	%)
U.S.A.		(9	%)		(9	%)		(2	%)
Europe, Middle East, Asia and Africa		(4	%)		(4	%)		(4	%)
Europe		(8	%)		(8	%)		(6	%)
Asia, Middle East and Africa		0	%		0	%		(3	%)
South, Central America and the Caribbean		(6	%)		(6	%)		(3	%)
READY-MIX VOLUME
Mexico		2	%		2	%		(4	%)
U.S.A.		(14	%)		(14	%)		(4	%)
Europe, Middle East, Asia and Africa		(18	%)		(18	%)		(6	%)
Europe		(12	%)		(12	%)		(8	%)
Asia, Middle East and Africa		(26	%)		(26	%)		(2	%)
South, Central America and the Caribbean		(9	%)		(9	%)		(13	%)
AGGREGATES VOLUME
Mexico		9	%		9	%		(4	%)
U.S.A.		9	%		9	%		(5	%)
Europe, Middle East, Asia and Africa		(15	%)		(15	%)		(8	%)
Europe		(15	%)		(15	%)		(9	%)
Asia, Middle East and Africa		(17	%)		(17	%)		(5	%)
South, Central America and the Caribbean		(3	%)		(3	%)		(12	%)

⁽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 United Kingdom.


2024 First Quarter Results		Page 10


Operating results

Price Summary

Variation in U.S. dollars


	January - March			First Quarter			First Quarter 2024 vs.
DOMESTIC GRAY CEMENT PRICE	2024 vs. 2023			2024 vs. 2023			Fourth Quarter 2023
Mexico		12	%		12	%		6	%
U.S.A.		4	%		4	%		(1	%)
Europe, Middle East, Asia and Africa (*)		(0	%)		(0	%)		(0	%)
Europe (*)		5	%		5	%		2	%
Asia, Middle East and Africa (*)		(9	%)		(9	%)		(3	%)
South, Central America and the Caribbean (*)		9	%		9	%		5	%
READY-MIX PRICE
Mexico		23	%		23	%		6	%
U.S.A.		9	%		9	%		1	%
Europe, Middle East, Asia and Africa (*)		1	%		1	%		1	%
Europe (*)		(0	%)		(0	%)		0	%
Asia, Middle East and Africa (*)		(1	%)		(1	%)		5	%
South, Central America and the Caribbean (*)		27	%		27	%		9	%
AGGREGATES PRICE
Mexico		31	%		31	%		4	%
U.S.A.		(2	%)		(2	%)		6	%
Europe, Middle East, Asia and Africa (*)		3	%		3	%		5	%
Europe (*)		5	%		5	%		5	%
Asia, Middle East and Africa (*)		(4	%)		(4	%)		9	%
South, Central America and the Caribbean (*)		17	%		17	%		2	%

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


2024 First Quarter Results		Page 11


Operating results

Variation in Local Currency


	January - March			First Quarter			First Quarter 2024 vs.
DOMESTIC GRAY CEMENT PRICE	2024 vs. 2023			2024 vs. 2023			Fourth Quarter 2023
Mexico		4	%		4	%		3	%
U.S.A.		4	%		4	%		(1	%)
Europe, Middle East, Asia and Africa (*)		(1	%)		(1	%)		1	%
Europe (*)		3	%		3	%		2	%
Asia, Middle East and Africa (*)		(3	%)		(3	%)		1	%
South, Central America and the Caribbean (*)		6	%		6	%		5	%
READY-MIX PRICE
Mexico		13	%		13	%		3	%
U.S.A.		9	%		9	%		1	%
Europe, Middle East, Asia and Africa (*)		0	%		0	%		1	%
Europe (*)		(2	%)		(2	%)		1	%
Asia, Middle East and Africa (*)		0	%		0	%		2	%
South, Central America and the Caribbean (*)		13	%		13	%		8	%
AGGREGATES PRICE
Mexico		21	%		21	%		1	%
U.S.A.		(2	%)		(2	%)		6	%
Europe, Middle East, Asia and Africa (*)		2	%		2	%		5	%
Europe (*)		3	%		3	%		5	%
Asia, Middle East and Africa (*)		(3	%)		(3	%)		5	%
South, Central America and the Caribbean (*)		4	%		4	%		1	%

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


2024 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	2024		2023		2024		2023
Administrative expenses		307,087		275,726		307,087		275,726
Selling expenses		94,101		79,613		94,101		79,613
Distribution and logistics expenses		479,786		446,696		479,786		446,696

Operating expenses before depreciation		880,975		802,034		880,975		802,034

Depreciation in operating expenses		56,966		52,682		56,966		52,682

Operating expenses		937,941		854,716		937,941		854,716


As % of Net Sales
Administrative expenses	7.4	%	6.8	%	7.4	%	6.8	%
SG&A expenses	9.7	%	8.8	%	9.7	%	8.8	%

Equity-related information

As of December 31, 2022, based on our latest 20-F annual report, the number of outstanding CPO-equivalents was 14,487,786,971. See Cemex’s reports furnished to or filed with the U.S. Securities and Exchange Commission for information, if any, regarding repurchases of securities and other developments that may have caused a change in the number of CPO-equivalents outstanding after December 31, 2022. For the three-month period ended March 31, 2024, no CPOs were repurchased by Cemex.

One Cemex ADS represents ten Cemex CPOs. One Cemex CPO represents two Series A shares and one Series B share.

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 by Cemex and its subsidiaries, which as of December 31, 2022, were 20,541,277. Restricted CPOs allocated to eligible employees as variable compensation are not included in the outstanding CPO-equivalents.

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
	2024					2023					2023
In millions of US dollars	Notional amount		Fair value			Notional amount		Fair value			Notional amount		Fair value
Exchange rate derivatives ⁽¹⁾		1,422		(88	)		1,495		(94	)		1,276		(84	)
Interest rate swaps ⁽²⁾		1,408		80			1,040		41			1,085		53
Fuel derivatives⁽³⁾		308		19			161		(1	)		232		5

		3,138		11			2,696		(54	)		2,593		(26	)

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, 2024, the derivatives related to net investment hedge represents a notional amount of US$1,123 million

2)	Interest-rate swap derivatives related to bank loans, includes an interest rate and exchange rate swap derivative with a notional amount of US$658 million.

Cemex’s derivative financial instruments portfolio includes swaps and financial options. These derivative instruments are mainly used to hedge the market price risk of certain fuels associated with certain Cemex operations, such as transportation and production. In addition, there are call spreads on Brent oil and derivatives thereof, designed to economically mitigate the exposure related to the cost of fuel implicit in distribution expenses.

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 subsequently reclassified into earnings as the effects of the underlying are recognized in 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, 2024, in connection with its derivatives portfolio’s fair market value recognition, Cemex recognized a change in mark-to-market as compared to 4Q23 resulting in a financial asset of US$11 million.


2024 First Quarter Results		Page 13


Definitions of terms and disclosures

Methodology for translation, consolidation, and presentation of results

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

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.

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

Asia, Middle East, and Africa subregion includes operations in Philippines, United Arab Emirates, Egypt, and Israel.

Definition of terms

Free cash flow Cemex defines it as Operating EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation 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 financial leases) minus cash and cash equivalents.

Sales, when referring to reportable segment sales, revenues are presented before eliminations of intragroup transactions. When referring to Consolidated Sales, these represent the total revenues (Net Sales) of the company as reported in the financial statements.

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

Operating EBITDA margin, or EBITDA margin, is calculated by dividing our “Operating EBITDA” by our sales.

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
	2024 Average		2023 Average		2024 Average		2023 Average		2024 End of period		2023 End of period
Mexican peso		16.95		18.39		16.95		18.39		16.57		18.03
Euro		0.9237		0.9289		0.9237		0.9289		0.9264		0.9224
British pound		0.7898		0.8166		0.7898		0.8166		0.7921		0.8111
Amounts provided in units of local currency per U.S. dollar.


2024 First Quarter Results		Page 14


Disclaimer

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. (NYSE: CX) and its consolidated entities. The information included in this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the “safe harbor” provisions for forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex’s plans, objectives, and expectations (financial or otherwise), and typically can be identified by the use of words such as “will,” “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 forward-looking 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. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or those anticipated by forward-looking statements due to various factors. 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: changes in Mexico’s or other countries’, in which we operate, general economic, political and social conditions, including new governments, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, consumer confidence and the liquidity of the financial and capital markets; the cyclical activity of the construction sector and reduced construction activity in our end markets; our exposure to sectors that impact our and our clients’ businesses, particularly those operating in the commercial and residential construction sectors, and the infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; changes in spending levels for residential and commercial construction; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; 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; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment and essential suppliers; competition in the markets in which we offer our products and services; 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 our effective tax rate; our ability to comply and implement technologies that aim to reduce CO2 emissions in jurisdictions with carbon regulations in place; the legal and regulatory environment, including environmental, energy, tax, antitrust, human rights and labor welfare, acquisition-related rules and regulations; the effects of currency fluctuations on our results of operations and financial conditions; 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; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by government and regulatory agencies; our ability to protect our reputation; 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’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 invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; 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; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine and conflicts in the Middle East; the 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; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; 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). . Many factors could cause Cemex’s expectations, expected results,


2024 First Quarter Results		Page 15


Disclaimer

and/or projections expressed in this report not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. 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. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances or assumptions suggested by such statements may differ materially from those described in, or suggested by, the forward-looking statements contained herein. 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). Market data used in this report not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this report is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding.

This report includes certain non-IFRS financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include “Operating EBITDA (operating earnings before other expenses, net plus depreciation and amortization)” and “Operating EBITDA Margin”. The closest IFRS financial measure to Operating EBITDA is “Operating earnings before other expenses, net”, as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex’s creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex’s management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in this annual report are being provided for informative purposes only and shall not be construed as investment, financial, or other advice.

Also, this report includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organizations to refer to their reports in this report. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex’s products and services based upon their quality and characteristics as well as their value to Cemex’s customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex’s prices for Cemex’s products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex’s prices for Cemex’s products.

Additionally, the information contained in this report contains references to “green,” “social,” “sustainable,” or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green,’ ‘social,’ or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.


2024 First Quarter Results		Page 16


Disclaimer

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE


2024 First Quarter Results		Page 17

PRESENTATION RE 1ST QTR RESULTS FOR CEMEX

Exhibit 3 First Quarter 2024 Results Estadio Banorte - Borregos, Monterrey, Mexico Built with Fortis and Promptis concrete, part of our Vertua family of sustainable products

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. (NYSE: CX) and its consolidated entities. The information included in this presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the “safe harbor” provisions for forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex’s plans, objectives, and expectations (financial or otherwise), and typically can be identified by the use of words such as “will,” “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 forward- looking 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. Although we believe that our expectations are reasonable, we can give no assurance that these expectations will prove to be correct, and actual results may vary materially from historical results or those anticipated by forward-looking statements due to various factors. 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: changes in Mexico’s or other countries’, in which we operate, general economic, political and social conditions, including new governments, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, consumer confidence and the liquidity of the financial and capital markets; the cyclical activity of the construction sector and reduced construction activity in our end markets; our exposure to sectors that impact our and our clients’ businesses, particularly those operating in the commercial and residential construction sectors, and the infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; changes in spending levels for residential and commercial construction; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; 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; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment and essential suppliers; competition in the markets in which we offer our products and services; 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 our effective tax rate; our ability to comply and implement technologies that aim to reduce CO2 emissions in jurisdictions with carbon regulations in place; the legal and regulatory environment, including environmental, energy, tax, antitrust, human rights and labor welfare, acquisition-related rules and regulations; the effects of currency fluctuations on our results of operations and financial conditions; 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; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by government and regulatory agencies; our ability to protect our reputation; 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’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 invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; 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; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine and conflicts in the Middle East; the 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; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; 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). Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this presentation not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. 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. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances or assumptions suggested by such statements may differ materially from those described in, or suggested by, the forward-looking statements contained herein. 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). Market data used in this presentation not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. This presentation includes certain non-IFRS financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include “Operating EBITDA (operating earnings before other expenses, net plus depreciation and amortization)” and “Operating EBITDA Margin”. The closest IFRS financial measure to Operating EBITDA is “Operating earnings before other expenses, net”, as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex’s management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex’s creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex’s management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in this annual report are being provided for informative purposes only and shall not be construed as investment, financial, or other advice. Also, this presentation includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organizations to refer to their reports in this presentation. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex’s products and services based upon their quality and characteristics as well as their value to Cemex’s customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex’s prices for Cemex’s products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex’s prices for Cemex’s products. Additionally, the information contained in this presentation contains references to “green,” “social,” “sustainable,” or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green,’ ‘social,’ or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time. 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 First Quarter 2024 • Record 1Q EBITDA, with increases in 3 of 4 regions • EBITDA margin expanding YoY for four consecutive quarters • Pricing contribution outpacing current input cost inflation • Continued deceleration in input cost inflation • Growth investments contributing 26% of incremental EBITDA • Urbanization Solutions EBITDA increasing 15% • Upgraded by S&P to Investment Grade rating (BBB-) 1 • Net Income growing 13% with ROCE above 12% • Upsized and extended the maturity of our €500 million sustainability-linked loan facility to €750 million th • 8 Integrated Report, setting the pace for our industry towards a profitable Climate Action transition Estadio Banorte - Borregos, Monterrey, Mexico 3 Built with Fortis and Promptis concrete, part of our Vertua family of sustainable products 1) Return over Capital Employed. Trailing twelve months as of March 2024, excluding goodwill

1Q24: Solid EBITDA growth with margin expansion EBITDA FCF after Net Sales EBITDA Margin Maint. Capex 0% l-t-l +2% l-t-l +0.5pp +3% +5% 4,138 772 18.7% 733 18.2% 4,036 -55 -212 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 PILARES Iztapalapa Community Center, Mexico City, México Millions of U.S. dollars 4

Strong performance in Mexico with consolidated volumes impacted by weather and working days CONSOLIDATED VOLUMES 1Q24 (l-t-l) YoY Volume % 9% USA -1% -1% -9% -14% 9% -12% 7% -4% EMEA MEX 2% -15% -18% 1 Cement Ready-mix -3% Aggregates SCAC -6% -9% 5 1) Domestic gray cement

Positive pricing momentum continues 1Q24 YoY CONSOLIDATED PRICES 1Q24 and QoQ Price % (l-t-l) 9% 6% 4% 4% 4% USA -2% 2% 2% 5% 2% 21% -1% 1% 6% 13% 0% EMEA MEX 4% -1% 3% 3% 1% 1% 1% 5% Sequential (4Q23 to 1Q24) 1 Cement 13% Ready-mix 6% 4% Aggregates SCAC 5% 8% 1% 1) Domestic gray cement 6 Note: For Cemex, SCAC, and EMEA, prices are calculated on a volume-weighted average basis at constant foreign-exchange rates

Favorable price-cost dynamics drive EBITDA 1Q24 EBITDA Waterfall +2% +5% 772 -100 195 747 25 -5 11 733 10 -97 1Q23 Volume Price Costs Growth Urbanization Other 1Q24 FX 1Q24 Investments Solutions l-t-l reported EBITDA 18.2% 18.7% +0.5 pp margin COGS as 68.0% 66.4% -1.6 pp % of Sales 7 Millions of U.S. dollars

2023 Integrated Report detailing exceptional results th 8 consecutive Integrated Report Cemex’s carbon strategy reached the top level according to TPI criteria. 8

Urbanization Solutions: Continued strong growth EBITDA EBITDA Millions of U.S. dollars By region in 1Q24 +15% 93 US 29% 81 MEX 37% EMEA 27% SCAC 7% 1Q23 1Q24 • EBITDA growth driven mainly by: EBITDA Margin 13.9% 14.3% • Pavement services and admixtures in % of EBITDA 11% 12% Mexico related to formal construction • Construction, Demolition and % of incremental 38% 30% EBITDA Excavation Materials in EMEA Aligned to mega trends of construction industry, including decarbonization, resiliency, circularity and urbanization 9

Regional Highlights Oum Wellness Center, San Pedro Garza García, Mexico Built with Resilia and Pervia concrete, part of our Vertua family of sustainable produc 10 ts

Mexico: Record EBITDA, with strong volume performance YTD Millions of U.S. dollars 1Q24 1Q24 Sales 1,314 1,314 % var (l-t-l) 10% 10% EBITDA 420 420 % var (l-t-l) 12% 12% EBITDA margin 31.9% 31.9% pp var 0.5pp 0.5pp • EBITDA growing to record levels supported by higher prices for our products coupled with decelerating input cost inflation and strong volumes despite fewer working days • Solid volume growth in bulk cement, aggregates, and ready mix, reflecting the dynamism of formal construction in the country • Continued improvement in bagged cement volumes resulting from increased social spending, lower inflation, and a favorable comparison base • Low single digit growth in sequential prices for our cement, ready-mix and aggregates products • Raising our cement and ready-mix volume guidance from low-single digit to low to mid-single digit growth for full year Torre Reforma, Mexico City, Mexico 11

U.S.: EBITDA and margin expansion despite difficult weather YTD Millions of U.S. dollars 1Q24 1Q24 Sales 1,234 1,234 % var (l-t-l) (2%) (2%) EBITDA 237 237 % var (l-t-l) 3% 3% EBITDA margin 19.2% 19.2% pp var 0.9pp 0.9pp • Margin growth driven by higher prices and lower cost inflation largely in the form of fuel, freight, and imports • Cement and ready-mix volumes declined due primarily to bad weather in much of our portfolio • Aggregates volumes grew 9% on the back of increased base material sales for infrastructure work • Sequential aggregate pricing increased 6% on the back of January price increases and product mix • Like-to-like for end of year price adjustments and freight to customers, cement prices increased 2% sequentially Panorama Tower, Miami, United States 12

EMEA: Results impacted by lower volumes YTD Millions of U.S. dollars 1Q24 1Q24 Sales 1,115 1,115 % var (l-t-l) (10%) (10%) EBITDA 88 88 % var (l-t-l) (41%) (41%) 1Q24 EBITDA EBITDA margin 7.8% 7.8% pp var (4.2pp) (4.2pp) AMEA • EBITDA declined due to a challenging demand backdrop in Europe and geopolitical events in Asia, Middle East and Africa (AMEA) 38% • In Europe, volumes declined due to fewer working days, bad weather, and a strong 62% prior year comparison base Europe • First quarter is typically the smallest contributor to European EBITDA • Expect Europe EBITDA to improve due to easier comps, more working days, and better economic conditions in rest of year • Although energy costs decelerated in Europe, unitary fixed costs rose on the back of declining volumes • Despite volume declines, prices rose low to mid-single digit sequentially for our three core products in both Europe and AMEA • AMEA experienced a decline in EBITDA due to ongoing tensions from the conflict in Moračica Bridge, Podgorica, Montenegro the Middle East 13

SCAC: Double-digit growth in EBITDA, with a ~4pp margin expansion YTD Millions of U.S. dollars 1Q24 1Q24 Sales 422 422 % var (l-t-l) (0%) (0%) EBITDA 103 103 % var (l-t-l) 22% 22% EBITDA margin 24.3% 24.3% pp var 3.8pp 3.8pp • Solid results with the region’s fourth consecutive quarter of EBITDA growth and margin recovery • Strong pricing performance coupled with decelerating input cost inflation • Cement volumes impacted by two fewer working days as well as continued weak bagged cement demand • EBITDA margin expansion driven by pricing contribution, lower energy and raw material costs as well as timing of kiln maintenance • Strong sequential growth in cement and ready-mix prices , more than compensating for input cost inflation Centro de Tratamiento e Investigación sobre Cáncer Luis Carlos Sarmiento 14 Angulo, Bogotá, Colombia

Financial Developments Pelješac Bridge, Pelješac, Croatia Built with Vertua Concrete, part of our Vertua family of sustainable products

Strong first quarter results, with EBITDA driven by pricing, growth investments and Urbanization Solutions First Quarter Controlling Interest 2023 2024 Net Income EBITDA 733 772 +13% - Net Financial Expense 144 148 254 - Maintenance Capex 156 175 - Change in Working 454 468 Capital 225 - Taxes Paid 84 187 - Other Cash Items (net) (51) 5 - Free Cash Flow - - Discontinued Operations Free Cash Flow after (55) (212) Maintenance Capex 1Q23 1Q24 - Strategic Capex 86 76 Free Cash Flow (141) (287) Millions of U.S. dollars 16

Further strengthening our capital structure and liquidity • Obtained BBB- credit rating by S&P • Reopened our Peso denominated sustainability- Proforma debt maturity 1 linked long-term notes in Mexico for ~US$320M profile as of March 2024 equivalent; swapped into USD Billions of U.S. dollars • Refinanced our €500 million sustainability- linked loan facility, and increased amount to €750M: 1.5 1.5 1.3 - €450M term loan with final maturity in 2029 1.1 0.9 0.9 - €300M new committed revolving credit 0.4 facility, maturing in 2028 0.3 • Leverage ratio at 2.18x as of March 2024 due to 2024 2025 2026 2027 2028 2029 2030 >2030 typical first quarter seasonal FCF pattern • Committed to reducing leverage by 0.5x over the next 24-36 months 1. Giving effect to recent refinancing of existing Euro sustainability-linked loan facility 17

2024 Outlook Gilbert Chabroux School, Lyon France Built with Insularis, part of our Vertua family of sustainable products

1 2024 guidance 2 EBITDA Low to mid-single digit % increase Energy cost/ton of cement produced Mid-single digit decline ~$1.6 billion total Capital expenditures ~$1.0 billion Maintenance, ~$0.6 billion Strategic Investment in working capital Reduction of ~$300 million ~$1.0 billion, including extraordinary payment of Cash taxes Spanish tax fine 3 Cost of debt Flat 1) Reflects Cemex’s expectations as of April 25, 2024 2) Like-to-like for ongoing operations and assuming March 31, 2024 FX levels for the remaining of the year 3) Including the coupons of subordinated notes with no fixed maturity and the effect of our MXN-USD cross-currency swaps 19

Appendix International Museum of Baroque, Puebla, Mexico

Urbanization Solutions Operating EBITDA Sales +11% l-t-l +7% l-t-l 11% 15% 649 93 13% 20% Circularity 13% 582 81 14% Industrialized 15% 21% Construction 15% 29% 18% 54% Related 26% 50% Services 37% Performance 36% 20% Materials 20% 1Q23 1Q24 1Q23 1Q24 Op. EBITDA 13.9% 14.3% margin +0.4pp By region 6% 7% 48% 26% 19% 37% 29% 27% 1Q24 MEX USA EMEA SCAC Millions of U.S. dollars Calzada del Valle, San Pedro Garza García, Mexico 21

Debt maturity profile as of March 31, 2024 Main bank debt agreements Other bank debt Total debt as of March 31, 2024: $7,844 million Fixed Income Leases Average life of debt: 4.6 years 1,452 1,305 1,220 1,108 965 815 696 283 2024 2025 2026 2027 2028 2029 2030 2031 22 Millions of U.S. dollars

1 Proforma debt maturity profile as of March 31, 2024 Main bank debt agreements Other bank debt Total debt as of March 31, 2024: $7,844 million Fixed Income Leases Average life of debt: 4.8 years 1,452 1,414 1,305 1,108 963 890 428 283 2024 2025 2026 2027 2028 2029 2030 2031 Millions of U.S. dollars 23 1. Giving effect to recent refinancing of existing Euro sustainability-linked loan facility

Consolidated volumes and prices 3M24 vs. 3M23 1Q24 vs. 1Q23 1Q24 vs. 4Q23 Volume (l-t-l) (2%) (2%) (4%) Domestic gray Price (USD) 7% 7% 3% cement Price (l-t-l) 4% 4% 2% Volume (l-t-l) (12%) (12%) (5%) Ready mix Price (USD) 9% 9% 3% Price (l-t-l) 6% 6% 2% Volume (l-t-l) (2%) (2%) (6%) Aggregates Price (USD) 6% 6% 5% Price (l-t-l) 4% 4% 5% Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates 24

Additional information on debt Other 5% MXN 5% First Quarter Fourth Quarter Euro 2023 2024 % var 2023 14% 1 7,862 7,844 (0%) 7,486 Total debt 3 Currency Short-term 4% 4% 3% denomination U.S. Long-term 96% 96% 97% dollar 76% Cash and cash equivalents 758 476 (37%) 624 Net debt 7,104 7,369 4% 6,862 2 7,157 7,371 3% 6,888 Consolidated net debt 2 2.62 2.18 2.06 Consolidated leverage ratio Variable 2 30% 6.38 7.80 7.91 Consolidated coverage ratio 3 Interest rate Fixed 70% 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 and cross-currency derivatives, as applicable 25

Additional information on debt Total debt by instrument Fourth Quarter First Quarter 2023 % of total 2024 % of total Fixed Income 3,508 47% 3,845 49% Main Bank Debt Agreements 2,476 33% 2,473 32% 49% Leases 1,258 17% 1,272 16% 32% Other 244 3% 255 3% Total Debt 7,486 7,844 16% 3% Millions of U.S. dollars 26

1Q24 volume and price summary: selected countries and regions Domestic gray cement Ready mix Aggregates 1Q24 vs. 1Q23 1Q24 vs. 1Q23 1Q24 vs. 1Q23 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 7% 12% 4% 2% 23% 13% 9% 31% 21% U.S. (9%) 4% 4% (14%) 9% 9% 9% (2%) (2%) EMEA (4%) (0%) (1%) (18%) 1% 0% (15%) 3% 2% Europe (8%) 5% 3% (12%) (0%) (2%) (15%) 5% 3% AMEA 0% (9%) (3%) (26%) (1%) 0% (17%) (4%) (3%) SCAC (6%) 9% 6% (9%) 27% 13% (3%) 17% 4% Price (LC) for EMEA, Europe, AMEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates 27

1 2024 volume guidance : selected countries/regions Cement Ready-mix Aggregates Flat to low-single digit increase Flat to low-single digit decline Flat to low-single digit decline CEMEX Low to mid-single digit increase Low to mid-single digit increase Low-single digit increase Mexico Low-single digit increase Low-single digit increase Low-single digit increase USA Flat to low-single digit increase Low-single digit decline Low-single digit decline EMEA Europe Flat to low-single digit increase Flat to low-single digit decline Flat to low-single digit decline AMEA Flat to low-single digit increase Mid-single digit decline Mid-single digit decline SCAC Flat Low-single digit decline N/A 1) Reflects Cemex’s expectations as of April 25, 2024. Volumes on a like-to-like basis. All volume guidance in this slide means in percentage terms vs 2023 28

Relevant ESG indicators Customers and suppliers 1Q23 1Q24 Carbon strategy 1Q23 1Q24 Kg of CO per ton of Net Promoter Score (NPS) 68 73 2 556 542 cementitious % of sales using CX Go 66% 67% Alternative fuels (%) 34.3% 35.9% 73.3% 72.6% Clinker factor Health and safety 1Q23 1Q24 Low-carbon products 1Q23 1Q24 2 0 Blended cement as % of total Employee fatalities 81% 82% cement produced 0.4 Employee L-T-I frequency rate 0.5 Vertua concrete as % of total 43% 54% Operations with zero fatalities 99% 99% and injuries (%) Vertua cement as % of total 51% 61% 29

Definitions SCAC South, Central America and the Caribbean EMEA Europe, Middle East, Africa and Asia AMEA Asia, Middle East, and Africa When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed Cement 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 projects required to replace Maintenance capital obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental expenditures regulations or company policies When referring to reportable segment sales, revenues are presented before eliminations of intragroup transactions. When referring to Consolidated Sales Sales, these represent the total revenues (Net Sales) of the company as reported in the financial statements. EBITDA Means Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization EBITDA margin Means Operating EBITDA margin: which is calculated by dividing our “Operating EBITDA” by our sales Cemex defines it as Operating EBITDA minus net interest expense, maintenance and expansion capital expenditures, change in working capital, taxes Free cash flow 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) IFRS International Financial Reporting Standards, as issued by the International Accounting Standards Board Pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products Strategic capital expenditures Investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs USD/U.S. dollars U.S. dollars % var Percentage variation 30

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