Cemex 2Q26 Conference Call Highlights

Research evidence excerpt

Cemex 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

23 July 2026

Cemex Overweight

CX, CX US

2Q26 Conference Call Highlights Price (22 Jul 26):$12.72

Americas Construction Materials

• Project Cutting Edge Expanded Again; Management Sees More Savings Adrian E Huerta AC

and Significant FCF Opportunity Ahead. The biggest incremental takeaway (52-81) 8152-8720

from the call was management’s confidence in further accelerating Project adrian.huerta@jpmorgan.com

Cutting Edge beyond the original plan. Cemex raised its recurring savings J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

target by $75mn to $475mn through 2027, with management stressing that the Garrett Greenblatt

program remains in its early stages and additional opportunities continue to be (1-212) 622-0424

identified. Importantly, the company provided greater visibility on the garrett.greenblatt@jpmorgan.com

composition of the incremental savings, with ~$230mn expected from J.P. Morgan Securities LLC

overhead reductions and ~$245mn from operational efficiencies, procurement

optimization, logistics, energy management, and supply chain initiatives.

Beyond EBITDA improvement, management highlighted a broader

transformation effort focused on improving asset efficiency and FCF

conversion through asset pruning, CapEx optimization, and stricter return

hurdles, and these could bear benefits starting in 2028. Management also

disclosed an estimated ~$300mn FCF opportunity from reducing individual

spending categories and suggested AI-enabled productivity initiatives could

become a material EBITDA contributor beginning in 2028. Overall, the call

reinforced management’s conviction that margin expansion and FCF