Excellent results in 2Q bring LTM EBITDA up to $3.5bn; further growth expected

Research evidence excerpt

Excellent results in 2Q bring LTM EBITDA up to $3.5bn; further growth expected

ates

+9% YoY). EBITDA margin expanded to 19.3% (vs. 17.1% in 2Q25), though this includes

a favorable one-off settlement of $42mn in Europe. Adjusting to it, margin was flat as

lower volumes weighed on operating leverage. In Europe, performance was uneven:

heatwaves, project delays and a slower demand recovery hit several markets, with

continued cement volume growth in Spain and Czech Republic partially offsetting the

softer countries. The CBAM and the gradual reduction of free EU ETS allowances

continued to support cement pricing. Middle East & Africa was the standout, with

EBITDA +34% YoY driven by Project Cutting Edge and pricing, and operations remained

resilient despite regional tension.

SCAC: cost discipline delivers again, with Jamaica and Colombia leading

SCAC posted another solid quarter, with EBITDA margin expanding to 21.7% (from

16.0% in 2Q25), driven largely by disciplined cost and expense management. The volume

mix stayed uneven: cement +1% YoY, ready-mix -6% YoY and aggregates -28% YoY,

while USD pricing remained the anchor (cement +6%, ready-mix +14%, aggregates

+16% YoY). Cement demand was led by the informal sector, with Jamaica benefiting

from a pickup in Hurricane Melissa reconstruction and tourism-related projects, while

higher cement volumes in Colombia and Jamaica offset softer performance in other

markets. Colombia (38%) and Jamaica (29%) accounted for most of regional EBITDA, and

management remains constructive on the region's fundamentals, supported by resilient

informal construction.

Net leverage

Cemex closed 2Q26 with a total debt of US$6.9bn, excluding the US$1bn of perpetual

bonds. Total debt was up 10% QoQ while cash fell 5% QoQ to US$654mn. Net debt