Cemex: Beat on EBITDA (+4% vs JPMe), Driven by Broad-Based Margin Expansion and FY26 EBITDA Guidance Raised to +16-17% y/y (from +HSD%)

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Cemex: Beat on EBITDA (+4% vs JPMe), Driven by Broad-Based Margin Expansion and FY26 EBITDA Guidance Raised to +16-17% y/y (from +HSD%)

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

23 July 2026

Cemex

Beat on EBITDA (+4% vs JPMe), Driven by Broad- Overweight

Based Margin Expansion and FY26 EBITDA CX, CX US

Guidance Raised to +16-17% y/y (from +HSD%) Price (22 Jul 26):$12.72

Americas Construction Materials

Strong quarter with 2Q26 EBITDA +24% y/y at $1,018mn (+18% l-t-l), a 4% Adrian E Huerta AC

beat vs JPMe and +9% vs consensus. Mexico did better than expected on strong (52-81) 8152-8720

revenues and margin expansion, while AMEA and Europe EBITDA exceeded adrian.huerta@jpmorgan.com

JPMe by 24% and 17%, respectively, with the US coming in below expectations. J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

The main driver of the beat was margin improvement, primarily driven by Project Garrett Greenblatt

Cutting Edge savings, a favorable one-off settlement in Europe ($42mn), and (1-212) 622-0424

strong pricing in key markets, while volumes also benefited Mexico and SCAC. garrett.greenblatt@jpmorgan.com

Importantly, management raised its Project Cutting Edge savings target by $75mn J.P. Morgan Securities LLC

to $475mn, slightly above expectations, providing additional support to the

upgraded 2026 EBITDA outlook. Notably, management raised its 2026 EBITDA

growth guidance to +16-17% (vs. +high-SD% prior), which we view as evidence

of improving demand trends and confidence in the sustainability of recent

efficiency gains. Notably, FCF from operations more than tripled y/y to $637mn,

mainly driven by higher EBITDA and working capital improvement, and we

continue to expect additional FCF improvement asset due to asset recycling and