Cemex SAB de CV (CX.N): 4% beat to consensus after excluding one offs. Upward revision to guidance better than expected

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Cemex SAB de CV (CX.N): 4% beat to consensus after excluding one offs. Upward revision to guidance better than expected

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23 Jul 2026 07:28:58 ET │ 12 pages

Cemex SAB de CV (CX.N)

4% beat to consensus after excluding one offs. Upward revision to

guidance better than expected

CITI'S TAKE Neutral

Price (22 Jul 26 16:00) US$12.72 CX posted another strong set of results with an EBITDA at $1,018m (8%

Target price US$13.00 above consensus) once again driven by Mexico’s, Cutting Edge savings

program, weak USD and a one-off in Europe. CX updated its EBITDA Expected share price return 2.2%

guidance to a 16% to 17% YoY growth, better than consensus at +13%. It Expected dividend yield 0.7%

also announced the new target for the Cutting Edge program to $475m, Expected total return 2.9%

up from $400m. Market Cap US$19,277M

8% beat to consensus EBITDA, 4% excluding one-off — Cemex reported a strong

EBITDA of $1,018m (+24% YoY, +28% QoQ), posting a 7%/8% beat to our and

consensus forecasts. The robust performance was driven by successful pricing Andrés CardonaAC

strategies, cost efficiencies from the "Project Cutting Edge" program which yielded +57-601-484-0441

$60m in savings, and a favorable one-off settlement of $42m in Europe; excluding andres.cardona@citi.com

the one-off, EBITDA was $976m (+20% YoY, +24% QoQ), 3%/4% above Matheus Tostes

Citi/Consensus. Net income came in at $347m (+9% YoY), slightly missing our

+55-21-4009-0406

$354m estimate by 2% despite the operational beat on a worse net financial result

matheus.tostes@citi.com

of -$154m versus our -$87 explained by $55m in FX and other non cash effects. Net

Debt closed the quarter at $6.22bn, roughly in line with our forecast, while the net

leverage ratio improved to 2.08x from 2.30x in the previous quarter.