Cemex SAB (CX): 2Q26 Earnings First Take: Many Moving Parts, Our Initial Read is a Neutral Quarter

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Cemex SAB (CX): 2Q26 Earnings First Take: Many Moving Parts, Our Initial Read is a Neutral Quarter

Equity Research

23 July 2026 | 8:34AM BRT

Cemex SAB (CX): 2Q26 Earnings First Take: Many Moving Parts, Our

Initial Read is a Neutral Quarter

Our Take: We expect a neutral reaction for Cemex shares on the back of 2Q26 Jorel Guilloty

+55(11)3372-3522 |

results, as positive surprises (EBITDA beat driven by Mexico) are mitigated by jorel.guilloty@gs.com

Goldman Sachs do Brasil CTVM S.A.

approximately in-line guidance changes (adjusting for FX), weaker than expected

Igor Machado

performance in the US and volume guidance reductions for Ready Mix (from LSD +55(11)3372-0227 |

increase to Flat) and Aggregates (LSD increase to LSD decrease, with US notably now igor.machado@gs.comGoldman Sachs do Brasil CTVM S.A.

with LSD decrease). Project Cutting Edge cost cuts were raised by US$75 mm to

US$475 mm though we would note the company did open the door for future

increases, which we think if manifested could provide further tailwinds for CX.

More detail: EBITDA came in at US$1.018 bn, 7% above GS, aided by a US$42 mm

one-off in Europe. Absent this one-off, EBITDA would have still been a 3% beat vs GS

(US$952 mm) and FactSet consensus US$944 mm. A key driver for this beat was

Mexico, as EBITDA came in 14% higher than expected at US$491 mm, making up for

the misses in the US (-10%) and EMEA (-7% ex one off). EBITDA guidance was

adjusted higher from high single digits to 16% to 17%, slightly lower than our +19%

forecast though we would note that the FX considered is P$18.25 to 18.5 per USD vs

GSe P$17.7; all else equal adjusting guidance FX to GS would likely lead to same

EBITDA growth at the top end.

Digging deeper on guidance. Debt guidance improved from flat to US$40mm