# EDGAR Filing Document

**Accession Number:** 0001076378
**File Stem:** 0001193125-25-252140
**Filing Date:** 2025-10
**Character Count:** 153641
**Document Hash:** 84958152f1b06a05769752e383bfc4d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-252140.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-252140

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 37

**CONFORMED PERIOD OF REPORT**: 20251028

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CEMEX SAB DE CV
- **CENTRAL INDEX KEY:** 0001076378
- **STANDARD INDUSTRIAL CLASSIFICATION:** CEMENT, HYDRAULIC [3241]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 000000000
- **STATE OF INCORPORATION:** O5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14946
- **FILM NUMBER:** 251421172

**BUSINESS ADDRESS:**
- **STREET 1:** AVE. CONSTITUTION 444 PTE
- **CITY:** MONTERREY, NUEVO LEON
- **STATE:** O5
- **ZIP:** 64000
- **BUSINESS PHONE:** 52(81)83283000

**MAIL ADDRESS:**
- **STREET 1:** AVE. CONSTITUTION 444 PTE
- **CITY:** MONTERREY, NUEVO LEON
- **STATE:** O5
- **ZIP:** 64000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CEMEX SA DE CV
- **DATE OF NAME CHANGE:** 19990810

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K** 

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 or 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of October 2025** 

**Commission File Number: 001-14946** 

## Cemex, S.A.B. de C.V.
**(Translation of Registrant's name into English)** 

**Avenida Ricardo Margáin Zozaya #325, Colonia Valle del Campestre,** 

**San Pedro Garza García, Nuevo León 66265, México** 

**(Address of principal executive offices)** 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

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**Contents** 

1. Press release dated October 28, 2025 announcing third quarter 2025 results for Cemex, S.A.B. de C.V. (NYSE: CX) ("Cemex").

2. Third quarter 2025 results for Cemex.

3. Presentation regarding third quarter 2025 results for Cemex.

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, Cemex, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cemex, S.A.B. de C.V. |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| Date: | October 28, 2025 | By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /s/ Jaime Martinez Merla |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name: Jaime Martinez Merla |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Title: Chief Comptroller |

---

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**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| EXHIBIT<br>NO. | DESCRIPTION |
| 1. | Press release dated October 28, 2025 announcing third quarter 2025 results for Cemex, S.A.B. de C.V. (NYSE: CX) ("Cemex"). |
| 2. | Third quarter 2025 results for Cemex. |
| 3. | Presentation regarding third quarter 2025 results for Cemex. |

---

## Exhibit 99.1

**Exhibit 1**![LOGO](g873920g1028084934079.jpg)

**Cemex delivers double-digit EBITDA growth** 

**and margin expansion across all regions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated EBITDA growing at double-digit rate, with all regions contributing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• EBITDA margin expanding by 2.5pp, highest third-quarter level since 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transformation under Project Cutting Edge delivering ~US$90 million in EBITDA savings in 3Q25.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income, adjusted for discontinued operations increasing by 8% in 3Q25.

**Monterrey, Mexico. October 28, 2025** — Cemex announced today its results for the third quarter of 2025, reporting strong EBITDA growth and continued progress in its transformation strategy. Net Sales increased by 5% while consolidated EBITDA grew at a double-digit rate, supported by operational efficiencies and higher consolidated prices.

EBITDA margin expanded by 2.5 percentage points year-over-year, reaching its highest third-quarter level since 2020. The U.S. and EMEA achieved record third-quarter margins, while Mexico and the South, Central America and the Caribbean region posted multi-year EBITDA margin highs.

Cemex made significant headway in the rollout of Project Cutting Edge, capturing approximately US$90 million in EBITDA savings in the third quarter and expects to meet its full year goal of US$200 million in 2025.

"Six months ago, we set out to make Cemex a best-in-class operator and deliver superior shareholder returns," said Jaime Muguiro, CEO of Cemex. "Our achievements in the quarter confirm that we are setting a strong foundation to position Cemex as a more focused, agile and high-performing company."

Free Cash Flow from operations improved on higher EBITDA, lower interest expense, and reduced cash taxes. Free Cash Flow from Operations conversion rate reached 61% in the quarter.

Cemex also advanced on its portfolio rebalancing strategy by completing the divestment of its operations in Panama<sup>(1)</sup> and acquiring a majority stake in Couch Aggregates, a leading aggregates producer in the southeastern United States, strengthening its position in a key growth market.

Cemex's operations in Europe remain at the forefront of its decarbonization efforts, already ahead of the European Cement Association's 2030 CO<sub>2</sub> emissions target<sup>(2)</sup>, on a per ton of cement equivalent basis, reflecting the Company's climate action leadership.

**Cemex's Consolidated 2025 Third Quarter Highlights** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** | **% var** | **l-t-l% var** | **2025** | **2024** | **% var** | **l-t-l% var** |
|  Sales | 11952 | 12282 | (3%) | (1%) | 4245 | 4055 | 5% | 2% |
|  Operating EBITDA | 2299 | 2382 | (3%) | (1%) | 882 | 743 | 19% | 16% |
|  Operating EBITDA margin | 19.2% | 19.4% | (0.2pp) |  | 20.8% | 18.3% | 2.5pp |  |
|  Controlling interest net income (loss) | 1316 | 891 | 48% |  | 264 | 406 | (35%) |  |

---

In millions of U.S. dollars, except percentages.

(1) On October 3rd , 2025, Cemex successfully closed the divestment of its cement, ready-mix, aggregates assets, and rights to acquire reserves in Panama, while retaining the admixtures business.

(2) Excluding downstream reductions in ready-mix and construction
carbonation.

------

**Regional 2025 Third Quarter Highlights** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
| **Mexico** | **2025** | **2024** | **% var** | **l-t-l% var** | **2025** | **2024** | **% var** | **l-t-l% var** |
|  Sales | 3158 | 3831 | (18%) | (10%) | 1117 | 1136 | (2%) | (5%) |
|  Operating EBITDA | 1025 | 1193 | (14%) | (6%) | 369 | 319 | 16% | 11% |
|  Operating EBITDA margin | 32.4% | 31.1% | 1.3pp |  | 33.1% | 28.1% | 5.0pp |  |
|  **<u>United States</u>** |  |  |  |  |  |  |  |  |
|  Sales | 3806 | 3961 | (4%) | (4%) | 1310 | 1335 | (2%) | (2%) |
|  Operating EBITDA | 738 | 792 | (7%) | (7%) | 269 | 258 | 4% | 4% |
|  Operating EBITDA margin | 19.4% | 20.0% | (0.6pp) |  | 20.6% | 19.3% | 1.3pp |  |
|  **<u>Europe, Middle East and Africa</u>** | **<u>Europe, Middle East and Africa</u>** | **<u>Europe, Middle East and Africa</u>** | **<u>Europe, Middle East and Africa</u>** | **<u>Europe, Middle East and Africa</u>** |  |  |  |  |
|  Sales | 3790 | 3476 | 9% | 6% | 1379 | 1243 | 11% | 5% |
|  Operating EBITDA | 593 | 460 | 29% | 25% | 247 | 201 | 23% | 17% |
|  Operating EBITDA margin | 15.7% | 13.2% | 2.5pp |  | 17.9% | 16.2% | 1.7pp |  |
|  **<u>South, Central America and the Caribbean</u>** | **<u>South, Central America and the Caribbean</u>** | **<u>South, Central America and the Caribbean</u>** | **<u>South, Central America and the Caribbean</u>** | **<u>South, Central America and the Caribbean</u>** |  |  |  |  |
|  Sales | 855 | 833 | 3% | 4% | 295 | 277 | 6% | 5% |
|  Operating EBITDA | 166 | 155 | 7% | 8% | 64 | 41 | 55% | 54% |
|  Operating EBITDA margin | 19.4% | 18.6% | 0.8pp |  | 21.6% | 14.8% | 6.8pp |  |

---

In millions of U.S. dollars, except percentages.

*Note: All references to EBITDA mean Operating EBITDA and all references to margin refer to Operating EBITDA margin.* 

**About Cemex** 

**Contact information** 

Analyst and Investor Relations

Patricio Treviño Garza

+52 (81) 8888-4327

<u>ir@cemex.com</u>

Media Relations

Jorge Pérez

+52 (81) 8259-6666

<u>jorgeluis.perez@cemex.com</u> 

*###* 

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*Except as the context otherwise may require, references in this press release to "Cemex," "we," "us," or "our," refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the "safe harbor" provisions for forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex's plans, objectives, goals, targets, and expectations (operative, financial or otherwise), and typically can be identified by the use of words such as, but not limited to, "will," "may," "assume," "might," "should," "could," "continue," "would," "can," "consider," "anticipate," "estimate," "expect," "envision," "plan," "believe," "foresee," "predict," "potential," "target", "goal," "strategy," "intend," "aimed," or other forward-looking words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. Although Cemex believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary, including materially, from historical results or those anticipated by forward-looking statements due to various factors. Among others, such risks, uncertainties, assumptions, and other important factors that could cause results and any guidance presented in this press release to differ, or that otherwise could have an impact on us, include those discussed in Cemex's most recent annual report and those detailed from time to time in Cemex's other filings with the U.S. Securities and Exchange Commission ("SEC"), the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: changes in general economic, political and social conditions, including government shutdowns, new governments and decisions implemented by such new governments, changes in laws or regulations in the countries in which we do business, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, any slowdown in the flow of remittances into countries where we operate, consumer confidence and the liquidity of the financial and capital markets in Mexico, the United States of America, the European Union (the "EU"), the United Kingdom, or other countries in which we operate; the cyclical activity of the construction sector and reduced construction activity in our end markets or reduced use in our end markets for our products; our exposure to sectors that impact our and our clients' businesses, particularly those operating in the commercial and residential construction sectors, and the public and private infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash or other contributions to the pension plans; changes in spending levels for residential and commercial construction and general infrastructure projects; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating or not obtaining investment grade debt ratings from additional rating agencies on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices of raw materials, good and services, as a result of inflation, trade barriers, measures imposed by governments or as a result of conflicts between countries that disrupt supply chains; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment, services and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, and other environmental, climate and related liabilities relating to existing and/or divested businesses, assets and/or operations; our ability to secure and permit aggregates reserves in strategically located areas in amounts that our operations require to operate or operate in a cost-efficient manner; the timing and amount of federal, state, and local funding for infrastructure; changes in our effective tax rate; our ability to comply with regulations and implement technologies and other initiatives that aim to reduce and/or capture CO2 emissions and comply with related carbon emissions regulations in place in the jurisdictions where we have operations; the legal and regulatory environment, including environmental, climate, trade, energy, tax, antitrust, sanctions, export controls, construction, human rights and labor welfare, and acquisition-related rules and regulations in the countries and regions in which we have operations; the effects of currency fluctuations on our results of operations and financial condition; our ability to satisfy our obligations under our debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, and also regarding our subordinated notes with no fixed maturity and other financial obligations; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by third parties, government and regulatory agencies, including antitrust investigations and claims; our ability to protect our reputation and intellectual property; our ability to consummate asset sales or consummate asset sales in terms favorable to Cemex, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing and commercial initiatives for our products and services, and generally meet our business strategy's goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements, and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties, or is subjected to invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; the effects of climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, shortage of usable water, wildfires and natural disasters, such as earthquakes, hurricanes, tornadoes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including but not limited to tariffs or import taxes, including those imposed by the United States to key* 

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 *markets in which we operate, in particular, Mexico and the EU, and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement (the "USMCA"), and the overall impact that the imposition or threat of trade barriers may cause on the overall economy of the countries in which we do business or that are part of our global supply chain; availability and cost of trucks, railcars, barges, and ships, terminals, warehouses, as well as their licensed operators, drivers, staff and workers for transport, loading and unloading of our materials or that are otherwise a part of our supply chain; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities, and how any measures implemented by governments to detect and prevent money laundering, terrorism financing and corruption, and other illegal activities, affect our customers, suppliers and countries in which we do business in general; defaults, losses or disruptions in agreements, financial transactions or operations resulting from sanctions or restrictions imposed on any financial institution, including but not limited to banks, trustees, payment processors, paying agents or other financial intermediaries, or any related parties; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine, conflicts in the Middle East and any insecurity and hostilities in Mexico related to illegal activities or organized crime and any actions any government takes to prevent these illegal activities and organized crime; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as, for example, COVID-19); and our ability to implement our "Future in Action" climate action program and achieve our sustainability goals and objectives.* 

*Many factors could cause Cemex's expectations, expected results, and/or projections expressed in this press release not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of success and/or implementation of technologies, some of which are not yet proven, among other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance, or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex's operations and the development of market conditions in which Cemex operates, or other circumstances that may materialize, may differ materially from those described in, or suggested by, the forward-looking statements contained in the information disclosed in this press release. Any or all of Cemex's forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The forward-looking statements and the information contained in this press release are made and stated as of the dates specified in this press release and are subject to change without notice, and except to the extent legally required, we expressly disclaim any obligation or undertaking to update or correct the information contained in this press release or revise any forward-looking statements in this press release, whether to reflect new information, the occurrence of anticipated or unanticipated future events or circumstances, any change in our expectations regarding those forward-looking statements, any change in events, conditions, or circumstances on which any such statement is based, or otherwise. Readers should review future reports filed or furnished by us with the SEC, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores). Market data used in this press release not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this press release is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Unless otherwise specified, all references to records are internal records.* 

*This press release includes certain non-International Financial Reporting Standards ("IFRS") financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include "Operating EBITDA" (operating earnings before other expenses, net plus depreciation and amortization) and "Operating EBITDA Margin" (Operating EBITDA for the period divided by our revenues as reported in our financial statements). The closest IFRS financial measure to Operating EBITDA is "Operating earnings before other expenses, net", as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating* 

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 *EBITDA is the financial measure used by Cemex's management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex's creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex's management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in the press release are being provided for informative purposes only and shall not be construed as investment, financial, or other advice.* 

*Also, this press release includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organization to refer to their reports in this press release. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex's products and services based upon their quality and characteristics as well as their value to Cemex's customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex's prices for Cemex's products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex's prices for Cemex's products.* 

*The information, statements, and opinions contained in this press release do not constitute a public offer under any applicable legislation, an offer to sell, or solicitation of any offer to buy any securities or financial instruments, or any advice or recommendation with respect to such securities or other financial instruments.* 

***Cautionary Statement Regarding Environmental, Social, and Governance ("ESG") and Sustainability-Related Data, Metrics, and Methodologies***

*This press release may include non-financial metrics, estimates, or other information related to ESG and sustainability matters that are subject to significant uncertainties, which may include the methodology, collection, and verification of data, various estimates, and assumptions, and/or underlying data that is obtained from third parties, some of which cannot be independently verified.* 

*The preparation of certain information on ESG and sustainability matters that may be contained in the press release requires the application of a number of key judgments, assumptions, and estimates. The reported measures reflect good faith estimates, assumptions, and judgments at the given point in time. There is a risk that these judgments, estimates, or assumptions may subsequently prove to be incorrect and/or, to the extent legally required, may need to be restated or changed. In addition, the underlying data, systems, and controls that support non-financial reporting are generally considerably less sophisticated than the systems and internal control for financial reporting and rely on manual processes. This may result in non-comparable information between organizations and/or between reporting periods within organizations as methodologies continue to develop and/or be socialized. The further development of or changes to accounting and/or reporting standards could materially impact the performance metrics, data points, and targets contained in the press release, and the reader may not be able to compare non-financial information performance metrics, data points, or targets between reporting periods on a direct like-for-like basis.* 

*Additionally, the information disclosed in this press release may contain references to "green," "social," "sustainable," or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a "green", "social", or "sustainable" or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as "green", "social", or "sustainable" or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that our activities, products, or assets and/or reporting of such activities and/or reporting of those activities, products, or assets will meet any present or future expectations or requirements for describing or classifying such activities, products, or assets as "green", "social", or "sustainable" or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.* 

***Cautionary Statement Regarding Forward-Looking ESG or Sustainability Statements***

*Certain sections in the press release may contain ESG- or sustainability-related forward-looking statements, such as aims, ambitions, estimates, forecasts, plans, projections, targets, goals and other metrics, including but not limited to: climate and emissions, business and human rights, corporate governance, research and development and partnerships, development of products and services that intend to address sustainability-related concerns and sustainability related targets/ambitions when* 

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 *finalized, including the implementation of technologies and other initiatives that aim to reduce and/or capture CO2 emissions. These forward-looking statements may also include references to specific programs, such as our "Future in Action" climate action program, as well various ESG-related indicators, objectives or metrics disclosed previously or that may be disclosed in the future, none of which are guarantees and any and all of which may ultimately not be achieved or may be abandoned at any time, whether in part, in full, or within any specific timeframe. There are many significant uncertainties, assumptions, judgements, opinions, estimates, forecasts and statements made of future expectations underlying these forward-looking statements which could cause actual results, performance, outcomes or events to differ materially from those expressed or implied in these forward-looking statements, which include, but are not limited to: the extent and pace of climate change, including the timing and manifestation of physical and transition risks; the macroeconomic environment; uncertainty around future climate-related policy, including the timely implementation and integration of adequate government policies; the effectiveness of actions of governments, legislators, regulators, businesses, investors, customers, and other stakeholders to mitigate the impact of climate and sustainability-related risks; changes in customer behavior and demand, changes in the available technology for mitigation and the effectiveness of any such technologies, as some of these new technologies may be unproven; excessive costs and expenses related to acquire and/or develop technology for mitigation; the roll-out of low carbon infrastructure; the availability and adoption of renewable energy within in our value chain; the development of carbon capture, circular utilization, and sequestration technologies, including the adoption of cost-effective carbon-related technologies such as carbon capture, utilization, and storage ; the availability of accurate, verifiable, reliable, consistent, and comparable climate-related data; lack of transparency and comparability of climate-related forward-looking methodologies; variation in approaches and outcomes, as variations in methodologies may lead to under or overestimates and consequently present exaggerated indication of climate-related risk; and reliance on assumptions and future uncertainty (calculations of forward-looking metrics are complex and require many methodological choices and assumptions).* 

*Accordingly, undue reliance should not be placed on these forward-looking statements. Furthermore, changing national and international standards, industry and scientific practices, regulatory requirements, and market expectations regarding climate change, which remain under continuous development, are subject to different interpretations.* 

*There can be no assurance that these standards, practices, requirements, and expectations will not be interpreted differently than our understanding when defining sustainability-related ambitions and targets or change in a manner that substantially increases the cost or effort for us to achieve such ambitions and targets.* 

*UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE*

## Exhibit 99.2

**Exhibit 2**![LOGO](g873920dsp011.jpg)

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating and financial highlights | ![LOGO](g873920dsp012.jpg) |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **January - September** | **January - September** | | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | | | | | | | | **l-t-l** |
|  | **2025** | **2024** | **% var** |<br>**l-t-l**<br>**% var** | **2025** | **2024** | **% var** | **% var** |
|  Consolidated volumes |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic gray cement | 32456 | 33147 | (2%) |  | 11144 | 11154 | (0%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ready-mix | 32206 | 32747 | (2%) |  | 11243 | 11401 | (1%) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aggregates | 98650 | 102140 | (3%) |  | 35084 | 35417 | (1%) |  |
|  Sales | 11952 | 12282 | (3%) | (1%) | 4245 | 4055 | 5% | 2% |
|  Gross profit | 3948 | 4192 | (6%) | (3%) | 1426 | 1333 | 7% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as % of Sales | 33.0% | 34.1% | (1.1pp) |  | 33.6% | 32.9% | 0.7pp |  |
|  Operating earnings before other income and<br>expenses, net | 1332 | 1450 | (8%) | (5%) | 547 | 428 | 28% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as % of Sales | 11.1% | 11.8% | (0.7pp) |  | 12.9% | 10.5% | 2.4pp |  |
|  SG&A expenses as % of Sales | 9.6% | 9.6% | 0.0pp |  | 8.7% | 9.6% | (0.9pp) |  |
|  Controlling interest net income (loss) | 1316 | 891 | 48% |  | 264 | 406 | (35%) |  |
|  Operating EBITDA | 2299 | 2382 | (3%) | (1%) | 882 | 743 | 19% | 16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as % of Sales | 19.2% | 19.4% | (0.2pp) |  | 20.8% | 18.3% | 2.5pp |  |
|  Free Cash Flow from Operations | 473 | 303 | 56% |  | 539 | 186 | 190% |  |
|  Total debt | 6789 | 7512 | (10%) |  | 6789 | 7512 | (10%) |  |
|  Earnings (loss) of continuing operations per ADS | 0.47 | 0.46 | 3% |  | 0.16 | 0.15 | 8% |  |
|  Fully diluted earnings (loss) of continuing operations per ADS | 0.47 | 0.45 | 4% |  | 0.16 | 0.14 | 10% |  |
|  Average ADSs outstanding <sup>(1)</sup> | 1470 | 1468 | 0% |  | 1471 | 1470 | 0% |  |
|  Employees | 40244 | 44292 | (9%) |  | 40244 | 44292 | (9%) |  |

---

(1) For purposes of this report, Average ADSs outstanding equals the total number of Series A shares and Series B
shares outstanding as if they were all held in ADS form. The calculation of Average ADSs outstanding also includes the restricted ADSs allocated to eligible employees as variable compensation.

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters. In millions of U.S. dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.

**Consolidated Net Sales** reached US$4.2 billion in 3Q25, a 2% increase from 3Q24 on a like-to-like basis, marking the first quarterly growth since 1Q24, supported by positive dynamics in EMEA and South, Central America and the Caribbean regions, along with an improving trend in Mexico and the U.S.

**Cost of sales**, as a percentage of Net Sales, decreased by 0.7pp to 66.4% in 3Q25 compared with the same period last year, reflecting initial benefits from savings under Project Cutting Edge, coupled with a favorable energy cost environment.

**Operating expenses**, as a percentage of Net Sales decreased 1.6pp in 3Q25 to 20.7%, mainly driven by savings in administrative, corporate and distribution expenses, reflecting benefits from Project Cutting Edge.

**Operating EBITDA** reached US$882 million in 3Q25, increasing 16% on a like-to-like basis. Performance was supported by all regions, with EMEA, Mexico, and South, Central America and the Caribbean region recording double-digit growth.

**Operating EBITDA margin** in 3Q25 increased 2.5 pp to 20.8% year-on-year, its highest level for a third quarter since 2020. The U.S. and Europe reached record third quarter margins, while Mexico and our South, Central America and the Caribbean region posted multi-year highs.

**Controlling interest net income** was US$264 million in 3Q25, its variation from 3Q24 is largely explained by the prior year one-off gain from asset divestments. Adjusting for the net effect of discontinued operations, net income grew by 8% in 3Q25 and by 3% year-to-date, compared to the same periods in 2024.

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|:---|:---|
| **2025** Third Quarter Results | Page 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Mexico** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** | **% var** | **l-t-l% var** | **2025** | **2024** | **% var** | **l-t-l% var** |
|  Sales | 3158 | 3831 | (18%) | (10%) | 1117 | 1136 | (2%) | (5%) |
|  Operating EBITDA | 1025 | 1193 | (14%) | (6%) | 369 | 319 | 16% | 11% |
|  Operating EBITDA margin | 32.4% | 31.1% | 1.3pp |  | 33.1% | 28.1% | 5.0pp |  |

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In millions of U.S. dollars, except percentages.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage*<br> *variation* | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** |
|  Volume | (11%) | (6%) | (11%) | (12%) | (15%) | (10%) |
|  Price (USD) | (4%) | 10% | (3%) | 10% | (4%) | 10% |
|  Price (local currency) | 5% | 6% | 6% | 6% | 4% | 6% |

---

In **Mexico,** 3Q25 results reflect the expected inflection point in quarterly performance underlying our annual guidance, with Operating EBITDA growing by 11% on a like-to-like basis; this double-digit growth was supported by a leaner cost base and higher prices, despite lower volumes.

Project Cutting Edge initiatives are already delivering relevant operational improvements, reflected in the 5.0pp of Operating EBITDA margin expansion in 3Q25, to 33.1%, its highest level since 2021.

Volume trends began to improve after a challenging first half, with average daily cement sales outperforming historical seasonality despite heavy rains in August and September.

Prices for cement, ready-mix, and aggregates have increased by mid-single-digit rates since 4Q24, mitigating input cost inflation.

We are already participating in the execution of several projects under "Viviendas para el Bienestar", with demand environment expected to improve as the government accelerates its infrastructure and social housing plans.

**United States** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** | **% var** | **l-t-l% var** | **2025** | **2024** | **% var** | **l-t-l% var** |
|  Sales | 3806 | 3961 | (4%) | (4%) | 1310 | 1335 | (2%) | (2%) |
|  Operating EBITDA | 738 | 792 | (7%) | (7%) | 269 | 258 | 4% | 4% |
|  Operating EBITDA margin | 19.4% | 20.0% | (0.6pp) |  | 20.6% | 19.3% | 1.3pp |  |

---

In millions of U.S. dollars, except percentages.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage*<br> *variation* | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** |
|  Volume | (3%) | (1%) | (6%) | (3%) | (6%) | (0%) |
|  Price (USD) | (2%) | (3%) | 1% | 0% | 5% | 6% |
|  Price (local currency) | (2%) | (3%) | 1% | 0% | 5% | 6% |

---

The **United States** reached a record third quarter Operating EBITDA and Operating EBITDA margin, despite demand conditions, driven by increased cost efficiencies and higher prices.

Adjusting for ready-mix asset sales and the consolidation of Couch Aggregates, volumes for our 3 core products declined by 1% year-on-year. Demand continues to reflect strength in infrastructure offset by persistent softness in the residential sector. Aggregates prices are up 5% since 4Q24, adjusting for product-mix.

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| | |
|:---|:---|
| **2025** Third Quarter Results | Page 3 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Europe, Middle East, and Africa** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** | **% var** | **l-t-l% var** | **2025** | **2024** | **% var** | **l-t-l% var** |
|  Sales | 3790 | 3476 | 9% | 6% | 1379 | 1243 | 11% | 5% |
|  Operating EBITDA | 593 | 460 | 29% | 25% | 247 | 201 | 23% | 17% |
|  Operating EBITDA margin | 15.7% | 13.2% | 2.5pp |  | 17.9% | 16.2% | 1.7pp |  |

---

In millions of U.S. dollars, except percentages.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage*<br> *variation* | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** |
|  Volume | 7% | 5% | 6% | 6% | 4% | 3% |
|  Price (USD) | 4% | 9% | 5% | 8% | 2% | 3% |
|  Price (local currency) (\*) | 2% | 4% | 1% | 1% | (2%) | (2%) |

---

The **EMEA** region continued recording strong performance, reaching new records in Operating EBITDA and Operating EBITDA margins both for Europe and Middle East & Africa.

For the EMEA region, cement, ready-mix and aggregate prices increased by low single-digit rates compared to 4Q24.

In Europe, high-single-digit growth in cement volumes was mostly driven by infrastructure throughout Eastern Europe, with housing activity also boosting demand in Spain. In the UK and Germany volumes are stabilizing.

In the Middle East and Africa, ready-mix and aggregates volumes in the quarter expanded by 13% and 1% respectively, on a year-over-year basis.

Regarding our decarbonization efforts, our operations in Europe remain at the forefront having surpassed already the European Cement Association's consolidated net CO2 emissions target<sup>(1)</sup> for 2030, further reinforcing our position as an industry leader.

(\*) Calculated on a volume-weighted-average basis at constant foreign exchange rates.

(1) Excluding downstream reductions in ready-mix and construction
carbonation.

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| | |
|:---|:---|
| **2025** Third Quarter Results | Page 4 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**South, Central America and the Caribbean** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** | **% var** | **l-t-l% var** | **2025** | **2024** | **% var** | **l-t-l% var** |
|  Sales | 855 | 833 | 3% | 4% | 295 | 277 | 6% | 5% |
|  Operating EBITDA | 166 | 155 | 7% | 8% | 64 | 41 | 55% | 54% |
|  Operating EBITDA margin | 19.4% | 18.6% | 0.8pp |  | 21.6% | 14.8% | 6.8pp |  |

---

In millions of U.S. dollars, except percentages.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage*<br> *variation* | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** | **January - September** | **Third Quarter** |
|  Volume | 3% | 5% | (1%) | (7%) | (6%) | (10%) |
|  Price (USD) | 1% | 3% | 3% | 7% | (2%) | (1%) |
|  Price (local currency) (\*) | 2% | 3% | 6% | 5% | 0% | (3%) |

---

The **South, Central America and the Caribbean** region delivered strong quarterly results, with Operating EBITDA rising by 54% and Operating EBITDA margin expanding by 6.8pp. Solid results were driven by the completion of the debottlenecking project last quarter in Jamaica, allowing us to replace low margin imports with domestically produced cement, benefits from Project Cutting Edge, as well as a favorable comparison base this quarter.

In Colombia demand is being driven by the informal sector, with a rebound in bagged cement volumes, and the Metro project in Bogotá. In Jamaica we are seeing tourism related developments, along with improved bagged cement sales supported by remittances.

Sequential prices for cement and ready-mix in the region in 3Q25 are relatively stable with variation largely explained by regional mix.

(\*) Calculated on a volume-weighted-average basis at constant foreign-exchange rates.

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| | |
|:---|:---|
| **2025** Third Quarter Results | Page 5 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

---

**Operating EBITDA and Free Cash Flow from Operations** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** | **% var** | **2025** | **2024** | **% var** |
|  **Operating earnings before other expenses, net** | **1332** | **1450** | **(8** **%)** | **547** | **428** | **28%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization of assets | 967 | 932 |  | 335 | 315 |  |
|  **Operating EBITDA** | **2299** | **2382** | **(3** **%)** | **882** | **743** | **19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Interest Paid | (314) | (412) |  | (104) | (129) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maintenance capital expenditures & lease payments <sup>(1)</sup>  | (605) | (608) |  | (224) | (244) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in working capital | (545) | (413) |  | 132 | 161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Taxes Paid | (223) | (795) |  | (87) | (362) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other cash expenditures | (219) | 8 |  | (67) | (15) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of fixed assets | 88 | 35 |  | 8 | 9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Free cash flows from discontinued operations | (8) | 104 |  | (2) | 23 |  |
|  **Free Cash Flow from Operations** | **473** | **303** | **56%** | **539** | **186** | **190%** |

---

In millions of U.S. dollars, except percentages.

<sup>(1)</sup> Including lease payments of US$70 million in 3Q25 and US$71 million in 3Q24; US$214 million for the period of January-September 2025 and US$218 million in January-September 2024. 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Net Debt Variation: Amounts below are presented in terms of their effect on Net Debt** |  |  |  |  |
|  **Net debt** | **4Q24:** | **5836** | **2Q25:** | **5756** |
|  **Free Cash Flow from Operations (effect on Net Debt)** |  | **(473)** |  | **(539)** |
|  Growth capital expenditures |  | 371 |  | 117 |
|  Acquisitions and divestments |  | (801) |  | 40 |
|  Dividends |  | 95 |  | 33 |
|  Investments in intangible assets |  | 150 |  | 55 |
|  Coupons on subordinated notes |  | 99 |  | 44 |
|  Others, net <sup>(1)</sup>  |  | 314 |  | 87 |
|  **Net debt variation** |  | **(245)** |  | **(164)** |
|  **Net debt** | **3Q25:** | **5592** | **3Q25:** | **5592** |

---

In millions of U.S. dollars.

<sup>(1)</sup> Others net, for both 3Q25 and Jan-Sept 2025 is largely explained by FX conversion effect and activities related to our stock compensation plan.

**Information on debt** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Third Quarter** | **Third Quarter** | | |  | **Third Quarter** | **Third Quarter** |
|  | **2025** | **2024** |<br>**% var** | **Second<br>Quarter**<br>**2025** |  | **2025** | **2024** |
|  Total debt <sup>(1)</sup>  | 6789 | 7512 | (10%) | 6921 | **Currency denomination <sup>(3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | 11% | 5% |  | 13% | U.S. dollar | 68% | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term | 89% | 95% |  | 87% | Euro | 21% | 19% |
|  Cash and cash equivalents | 1198 | 422 | 184% | 1166 | Mexican peso | 7% | 5% |
|  Net debt | 5592 | 7090 | (21%) | 5756 | Other | 3% | 3% |
|  Consolidated net debt <sup>(2)</sup>  | 5666 | 7191 |  | 5839 | **Interest rate <sup>(3)</sup>** |  |  |
|  Consolidated leverage ratio <sup>(2)</sup>  | 1.88 | 2.22 |  | 2.05 | Fixed | 67% | 68% |
|  Consolidated coverage ratio <sup>(2)</sup>  | 7.86 | 7.28 |  | 7.12 | Variable | 33% | 32% |

---

In millions of U.S. dollars, except percentages and ratios.

<sup>(1)</sup> Includes leases, in accordance with International Financial Reporting Standards (IFRS).

<sup>(2)</sup> Calculated in accordance with our contractual obligations under our main bank debt agreements.

<sup>(3)</sup> Includes the effect of our interest rate and cross-currency derivatives, as applicable.

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| | |
|:---|:---|
| **2025** Third Quarter Results | Page 6 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Consolidated Statement of Operations & Statement of Financial Position** 

**Cemex, S.A.B. de C.V. and Subsidiaries** 

**(Thousands of U.S. dollars, except per ADS amounts)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | | | | **like-to-like** | | | | **like-to-like** |
| **STATEMENT OF OPERATIONS** | **2025** | **2024** | **% var** | **% var** | **2025** | **2024** | **% var** | **% var** |
|  Sales | 11952175 | 12282335 | (3%) | (1%) | 4245421 | 4055028 | 5% | 2% |
|  Cost of sales | (8004350) | (8090122) | 1% |  | (2819782) | (2722094) | (4%) |  |
|  **Gross profit** | **3947825** | **4192214** | **(6** **%)** | **(3** **%)** | **1425639** | **1332934** | **7%** | **4%** |
|  Operating expenses | (2615743) | (2742134) | 5% |  | (878310) | (905355) | 3% |  |
|  **Operating earnings before other income and expenses, net** | **1332081** | **1450079** | **(8** **%)** | **(5** **%)** | **547329** | **427579** | **28%** | **25%** |
|  Other expenses, net | (208634) | (19853) | (951%) |  | (95090) | (28257) | (237%) |  |
|  **Operating earnings** | **1123447** | **1430226** | **(21** **%)** |  | **452239** | **399322** | **13%** |  |
|  Financial expense | (345721) | (422716) | 18% |  | (110148) | (139254) | 21% |  |
|  Other financial income (expense), net | 138086 | (272747) | N/A |  | (11938) | (97383) | 88% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial income | 31342 | 26434 | 19% |  | 12196 | 8020 | 52% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results from financial instruments, net | (40066) | (11732) | (242%) |  | (7133) | (7593) | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange results | 213902 | (218075) | N/A |  | 5968 | (74168) | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of net present value on assets and liabilities and others, net | (67091) | (69374) | 3% |  | (22969) | (23642) | 3% |  |
|  Equity in gain (loss) of associates | 55883 | 68251 | (18%) |  | 30624 | 35198 | (13%) |  |
|  **Income (loss) before income tax** | **971696** | **803015** | **21%** |  | **360777** | **197883** | **82%** |  |
|  Income tax | (272535) | (122110) | (123%) |  | (120868) | 18568 | N/A |  |
|  **Profit (loss) of continuing operations** | **699161** | **680904** | **3%** |  | **239909** | **216450** | **11%** |  |
|  Discontinued operations | 631711 | 225754 | 180% |  | 32140 | 192024 | (83%) |  |
|  **Consolidated net income (loss)** | **1330872** | **906658** | **47%** |  | **272049** | **408475** | **(33** **%)** |  |
|  Non-controlling interest net income (loss) | 15196 | 16157 | (6%) |  | 8349 | 2758 | 203% |  |
|  **Controlling interest net income (loss)** | **1315676** | **890501** | **48%** |  | **263699** | **405717** | **(35** **%)** |  |
|  **Operating EBITDA** | **2299039** | **2382027** | **(3** **%)** | **(1** **%)** | **882264** | **742590** | **19%** | **16%** |
|  **Earnings (loss) of continued operations per ADS** | **0.47** | **0.46** | **3%** |  | **0.16** | **0.15** | **8%** |  |
|  **Earnings (loss) of discontinued operations per ADS** | **0.44** | **0.16** | **180%** |  | **0.02** | **0.13** | **(83** **%)** |  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **As of September 30** | **As of September 30** | **As of September 30** |
| **STATEMENT OF FINANCIAL POSITION** | **2025** | **2024** | **% var** |
|  **Total assets** | **29007657** | **27994794** | **4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 1197717 | 422281 | 184% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables less allowance for doubtful accounts | 1960041 | 1874969 | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable | 781700 | 748443 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 1559293 | 1557932 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | 306185 | 1219287 | (75%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 151585 | 158967 | (5%) |
|  Current assets | 5956521 | 5981879 | (0%) |
|  Property, machinery and equipment, net | 11908751 | 11252917 | 6% |
|  Other assets | 11142385 | 10759999 | 4% |
|  **Total liabilities** | **15090221** | **15582379** | **(3** **%)** |
|  Current liabilities | 6526442 | 6090441 | 7% |
|  Long-term liabilities | 5142095 | 6117876 | (16%) |
|  Other liabilities | 3421685 | 3374062 | 1% |
|  **Total stockholder's equity** | **13917436** | **12412415** | **12%** |
|  Common stock and additional paid-in capital | 7699108 | 7699108 | 0% |
|  Other equity reserves | (2502420) | (2783574) | 10% |
|  Subordinated notes | 1974000 | 1985040 | (1%) |
|  Retained earnings | 6432432 | 5198444 | 24% |
|  Non-controlling interest | 314316 | 313396 | 0% |

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| | |
|:---|:---|
| **2025** Third Quarter Results | Page 7 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Operating Summary per Country** 

**In thousands of U.S. dollars** 

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | | | | | | | **like-to-like** | **like-to-like** | | | | | | | **like-to-like** | **like-to-like** |
| **Sales** | **2025** | **2025** | **2024** | **2024** | **% var** | **% var** | **% var** | **% var** | **2025** | **2025** | **2024** | **2024** | **% var** | **% var** | **% var** | **% var** |
|  Mexico |  | 3158145 |  | 3831429 |  | (18%) |  | (10%) |  | 1117220 |  | 1135999 |  | (2%) |  | (5%) |
|  U.S.A. |  | 3806159 |  | 3960621 |  | (4%) |  | (4%) |  | 1309885 |  | 1334683 |  | (2%) |  | (2%) |
|  Europe, Middle East and Africa |  | 3789670 |  | 3476292 |  | 9% |  | 6% |  | 1378733 |  | 1242949 |  | 11% |  | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 2849253 |  | 2748890 |  | 4% |  | (0%) |  | 1026428 |  | 969707 |  | 6% |  | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 940417 |  | 727402 |  | 29% |  | 28% |  | 352306 |  | 273242 |  | 29% |  | 20% |
|  South, Central America and the Caribbean |  | 854745 |  | 832845 |  | 3% |  | 4% |  | 294597 |  | 276703 |  | 6% |  | 5% |
|  *Others and intercompany eliminations* | | *343455* | | *181148* | | *90 %* | | *91 %* | | *144984* | | *64694* | | *124 %* | | *126 %* |
|  TOTAL |  | 11952175 |  | 12282335 |  | (3%) |  | (1%) |  | 4245421 |  | 4055028 |  | 5% |  | 2% |
|  **GROSS PROFIT** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 1587411 |  | 1916010 |  | (17%) |  | (10%) |  | 558833 |  | 544773 |  | 3% |  | (1%) |
|  U.S.A. |  | 1079590 |  | 1143183 |  | (6%) |  | (6%) |  | 385135 |  | 383884 |  | 0% |  | 0% |
|  Europe, Middle East and Africa |  | 1006311 |  | 846107 |  | 19% |  | 15% |  | 389920 |  | 333619 |  | 17% |  | 11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 801331 |  | 713715 |  | 12% |  | 7% |  | 311878 |  | 279444 |  | 12% |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 204980 |  | 132392 |  | 55% |  | 58% |  | 78042 |  | 54176 |  | 44% |  | 37% |
|  South, Central America and the Caribbean |  | 266903 |  | 262065 |  | 2% |  | 3% |  | 96450 |  | 77851 |  | 24% |  | 23% |
|  *Others and intercompany eliminations* | | *7610* | | *24849* | | *(69 %)* | | *(69 %)* | | *(4699* | | *(7194* | | *35 %* | | *35 %* |
|  TOTAL |  | 3947825 |  | 4192214 |  | (6%) |  | (3%) |  | 1425639 |  | 1332934 |  | 7% |  | 4% |
|  **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** | **<u>OPERATING EARNINGS BEFORE OTHER EXPENSES, NET</u>** |  |  |  |  |  |  |
|  Mexico |  | 867780 |  | 1034179 |  | (16%) |  | (8%) |  | 314626 |  | 269533 |  | 17% |  | 12% |
|  U.S.A. |  | 349883 |  | 400637 |  | (13%) |  | (13%) |  | 137596 |  | 125452 |  | 10% |  | 10% |
|  Europe, Middle East and Africa |  | 343452 |  | 229843 |  | 49% |  | 46% |  | 160587 |  | 120441 |  | 33% |  | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 231059 |  | 177509 |  | 30% |  | 22% |  | 116543 |  | 94085 |  | 24% |  | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 112393 |  | 52334 |  | 115% |  | 127% |  | 44044 |  | 26357 |  | 67% |  | 62% |
|  South, Central America and the Caribbean |  | 114181 |  | 107591 |  | 6% |  | 7% |  | 44092 |  | 24991 |  | 76% |  | 76% |
|  *Others and intercompany eliminations* | | *(343214* | | *(322171* | | *(7 %)* | | *(15 %)* | | *(109573* | | *(112837* | | *3 %* | | *7 %* |
|  TOTAL |  | 1332081 |  | 1450079 |  | (8%) |  | (5%) |  | 547329 |  | 427579 |  | 28% |  | 25% |

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| **2025** Third Quarter Results | Page 8 |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Operating Summary per Country** 

**Operating EBITDA in thousands of U.S. dollars. Operating EBITDA margin as a percentage of sales.** 

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| | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |  | | |
|  | | | | | | |  | **like-to-like** | **like-to-like** | | | | | | |  | **like-to-like** | **like-to-like** |
| **OPERATING EBITDA** | **2025** | **2025** | **2024** | **2024** | **%var** | **%var** |  | **% var** | **% var** | **2025** | **2025** | **2024** | **2024** | **% var** | **% var** |  | **% var** | **% var** |
|  Mexico |  | 1024509 |  | 1192945 |  | (14) | %) |  | (6%) |  | 369400 |  | 319277 |  | 16 | % |  | 11% |
|  U.S.A. |  | 737588 |  | 792375 |  | (7) | %) |  | (7%) |  | 269307 |  | 257968 |  | 4 | % |  | 4% |
|  Europe, Middle East and Africa |  | 593119 |  | 459976 |  | 29 | % |  | 25% |  | 247059 |  | 201489 |  | 23 | % |  | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 430497 |  | 373025 |  | 15 | % |  | 10% |  | 183908 |  | 163781 |  | 12 | % |  | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 162622 |  | 86951 |  | 87 | % |  | 92% |  | 63151 |  | 37708 |  | 67 | % |  | 59% |
|  South, Central America and the Caribbean |  | 165558 |  | 154912 |  | 7 | % |  | 8% |  | 63596 |  | 41021 |  | 55 | % |  | 54% |
|  *Others and intercompany eliminations* | | *(221734)* | | *(218180)* | | *(2* | *%)* | | *(13 %)* | | *(67097)* | | *(77165)* | | *13* | *%* | | *20 %* |
|  **TOTAL** |  | **2299039** |  | **2382027** |  | **(3** | **%)** |  | **(1** **%)** |  | **882264** |  | **742590** |  | **19** | **%** |  | **16%** |
|  **<u>OPERATING EBITDA MARGIN</u>** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 32.4% |  | 31.1% |  | 1.3 | pp |  |  |  | 33.1% |  | 28.1% |  | 5 | pp |  |  |
|  U.S.A. |  | 19.4% |  | 20.0% |  | (0.6) | pp) |  |  |  | 20.6% |  | 19.3% |  | 1.3 | pp |  |  |
|  Europe, Middle East and Africa |  | 15.7% |  | 13.2% |  | 2.5 | pp |  |  |  | 17.9% |  | 16.2% |  | 1.7 | pp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 15.1% |  | 13.6% |  | 1.5 | pp |  |  |  | 17.9% |  | 16.9% |  | 1 | pp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 17.3% |  | 12.0% |  | 5.3 | pp |  |  |  | 17.9% |  | 13.8% |  | 4.1 | pp |  |  |
|  South, Central America and the Caribbean |  | 19.4% |  | 18.6% |  | 0.8 | pp |  |  |  | 21.6% |  | 14.8% |  | 6.8 | pp |  |  |
|  TOTAL |  | 19.2% |  | 19.4% |  | (0.2) | pp) |  |  |  | 20.8% |  | 18.3% |  | 2.5 | pp |  |  |

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| **2025** Third Quarter Results | Page 9 |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Volume Summary** 

**Cement and aggregates: Thousands of metric tons.** 

**Ready-mix: Thousands of cubic meters.** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | | **Third Quarter** | **Third Quarter** | |
|  | **2025** | **2024** |<br>**% var** | **2025** | **2024** |<br>**% var** |
|  Consolidated cement volume <sup>(1)</sup>  | 38842 | 38439 | 1% | 13667 | 13071 | 5% |
|  Consolidated ready-mix volume | 32206 | 32747 | (2%) | 11243 | 11401 | (1%) |
|  Consolidated aggregates volume <sup>(2)</sup>  | 98650 | 102140 | (3%) | 35084 | 35417 | (1%) |

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**Per-country volume summary** 

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| | | | |
|:---|:---|:---|:---|
| **DOMESTIC GRAY CEMENT VOLUME** | **January - September**<br>**2025 vs. 2024** | **Third Quarter**<br>**2025 vs. 2024** | **Third Quarter 2025**<br>**vs. Second Quarter 2025** |
|  Mexico | (11%) | (6%) | 1% |
|  U.S.A. | (3%) | (1%) | (1%) |
|  Europe, Middle East and Africa | 7% | 5% | (3%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 5% | 7% | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa | 12% | (2%) | (10%) |
|  South, Central America and the Caribbean | 3% | 5% | 3% |
|  **<u>READY-MIX VOLUME</u>** |  |  |  |
|  Mexico | (11%) | (12%) | 3% |
|  U.S.A. | (6%) | (3%) | 2% |
|  Europe, Middle East and Africa | 6% | 6% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | (2%) | 1% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa | 21% | 13% | 17% |
|  South, Central America and the Caribbean | (1%) | (7%) | 6% |
|  **<u>AGGREGATES VOLUME</u>** |  |  |  |
|  Mexico | (15%) | (10%) | 7% |
|  U.S.A. | (6%) | (0%) | 6% |
|  Europe, Middle East and Africa | 4% | 3% | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 3% | 4% | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa | 9% | 1% | 15% |
|  South, Central America and the Caribbean | (6%) | (10%) | 1% |

---

<sup>(1)</sup> Consolidated cement volume includes domestic and export volume of gray cement, white cement, special cement, mortar, and clinker.

<sup>(2)</sup> Consolidated aggregates volumes include aggregates from our marine business in the United Kingdom.

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|:---|:---|
| **2025** Third Quarter Results | Page 10 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Price Summary** 

**Variation in U.S. dollars** 

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| | | | |
|:---|:---|:---|:---|
| **DOMESTIC GRAY CEMENT PRICE** | **January - September**<br>**2025 vs. 2024** | **Third Quarter**<br>**2025 vs. 2024** | **Third Quarter 2025 vs.**<br>**Second Quarter 2025** |
|  Mexico | (4%) | 10% | 4% |
|  U.S.A. | (2%) | (3%) | (1%) |
|  Europe, Middle East and Africa (\*) | 4% | 9% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 2% | 2% | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 32% | 58% | 10% |
|  South, Central America and the Caribbean (\*) | 1% | 3% | (1%) |
|  **<u>READY-MIX PRICE</u>** |  |  |  |
|  Mexico | (3%) | 10% | 4% |
|  U.S.A. | 1% | 0% | (0%) |
|  Europe, Middle East and Africa (\*) | 5% | 8% | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 6% | 7% | (0%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 8% | 12% | 4% |
|  South, Central America and the Caribbean (\*) | 3% | 7% | 1% |
|  **<u>AGGREGATES PRICE</u>** |  |  |  |
|  Mexico | (4%) | 10% | 1% |
|  U.S.A. | 5% | 6% | 0% |
|  Europe, Middle East and Africa (\*) | 2% | 3% | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 1% | 1% | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 8% | 12% | 5% |
|  South, Central America and the Caribbean (\*) | (2%) | (1%) | 1% |

---

All price variations are based on FOB prices.

(\*) Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-average basis at constant foreign-exchange rates.

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|:---|:---|
| **2025** Third Quarter Results | Page 11 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating results | ![LOGO](g873920dsp012.jpg) |

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**Variation in Local Currency** 

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| | | | |
|:---|:---|:---|:---|
| **DOMESTIC GRAY CEMENT PRICE** | **January - September**<br>**2025 vs. 2024** | **Third Quarter**<br>**2025 vs. 2024** | **Third Quarter 2025 vs.**<br>**Second Quarter 2025** |
|  Mexico | 5% | 6% | 1% |
|  U.S.A. | (2%) | (3%) | (1%) |
|  Europe, Middle East and Africa (\*) | 2% | 4% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | (2%) | (3%) | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 49% | 57% | 7% |
|  South, Central America and the Caribbean (\*) | 2% | 3% | (2%) |
| **<u>READY-MIX PRICE</u>** |  |  |  |
|  Mexico | 6% | 6% | 0% |
|  U.S.A. | 1% | 0% | (0%) |
|  Europe, Middle East and Africa (\*) | 1% | 1% | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 2% | 1% | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 3% | 3% | (0%) |
|  South, Central America and the Caribbean (\*) | 6% | 5% | (1%) |
| **<u>AGGREGATES PRICE</u>** |  |  |  |
|  Mexico | 4% | 6% | (2%) |
|  U.S.A. | 5% | 6% | 0% |
|  Europe, Middle East and Africa (\*) | (2%) | (2%) | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | (3%) | (3%) | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 2% | 1% | (1%) |
|  South, Central America and the Caribbean (\*) | 0% | (3%) | (1%) |

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All price variations are based on FOB prices.

(\*) Price variation in U.S. dollars calculated on a volume-weighted-average basis; price variation in local currency calculated on a volume-weighted-average basis at constant foreign-exchange rates.

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| | |
|:---|:---|
| **2025** Third Quarter Results | Page 12 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information | ![LOGO](g873920dsp012.jpg) |

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**Operating expenses** 

The following table shows the breakdown of operating expenses for the period presented.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **January - September** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | |
| In thousands of US<br>dollars | **2025** | **2024** | **%<br>var** | **2025** | **2024** | **%<br>var** |
|  General and administrative expenses | 880240 | 890761 | (1%) | 283334 | 296379 | (4%) |
|  Selling expenses | 269857 | 282563 | (4%) | 87771 | 93616 | (6%) |
|  Distribution and logistics expenses | 1286289 | 1402308 | (8%) | 445396 | 459127 | (3%) |
|  Operating expenses before depreciation | 2436386 | 2575632 | (5%) | 816501 | 849122 | (4%) |
|  Depreciation in operating expenses | 179357 | 166502 | 8% | 61809 | 56232 | 10% |
|  Operating expenses | 2615743 | 2742134 | (5%) | 878310 | 905355 | (3%) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **As % of Net Sales** | **As % of Net Sales** | **As % of Net Sales** | **As % of Net Sales** | **As % of Net Sales** |
|  General and administrative expenses | 7.4% | 7.3% | 6.7% | 7.3% |
|  SG&A expenses | 9.6% | 9.6% | 8.7% | 9.6% |

---

**Equity-related information** 

As of December 31, 2024, based on our latest 20-F Annual Report, the number of outstanding CPO-equivalents was 14,487,786,971. See Cemex's reports furnished to or filed with the U.S. Securities and Exchange Commission for information, if any, regarding repurchases of securities and other developments that may have caused a change in the number of CPO-equivalents outstanding after December 31, 2024. For the three-month period ended September 30, 2025, no CPOs were repurchased by Cemex under its share repurchase program approved at Cemex, S.A.B. de C.V.'s ordinary annual shareholders meeting held on March 25, 2025.

One Cemex ADS represents ten Cemex CPOs. One Cemex CPO represents two Series A shares and one Series B share.

For purposes of this report, outstanding CPO-equivalents equal the total number of Series A and B shares outstanding as if they were all held in CPO form, less CPOs held by Cemex and its subsidiaries, which as of December 31, 2024, were 20,541,277. Starting 2024, employees receive restricted ADRs instead of restricted CPOs. Restricted ADRs allocated to eligible employees as variable compensation are not included in the outstanding CPO-equivalents.

**Derivative instruments** 

The following table shows the notional amount for each type of derivative instrument and the aggregate fair market value for all of Cemex's derivative instruments as of the last day of each quarter presented.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Second Quarter** | **Second Quarter** |
|  | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** |
| In millions of<br>US dollars | **Notional<br>amount** | **Fair<br>value** | **Notional<br>amount** | **Fair<br>value** | **Notional<br>amount** | **Fair<br>value** |
|  Exchange rate derivatives <sup>(1)</sup> | 1313 | (63) | 940 | 82 | 1506 | (35) |
|  Interest rate<br>swaps <sup>(2)</sup> | 1640 | (26) | 1408 | (51) | 1505 | (44) |
|  Fuel<br>derivatives <sup>(3)</sup> | 244 | 7 | 374 | 3 | 298 | 6 |
|  | 3197 | (82) | 2722 | 34 | 3309 | (73) |

---

*1)* *The exchange rate derivatives are used to manage currency exposures arising from regular operations, net investment hedge and forecasted transactions. As of September 30, 2025, the derivatives related to net investment hedge represent a notional amount of US$1,063 million.* 

*2)* *As of September 30, 2025, these instruments are related to bank loans, including interest rate swap derivatives with a notional amount of US$720 million, and interest rate and exchange rate swap derivatives with a notional amount of US$920 million.* 

*3)* *Cemex's derivative financial instruments portfolio includes swaps and financial options. These derivative instruments are mainly used to hedge the market price risk of certain fuels associated with certain Cemex operations, such as transportation and production. In addition, there are call spreads on Brent oil and derivatives thereof, designed to mitigate the exposure related to the cost of fuel implicit in distribution expenses.* 

Under IFRS, companies are required to recognize the fair value of all derivative financial instruments on the balance sheet as financial assets or liabilities, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in such cases, changes in the fair market value of the related derivative instruments are recognized temporarily in equity and subsequently reclassified into earnings as the effects of the underlying are recognized in the income statement. Moreover, in transactions related to net investment hedges, changes in fair market value are recorded directly in equity as part of the currency translation effect and are reclassified to the income statement only in the case of disposal of the net investment. As of September 30, 2025, in connection with the derivatives portfolio's fair market value, Cemex recognized changes in mark-to-market resulting in a financial liability of US$82 million.

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|:---|:---|
| **2025** Third Quarter Results | Page 13 |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information | ![LOGO](g873920dsp012.jpg) |

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**Discontinued operations** 

In September, Cemex signed a sales agreement with an affiliate of Grupo Estrella, divesting Cemex's assets in Panama, mainly consist of one cement plant, ready-mix concrete, aggregates assets, and rights to acquire additional reserves for Panama's operations. Cemex retained its admixtures business in Panama. As of September 30, 2025, Cemex's divested assets and liabilities in Panama are presented in the line items "Assets held for sale" for $267 million and "Liabilities related to assets held for sale" for $51 million. For the nine-month periods ended September 30, 2025 and 2024, Cemex's operations in Panama are reported in Cemex's income statements, net of income tax, in the single line item "Discontinued operations."

On January 30, 2025, Cemex completed the sale of its operations in the Dominican Republic to Cementos Progreso Holdings, S.L., and its strategic partners for a total consideration of $928 million, after adjustments for final cash, debt, and working capital balances. The divested assets consisted of one cement plant in the Dominican Republic with two integrated production lines, along with related cement, ready-mix concrete, aggregates, and marine terminal assets. For the period from January 1 to January 30, 2025 and the nine-month period ended September 30, 2024, Cemex's operations in the Dominican Republic are reported in Cemex's income statements, net of income tax, in the single line item "Discontinued operations," including in 2025 a gain on sale of $583 million, net of the reclassification of foreign currency translation effects accrued in equity until the date of sale and goodwill write off of $13 million.

On December 2, 2024, considering separate agreements with each counterparty and the satisfaction of closing conditions, including the approval by the Philippine Competition Commission and the fulfillment of other requirements by the purchasers to the shareholders of Cemex Holdings Philippines, Inc. (now named Concreat Holdings Philippines, Inc.) ("CHP"), including the non-controlling interest owned by third parties in CHP, Cemex concluded the sale of its operations and assets in the Philippines to DACON Corporation, DMCI Holdings, Inc. and Semirara Mining & Power Corporation, for a total consideration related to Cemex's controlling interest of US$798 million including the sale of minority investments and debt assumed by the purchaser. The assets sold consisted of 2 cement plants, 18 land distribution centers, and six marine distribution terminals. For the nine-month period ended September 30, 2024, Cemex's operations in the Philippines are reported in Cemex's income statements, net of income tax, in the single line item "Discontinued operations."

On September 10, 2024, Cemex sold its operations in Guatemala to Holcim Group, for a total consideration of US$212 million. The divested assets mainly consisted of one grinding mill with an installed capacity of around 0.6 million metric tons per year, three ready-mix plants and five distribution centers. For the periods from January 1 to September 10, 2024, Cemex's operations in Guatemala are reported in the income statements, net of income tax, in the single line item "Discontinued operations."

Based on the disclosures above, the following table presents condensed combined information of the income statements for the nine-month periods ended September 30, 2025 and 2024, for Cemex's discontinued operations related to Panama, the Dominican Republic, the Philippines and Guatemala:

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|:---|:---|:---|:---|:---|
| **INCOME STATEMENTS** | **Jan-Sep** | **Jan-Sep** | **Third Quarter** | **Third Quarter** |
| **(Millions of U.S. dollars)** | **2025** | **2024** | **2025** | **2024** |
|  Sales | 130 | 708 | 36 | 229 |
|  Cost of sales, operating expenses, other expenses, and gain on sale, net | 512 | (461) |  | (42) |
|  Interest expense, net, and others | (6) | 4 | (3) | 22 |
|  Income (loss) before income tax | 636 | 251 | 33 | 209 |
|  Income tax | (4) | (25) | (1) | (17) |
|  Net result from discontinued operations | 632 | 226 | 32 | 192 |

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| **2025** Third Quarter Results | Page 14 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Definitions of terms and disclosures | ![LOGO](g873920dsp012.jpg) |

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**Methodology for translation, consolidation, and presentation of results Methodology for translation, consolidation, and presentation of results** 

Under IFRS, Cemex translates the financial statements of foreign subsidiaries using exchange rates at the reporting date for the balance sheet and the exchange rates at the end of each month for the income statement.

**Breakdown of regions and subregions** 

The South, Central America and the Caribbean region includes Cemex's operations in Colombia, Puerto Rico, Nicaragua, Jamaica, Trinidad and Tobago, Guyana, Barbados, Peru and Bahamas.

The EMEA region includes Europe, Middle East and Africa.

Europe subregion includes operations in Spain, Croatia, the Czech Republic, France, Germany, Poland, and the United Kingdom.

Middle East and Africa subregion includes operations in United Arab Emirates, Egypt, and Israel.

**Definition of terms** 

Free cash flow from operations Cemex defines it as Operating EBITDA minus net interest paid, maintenance capital expenditures, maintenance lease payments, fixed asset sales, change in working capital, net taxes paid, and other cash expenditures.

l-t-l (like to like) on a like-to-like basis adjusting for currency fluctuations and for investments/divestments when applicable.

Maintenance capital expenditures equal investments incurred for the purpose of ensuring the company's operational continuity. These include capital expenditures on projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental regulations or company policies.

Net debt equals total debt (debt plus financial leases) minus cash and cash equivalents.

Sales, when referring to reportable segment sales, revenues are presented before eliminations of intragroup transactions. When referring to Consolidated Sales, these represent the total revenues (Net Sales) of the company as reported in the financial statements.

Operating EBITDA, or EBITDA equals operating earnings before other income and expenses, net, plus depreciation and amortization.

Operating EBITDA margin, or EBITDA margin, is calculated by dividing our "Operating EBITDA" by our sales.

pp equals percentage points.

Prices all reference to pricing initiatives, price increases or decreases, refer to our prices for our products and services.

SG&A expenses equal selling and administrative expenses

Growth capital expenditures equal investments incurred with the purpose of increasing the company's profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs.

Investment in intangible assets equals investments and expenses incurred in the development of internal-use software, industrial property, and trademarks.

Working capital equals operating accounts receivable (including other current assets received as payment in kind) plus historical inventories minus operating payables.

% var percentage variation

**Earnings per ADS** 

Please refer to page 2 for the number of average ADSs outstanding used for the calculation of earnings per ADS. According to the IAS 33 Earnings per share, the weighted-average number of common shares outstanding is determined considering the number of days during the accounting period in which the shares have been outstanding, including shares derived from corporate events that have modified the stockholder's equity structure during the period, such as increases in the number of shares by a public offering and the distribution of shares from stock dividends or recapitalizations of retained earnings and the potential diluted shares (Stock options, Restricted Stock Options and Mandatory Convertible Shares). The shares issued because of share dividends, recapitalizations and potential diluted shares are considered as issued at the beginning of the period.

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|:---|:---|:---|:---|:---|:---|:---|
| **Exchange rates** | **January - September** | **January - September** | **Third Quarter** | **Third Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2025<br>Average** | **2024<br>Average** | **2025<br>Average** | **2024<br>Average** | **2025<br>End of period** | **2024<br>End of period** |
|  Mexican peso | 19.49 | 17.92 | 18.62 | 19.34 | 18.32 | 19.69 |
|  Euro | 0.8934 | 0.9207 | 0.8614 | 0.9084 | 0.8521 | 0.8981 |
|  British pound | 0.7588 | 0.7809 | 0.7465 | 0.7620 | 0.7439 | 0.7477 |

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Amounts provided in units of local currency per U.S. dollar.

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| **2025** Third Quarter Results | Page 15 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer | ![LOGO](g873920dsp012.jpg) |

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Except as the context otherwise may require, references in this report to "Cemex," "we," "us," or "our," refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this report contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the "safe harbor" provisions for forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex's plans, objectives, goals, targets, and expectations (operative, financial or otherwise), and typically can be identified by the use of words such as, but not limited to, "will," "may," "assume," "might," "should," "could," "continue," "would," "can," "consider," "anticipate," "estimate," "expect," "envision," "plan," "believe," "foresee," "predict," "potential," "target", "goal," "strategy," "intend," "aimed," or other forward-looking words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. Although Cemex believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary, including materially, from historical results or those anticipated by forward-looking statements due to various factors. Among others, such risks, uncertainties, assumptions, and other important factors that could cause results and any guidance presented in this report to differ, or that otherwise could have an impact on us, include those discussed in Cemex's most recent annual report and those detailed from time to time in Cemex's other filings with the U.S. Securities and Exchange Commission ("SEC"), the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: changes in general economic, political and social conditions, including government shutdowns, new governments and decisions implemented by such new governments, changes in laws or regulations in the countries in which we do business, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, any slowdown in the flow of remittances into countries where we operate, consumer confidence and the liquidity of the financial and capital markets in Mexico, the United States of America, the European Union (the "EU"), the United Kingdom, or other countries in which we operate; the cyclical activity of the construction sector and reduced construction activity in our end markets or reduced use in our end markets for our products; our exposure to sectors that impact our and our clients' businesses, particularly those operating in the commercial and residential construction sectors, and the public and private infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash or other contributions to the pension plans; changes in spending levels for residential and commercial construction and general infrastructure projects; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating or not obtaining investment grade debt ratings from additional rating agencies on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices of raw materials, good and services, as a result of inflation, trade barriers, measures imposed by governments or as a result of conflicts between countries that disrupt supply chains; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment, services and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, and other environmental, climate and related liabilities relating to existing and/or divested businesses, assets and/or operations; our ability to secure and permit aggregates reserves in strategically located areas in amounts that our operations require to operate or operate in a cost-efficient manner; the timing and amount of federal, state, and local funding for infrastructure; changes in our effective tax rate; our ability to comply with regulations and implement technologies and other initiatives that aim to reduce and/or capture CO2 emissions and comply with related carbon emissions regulations in place in the jurisdictions where we have operations; the legal and regulatory environment, including environmental, climate, trade, energy, tax, antitrust, sanctions, export controls, construction, human rights and labor

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| **2025** Third Quarter Results | Page 16 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer | ![LOGO](g873920dsp012.jpg) |

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welfare, and acquisition-related rules and regulations in the countries and regions in which we have operations; the effects of currency fluctuations on our results of operations and financial condition; our ability to satisfy our obligations under our debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, and also regarding our subordinated notes with no fixed maturity and other financial obligations; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by third parties, government and regulatory agencies, including antitrust investigations and claims; our ability to protect our reputation and intellectual property; our ability to consummate asset sales or consummate asset sales in terms favorable to Cemex, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing and commercial initiatives for our products and services, and generally meet our business strategy's goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements, and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties, or is subjected to invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; the effects of climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, shortage of usable water, wildfires and natural disasters, such as earthquakes, hurricanes, tornadoes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including but not limited to tariffs or import taxes, including those imposed by the United States to key markets in which we operate, in particular, Mexico and the EU, and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement (the "USMCA"), and the overall impact that the imposition or threat of trade barriers may cause on the overall economy of the countries in which we do business or that are part of our global supply chain; availability and cost of trucks, railcars, barges, and ships, terminals, warehouses, as well as their licensed operators, drivers, staff and workers for transport, loading and unloading of our materials or that are otherwise a part of our supply chain; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities and how any measures implemented by governments to detect and prevent money laundering, terrorism financing and corruption, and other illegal activities, affect our customers, suppliers and countries in which we do business in general; defaults, losses or disruptions in agreements, financial transactions or operations resulting from sanctions or restrictions imposed on any financial institution, including but not limited to banks, trustees, payment processors, paying agents or other financial intermediaries, or any related parties; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine, conflicts in the Middle East and any insecurity and hostilities in Mexico related to illegal activities or organized crime and any actions any government takes to prevent these illegal activities and organized crime; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as, for example, COVID-19); and our ability to implement our "Future in Action" climate action program and achieve our sustainability goals and objectives.

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| **2025** Third Quarter Results | Page 17 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer | ![LOGO](g873920dsp012.jpg) |

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Many factors could cause Cemex's expectations, expected results, and/or projections expressed in this report not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of success and/or implementation of technologies, some of which are not yet proven, among other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance, or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex's operations and the development of market conditions in which Cemex operates, or other circumstances that may materialize, may differ materially from those described in, or suggested by, the forward-looking statements contained in the information disclosed in this report. Any or all of Cemex's forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The forward-looking statements and the information contained in this report are made and stated as of the dates specified in this report and are subject to change without notice, and except to the extent legally required, we expressly disclaim any obligation or undertaking to update or correct the information contained in this report or revise any forward-looking statements in this report, whether to reflect new information, the occurrence of anticipated or unanticipated future events or circumstances, any change in our expectations regarding those forward-looking statements, any change in events, conditions, or circumstances on which any such statement is based, or otherwise. Readers should review future reports filed or furnished by us with the SEC, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores). Market data used in this report not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this report is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Unless otherwise specified, all references to records are internal records.

This report includes certain non-International Financial Reporting Standards ("IFRS") financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include "Operating EBITDA" (operating earnings before other expenses, net plus depreciation and amortization) and "Operating EBITDA Margin" (Operating EBITDA for the period divided by our revenues as reported in our financial statements). The closest IFRS financial measure to Operating EBITDA is "Operating earnings before other expenses, net", as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex's management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex's creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex's management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in the report are being provided for informative purposes only and shall not be construed as investment, financial, or other advice.

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| **2025** Third Quarter Results | Page 18 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer | ![LOGO](g873920dsp012.jpg) |

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Also, this report includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organization to refer to their reports in this report. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex's products and services based upon their quality and characteristics as well as their value to Cemex's customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex's prices for Cemex's products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex's prices for Cemex's products.

The information, statements, and opinions contained in this report do not constitute a public offer under any applicable legislation, an offer to sell, or solicitation of any offer to buy any securities or financial instruments, or any advice or recommendation with respect to such securities or other financial instruments.

**Cautionary Statement Regarding Environmental, Social, and Governance ("ESG") and Sustainability-Related Data, Metrics, and Methodologies** 

This report may include non-financial metrics, estimates, or other information related to ESG and sustainability matters that are subject to significant uncertainties, which may include the methodology, collection, and verification of data, various estimates, and assumptions, and/or underlying data that is obtained from third parties, some of which cannot be independently verified.

The preparation of certain information on ESG and sustainability matters that may be contained in the report requires the application of a number of key judgments, assumptions, and estimates. The reported measures reflect good faith estimates, assumptions, and judgments at the given point in time. There is a risk that these judgments, estimates, or assumptions may subsequently prove to be incorrect and/or, to the extent legally required, may need to be restated or changed. In addition, the underlying data, systems, and controls that support non-financial reporting are generally considerably less sophisticated than the systems and internal control for financial reporting and rely on manual processes. This may result in non-comparable information between organizations and/or between reporting periods within organizations as methodologies continue to develop and/or be socialized. The further development of or changes to accounting and/or reporting standards could materially impact the performance metrics, data points, and targets contained in the report, and the reader may not be able to compare non-financial information performance metrics, data points, or targets between reporting periods on a direct like-for-like basis.

Additionally, the information disclosed in this report may contain references to "green," "social," "sustainable," or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a "green", "social", or "sustainable" or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as "green", "social", or "sustainable" or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that our activities, products, or assets and/or reporting of such activities and/or reporting of those activities, products, or assets will meet any present or future expectations or requirements for describing or classifying such activities, products, or assets as "green", "social", or "sustainable" or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.

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| **2025** Third Quarter Results | Page 19 |

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclaimer | ![LOGO](g873920dsp012.jpg) |

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**Cautionary Statement Regarding Forward-Looking ESG or Sustainability Statements** 

Certain sections in the report may contain ESG- or sustainability-related forward-looking statements, such as aims, ambitions, estimates, forecasts, plans, projections, targets, goals and other metrics, including but not limited to: climate and emissions, business and human rights, corporate governance, research and development and partnerships, development of products and services that intend to address sustainability-related concerns and sustainability related targets/ambitions when finalized, including the implementation of technologies and other initiatives that aim to reduce and/or capture CO2 emissions. These forward-looking statements may also include references to specific programs, such as our "Future in Action" climate action program, as well various ESG-related indicators, objectives or metrics disclosed previously or that may be disclosed in the future, none of which are guarantees and any and all of which may ultimately not be achieved or may be abandoned at any time, whether in part, in full, or within any specific timeframe. There are many significant uncertainties, assumptions, judgements, opinions, estimates, forecasts and statements made of future expectations underlying these forward-looking statements which could cause actual results, performance, outcomes or events to differ materially from those expressed or implied in these forward-looking statements, which include, but are not limited to: the extent and pace of climate change, including the timing and manifestation of physical and transition risks; the macroeconomic environment; uncertainty around future climate-related policy, including the timely implementation and integration of adequate government policies; the effectiveness of actions of governments, legislators, regulators, businesses, investors, customers, and other stakeholders to mitigate the impact of climate and sustainability-related risks; changes in customer behavior and demand, changes in the available technology for mitigation and the effectiveness of any such technologies, as some of these new technologies may be unproven; excessive costs and expenses related to acquire and/or develop technology for mitigation; the roll-out of low carbon infrastructure; the availability and adoption of renewable energy within in our value chain; the development of carbon capture, circular utilization, and sequestration technologies, including the adoption of cost-effective carbon-related technologies such as carbon capture, utilization, and storage ; the availability of accurate, verifiable, reliable, consistent, and comparable climate-related data; lack of transparency and comparability of climate-related forward-looking methodologies; variation in approaches and outcomes, as variations in methodologies may lead to under or overestimates and consequently present exaggerated indication of climate-related risk; and reliance on assumptions and future uncertainty (calculations of forward-looking metrics are complex and require many methodological choices and assumptions).

Accordingly, undue reliance should not be placed on these forward-looking statements. Furthermore, changing national and international standards, industry and scientific practices, regulatory requirements, and market expectations regarding climate change, which remain under continuous development, are subject to different interpretations.

There can be no assurance that these standards, practices, requirements, and expectations will not be interpreted differently than our understanding when defining sustainability-related ambitions and targets or change in a manner that substantially increases the cost or effort for us to achieve such ambitions and targets.

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL

REPORTING STANDARDS, AS APPLICABLE

Copyright Cemex, S.A.B. de C.V. and its subsidiaries

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| **2025** Third Quarter Results | Page 20 |

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## Exhibit 99.3

![](g873920ex3p1g1.jpg)

Exhibit 3 Third Quarter 2025 Results River Phase 1 project, Miami, Florida

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![](g873920ex3p2g1.jpg)

Except as the context otherwise may require, references in this presentation to "Cemex," "we," "us," or "our," refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this presentation contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. We intend these forward-looking statements to be covered by the "safe harbor" provisions for forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related to Cemex's plans, objectives, goals, targets, and expectations (operative, financial or otherwise), and typically can be identified by the use of words such as, but not limited to, "will," "may," "assume," "might," "should," "could," "continue," "would," "can," "consider," "anticipate," "estimate," "expect," "envision," "plan," "believe," "foresee," "predict," "potential," "target", "goal", "strategy," "intend," "aimed", or other forward-looking words. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events. Although Cemex believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary, including materially from historical results or those anticipated by forward-looking statements due to various factors. Among others, such risks, uncertainties, assumptions, and other important factors that could cause results and any guidance presented in this presentation to differ, or that otherwise could have an impact on us, include those discussed in Cemex's most recent annual report and those detailed from time to time in Cemex's other filings with the U.S. Securities and Exchange Commission ("SEC"), the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: changes in general economic, political and social conditions, including government shutdowns, new governments and decisions implemented by such new governments, changes in laws or regulations in the countries in which we do business, elections, changes in inflation, interest and foreign exchange rates, employment levels, population growth, any slowdown in the flow of remittances into countries where we operate, consumer confidence and the liquidity of the financial and capital markets in Mexico, the United States of America, the European Union (the "EU"), the United Kingdom, or other countries in which we operate; the cyclical activity of the construction sector and reduced construction activity in our end markets or reduced use in our end markets for our products; our exposure to sectors that impact our and our clients' businesses, particularly those operating in the commercial and residential construction sectors, and the public and private infrastructure and energy sectors; volatility in pension plan asset values and liabilities, which may require cash or other contributions to the pension plans; changes in spending levels for residential and commercial construction and general infrastructure projects; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; any impact of not maintaining investment grade debt rating or not obtaining investment grade debt ratings from additional rating agencies on our cost of capital and on the cost of the products and services we purchase; availability of raw materials and related fluctuating prices of raw materials, as well as of goods and services in general, in particular increases in prices of raw materials, good and services, as a result of inflation, trade barriers, measures imposed by governments or as a result of conflicts between countries that disrupt supply chains; our ability to maintain and expand our distribution network and maintain favorable relationships with third parties who supply us with equipment, services and essential suppliers; competition in the markets in which we offer our products and services; the impact of environmental cleanup costs and other remedial actions, and other environmental, climate and related liabilities relating to existing and/or divested businesses, assets and/or operations; our ability to secure and permit aggregates reserves in strategically located areas in amounts that our operations require to operate or operate in a cost-efficient manner; the timing and amount of federal, state, and local funding for infrastructure; changes in our effective tax rate; our ability to comply with regulations and implement technologies and other initiatives that aim to reduce and/or capture CO2 emissions and comply with related carbon emissions regulations in place in the jurisdictions where we have operations; the legal and regulatory environment, including environmental, climate, trade, energy, tax, antitrust, sanctions, export controls, construction, human rights and labor welfare, and acquisition-related rules and regulations in the countries and regions in which we have operations; the effects of currency fluctuations on our results of operations and financial condition; our ability to satisfy our obligations under our debt agreements, the indentures that govern our outstanding notes, and our other debt instruments and financial obligations, and also regarding our subordinated notes with no fixed maturity and other financial obligations; adverse legal or regulatory proceedings or disputes, such as class actions or enforcement or other proceedings brought by third parties, government and regulatory agencies, including antitrust investigations and claims; our ability to protect our reputation and intellectual property; our ability to consummate asset sales or consummate asset sales in terms favorable to Cemex, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing and commercial initiatives for our products and services, and generally meet our business strategy's goals; the increasing reliance on information technology infrastructure for our sales, invoicing, procurement, financial statements, and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences technical difficulties, or is subjected to invasion, disruption, or damage caused by circumstances beyond our control, including cyber-attacks, catastrophic events, power outages, natural disasters, computer system or network failures, or other security breaches; the effects of climate change, in particular reflected in weather conditions, including but not limited to excessive rain and snow, shortage of usable water, wildfires and natural disasters, such as earthquakes, hurricanes, tornadoes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including but not limited to tariffs or import taxes, including those imposed by the United States to key markets in which we operate, in particular, Mexico and the EU, and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement (the "USMCA"), and the overall impact that the imposition or threat of trade barriers may cause on the overall economy of the countries in which we do business or that are part of our global supply chain; availability and cost of trucks, railcars, barges, and ships, terminals, warehouses, as well as their licensed operators, drivers, staff and workers for transport, loading and unloading of our materials or that are otherwise a part of our supply chain; labor shortages and constraints; our ability to hire, effectively compensate and retain our key personnel and maintain satisfactory labor relations; our ability to detect and prevent money laundering, terrorism financing and corruption, as well as other illegal activities, and how any measures implemented by governments to detect and prevent money laundering, terrorism financing and corruption, and other illegal activities, affect our customers, suppliers and countries in which we do business in general; defaults, losses or disruptions in agreements, financial transactions or operations resulting from sanctions or restrictions imposed on any financial institution, including but not limited to banks, trustees, payment processors, paying agents or other financial intermediaries, or any related parties; terrorist and organized criminal activities, social unrest, as well as geopolitical events, such as hostilities, war, and armed conflicts, including the current war between Russia and Ukraine, conflicts in the Middle East and any insecurity and hostilities in Mexico related to illegal activities or organized crime and any actions any government takes to prevent these illegal activities and organized crime; the impact of pandemics, epidemics, or outbreaks of infectious diseases and the response of governments and other third parties, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; changes in the economy that affect demand for consumer goods, consequently affecting demand for our products and services; the depth and duration of an economic slowdown or recession, instability in the business landscape and lack of availability of credit; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as, for example, COVID-19); and our ability to implement our "Future in Action" climate action program and achieve our sustainability goals and objectives. Many factors could cause Cemex's expectations, expected results, and/or projections expressed in this presentation not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of success and/or implementation of technologies, some of which are not yet proven, among other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance, or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex's operations and the development of market conditions in which Cemex operates, or other circumstances that may materialize, may differ materially from those described in, or suggested by, the forward-looking statements contained in the information disclosed in this presentation. Any or all of Cemex's forward-looking statements may turn out to be inaccurate and the factors identified above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The forward-looking statements and the information contained in this presentation are made and stated as of the dates specified in this presentation and are subject to change without notice, and except to the extent legally required, we expressly disclaim any obligation or undertaking to update or correct the information contained in this presentation or revise any forward-looking statements in this presentation, whether to reflect new information, the occurrence of anticipated or unanticipated future events or circumstances, any change in our expectations regarding those forward-looking statements, any change in events, conditions, or circumstances on which any such statement is based, or otherwise. Readers should review future reports filed or furnished by us with the SEC, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) and the Mexican Stock Exchange (Bolsa Mexicana de Valores). Market data used in this presentation not attributed to a specific source are estimates of Cemex and have not been independently verified. Certain financial and statistical information contained in this presentation is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Unless otherwise specified, all references to records are internal records. This presentation includes certain non-International Financial Reporting Standards ("IFRS") financial measures that differ from financial information presented by Cemex in accordance with IFRS in its financial statements and reports containing financial information. The aforementioned non-IFRS financial measures include "Operating EBITDA" (operating earnings before other expenses, net plus depreciation and amortization) and "Operating EBITDA Margin" (Operating EBITDA for the period divided by our revenues as reported in our financial statements). The closest IFRS financial measure to Operating EBITDA is "Operating earnings before other expenses, net", as Operating EBITDA adds depreciation and amortization to the IFRS financial measure. Our Operating EBITDA Margin is calculated by dividing our Operating EBITDA for the period by our revenues as reported in our financial statements. We believe there is no close IFRS financial measure to compare Operating EBITDA Margin. These non-IFRS financial measures are designed to complement and should not be considered superior to financial measures calculated in accordance with IFRS. Although Operating EBITDA and Operating EBITDA Margin are not measures of operating performance, an alternative to cash flows or a measure of financial position under IFRS, Operating EBITDA is the financial measure used by Cemex's management to review operating performance and profitability, for decision-making purposes and to allocate resources. Moreover, our Operating EBITDA is a measure used by Cemex's creditors to review our ability to internally fund capital expenditures, service or incur debt and comply with financial covenants under our financing agreements. Furthermore, Cemex's management regularly reviews our Operating EBITDA Margin by reportable segment and on a consolidated basis as a measure of performance and profitability. These non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Non-IFRS financial measures presented in the presentation are being provided for informative purposes only and shall not be construed as investment, financial, or other advice. Also, this presentation includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker, aggregates, and Urbanization Solutions. Cemex generated some of this data internally, and some was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organization to refer to their reports in this presentation. Cemex acts in strict compliance of antitrust laws and as such, among other measures, maintains an independent pricing policy that has been independently developed and its core element is to price Cemex's products and services based upon their quality and characteristics as well as their value to Cemex's customers. Cemex does not accept any communications or agreements of any type with competitors regarding the determination of Cemex's prices for Cemex's products and services. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to Cemex's prices for Cemex's products. The information, statements, and opinions contained in this presentation do not constitute a public offer under any applicable legislation, an offer to sell, or solicitation of any offer to buy any securities or financial instruments, or any advice or recommendation with respect to such securities or other financial instruments. Cautionary Statement Regarding Environmental, Social, and Governance ("ESG") and Sustainability-Related Data, Metrics, and Methodologies This presentation may include non-financial metrics, estimates, or other information related to ESG and sustainability matters that are subject to significant uncertainties, which may include the methodology, collection, and verification of data, various estimates, and assumptions, and/or underlying data that is obtained from third parties, some of which cannot be independently verified. The preparation of certain information on ESG and sustainability matters that may be contained in the presentation requires the application of a number of key judgments, assumptions, and estimates. The reported measures reflect good faith estimates, assumptions, and judgments at the given point in time. There is a risk that these judgments, estimates, or assumptions may subsequently prove to be incorrect and/or, to the extent legally required, may need to be restated or changed. In addition, the underlying data, systems, and controls that support non-financial reporting are generally considerably less sophisticated than the systems and internal control for financial reporting and rely on manual processes. This may result in non-comparable information between organizations and/or between reporting periods within organizations as methodologies continue to develop and/or be socialized. The further development of or changes to accounting and/or reporting standards could materially impact the performance metrics, data points, and targets contained in the presentation, and the reader may not be able to compare non-financial information performance metrics, data points, or targets between reporting periods on a direct like-for-like basis. Additionally, the information disclosed in this presentation may contain references to "green," "social," "sustainable," or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a "green", "social", or "sustainable" or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as "green", "social", or "sustainable" or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that our activities, products, or assets and/or reporting of such activities and/or reporting of those activities, products, or assets will meet any present or future expectations or requirements for describing or classifying such activities, products, or assets as "green", "social", or "sustainable" or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time. Cautionary Statement Regarding Forward-Looking ESG or Sustainability Statements Certain sections in the presentation may contain ESG- or sustainability-related forward-looking statements, such as aims, ambitions, estimates, forecasts, plans, projections, targets, goals and other metrics, including but not limited to: climate and emissions, business and human rights, corporate governance, research and development and partnerships, development of products and services that intend to address sustainability-related concerns and sustainability related targets/ambitions when finalized, including the implementation of technologies and other initiatives that aim to reduce and/or capture CO2 emissions. These forward-looking statements may also include references to specific programs, such as our "Future in Action" climate action program, as well various ESG-related indicators, objectives or metrics disclosed previously or that may be disclosed in the future, none of which are guarantees and any and all of which may ultimately not be achieved or may be abandoned at any time, whether in part, in full, or within any specific timeframe. There are many significant uncertainties, assumptions, judgements, opinions, estimates, forecasts and statements made of future expectations underlying these forward-looking statements which could cause actual results, performance, outcomes or events to differ materially from those expressed or implied in these forward-looking statements, which include, but are not limited to: the extent and pace of climate change, including the timing and manifestation of physical and transition risks; the macroeconomic environment; uncertainty around future climate- related policy, including the timely implementation and integration of adequate government policies; the effectiveness of actions of governments, legislators, regulators, businesses, investors, customers, and other stakeholders to mitigate the impact of climate and sustainability-related risks; changes in customer behavior and demand, changes in the available technology for mitigation and the effectiveness of any such technologies, as some of these new technologies may be unproven; excessive costs and expenses related to acquire and/or develop technology for mitigation; the roll-out of low carbon infrastructure; the availability and adoption of renewable energy within in our value chain; the development of carbon capture, circular utilization, and sequestration technologies, including the adoption of cost- effective carbon-related technologies such as carbon capture, utilization, and storage ; the availability of accurate, verifiable, reliable, consistent, and comparable climate-related data; lack of transparency and comparability of climate-related forward-looking methodologies; variation in approaches and outcomes, as variations in methodologies may lead to under or overestimates and consequently present exaggerated indication of climate-related risk; and reliance on assumptions and future uncertainty (calculations of forward-looking metrics are complex and require many methodological choices and assumptions). Accordingly, undue reliance should not be placed on these forward-looking statements. Furthermore, changing national and international standards, industry and scientific practices, regulatory requirements, and market expectations regarding climate change, which remain under continuous development, are subject to different interpretations. There can be no assurance that these standards, practices, requirements, and expectations will not be interpreted differently than our understanding when defining sustainability-related ambitions and targets or change in a manner that substantially increases the cost or effort for us to achieve such ambitions and targets. UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS, BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE 2 2 Copyright Cemex, S.A.B. de C.V. and its subsidiaries

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Our Strategic Framework Operational Best-in-class operational Continuously Excellence performance with assess all assets on a increased return on capital profitability and FCF basis generation Shareholder return Disciplined capital allocation with Build robust growth strategy shareholder return focusing on small to platform mid-side M&A in US 3

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3Q25 Highlights As anticipated, stronger results across all regions in third quarter Double-digit EBITDA growth with relevant margin expansion and strong FCF from operations Project Cutting Edge delivering ~$90 M in EBITDA savings in 3Q25 1 Portfolio rebalancing: Sale of Panama with acquisition of majority stake in aggregates producer in southeastern U.S. Progress in decarbonization: Cemex Europe already achieved 2 European Cement Association's 2030 net CO emissions target 2 1) On October 3rd , 2025, Cemex successfully closed the divestment of its cement, ready-mix, aggregates assets, and rights to acquire reserves in Panama, while retaining the admixtures business. 2) Excluding downstream reductions in ready-mix and construction carbonation. 4

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3Q results surpassing recovery expectations Net Sales EBITDA EBITDA Controlling FCF from Margin Interest Net Operations Income +2% l-t-l +16% l-t-l +5% +19% +2.5pp +190% FCF from 4,245 882 20.8% 539 -35% Operations 4,055 18.3% 1 conversion rate of 406 41% on a trailing 743 twelve-month basis 264 186 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 12,282 11,952 2,382 2,299 19.4% 19.2% 891 1,316 303 473 YTD: -1% l-t-l -1% l-t-l -0.2 pp +48% +56% Millions of U.S. dollars Happy Residence for Seniors, Montpellier, France. Built with Insularis, part of the Vertua family of sustainable products 1) Free cash flow conversion = FCF from Operations / EBITDA on Trailing Twelve Months basis as of September 2025 5

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EMEA volume growth offsetting improving trends in other regions CONSOLIDATED VOLUMES 3Q25 YoY % Volume Growth YoY % Volume Growth (l-t-l) 7% 0% 4% 0% 1% USA -1% -3% EUROPE 5% (2%) 3% (3%) (6%) (6%) -1% -1% (2%) (2%) (3%) MEX 6% 5% -6% 3% -10% EMEA -12% (11%) (11%) (15%) Year-to-date 7% 6% 4% 1 Cement 5% Ready-mix SCAC Aggregates -7% -10% 3% (1%) (6%) 6 1) Domestic gray cement

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Higher YoY prices contributing to EBITDA growth 3Q25 Pricing CONSOLIDATED PRICES YoY and QoQ% 3Q25 (l-t-l) 3% 6% 1% 2% EUROPE 1% USA 0% -3% -3% -3% (1%) (1%) (2%) 0% -1% -1% 6% 6% 6% (1%) 0% 0% 4% MEX EMEA 1% 1% 0% (2%) -2% Sequential (2Q25 to 3Q25) 5% 1 1% (2%) (2%) Cement 3% Ready-mix Aggregates SCAC -3% (2%) (1%) (1%) 1) Domestic gray cement 7 Note: All price variations are based on FOB prices. For Cemex and all its regions, prices are calculated on a volume-weighted average basis at constant foreign-exchange rates

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Quarterly EBITDA propelled by Project Cutting Edge EBITDA +16% +19% 882 861 21 -4 6 26 11 35 44 743 1 3Q24 Volume Price V. Cost F. Cost SG&A Dist. Exp. Other 3Q25 FX 3Q25 l-t-l reported EBITDA +2.5pp margin 18.3% 20.8% 8 Millions of U.S. dollars

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Project Cutting Edge: Improvement visible across the board with incremental savings in 2026 EBITDA Savings (US$ M) 35 400 3Q25 YoY 165 35 Improvements EBITDA COGS Op. Exp. 125 Overhead 200 Margin as % of as % of Sales Sales Mexico +5.0pp -2.1pp -2.4pp 95 40 US +1.2pp -0.6pp -0.5pp 45 EMEA +1.7pp -1.4pp -0.5pp 50 SCAC +6.8pp -4.6pp -1.3pp 90 Operating 200 Cemex +2.5pp -0.7pp -1.6pp 30 60 15 EBIT: +28% YoY EBITDA: +19% YoY 1H25 3Q25 4Q25 2026 2027 Recurrent savings ACHIEVED EXPECTED 9

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Our Portfolio rebalancing approach: A case study Reallocating Acquisition of majority part of the Divestment proceeds to a stake in 1 higher return of Panama Couch Aggregates opportunity in the U.S. Implied transaction multiple of a high single digit after synergies EV of ~US$200 M, representing an 2 EV/EBITDA multiple Investment expected to offset loss of of ~12x EBITDA from sale of Panama in short term Strengthening our U.S. aggregates footprint 1) On October 3rd , 2025, Cemex successfully closed the divestment of its cement, ready-mix, aggregates assets, and rights to acquire reserves in Panama, while retaining the admixtures business. 2) Adjusted EBITDA for the 12 months ended August 31, 2025. 10

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Regional Highlights Aldea Nizuc, Cancún, Mexico 11

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Mexico: Solid EBITDA & margin growth YTD Millions of U.S. dollars 3Q25 3Q25 Sales 1,117 3,158 % YoY (l-t-l) (5%) (10%) EBITDA 369 1,025 % YoY (l-t-l) 11% (6%) EBITDA margin 33.1% 32.4% pp var 5.0pp 1.3pp • Anticipated recovery materializing with robust growth in EBITDA and highest margin since 2021 • Volume trend pointing to stabilization of demand conditions • Mid-single digit price increases in our three core products, since December • Cemex participating in several projects under government sponsored housing program, Viviendas para el Bienestar • Rollout of investment in rural roads, railroad projects, and infrastructure related to 2026 World Cup • Operating leverage to support profitability as volumes improve MIYANA building, Mexico City, Mexico 12

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U.S.: Record 3Q EBITDA margin YTD Millions of U.S. dollars 3Q25 3Q25 Sales 1,310 3,806 % YoY (l-t-l) (2%) (4%) EBITDA 269 738 AGGS % YoY (l-t-l) 4% (7%) 38% EBITDA margin 20.6% 19.4% 3Q25 pp var 1.3pp (0.6pp) EBITDA 21% • Volumes for three core products declining 1%, like-to-like, reflecting 41% RMX & softness in residential sector Urb. Sol. CEM • Relatively stable sequential prices for all three core products; aggregates prices up 5% vs. 4Q24, on a mixed adjusted basis • Higher cement kiln efficiency leading to relevant profitability gains • Recent investments in aggregates expected to increase our production capacity by ~10% in 2026 • Optimistic on infrastructure and industrial outlook, with additional benefits from operating leverage once demand recovers Brickell Flatiron, Miami, United States 13

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EMEA: Continued robust performance YTD Millions of U.S. dollars 3Q25 3Q25 Sales 1,379 3,790 % YoY (l-t-l) 5% 6% EBITDA 247 593 % YoY (l-t-l) 17% 25% Europe EBITDA margin 17.9% 15.7% 74% pp var 1.7pp 2.5pp 3Q25 EBITDA • New records in EBITDA and margins in both Europe and Middle East & 26% Africa MEA • Higher sequential cement prices in the Middle East & Africa more than offset performance in Europe, mainly explained by geographic mix • In Europe, cement volumes driven mainly by Eastern Europe and Spain, with stable dynamics in Germany and the UK • Fundamentals in the Middle East & Africa remain constructive • Expect positive outlook in infrastructure and further recovery in residential • Tightening EU ETS carbon allocations and CBAM to be supportive of European pricing in 2026 Îlot Saint-Germain Project, Paris, France 14

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SCAC: Strong growth largely driven by debottlenecking project in Jamaica YTD Millions of U.S. dollars 3Q25 3Q25 Sales 295 855 % YoY (l-t-l) 5% 4% TCL EBITDA 64 166 47% % YoY (l-t-l) 54% 8% 3Q25 28% Rest EBITDA margin 21.6% 19.4% EBITDA pp var 6.8pp 0.8pp 25% COL • Strong results driven by higher domestic production in Jamaica, after completion of debottlenecking project and a favorable comparison base • Volumes benefited from rebound in bagged cement and Metro project in Colombia, and tourism related developments in Jamaica • Sequential price variation mainly explained by regional mix effect • Optimistic on the medium-term outlook, with improvement in consumer sentiment and formal construction expected to drive demand Feeling Residential Housing, Medellín, Colombia 15

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Financial Developments Pelješac Bridge, Pelješac, Croatia Built with Vertua Concrete, part of our Vertua family of products with sustainable attributes

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FCF Acceleration on improved profitability and seasonal turnaround in working capital Controlling Net Income FCF 3Q24 3Q25 YTD 24 YTD 25 1,316 1 conversion EBITDA 743 882 2,382 2,299 +600bps 891 Net interest paid -129 -104 -412 -314 41% Maint. capex & lease -244 -224 -608 -605 payments Working Capital 161 132 -413 -545 YTD 24 YTD 25 35% Net taxes paid -362 -87 -795 -223 Other cash expenditures -15 -67 8 -219 Avg. WC days Sale of fixed assets 9 8 35 88 YTD 24 YTD 25 FCF from discontinued 23 -2 104 -8 operations FCF from Operations 186 539 303 473 2 -5 FY 2024 TTM Sep 25 -10 Millions of U.S. dollars 1) Free cash flow conversion = FCF from Operations / EBITDA 2) TTM = Trailing Twelve Months as of September 2025 17

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2025 Outlook Gilbert Chabroux School, Lyon, France Built with Insularis, part of our Vertua family of products with sustainable attributes

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1 Outlook 2025 EBITDA Flat performance with potential upside Energy cost/ton of cement produced High single-digit % decrease ~$850 million Maintenance Capital expenditures ~$550 million Growth Investment in working capital $0 to $50 million investment Cash taxes ~$350 million 2 Net interest paid ~$125 million decrease 1) Reflects Cemex's expectations as of October 28, 2025 2) Including the coupons of subordinated notes with no fixed maturity and the effect of our cross-currency and interest rate swaps 19

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Appendix International Museum of Baroque, Puebla, Mexico

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1 2025 volume guidance : selected countries/regions Cement Ready-mix Aggregates Low-single digit decline Low-single digit decline Low-single digit decline Cemex High-single digit decline High-single digit decline High-single digit decline Mexico Low-single digit decline Mid-single digit decline Mid-single digit decline USA EMEA Mid-single digit increase Mid-single digit increase Low-single digit increase Europe Mid-single digit increase Flat Flat MEA Double-digit increase Double-digit increase High-single digit increase Low-single digit increase Low-single digit decline N/A SCAC 1) Reflects Cemex's expectations as of October 28, 2025. Volumes on a like-to-like basis. All volume guidance in this slide means in percentage terms vs 2024. 2) Guidance highlighted in green denotes an upward adjustment vs. previous guidance; guidance highlighted in orange denotes a downward adjustment vs. previous guidance. 21

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Urbanization Solutions Sales EBITDA -14% l-t-l -11% l-t-l -17% -12% 271 1,826 238 15% 1,524 Circularity 23% 12% 25% 17% Industrialized 13% Construction 13% 9% 25% 21% Related 50% 44% Services Performance 39% 45% 22% 26% Materials YTD 3Q24 YTD 3Q25 YTD 3Q24 YTD 3Q25 EBITDA 14.9% 15.6% +0.8pp margin MEX US EMEA SCAC MEX US EMEA SCAC By region 4% 38% 31% 27% 28% 27% 36% 9% YTD 3Q25 Millions of U.S. dollars Calzada del Valle, San Pedro Garza García, Mexico 22

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Consolidated volumes and prices YTD 3Q25 vs. 3Q25 vs. 3Q24 3Q25 vs. 2Q25 YTD 3Q24 Volume (2%) (0%) (1%) Domestic gray Price (USD) (2%) 5% 2% cement Price (l-t-l) 1% 2% 0% Volume (2%) (1%) 5% Ready mix Price (USD) 1% 4% 0% Price (l-t-l) 1% 1% (1%) Volume (3%) (1%) 5% Aggregates Price (USD) 4% 6% (0%) Price (l-t-l) 3% 3% (1%) All price variations are based on FOB prices. Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates 23

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3Q25 volume and price summary Domestic gray cement Ready mix Aggregates 3Q25 vs. 3Q24 3Q25 vs. 3Q24 3Q25 vs. 3Q24 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico (6%) 10% 6% (12%) 10% 6% (10%) 10% 6% U.S. (1%) (3%) (3%) (3%) 0% 0% (0%) 6% 6% EMEA 5% 9% 4% 6% 8% 1% 3% 3% (2%) Europe 7% 2% (3%) 1% 7% 1% 4% 1% (3%) MEA (2%) 58% 57% 13% 12% 3% 1% 12% 1% SCAC 5% 3% 3% (7%) 7% 5% (10%) (1%) (3%) All price variations are based on FOB prices. Price (LC) for EMEA, Europe, MEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates. 24

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YTD 3Q25 volume and price summary Domestic gray cement Ready mix Aggregates YTD 3Q25 vs. YTD 3Q24 YTD 3Q25 vs. YTD 3Q24 YTD 3Q25 vs. YTD 3Q24 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico (11%) (4%) 5% (11%) (3%) 6% (15%) (4%) 4% U.S. (3%) (2%) (2%) (6%) 1% 1% (6%) 5% 5% EMEA 7% 4% 2% 6% 5% 1% 4% 2% (2%) Europe 5% 2% (2%) (2%) 6% 2% 3% 1% (3%) MEA 12% 32% 49% 21% 8% 3% 9% 8% 2% SCAC 3% 1% 2% (1%) 3% 6% (6%) (2%) 0% All price variations are based on FOB prices. Price (LC) for EMEA, Europe, MEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates. 25

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Net Debt Variation QoQ Net Debt Waterfall (US$ M) -$164 5,756 5,592 87 (539) 44 40 33 55 117 1 Net debt FCF from Growth capex Acquisitions and Dividends Inv. in intangible Coupons on Others net Net debt June operations divestments assets subordinated September 2025 notes 2025 YTD Net Debt Waterfall (US$ M) -$245 5,836 5,592 (473) 371 314 (801) 99 150 95 1 Net debt FCF from Growth capex Acquisitions and Dividends Inv. in intangible Coupons on Others net Net debt December operations divestments assets subordinated September 2024 notes 2025 1) Others net, for both 3Q25 and Jan-Sept 2025 is largely explained by FX conversion effect and activities related to our stock compensation plan. 26

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Debt maturity profile as of September 30, 2025 1 1 Total debt as of September 30, 2025: $6,789 million Total debt by instrument Average life of debt: 3.7 years 54% Main bank debt agreements 27% Other bank debt Fixed Income 17% Leases 2% 1,432 1,263 1,169 991 938 901 96 2025 2026 2027 2028 2029 2030 2031 Millions of U.S. dollars 27 1) Total debt excluding subordinated notes

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Additional information on debt Third Quarter Second Quarter Euro 2024 2025 % var 2025 21% 1 7,512 6,789 (10%) 6,921 Total debt 3 Currency U.S. Short-term 5% 11% 13% dollar denomination MXN 68% 7% Long-term 95% 89% 87% Other 3% Cash and cash equivalents 422 1,198 184% 1,166 Net debt 7,090 5,592 (21%) 5,756 2 7,191 5,666 (21%) 5,839 Net debt per bank agreements 2 2.22 1.88 2.05 Leverage ratio 2 7.28 7.86 7.12 Coverage ratio 3 Variable Interest rate Fixed 33% 67% Millions of U.S. dollars. 1) Includes leases, in accordance with IFRS 2) Calculated in accordance with our contractual obligations under our main bank debt agreements 3) Includes the effect of our interest rate and cross-currency derivatives, as applicable 28

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Notes and Definitions SCAC South, Central America and the Caribbean EMEA Europe, Middle East and Africa MEA Middle East, and Africa When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed Cement from total domestic cement including clinker to domestic gray cement) LC Local currency l-t-l (like to like) On a like-to-like basis adjusting for currency fluctuations and for investments/divestments when applicable Investments incurred for the purpose of ensuring the company's operational continuity. These include capital expenditures on projects required to replace Maintenance capital obsolete assets or maintain current operational levels, and mandatory capital expenditures, which are projects required to comply with governmental expenditures regulations or company policies When referring to reportable segment sales, revenues are presented before eliminations of intragroup transactions. When referring to Consolidated Sales Sales, these represent the total revenues (Net Sales) of the company as reported in the financial statements. EBIT Means Operating earnings before other expenses, net EBITDA Means Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization EBITDA margin Means Operating EBITDA margin: which is calculated by dividing our "Operating EBITDA" by our sales Free cash flow from Cemex defines it as Operating EBITDA minus net interest paid, maintenance capital expenditures, maintenance lease payments, fixed asset sales, change operations in working capital, net taxes paid, and other cash expenditures Investment in intangible assets Investments and expenses incurred in the development of internal-use software, industrial property, and trademarks. IFRS International Financial Reporting Standards, as issued by the International Accounting Standards Board Pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products Growth capital expenditures Investments incurred with the purpose of increasing the company's profitability. These include capital expenditures on projects designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs USD/U.S. dollars U.S. dollars % YoY Year-over-year percentage variation for the same period of the previous year 29

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Contact Information Investors Relations Stock Information In the United States: NYSE (ADS): +1 877 7CX NYSE CX In Mexico: Mexican Stock Exchange +52 81 8888 4327 (CPO): CEMEX.CPO ir@cemex.com Ratio of CPO to ADS: 10 to 1