# EDGAR Filing Document

**Accession Number:** 0001076378
**File Stem:** 0001193125-23-036215
**Filing Date:** 2023-2
**Character Count:** 66632
**Document Hash:** 6d099a932125052bab00e2e0179845e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-036215.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001193125-23-036215

**CONFORMED SUBMISSION TYPE**: 6-K/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20230213

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230213

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 6-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14946
- **FILM NUMBER:** 23620698

**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

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM 6-K/A** 

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**REPORT OF FOREIGN PRIVATE ISSUER** 

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

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

**For the month of February 2023** 

**Commission File Number: 001-14946** 

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## 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)** 

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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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**Explanatory Note** 

CEMEX, S.A.B. de C.V. ("CEMEX") (NYSE: CX) is furnishing this Amendment on Form 6-K/A (this "Amendment") to CEMEX's fourth quarter 2022 results included in its Report on Form 6-K, furnished on February 13, 2022 (the "Original 6-K"), solely to correct certain information contained in the Original 6-K. On the "*Operating Results*" section, "*Europe, Middle East, Africa and Asia*" subsection, in page 4 of Exhibit 2 in the Original 6-K (Page 10 of the Original 6-K), the following changes should be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The second to last sentence of the fourth paragraph, regarding the Philippines, should read "Sales in the
country increased 4% during the quarter, while EBITDA and EBITDA margin decreased by  **<u>55%</u>** and  **<u>10.6pp</u>** respectively, mainly due to higher energy costs and maintenance" and not "Sales in the country increased 4%
during the quarter, while EBITDA and EBITDA margin decreased by  **<u>91%</u>** and  **<u>10.9pp</u>** respectively, mainly due to higher energy costs and maintenance."

Except as specifically described in this explanatory note, this Amendment does not amend, modify or update any disclosures contained in the Original 6-K, including with respect to any events occurring after the furnishing of the Original 6-K.

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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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| | | |
|:---|:---|:---|
|  | CEMEX, S.A.B. de C.V. | CEMEX, S.A.B. de C.V. |
|  | (Registrant) | (Registrant) |
|  Date: February 13, 2023 | By: | /s/ Rafael Garza |
|  |  | Name: Rafael Garza |
|  |  | Title: Chief Comptroller |

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| EXHIBIT<br> NO. | DESCRIPTION |
| 1. | Fourth quarter 2022 results for CEMEX, S.A.B. de C.V. (NYSE: CX) (Corrected). |

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## Exhibit 99.1

**Exhibit 1**![LOGO](g447708g0212011647563.jpg)

![LOGO](g447708g0212011647969.jpg)

**Fourth Quarter Results 2022**![LOGO](g447708g0212011647844.jpg)

*Crédit Agricole Building, Nimes, France*

*Built with Vertua Concrete, part of our Vertua family of sustainable products*

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| | |
|:---|:---|
| **Stock Listing Information** | **Investor Relations** |
| NYSE (ADS) | In the United States: |
| Ticker: CX | + 1 877 7CX NYSE |
| Mexican Stock Exchange | In Mexico: |
| Ticker: CEMEXCPO | + 52 (81) 8888 4292 |
| Ratio of CEMEXCPO to CX = 10:1 | E-Mail: ir@cemex.com |

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![LOGO](g447708g0212013329942.jpg)

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| | |
|:---|:---|
| Operating and financial highlights | ![LOGO](g447708g1027074709773.jpg) <br>|

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | | | | **l-t-l** | | | | **l-t-l** |
|  | **2022** | **2021** | **% var** | **% var** | **2022** | **2021** | **% var** | **% var** |
|  Consolidated cement volume | 63376 | 66970 | (5%) |  | 15569 | 16500 | (6%) |  |
|  Consolidated ready-mix volume | 50141 | 49239 | 2% |  | 12107 | 12542 | (3%) |  |
|  Consolidated aggregates volume | 139210 | 136995 | 2% |  | 33654 | 34769 | (3%) |  |
|  Net sales | 15577 | 14379 | 8% | 12% | 3869 | 3573 | 8% | 12% |
|  Gross profit | 4822 | 4636 | 4% | 7% | 1208 | 1080 | 12% | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as % of net sales | 31.0% | 32.2% | (1.2pp) |  | 31.2% | 30.2% | 1.0pp |  |
|  Operating earnings before other income and expenses, net | 1561 | 1718 | (9%) | (8%) | 361 | 361 | (0%) | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as % of net sales | 10.0% | 12.0% | (2.0pp) |  | 9.3% | 10.1% | (0.8pp) |  |
|  SG&A expenses as % of net sales | 8.0% | 7.6% | 0.4pp |  | 8.5% | 7.9% | 0.6pp |  |
|  Controlling interest net income (loss) | 858 | 753 | 14% |  | (99) | 195 | N/A |  |
|  Operating EBITDA | 2681 | 2839 | (6%) | (3%) | 630 | 644 | (2%) | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as % of net sales | 17.2% | 19.7% | (2.5pp) |  | 16.3% | 18.0% | (1.7pp) |  |
|  Free cash flow after maintenance capital expenditures | 553 | 1101 | (50%) |  | 391 | 332 | 18% |  |
|  Free cash flow | 78 | 722 | (89%) |  | 201 | 227 | (12%) |  |
|  Total debt | 8147 | 8555 | (5%) |  | 8147 | 8555 | (5%) |  |
|  Earnings (loss) of continuing operations per ADS | 0.36 | 0.53 | (32%) |  | (0.12) | 0.16 | N/A |  |
|  Fully diluted earnings (loss) of continuing operations per ADS <sup>(1)</sup> | 0.36 | 0.53 | (32%) |  | (0.12) | 0.16 | N/A |  |
|  Average ADSs outstanding | 1478 | 1495 | (1%) |  | 1475 | 1495 | (1%) |  |
|  Employees | 43535 | 45972 | (5%) |  | 43535 | 45972 | (5%) |  |

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This information does not include discontinued operations. Please see page 14 of this report for additional information.

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.

Please refer to page 13 for end-of quarter CPO-equivalent units outstanding.

**Consolidated net sales** in the fourth quarter of 2022 reached US$3.9 billion, an increase of 12% on a like-to-like basis, compared to the fourth quarter of 2021. Higher prices in local currency terms in all our regions were the main driver of our top line growth.

**Cost of sales,** as a percentage of net sales, decreased by 1.0pp to 68.8% during the fourth quarter of 2022, from 69.8% in the same period last year, as pricing strategy for our products catches up to cost inflation.

**Operating expenses,** as a percentage of net sales, increased by 1.8pp to 21.9% during the fourth quarter of 2022 compared with the same period last year, mainly due to higher logistic and distribution expenses.

**Operating EBITDA** in the fourth quarter of 2022 reached US$630 million, decreasing 1% on a like-to-like basis. EBITDA was higher in in three of our four regions, with the US and Europe growing double digit and high single digit, respectively.

**Operating EBITDA margin** decreased by 1.7pp from 18.0% in the fourth quarter of 2021 to 16.3% this quarter. While EBITDA margin declined, the contraction was the lowest of the year,

**Controlling interest net income (loss)** resulted in a loss of US$99 million in the fourth quarter of 2022 versus a gain of US$195 million in the same quarter of 2021. The loss primarily reflects a non-cash impairment of goodwill and fixed assets of ~US$390 million. The write-down primarily affects assets in the US and Spain, and results from global high inflationary environment and increasing interest rates.

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|:---|:---|
| **2022** Fourth Quarter Results | Page 2 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Mexico** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January – December** | **January – December** | **January – December** | **January – December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** | **% var** | **l-t-l% var** | **2022** | **2021** | **% var** | **l-t-l% var** |
|  Net sales | 3842 | 3466 | 11% | 9% | 1016 | 841 | 21% | 13% |
|  Operating EBITDA | 1133 | 1163 | (3%) | (5%) | 271 | 243 | 11% | 4% |
|  Operating EBITDA margin | 29.5% | 33.6% | (4.1pp) |  | 26.7% | 28.9% | (2.2pp) |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage<br>variation* | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** |
|  Volume | (8%) | (5%) | 10% | 9% | 4% | 4% |
|  Price (USD) | 19% | 26% | 18% | 25% | 22% | 26% |
|  Price (local currency) | 16% | 19% | 15% | 18% | 19% | 18% |

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In **Mexico**, quarterly EBITDA grew for the first time in over a year mainly due to our pricing efforts for our products, which are catching up to the sharp rise in inflation we experienced in our business beginning in second quarter, 2022.

With continued inflation pressuring retail demand, bagged cement volumes moderated in fourth quarter, while bulk grew high-single digit. Total gray domestic cement volumes were down 5% in fourth quarter. Ready-mix and aggregates volumes increased 9% and 4%, respectively, reflecting strength in the formal sector.

Demand in the formal sector continued to benefit from nearshoring investments in border states, tourism construction in the peninsulas, and distribution and logistics activity in the central part of the country.

We remain committed to recovering margins and, with that objective, we announced price increases for all our products effective January 1<sup>st</sup>, 2023.

**United States** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January – December** | **January – December** | **January – December** | **January – December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** | **% var** | **l-t-l% var** | **2022** | **2021** | **% var** | **l-t-l% var** |
|  Net sales | 5038 | 4355 | 16% | 16% | 1221 | 1094 | 12% | 12% |
|  Operating EBITDA | 762 | 762 | (0%) | (0%) | 202 | 174 | 16% | 16% |
|  Operating EBITDA margin | 15.1% | 17.5% | (2.4pp) |  | 16.5% | 15.9% | 0.6pp |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage<br>variation* | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** |
|  Volume | 1% | (7%) | 0% | (7%) | 3% | (6%) |
|  Price (USD) | 16% | 21% | 15% | 22% | 16% | 25% |
|  Price (local currency) | 16% | 21% | 15% | 22% | 16% | 25% |

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|:---|:---|
| **2022** Fourth Quarter Results | Page 3 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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In the **United States**, our EBITDA grew to a record high reported for a fourth quarter<sup>(1)</sup>, despite bad weather through much of our footprint. EBITDA margin in the quarter expanded for the first time since early 2021, while sequential margin also improved for the second straight quarter, benefiting from higher prices, lower maintenance, and product mix.

Prices for cement, ready-mix, and aggregates grew between 21% and 25% year-over-year, and between 3% and 8% on a sequential basis due to price increases in several markets during the quarter. Cement, ready-mix, and aggregates volumes decreased mid-single digits as a result of difficult weather conditions in many of our markets.

As we aim to recover margins, we implemented price increases for our products in January that reflect the cumulative input cost inflation we have experienced across our portfolio.

**Europe, Middle East, Africa and Asia** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** | **% var** | **l-t-l% var** | **2022** | **2021** | **% var** | **l-t-l% var** |
|  Net sales | 4930 | 4825 | 2% | 14% | 1199 | 1197 | 0% | 14% |
|  Operating EBITDA | 670 | 676 | (1%) | 11% | 146 | 165 | (12%) | 2% |
|  Operating EBITDA margin | 13.6% | 14.0% | (0.4pp) |  | 12.2% | 13.8% | (1.6pp) |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage<br>variation* | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** |
|  Volume | (1%) | (2%) | (1%) | (6%) | (0%) | (5%) |
|  Price (USD) | 9% | 9% | 3% | 4% | (1%) | 0% |
|  Price (local currency) (\*) | 23% | 27% | 13% | 16% | 10% | 13% |

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In **EMEA**, sales and EBITDA grew double-digit in 2022. During the fourth quarter, sales continued to show strong growth driven by pricing, while EBITDA growth slowed primarily due to energy costs, declining volumes, and higher maintenance. Pricing remained strong. with sequential increases in our cement and ready-mix, reflecting fourth quarter price increases in several markets.

**Europe** showed strong cement pricing momentum with a 5% sequential increase and 35% year-over-year increase. EBITDA grew 9% in the fourth quarter largely due to our pricing efforts, while volumes declined as a result of a weaker demand in the region.

During the year, our European operations continued leading the way on Climate Action, achieving a 41% reduction in carbon emissions since 1990. The region is well on its way to achieving the EU emissions reduction target of at least a 55% reduction versus the 1990 baseline by 2030.

In the **Philippines**, cement volumes declined 5% during the fourth quarter as the country transitions to a new government and macro challenges impact demand. Domestic cement prices were 9% higher for 4Q22, as price increases adjusted to input cost inflation. Sales in the country increased 4% during the quarter, while EBITDA and EBITDA margin decreased by 55% and 10.6pp respectively, mainly due to higher energy costs and maintenance. The expected date of completion of the new line of our Solid Cement Plant is end of 1Q24.

Sequentially, our domestic cement price in the fourth quarter of 2022 saw a slight and temporary downward adjustment, mainly due to discounts and rebates.

Our operations in **Egypt** and **Israel** continued to show strong top line and EBITDA growth.

(1) On a reported basis since 2007

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

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|:---|:---|
| **2022** Fourth Quarter Results | Page 4 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**South, Central America and the Caribbean** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** | **% var** | **l-t-l% var** | **2022** | **2021** | **% var** | **l-t-l% var** |
|  Net sales | 1605 | 1567 | 2% | 6% | 377 | 391 | (4%) | 2% |
|  Operating EBITDA | 382 | 421 | (9%) | (8%) | 84 | 99 | (15%) | (13%) |
|  Operating EBITDA margin | 23.8% | 26.9% | (3.1pp) |  | 22.4% | 25.4% | (3.0pp) |  |

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Domestic gray cement** | **Domestic gray cement** | **Ready-mix** | **Ready-mix** | **Aggregates** | **Aggregates** |
| *Year-over-year percentage<br>variation* | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** | **January - December** | **Fourth Quarter** |
|  Volume | (7%) | (10%) | 11% | 5% | 5% | 2% |
|  Price (USD) | 8% | 6% | (6%) | (8%) | (0%) | 1% |
|  Price (local currency) (\*) | 12% | 12% | 2% | 6% | 9% | 17% |

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In our **South, Central America and the Caribbean** region, our sales grew 2% mainly driven by a 12% cement price increase in local currency terms.

While informal sector cement volumes declined due to a post-pandemic rebalancing of retail demand. Volumes of bulk cement, ready-mix and aggregates continue to grow, supported by formal sector demand, mainly industrial and residential.

As a result of higher energy costs, together with freight and raw materials costs, EBITDA fell 13% while EBITDA margin declined 3.0 percentage points during the quarter.

In the **Dominican Republic**, our largest market in SCAC, cement volumes declined 2% in the quarter due to a drop in retail cement demand, partially offset by higher bulk cement demand related to tourism projects. Cement prices increased 21% in local currency terms for the quarter.

In **Colombia**, cement prices increased 11% in local currency terms and cement volumes improved 2% driven by the social housing segment.

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

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| **2022** Fourth Quarter Results | Page 5 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Operating EBITDA and free cash flow** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** | **% var** | **2022** | **2021** | **% var** |
|  **Operating earnings before other income and expenses, net** | 1561 | 1718 | (9%) | 361 | 361 | (0%) |
|  + Depreciation and operating amortization | 1120 | 1120 |  | 270 | 283 |  |
|  **Operating EBITDA** | 2681 | 2839 | (6%) | 630 | 644 | (2%) |
|  - Net financial expense | 529 | 574 |  | 132 | 123 |  |
|  - Maintenance capital expenditures | 888 | 706 |  | 301 | 333 |  |
|  - Change in working capital | 515 | 137 |  | (307) | (254) |  |
|  - Taxes paid | 197 | 194 |  | 41 | 40 |  |
|  - Other cash items (net) | 6 | 152 |  | 74 | 88 |  |
|  - Free cash flow discontinued operations | (6) | (25) |  | (3) | (18) |  |
|  **Free cash flow after maintenance capital expenditures** | 553 | 1101 | (50%) | 391 | 332 | 18% |
|  - Strategic capital expenditures | 475 | 380 |  | 191 | 105 |  |
|  **Free cash flow** | 78 | 722 | (89%) | 201 | 227 | (12%) |

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

FCF after maintenance capex for full year 2022 was lower than last year's mainly due to a higher investment in working capital and maintenance capex. The higher investment in working capital reflects strong revenue growth and the inflationary impact on inventory, as well as the need to run higher inventories to address persistent supply chain issues. As is typical for fourth quarter, we experienced strong free cash flow after maintenance capex conversion, generating close to US$60 million more than the prior year.

**Information on debt**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fourth Quarter** | **Fourth Quarter** | | |  | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** |<br>**% var** | **Third<br>Quarter**<br>**2022** |  | **2022** | **2021** |
|  Total debt <sup>(1)</sup> | 8147 | 8555 | (5%) | 8188 | **Currency denomination<sup>(3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term | 4% | 4% |  | 5% | U.S. dollar | 78% | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term | 96% | 96% |  | 95% | Euro | 14% | 8% |
|  Cash and cash equivalents | 495 | 613 | (19%) | 397 | Mexican peso | 4% | 4% |
|  Net debt | 7652 | 7942 | (4%) | 7791 | Other | 4% | 5% |
|  Consolidated net debt <sup>(2)</sup> | 7620 | 7921 |  | 7669 | **Interest rate<sup>(4)</sup>** |  |  |
|  Consolidated leverage ratio <sup>(2)</sup> | 2.84 | 2.73 |  | 2.82 | Fixed | 71% | 90% |
|  Consolidated coverage ratio <sup>(2)</sup> | 6.27 | 5.99 |  | 6.51 | Variable | 29% | 10% |

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*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> Information for 2021 includes the effect of our EUR-USD cross-currency swap, which was fully unwound during 4Q22.

<sup>(4)</sup> Includes the effect of our interest rate derivatives, as applicable.

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| **2022** Fourth Quarter Results | Page 6 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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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)** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | | | | **like-to-like** | | | | **like-to-like** |
|  | **2022** | **2021** | **% var** | **% var** | **2022** | **2021** | **% var** | **% var** |
|  **STATEMENT OF OPERATIONS** |  |  |  |  |  |  |  |  |
|  Net sales | 15576819 | 14378620 | 8% | 12% | 3868517 | 3572662 | 8% | 12% |
|  Cost of sales | (10754908) | (9742903) | (10%) |  | (2660572) | (2492442) | (7%) |  |
|  **Gross profit** | **4821911** | **4635717** | **4%** | **7%** | **1207945** | **1080220** | **12%** | **13%** |
|  Operating expenses | (3261376) | (2917261) | (12%) |  | (847045) | (718803) | (18%) |  |
|  **Operating earnings before other income and expenses, net** | **1560535** | **1718456** | **(9** **%)** | **(8** **%)** | **360901** | **361416** | **(0** **%)** | **(1** **%)** |
|  Other expenses, net | (467275) | (82423) | (467%) |  | (460997) | (74476) | (519%) |  |
|  **Operating earnings** | **1093260** | **1636033** | **(33** **%)** |  | **(100097)** | **286941** | **N/A** |  |
|  Financial expense | (401387) | (658178) | 39% |  | (136408) | (134774) | (1%) |  |
|  Other financial income (expense), net | 47218 | (76892) | N/A |  | 115946 | (8003) | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial income | 26697 | 21580 | 24% |  | 14302 | 10269 | 39% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results from financial instruments, net | 4808 | (5106) | N/A |  | 3651 | (2891) | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign exchange results | 72899 | (35351) | N/A |  | 110774 | (1972) | N/A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of net present value on assets and liabilities and others, net | (57186) | (58016) | 1% |  | (12782) | (13409) | 5% |  |
|  Equity in gain (loss) of associates | 30900 | 53923 | (43%) |  | (15432) | 16153 | N/A |  |
|  **Income (loss) before income tax** | **769991** | **954886** | **(19** **%)** |  | **(135991)** | **160316** | **N/A** |  |
|  Income tax | (209065) | (137068) | (53%) |  | (37992) | 89181 | N/A |  |
|  **Profit (loss) of continuing operations** | **560926** | **817818** | **(31** **%)** |  | **(173983)** | **249498** | **N/A** |  |
|  Discontinued operations | 323605 | (39373) | N/A |  | 71478 | (45248) | N/A |  |
|  **Consolidated net income (loss)** | **884530** | **778445** | **14%** |  | **(102504)** | **204250** | **N/A** |  |
|  Non-controlling interest net income (loss) | 26173 | 25331 | 3% |  | (3364) | 9445 | N/A |  |
|  **Controlling interest net income (loss)** | **858357** | **753113** | **14%** |  | **(99140)** | **194805** | **N/A** |  |
|  **Operating EBITDA** | **2680630** | **2838745** | **(6** **%)** | **(3** **%)** | **630463** | **644034** | **(2** **%)** | **(1** **%)** |
|  **Earnings (loss) of continued operations per ADS** | **0.36** | **0.53** | **(32** **%)** |  | **(0.12)** | **0.16** | **N/A** |  |
|  **Earnings (loss) of discontinued operations per ADS** | **0.22** | **(0.03)** | **N/A** |  | **0.05** | **(0.03)** | **N/A** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31** | **As of December 31** | **As of December 31** |
|  | **2022** | **2021** | **% var** |
|  **STATEMENT OF FINANCIAL POSITION** |  |  |  |
|  **Total assets** | **26447451** | **26650370** | **(1** **%)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 494920 | 612820 | (19%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables less allowance for doubtful accounts | 1644491 | 1520974 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accounts receivable | 535065 | 557814 | (4%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 1668658 | 1260673 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held for sale | 68926 | 140639 | (51%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets | 113664 | 132331 | (14%) |
|  Current assets | 4525723 | 4225251 | 7% |
|  Property, machinery and equipment, net | 11284126 | 11322109 | (0%) |
|  Other assets | 10637602 | 11103010 | (4%) |
|  **Total liabilities** | **15538582** | **16379252** | **(5** **%)** |
|  Current liabilities | 5546947 | 5380321 | 3% |
|  Long-term liabilities | 6919512 | 7305779 | (5%) |
|  Other liabilities | 3072124 | 3693152 | (17%) |
|  **Total stockholder's equity** | **10908869** | **10271118** | **6%** |
|  Common stock and additional paid-in capital | 7810104 | 7810104 | 0% |
|  Other equity reserves and subordinated notes | (1554689) | (1370266) | (13%) |
|  Retained earnings | 4245780 | 3387423 | 25% |
|  Non-controlling interest and perpetual instruments | 407674 | 443856 | (8%) |

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| **2022** Fourth Quarter Results | Page 7 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Operating Summary per Country** 

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

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | | | | | | | **like-to-like** | **like-to-like** | | | | | | | **like-to-like** | **like-to-like** |
|  | **2022** | **2022** | **2021** | **2021** | **% var** | **% var** | **% var** | **% var** | **2022** | **2022** | **2021** | **2021** | **% var** | **% var** | **% var** | **% var** |
|  **NET SALES** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 3842407 |  | 3465715 |  | 11% |  | 9% |  | 1016496 |  | 840549 |  | 21% |  | 13% |
|  U.S.A. |  | 5037534 |  | 4355485 |  | 16% |  | 16% |  | 1221007 |  | 1094077 |  | 12% |  | 12% |
|  Europe, Middle East, Asia and Africa |  | 4929607 |  | 4825402 |  | 2% |  | 14% |  | 1198768 |  | 1197201 |  | 0% |  | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 3389313 |  | 3349146 |  | 1% |  | 14% |  | 819660 |  | 813196 |  | 1% |  | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 378667 |  | 424055 |  | (11%) |  | (2%) |  | 83911 |  | 90561 |  | (7%) |  | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 1161627 |  | 1052202 |  | 10% |  | 20% |  | 295197 |  | 293444 |  | 1% |  | 19% |
|  South, Central America and the Caribbean |  | 1604708 |  | 1567470 |  | 2% |  | 6% |  | 377276 |  | 391408 |  | (4%) |  | 2% |
|  *Others and intercompany eliminations* | | *162562* | | *164548* | | *(1 %)* | | *0 %* | | *54971* | | *49428* | | *11 %* | | *10 %* |
|  TOTAL |  | 15576819 |  | 14378620 |  | 8% |  | 12% |  | 3868517 |  | 3572662 |  | 8% |  | 12% |
|  **GROSS PROFIT** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 1772121 |  | 1702899 |  | 4% |  | 2% |  | 463346 |  | 369716 |  | 25% |  | 18% |
|  U.S.A. |  | 1284903 |  | 1100638 |  | 17% |  | 17% |  | 355822 |  | 272398 |  | 31% |  | 31% |
|  Europe, Middle East, Asia and Africa |  | 1205406 |  | 1224512 |  | (2%) |  | 10% |  | 277049 |  | 298417 |  | (7%) |  | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 864581 |  | 880758 |  | (2%) |  | 11% |  | 210505 |  | 217357 |  | (3%) |  | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 125353 |  | 161461 |  | (22%) |  | (15%) |  | 17508 |  | 27737 |  | (37%) |  | (29%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 215473 |  | 182293 |  | 18% |  | 30% |  | 49036 |  | 53322 |  | (8%) |  | 12% |
|  South, Central America and the Caribbean |  | 553761 |  | 579974 |  | (5%) |  | (2%) |  | 126949 |  | 141879 |  | (11%) |  | (6%) |
|  *Others and intercompany eliminations* | | *5719* | | *27693* | | *(79 %)* | | *(79 %)* | | *(15220* | | *(2190* | | *(595 %)* | | *(595 %)* |
|  TOTAL |  | 4821911 |  | 4635717 |  | 4% |  | 7% |  | 1207945 |  | 1080220 |  | 12% |  | 13% |
|  **OPERATING EARNINGS BEFORE OTHER EXPENSES, NET** | **OPERATING EARNINGS BEFORE OTHER EXPENSES, NET** | **OPERATING EARNINGS BEFORE OTHER EXPENSES, NET** | **OPERATING EARNINGS BEFORE OTHER EXPENSES, NET** | **OPERATING EARNINGS BEFORE OTHER EXPENSES, NET** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 960589 |  | 1002291 |  | (4%) |  | (6%) |  | 224840 |  | 200048 |  | 12% |  | 5% |
|  U.S.A. |  | 306590 |  | 312356 |  | (2%) |  | (2%) |  | 105278 |  | 65881 |  | 60% |  | 60% |
|  Europe, Middle East, Asia and Africa |  | 343777 |  | 332154 |  | 3% |  | 16% |  | 62106 |  | 71087 |  | (13%) |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 206989 |  | 211841 |  | (2%) |  | 12% |  | 46167 |  | 51654 |  | (11%) |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 47261 |  | 73856 |  | (36%) |  | (33%) |  | (1259) |  | 9164 |  | N/A |  | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 89527 |  | 46457 |  | 93% |  | 115% |  | 17198 |  | 10270 |  | 67% |  | 113% |
|  South, Central America and the Caribbean |  | 304321 |  | 340307 |  | (11%) |  | (10%) |  | 67567 |  | 79305 |  | (15%) |  | (13%) |
|  *Others and intercompany eliminations* | | *(354742* | | *(268652* | | *(32 %)* | | *(32 %)* | | *(98890* | | *(54905* | | *(80 %)* | | *(80 %)* |
|  TOTAL |  | 1560535 |  | 1718456 |  | (9%) |  | (8%) |  | 360901 |  | 361416 |  | (0%) |  | (1%) |

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| **2022** Fourth Quarter Results | Page 8 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Operating Summary per Country** 

**EBITDA in thousands of U.S. dollars. EBITDA margin as a percentage of Net Sales.** 

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| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | | |
|  | | | | | | | **like-to-like** | **like-to-like** | | | | | | | **like-to-like** | **like-to-like** |
|  | **2022** | **2022** | **2021** | **2021** | **% var** | **% var** | **% var** | **% var** | **2022** | **2022** | **2021** | **2021** | **% var** | **% var** | **% var** | **% var** |
|  **OPERATING EBITDA** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 1132631 |  | 1163444 |  | (3%) |  | (5%) |  | 271022 |  | 243252 |  | 11% |  | 4% |
|  U.S.A. |  | 761585 |  | 761986 |  | (0%) |  | (0%) |  | 201808 |  | 174253 |  | 16% |  | 16% |
|  Europe, Middle East, Asia and Africa |  | 669687 |  | 675654 |  | (1%) |  | 11% |  | 145817 |  | 164806 |  | (12%) |  | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 424674 |  | 446025 |  | (5%) |  | 8% |  | 103930 |  | 107515 |  | (3%) |  | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 84280 |  | 113644 |  | (26%) |  | (21%) |  | 7890 |  | 18116 |  | (56%) |  | (55%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 160733 |  | 115985 |  | 39% |  | 53% |  | 33997 |  | 39175 |  | (13%) |  | 7% |
|  South, Central America and the Caribbean |  | 382329 |  | 420870 |  | (9%) |  | (8%) |  | 84461 |  | 99328 |  | (15%) |  | (13%) |
|  *Others and intercompany eliminations* | | *(265602)* | | *(183209)* | | *(45 %)* | | *(45 %)* | | *(72645)* | | *(37605)* | | *(93 %)* | | *(86 %)* |
|  TOTAL |  | 2680630 |  | 2838745 |  | (6%) |  | (3%) |  | 630463 |  | 644034 |  | (2%) |  | (1%) |
|  **OPERATING EBITDA MARGIN** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Mexico |  | 29.5% |  | 33.6% |  |  |  |  |  | 26.7% |  | 28.9% |  |  |  |  |
|  U.S.A. |  | 15.1% |  | 17.5% |  |  |  |  |  | 16.5% |  | 15.9% |  |  |  |  |
|  Europe, Middle East, Asia and Africa |  | 13.6% |  | 14.0% |  |  |  |  |  | 12.2% |  | 13.8% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe |  | 12.5% |  | 13.3% |  |  |  |  |  | 12.7% |  | 13.2% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines |  | 22.3% |  | 26.8% |  |  |  |  |  | 9.4% |  | 20.0% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa |  | 13.8% |  | 11.0% |  |  |  |  |  | 11.5% |  | 13.3% |  |  |  |  |
|  South, Central America and the Caribbean |  | 23.8% |  | 26.9% |  |  |  |  |  | 22.4% |  | 25.4% |  |  |  |  |
|  TOTAL |  | 17.2% |  | 19.7% |  |  |  |  |  | 16.3% |  | 18.0% |  |  |  |  |

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| **2022** Fourth Quarter Results | Page 9 |

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|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Volume Summary** 

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | | **Fourth Quarter** | **Fourth Quarter** | |
|  | **2022** | **2021** |<br>**% var** | **2022** | **2021** |<br>**% var** |
|  Consolidated cement volume <sup>(1)</sup> | 63376 | 66970 | (5%) | 15569 | 16500 | (6%) |
|  Consolidated ready-mix volume | 50141 | 49239 | 2% | 12107 | 12542 | (3%) |
|  Consolidated aggregates volume <sup>(2)</sup> | 139210 | 136995 | 2% | 33654 | 34769 | (3%) |

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**Per-country volume summary** 

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| | | | |
|:---|:---|:---|:---|
|  | **January - December**<br>**2022 vs. 2021** | **Fourth Quarter**<br>**2022 vs. 2021** | **Fourth Quarter 2022 vs.**<br>**Third Quarter 2022** |
|  **DOMESTIC GRAY CEMENT VOLUME** |  |  |  |
|  Mexico | (8%) | (5%) | 7% |
|  U.S.A. | 1% | (7%) | (11%) |
|  Europe, Middle East, Asia and Africa | (1%) | (2%) | (9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | 0% | (8%) | (16%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | (10%) | (5%) | (6%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa | 9% | 24% | 9% |
|  South, Central America and the Caribbean | (7%) | (10%) | (0%) |
|  **READY-MIX VOLUME** |  |  |  |
|  Mexico | 10% | 9% | 2% |
|  U.S.A. | 0% | (7%) | (10%) |
|  Europe, Middle East, Asia and Africa | (1%) | (6%) | (5%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | (3%) | (11%) | (9%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa | 3% | 0% | 3% |
|  South, Central America and the Caribbean | 11% | 5% | (4%) |
|  **AGGREGATES VOLUME** |  |  |  |
|  Mexico | 4% | 4% | 5% |
|  U.S.A. | 3% | (6%) | (12%) |
|  Europe, Middle East, Asia and Africa | (0%) | (5%) | (8%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe | (1%) | (4%) | (11%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa | 3% | (6%) | 1% |
|  South, Central America and the Caribbean | 5% | 2% | (0%) |

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<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 UK.

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| **2022** Fourth Quarter Results | Page 10 |

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|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Price Summary** 

**Variation in U.S. dollars** 

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| | | | |
|:---|:---|:---|:---|
|  | **January - December**<br>**2022 vs. 2021** | **Fourth Quarter**<br>**2022 vs. 2021** | **Fourth Quarter 2022 vs.**<br>**Third Quarter 2022** |
|  **DOMESTIC GRAY CEMENT PRICE** |  |  |  |
|  Mexico | 19% | 26% | 5% |
|  U.S.A. | 16% | 21% | 3% |
|  Europe, Middle East, Asia and Africa (\*) | 9% | 9% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 12% | 20% | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | (1%) | (3%) | (2%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 17% | (5%) | (10%) |
|  South, Central America and the Caribbean (\*) | 8% | 6% | (4%) |
|  **READY-MIX PRICE** |  |  |  |
|  Mexico | 18% | 25% | 7% |
|  U.S.A. | 15% | 22% | 4% |
|  Europe, Middle East, Asia and Africa (\*) | 3% | 4% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 2% | 8% | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 6% | (1%) | (4%) |
|  South, Central America and the Caribbean (\*) | (6%) | (8%) | (5%) |
|  **AGGREGATES PRICE** |  |  |  |
|  Mexico | 22% | 26% | 4% |
|  U.S.A. | 16% | 25% | 8% |
|  Europe, Middle East, Asia and Africa (\*) | (1%) | 0% | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | (2%) | 1% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 4% | (1%) | (7%) |
|  South, Central America and the Caribbean (\*) | (0%) | 1% | (5%) |

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(\*) 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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| **2022** Fourth Quarter Results | Page 11 |

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| | |
|:---|:---|
| Operating results | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Variation in Local Currency** 

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| | | | |
|:---|:---|:---|:---|
|  | **January - December<br>2022 vs. 2021** | **Fourth Quarter<br>2022 vs. 2021** | **Fourth Quarter 2022 vs.<br>Third Quarter 2022** |
|  **DOMESTIC GRAY CEMENT PRICE** |  |  |  |
|  Mexico | 16% | 19% | 1% |
|  U.S.A. | 16% | 21% | 3% |
|  Europe, Middle East, Asia and Africa (\*) | 23% | 27% | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 26% | 35% | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 9% | 9% | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 42% | 39% | 11% |
|  South, Central America and the Caribbean (\*) | 12% | 12% | (0%) |
|  **READY-MIX PRICE** |  |  |  |
|  Mexico | 15% | 18% | 3% |
|  U.S.A. | 15% | 22% | 4% |
|  Europe, Middle East, Asia and Africa (\*) | 13% | 16% | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 15% | 20% | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 12% | 11% | (2%) |
|  South, Central America and the Caribbean (\*) | 2% | 6% | 1% |
|  **AGGREGATES PRICE** |  |  |  |
|  Mexico | 19% | 18% | 0% |
|  U.S.A. | 16% | 25% | 8% |
|  Europe, Middle East, Asia and Africa (\*) | 10% | 13% | (1%) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe (\*) | 10% | 13% | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle East and Africa (\*) | 8% | 10% | (5%) |
|  South, Central America and the Caribbean (\*) | 9% | 17% | 1% |

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(\*) 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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| Other information | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Operating Expenses** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January - December** | **January - December** | **Fourth Quarter** | **Fourth Quarter** |
| In thousands of<br> US dollars  | **2022** | **2021** | **2022** | **2021** |
|  Administrative expenses | 934252 | 820832 | 239023 | 208767 |
|  Selling expenses | 311545 | 273722 | 88478 | 72414 |
|  Distribution and logistics expenses | 1824315 | 1636802 | 469737 | 396927 |
|  Operating expenses before depreciation | 3070111 | 2731356 | 797238 | 678108 |
|  Depreciation in operating expenses | 191265 | 185904 | 49806 | 40696 |
|  Operating expenses | 3261376 | 2917261 | 847045 | 718803 |
|  **As % of Net Sales** | **As % of Net Sales** | **As % of Net Sales** | **As % of Net Sales** | **As % of Net Sales** |
|  Administrative expenses | 6.0% | 5.7% | 6.2% | 5.8% |
|  SG&A expenses | 8.0% | 7.6% | 8.5% | 7.9% |

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**Equity-related information** 

One CEMEX ADS represents ten CEMEX CPOs. One CEMEX CPO represents two Series A shares and one Series B share. The following amounts are expressed in CPO-equivalent terms.

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|:---|:---|
|  **Beginning-of-quarter outstanding CPO-equivalents** | 14487786971.0 |
|  **End-of-quarter outstanding CPO-equivalents** | 14487786971.0 |

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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 in subsidiaries, which as of December 31, 2022, were 20,541,277.

**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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|:---|:---|:---|:---|:---|:---|:---|
|  | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Third Quarter** | **Third Quarter** |
|  | **2022** | **2022** | **2021** | **2021** | **2022** | **2022** |
| 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> | 1337 | (30) | 1761 | 9 | 1862 | 38 |
|  Interest rate swaps <sup>(2)</sup> | 1018 | 53 | 1005 | (18) | 1010 | 59 |
|  Fuel derivatives | 136 | 9 | 145 | 30 | 164 | 21 |
|  | 2491 | 32 | 2911 | 21 | 3037 | 118 |

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*(1)* *The exchange rate derivatives are used to manage currency exposures arising from regular operations, net investment hedge and forecasted transactions. As of December 31, 2022, the derivatives related to net investment hedge represents a notional amount of US$837 million.* 

*(2)* *Interest-rate swap derivatives related to bank loans.* 

Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as financial assets or liabilities, at their estimated fair market value, 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 then reclassified into earnings as the inverse effects of the underlying hedged items flow through 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 upon disposal of the net investment. As of December 31, 2022, in connection with its derivatives portfolio's fair market value recognition, CEMEX recognized a positive change in mark to market as compared to 3Q22 which increased its net financial assets to US$32 million.

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| **2022** Fourth Quarter Results | Page 13 |

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| Other information | ![LOGO](g447708g1027074709773.jpg) <br>|

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**Discontinued operations** 

On October 25, 2022, CEMEX successfully concluded a partnership with Advent International ("Advent"). As part of the partnership, Advent acquired a 65% stake in Neoris for US$119 million from CEMEX. While surrendering control to Advent, CEMEX retained a 35% stake and remained as a key strategic partner and customer of Neoris. CEMEX's retained 35% stake in Neoris was remeasured at fair value at the date of loss of control, and was subsequently accounted for under the equity method. Neoris' results for the period from January 1 to October 25, 2022 and for the year ended December 31, 2021 are reported in CEMEX's income statements, net of income tax, in the single line item "Discontinued operations," including in 2022 a gain on sale of US$239 million, net of the reclassification of foreign currency translation effects accrued in equity until the date of loss of control.

On August 31, 2022, with affiliates of Cementos Progreso Holdings, S.L., CEMEX concluded the sale of its operations in Costa Rica and El Salvador, agreed on December 29, 2021, for a total consideration related to the aggregate majority ownership of US$326 million. The assets divested consisted of one cement plant, one grinding station, seven ready-mix plants, one aggregates quarry, as well as one distribution center in Costa Rica and one distribution center in El Salvador. As of December 31, 2021, the assets and liabilities associated with these operations were presented in the Statement of Financial Position within the line items of "Assets held for sale" and "Liabilities directly related to assets held for sale", as correspond. CEMEX's operations of these assets from January 1 to August 31, 2022, and for the year ended December 31, 2021, are reported in CEMEX's income statements, net of income tax, in the single line item "Discontinued operations."

On July 9, 2021, CEMEX concluded the sale of its white cement business to Çimsa Çimento Sanayi Ve Ticaret A.Ş. agreed in March 2019 for a price of approximately US$155 million. Assets sold included CEMEX's Buñol cement plant in Spain and its white cement business outside Mexico and the United States. CEMEX's operations of these assets from January 1 to July 9, 2021, are reported in the income statements, net of income tax, in the single line item "Discontinued operations."

On March 31, 2021, CEMEX sold 24 concrete plants and one aggregates quarry in France to LafargeHolcim for approximately US$44 million. These assets were located in the Rhone Alpes region in the Southeast of France, east of CEMEX´s Lyon operations, which the company retained. CEMEX's income statement for the nine-month period ended June 30, 2021, include the results of these assets, net of income tax, for the three-month period ended March 31, 2021, in the single line item "Discontinued operations."

The following table presents condensed combined information of the income statements for the years ended December 31, 2022 and 2021 of CEMEX's discontinued operations, previously mentioned, in: a) NEORIS operations for the period from January 1 to October 25, 2022 and the year ended December 31, 2021; b) Costa Rica and El Salvador from January 1 to August 31, 2022 and for the year ended December 31, 2021; c) Spain related to the white cement business from January 1 to July 9, 2021; and d) the southeast of France for the three-month period ended March 31, 2021:

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| | | | | |
|:---|:---|:---|:---|:---|
| **STATEMENT OF OPERATIONS** | **Jan-Dec** | **Jan-Dec** | **Fourth Quarter** | **Fourth Quarter** |
| **(Millions of U.S. dollars)** | **2022** | **2021** | **2022** | **2021** |
|  Sales | 256 | 354 | 17 | 82 |
|  Cost of sales, operating expenses, and other expenses, net | (233) | (346) | (13) | (75) |
|  Interest expense, net, and others |  | 5 | (1) | 5 |
|  Income (loss) before income tax | 23 | 13 | 3 | 12 |
|  Income tax | (3) | (48) | 2 | (35) |
|  Income (loss) from discontinued operations | 20 | (35) | 5 | (23) |
|  Net gain (loss) on sale | 304 | (4) | 66 | (22) |
|  Net result from discontinued operations | 324 | (39) | 71 | (45) |

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**Relevant accounting effects included in the reported financial statements** 

During the fourth quarter of 2022, CEMEX recognized non-cash impairment charges in the statement of operations for an aggregate amount of US$442 million within the line-item other expenses, net, of which US$365 million refer to impairment of goodwill and US$77 million refer to impairment of property, machinery and equipment. The impairment losses of goodwill refer to CEMEX operating segments in the United States for US$273 million and Spain for US$92 million, which reduced the line item of goodwill in the statement of financial position. Moreover, the impairment losses of property, machinery and equipment relate mainly also to CEMEX's businesses in the United States and Spain.

The impairment losses of goodwill are mainly related to the significant increase in the discount rates as compared to 2021 and the resulting significant decrease in the CEMEX's projected cash flows in these operating segments considering the global high inflationary environment, which increased the risk-free rates, and the material increase in the funding cost observed in the industry during the period. These negative effects more than offset the expected improvements in the estimated Operating EBITDA generation in both of CEMEX's businesses in the United States and Spain. These non-cash impairment losses did not impact CEMEX's liquidity, Operating EBITDA and cash taxes payable. Nevertheless, it decreased CEMEX's total assets and equity and generated net losses in the fourth quarter.

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| **2022** Fourth Quarter Results | Page 14 |

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| Definitions of terms and disclosures | ![LOGO](g447708g1027074709773.jpg) <br>|

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**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 Bahamas, Colombia, the Dominican Republic, Guatemala, Guyana, Haiti, Jamaica, Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The EMEA region includes Europe, Middle East, Asia, and Africa.

Asia subregion includes our Philippines operations.

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

Middle East and Africa subregion include the United Arab Emirates, Egypt, and Israel.

**Definition of terms** 

Free cash flow equals operating EBITDA minus net interest expense, maintenance, and strategic capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or substantially depleted operating fixed assets that are no longer in operation and coupon payments on our perpetual notes).

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.

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

pp equals percentage points

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

SG&A expenses equal selling and administrative expenses

Strategic 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.

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 -<br>December** | **January -<br>December** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** | **Fourth Quarter** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  | **Average** | **Average** | **Average** | **Average** | **End of period** | **End of period** |
|  Mexican peso | 20.03 | 20.43 | 19.53 | 20.83 | 19.50 | 20.50 |
|  Euro | 0.9522 | 0.8467 | 0.9686 | 0.8735 | 0.9344 | 0.8789 |
|  British pound | 0.8139 | 0.7262 | 0.8415 | 0.7386 | 0.8266 | 0.7395 |

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

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| **2022** Fourth Quarter Results | Page 15 |

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| Disclaimer | ![LOGO](g447708g1027074709773.jpg) <br>|

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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. and its consolidated entities. The information contained in this report contains forward-looking statements within the meaning of the U.S. federal securities laws. 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. federal securities laws. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions, including but not limited to statements related CEMEX's plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of words such as "will", "may," "assume," "might," "should," "could," "continue," "would," "can," "consider," "anticipate," "estimate," "expect," "envision," "plan," "believe," "foresee," "predict," "potential," "target," "strategy," "intend," "aimed", and similar terms. 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 materially from historical results or results anticipated by forward-looking statements due to various factors. These forward-looking statements reflect, as of the date on which such forward-looking statements are made, our current expectations and projections about future events based on our knowledge of present facts and circumstances and assumptions about future events, unless otherwise indicated. These statements necessarily involve risks, uncertainties and assumptions that could cause actual results to differ materially from historical results or those anticipated in this report. Among others, such risks, uncertainties, and assumptions include those discussed in CEMEX's most recent annual report and those detailed from time to time in CEMEX's other filings with the Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, including, but not limited to: impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to the novel strain of the coronavirus identified in China in late 2019 and its variants ("COVID-19"), which have affected and may continue to 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; the cyclical activity of the construction sector; our exposure to other sectors that impact our and our clients' businesses, such as, but not limited to, the energy sector; availability of raw materials and related fluctuating prices; volatility in pension plan asset values and liabilities, which may require cash contributions to the pension plans; the impact of environmental cleanup costs and other liabilities relating to existing and/or divested businesses; our ability to secure and permit aggregates reserves in strategically located areas; the timing and amount of federal, state and local funding for infrastructure; changes in the level of spending for private residential and private nonresidential construction; changes in our effective tax rate; competition in the markets in which we offer our products and services; general political, social, health, economic and business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, energy, tax, labor, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding notes, and other debt instruments and financial obligations, including our subordinated notes with no fixed maturity and other financial obligations; the availability of short-term credit lines or working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of capital and on the cost of the products and services we purchase; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our cost-reduction initiatives, implement our pricing initiatives for our products and generally meet our "Operation Resilience" 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 cyber-attacks; changes in the economy that affect the demand for consumer goods, consequently affecting demand for our products and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers, including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the United States-Mexico-Canada Agreement ("USMCA"), which was signed on November 30, 2019 and entered into force on July 1, 2020, superseding the North American Free Trade Agreement ("NAFTA"); availability and cost of trucks, railcars, barges and ships, as well as their licensed operators, for transport of our materials; labor shortages and constraints; terrorist and organized criminal activities as well as geopolitical events, such as war and armed conflicts, including the current war between Russia and Ukraine; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; and, natural disasters and other unforeseen events (including global health hazards such as COVID-19). 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,

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| **2022** Fourth Quarter Results | Page 16 |

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performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. 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. These factors may be revised or supplemented, but CEMEX is not under, and expressly disclaims, any obligation to update or correct the information contained in this report or any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. Readers should review future reports filed by us with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores). This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready mix concrete, clinker, aggregates and Urbanization Solutions. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX's prices for CEMEX's products. We generated some of this data internally, and some was obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this report.

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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| **2022** Fourth Quarter Results | Page 17 |

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