6-K

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, 2020

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):

Contents

1. Press release, dated October  28, 2020, announcing third quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).

2. Third quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).

3. Presentation regarding third quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).

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.

		CEMEX, S.A.B. de C.V.
		(Registrant)
Date:	October 28, 2020	By:	/s/ Rafael Garza Lozano
			Name: Rafael Garza Lozano
			Title: Chief Comptroller

3

EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
1.	Press release, dated October 28, 2020, announcing third quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
2.	Third quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).
3.	Presentation regarding third quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).

4

EX-99.1

Exhibit 1

Media Relations Jorge Pérez +52 (81) 8888-4334 jorgeluis.perez@cemex.com Investor Relations Lucy Rodriguez +1 (212) 317-6007 ir@cemex.com

CEMEX ANNOUNCES HIGHEST QUARTERLY EBITDA,

EBITDA MARGIN AND FREE CASH FLOW SINCE 2016

MONTERREY, MEXICO, OCTOBER 28, 2020– CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today strong results in third-quarter 2020 with all regions showing increasing profitability. EBITDA not only recovered from COVID-19 disruptions of the prior quarter but grew double-digit on a year over year basis. Net Sales increased 3% on a like to like basis to US$3.4 billion, while EBITDA for the quarter rose 15% to US$728 million. EBITDA margin increased by 1.8 percentage points due to higher prices, energy tailwinds, and cost efficiencies under Operation Resilience.

CEMEX’s Consolidated Third Quarter 2020 Financial and Operational Highlights

• Net Sales on a like-to-like basis increased 3%, to US$3,436 million.

• Operating Earnings before Other Expenses, net, increased 20% to US$453 million on a like-to-like basis.

• Operating EBITDA on a like-to-like basis increased 15% to US$728 million, as compared to the same period in 2019.

• Operating EBITDA margin increased by 1.8pp, from 19.4% in the third quarter of 2019 to 21.2% this quarter.

• Free Cash Flow after Maintenance Capital Expenditures increased 58% to US$458 million.

• Controlling Interest Net Income (loss) was a loss of US$1.54 billion, due to a non-cash impairment of goodwill and idle assets that CEMEX previously announced.

• As a result of the strong quarterly performance, CEMEX delevered in the quarter. Net debt plus perpetual notes decreased by US$504 million versus the prior quarter.

“We are pleased with our performance in the third quarter in which all regions participated in earnings recovery. Indeed, during the quarter, we experienced EBITDA recovery from the second quarter decline, due to COVID-19, as well as strong year-over-year growth. Operation Resilience played a key role in this performance,” said Fernando A. González, CEO of CEMEX. “We continued to derisk the business with the reduction in our net leverage ratio and the extension of our bank maturities with the successful refinancing of the Facilities Agreement.”

1

Geographical Markets Third-Quarter 2020 Highlights

Net Sales in Mexico increased 14% on a like-to-like basis to US$723 million. Operating EBITDA, on a like-to-like basis, increased 16% to US$246 million in the quarter, versus the same period of the previous year.

CEMEX’s operations in the United States reported Net Sales of US$1.0 billion, an increase of 1% from the same period in 2019. Operating EBITDA increased by 7% to US$199 million versus the same quarter of 2019.

In our Europe, Middle East, Africa and Asia region, Net Sales increased by 2% on a like-to-like basis, compared with the same period of the previous year, reaching US$1.2 billion. Operating EBITDA was US$220 million for the quarter, 8% higher than the same period last year on a like-to-like basis.

CEMEX’s operations in our South, Central America and the Caribbean region, reported Net Sales of US$395 million, an increase of 1% on a like-to-like basis over the same period of 2019. Operating EBITDA increased by 31% on a like-to-like basis to US$109 million in the third quarter of 2020, in contrast to the same quarter of 2019.

CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the wellbeing of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more information, please visit: www.cemex.com

###

This press release contains forward-looking statements that reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. CEMEX assumes no obligation to update or correct the information contained in this press release. The information contained in this press release is subject to change without notice, and CEMEX is not obligated to publicly update or revise any forward-looking statements. Readers should review future reports filed by CEMEX with the U.S. Securities and Exchange Commission. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. Operating EBITDA is defined as operating income plus depreciation and operating amortization. Free Cash Flow is defined as Operating EBITDA minus net interest expense, maintenance and expansion 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). Net debt is defined as total debt minus the fair value of cross-currency swaps associated with debt minus cash and cash equivalents. The Consolidated Funded Debt to Operating EBITDA ratio is calculated by dividing Consolidated Funded Debt at the end of the quarter by Operating EBITDA for the last twelve months. All of the above items are presented under the guidance of International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free Cash Flow (as defined above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of CEMEX’s ability to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of other companies.

2

EX-99.2

Exhibit 2

Third Quarter Results 2020

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

Operating and financial highlights  

	January—September															Third Quarter
	2020			2019			% var			l-t-l % var			2020			2019			% var			l-t-l % var
Consolidated cement volume		46,232			47,161			(2	%)					17,037			16,479			3	%
Consolidated ready-mix volume		34,525			37,681			(8	%)					12,330			13,058			(6	%)
Consolidated aggregates volume		97,711			103,847			(6	%)					35,447			35,574			(0	%)
Net sales		9,433			9,872			(4	%)		(2	%)		3,436			3,377			2	%		3	%
Gross profit		3,074			3,269			(6	%)		(2	%)		1,176			1,157			2	%		5	%
as % of net sales		32.6	%		33.1	%		(0.5pp	)					34.2	%		34.3	%		(0.1pp	)
Operating earnings before other expenses, net		992			1,051			(6	%)		(0	%)		453			394			15	%		20	%
as % of net sales		10.5	%		10.6	%		(0.1pp	)					13.2	%		11.7	%		1.5pp
Controlling interest net income (loss)		(1,537	)		381			N/A						(1,535	)		187			N/A
Operating EBITDA		1,816			1,824			(0	%)		3	%		728			655			11	%		15	%
as % of net sales		19.3	%		18.5	%		0.8pp						21.2	%		19.4	%		1.8pp
Free cash flow after maintenance capital expenditures		383			169			126	%					458			290			58	%
Free cash flow		237			6			3847	%					427			211			103	%
Total debt plus perpetual notes		13,756			11,330			21	%					13,756			11,330			21	%
Earnings (loss) of continuing operations per ADS		(0.96	)		0.13			N/A						(0.98	)		0.10			N/A
Fully diluted earnings (loss) of continuing operations per ADS (1)		(0.96	)		0.15			N/A						(0.98	)		0.11			N/A
Average ADSs outstanding		1,498			1,532			(2	%)					1,490			1,530			(3	%)
Employees		40,140			40,407			(1	%)					40,140			40,407			(1	%)

This information does not include discontinued operations. Please see page 13 on 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.

⁽¹⁾  For the period of January-September 2020, the effect of the potential dilutive shares generates anti-dilution; therefore, there is no change between the reported basic and diluted gain per share.

Consolidated net sales in the third quarter of 2020 reached US$3.4 billion, representing an increase of 2%, or 3% on a like-to-like basis for ongoing operations and adjusting for foreign exchange fluctuations, compared with the third quarter of 2019. The increase was mainly due to higher volumes in Mexico and our Europe, Middle East, Africa and Asia region as well as higher prices of our products in local currency terms in most of our regions.    

Cost of sales, as a percentage of net sales, increased by 0.1pp during the third quarter of 2020 compared with the same period last year, from 65.7% to 65.8%. The increase was mainly driven by higher electricity, as well as purchased cement and clinker costs, partially offset by lower fuel costs.

Operating expenses, as a percentage of net sales decreased by 1.5pp during the third quarter of 2020 compared with the same period last year, from 22.6% to 21.1%, mainly in sales, distribution, and corporate expenses.

Operating EBITDA in the third quarter of 2020 reached US$728 million, which increased 11% or 15% on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations. The increase was due to higher contributions in all our regions.

Operating EBITDA margin increased by 1.8pp from 19.4% in the third quarter of 2019 to 21.2% this quarter.

Gain (loss) on financial instruments for the quarter was a loss of US$10 million, resulting mainly from the interest rate swap hedge and the derivatives related to GCC shares.

Other expenses, net, for the quarter were US$1.6 billion, which includes mainly the $1.5 billion of impairment of goodwill and assets and severance payments.

Foreign exchange results for the quarter was a loss of US$28 million, mainly due to the fluctuation of the Colombian peso and the Euro versus the U.S. dollar.

Controlling interest net income (loss) was a loss of US$1.5 billion in the third quarter of 2020 versus an income of US$187 million in the same quarter of 2019. The loss primarily reflects the $1.5 billion of impairment of goodwill and assets, higher financial expenses, a negative variation in foreign exchange results and a negative variation in discontinued operations, partially offset by higher operating earnings before other expenses net, and lower income tax.

Net debt plus perpetual notes decreased by US$504 million during the quarter.

2020 Third Quarter Results Page 2

Operating results  

Mexico

				January—September												Third Quarter
	2020			2019			% var			l-t-l % var			2020			2019			% var			l-t-l % var
Net sales		1,976			2,175			(9	%)		2	%		723			716			1	%		14	%
Operating EBITDA		662			740			(10	%)		1	%		246			240			3	%		16	%
Operating EBITDA margin		33.5	%		34.0	%		(0.5pp	)					34.1	%		33.5	%		0.6pp

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

	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January—September			Third Quarter			January—September			Third Quarter			January—September			Third Quarter
Volume		2	%		11	%		(20	%)		(13	%)		(14	%)		(5	%)
Price (USD)		(10	%)		(8	%)		(11	%)		(12	%)		(6	%)		(4	%)
Price (local currency)		1	%		3	%		(0	%)		(1	%)		5	%		8	%

In Mexico, our cement volumes increased by 11%, while ready mix and aggregates dropped by 13% and 5%, respectively, during the quarter. Bagged cement continued its growth path supported by government social programs, home improvements and higher remittances. Formal construction activity increased as private sector and government infrastructure projects accelerate.

During the quarter, our prices in local-currency terms remained flat on a sequential basis mainly due to a product mix effect.

United States

				January—September												Third Quarter
	2020			2019			% var			l-t-l % var			2020			2019			% var			l-t-l % var
Net sales		2,983			2,846			5	%		5	%		1,012			998			1	%		1	%
Operating EBITDA		560			480			17	%		17	%		199			186			7	%		7	%
Operating EBITDA margin		18.8	%		16.9	%		1.9pp						19.7	%		18.7	%		1.0pp

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

	Domestic gray cement						Ready-mix						Aggregates
Year-over-year percentage variation	January—September			Third Quarter			January—September			Third Quarter			January—September			Third Quarter
Volume		6	%		3	%		(0	%)		(4	%)		3	%		2	%
Price (USD)		1	%		0	%		2	%		1	%		0	%		(3	%)
Price (local currency)		1	%		0	%		2	%		1	%		0	%		(3	%)

The United States kept its strong momentum in the third quarter, driven primarily by a pickup in residential activity and growth in the infrastructure sector. Cement and aggregates volumes increased 3% and 2% respectively, while ready-mix decreased by 4%.

During the quarter, pricing for cement, ready-mix and aggregates was stable sequentially.

EBITDA margin expanded by one percentage point due to improved logistics, lower fuel costs and savings from “Operation Resilience”.

2020 Third Quarter Results Page 3

Operating results  

Europe, Middle East, Africa and Asia

				January—September												Third Quarter
	2020			2019			% var			l-t-l % var			2020			2019			% var			l-t-l % var
Net sales		3,236			3,323			(3	%)		(4	%)		1,238			1,150			8	%		2	%
Operating EBITDA		471			483			(2	%)		(4	%)		220			193			14	%		8	%
Operating EBITDA margin		14.5	%		14.5	%		0.0pp						17.7	%		16.8	%		0.9pp

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

	Domestic gray cement							Ready-mix						Aggregates
Year-over-year percentage variation	January—September			Third Quarter			January—September				Third Quarter			January—September			Third Quarter
Volume		(3	%)		1	%			(6	%)		(1	%)		(6	%)		2	%
Price (USD)		(0	%)		4	%			2	%		7	%		2	%		8	%
Price (local currency) (*)		(2	%)		(2	%)			0	%		1	%		1	%		2	%

In our EMEAA region, EBITDA grew 8% YoY driven by Europe, Israel, and the Philippines.

In Europe, our domestic gray cement volumes increased 2% while ready-mix decreased 4% and aggregates volumes remained flat during the quarter, on a year-over-year basis. Strong volume performance continued in Germany, Poland, and Czech Republic, while we saw a marked recovery in the UK, France, and Spain as economies opened.

Prices in Europe for our three core products in local currency terms, were up both sequentially and on a year-over-year basis.

In the Philippines, we experienced a sharp recovery of volumes in the quarter as the lockdown measures were lifted in late May. Our EBITDA margin in the Philippines went up 9 percentage points mainly due to cost containment measures and lower maintenance.

Israel continued with its robust performance, again beating its record EBITDA which was just set in second quarter.

In Egypt, despite government suspension of private residential construction permits, our volumes for the quarter were up YoY.

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

2020 Third Quarter Results Page 4

Operating results  

South, Central America and the Caribbean

				January—September												Third Quarter
	2020			2019			% var			l-t-l % var			2020			2019			% var			l-t-l % var
Net sales		1,051			1,267			(17	%)		(12	%)		395			417			(5	%)		1	%
Operating EBITDA		266			284			(7	%)		(1	%)		109			89			23	%		31	%
Operating EBITDA margin		25.3	%		22.4	%		2.9pp						27.7	%		21.4	%		6.3pp

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

	Domestic gray cement							Ready-mix						Aggregates
Year-over-year percentage variation	January—September			Third Quarter			January— September				Third Quarter			January—September			Third Quarter
Volume		(13	%)		(1	%)			(37	%)		(26	%)		(39	%)		(28	%)
Price (USD)		(2	%)		(2	%)			(11	%)		(13	%)		(2	%)		(5	%)
Price (local currency) (*)		5	%		6	%			(2	%)		(5	%)		7	%		3	%

In our South, Central America and the Caribbean region, cement volumes almost recovered to levels of last year. EBITDA margin increased 6.3 percentage points as a result of our cost reduction initiatives, higher prices in local currency terms and tailwinds from lower fuel prices. Cement prices declined 2% on a sequential basis mainly due to geographic mix.

In Colombia, our quarterly cement volumes declined 6% reflecting the entrance of a new competitor into the market late last year. Industry volumes improved significantly almost reaching levels of the prior year. Construction activity was supported by the self-construction sector and 4G-highway projects. Our cement prices continued with favorable performance, as evidenced by the 8% and 2% year over year and sequential growth, respectively, in local-currency terms.

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

2020 Third Quarter Results Page 5

Operating results  

Operating EBITDA and free cash flow

	January—September									Third Quarter
	2020			2019			% var			2020			2019			% var
Operating earnings before other expenses, net		992			1,051			(6	%)		453			394			15	%
+ Depreciation and operating amortization		824			774						276			261
Operating EBITDA		1,816			1,824			(0	%)		728			655			11	%
- Net financial expense		542			522						187			169
- Maintenance capital expenditures		320			441						103			176
- Change in working capital		344			563						(136	)		(7	)
- Taxes paid		115			142						34			31
- Other cash items (net)		126			40						83			23
- Free cash flow discontinued operations		(14	)		(53	)					(1	)		(27	)
Free cash flow after maintenance capital expenditures		383			169			126	%		458			290			58	%
- Strategic capital expenditures		147			163						32			80
Free cash flow		237			6			3847	%		427			211			103	%

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

Due to higher EBITDA and proactive working capital management and lower maintenance capex, we generated US$458 million of free cash flow after maintenance capex and US$427 million of free cash flow during the third quarter.

Average working capital days on a YoY basis have improved from -6 in 3rd quarter 2019 to -12 days in 3rd quarter 2020.

Our leverage ratio was reduced by 0.30 times on a sequential basis due to a decrease in net debt and an improvement in the trailing twelve months EBITDA, placing us at a lower interest rate level within the margin grid for our Facilities Agreement debt

Information on debt and perpetual notes

	Third Quarter									Second Quarter				Third Quarter
	2020			2019			% var			2020				2020			2019
Total debt (1)		13,310			10,889			22	%		13,196		Currency denomination
Short-term		22	%		10	%					6	%	U.S. dollar		71	%		68	%
Long-term		78	%		90	%					94	%	Euro		21	%		23	%
Perpetual notes		446			441			1	%		443		Mexican peso		1	%		1	%
Total debt plus perpetual notes		13,756			11,330			21	%		13,638		Other		7	%		8	%
Cash and cash equivalents		3,453			299			1055	%		2,832
Net debt plus perpetual notes		10,303			11,031			(7	%)		10,807		Interest rate(3)
													Fixed		79	%		75	%
Consolidated funded debt (2)		10,337			10,624						10,790		Variable		21	%		25	%
Consolidated leverage ratio (2)		4.27			4.05						4.57
Consolidated coverage ratio (2)		3.69			4.03						3.69

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

(1) Includes leases, in accordance with International Financial Reporting Standards (IFRS).

(2) Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated.

(3) Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,000 million.

2020 Third Quarter Results Page 6

Operating results  

Consolidated Income Statement & Balance Sheet

CEMEX, S.A.B. de C.V. and Subsidiaries

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

	January—September												Third Quarter
INCOME STATEMENT	2020			2019			% var			like-to-like % var			2020			2019			% var			like-to-like % var
Net sales		9,433,031			9,871,599			(4	%)		(2	%)		3,436,215			3,377,074			2	%		3	%
Cost of sales		(6,359,200	)		(6,602,174	)		4	%					(2,260,030	)		(2,220,401	)		(2	%)
Gross profit		3,073,831			3,269,424			(6	%)		(2	%)		1,176,185			1,156,672			2	%		5	%
Operating expenses		(2,081,959	)		(2,218,738	)		6	%					(723,498	)		(762,643	)		5	%
Operating earnings before other expenses, net		991,872			1,050,686			(6	%)		(0	%)		452,687			394,030			15	%		20	%
Other expenses, net		(1,748,210	)		(131,615	)		(1228	%)					(1,635,688	)		(44,823	)		(3549	%)
Operating earnings		(756,338	)		919,072			N/A						(1,183,001	)		349,207			N/A
Financial expense		(599,213	)		(525,443	)		(14	%)					(248,308	)		(166,695	)		(49	%)
Other financial income (expense), net		(19,594	)		(37,932	)		48	%					(50,924	)		(11,658	)		(337	%)
Financial income		12,601			15,938			(21	%)					3,681			6,280			(41	%)
Results from financial instruments, net		(16,322	)		1,405			N/A						(9,505	)		(4,537	)		(109	%)
Foreign exchange results		29,275			(10,331	)		N/A						(28,324	)		1,909			N/A
Effects of net present value on assets and liabilities and others, net		(45,148	)		(44,945	)		(0	%)					(16,776	)		(15,308	)		(10	%)
Equity in gain (loss) of associates		31,318			30,536			3	%					17,829			19,306			(8	%)
Income (loss) before income tax		(1,343,827	)		386,232			N/A						(1,464,404	)		190,160			N/A
Income tax		(70,492	)		(151,165	)		53	%					19,352			(35,991	)		N/A
Profit (loss) of continuing operations		(1,414,319	)		235,067			N/A						(1,445,052	)		154,169			N/A
Discontinued operations		(105,217	)		175,340			N/A						(80,092	)		38,216			N/A
Consolidated net income (loss)		(1,519,535	)		410,407			N/A						(1,525,144	)		192,386			N/A
Non-controlling interest net income (loss)		17,419			29,647			(41	%)					10,274			5,014			105	%
Controlling interest net income (loss)		(1,536,955	)		380,760			N/A						(1,535,418	)		187,372			N/A
Operating EBITDA		1,816,068			1,824,456			(0	%)		3	%		728,281			655,217			11	%		15	%
Earnings (loss) of continued operations per ADS		(0.96	)		0.13			N/A						(0.98	)		0.10			N/A
Earnings (loss) of discontinued operations per ADS		(0.07	)		0.11			N/A						(0.05	)		0.02			N/A

	As of September 30
BALANCE SHEET	2020		2019		% var
Total assets		29,233,041		28,508,655		3	%
Cash and cash equivalents		3,453,181		299,078		1055	%
Trade receivables less allowance for doubtful accounts		1,610,250		1,660,115		(3	%)
Other accounts receivable		447,674		295,426		52	%
Inventories, net		934,195		1,016,551		(8	%)
Assets held for sale		147,311		189,467		(22	%)
Other current assets		135,592		122,956		10	%
Current assets		6,728,202		3,583,593		88	%
Property, machinery and equipment, net		10,723,930		11,717,024		(8	%)
Other assets		11,780,909		13,208,038		(11	%)
Total liabilities		20,423,582		17,450,077		17	%
Current liabilities		7,376,556		5,182,077		42	%
Long-term liabilities		9,360,557		8,769,667		7	%
Other liabilities		3,686,468		3,498,333		5	%
Total stockholder’s equity		8,809,459		11,058,578		(20	%)
Non-controlling interest and perpetual instruments		1,406,491		1,501,334		(6	%)
Total controlling interest		7,402,969		9,557,244		(23	%)

2020 Third Quarter Results Page 7

Operating results  

Operating Summary per Country

In thousands of U.S. dollars

				January—September												Third Quarter
NET SALES	2020			2019			% var			like-to-like % var			2020			2019			% var			like-to-like % var
Mexico		1,976,213			2,175,045			(9	%)		2	%		723,022			716,148			1	%		14	%
U.S.A.		2,983,029			2,845,749			5	%		5	%		1,012,393			997,855			1	%		1	%
Europe, Middle East, Asia and Africa		3,236,173			3,322,508			(3	%)		(4	%)		1,238,188			1,150,250			8	%		2	%
Europe		2,212,885			2,272,634			(3	%)		(3	%)		868,932			785,489			11	%		4	%
Philippines		303,925			351,872			(14	%)		(17	%)		113,438			113,792			(0	%)		(6	%)
Middle East and Africa		719,363			698,001			3	%		(1	%)		255,818			250,969			2	%		(1	%)
South, Central America and the Caribbean		1,050,882			1,267,455			(17	%)		(12	%)		395,270			417,156			(5	%)		1	%
Others and intercompany eliminations		186,734			260,841			(28	%)		(28	%)		67,342			95,665			(30	%)		(30	%)
TOTAL		9,433,031			9,871,599			(4	%)		(2	%)		3,436,215			3,377,074			2	%		3	%
GROSS PROFIT
Mexico		1,022,664			1,133,385			(10	%)		2	%		374,372			379,669			(1	%)		11	%
U.S.A.		768,852			749,417			3	%		3	%		270,204			284,699			(5	%)		(5	%)
Europe, Middle East, Asia and Africa		844,918			902,853			(6	%)		(8	%)		352,127			332,662			6	%		0	%
Europe		576,548			621,991			(7	%)		(8	%)		249,378			235,581			6	%		(1	%)
Philippines		129,006			145,155			(11	%)		(14	%)		52,815			46,898			13	%		6	%
Middle East and Africa		139,363			135,708			3	%		(1	%)		49,935			50,183			(0	%)		(3	%)
South, Central America and the Caribbean		392,425			455,697			(14	%)		(8	%)		153,798			147,269			4	%		12	%
Others and intercompany eliminations		44,973			28,072			60	%		60	%		25,683			12,373			108	%		108	%
TOTAL		3,073,831			3,269,424			(6	%)		(2	%)		1,176,185			1,156,672			2	%		5	%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico		554,222			620,628			(11	%)		1	%		209,096			198,073			6	%		19	%
U.S.A.		232,319			184,711			26	%		26	%		90,169			87,841			3	%		3	%
Europe, Middle East, Asia and Africa		222,656			256,030			(13	%)		(15	%)		130,612			116,751			12	%		6	%
Europe		118,251			150,459			(21	%)		(23	%)		82,261			78,823			4	%		(2	%)
Philippines		58,323			64,799			(10	%)		(12	%)		27,681			20,243			37	%		31	%
Middle East and Africa		46,083			40,773			13	%		9	%		20,670			17,685			17	%		13	%
South, Central America and the Caribbean		198,932			213,720			(7	%)		(2	%)		87,269			66,225			32	%		42	%
Others and intercompany eliminations		(216,258	)		(224,402	)		4	%		(6	%)		(64,459	)		(74,861	)		14	%		6	%
TOTAL		991,872			1,050,686			(6	%)		(0	%)		452,687			394,030			15	%		20	%

2020 Third Quarter Results Page 8

Operating results  

Operating Summary per Country

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

				January—September									Third Quarter
OPERATING EBITDA	2020			2019			% var			like-to-like % var			2020			2019			% var			like-to-like % var
Mexico		662,475			739,665			(10	%)		1	%		246,307			239,892			3	%		16	%
U.S.A.		560,418			480,330			17	%		17	%		199,067			186,225			7	%		7	%
Europe, Middle East, Asia and Africa		470,735			482,654			(2	%)		(4	%)		219,696			192,854			14	%		8	%
Europe		292,755			316,689			(8	%)		(9	%)		145,550			134,346			8	%		2	%
Philippines		93,035			91,990			1	%		(2	%)		39,532			29,442			34	%		28	%
Middle East and Africa		84,945			73,976			15	%		11	%		34,614			29,065			19	%		16	%
South, Central America and the Caribbean		265,622			284,487			(7	%)		(1	%)		109,358			89,245			23	%		31	%
Others and intercompany eliminations		(143,183	)		(162,682	)		12	%		(1	%)		(46,146	)		(52,999	)		13	%		2	%
TOTAL		1,816,068			1,824,456			(0	%)		3	%		728,281			655,217			11	%		15	%
OPERATING EBITDA MARGIN
Mexico		33.5	%		34.0	%								34.1	%		33.5	%
U.S.A.		18.8	%		16.9	%								19.7	%		18.7	%
Europe, Middle East, Asia and Africa		14.5	%		14.5	%								17.7	%		16.8	%
Europe		13.2	%		13.9	%								16.8	%		17.1	%
Philippines		30.6	%		26.1	%								34.8	%		25.9	%
Middle East and Africa		11.8	%		10.6	%								13.5	%		11.6	%
South, Central America and the Caribbean		25.3	%		22.4	%								27.7	%		21.4	%
TOTAL		19.3	%		18.5	%								21.2	%		19.4	%

2020 Third Quarter Results Page 9

Operating results  

Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

	January— September									Third Quarter
	2020		2019		% var			2020		2019		% var
Consolidated cement volume (1)		46,232		47,161		(2	%)		17,037		16,479		3	%
Consolidated ready-mix volume		34,525		37,681		(8	%)		12,330		13,058		(6	%)
Consolidated aggregates volume (2)		97,711		103,847		(6	%)		35,447		35,574		(0	%)

Per-country volume summary

	January— September			Third Quarter			Third Quarter 2020 vs.
DOMESTIC GRAY CEMENT VOLUME	2020 vs. 2019			2020 vs. 2019			Second Quarter 2020
Mexico		2	%		11	%		18	%
U.S.A.		6	%		3	%		(2	%)
Europe, Middle East, Asia and Africa		(3	%)		1	%		17	%
Europe		1	%		2	%		8	%
Philippines		(12	%)		(3	%)		38	%
Middle East and Africa		(1	%)		1	%		21	%
South, Central America and the Caribbean		(13	%)		(1	%)		41	%
READY-MIX VOLUME
Mexico		(20	%)		(13	%)		58	%
U.S.A.		(0	%)		(4	%)		(0	%)
Europe, Middle East, Asia and Africa		(6	%)		(1	%)		16	%
Europe		(10	%)		(4	%)		16	%
Philippines		N/A			N/A			N/A
Middle East and Africa		2	%		2	%		16	%
South, Central America and the Caribbean		(37	%)		(26	%)		91	%
AGGREGATES VOLUME
Mexico		(14	%)		(5	%)		60	%
U.S.A.		3	%		2	%		1	%
Europe, Middle East, Asia and Africa		(6	%)		2	%		16	%
Europe		(9	%)		0	%		18	%
Philippines		N/A			N/A			N/A
Middle East and Africa		9	%		12	%		7	%
South, Central America and the Caribbean		(39	%)		(28	%)		85	%

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

⁽²⁾ Consolidated aggregates volumes include aggregates from our marine business in UK.

2020 Third Quarter Results Page 10

Operating results  

Price Summary

Variation in U.S. dollars

	January—September			Third Quarter			Third Quarter 2020 vs.
DOMESTIC GRAY CEMENT PRICE	2020 vs. 2019			2020 vs. 2019			Second Quarter 2020
Mexico		(10	%)		(8	%)		4	%
U.S.A.		1	%		0	%		0	%
Europe, Middle East, Asia and Africa (*)		(0	%)		4	%		4	%
Europe (*)		2	%		9	%		8	%
Philippines		(2	%)		2	%		4	%
Middle East and Africa (*)		(8	%)		(18	%)		(11	%)
South, Central America and the Caribbean (*)		(2	%)		(2	%)		(3	%)
READY-MIX PRICE
Mexico		(11	%)		(12	%)		4	%
U.S.A.		2	%		1	%		0	%
Europe, Middle East, Asia and Africa (*)		2	%		7	%		7	%
Europe (*)		1	%		10	%		10	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		4	%		2	%		0	%
South, Central America and the Caribbean (*)		(11	%)		(13	%)		(4	%)
AGGREGATES PRICE
Mexico		(6	%)		(4	%)		7	%
U.S.A.		0	%		(3	%)		(1	%)
Europe, Middle East, Asia and Africa (*)		2	%		8	%		8	%
Europe (*)		2	%		9	%		10	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		8	%		5	%		3	%
South, Central America and the Caribbean (*)		(2	%)		(5	%)		2	%

(*) 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

2020 Third Quarter Results Page 11

Operating results  

Variation in Local Currency

	January—September			Third Quarter			Third Quarter 2020 vs.
DOMESTIC GRAY CEMENT PRICE	2020 vs. 2019			2020 vs. 2019			Second Quarter 2020
Mexico		1	%		3	%		0	%
U.S.A.		1	%		0	%		0	%
Europe, Middle East, Asia and Africa (*)		(2	%)		(2	%)		(1	%)
Europe (*)		2	%		3	%		1	%
Philippines		(5	%)		(3	%)		0	%
Middle East and Africa (*)		(14	%)		(21	%)		(11	%)
South, Central America and the Caribbean (*)		5	%		6	%		(2	%)
READY-MIX PRICE
Mexico		(0	%)		(1	%)		(0	%)
U.S.A.		2	%		1	%		0	%
Europe, Middle East, Asia and Africa (*)		0	%		1	%		1	%
Europe (*)		1	%		3	%		3	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		1	%		(1	%)		(2	%)
South, Central America and the Caribbean (*)		(2	%)		(5	%)		(4	%)
AGGREGATES PRICE
Mexico		5	%		8	%		3	%
U.S.A.		0	%		(3	%)		(1	%)
Europe, Middle East, Asia and Africa (*)		1	%		2	%		2	%
Europe (*)		1	%		2	%		3	%
Philippines		N/A			N/A			N/A
Middle East and Africa (*)		5	%		2	%		0	%
South, Central America and the Caribbean (*)		7	%		3	%		2	%

(*) 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

2020 Third Quarter Results Page 12

Other information    

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.

	Third Quarter										Second Quarter
	2020					2019					2020
In millions of US dollars.	Notional amount		Fair value			Notional amount		Fair value			Notional amount		Fair value
Exchange rate derivatives (1)		1,486		37			1,249		(12	)		800		84
Equity related derivatives (2)		68		3			93		2			72		5
Interest rate swaps (3)		1,000		(45	)		1,121		(35	)		1,000		(59	)
Fuel derivatives (4)		149		(15	)		113		(2	)		170		(14	)
		2,703		(20	)		2,576		(47	)		2,042		16

(1) Exchange rate derivatives are used to manage currency exposures that arise from the regular operations and from forecasted transactions.

(2) Equity derivatives related with options on the Parent Company own shares and forwards, net of cash collateral, over the shares of Grupo Cementos Chihuahua, S.A.B. de C.V.

(3) Interest-rate swap derivatives related to bank loans. As of September 30, 2019, included an interest-rate swap derivative related to long-term energy contracts.

(4) Forward contracts negotiated to hedge the price of the fuel consumed in certain operations.

Under IFRS, companies are required to recognize all derivative financial instruments on the balance sheet as 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 which case 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, and/or transactions related to net investment hedges, in which case changes in fair 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 September 30, 2020, in connection with the fair market value recognition of its derivatives portfolio, CEMEX recognized increases in its assets and liabilities resulting in a net liability of US$20 million.

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.

Beginning-of-quarter outstanding CPO-equivalents	14,708,429,449
End-of-quarter outstanding CPO-equivalents	14,708,429,449

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 September 30, 2020 were 20,541,277.

Assets held for sale, discontinued operations and other disposal groups

Assets held for sale and discontinued operations

On August 3, 2020, through an affiliate in the United Kingdom, CEMEX closed the sale of certain assets to Breedon Group plc for approximately US$230 million, which include approximately US$30 million of debt. The assets included 49 ready-mix plants, 28 aggregate quarries, four depots, one cement terminal, 14 asphalt plants, four concrete products operations, as well as a portion of CEMEX’s paving solutions business in the United Kingdom. After completion of this divestiture, CEMEX maintains a significant footprint in key operating geographies in the United Kingdom related with the production and sale of cement, ready-mix, aggregates, asphalt and paving solutions, among others. For purposes of the Income Statements for the nine-month periods ended September 30, 2020 and 2019 the operations related to this segment from January 1 to August 3, 2020 and for the nine-month periods ended September 30, 2019, respectively, are presented net of tax in the single line item “Discontinued operations,” including in 2020 an allocation of goodwill of US$47 million.

On March 6, 2020, CEMEX concluded the sale of its U.S. affiliate Kosmos Cement Company (“Kosmos”), a partnership with a subsidiary of Buzzi Unicem S.p.A. in which CEMEX held a 75% interest, to Eagle Materials Inc. for US$665 million. The share of proceeds to CEMEX from this transaction was US$499 million before transactional and other costs and expenses. The assets divested consist of Kosmos’ cement plant in Louisville, Kentucky, as well as related assets which include seven distribution terminals and raw material reserves. CEMEX’s Income Statements for the nine-month periods ended September 30, 2020 and 2019 present the operations related to this segment from January 1 to March 6, 2020 and for the nine-month period ended September 30, 2019, respectively, net of income tax in the single line item “Discontinued operations.”

On June 28, 2019, CEMEX concluded with several counterparties the sale of its ready-mix and aggregates business in the central region of France for an aggregate price of €31.8 million (US$36.2 million). CEMEX’s operations of these disposed assets in France for the period from January 1 to June 28, 2019 are reported in the Income Statement, net of income tax, in the single line item “Discontinued operations.”

On May 31, 2019, CEMEX concluded the sale of its aggregates and ready-mix assets in the North and North-West regions of Germany to GP Günter Papenburg AG for €87 million (US$97 million). The assets divested in Germany consisted of four aggregates quarries and four ready-mix facilities in North Germany, and nine aggregates quarries and 14 ready-mix facilities in North-West Germany. CEMEX’s operations of these disposed assets for the period from January 1 to May 31, 2019 are reported in the Income Statement, net of income tax, in the single line item “Discontinued operations.”

2020 Third Quarter Results Page 13

Other information    

On March 29, 2019, CEMEX closed the sale of assets in the Baltics and Nordics to the German building materials group Schwenk, for a price in euro equivalent of US$387 million. The Baltic assets divested consisted of one cement production plant in Broceni with a production capacity of approximately 1.7 million tons, four aggregates quarries, two cement quarries, six ready-mix plants, one marine terminal and one land distribution terminal in Latvia. The assets divested also included CEMEX’s 37.8% interest in Akmenes Cementas AB, owner of a cement production plant in Akmene in Lithuania with a production capacity of approximately 1.8 million tons, as well as the exports business to Estonia. The Nordic assets divested consisted of three import terminals in Finland, four import terminals in Norway and four import terminals in Sweden. CEMEX’s Income Statement for the six-month period ended June 30, 2019, include the operations of these disposed assets for the period from January 1 to March 29, 2019 net of income tax in the single line item “Discontinued operations,” including a gain on sale of US$66 million.

On March 29, 2019, CEMEX signed a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.Ş. to divest CEMEX’s white cement business, except for Mexico and the U.S., for a price of US$180 million, including its Buñol cement plant in Spain and its white cement customers list. CEMEX currently expects to close this transaction at the end of 2020 or early in 2021. As of September 30, 2020, the assets and liabilities associated with the white cement business were presented in the Statement of Financial Position within the line items of “assets and liabilities held for sale”, as correspond. Moreover, CEMEX’s operations of these assets in Spain for the nine-month periods ended September 30, 2020 and 2019 are reported in the Income Statements, net of income tax, in the single line item “Discontinued operations.”

The following table presents condensed combined information of the Income Statements of CEMEX’s discontinued operations previously mentioned in: a) the United Kingdom for the period from January 1 to August 3, 2020 and the nine-month period ended September 30, 2019; b) the United States related to Kosmos for the period from January 1 to March 6, 2020 and the nine-month period ended September 30, 2019; c) France for the period from January 1 to June 28, 2019; d) Germany for the period from January 1 to May 31, 2019; e) the Baltics and Nordics for the period from January 1 to March 29, 2019; and f) Spain for the nine-month periods ended September 30, 2020 and 2019:

INCOME STATEMENT	Jan-Sep						Third Quarter
(Millions of U.S. dollars)	2020			2019			2020			2019
Sales		177			461			41			128
Cost of sales and operating		(170	)		(430	)		(41	)		(111	)
Other income (expenses), net		(8	)		1			(7	)		(0	)
Interest expense, net and others		6			(1	)		0			(0	)
Income before income tax		5			31			(7	)		17
Income tax		(77	)		0			(22	)		(0	)
Income from discontinued operations		(72	)		31			(29	)		17
Net gain on sale		(33	)		144			(51	)		21
Income from discontinued operations		(105	)		175			(80	)		38

Assets held for sale and related liabilities

As of September 30, 2020, the following table presents condensed combined information of the Statement of Financial Position for the assets held for sale in Spain, as mentioned above:

(Millions of U.S. dollars)	3Q20
Current assets		0
Non-current assets		99
Total assets of the disposal group		99
Current liabilities		0
Non-current liabilities		0
Total liabilities directly related to disposal group		0
Total net assets of disposal group		99

Impairment of property, plant and equipment and goodwill in 3Q20

During the third quarter of 2020, due to the lack of visibility and high uncertainty resulting from the negative economic effects of the COVID-19 Pandemic and considering the consolidation of impairment indicators in certain countries, we recognized a non-cash aggregate impairment charge of approximately US$1.5 billion which is comprised of approximately US$1.02 billion of impairment from goodwill related to our business in the U.S., as well as approximately US$480 million of impairment from idle assets in several countries, mainly cement assets in the United States, as well as in Europe, South, Central America and the Caribbean, among other non-material adjustments in CEMEX’s concrete ready-mix and aggregates businesses.

The impairment of goodwill in the U.S. resulted from the aforementioned lack of visibility and high uncertainty which made us change our cash-flows projections methodology in the U.S. from 7 to 5 years (remove 2 years) as well as reduce our long-term growth rate from 2.5% to 2%, which generated an excess of the net book value of our business in the U.S. against the discounted cash flow projections as of September 30, 2020. Despite of these changes in methodology, we are confident in our good results in the U.S. in the short-term.

Moreover, we recognized impairment charges of idle assets of US$480 million related to several assets, mainly cement assets and permits in the U.S. of US$263 million, as well as cement assets in Spain of US$148 million, in the UK of US$34 and in South, Central America and the Caribbean of US$15 million, among other non-material adjustments in CEMEX’s concrete ready-mix and aggregates businesses, that either have been closed for extended periods of time and/or will remain closed for the foreseeable future as there are no current plans to restart these operations and because of CEMEX’s ability to switch production to more efficient plants that would allow CEMEX to meet demand for its products.

These non-cash charges do not impact our liquidity, Operating EBITDA and cash taxes payable, nevertheless our total assets, net income and equity were affected in the quarter.

Employee recognition

CEMEX has decided that its executives that agreed to forgo part of their May, June and July 2020 monthly salaries as part of the then temporary measures to mitigate the effects of the COVID-19 pandemic, will be compensated before the end of the year as recognition of their effort and commitment to the company. The amount of this compensation is not material.

2020 Third Quarter Results Page 14

Definitions of terms and disclosures    

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. Beginning on March 31, 2019 and for each subsequent period CEMEX reports its consolidated results in U.S. dollars.

Breakdown of regions and subregions

The South, Central America and the Caribbean region includes CEMEX’s operations in Argentina, Bahamas, Colombia, Costa Rica, the Dominican Republic, El Salvador, Guatemala, Guyana, Haiti, Jamaica, Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto Rico, as well as trading operations in the Caribbean region.

The EMEAA region includes Europe, Middle East, Asia and Africa. 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 convertible bonds and financial leases) minus cash and cash equivalents.

Operating EBITDA equals operating earnings before other 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

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.

	January - September				Third Quarter				Third Quarter
	2020		2019		2020		2019		2020		2019
Exchange rates	Average		Average		Average		Average		End of period		End of period
Mexican peso		21.96		19.39		22.08		19.64		22.11		19.73
Euro		0.8858		0.8925		0.8458		0.9061		0.853		0.9174
British pound		0.7837		0.7881		0.7623		0.8191		0.7741		0.8134

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

2020 Third Quarter Results Page 15

Disclaimer    

This report contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities laws. We intend for 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. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, or 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. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, among other things: 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; 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, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding senior secured notes and our other debt instruments and 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; 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 global pricing initiatives for our products and generally meet our “A Stronger CEMEX” plan and “Operation Resilience” plan’s initiatives; 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 demand for consumer goods, consequently affecting demand for our products and services; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and 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 USMCA, if it comes into effect, and NAFTA, while it is in effect, both of which Mexico is a party to; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read this report and carefully consider the risks, uncertainties and other factors that affect our business. The information contained in this report is subject to change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by CEMEX with the United States Securities and Exchange Commission. CEMEX’s “A Stronger CEMEX” plan and “Operation Resilience” plan is designed based on CEMEX’s current beliefs and expectations. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker and aggregates. 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

2020 Third Quarter Results Page 16

EX-99.3

Third Quarter 2020 Results Isabel Zendal Emergency Hospital – Madrid, Spain Exhibit 3

This presentation contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities laws. We intend for 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. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect, as of the date such forward-looking statements are made, or 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. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or that otherwise could have an impact on us or our consolidated entities, include, among other things: 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; 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, tax, antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that govern our outstanding senior secured notes and our other debt instruments and 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; 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 global pricing initiatives for our products and generally meet our “A Stronger CEMEX” plan and “Operation Resilience” plan’s initiatives; 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 demand for consumer goods, consequently affecting demand for our products and services; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and 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 USMCA, if it comes into effect, and NAFTA, while it is in effect, both of which Mexico is a party to; terrorist and organized criminal activities as well as geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events (including global health hazards such as COVID-19); and other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read this presentation and carefully consider the risks, uncertainties and other factors that affect our business. The information contained in this presentation is subject to change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence of anticipated or unanticipated events or circumstances. Readers should review future reports filed by CEMEX with the United States Securities and Exchange Commission. CEMEX’s “A Stronger CEMEX” plan and “Operation Resilience” plan is designed based on CEMEX’s current beliefs and expectations. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. This presentation also includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete, clinker and aggregates. 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 presentation. 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  

Operational improvements lead to highest EBITDA, EBITDA margin and Free Cash Flow since 2016 Significant volume recovery in markets that experienced 2nd quarter lockdowns Bagged cement growth continues in Emerging Markets even after restrictions are lifted Mexico’s performance showing recovery from challenging conditions in 2019 Safety protocols, distribution and digital platforms continue to pay off Constructive pricing dynamics in most markets Energy tailwinds throughout portfolio Financial derisking continues Improved visibility of the business going into 2021 Key messages for 3rd Quarter 2020

Operation Resilience to create sustainable returns for our shareholders Operation Resilience lays the foundation for the future of CEMEX EBITDA growth through margin enhancement ≥ 20% target EBITDA margin by 2023 Optimize our portfolio for growth Strategic divestments and reinvestments Achieve investment grade capital structure ≤ 3.0x net leverage by 2023 Advance 2030 sustainability agenda 35% reduction in net CO2 emissions by 2030

With markets reopening, cement volumes deliver year-over-year growth On an average daily sales basis MEAA = Middle East, Africa and Asia Domestic gray cement MEAA US EUR MX SCAC 2020 CEMEX CEMEX LC pricing YoY 9M20 3Q20 Cement3 +1% +2% Aggregates +2% +1% Ready mix +3% +1% Cement volumes YoY % variation 1 2

Mexico Dominican Republic Nicaragua Guatemala Puerto Rico El Salvador Jamaica Bahamas Strong bagged cement performance powers Emerging Market volume growth Home improvements as families quarantine at home High level of remittances, allocating a portion for home renovations to increase quality of life and net worth preservation Government programs, particularly in Mexico, towards self-construction Strong distribution and supply chain capabilities to serve bagged cement demand Demand supported by: Double-digit bagged cement growth in 3Q20 YoY in:

Achieved highest quarterly EBITDA, EBITDA margin and Free Cash Flow since 2016 Net sales Operating EBITDA Operating EBITDA margin Free Cash Flow after maintenance capex +1.8pp +3% l-t-l +15% l-t-l Millions of U.S. dollars

All business levers contributing to EBITDA growth EBITDA variation Millions of U.S. dollars +15% +11%

“Operation Resilience” drives margin improvement Millions of U.S. dollars 9M20 savings under Operation Resilience 72 79 US$89 M savings realized in 3Q20, contributing to 2.6pp to EBITDA margin YTD savings of US$229 M, contributing to 2.4pp to EBITDA margin Primarily driven by SG&A and operational efficiencies On track to achieve US$280 M goal for 2020 under “Operation Resilience”

Superior customer experience enabled by digital technologies Umbrella brand that covers all our digital solutions for customers Launched in 2017, and continuously evolving to meet specific customer segment and product needs Available in almost all operations, with ~40k users Up to 90% of our recurring customers are using CEMEX Go 52% of our global sales are processed through CEMEX Go Allows our customers to work seamlessly in a low touch environment during COVID-19 CEMEX Go Developer Center offers direct connectivity to our customers to place and track orders, and access financial documents for all products and services Data for CEMEX Go and Construrama.com as of September 30, 2020 Drivers Track Order Online Store CRM Order Fulfillment Quarry Link Our digital platforms played an important role in the 3rd quarter record Net Promoter Score

Robust roadmap to address climate change targets Target 20301 Ambition 2050 35% Further contribution from 2030 cement efforts Carbon capture, usage and storage Admixtures, binders and additions in concrete Recycled aggregates Recarbonation of concrete during lifetime Reduction in CO2 emissions in cement Reduce clinker factor Usage of decarbonated raw materials Novel low-CO2 clinkers Increase usage of alternative fuels Increase thermal efficiency European region reaching 35% by end of 2020 Deliver net zero CO2 concrete 2 Reduced CO2 emissions to date by more than 22% vs. 1990 baseline In line with Paris Agreement – IEA 2 Degree Scenario and verified by Carbon Trust Net specific C02 emissions per ton of cementitious product. Reduction vs. 1990 baseline

United States: Improved logistics and other efficiencies propel EBITDA margin growth With more challenging prior year comps, cost efficiencies drive EBITDA growth Increase in cement volumes driven by pickup in residential activity and infrastructure strength Stable prices sequentially in three core products EBITDA margin expansion due primarily to improved logistics, lower fuel costs and savings from “Operation Resilience” Extension of the FAST Act for 1 year gives more visibility to states on transportation spending Millions of U.S. dollars

Mexico: Rebounding from challenging 2019 cement industry performance Double-digit increase in cement volumes points to recovery from 2019 slowdown Bagged cement momentum supported by government social programs, home improvement activity and higher remittances Growth in formal sector as private sector and government infrastructure projects accelerate Flat sequential prices in local-currency terms mainly due to product mix Higher volumes and prices, cost containment measures, product mix and tailwinds from lower fuel prices support EBITDA margin expansion Millions of U.S. dollars

EMEAA: EBITDA growth resulting from pricing and cost containment initiatives EBITDA growth due to pricing gains in Europe and cost containment initiatives Continued strong cement volume growth and pricing performance in central Europe Marked volume recovery in western Europe as economies opened Well positioned for phase IV of the European Union’s Emissions Trading System, with ample carbon allowances expected to last until 2030 Israel reports second consecutive quarter of record EBITDA Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates Millions of U.S. dollars EMEAA: Europe, Middle East, Africa and Asia region

Recovery in quarterly cement volumes to levels approaching 2019 Cement prices on a sequential basis declined 2% mainly due to geographic mix In Colombia, industry volumes recovered to pre-COVID-19 levels, supported mainly by self-construction and 4G highways projects EBITDA margin increased 6.3pp mainly due to cost reduction initiatives and higher prices in LC SCAC: Growth story reemerging after COVID-19 disruption Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates Millions of U.S. dollars SCAC: South, Central America and the Caribbean region

3Q20 Results

Strong Free Cash Flow generation with Net Income impacted by non-cash impairment charge Average working capital days Millions of U.S. dollars 3Q20 3Q19 Controlling Interest Net Income US$ M 3Q20 3Q19

Cash and cash-equivalents variation Millions of U.S. dollars 1) Includes redemption of the following senior secured notes during October: US$640 M of 6.0% due 2024, US$750 M of 6.125% due 2025 and EUR400 M of 4.625% due 2024 With improved visibility, cash deployed to paydown debt 1

Bank refinancing highlights our commitment to sustainability… Total commitments under the Facilities Agreement decreased from ~$4.1 B to ~$3.5 B Extension of maturities by ~93% of lenders 3-year extension of ~US$1.1 B of Term Loans from 2022 to 2025 1-year extension of ~US$1.1 B Revolver from 2022 to 2023 No relevant maturities through July 2023 Interest rate margin linked to 5 sustainability-linked metrics: CO2 emissions, power consumption from green energy, quarry rehabilitation, water management and clinker factor May result in adjustment of the interest rate margin of up to 5 basis points Redenominates ~US$313 M of previous US dollar exposure under Facilities Agreement to Mexican Peso and ~US$82 M to Euros Interest rate margin grid for Mexican Peso tranche is 25 to 50bps lower than rest of tranches

Average life of debt: 4.7 years …and creates runway with no material maturities until July 2023 Proforma1 total debt excluding perpetual notes as of September 30, 2020: US$10,908 million 134 371 449 1,231 1,432 2,377 Fixed Income Other bank debt 2017 Facilities Agreement Leases Millions of U.S. dollars 1) Giving proforma effect to the following transactions performed/executed in October: (i) Redemption of the following senior secured notes: US$640 M of 6.0% due 2024, US$750 M of 6.125% due 2025 and EUR400 M of 4.625% due 2024; and (ii) the extension of ~US$2.2 B of debt under the Facilities Agreement and including the payment of ~$530 M of Term Loans

While our leverage ratio declines Net Debt plus perpetuals variation Millions of U.S. dollars 1) Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated 4.57x 4.27x -0.30x Consolidated leverage ratio1

2020 Outlook

2020 guidance1 slightly improved for EBITDA 1 Reflects CEMEX’s current expectations 2 Including perpetual and convertible securities Energy cost per ton of cement produced (9%) to (7%) Operating EBITDA ~US$2.4 billion Capital expenditures US$750 to US$780 million Investment in working capital ~US$150 million Cash taxes ~US$200 million Cost of debt2 Increase of US$15 to US$20 million

Pleased to see recovery not only from lockdowns in 2nd quarter, but also from a challenging 2019 performance Expect COVID-19 resurgence in our markets but believe disruptions will be less than in 2019 Potential fiscal and monetary stimulus to benefit US and Europe going forward Strong residential growth and resilient infrastructure sectors to drive US business Acceleration in government spending and 2021 elections will continue to support cement in Mexico High capacity utilization in most markets should facilitate price increases to compensate for input cost inflation Continued contribution from Operation Resilience including our bolt-on investment strategy Continue to prioritize the health and safety of our employees and their families as well as our customers in all that we do What to expect

Appendix

Average life of debt: 4.1 years Debt maturity profile as of 3Q20 Total debt excluding perpetual notes as of September 30, 2020: US$13,310 million Fixed Income Other bank debt 2017 Facilities Agreement Leases Millions of U.S. dollars Revolving Credit Tranche

Consolidated volumes and prices Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates

Additional information on debt and perpetual notes Currency denomination Interest rate3 Millions of U.S. dollars 1 Includes convertible notes and leases, in accordance with International Financial Reporting Standard (IFRS) 2 Calculated in accordance with our contractual obligations under the 2017 Facilities Agreement, as amended and restated 3 Includes the effect of interest-rate swap instruments related to bank loans to fix floating rates with a nominal amount of US$1,000 million

Additional information on debt Total debt1 by instrument Millions of U.S. dollars 1 Includes leases, in accordance with IFRS

3Q20 volume and price summary: selected countries/region Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates

9M20 volume and price summary: selected countries/region Price (LC) for Europe calculated on a volume-weighted-average basis at constant foreign-exchange rates

Definitions 9M20 / 9M19 Results for the first nine months of the years 2020 and 2019, respectively SCAC South, Central America and the Caribbean EMEAA Europe, Middle East, Africa and Asia Cement When providing cement volume variations, refers to domestic gray cement operations (starting in 2Q10, the base for reported cement volumes changed 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 Maintenance capital expenditures 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 Promoter Score (NPS) A core KPI that helps us to systematically measure our customer loyalty and satisfaction Operating EBITDA Operating earnings before other expenses, net plus depreciation and operating amortization pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products Strategic 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 TCL Operations Trinidad Cement Limited includes Barbados, Guyana, Jamaica and Trinidad and Tobago USD U.S. dollars % var Percentage variation