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 2023

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 26, 2023, announcing third quarter 2023 results for Cemex, S.A.B. de C.V. (NYSE: CX) (“Cemex”).
2.	Third quarter 2023 results for Cemex.
3.	Presentation regarding third quarter 2023 results for Cemex.

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 26, 2023	By:	/s/ Rafael Garza Lozano
			Name: Rafael Garza Lozano
			Title: Chief Comptroller

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EXHIBIT INDEX

EXHIBIT NO.	DESCRIPTION
1.	Press release dated October 26, 2023, announcing third quarter 2023 results for Cemex, S.A.B. de C.V. (NYSE: CX) (“Cemex”).
2.	Third quarter 2023 results for Cemex.
3.	Presentation regarding third quarter 2023 results for Cemex.

4

EX-1

Exhibit 1

Cemex reports record third quarter EBITDA

with 32% growth and material margin expansion

Monterrey, Mexico. October 26, 2023 – Cemex reported today another quarter of exceptional results, with a 9% growth in Sales and 32% increase in EBITDA, and EBITDA Margin expansion of 3.5pp to 19.9%. For the first time since the launch of Cemex’s pricing strategy in 2021, designed to regain profitability after a surge in input cost inflation, quarterly EBITDA margin exceeded our goal of recovering 2021 margins. Free cash flow after maintenance capex grew significantly, reflecting EBITDA growth and lower working capital spending. Leverage ratio stood at 2.16x, marking the third consecutive quarter of declining leverage, accelerating the path to an investment grade rating.

Results were bolstered by Cemex’s strong pricing across all markets, decelerating input cost inflation, contributions from Cemex’s growth investment strategy, and Urbanization Solutions business. In the third quarter of 2023, growth investments contributed 11% of incremental EBITDA and 10% of total EBITDA.

“2023 is proving to be an exceptional year for our company, and I am especially encouraged by our recovery of EBITDA margins to 2021 levels, a key strategic priority,” says Fernando A. González, CEO of Cemex. “The success of our pricing strategy, contribution of growth investments and our fast-growing Urbanization Solutions business, as well as decelerating cost inflation, are contributing to profitability in a very meaningful way. Importantly, we are making significant progress on our decarbonization roadmap, reducing Scope 1 and Scope 2 carbon emissions by 12% and 11%, respectively, since 2020. Prior to the introduction of our Future in Action program in 2020, a reduction of this magnitude would have taken almost 15 years”.

Cemex’s Consolidated 2023 Third Quarter Financial and Operational Highlights

• Net Sales increased 9% to US$4,571 million.

• EBITDA increased 32% to US$910 million.

• EBITDA margin increased 3.5pp to 19.9%, commensurate to third quarter 2021 levels.

• Free Cash Flow after Maintenance Capital Expenditures was US$475 million, approximately US$300 million higher YoY.

• Leverage ratio at 2.16x, a sequential decline of almost 1/3 of a turn.

• Growth investments accounting for 10% of total EBITDA and 11% of incremental EBITDA.

• 31% increase in EBITDA for our Urbanization Solutions business.

• Controlling interest net income after adjusting for an extraordinary gain from the sale of assets in the prior year, was approximately $130 million lower YoY, due to higher taxes.

Geographical Markets 2023 Third Quarter Highlights

• Net Sales in Mexico increased 21%, to US$1,361 million, while EBITDA grew 31% to US$399 million. EBITDA margin expanded 2.4pp to 29.3%.

• Net Sales in Cemex’s operations in the United States rose 5% to US$1,394 million. EBITDA increased 36% to US$268 million, and EBITDA Margin reached 19.3%, a 4.4pp expansion.

• In the Europe, Middle East, Africa, and Asia region, Net Sales were up 2%, to US$1,306 million. EBITDA was US$213 million, 12% higher, while EBITDA Margin increased 1.5pp to 16.3%.

• Cemex’s operations in South, Central America, and the Caribbean region reported Net Sales of US$442 million, an 11% growth, while EBITDA rose 18% to US$105 million. EBITDA Margin increased 1.0pp, to 23.8%.

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Note: All percentage variations related to Net Sales and EBITDA are on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations compared to the same period of last year.

All mentions to EBITDA refers to Operating EBITDA, which equals operating earnings before other income and expenses, net, plus depreciation and amortization.

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

Contact information

Analyst and Investor Relations - Monterrey

Fabián Orta

+52 (81) 8888-4327

ir@cemex.com

Analyst and Investor Relations - New York

Scott Pollak

+1 (212) 317-6011

ir@cemex.com

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

###

Except as the context otherwise may require, references in this press release to “Cemex,” “we,” “us,” “our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. This press release, and the information disclosed in the reports, documents, and event referenced in this press release, 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 to Cemex’s plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed”, or other 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, 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, uncertainties, and assumptions that could cause actual results to differ materially from historical results or those anticipated in this press release and the reports and documents disclosed in the events referenced in this press release. Among others, such risks, uncertainties, and assumptions that could cause results to differ, or that otherwise could have an impact on us, include those discussed in Cemex’s most recent annual report and those detailed from time to time in Cemex’s other filings with the 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, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; 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 of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; 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 remedial actions, 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

2

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 business strategy 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; climate change, in particular reflected in weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including 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; availability and cost of trucks, railcars, barges and ships, as well as their licensed operators and drivers, 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 and conflicts in the Middle East; 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). Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this press release and the reports and documents disclosed in the event referenced herein not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance, or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. 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 and the information contained in this press release and disclosed in the reports, documents, and event referenced herein is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct the information contained in this press release or the documents disclosed in the event referenced herein, or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. 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).

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

3

EX-2

Exhibit 2

Third Quarter Results 2023
Stock Listing Informatio Investor Relations NYSE (ADS) In the United States: Ticker: CX + 1 877 7CX NYSE Mexican StockExchange (CPO)
In Mexico:
Ticker: CEMEX.CPO
+ 52 (81) 8888 4292
Ratio of CEMEXCPO to CX = 10
E-Mail: ir@cemex.com
High Performance Sports Complex, Jalpa de Méndez, Mexico

 Operating and financial highlights    

				January - September									Third Quarter
										l-t-l												l-t-l
	2023			2022			% var			% var			2023			2022			% var			% var
Consolidated domestic gray cement volume		39,082			41,846			(7	%)					13,338			13,853			(4	%)
Consolidated ready-mix volume		36,290			37,983			(4	%)					12,213			12,768			(4	%)
Consolidated aggregates volume		105,141			105,556			(0	%)					36,208			36,199			0	%
Net sales		13,172			11,708			13	%		10	%		4,571			3,956			16	%		9	%
Gross profit		4,429			3,614			23	%		28	%		1,561			1,205			30	%		39	%
as % of net sales		33.6	%		30.9	%		2.7pp						34.2	%		30.5	%		3.7pp
Operating earnings before other income and expenses, net		1,681			1,200			40	%		34	%		595			363			64	%		53	%
as % of net sales		12.8	%		10.2	%		2.6pp						13.0	%		9.2	%		3.8pp
SG&A expenses as % of net sales		8.6	%		7.8	%		0.8pp						8.7	%		8.1	%		0.6pp
Controlling interest net income (loss)		623			957			(35	%)					126			494			(75	%)
Operating EBITDA		2,604			2,050			27	%		23	%		910			649			40	%		32	%
as % of net sales		19.8	%		17.5	%		2.3pp						19.9	%		16.4	%		3.5pp
Free cash flow after maintenance capital expenditures		697			162			331	%					475			182			160	%
Free cash flow		385			(122	)		N/A						331			72			362	%
Total debt		7,492			8,188			(8	%)					7,492			8,188			(8	%)
Earnings (loss) of continuing operations per ADS		0.42			0.48			(11	%)					0.09			0.18			(51	%)
Fully diluted earnings (loss) of continuing operations per ADS (1)		0.42			0.48			(11	%)					0.09			0.18			(51	%)
Average ADSs outstanding (1)		1,471			1,479			(1	%)					1,465			1,475			(1	%)
Employees		45,749			43,864			4	%					45,749			43,864			4	%

⁽¹⁾ For purposes of this report, Average ADSs outstanding equals the total number of Series A shares and Series B shares outstanding as if they were all held in ADS form. Please see “Equity-related information” below in this report. The calculation of Average ADSs outstanding also includes the Series A shares and Series B shares underlying the restricted CPOs allocated to eligible employees as variable compensation.

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 third quarter of 2023 reached US$4.6 billion, an increase of +9% on a like-to-like basis, compared to the third quarter of 2022. Higher prices in local currency terms in all our regions drove our top line growth.

Cost of sales, as a percentage of Net Sales, decreased by 3.7pp to 65.8% during the third quarter of 2023, from 69.5% in the same period last year, mainly driven by pricing, easing cost headwinds, and operational efficiencies. This was the fourth consecutive quarter of year-over-year decrease in cost of sales as a percentage of Net Sales.

Operating expenses, as a percentage of Net Sales, decreased by 0.2pp to 21.1% during the third quarter of 2023 compared with the same period last year, mainly due to distribution expenses.

Operating EBITDA in the third quarter of 2023 reached US$910 million, increasing 32% on a like-to-like basis, with growth in all four regions. Operating EBITDA outperformance reflects not only strong pricing and decelerating input cost inflation, but also the success of our growth investment strategy, as well as continued growth in our Urbanization Solutions business.

Operating EBITDA margin increased by 3.5pp from 16.4% in the third quarter of 2022 to 19.9%. The expansion reflects the success of our pricing strategy with quarterly margin exceeding our goal of recovering 2021 levels for the first time, despite the headwinds of lower consolidated volumes and product mix.

Controlling interest net income (loss) resulted in an income of US$126 million in the third quarter of 2023 versus US$494 million in the same quarter of 2022. After adjusting for an extraordinary gain from the sale of Costa Rica, El Salvador and Neoris assets in the prior year, Net Income declined approximately $130 million dollars due to higher taxes.

2023 Third Quarter Results Page 2 

 Operating results    

Mexico

	January - September												Third Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		3,755			2,826			33	%		16	%		1,361			948			44	%		21	%
Operating EBITDA		1,142			862			33	%		15	%		399			255			56	%		31	%
Operating EBITDA margin		30.4	%		30.5	%		(0.1pp	)					29.3	%		26.9	%		2.4pp

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	%		10	%		9	%		10	%		10	%		14	%
Price (USD)		29	%		30	%		44	%		49	%		40	%		48	%
Price (local currency)		13	%		10	%		26	%		26	%		22	%		25	%

Our Mexican operations delivered strong results, with a 21% growth in Sales supported by a double-digit increase in volumes and prices across all products. Operating EBITDA also increased by 31%, marking the fourth consecutive quarter of growth. Operating EBITDA margin expanded 2.4pp year-over-year on the back of strong pricing and volumes, coupled with decelerating costs.

The Urbanization Solutions business contributed to approximately 12% of Mexico’s total incremental Operating EBITDA growth in the quarter.

Cement volumes rose double-digit, the second consecutive quarter of growth, supported by an increase in bagged cement volumes for the first time since second quarter of 2021, while bulk cement continued its double-digit growth trajectory driven by the formal sector. Ready-mix and aggregates volumes also benefited from strength in formal construction with double-digit volume growth.

Cement prices were flat sequentially, while ready-mix and aggregates increased by 2% and 5%, respectively.

During the quarter, our 1.5-million-ton capacity expansion in Tepeaca came online, allowing us to serve the expected medium-term demand of the country at a lower cost per ton than existing capacity.

United States

	January - September												Third Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		4,069			3,817			7	%		7	%		1,394			1,324			5	%		5	%
Operating EBITDA		801			560			43	%		43	%		268			197			36	%		36	%
Operating EBITDA margin		19.7	%		14.7	%		5.0pp						19.3	%		14.9	%		4.4pp

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	%)		(13	%)		(10	%)		(8	%)		(3	%)		2	%
Price (USD)		15	%		10	%		20	%		16	%		16	%		9	%
Price (local currency)		15	%		10	%		20	%		16	%		16	%		9	%

The United States had another strong quarter with Operating EBITDA growing by 36%, driven by pricing strategy and decelerating costs. Operating EBITDA margin expanded 4.4pp year-over-year due to prices, decelerating costs, and lower imports, however, it declined sequentially mainly due to higher maintenance and lower volumes.

Cement and ready-mix prices rose double digits, while aggregates increased high single-digit. On a sequential basis, cement and ready-mix prices rose low single-digit, reflecting the success of our second half price increases implemented in most of our states.

2023 Third Quarter Results Page 3 

 Operating results    

Cement and ready-mix volumes declined primarily due to continued weakness in California along with the winding down of several large industrial projects. Aggregates volumes grew in the quarter, benefiting from recent acquisitions in Florida and Canada.

Commercial and residential activity slowed during the quarter, while infrastructure activity continued to grow. In response to the demand environment, we reduced cement imports to support margins.

Europe, Middle East, Africa and Asia

	January - September												Third Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		3,894			3,731			4	%		7	%		1,306			1,252			4	%		2	%
Operating EBITDA		573			524			9	%		13	%		213			186			15	%		12	%
Operating EBITDA margin		14.7	%		14.0	%		0.7pp						16.3	%		14.8	%		1.5pp

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		(10	%)		(9	%)		(6	%)		(8	%)		(4	%)		(8	%)
Price (USD)		16	%		15	%		11	%		11	%		8	%		11	%
Price (local currency) (*)		21	%		13	%		13	%		9	%		8	%		6	%

EMEA delivered solid results despite a challenging demand environment, with Operating EBITDA continuing to grow, while margin expanded to the highest level since the onset of the pandemic.

In Europe, Operating EBITDA rose 17%, while margin increased to a record high of 17.3%, a 2.6pp increase. Despite lower volumes, pricing remained resilient with cement prices up 21%, commensurate with a still elevated inflationary environment, while prices were flat sequentially. Ready-mix and aggregate prices also showed significant growth but declined slightly sequentially due to geographic mix.

In Asia, Middle East and Africa, Operating EBITDA increased low single-digits in the quarter while margin contracted by 1.2pp, primarily due to the competitive environment in the Philippines.

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

2023 Third Quarter Results Page 4 

 Operating results    

South, Central America and the Caribbean

	January - September												Third Quarter
	2023			2022			% var			l-t-l % var			2023			2022			% var			l-t-l % var
Net sales		1,300			1,227			6	%		8	%		442			393			12	%		11	%
Operating EBITDA		301			298			1	%		3	%		105			90			17	%		18	%
Operating EBITDA margin		23.2	%		24.3	%		(1.1pp	)					23.8	%		22.8	%		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		(4	%)		1	%		(0	%)		(2	%)		8	%		9	%
Price (USD)		7	%		9	%		16	%		27	%		11	%		16	%
Price (local currency) (*)		10	%		8	%		21	%		20	%		16	%		9	%

Net sales and Operating EBITDA in the South, Central America and Caribbean region rose 11% and 18%, respectively, driven primarily by prices and decelerating energy costs. Margin improved 1pp with a slight decline in sequential margin, which is largely explained by higher maintenance in the quarter.

Cement prices for the region rose high single-digit. Despite continued pressure in bagged cement in the region, volumes grew for the first time in two years, driven largely by positive performance in Panama, the Dominican Republic, and Jamaica. Demand has been supported by formal construction related to infrastructure projects, such as the Bogotá Metro in Colombia, the 4th Bridge over the Canal in Panama and tourism related projects in the Dominican Republic and Jamaica.

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

2023 Third Quarter Results Page 5 

 Operating results    

Operating EBITDA and free cash flow

	January - September									Third Quarter
	2023			2022			% var			2023			2022			% var
Operating earnings before other income and expenses, net		1,681			1,200			40	%		595			363			64	%
+ Depreciation and operating amortization		922			851						315			286
Operating EBITDA		2,604			2,050			27	%		910			649			40	%
- Net financial expense		428			396						139			138
- Maintenance capital expenditures		597			587						208			201
- Change in working capital		406			821						(140	)		162
- Taxes paid		494			156						204			42
- Other cash items (net)		(19	)		(68	)					24			(64	)
- Free cash flow discontinued operations		—			(4	)					—			(12	)
Free cash flow after maintenance capital expenditures		697			162			331	%		475			182			160	%
- Strategic capital expenditures		312			284						143			111
Free cash flow		385			(122	)		N/A			331			72			362	%

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

Higher Operating EBITDA and a lower investment in working capital, partially offset by higher taxes, resulted in free cash flow after maintenance capex of almost US$700 million year-to-date, US$535 million higher than the same period last year.

The increase in cash taxes is a consequence of stronger results, as well as the tax effect of foreign exchange on our U.S. dollar denominated debt.

During the quarter, the main uses of cash below the Free cash flow line relate to the payment of coupons of our subordinated notes with no fixed maturity, as well as from our derivative instruments.

Information on debt

	Third Quarter									Second Quarter				Third Quarter
	2023			2022			% var			2023				2023			2022
Total debt (1)		7,492			8,188			(8	%)		7,665		Currency denomination
Short-term		4	%		5	%					4	%	U.S. dollar		75	%		77	%
Long-term		96	%		95	%					96	%	Euro		15	%		15	%
Cash and cash equivalents		533			397			34	%		471		Mexican peso		5	%		4	%
Net debt		6,960			7,791			(11	%)		7,194		Other		5	%		4	%
Consolidated net debt (2)		6,982			7,669						7,281		Interest rate (3)
Consolidated leverage ratio (2)		2.16			2.82						2.45		Fixed		65	%		74	%
Consolidated coverage ratio (2)		7.62			6.51						6.90		Variable		35	%		26	%

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 our main bank debt agreements.

⁽³⁾ Includes the effect of our interest rate derivatives, as applicable.

On October 30^th 2023, we expect to close the refinancing of our syndicated bank facility, which would now consist of a US$1 billion term loan and US$2 billion committed revolving credit facility. Additionally, in early October we issued $6 billion of peso-denominated sustainability-linked long-term notes (certificados bursátiles de largo plazo) in Mexico - the equivalent of approximately US$335 million. The information on debt above does not reflect these transactions executed during October 2023.

2023 Third Quarter Results Page 6 

 Operating results    

Consolidated Statement of Operations & Statement of Financial Position

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

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

	January - September												Third Quarter
										like-to-like												like-to-like
STATEMENT OF OPERATIONS	2023			2022			% var			% var			2023			2022			% var			% var
Net sales		13,172,423			11,708,302			13	%		10	%		4,570,546			3,955,565			16	%		9	%
Cost of sales		(8,742,931	)		(8,094,336	)		(8	%)					(3,009,642	)		(2,750,252	)		(9	%)
Gross profit		4,429,491			3,613,966			23	%		28	%		1,560,904			1,205,313			30	%		39	%
Operating expenses		(2,747,994	)		(2,414,332	)		(14	%)					(965,665	)		(841,895	)		(15	%)
Operating earnings before other income and expenses, net		1,681,498			1,199,634			40	%		34	%		595,238			363,419			64	%		53	%
Other expenses, net		(125,852	)		(6,278	)		(1905	%)					(96,690	)		(12,734	)		(659	%)
Operating earnings		1,555,646			1,193,357			30	%					498,548			350,685			42	%
Financial expense		(399,029	)		(377,649	)		(6	%)					(130,537	)		(134,010	)		3	%
Other financial income (expense), net		(24,917	)		43,942			N/A						(49,276	)		85,005			N/A
Financial income		27,400			12,395			121	%					11,119			5,408			106	%
Results from financial instruments, net		(52,556	)		113,826			N/A						1,004			92,357			(99	%)
Foreign exchange results		67,498			(37,875	)		N/A						(39,771	)		2,174			N/A
Effects of net present value on assets and liabilities and others, net		(67,260	)		(44,404	)		(51	%)					(21,628	)		(14,933	)		(45	%)
Equity in gain (loss) of associates		66,145			46,332			43	%					35,162			23,545			49	%
Income (loss) before income tax		1,197,845			905,982			32	%					353,898			325,225			9	%
Income tax		(556,998	)		(171,073	)		(226	%)					(219,388	)		(50,521	)		(334	%)
Profit (loss) of continuing operations		640,847			734,908			(13	%)					134,509			274,704			(51	%)
Discontinued operations		—			252,126			(100	%)					—			233,582			(100	%)
Consolidated net income (loss)		640,847			987,035			(35	%)					134,509			508,286			(74	%)
Non-controlling interest net income (loss)		17,684			29,538			(40	%)					8,637			14,195			(39	%)
Controlling interest net income (loss)		623,163			957,497			(35	%)					125,873			494,091			(75	%)
Operating EBITDA		2,603,931			2,050,167			27	%		23	%		909,822			649,083			40	%		32	%
Earnings (loss) of continued operations per ADS		0.42			0.48			(11	%)					0.09			0.18			(51	%)
Earnings (loss) of discontinued operations per ADS		—			0.17			(100	%)					—			0.16			(100	%)

	As of September 30
STATEMENT OF FINANCIAL POSITION	2023			2022			% var
Total assets		27,658,616			26,603,032			4	%
Cash and cash equivalents		532,512			396,813			34	%
Trade receivables less allowance for doubtful accounts		2,018,808			1,814,788			11	%
Other accounts receivable		586,574			612,556			(4	%)
Inventories, net		1,734,619			1,571,880			10	%
Assets held for sale		48,997			222,568			(78	%)
Other current assets		158,398			164,997			(4	%)
Current assets		5,079,909			4,783,603			6	%
Property, machinery and equipment, net		11,876,465			10,941,920			9	%
Other assets		10,702,242			10,877,509			(2	%)
Total liabilities		15,156,758			15,686,529			(3	%)
Current liabilities		5,736,537			5,486,240			5	%
Long-term liabilities		6,255,153			6,859,864			(9	%)
Other liabilities		3,165,068			3,340,426			(5	%)
Total stockholder’s equity		12,501,858			10,916,503			15	%
Common stock and additional paid-in capital		7,686,469			7,810,104			(2	%)
Other equity reserves		(2,196,231	)		(2,581,545	)		15	%
Subordinated notes		1,810,474			922,039			96	%
Retained earnings		4,868,949			4,344,919			12	%
Non-controlling interest		332,197			420,986			(21	%)

2023 Third Quarter Results Page 7 

 Operating results    

Operating Summary per Country

In thousands of U.S. dollars

	January - September												Third Quarter
										like-to-like												like-to-like
NET SALES	2023			2022			% var			% var			2023			2022			% var			% var
Mexico		3,755,089			2,825,912			33	%		16	%		1,360,542			947,601			44	%		21	%
U.S.A.		4,068,946			3,816,528			7	%		7	%		1,393,659			1,324,049			5	%		5	%
Europe, Middle East, Asia and Africa		3,893,830			3,730,839			4	%		7	%		1,306,071			1,252,041			4	%		2	%
Europe		2,805,251			2,569,653			9	%		7	%		934,245			860,038			9	%		(1	%)
Asia, Middle East and Africa (1)		1,088,579			1,161,186			(6	%)		8	%		371,826			392,003			(5	%)		8	%
South, Central America and the Caribbean		1,300,301			1,227,432			6	%		8	%		442,124			393,449			12	%		11	%
Others and intercompany eliminations		154,256			107,591			43	%		44	%		68,150			38,426			77	%		80	%
TOTAL		13,172,423			11,708,302			13	%		10	%		4,570,546			3,955,565			16	%		9	%
GROSS PROFIT
Mexico		1,797,214			1,308,775			37	%		20	%		651,367			414,182			57	%		33	%
U.S.A.		1,178,805			929,082			27	%		27	%		404,593			334,741			21	%		21	%
Europe, Middle East, Asia and Africa		964,393			928,354			4	%		6	%		343,422			319,733			7	%		4	%
Europe		742,325			654,073			13	%		10	%		264,881			234,964			13	%		3	%
Asia, Middle East and Africa		222,068			274,281			(19	%)		(4	%)		78,542			84,769			(7	%)		7	%
South, Central America and the Caribbean		438,694			426,811			3	%		5	%		152,500			133,919			14	%		13	%
Others and intercompany eliminations		50,384			20,944			141	%		2026	%		9,021			2,738			229	%		8445	%
TOTAL		4,429,491			3,613,966			23	%		28	%		1,560,904			1,205,313			30	%		39	%
OPERATING EARNINGS BEFORE OTHER EXPENSES, NET
Mexico		978,122			735,749			33	%		16	%		340,795			212,276			61	%		34	%
U.S.A.		438,909			201,311			118	%		118	%		146,117			77,226			89	%		89	%
Europe, Middle East, Asia and Africa		327,043			281,671			16	%		20	%		131,317			105,075			25	%		23	%
Europe		243,730			160,822			52	%		46	%		100,403			71,664			40	%		28	%
Asia, Middle East and Africa		83,313			120,849			(31	%)		(13	%)		30,914			33,411			(7	%)		12	%
South, Central America and the Caribbean		237,755			236,755			0	%		2	%		82,624			69,638			19	%		20	%
Others and intercompany eliminations		(300,332	)		(255,852	)		(17	%)		(3	%)		(105,614	)		(100,796	)		(5	%)		13	%
TOTAL		1,681,498			1,199,634			40	%		34	%		595,238			363,419			64	%		53	%

2023 Third Quarter Results Page 8 

 Operating results    

Operating Summary per Country

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

	January - September												Third Quarter
										like-to-like												like-to-like
OPERATING EBITDA	2023			2022			% var			% var			2023			2022			% var			% var
Mexico		1,142,246			861,609			33	%		15	%		398,634			255,349			56	%		31	%
U.S.A.		801,368			559,777			43	%		43	%		268,496			197,273			36	%		36	%
Europe, Middle East, Asia and Africa		573,030			523,870			9	%		13	%		213,350			185,781			15	%		12	%
Europe		428,533			320,745			34	%		29	%		161,640			126,406			28	%		17	%
Asia, Middle East and Africa (1)		144,497			203,126			(29	%)		(14	%)		51,710			59,375			(13	%)		2	%
South, Central America and the Caribbean		301,148			297,868			1	%		3	%		105,042			89,590			17	%		18	%
Others and intercompany eliminations		(213,860	)		(192,957	)		(11	%)		8	%		(75,701	)		(78,910	)		4	%		27	%
TOTAL		2,603,931			2,050,167			27	%		23	%		909,822			649,083			40	%		32	%
OPERATING EBITDA MARGIN
Mexico		30.4	%		30.5	%								29.3	%		26.9	%
U.S.A.		19.7	%		14.7	%								19.3	%		14.9	%
Europe, Middle East, Asia and Africa		14.7	%		14.0	%								16.3	%		14.8	%
Europe		15.3	%		12.5	%								17.3	%		14.7	%
Asia, Middle East and Africa		13.3	%		17.5	%								13.9	%		15.1	%
South, Central America and the Caribbean		23.2	%		24.3	%								23.8	%		22.8	%
TOTAL		19.8	%		17.5	%								19.9	%		16.4	%

(1) In the Philippines, Net Sales (in thousands of dollars) for the third quarter 2023 were US$78,351 and for the period January to September 2023 were US$243,117. Operating EBITDA (in thousands of dollars) for the third quarter 2023 was US$12,003 and for the period January to September 2023 was US$34,179.

2023 Third Quarter Results Page 9 

 Operating results    

Volume Summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.

	January - September							Third Quarter
	2023		2022		% var			2023		2022		% var
Consolidated cement volume (1)		45,392		47,807		(5	%)		15,368		15,700		(2	%)
Consolidated ready-mix volume		36,290		37,983		(4	%)		12,213		12,768		(4	%)
Consolidated aggregates volume (2)		105,141		105,556		(0	%)		36,208		36,199		0	%

Per-country volume summary

	January - September			Third Quarter			Third Quarter 2023
DOMESTIC GRAY CEMENT VOLUME	2023 vs. 2022			2023 vs. 2022			vs. Second Quarter 2023
Mexico		3	%		10	%		2	%
U.S.A.		(13	%)		(13	%)		(7	%)
Europe, Middle East, Asia and Africa		(10	%)		(9	%)		1	%
Europe		(13	%)		(16	%)		(7	%)
Asia, Middle East and Africa		(7	%)		1	%		13	%
South, Central America and the Caribbean		(4	%)		1	%		1	%
READY-MIX VOLUME
Mexico		9	%		10	%		6	%
U.S.A.		(10	%)		(8	%)		(5	%)
Europe, Middle East, Asia and Africa		(6	%)		(8	%)		(2	%)
Europe		(10	%)		(13	%)		(8	%)
Asia, Middle East and Africa		1	%		(0	%)		8	%
South, Central America and the Caribbean		(0	%)		(2	%)		2	%
AGGREGATES VOLUME
Mexico		10	%		14	%		7	%
U.S.A.		(3	%)		2	%		(2	%)
Europe, Middle East, Asia and Africa		(4	%)		(8	%)		(5	%)
Europe		(5	%)		(12	%)		(9	%)
Asia, Middle East and Africa		2	%		7	%		11	%
South, Central America and the Caribbean		8	%		9	%		4	%

⁽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 the United Kingdom.

2023 Third Quarter Results Page 10 

 Operating results    

Price Summary

Variation in U.S. dollars

	January - September			Third Quarter			Third Quarter 2023 vs.
DOMESTIC GRAY CEMENT PRICE	2023 vs. 2022			2023 vs. 2022			Second Quarter 2023
Mexico		29	%		30	%		3	%
U.S.A.		15	%		10	%		2	%
Europe, Middle East, Asia and Africa (*)		16	%		15	%		(5	%)
Europe (*)		31	%		33	%		(1	%)
Asia, Middle East and Africa (*)		(10	%)		(12	%)		(4	%)
South, Central America and the Caribbean (*)		7	%		9	%		(0	%)
READY-MIX PRICE
Mexico		44	%		49	%		5	%
U.S.A.		20	%		16	%		4	%
Europe, Middle East, Asia and Africa (*)		11	%		11	%		(3	%)
Europe (*)		19	%		21	%		(3	%)
Asia, Middle East and Africa (*)		(1	%)		(2	%)		(1	%)
South, Central America and the Caribbean (*)		16	%		27	%		7	%
AGGREGATES PRICE
Mexico		40	%		48	%		9	%
U.S.A.		16	%		9	%		(1	%)
Europe, Middle East, Asia and Africa (*)		8	%		11	%		(2	%)
Europe (*)		11	%		16	%		(1	%)
Asia, Middle East and Africa (*)		(4	%)		(7	%)		(2	%)
South, Central America and the Caribbean (*)		11	%		16	%		7	%

(*) 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.

2023 Third Quarter Results Page 11 

 Operating results    

Variation in Local Currency 

	January -September			Third Quarter			Third Quarter 2023 vs.
DOMESTIC GRAY CEMENT PRICE	2023 vs. 2022			2023 vs. 2022			Second Quarter 2023
Mexico		13	%		10	%		(0	%)
U.S.A.		15	%		10	%		2	%
Europe, Middle East, Asia and Africa (*)		21	%		13	%		(5	%)
Europe (*)		28	%		21	%		(0	%)
Asia, Middle East and Africa (*)		9	%		5	%		(4	%)
South, Central America and the Caribbean (*)		10	%		8	%		(2	%)
READY-MIX PRICE
Mexico		26	%		26	%		2	%
U.S.A.		20	%		16	%		4	%
Europe, Middle East, Asia and Africa (*)		13	%		9	%		(2	%)
Europe (*)		16	%		11	%		(2	%)
Asia, Middle East and Africa (*)		10	%		8	%		2	%
South, Central America and the Caribbean (*)		21	%		20	%		1	%
AGGREGATES PRICE
Mexico		22	%		25	%		5	%
U.S.A.		16	%		9	%		(1	%)
Europe, Middle East, Asia and Africa (*)		8	%		6	%		(1	%)
Europe (*)		9	%		7	%		(1	%)
Asia, Middle East and Africa (*)		6	%		2	%		0	%
South, Central America and the Caribbean (*)		16	%		9	%		0	%

(*) 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.

2023 Third Quarter Results Page 12 

Other information    

Operating expenses

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

	January - September				Third Quarter
In thousands of US dollars	2023		2022		2023		2022
Administrative expenses		873,126		695,229		307,347		249,403
Selling expenses		257,012		223,066		89,806		72,864
Distribution and logistic expenses		1,457,971		1,354,577		513,739		471,113
Operating expenses before depreciation		2,588,109		2,272,873		910,892		793,381
Depreciation in operating expenses		159,885		141,459		54,773		48,514
Operating expenses		2,747,994		2,414,332		965,665		841,895

As % of Net Sales
Administrative expenses	6.6	%	5.9	%	6.7	%	6.3	%
SG&A expenses	8.6	%	7.8	%	8.7	%	8.1	%

Equity-related information

As of December 31, 2022, based on our latest 20-F annual report, the number of outstanding CPO-equivalents was 14,487,786,971. See Cemex’s reports furnished to or filed with the U.S. Securities and Exchange Commission for information regarding repurchases of securities and other developments that may have caused a change in the number of CPO-equivalents outstanding after December 31, 2022. For the three-month period ended September 30, 2023, no CPOs were repurchased by Cemex.

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

For purposes of this report, outstanding CPO-equivalents equal the total number of Series A and B shares outstanding as if they were all held in CPO form, less CPOs held by Cemex and its subsidiaries, which as of December 31, 2022, were 20,541,277. Restricted CPOs allocated to eligible employees as variable compensation are not included in the outstanding CPO-equivalents.

Derivative instruments

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

	Third Quarter									Second Quarter
	2023					2022				2023
In millions of US dollars	Notional amount		Fair value			Notional amount		Fair value		Notional amount		Fair value
Exchange rate derivatives (1)		1,358		(83	)		1,862		38		1,488		(135	)
Interest rate swaps (2)		1,050		47			1,010		59		1,056		49
Fuel derivatives		138		13			165		21		152		(1	)
		2,546		(23	)		3,037		118		2,696		(87	)

1) The exchange rate derivatives are used to manage currency exposures arising from regular operations, net investment hedge and forecasted transactions. As of September 30, 2023, the derivatives related to net investment hedge represent a notional amount of US$1,058 million.

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

Under IFRS, companies are required to recognize the fair value of all derivative financial instruments on the balance sheet as financial assets or liabilities, with changes in such fair market values recorded in the income statement, except when transactions are entered into for cash-flow-hedging purposes, in such cases, changes in the fair market value of the related derivative instruments are recognized temporarily in equity and subsequently reclassified into earnings as the effects of the underlying are recognized in the income statement. Moreover, in transactions related to net investment hedges, changes in fair market value are recorded directly in equity as part of the currency translation effect and are reclassified to the income statement only in the case of a disposal of the net investment. As of September 30, 2023, in connection with its derivatives portfolio’s fair market value recognition, Cemex recognized a change in mark to market as compared to 2Q23 resulting in a financial liability of US$23 million.

2023 Third Quarter Results Page 13 

Other information    

Discontinued operations

On October 25, 2022, Cemex successfully arranged 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 34.8% stake and remained a key strategic partner and customer of Neoris. Cemex’s retained 34.8% stake in Neoris is accounted for under the equity method. Neoris’ results for the nine-month period ended September 30, 2022, are reported in Cemex’s income statements, net of income tax, in the single line item “Discontinued operations.”

On August 31, 2022, Cemex concluded with affiliates of Cementos Progreso Holdings, S.L. the sale of its operations in Costa Rica and El Salvador for a total consideration for Cemex of US$325 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. Cemex’s operations of these assets for the period from January 1 to August 31, 2022, are reported in Cemex’s income statements, net of income tax, in the single line item “Discontinued operations.”

The following table presents condensed combined information of the income statements for the nine-month period ended September 30, 2022, for Cemex’s discontinued operations related to Neoris, Costa Rica and El Salvador:

STATEMENT OF OPERATIONS	Jan-Sep							Third Quarter
(Millions of U.S. dollars)	2023		2022			2023		2022
Sales		—		239			—		74
Cost of sales, operating expenses, and other expenses, net		—		(221	)		—		(65	)
Interest expense, net, and others		—		—			—		(19	)
Income (loss) before income tax		—		18			—		(10	)
Income tax		—		(4	)		—		4
Income (loss) from discontinued operations		—		14			—		(6	)
Net gain (loss) on sale		—		238			—		240
Net result from discontinued operations		—		252			—		234

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.

2023 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.

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.

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

Asia, Middle East, and Africa subregion includes operations in Philippines, 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).

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

Exchange rates	January - September				Third Quarter				Third Quarter
	2023 Average		2022 Average		2023 Average		2022 Average		2023 End of period		2022 End of period
Mexican peso		17.68		20.19		17.06		20.21		17.42		20.14
Euro		0.9236		0.9467		0.9235		0.9995		0.9457		1.0198
British pound		0.8031		0.8047		0.7948		0.8584		0.8195		0.8965
Amounts provided in units of local currency per U.S. dollar.

2023 Third Quarter Results Page 15 

 Disclaimer    

Except as the context otherwise may require, references in this report to “Cemex,” “we,” “us,” or “our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this report contains forward-looking statements within the meaning of 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 to Cemex’s plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed”, or other 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, 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, 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 that could cause results to differ, or that otherwise could have an impact on us, include those discussed in Cemex’s most recent annual report and those detailed from time to time in Cemex’s other filings with the 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, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; 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 of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; 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 remedial actions, 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 business strategy 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; climate change, in particular reflected in weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including 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; availability and cost of trucks, railcars, barges and ships, as well as their licensed operators and drivers, 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 and conflicts in the Middle East; 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). Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this report not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances or assumptions suggested by such statements may differ materially from those described in, or suggested by, the forward-looking statements contained herein. 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 and the information contained in this report is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct the information contained in this report or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. 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, but not limited to, 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 that were available as of the date of this report. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this report.

2023 Third Quarter Results Page 16 

 Disclaimer    

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

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

2023 Third Quarter Results Page 17 

EX-3

Exhibit 3

Third Quarter 2023 Results

Except as the context otherwise may require, references in this presentation to “Cemex,” “we,” “us,” or “our,” refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated entities. The information included in this presentation contains forward-looking statements within the meaning of 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 to Cemex’s plans, objectives, expectations (financial or otherwise), and typically can be identified by the use of words such as “may,” “assume,” “might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,” “predict,” “potential,” “target,” “strategy,” “intend,” “aimed” or other 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, 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, uncertainties, and assumptions that could cause actual results to differ materially from historical results or those anticipated in this presentation. Among others, such risks, uncertainties, and assumptions that could cause results to differ, or that otherwise could have an impact on us, include those discussed in Cemex’s most recent annual report and those detailed from time to time in Cemex’s other filings with the 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, which could adversely affect, among other matters, the ability of our operating facilities to operate at full or any capacity, supply chains, international operations, availability of liquidity, investor confidence and consumer spending, as well as the availability of, and demand for, our products and services; 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 of raw materials, as well as of goods and services in general, in particular increases in prices as a result of inflation; 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 remedial actions, 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 business strategy 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 demand for consumer goods, consequently affecting the demand for our products and services; climate change, in particular reflected in weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods, that could affect our facilities or the markets in which we offer our products and services or from where we source our raw materials; trade barriers, including 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; availability and cost of trucks, railcars, barges, and ships, as well as their licensed operators and drivers, 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 and conflicts in the Middle East; 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). Many factors could cause Cemex’s expectations, expected results, and/or projections expressed in this presentation not being reached and/or not producing the expected benefits and/or results, as any such benefits or results are subject to uncertainties, costs, performance, and rate of implementation of technologies, some of which are yet not proven. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from historical results, performance, or achievements and/or results, performance or achievements expressly or implicitly anticipated by the forward-looking statements, or otherwise could have an impact on us or our consolidated entities. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. Actual results of Cemex’s operations and the development of market conditions in which Cemex operates, or other circumstances or assumptions suggested by such statements may differ materially from those described in, or suggested by, the forward-looking statements contained herein. 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 and the information contained in this presentation is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct the information contained in this presentation or revise any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. 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 presentation also includes statistical data regarding, but not limited to, 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 that were available as of the date of this presentation. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this presentation. Additionally, the information contained in this presentation contains references to “green,” “social,” “sustainable,” or equivalent-labelled activities, products, assets, or projects. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a ‘green’, ‘social,’ or ‘sustainable’ or having equivalent-labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as ‘green’, ‘social,’ or ‘sustainable’ or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as ‘green’, ‘social’, or ‘sustainable’ or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time. 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

3Q23 Key highlights • A record third quarter1, with EBITDA growing 32% • EBITDA margin expanding 3.5pp • EBITDA margin above our goal of recovering 2021 level for the first time • 4th straight quarter of decelerating cost inflation • Growth investments contributing 11% of incremental EBITDA • 31% increase in Urbanization Solution’s EBITDA • Net Promoter Score reached an all time high of 73, a benchmark for our industry • Historic low in CO2 emissions, with a 3% YTD reduction • Improved free cash flow driven by higher EBITDA and lower working capital investment • Leverage ratio2 at 2.16x, getting closer to Investment Grade • Significant growth in ROCE3 1) On a like-to-like basis 2) Calculated in accordance with our bank debt agreements 3 CC48 House, Estado de México, Mexico 3) Return over Capital Employed. Trailing twelve months as of September 2023, excluding goodwill

3Q23: Strong performance on all fronts Operating Operating FCF after Net Sales EBITDA EBITDA Maint. Capex Margin +9% l-t-l +32% l-t-l +3.5pp +160% +16% +40% 4,571 910 19.9% 475 16.4% 649 3,956 182 3Q22 3Q23 3Q22 3Q23 3Q22 3Q23 3Q22 3Q23 4 Millions of U.S. dollars High Performance Sports Complex, Jalpa de Méndez, Mexico

Improved volume performance versus 1H23 3Q23 YoY CONSOLIDATED VOLUMES Volume change (YoY) 2% 3Q23 0% USA -8% EMEA -13% EUROPE 14% -8% -8% -4% -4% -13% -12% -9% 10% 10% -16% 7% 1H23 MEX AMEA 1% -1% 0% -5% 9% -8% SCAC 1% Cement1 -2% Ready-mix Aggregates 5 1) Domestic gray cement

Strong pricing momentum across our portfolio 3Q23 YoY and QoQ CONSOLIDATED PRICES Price change (l-t-l) 16% 10% 14% 9% 13% USA 21% 9% 11% 9% 6% 11% EMEA EUROPE 7% QoQ: 2% 4% -1% 26% 25% -5% -2% -1% 10%—0% -2% -1% MEX 8% -1 % 1% -1% AMEA 5% -0% 2% 5% 2% Sequential (2Q23 to 3Q23) 20% -4% 2% 0% Cement1 9% Ready-mix 8% SCAC Aggregates -2% 1% 0% 1) Domestic gray cement 6 Note: For Cemex, SCAC, EMEA, Europe and AMEA, prices (l-t-l) are calculated on a volume-weighted average basis at constant foreign-exchange rates

Pricing, decelerating inflation, and growth investments drive EBITDA increase 3Q23 Operating EBITDA Variation +32% +40% 910 -210 859 51 31 15 29 424 649 -79 3Q22 Volume Price Costs Growth Urbanization Other 3Q23 FX 3Q23 Investments Solutions l-t-l reported Operating EBITDA margin 16.4% +3.5pp 19.9% 7 Millions of U.S. dollars

Achieving goal of recovering 2021 margin Consolidated Operating EBITDA Margin 21.2% 21.1% 20.1% 19.7% FY 2021 19.8% YTD 3Q23 19.6% 19.9% 18.4% 17.8% 18.2% 18.1% 18.0% 17.2% FY 2022 16.4% 16.3% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 COGS as % of Sales 68.8% 67.6% 66.4% 67.7% 69.8% 69.2% 68.7% 69.5% 68.8% 68.0% 65.4% 65.8% 8

Pricing efforts reflecting input cost inflation Cement YoY percent change in USD/ton 21% 22% 21% Unitary costs 20% 19% 19% Prices 18% 14% 18% 13% 17% 11% 14% 12% 12% 11% 10% 10% 4% 8% 7% 0% 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 Energy cost per ton1 1% 16% 21% 27% 37% 43% 51% 35% 25% 14% 1% 9 1) For the production of cement

Advancing on our Future in Action agenda Record low CO2 emissions1 Environmental Impact Disclosure -3% Scope 1 567 Scope 2 • 1st in industry to provide climate impact disclosure globally • For all core products in main markets -4% • Third-party validated 53 548 51 • Including CO2 emissions Enhancing Future in Action program with Biodiversity and Water goals • Working with the Science Based Targets Network to YTD 3Q22 YTD 3Q23 establish targets on nature and biodiversity Since 2020, Scope 1 and Scope 2 emissions have • Commitment to develop biodiversity baselines for all been reduced 12% and 11%, respectively active quarries by 2025, providing foundation for a Nature Positive approach 10 1) Kilograms of CO2 per ton of cementitious

Urbanization Solutions: >20% EBITDA CAGR since 2019 Net Sales Operating EBITDA Organic Growth +10% l-t-l +30% l-t-l 16% 35% 24 Investments 1,804 225 +US$57 M 12% 10% Circularity 1,556 15% 167 19% Steady-state EBITDA Industrialized 10% 5% 4 yr payback 50% IRR 14% 17% Construction 53% 29% Related 39% Services 55% Performance 43% Inorganic Growth 21% 39% Materials 21% YTD 3Q22 YTD 3Q23 YTD 3Q22 YTD 3Q23 4 Op. EBITDA 10.7% 12.5% +1.8pp Bolt-on investments margin +US$20M 1 Steady-state EBITDA By region 48% 29% 17% 6% 34% 34% 25% 7% YTD 3Q23 MEX USA EMEA SCAC 1) Kiesel acquisition expected to close in 4Q23 11 Millions of U.S. dollars

Regional Highlights

Mexico: Double-digit growth in volumes and prices YTD 3Q23 3Q23 Net Sales 1,361 3,755 % var (l-t-l) 21% 16% Operating EBITDA 399 1,142 % var (l-t-l) 31% 15% Operating EBITDA margin 29.3% 30.4% pp var 2.4pp (0.1pp) • 21% Sales growth driven by strong volumes and pricing • Cement, ready-mix and aggregates volumes growing double-digits, supported by formal construction • Bagged cement growing YoY for first time since 2Q21 • EBITDA and margin expanding for the fourth consecutive quarter • 1.5-million-ton capacity expansion in Tepeaca fully operational and with important cost savings Pedre, Mexico City, Mexico 13 Millions of U.S. dollars

US: Strong results despite lower volumes YTD 3Q23 3Q23 Net Sales 1,394 4,069 % var (l-t-l) 5% 7% Operating EBITDA 268 801 % var (l-t-l) 36% 43% Operating EBITDA margin 19.3% 19.7% pp var 4.4pp 5.0pp • EBITDA growth and margin expansion driven by price increases and decelerating costs • Cement, ready-mix and aggregates pricing rose 10%, 16% and 9% respectively • Aggregates volumes increased by 2%, benefiting from recent acquisitions, while cement and ready-mix declined 13% and 8% respectively • Commercial and residential activity slowed during the quarter, while infrastructure continued to grow • Over the medium term, the historic levels of private and public sector investments are expected to be supportive of volumes Houston Methodist Hospital Centennial Tower, Houston, United States Built with Vertua Concrete, part of our Vertua family of sustainable products Courtesy: Houston Methodist 14 Millions of U.S. dollars

EMEA: Rising profitability despite demand headwinds YTD 3Q23 3Q23 Net Sales 1,306 3,894 % var (l-t-l) 2% 7% Operating EBITDA 213 573 % var (l-t-l) 12% 13% Operating EBITDA margin 16.3% 14.7% pp var 1.5pp 0.7pp • 8th consecutive quarter with EBITDA growth • EBITDA margin expanded to the highest level in 12 quarters • Regional results driven by Europe, with its 17% growth in EBITDA and margin at a record high • Despite a challenging volume backdrop in Europe, resilient pricing • Remain optimistic over Europe’s prospects as region pivots towards a more circular economy • Increased profitability in Europe due to “One Europe” strategy introduced in 2019 • EBITDA in AMEA1 up 2% Moračica Bridge, Podgorica, Montenegro Millions of U.S. dollars 15 1) AMEA (Asia, Middle East, and Africa) subregion includes operations in Philippines, United Arab Emirates, Egypt, and Israel

SCAC: 2nd consecutive quarter of double-digit EBITDA growth YTD 3Q23 3Q23 Net Sales 442 1,300 % var (l-t-l) 11% 8% Operating EBITDA 105 301 % var (l-t-l) 18% 3% Operating EBITDA margin 23.8% 23.2% pp var 1.0pp (1.1pp) • EBITDA growth of 18% • Margin expansion due to prices and decelerating energy costs • Cement volume growth for the first time in two years, driven by the infrastructure and tourism segments • Positive volume performance in Panama, the Dominican Republic and Jamaica • High single digit and double-digit YoY growth in cement and ready-mix prices, respectively Centro de Tratamiento e Investigación sobre Cáncer Luis Carlos Sarmiento Angulo, Bogotá, Colombia 16 Millions of U.S. dollars

Financial Developments

Higher FCF due to strong operating performance and lower working capital Average working capital days January—September l-t-t Third Quarter l-t-t 2023 2022 % var %var 2023 2022 % var %var 3Q23 3Q22 Operating EBITDA 2,604 2,050 27% 23% 910 649 40% 32% —Net Financial Expense    428    396    139    138 —Maintenance Capex    597    587    208    201 -2 —Change in Working Capital    406    821    (140)    162 -4 —Taxes Paid    494    156    204    42 —Other Cash Items (net)    (19)    (68)    24    (64) —Free Cash Flow Controlling Interest Net Income     —    (4)    —    (12)    Discontinued Operations US$ M Free Cash Flow after    697    162 331%    475    182 160% Maintenance Capex —Strategic Capex 312 284 143 111 494 Free Cash Flow    385    (122) N/A    331     72 362% 126 3Q23 3Q22 18

Successfully extending and diversifying funding sources • Refinancing current bank debt facility, with final maturity now in 2028, and increasing committed revolving Proforma 1 debt maturity credit facility to US$2.0 B profile as of September 2023 • Terms and conditions will remain Billions of U.S. dollars materially unchanged, including pricing grid • Issued 3- and 7-year Peso denominated sustainability-linked notes 2 in Mexico for 1.4 ~US$335 M equivalent 3: 1.2 1.0 1.0 1.0 • Swapped to USD at ~130 bps less than 0.8 our direct USD funding cost 0.5 0.3 • Enhanced maturity schedule, further 0.1 improving credit profile 23 24 25 26 27 28 29 30 31 • Leverage at 2.16x 1) Giving effect to bank facility refinancing of US$3.0B expected to close on October 30, 2023, and issuance of ~US$345M equivalent long-term notes in Mexico on October 5th, 2023, with a Tranche of ~US$287M maturing in 2030, and a Tranche of US$58M maturing in 2026, and payment of bank debt with the proceeds. 2) Certificados Bursátiles de Largo Plazo 3) FX as of the date of transaction

2023 Outlook

2023 guidance Operating EBITDA1 >$3.3 billion Energy cost/ton of cement produced ~10% increase ~$1.35 billion total Capital expenditures ~$900 million Maintenance, ~$450 million Strategic Investment in working capital ~$100 million Cash taxes ~$550 million Cost of debt2 Increase of ~$100 million Like-to-like for ongoing operations and assuming September 30, 2023 FX levels for the remaining of the year 21 2) Including subordinated notes with no fixed maturity and the effect of our EUR-USD and MXN-USD cross-currency swap

Appendix

Debt maturity profile as of September 30, 2023 Total debt as of September 30, 2023: $7,492 million Main bank debt agreements Other bank debt Average life of debt: 4.3 years Fixed Income Leases 1,932 1,623 1,433 798 744 618 121 150 73 2023 2024 2025 2026 2027 2028 2029 2030 ≥ 2031

Proforma 1 debt maturity profile as of September 30, 2023 Total debt proforma 1 as of September 30, 2023: $7,492 million Main bank debt agreements Average life of debt: Other bank debt 5.0 years Fixed Income Leases 1,433 1,221 1,030 993 1,031 798 543 322 121 2023 2024 2025 2026 2027 2028 2029 2030 2031 Millions of U.S. dollars 1) Giving effect to bank facility refinancing of US$3.0B expected to close on October 30, 2023, and issuance of ~US$345M long-term notes in Mexico on October 5th, 2023, with a Tranche of ~US$287M maturing in 2030, and a Tranche of US$58M maturing in 2026, and payment of bank debt with the proceeds .

Consolidated volumes and prices YTD 3Q23 vs. 3Q23 vs. 3Q22 3Q23 vs. 2Q23 YTD 3Q22 Volume (l-t-l) (7%) (4%) (1%) Domestic gray Price (USD) 19% 18% 0% cement Price (l-t-l) 15% 11% (1%) Volume (l-t-l) (4%) (4%) (1%) Ready mix Price (USD) 19% 19% 1% Price (l-t-l) 17% 14% 1% Volume (l-t-l) (0%) 0% (1%) Aggregates Price (USD) 14% 14% (0%) Price (l-t-l) 12% 9% (1%) 25 Price (l-t-l) calculated on a volume-weighted average basis at constant foreign-exchange rates

Additional information on debt MXN 5% Other 5% Euro Third Quarter Second Quarter 15% 2023 2022 % var 2023 Currency Total debt1 7,492 8,188 (8%) 7,665 denomination U.S. Short-term 4% 5% 4% dollar Long-term 96% 95% 96% 75% Cash and cash equivalents 533 397 34% 471 Net debt 6,960 7,791 (11%) 7,194 Consolidated net debt2 6,982 7,669 (9%) 7,281 Consolidated leverage ratio2 2.16 2.82 2.45 Variable Interest rate3 35% Consolidated coverage ratio2 7.62 6.51 6.90 Fixed 65% Millions of U.S. dollars 1) Includes 575337 leases, in-accordance 001 with International 25Oct23 22:33 Financial Reporting Standard Page 50 (IFRS) 2) Calculated in accordance with our contractual obligations under our main bank debt agreements 3) Includes the effect of our interest rate derivatives, as applicable 26

Additional information on debt Total debt by instrument Third Quarter Second Quarter 2023 % of total 2023 % of total Fixed Income 3,138 42% 3,151 41% Main Bank Debt Agreements 2,907 39% 3,026 39% 42% 39% Leases 1,177 16% 1,201 16% Other 271 3% 288 4% Total Debt 7,492 7,665 3% 16% Millions of U.S. dollars 27

3Q23 volume and price summary: selected countries and regions Domestic gray cement Ready mix Aggregates 3Q23 vs. 3Q22 3Q23 vs. 3Q22 3Q23 vs. 3Q22 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 10% 30% 10% 10% 49% 26% 14% 48% 25% U.S. (13%) 10% 10% (8%) 16% 16% 2% 9% 9% EMEA (9%) 15% 13% (8%) 11% 9% (8%) 11% 6% Europe (16%) 33% 21% (13%) 21% 11% (12%) 16% 7% AMEA 1% (12%) 5% (0%) (2%) 8% 7% (7%) 2% SCAC 1% 9% 8% (2%) 27% 20% 9% 16% 9% 28 Price (LC) for EMEA, Europe, AMEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates

YTD 3Q23 volume and price summary: selected countries and regions Domestic gray cement Ready mix Aggregates YTD 3Q23 vs. YTD 3Q22 YTD 3Q23 vs. YTD 3Q22 YTD 3Q23 vs. YTD 3Q22 Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Volume Price (USD) Price (LC) Mexico 3% 29% 13% 9% 44% 26% 10% 40% 22% U.S. (13%) 15% 15% (10%) 20% 20% (3%) 16% 16% EMEA (10%) 16% 21% (6%) 11% 13% (4%) 8% 8% Europe (13%) 31% 28% (10%) 19% 16% (5%) 11% 9% AMEA (7%) (10%) 9% 1% (1%) 10% 2% (4%) 6% SCAC (4%) 7% 10% (0%) 16% 21% 8% 11% 16% Page 53 29 Price (LC) for EMEA, Europe, AMEA, and SCAC calculated on a volume-weighted-average basis at constant foreign-exchange rates

2023 expected volume outlook1: selected countries/regions Cement Ready-mix Aggregates CEMEX Mid single digit decline Mid single digit decline Flat Mexico Low single digit increase High single digit increase High single digit increase USA ~12% decline High single digit decline Low single digit decline EMEA Mid to high single digit decline Mid single digit decline Mid single digit decline Europe ~10% decline High single digit decline High single digit decline AMEA Mid single digit decline Low single digit decline Low single digit decline SCAC Low single digit decline Flat to low single digit increase N/A Reflects Cemex’s current expectations. Volumes on a like-to-like basis

Relevant ESG indicators YTD YTD Customers and suppliers 3Q23 3Q22 2022 Carbon strategy 2022 3Q23 3Q22 Kg of CO2 per ton of Net Promoter Score (NPS) 73 66 66 548 567 562 cementitious % of sales using CX Go 66% 56% 59% Alternative fuels (%) 36.8% 34.2% 35.0% Clinker factor 73.2% 74.5% 73.7% YTD YTD YTD YTD Low-carbon products 2022 Health and safety 2022 3Q23 3Q22 3Q23 3Q22 Blended cement as % of total Employee fatalities 3 1 3 82% 76% 75% cement produced Employee L-T-I frequency 0.5 0.5 0.5 Vertua concrete as % of total 47% 37% 33% rate Operations with zero fatalities 96% 97% 96% Vertua cement as % of total 56% 40% 41% and injuries (%)

Definitions SCAC South, Central America and the Caribbean EMEA Europe, Middle East, Africa and Asia AMEA Asia, Middle East, and Africa 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 Investments incurred for the purpose of ensuring the company’s operational continuity. These include capital expenditures on Maintenance capital projects required to replace obsolete assets or maintain current operational levels, and mandatory capital expenditures, which expenditures are projects required to comply with governmental regulations or company policies EBITDA Means Operating EBITDA: Operating earnings before other expenses, net plus depreciation and operating amortization IFRS International Financial Reporting Standards, as issued by the International Accounting Standards Board Pp Percentage points Prices All references to pricing initiatives, price increases or decreases, refer to our prices for our products Strategic capital Investments incurred with the purpose of increasing the company’s profitability. These include capital expenditures on projects expenditures designed to increase profitability by expanding capacity, and margin improvement capital expenditures, which are projects designed to increase profitability by reducing costs USD/U.S. dollars U.S. dollars % var Percentage variation 32

Contact Information Investors Relations Stock Information In the United States: NYSE (ADS): +1 877 7CX NYSE CX In Mexico: Mexican Stock Exchange +52 81 8888 4292 (CPO): CEMEX.CPO ir@cemex.com Ratio of CPO to ADS: 10 to 1