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CEMEX S.A.B. de C.V., known as Cemex, is a Mexican multinational building materials company headquartered in San Pedro, near Monterrey, Nuevo León, Mexico. It manufactures and distributes cement, ready-mix concrete and aggregates in more than 50 countries. In 2020 it was ranked as the 5th largest cement company (by amount of cement produced annually) in the world, at 87.09 million tonnes.[1]

Key Information

Lorenzo Zambrano was the chairman and chief executive officer until his death on May 21, 2014. The Board of Directors named Rogelio Zambrano Lozano as chairman, and Fernando A. Gonzalez as CEO.[2]

About a quarter of the company's sales come from its Mexico operations, a third from its plants in the U.S., 30% from its operations in Europe, North Africa, the Middle East and Asia, and the rest from its other plants around the world.[3]

Cemex ready-mix truck departing jobsite after dispensing concrete for a multi-storey residential project in Villahermosa, Mexico

CEMEX currently operates on four continents, with 64 cement plants, 1,348 ready-mix-concrete facilities, 246 quarries, 269 distribution centers and 68 marine terminals.[4]

In the 2021 Forbes Global 2000, Cemex was ranked as the 1178th -largest public company in the world with over US$13 billion in annual sales.[5]

The company's world headquarters are in San Pedro Garza García, a city that is part of the Monterrey metropolitan area in the northeastern Mexican state of Nuevo León. [6][7][8][9]

History

[edit]

CEMEX was founded with the opening of Cementos Hidalgo, in 1906. Meanwhile, Cementos Portland Monterrey began operations in 1920, and in 1931, the two companies merged, becoming Cementos Mexicanos, now CEMEX. In the 1960s, CEMEX grew significantly when it acquired several more plants throughout Mexico. In 1976, the company went public on the Mexican stock exchange, and that same year, became the largest cement producer in Mexico with the purchase of three plants from Cementos Guadalajara. In 1982, the company made significant progress in overseas markets, doubling its exports. Further acquisitions of Mexican cement companies were made in 1987 and 1989, making CEMEX one of the ten largest cement companies in the world.

In 2004, CEMEX received the Wharton Infosys Business Transformation Award for their creative and efficient use of information technology.[10]

In 2005, CEMEX acquired RMC Group, a ready mixed concrete, quarrying and concrete products company headquartered in Egham, United Kingdom.[11]

Internationalization, 1990–2006

[edit]

In 1992, CEMEX began its push into the international landscape with the purchase of Spain's two largest cement companies, Valenciana de Cementos (Valcem, currently head of CEMEX Spain) and Cementos SANSON. Venezuela's largest cement company, VENCEMOS, was acquired by CEMEX in 1994, and plants were purchased the same year in the United States and in Panama. In 1995 CEMEX acquired a cement company in the Dominican Republic, and with the purchase of a majority stake in a Colombian cement company in 1996, CEMEX became the third largest cement company in the world. In 1997–1999, the company expanded its scope to include Asia and Africa, making major purchases in the Philippines, Indonesia and Egypt, as well as Costa Rica. The acquisition of U.S. based Southdown made CEMEX the largest cement company in North America, and further international purchases were made in the following two years—a Thai company in 2001, and in 2002, a Puerto Rican company.[12]

On March 1, 2005, CEMEX completed its $5.8 billion acquisition of the London-based RMC Group, which made CEMEX the worldwide leader in ready-mix concrete production and increased its exposure to European markets. With the acquisition, the company expected its annual cement production to increase to 97 million tons. Also they had hoped to see its annual sales grow to $15 billion, just shy of the market leader, Lafarge NYSE: LR, which had sales of $17 billion. As none of these targets was met, CEMEX started looking for another suitor in its M&A push.

On October 27, 2006, CEMEX announced a US$12.8 billion offer to acquire all of the outstanding shares of Rinker Group, Limited. Seven months later, on April 10, 2007, the Rinker board of directors approved an upgraded offer of USD 14.2 billion, and on June 7, 2007, CEMEX secured the commitment from the holders of more than 50% of the shares to complete the acquisition.

Recent history (2006–)

[edit]

Shortly after the apparent finalization of the Rinker deal in 2007, the United States Department of Justice brought an antitrust lawsuit against CEMEX, blocking the acquisition. After a lengthy process, CEMEX complied with regulators by divesting (selling) 40+ cement and concrete plants formerly part of itself or Rinker, essentially devaluing the initial deal.[13]

In April 2008, the President of Venezuela, Hugo Chávez, announced the nationalization of "the whole cement industry" in that country, in response to the belief that the industry was exporting its products in order to receive prices above those it was allowed within the country.[14] In mid-2008 the Venezuelan government took over the Venezuelan operations of CEMEX, the largest Venezuelan producer with around a 50% market share; a deal on compensation was still to be reached in March 2009,[15] despite agreements being reached in mid-2008 with the other two major cement producers.[16] In December 2011, an agreement was reached, with Cemex receiving $600m in compensation, and benefiting from the cancellation of $154m in debt.[17]

After having problems with the Mexican peso devaluation of 2008, including problems with derivatives,[18][19] CEMEX had to rethink its international standings to decrease debt and avoid a default. In June 2009, CEMEX sold its Australian operations to Holcim for A$ 2.2 billion (US$1.75 billion) helping refinance its US$14 billion debt, which partly was due to the acquisition, two years earlier, of the Rinker Group.[20]

In December 2010, DOL Resolves Employee Back Wage Case With CEMEX – The U.S. Department of Labor announced the filing of a consent judgment in a case against CEMEX Inc. and the recovery of $1,514,449 in overtime back wages for 1,705 current and former ready-mix drivers who worked in eight states.[21]

In 2016, Cemex sold its Rinker Materials pipe business to Quikrete.[22]

In February 2018, the company reported record earnings of $750 million for all of 2016, the highest in a decade. Lowering company debt after recent acquisitions were a main cause of the company's financial performance.[23] In the second-quarter 2021 CEMEX reported a net profit of US$270 million and a Debt-to-Ebitda 2.85 leverage ratio, within investment-grade range.[24]

In July 2022, Cemex acquired majority stake in ProStein, a German aggregates producer.[25]

In 2023, the U.S. National Labor Relations Board affirmed findings that Cemex had committed over two dozen unfair labor practices leading up to a 2019 union election. The board used this case to set a new policy that an employer who interferes with an election will be compelled to recognize the union without an election, where previously a new election would be ordered.[26][27] The case marked a significant new policy which partly revived the Joy Silk doctrine.[28]

CEMEX worldwide

[edit]
Cemex United States offices in Memorial City, Houston

CEMEX World Corporate Headquarters is in Monterrey, Mexico[6] and its U.S. operations headquarters is in Memorial City, Houston, Texas.[7][8][9]

The company operates in over 30 countries/territories around the world including:

Subsidiaries

[edit]
Cement mixer.

Social responsibility

[edit]

CEMEX has developed a number of educational and social responsibility initiatives. For example, it instituted the Premio CEMEX, an annual award that recognizes works in the fields of sustainability, accessibility, construction and architecture. Also, it funds the Catedra Blanca, and honors architecture courses in three universities: the ITESM, in Monterrey, the Universidad Iberoamericana, in Mexico City, and the Barcelona School of Architecture. Also, CEMEX has created the Centro CEMEX-Tecnológico de Monterrey, which is a research and development program for sustainable communities across Mexico thru the Premio CEMEX-TEC.

In 2007, the Organization of American States (OAS), through their Trust for the Americas, awarded the company The Corporate Citizen of the Americas Award 2007, for the social benefits of their program "Patrimonio Hoy", in Mexico, that according to José Miguel Insulza, President of the OAS, has a positive effect in low-income families. This initiative, conceived in 1998, aims to reduce the Mexican housing deficit, which leaves more than 20 million people with inadequate shelter. Patrimonio Hoy organizes low-income families into self-financing cells that facilitate and expedite the typical homebuilding process. CEMEX and its network provide the products needed but also the technical assistance, including an architect who helps design homes to optimize space and reduce waste. To date, more than 150,000 Mexican families have realized their dreams of home ownership [29]

As of 2020, CEMEX Social Responsibility initiatives had benefited over 23 million people in its neighboring communities world-wide. The company also restated its Social Impact policy, with the goal of benefiting 30 million people by 2030. Fortune Magazine ranked CEMEX in 39th place in its 2020 Change the World Index.[30]

Environmental record

[edit]

CEMEX has been accused of violating environmental laws in the United States. Environmental watchdog groups and the United States Environmental Protection Agency are threatening to file suit claiming the company has committed numerous violations of the Clean Air Act in Lyons, Colorado.[31] CEMEX divested its operation in Lyons, Colorado, in 2016.[32] The United States Environmental Protection Agency has also filed suit against CEMEX in Victorville, California, claiming the company failed to install modern air pollution controls, despite spending millions in renovations.[33] The case was settled in 2009.[34] In February 2021 the U.S. Department of Energy awarded funding for research on carbon-capture at the CEMEX Victorville cement plant.[35]

In the United Kingdom, CEMEX was originally fined £400,000 in October 2006 after hazardous dust was deposited up to three miles (5 km) away from its Rugby works. The fine was the highest ever given under the Integrated Pollution Prevention and Control regulations, and was also the highest for an Environment Agency prosecution for six years.[36] The fine was, however, judged excessive by the Court of Appeal and so reduced to £50,000.[37] In April 2007, CEMEX announced that it had installed a £6.5 million dust abatement system at the same works in Rugby, which had cut particulate emissions by 80%. The site comes under the auspices of the EU Waste Incineration Directive as it burns waste tires for fuel. There are concerns over the impact on both the environment and human health from this practice, although it is common practice in many cement works.[38] In 2021 CEMEX announced investments in Europe to promote an environmentally-friendly “circular economy,” safely using waste as a substitute for fossil fuels, including in its Rugby plant.[39]

During tests conducted from June 10 to August 5, 2008, the Monterey Bay (California) Unified Air Pollution Control District reported high levels of chromium VI, also known as hexavalent chromium, a cancer causing chemical agent, at an elementary school and fire department in Davenport, California. Chromium VI is the contaminant that inspired the movie, Erin Brockovich. The toxic substance apparently originated from dust emitted by the Cemex Cement plant in Davenport, as the levels of Chromium VI measured eight times the air district's acceptable level at Pacific Elementary School and 10 times at the Davenport Fire Department. Both are located less than a half-mile from CEMEX.[40] Chromium VI may have been unwittingly produced at the CEMEX plant in Davenport for the last seven years. According to Ed Kendig, the executive director of the Monterey Bay Unified Air Pollution Control District, it's "highly possible" that Chromium VI continues to be produced across the country as an accidental, previously unknown byproduct of the cement-making process.[41]

In 2007, the EPA filed a complaint against CEMEX for violating federal air regulations at its Victorville plant, and in 2006, CEMEX was cited for violations at plants in Santa Barbara and Michigan.[41]

Cemex had a sand mining operation in the city of Marina, California, along the Monterey Bay coastline that concerned environmentalists and scientists. The California Coastal Commission in March 2016 issued a cease and desist order asking for "administration civil penalties", stating that "the operation is narrowing beaches and impacting environmentally sensitive habitat." Cemex denied the allegations and continued to operate.[42] A settlement was reached in 2017 and CEMEX ended mining in December 2020.[43]

In 2020 CEMEX announced a new climate action strategy, aiming to lower its overall carbon footprint by 35% in 2030 compared to a 1990 baseline, and to deliver net zero concrete by 2050.[44] In May 2021 CEMEX partnered with British oil company BP to research industry-wide decarbonization of cement production.[45]

In 2024, Oishi (Philippine brand) and CEMEX Asia Holdings Ltd. (Philippines) partnered to support sustainable disposal of plastic waste per commitment to environmental stewardship and circular economy principles in industrial operations. “Our partnership with Liwayway allows us to support them with the EPR law (Extended Producer Responsibility Act EPRA of 2022 Republic Act No. 11898), while it also contributes to our Future in Action agenda of becoming a net zero carbon emission company,” said Luis Franco, Cemex CEO. Liwayway will channel plastic packaging waste to Cemex's Solid Cement plant for co-processing.[46]

Competitors

[edit]

Main CEMEX competitors / global cement players are:[47]

See also

[edit]

References

[edit]
[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Cemex

View on Grokipedia
from Grokipedia

Cemex, S.A.B. de C.V. is a Mexican multinational building materials company that manufactures, distributes, and markets cement, ready-mix concrete, aggregates, clinker, and urbanization solutions.
Founded in 1906 with the opening of the Cementos Hidalgo plant near Monterrey, the company has expanded from a regional producer to a global operator in over 50 countries.
Headquartered in San Pedro Garza García, Nuevo León, Cemex reported net sales of US$16.2 billion and a record net income of US$939 million for fiscal year 2024, reflecting recovery from prior debt burdens and a return to investment-grade credit ratings.
While advancing decarbonization efforts and sustainable construction technologies, Cemex has encountered significant regulatory challenges, including U.S. Environmental Protection Agency enforcement for Clean Air Act violations at its facilities and ongoing disputes over mining rights and environmental impacts in multiple jurisdictions.

History

Founding and Domestic Growth (1906–1990)

CEMEX originated with the establishment of Cementos Hidalgo in 1906 near , , in , where it commenced operations at a cement plant with an initial annual capacity of 5,000 metric tons. The company faced early challenges but resumed full production at the Hidalgo plant by 1921 and expanded capacity through the installation of a second in 1930. In 1920, founded Cementos Portland Monterrey, another key precursor entity operating a plant with 20,000 metric tons per year capacity. In 1931, Cementos Hidalgo merged with Cementos Portland Monterrey to form Cementos Mexicanos, S.A., which later adopted the acronym CEMEX; the new entity was headquartered in and focused on consolidating production in . Through the mid-20th century, CEMEX pursued incremental domestic expansion by acquiring local competitors and enhancing existing facilities, positioning itself as a primary supplier for Mexico's growing needs. Domestic growth accelerated in the and amid Mexico's industrialization and . Between 1966 and 1967, CEMEX acquired the Mérida plant from Cementos Maya and constructed new facilities in Ciudad Valles and , alongside openings in locations such as Ensenada. By 1972–1973, it installed advanced kilns at the Mérida and plants and acquired a facility in central Mexico. In 1976, following its listing on the Mexican stock exchange, CEMEX acquired three plants from Cementos Guadalajara and one from Cementos Portland del , elevating its annual production capacity beyond 15 million metric tons and establishing it as Mexico's leading cement producer. The 1980s marked a phase of aggressive consolidation under family leadership. In 1985, Lorenzo Zambrano, grandson of the founder, assumed roles as chairman and CEO, steering further investments in efficiency and capacity. This culminated in the 1987 acquisition of Cementos Anahuac and the 1989 purchase of Cementos Tolteca, its primary rival, granting CEMEX approximately 65% of the Mexican cement market by 1990 and solidifying its near-monopoly status domestically. These moves, funded partly through public markets, capitalized on Mexico's economic liberalization while leveraging operational synergies to outpace competitors.

International Expansion and Acquisitions (1990–2006)

In 1992, CEMEX initiated its international expansion by acquiring Spain's two largest cement producers, Valenciana de Cementos and Cementos Sanson, for approximately $1.84 billion, establishing a foothold in and applying operational efficiencies developed in to turnaround underperforming assets. This move was followed by entry into , with the 1994 acquisition of a controlling stake in Vencemos, Venezuela's leading cement company, for $550 million, and the purchase of Cemento Bayano in , marking CEMEX's first operations in the region. In the same year, CEMEX expanded into the by acquiring a cement plant in , leveraging proximity to its domestic market for exports and initial production capacity. By the mid-1990s, CEMEX accelerated its growth through further Latin American acquisitions, including a in Cementos Nacionales in the and plants in , followed in 1996 by the purchases of Cementos Diamante and Cementos Samper in for a combined $700 million, which elevated CEMEX to the world's third-largest producer at the time. The company then ventured into , acquiring a 30% stake in the ' Rizal in 1997 for $70 million and increasing it to 70% in 1998 for an additional $130 million. In 1999, CEMEX entered the with a 77% stake in Egypt's Assiut Cement Company for $319 million, later expanded to 90% in 2000. The early 2000s saw CEMEX's largest deals to date, including the 2000 acquisition of Southdown Inc., the second-largest U.S. cement producer, for $2.63 billion, which solidified its position as North America's leading firm with integrated operations across production, distribution, and . In 2001, it acquired Thailand's Saraburi Cement Company for $73 million, further diversifying into . By 2004, CEMEX announced its intent to acquire the UK's RMC Group for $5.8 billion, a deal that doubled its size and enhanced European and North American presence, though full integration extended beyond ; this strategy emphasized acquiring companies in fragmented, high-growth markets to export CEMEX's standardized processes for cost reduction and efficiency gains.
YearCountryKey Acquisition(s)Approximate Cost
1992Valenciana de Cementos, Cementos Sanson$1.84 billion
1994Vencemos$550 million
1996Cementos Diamante, Cementos Samper$700 million
2000Southdown Inc.$2.63 billion
These acquisitions transformed CEMEX from a Mexico-centric firm into a global player, with international operations contributing over half of its revenue by the mid-2000s through a pattern of targeting undervalued assets in emerging and developed markets alike.

Financial Crisis, Restructuring, and Recovery (2007–Present)

Cemex's aggressive international expansion, culminating in the $15.3 billion acquisition of RMC Group in , left the company with substantial debt exposure entering the . The sharp downturn in demand, driven by the U.S. housing market collapse and broader recession, compressed cash flows and exacerbated liquidity strains from approximately $18 billion in total debt. Consolidated net sales fell 5% to $5.8 billion in the third quarter of 2008, with EBITDA declining 4%. To address immediate pressures, Cemex executed aggressive cost reductions, including the of 7,500 employees in —10% of its global workforce—as part of a $700 million savings initiative. This was followed in 2009 by an expanded $900 million cost-cutting program that eliminated nearly 10,000 additional jobs, equivalent to 15% of headcount. Early refinancing efforts included converting $738 million in derivatives losses to medium- and long-term debt and extending a $197 million . Debt restructuring intensified in 2009 amid maturing obligations; in January, Cemex refinanced $4 billion in short-term bank debt. By August, it finalized a comprehensive $15 billion agreement with major lenders, extending maturities on debt due 2009–2011 to and requiring at least $1 billion in equity or equity-linked securities issuance or sales. The company projected a $3.6 billion net debt reduction for the year, targeting $14.3 billion by December 31. Recovery gained traction post-2010 through sustained , asset divestments, and prioritization; total debt dropped over $1.4 billion in 2010 despite a 13% decline in annual operating EBITDA to $2.3 billion. By 2011, cumulative reductions exceeded $5.9 billion, bolstered by improving U.S. economic conditions enhancing . These efforts yielded positive net income of $75 million in 2015—the first since 2009—after six years of losses. Long-term financial stabilization continued, with total debt falling to $7.35 billion by December 2024 alongside of $939 million, enabling recovery of investment-grade ratings. In the first half of 2025, Cemex achieved record of $1.05 billion, a 38% year-over-year increase, driven by strategic transformation, volume recovery in regions like EMEA, and margin expansion.

Business Operations

Global Presence and Markets

Cemex maintains production operations across more than 50 countries, with a strategic focus on high-growth markets in the , , the , , and select Asian locations. Its global trading network extends to nearly 100 countries, facilitating exports of and related products. The company organizes its operations into four primary geographic segments: , the , Europe/Middle East/ (EMA), and South/ and the (SCAC). This structure supports localized manufacturing while leveraging in procurement and innovation. In fiscal year 2024, the United States generated the highest net sales at US$5,194 million, representing approximately 33% of total revenue, driven by demand in infrastructure, residential, and commercial construction sectors. Mexico followed with US$4,881 million (about 31%), benefiting from domestic infrastructure projects and urban development. The EMA region contributed US$4,631 million (29%), with key operations in countries such as Spain, the United Kingdom, Germany, France, Egypt, and Israel, where Cemex capitalizes on diverse market dynamics including European recovery funds and Middle Eastern urbanization. SCAC sales totaled US$1,244 million (8%), with significant presence in Colombia, Costa Rica, and Brazil, though the segment faces volatility from economic and political factors in the region. Cemex has pursued portfolio optimization by divesting non-core assets to concentrate resources on resilient, high-margin markets. Notable recent transactions include the October 2025 sale of its Panama cement plant to Grupo Estrella for an enterprise value of approximately US$200 million, aimed at redirecting capital toward U.S. growth opportunities, and the divestiture of Dominican Republic operations in early 2025, which generated a one-time gain contributing to quarterly net income. These moves reflect a broader strategy emphasizing operational efficiency in core geographies amid global supply chain pressures and fluctuating commodity prices. Key countries with active cement plants and ready-mix facilities include, among others, Argentina, Croatia, the Czech Republic, Hungary, Ireland, Latvia, and Jamaica in Europe and the Caribbean, alongside aggregates quarries in El Salvador and Haiti.
Region2024 Net Sales (US$ million)Approximate Share (%)Key Countries
5,19433
4,88131
, , 4,63129, , , , ,
South, Central America, Caribbean1,2448, , ,

Products, , and

CEMEX produces a range of building materials centered on , , and aggregates. Its cement portfolio includes gray ordinary , white , blended cements, mortar, and specialized oil-well cement, supplied in bulk or bagged formats. offerings encompass standard mixes alongside specialized variants such as architectural concrete, rapid-setting concrete, , , , and antibacterial concrete, produced at over 1,270 plants globally. Aggregates consist of , , , manufactured sand, and recycled concrete, which comprise 60-75% of volume by weight and are also used in asphalt and mortar applications. Cement manufacturing at CEMEX facilities follows the standard dry process: raw materials like , clay, and are quarried, crushed, and ground into a fine raw meal, which is preheated and fed into rotary kilns heated to approximately 1,450°C to form clinker through and . The clinker is then cooled, ground with and other additives to produce , incorporating recycled materials and alternative fuels to reduce environmental impact. Aggregates are extracted from 246 quarries via blasting, crushing, and screening, while is batched on-site or at plants using , aggregates, , and admixtures, then transported in mixer trucks to ensure freshness upon delivery. CEMEX's emphasizes , with owned quarries providing raw materials directly to plants and ready-mix facilities, minimizing external dependencies and enabling cost efficiencies. involve dedicated fleets for regional distribution, marine terminals for bulk shipments—totaling 68 such centers—and digital platforms for inventory management and procurement optimization. The company fosters supplier relationships focused on trust and value creation, while innovations like coprocessing and waste recycling support practices in material sourcing. In response to market shortages, such as the 2021 U.S. supply constraints, CEMEX has adjusted to prioritize high-demand regions. Bagged , representing up to 80% of sales in emerging markets, relies on efficient and distribution networks tied to do-it-yourself trends.

Subsidiaries and Key Acquisitions

CEMEX, S.A.B. de C.V. operates through a network of over 400 subsidiaries as of December 31, 2024, primarily focused on , aggregates, and production and distribution. Key operating subsidiaries include CEMEX México, S.A. de C.V. and related entities in (47 subsidiaries total), CEMEX Corp. and affiliates in the United States (77 subsidiaries), and CEMEX España, S.A. in (19 subsidiaries). In , significant holdings encompass 45 subsidiaries in the (e.g., CEMEX UK Cement Limited), 34 in (e.g., CEMEX Deutschland AG), and 18 in . Additional operations span (e.g., 11 in via Cemex Colombia S.A.), the (e.g., 6 in and 14 in ), and other regions, supporting CEMEX's presence in over 50 countries. The company's global footprint has been shaped by strategic acquisitions emphasizing and market entry. In 1989, CEMEX acquired Cementos Tolteca, Mexico's second-largest producer, securing approximately 65% of the domestic market and elevating it to one of the world's top ten firms. International expansion began in 1992 with the purchase of Spain's two largest plants, establishing a European base. This was followed in 1994 by the acquisition of Vencemos, Venezuela's leading company, initiating South American operations, and further entries into , the Philippines, , , and . Major North American growth occurred in 2000 through the $2.8 billion acquisition of Southdown, Inc., which included 15 plants and positioned CEMEX as North America's largest . In 2005, the $9.7 billion purchase of RMC Group plc bolstered European aggregates and ready-mix capabilities, particularly in the UK. The 2007 acquisition of Rinker Group for $15.3 billion enhanced Australian and U.S. operations but significantly increased debt levels amid the impending . Recent acquisitions have targeted niche expansions, such as the 2021 purchase of Beck Readymix Concrete Co. assets in , adding three ready-mix plants. CEMEX has also pursued divestments for portfolio optimization, including sales of operations in and in 2022, and its U.S. materials business.

Financial Performance

Cemex's consolidated net sales demonstrated recovery and moderate expansion post-2020, reflecting resilience in core markets amid cyclical demand. grew from approximately $13.1 billion in 2020, impacted by pandemic-related volume declines, to $16.554 billion in 2023, supported by pricing discipline and volume gains particularly . In , net sales contracted slightly to $16.2 billion, a 2.14% year-over-year decline, as lower cement and ready-mix volumes and offset price hikes and steady U.S. performance. Profitability strengthened notably in 2024, with operating EBITDA holding steady at $3.079 billion, down 1% from 2023 levels, while maintaining a consistent 19.0% margin through cost efficiencies and operational leverage. net income achieved a record $939 million in 2024, a 416% increase from $182 million in 2023, driven by higher EBITDA contributions, reduced financial expenses following , and gains from . Earlier years showed volatility, with net losses in 2020 and 2021 due to low volumes and high leverage costs, transitioning to profitability as global demand rebounded and Cemex implemented savings programs targeting structural cost reductions.
YearNet Sales (US$ billion)Operating EBITDA (US$ billion)Net Income, Controlling Interest (US$ million)
202013.1~2.0Negative
2021~14.5~2.4Negative
202215.58~3.0~102
202316.5543.11182
202416.23.079939
This table illustrates the progression toward operational stability, with EBITDA margins expanding from the low teens in 2020 to 19% by 2024 via pricing power and optimizations, though remains sensitive to non-operating factors like foreign exchange and .

Debt Management, , and Recent Metrics

Following its acquisitions of RMC for approximately $5.8 billion in and Rinker Group for $8.8 billion in 2007, Cemex accumulated substantial , reaching around $20 billion by late 2008 amid the global financial crisis, which strained cash flows from declining demand. This led to a comprehensive in , where Cemex negotiated with creditors to reschedule $15 billion in , including extensions on bank facilities maturing in 2009-2010 to 2014 and beyond, alongside $4 billion in short-term obligations earlier that year. The agreement, finalized on August 14, , averted default but resulted in credit rating downgrades to junk status by agencies like S&P, reflecting elevated leverage ratios exceeding 5x EBITDAR at the time. Post-restructuring, Cemex pursued deleveraging through asset divestitures (e.g., operations in the , , and ), operational efficiencies, and debt prepayments funded by , reducing exposure under the 2009 financing agreement by over half by 2011 and cutting net debt by $5.9 billion in that period alone. The company has since emphasized proactive refinancing, including sustainability-linked syndicated loans and notes to extend maturities and lower costs, such as a €750 million facility extension to 2029 announced on November 4, 2024, and issuances aimed at repaying existing obligations while targeting investment-grade status. This strategy contributed to upgrading Cemex's issuer default rating to BBB- (investment grade) in April 2024, with affirmation in April 2025, citing improved liquidity and moderated leverage. As of June 30, 2025 (Q2 end), Cemex reported net of $5.756 billion, down from $5.584 billion at Q1 end, with total at $6.9 billion (an 8% year-over-year decline excluding perpetual instruments, which bring gross to $8.9 billion). Leverage stood at a consolidated funded -to-EBITDA of 2.05x, within management targets, supported by EBITDA of $823 million in Q2 and interest coverage of 7.12x. and equivalents rose 174% quarter-over-quarter to bolster , with no major maturities until 2026 and a focus on fixed-rate to mitigate volatility.

Innovation and Sustainability Initiatives

Technological and Process Innovations

CEMEX has integrated into cement manufacturing processes to optimize equipment performance, notably through model-based optimization techniques that employ algorithms to predict and enhance vertical roller mill operations, as implemented in 2021. This approach allows for real-time adjustments in grinding parameters, reducing energy consumption and improving output consistency without relying on traditional trial-and-error methods. In , CEMEX developed a method in 2024 to minimize CO₂ emissions by grinding clinker particles to finer sizes, which facilitates greater incorporation of supplementary cementitious materials during production while maintaining material strength. This alters the conventional clinker production cycle by targeting particle morphology at the micron level, potentially lowering the clinker factor in formulations. In 2022, CEMEX successfully tested a carbon capture and utilization (CCU) process that converts CO₂ from cement kiln flue gases into carbon nanomaterials, including carbon nanotubes, nanofibers, graphene, and carbon black. This lab-tested technology achieved a 50% carbon conversion rate and aims to produce value-added products for construction and other industries, with plans for pilot-scale implementation in cement plants. Digital transformation initiatives, under the "Working Smarter" program launched prior to 2023, incorporate data analytics and across and manufacturing stages to streamline operations and forecast demand. Complementary efforts include the deployment of digital twins for quarry management, enabling remote monitoring and via drone surveys and AI-driven simulations, as adopted in French operations. CEMEX Ventures has invested in AI platforms for real-time process optimization, announced in April 2025, to dynamically adjust industrial parameters like temperature and feed rates in kilns and mills, enhancing overall efficiency. Additionally, the company pioneered a generative AI sales assistant in May 2024, in partnership with , to automate customer interactions and integrate production data for customized ordering. These technologies form part of a broader , "Digital Innovation in Motion," which embeds IoT sensors and into core manufacturing workflows.

Low-Carbon Products and Net Zero Targets

Cemex has developed the Vertua portfolio of sustainable construction products, launched in 2020, which includes low-carbon and solutions designed to minimize CO₂ emissions while maintaining equivalent performance to conventional materials. Vertua variants, such as Classic, offer at least 30% carbon reduction compared to standard mixes, while Ultra Zero achieves net-zero CO₂ emissions through optimized formulations incorporating supplementary cementitious materials like and fly ash. Complementary cement products, including Vertua Cement Plus and Ultra, as well as ECO, reduce the clinker factor—the primary source of process emissions in production—by blending with industrial byproducts. By 2024, accounted for 63% of Cemex's sales and 55% of sales, surpassing the company's target of 50% by 2025. These initiatives form part of Cemex's Future in Action program, which emphasizes decarbonization through product innovation and operational efficiencies. In June 2024, Vertua low-carbon was deployed in a master-planned project in , demonstrating scalability for large-scale infrastructure. Additional low-carbon offerings include admixtures launched in EMEA in June 2025, enabling further emission cuts in and production without compromising strength or durability. Cemex positions these products as critical for addressing the cement industry's contribution to approximately 8% of global CO₂ emissions, prioritizing empirical reductions via material substitution over unproven offsets. Cemex's net-zero targets, validated by the (SBTi) in 2022, commit the company to net-zero CO₂ emissions across its value chain (Scopes 1, 2, and 3) by 2050, with 2030 milestones aligned to a 1.5°C warming pathway. For 2030, Scope 1 targets include net CO₂ emissions below 430 kg per ton of itious product, representing a 47% reduction from the 1990 baseline, achieved via a clinker factor of 68% (down from 71.8% in 2020) and 55% substitution (up from 37%). Scope 2 emissions are targeted at 24 kg CO₂ per ton, reflecting increased clean use, which reached 34% in cement operations by 2024. The company plans to invest approximately US$150 million annually to meet these goals, focusing on technologies like carbon capture and low-CO₂ clinker production. Progress in 2024 included a 15% reduction in Scope 1 net CO₂ emissions per ton of since 2020 (2.4% versus 2023) and an overall 34% drop from 1990 levels, driven by higher rates (37% substitution, emphasizing ) and optimizations. Scope 2 reductions stood at 18% versus 2020. Scope 3 efforts target 25-40% cuts in categories like purchased clinker and transportation by 2030, supporting a projected 95.4% Scope 1 and 2 reduction by 2050. These metrics underscore Cemex's reliance on verifiable process changes rather than reliance on external credits, though full net-zero attainment hinges on scaling uncommercialized technologies like carbon capture.

Governance and Ethics

Leadership Structure

Cemex's leadership is structured with a Board of Directors providing strategic oversight and an executive management team executing operations under the CEO's direction. The Board, comprising members elected annually for one-year terms, approves corporate strategy, supervises management, and ensures ethical governance. It includes specialized committees such as the Audit Committee, responsible for financial reporting and internal controls, and the Corporate Practices Committee, focused on compliance and risk management. Rogelio Zambrano Lozano serves as Executive Chairman of the Board, a position he assumed following elections on March 25, 2025, bringing extensive experience from prior roles within the company and its affiliates. The Board's composition emphasizes a mix of independent and non-independent directors, with independents like contributing external perspectives on industry operations. Jaime Muguiro has led the executive team as CEO since April 1, 2025, succeeding Fernando A. González, who retired after over 35 years, including a decade as CEO. Muguiro, a Cemex veteran since 1996, previously held roles in strategic planning, business development, and regional leadership across , , and , focusing on operational efficiency and market expansion. The management team, reporting to the CEO, features executive vice presidents and regional presidents handling functional and geographic responsibilities. Key figures include Mauricio Doehner as Executive Vice President of Finance and Administration, overseeing financial strategy and risk; Luis Hernández as Executive Vice President of Digital and , driving technology integration and HR; Maher Al-Haffar in finance leadership; and regional heads such as Sergio Menéndez, President of Cemex , and Jesús González, President of Cemex . Recent adjustments effective October 2025 include Ricardo Naya's appointment as Executive Vice President of and Operations Development, reflecting priorities in environmental and efficiency initiatives.

Anti-Corruption Compliance and Investigations

CEMEX operates under a zero-tolerance policy toward and corruption, as outlined in its Global Anti-Corruption Policy, which requires all personnel and third parties to comply with applicable anti- laws, including the U.S. (FCPA) and the U.K. Bribery Act. The policy prohibits offering, promising, or providing anything of value to public officials or third parties to influence official actions or secure business advantages, with violations subject to disciplinary measures up to termination and potential legal reporting. This framework is integrated into the company's Code of Ethics and Business Conduct, which mandates ethical decision-making and explicit rejection of corrupt practices in all operations. The program supports compliance by providing employees with training, resources, and guidance on integrating ethics into daily activities, covering topics such as antitrust, , and . Third-party is enforced through the Global Policy for Third Parties, requiring partners to adhere to anti-bribery standards and undergo risk assessments before engagement. CEMEX also commits to the Global Compact's anti-corruption principles, publicly affirming compliance with relevant laws and maintaining internal reporting mechanisms for alleged violations. Internal audits and monitoring mechanisms are in place to detect irregularities, with investigations handled confidentially to protect whistleblowers. Despite these policies, CEMEX has been subject to ongoing U.S. Department of Justice (DOJ) and Securities and Exchange Commission (SEC) investigations under the FCPA since 2016, stemming from internal audits that uncovered potential irregularities in land acquisitions, mining rights, and payments in countries including and . In , probes focused on the Maceo Project, where questionable payments raised concerns about compliance with FCPA accounting provisions; this led to the removal of senior Latin American executives and self-disclosure to authorities. The SEC issued subpoenas in 2020 related to these matters, and CEMEX has cooperated by providing documents, though no formal enforcement actions or resolutions have been announced as of March 2024, when the inquiries were reported as still active after eight years. These investigations highlight implementation challenges in high-risk markets, where local practices may conflict with global standards, prompting CEMEX to enhance its Latin American compliance program through updated policies and training. No fines or admissions of liability have resulted to date, but the prolonged underscores the limitations of self-reported compliance in multinational operations prone to risks.

Economic and Social Impact

Job Creation and Infrastructure Contributions

Cemex employs 42,587 individuals worldwide as of June 30, 2025, excluding discontinued operations, supporting operations in production, aggregates extraction, and delivery across more than 50 countries. This workforce, distributed among manufacturing plants, quarries, distribution centers, and administrative roles, directly contributes to the company's capacity to fulfill demands, with a notable presence in regions like , , and where needs are high. To bolster job skills and , Cemex has implemented programs targeting youth and entry-level professionals. Since 2014, the company has partnered on initiatives to develop entrepreneurial and leadership skills for approximately 45,000 young participants through collaborations like the program. In the United States, training forms part of broader social impact efforts aimed at community workforce development, including talent programs for recent graduates in operations, , and roles. These initiatives emphasize practical training in sustainable construction practices, aligning with Cemex's operational needs while addressing local labor market gaps. Cemex supports development by supplying specialized , aggregates, and technical expertise to major projects, enabling of transportation networks and urban facilities. In December 2024, the company provided materials for the $865 million replacement in , noted as the state's largest bridge by surface area, enhancing regional connectivity and mobility. In September 2025, Cemex delivered specialty mixes for a strategic highway corridor and bridge in the , including components for elevated structures and tunnels. Other contributions include aggregates and low-carbon for the in and the Cebu-Cordova Link Expressway in the , as well as over 56,000 cubic yards of reduced-emission for a San Francisco urban development phase in 2024. The company has executed 188 concrete pavement initiatives for highways, mass transit systems, airport runways, and urban streets, directly facilitating durable that underpins economic activity. Additionally, through 109 social infrastructure projects focused on facilities, Cemex has improved access for nearly 200,000 individuals, often in underserved areas, by providing materials for schools, roads, and systems. These engagements, primarily sourced from Cemex's operational reports, highlight the firm's role in material provision rather than primary contracting, with impacts verified through project completions and partnerships.

Community Engagement and Development Programs

Cemex conducts initiatives primarily through social investment programs that target , gender equity, and local infrastructure near its operational sites, with a stated alignment to . These efforts emphasize co-creation with local stakeholders, including training in digital skills and programs to address regional needs. In 2024, the company's social infrastructure projects numbered 109, contributing to enhancements for approximately 200,000 individuals, as recognized by the Center for Corporate Citizenship. Key programs include ANSPAC, which delivers vocational training to women and mothers in countries such as , , , and , enabling hundreds to acquire skills in diverse fields for improved economic participation. Youth-focused initiatives, like participation in the All4Youth platform since , aim to boost by connecting young people to job opportunities and skill-building resources in partnership with global organizations. , Cemex supports road safety education, home rehabilitation projects, and inclusive accessibility improvements, such as donations of recycled materials for ADA-compliant pathways in community gardens. At specific facilities, such as the Balcones Cement Plant in , Cemex collaborates with United Way's PEACE program to develop wheelchair-accessible vegetable gardens, empowering adults with through and donated native trees exceeding 4,500 units to local entities as of August 2025. The CEMEX-Tec Award, ongoing since at least 2019, funds and recognizes high-impact projects from universities and innovators across 16 countries, with the ninth edition evaluating nearly 1,500 submissions and awarding 33 initiatives. These programs are integrated into Cemex's framework, which prioritizes dialogue with communities to mitigate operational impacts and foster long-term socioeconomic benefits, though outcomes rely on self-reported metrics from the company.

Environmental Record and Challenges

Emissions Compliance and Reductions

Cemex, as a major global cement producer, faces stringent emissions regulations due to the high carbon intensity of clinker production, which accounts for approximately 90% of the sector's CO₂ emissions from and fuel combustion. The company operates under frameworks such as the (EU ETS), where it allocates internal carbon prices aligned with local mandates to incentivize reductions. Cemex has not faced major publicized regulatory penalties for emissions non-compliance in recent years, maintaining participation in cap-and-trade systems and reporting verified emissions data to authorities. In its Future in Action sustainability program launched in 2020, Cemex targeted a 40% reduction in net direct (Scope 1) GHG emissions per ton of cementitious product from 1990 levels by 2030, with validation confirming alignment with the latest climate science. By 2023, the company achieved a 33% reduction in net CO₂ emissions per ton compared to 1990, progressing toward a broader 47% cut by 2030 and net-zero emissions by 2050. Absolute Scope 1 emissions reductions have been supported by process optimizations, alternative fuels, and clinker substitution, though per-ton metrics reflect both efficiency gains and shifts in product mix toward lower-carbon alternatives. From 2020 to 2024, Cemex reduced specific Scope 1 net CO₂ emissions per ton of by 15%, with a year-over-year drop of 2.4% in 2024 alone versus 2023. Scope 2 emissions (from purchased energy) declined by 18% over the same period, driven by procurement and . In , where regulatory scrutiny is highest, Cemex's CO₂ emissions fell 41% from 1990 to 2022 levels, aided by co-firing and upgrades. These efforts have accelerated beyond historical paces, with 13% Scope 1 and 12% Scope 2 specific reductions since 2020—equivalent to 15 years of prior progress compressed into four. As of early 2025, Cemex reported trajectory alignment with interim 2025 targets, bolstered by carbon capture pilots and low-carbon formulations.

Mining Operations and Regulatory Disputes

Cemex extracts raw materials such as , , and aggregates essential for and production through operations at hundreds of worldwide, including alluvial deposits and hard rock sites processed via crushing, screening, and sometimes blasting. In the United States, examples include the Dowe Flats Quarry east of Lyons, , where the company has sought to extend aggregate and for an additional 15 years, and the Rockfield Aggregate Quarry near Friant, , involving proposed blasting to access deeper reserves. Regulatory disputes have frequently arisen over environmental permits, water discharges, and land use impacts. In August 2025, the U.S. Environmental Protection Agency ruled that Cemex violated the Clean Water Act by discharging mine pit wastewater and industrial stormwater from operations in the watershed without a National Pollutant Discharge Elimination System permit, prompting corrective actions to protect downstream water quality and the Pyramid Lake Paiute Tribe's interests. Similarly, at the Marina sand mine in , Cemex resolved long-standing conflicts through settlements approved in the late 2010s with the and State Lands Commission, addressing historical mining rights, coastal resource impacts, and operational continuity without admitting prior violations. Proposed expansions have drawn significant opposition and permit challenges. Cemex's Rockfield Quarry application for blasting near the faced rejection by Fresno County planning commissioners in a 4-3 vote in July 2023 amid public concerns over disruption, effects, and seismic risks; subsequent legislative efforts, including a March 2025 bill by Assemblymember Joaquin Arambula to prohibit such blasting under state public resources code, failed to advance in committee by April 2025. In Soledad Canyon, , Cemex contested a 2019 Bureau of Land Management decision deeming its mining claims expired due to unmet approval conditions; a federal court ruled in Cemex's favor in September 2021, interpreting contracts as non-expiring pending full environmental compliance. Cumulative enforcement data indicates Cemex has paid over $43 million in penalties for 81 environmental violations since 2000, with several tied to mining-related air emissions, dust control failures, and management at U.S. facilities, though the company maintains operations align with evolving regulations through investments in . These incidents reflect broader tensions between industrial-scale extraction demands and regulatory emphasis on preservation, , and emission limits, often resolved via litigation, settlements, or permit modifications rather than outright halts.

Controversies and Criticisms

Cemex has faced allegations of corruption primarily related to its operations in , centered on irregularities in the acquisition of and mining rights for the Maceo cement plant project in . An internal investigation by Cemex uncovered these issues, which involved improper payments and processes during the project's development in the mid-2010s. Colombian authorities convicted former Cemex Colombia directors of in connection with a for the plant in March 2023, highlighting discrepancies in the transaction that benefited involved parties. In response to media reports alleging a dedicated department for handling bribes within Cemex Latam Holdings, the denied such practices in July 2019, asserting compliance with laws. Former Cemex president Carlos Jacks faced corruption charges from Colombian prosecutors in June 2021, related to illicit enrichment and tied to the same project. Shareholder lawsuits in the U.S. accused Cemex executives of engaging in schemes in , though some actions were dismissed by February 2020 for lack of sufficient evidence of misleading disclosures. U.S. authorities launched probes under the (FCPA), with the Securities and Exchange Commission (SEC) initiating an investigation in 2016 into potential violations linked to the Maceo project, followed by a Department of Justice (DOJ) subpoena in 2018 covering Cemex's operations in and other countries. Cemex has cooperated with both agencies, but as of 2024, the DOJ and SEC investigations remained open, eight years after inception, with no final resolutions or penalties announced against the company. These probes focused on whether payments violated anti-bribery provisions, amid Cemex's disclosures of potential liabilities in SEC filings. No company-wide admissions of systemic corruption have been made, and Cemex maintains its global policy emphasizes compliance with applicable laws.

Labor Relations and Union Disputes

Cemex, a multinational cement producer, has encountered labor disputes primarily in its U.S. operations, with notable conflicts involving union organizing efforts and allegations of unfair labor practices. In and other Latin American countries, where Cemex maintains significant facilities, documented union strikes or major impasses are limited, though the company adheres to local labor laws reformed in 2019 to strengthen worker protections and union independence. Globally, Cemex promotes policies prohibiting , , and retaliation against employees reporting concerns, as outlined in its framework. A pivotal case arose in 2018 at Cemex's Fontana, California, ready-mix concrete facility, where Teamsters Local 350 collected authorization cards from a majority of drivers seeking representation. Cemex declined voluntary recognition and petitioned for a National Labor Relations Board (NLRB)-supervised election, during which an administrative law judge found the company committed over two dozen violations of Section 8(a)(1) of the National Labor Relations Act, including threats of job loss, promises of benefits, surveillance of union activities, and interrogation of employees. The union lost the subsequent election by a vote of 19 to 12, but challenges followed alleging the violations undermined free choice. On August 25, 2023, the NLRB issued its decision in Cemex Construction Materials Pacific, LLC, 372 NLRB No. 130, overruling prior precedents like Linden Lumber and establishing a new framework: employers facing a card majority must recognize the union or promptly seek an ; failure to do so, combined with unfair labor practices severe enough to warrant overturning an under NLRB v. Gissel Packing Co., triggers a bargaining order without a rerun vote. The Board applied this retroactively, ordering Cemex to bargain with Teamsters Local 350 despite the loss, citing the company's aggressive anti-union tactics, including hiring consultants from the Labor Relations Institute. The ruling, criticized by employer groups as eroding secret-ballot elections and favoring card-check recognition, prompted Cemex to petition for review in the U.S. Court of Appeals for the Ninth Circuit. Oral arguments occurred on October 23, 2024, with the case pending as of October 2025; the Ninth Circuit's decision could influence national labor policy under the National Labor Relations Act. Meanwhile, NLRB General Counsel guidance has applied the Cemex standard aggressively, issuing bargaining orders in subsequent cases involving even isolated violations during organizing drives. Earlier U.S. issues include a U.S. Department of Labor lawsuit against Cemex's operations for violations totaling over $5 million in back wages for approximately 1,300 workers, resolved through compliance agreements rather than union action. Internationally, Cemex reports no systemic union conflicts in its annual disclosures, emphasizing compliance with standards across its 50+ countries of operation.

Market Position and Competition

Key Competitors

Cemex operates in a highly consolidated global cement industry where a handful of multinational firms dominate production and distribution. Its primary competitors include Holcim Ltd., Heidelberg Materials AG (formerly HeidelbergCement), and , which, alongside Cemex, constitute the sector's "big four" producers by revenue, capacity, and international footprint as of 2023 financial reporting. These rivals compete aggressively in key markets across , , , and emerging regions, vying for shares in , aggregates, and segments through acquisitions, efficiency gains, and initiatives. Holcim Ltd., headquartered in , leads the industry with approximately 220 million metric tons of annual capacity and reported net sales of CHF 27.0 billion (about $31 billion USD) in 2023, surpassing Cemex's $14.5 billion revenue for the same period. AG, based in , follows closely with 2023 sales of €21.2 billion (roughly $23 billion USD) and a focus on European and North American operations, where it often challenges Cemex in projects. , an Irish firm with significant U.S. exposure via subsidiaries like Oldcastle, achieved €34.3 billion (about $37 billion USD) in 2023 revenue, emphasizing aggregates and building products over pure volume but overlapping with Cemex in vertically integrated supply chains. Regionally, Cemex faces additional pressure from Asia-focused giants like Ltd., India's largest producer with over 130 million metric tons capacity and fiscal 2023 revenue of INR 705 billion (approximately $8.5 billion USD), though UltraTech's influence remains limited outside . In , U.S.-centric players such as and compete in aggregates and compete indirectly with Cemex's local cement sales, holding combined market shares that pressure pricing in ready-mix applications. Overall, these competitors' scale enables cost advantages in raw materials and logistics, intensifying rivalry amid global demand fluctuations tied to construction cycles and infrastructure spending.

Strategic Advantages and Challenges

Cemex maintains a diversified global footprint across the , , , the , and , enabling risk mitigation through exposure to varied economic cycles and infrastructure demands in multiple regions. This geographic spread supports consistent generation and investment-grade credit ratings, providing flexibility for capital allocation toward growth initiatives. The company has achieved industry-leading organic EBITDA growth over the past four years, driven by operational efficiencies and strategic expansions, including a target for high single-digit EBITDA increases in the medium term. Key competitive edges include dominant positioning in for localized opportunities, accelerated expansion in the U.S. construction cycle via targeted capital expenditures, and leadership in profitable decarbonization efforts in , where EBITDA has compounded at a 7% annual rate over the last four years alongside a 17% CO2 emissions reduction. Cemex's digital innovations, such as advanced platforms for value-added services, differentiate it by enhancing solutions beyond , while initiatives like Project Cutting Edge target US$200 million in annual EBITDA savings for 2025, scaling to a US$400 million run-rate by 2027 through overhead streamlining and regional empowerment. solutions, generating US$2.5 billion in and US$300 million in EBITDA as of 2023, offer double-digit growth potential via scalable, high-margin verticals. However, Cemex contends with the cement industry's cyclical volatility, evidenced by sales volume declines across cement, ready-mix concrete, and aggregates in 2024, which reduced overall revenue despite price gains. In the first half of 2025, net sales fell 6% to US$7.775 billion and EBITDA dropped 14% to US$1.424 billion, reflecting softer demand in key markets amid economic slowdowns. Mexico operations faced headwinds from post-election spending normalization and policy shifts under a new administration, delaying volume recovery until the second half of 2025. Broader risks include stringent CO2 regulations, raw material supply constraints, currency fluctuations, and competitive pressures, compounded by anticipated infrastructure spending reductions and residential construction contractions in 2025. Despite record net income in fiscal 2024 and Q2 2025, persistent high interest rates and uncertain global economic conditions challenge leverage reduction and investment returns.

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