cemex, s.a.b. de c.v. · 7/27/2020 · cemex, s.a.b. de c.v. (translation of registrant’s name...

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 July, 2020

Commission File Number: 001-14946

CEMEX, S.A.B. de C.V. (Translation of Registrant’s name into English)

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

San Pedro Garza García, Nuevo León 66265, México

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

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

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

Contents

1. Press release, dated July 27, 2020, announcing second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).

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

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

2

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: July 27, 2020 By: /s/ Rafael Garza Lozano

Name: Rafael Garza Lozano

Title: Chief Comptroller

3

EXHIBIT INDEX

EXHIBIT

NO. DESCRIPTION

1. Press release, dated July 27, 2020, announcing second quarter 2020 results for CEMEX, S.A.B. de C.V. (NYSE: CX).

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

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

4

Exhibit 1

Media Relations Investor Relations

Jorge Pérez Lucy Rodriguez

+52 (81) 8888-4334 +1 (212) 317-6007

[email protected] [email protected]

CEMEX’S COST CONTAINMENT EFFORTS

TRANSLATE INTO HIGHER MARGINS

MONTERREY, MEXICO, JULY 27, 2020 – CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today that in a quarter marked by

significant disruption from the COVID-19 pandemic, Sales declined 10%* year over year while EBITDA for the quarter fell by 6%*. These declines

were largely attributable to lockdown measures in much of the company’s footprint. EBITDA margin, however, was higher by 0.7 percentage points due

to the proactive initiatives under “Operation Resilience” where the company undertook significant cost containment efforts across its businesses and

geographies.

CEMEX’s Consolidated Second Quarter 2020 Financial and Operational Highlights

• The decline in quarterly consolidated Net Sales was due to lower volumes for our three core products in almost all regions. The US was

the one exception with cement volumes growing 6%. Impact of volumes was highly correlated to government COVID-19 restrictions.

• Operating Earnings before Other Expenses, net, decreased 17% to US$279 million on a like-to-like basis.

• Controlling Interest Net Income (loss) was a loss of US$44 million, compared with a Net Income of US$155 million in the same quarter of

2019.

• Operating EBITDA on a like-to-like basis decreased 6% during the quarter to US$554 million, as compared to the same period in 2019.

• Operating EBITDA margin increased by 0.7pp, from 18.3% in the second quarter of 2019 to 19.0% this quarter.

• Free Cash Flow after Maintenance Capital Expenditures for the quarter was US$140 million.

• Net debt plus perpetual notes marginally increased sequentially by US$51 million during the quarter.

“Despite the unprecedented conditions in which we are operating due to the pandemic, I am pleased with our second quarter performance and our quick

reaction to implement cost containment measures across all geographies. In the quarter, we saw a rapid V-shaped volume recovery in our core products

from trough levels in April, reaching slightly below pre COVID-19 volumes in June. Importantly, our health initiatives have helped protect our

employees, customers, suppliers and communities, and allowed us and our customers to continue operating in most markets. Our digitalization efforts

have also paid off as usage continues to expand on our digital platforms and our sales force has leveraged new tools to connect with our customers

virtually. We expect that COVID-19 will continue to challenge our operations in new ways over the next few quarters. We will continue to prioritize the

safety of our employees and customers, improve our customer experience, and protect the future of our company,” said Fernando A. González, CEO of

CEMEX.

Geographical Markets Second-Quarter 2020 Highlights

Net Sales in Mexico decreased 10% on a like-to-like basis to US$568 million. Operating EBITDA, on a like-to-like basis, decreased 10% to

US$183 million in the quarter, versus the same period of the previous year.

CEMEX’s operations in the United States reported Net Sales of US$1.0 billion, an increase of 1% from the same period in 2019. Operating EBITDA

increased by 16% to US$198 million versus the same quarter of 2019.

In our Europe, Middle East, Africa and Asia region, Net Sales decreased by 13% on a like-to-like basis, compared with the same period of the

previous year, reaching US$987 million. Operating EBITDA was US$147 million for the quarter, 20% lower than the same period last year on a

like-to-like basis.

CEMEX’s operations in our South, Central America and the Caribbean region, reported Net Sales of US$279 million, a decline of 30% on a

like-to-like basis over the same period of 2019. Operating EBITDA decreased by 25% on a like-to-like basis to US$66 million in the second quarter of

2020, in contrast to the same quarter of 2019.

CEMEX is a global building materials company that provides high-quality products and reliable services. CEMEX has a rich history of improving the

wellbeing of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future. For more

information, please visit: www.cemex.com

* Year-over-year changes are calculated on a like-to-like basis, for ongoing operations and adjusting for currency fluctuations.

###

This press release contains forward-looking statements that reflect CEMEX’s current expectations and projections about future events based on

CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts

and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s

expectations. CEMEX assumes no obligation to update or correct the information contained in this press release. The information contained in this

press release is subject to change without notice, and CEMEX is not obligated to publicly update or revise any forward-looking statements. Readers

should review future reports filed by CEMEX with the U.S. Securities and Exchange Commission. Unless the context indicates otherwise, all references

to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for CEMEX’s products. Operating EBITDA is defined as operating income

plus depreciation and operating amortization. Free Cash Flow is defined as Operating EBITDA minus net interest expense, maintenance and expansion

capital expenditures, change in working capital, taxes paid, and other cash items (net other expenses less proceeds from the disposal of obsolete and/or

substantially depleted operating fixed assets that are no longer in operation). Net debt is defined as total debt minus the fair value of cross-currency

swaps associated with debt minus cash and cash equivalents. The Consolidated Funded Debt to Operating EBITDA ratio is calculated by dividing

Consolidated Funded Debt at the end of the quarter by Operating EBITDA for the last twelve months. All of the above items are presented under the

guidance of International Financial Reporting Standards as issued by the International Accounting Standards Board. Operating EBITDA and Free

Cash Flow (as defined above) are presented herein because CEMEX believes that they are widely accepted as financial indicators of CEMEX’s ability

to internally fund capital expenditures and service or incur debt. Operating EBITDA and Free Cash Flow should not be considered as indicators of

CEMEX’s financial performance, as alternatives to cash flow, as measures of liquidity or as being comparable to other similarly titled measures of

other companies.

Exhibit 2

S econd Q uarte r Results 2020 Stock Listing Informa tion NY SE (AD S) Ticker: CX Me xic an Stock Exchange Tic ke r: CEMEXCPO Ra tio of CEMEX CP O to CX = 10:1 Investor Re lations In the U nit ed S tates: + 1 877 7CX NY SE In Mexico: + 52 (81) 8888 4292 E-Mail: [email protected]

Operating and financial highlights

January – June Second Quarter

2020 2019 % var

l-t-l

% var 2020 2019 % var

l-t-l

% var

Consolidated cement volume 29,188 30,682 (5%) 14,360 15,970 (10%)

Consolidated ready-mix volume 22,194 24,622 (10%) 10,519 12,856 (18%)

Consolidated aggregates volume 62,263 68,272 (9%) 30,432 35,996 (15%)

Net sales 5,997 6,495 (8%) (4%) 2,912 3,400 (14%) (10%)

Gross profit 1,898 2,113 (10%) (5%) 932 1,141 (18%) (12%)

as % of net sales 31.6% 32.5% (0.9pp) 32.0% 33.6% (1.6pp)

Operating earnings before other expenses, net 539 657 (18%) (13%) 279 366 (24%) (17%)

as % of net sales 9.0% 10.1% (1.1pp) 9.6% 10.8% (1.2pp)

Controlling interest net income (loss) (2) 193 N/A (44) 155 N/A

Operating EBITDA 1,088 1,169 (7%) (3%) 554 623 (11%) (6%)

as % of net sales 18.1% 18.0% 0.1pp 19.0% 18.3% 0.7pp

Free cash flow after maintenance capital expenditures (75) (121) 38% 140 217 (35%)

Free cash flow (190) (205) 7% 86 168 (49%)

Total debt plus perpetual notes 13,638 11,492 19% 13,638 11,492 19%

Earnings (loss) of continuing operations per ADS 0.01 (0.02) N/A 0.01 (0.02) N/A

Fully diluted earnings (loss) of continuing operations per

ADS (1) 0.02 0.05 (67%) 0.01 0.06 (87%)

Average ADSs outstanding 1,502 1,533 (2%) 1,487 1,534 (3%)

Employees 40,150 40,759 (1%) 40,150 40,759 (1%)

This information does not include discontinued operations. Please see page 13 on this report for additional information.

Cement and aggregates volumes in thousands of metric tons. Ready-mix volumes in thousands of cubic meters.

In millions of U.S. dollars, except volumes, percentages, employees, and per-ADS amounts. Average ADSs outstanding are presented in millions.

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

(1) For the period of January-June 2020, the effect of the potential dilutive shares generates anti-dilution; therefore, there is no change between the

reported basic and diluted gain per share.

2020 Second Quarter Results Page 2

Consolidated net sales in the second quarter of 2020 reached

US$2.9 billion, representing a decrease of 14%, or 10% on a like-to-like

basis for ongoing operations and adjusting for foreign exchange

fluctuations, compared with the second quarter of 2019. Lower volumes

in all our regions except U.S. were partially offset by higher consolidated

prices of our products.

Cost of sales, as a percentage of net sales, increased by 1.6pp during the

second quarter of 2020 compared with the same period last year, from

66.4% to 68.0%. The increase was mainly driven by higher cost of

purchased cement as well as higher transportation costs in ready-mix,

partially offset by lower fuel costs.

Operating expenses, as a percentage of net sales, decreased by 0.4pp

during the second quarter of 2020 compared with the same period in

2019, from 22.8% to 22.4%, mainly in distribution and corporate

expenses.

Operating EBITDA decreased 11% to US$554 million during the

second quarter of 2020 compared with the same period last year, a

decrease of 6% on a like-to-like basis for ongoing operations and

adjusting for foreign-exchange fluctuations. Lower contributions from

Mexico, our South, Central America and the Caribbean region and our

Europe, Middle East, Africa and Asia regions, were partially offset by

higher contributions in the U.S.

Operating EBITDA margin increased by 0.7pp, from 18.3% in the

second quarter of 2019 to 19.0% this quarter.

Other expenses, net, for the quarter were US$70 million, which includes

severance payments, COVID-19 related expenses and impairment of

assets.

Foreign exchange results for the quarter was a gain of US$6 million,

mainly due to the fluctuation of the Colombian peso and the Euro versus

the U.S. dollar, partially offset by the fluctuation of the Mexican peso

versus the U.S. dollar.

Controlling interest net income (loss) was a loss of US$44 million in the

second quarter of 2020, compared with an income of US$155 million in

the same quarter of 2019. The loss primarily reflects lower operating

earnings, higher financial expenses, and a negative variation in

discontinued operations, partially offset by positive variations in results

from financial instruments and in foreign exchange fluctuations as well as

lower income tax.

Net debt plus perpetual notes increased by US$51 million during the

quarter mainly due to an unfavorable foreign-exchange effect.

Operating results

Mexico


2020 2019 % var

l-t-l

% var 2020 2019 % var

l-t-l

% var

Net sales 1,253 1,459 (14%) (3%) 568 752 (25%) (10%)

Operating EBITDA 416 500 (17%) (6%) 183 245 (25%) (10%)

Operating EBITDA margin 33.2% 34.3% (1.1pp) 32.3% 32.5% (0.2pp)

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

Domestic gray cement Ready-mix Aggregates

Year-over-year percentage

variation January –June Second Quarter January –June Second Quarter January –June Second Quarter

Volume (3%) (7%) (23%) (44%) (19%) (35%)

Price (USD) (11%) (16%) (10%) (17%) (7%) (14%)

Price (local currency) 0% 1% 1% (0%) 4% 2%

In Mexico, our cement volumes declined by 7%, while ready mix and aggregates dropped by 44% and 35%, respectively, during the quarter.

Bagged cement was highly resilient during the quarter, growing by 10% on a year-over-year basis. Private sector construction was the most

impacted by COVID-19 lockdown measures. Formal construction activity should gradually improve, albeit at a slow pace, as the economy

reopens.

Sequential prices were stable in our three core products, despite declining volumes.

United States


2020 2019 % var

l-t-l

% var 2020 2019 % var

l-t-l

% var

Net sales 1,971 1,848 7% 7% 1,006 993 1% 1%

Operating EBITDA 361 294 23% 23% 198 171 16% 16%

Operating EBITDA margin 18.3% 15.9% 2.4pp 19.7% 17.3% 2.4pp





Volume 8% 6% 2% (5%) 3% (3%)

Price (USD) 1% (0%) 3% 2% 1% 0%

Price (local currency) 1% (0%) 3% 2% 1% 0%

The United States continued to enjoy strong demand momentum in the second quarter driven by the infrastructure and residential sectors. Cement

volumes increased 6% while ready-mix and aggregates decreased by 5% and 3%, respectively, due to geographic mix and bad weather in our US

ready-mix footprint.

Pricing for cement, ready-mix and aggregates in the quarter was stable sequentially.

EBITDA margin expanded by 2.4 percentage points during the quarter due to higher ready-mix prices, cost reduction efforts and lower fuel costs.


Operating results

Europe, Middle East, Africa and Asia


2020 2019 % var

l-t-l

% var 2020 2019 % var

l-t-l

% var

Net sales 1,989 2,172 (8%) (8%) 987 1,140 (13%) (13%)


Operating EBITDA margin 12.6% 13.3% (0.7pp) 14.9% 16.4% (1.5pp)




variation January – June Second Quarter January – June Second Quarter January – June Second Quarter

Volume (5%) (12%) (8%) (12%) (10%) (13%)

Price (USD) (3%) (2%) (1%) (2%) (1%) (2%)

Price (local currency) (*) (2%) (1%) (1%) (1%) 1% (0%)

In the Europe region, our domestic gray cement volumes decreased 2% while both ready-mix and aggregates volumes decreased by 18% during

the second quarter. Solid growth in our Central European markets driven primarily by the infrastructure sector, partially offset declines in the UK,

Spain and France due to much stricter lockdown measures.

Cement and aggregates prices in local currency terms were up sequentially in almost all countries in the Europe region.

In the Philippines, domestic gray cement volumes declined 31% during the quarter due to the stringent lockdown measures implemented by the

government and by the closure of Solid plant in Luzon for two months. In June, as our Solid Cement Plant reopened, we saw a marked recovery in

volumes.

Our ready-mix and aggregates volumes in Israel increased by 10% and by 8%, respectively, during the second quarter of 2020. Volume growth

was driven by continued construction activity in all sectors.

In Egypt, cement volumes decreased by 13% during the second quarter. Construction activity in Egypt slowed due to suspension of private

residential construction permits and fewer working days.

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


Operating results

South, Central America and the Caribbean


2020 2019 % var

l-t-l

% var 2020 2019 % var

l-t-l

% var

Net sales 651 850 (23%) (19%) 279 424 (34%) (30%)


Operating EBITDA margin 24.0% 23.0% 1.0pp 23.6% 21.9% 1.7pp





Volume (19%) (29%) (42%) (60%) (44%) (61%)

Price (USD) (1%) (1%) (10%) (12%) (0%) (4%)

Price (local currency) (*) 5% 6% (1%) (3%) 9% 5%

In our South, Central America and the Caribbean region, our domestic gray cement volumes declined 29% during the quarter impacted by the

government measures taken to contain the spread of the virus, including industry shutdowns in Colombia, Panama and Trinidad for significant

portions of the quarter. Quarterly cement prices on a sequential basis were higher in practically all markets, in local-currency terms.

In Colombia, our quarterly cement volumes declined by 40%, with a decrease of approximately 75% in April on a year-over year-basis; upon

reopening of the industry, our volumes recovered significantly in June recording a decrease in the high single digits versus the same month of last

year. During June, we observed increased activity particularly in 4G projects and in the self-construction sector. Our quarterly cement prices

improved by 9% year-over-year and by 1% sequentially, in local-currency terms.

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


Operating results

Operating EBITDA and free cash flow

January - June Second Quarter

2020 2019 % var 2020 2019 % var

Operating earnings before other expenses, net 539 657 (18%) 279 366 (24%)

+ Depreciation and operating amortization 549 513 275 257

Operating EBITDA 1,088 1,169 (7%) 554 623 (11%)

- Net financial expense 355 353 182 174

- Maintenance capital expenditures 217 264 94 144

- Change in working capital 481 570 71 44

- Taxes paid 81 111 40 74

- Other cash items (net) 43 17 29 (5)

- Free cash flow discontinued operations (13) (26) (1) (25)

Free cash flow after maintenance capital expenditures (75) (121) 38% 140 217 (35%)

- Strategic capital expenditures 115 84 54 48

Free cash flow (190) (205) 7% 86 168 (49%)


Due to our proactive working capital management and lower maintenance capex, we generated US$140 million of free cash flow after

maintenance capex and US$86 million of free cash flow during the second quarter.

To further strengthen our liquidity position, during the second quarter, we issued US$1.0 billion of 7.375% Senior Secured Notes due 2027 and

drew down US$$446 million from our revolving credit facility, other credit lines and loans. Our cash and cash equivalents as of the end of the

second quarter was $2.8 billion.

Net debt plus perpetual notes during the quarter, reflects an unfavorable foreign-exchange conversion effect of US$55 million.

Information on debt and perpetual notes

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

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

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

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


Second Quarter First Quarter

2020 2019 % var 2020

Total debt (1)13,196 11,048 19% 11,701

Short-term 6% 7% 4%

Long-term 94% 93% 96%

Perpetual notes 443 444 (0%) 441

Total debt plus

perpetual notes 13,638 11,492 19% 12,143

Cash and cash

equivalents 2,832 304 831% 1,387

Net debt plus

perpetual notes 10,807 11,187 (3%) 10,756

Consolidated

funded debt (2) 10,790 10,805 10,751

Consolidated

leverage

ratio (2) 4.57 4.00 4.40

Consolidated

coverage

ratio (2) 3.69 4.11 3.87

Second Quarter

2020 2019

Currency denomination

U.S. dollar 71% 66%

Euro 21% 24%

Mexican peso 1% 1%

Other 7% 9%

Interest rate(3)

Fixed 71% 65%

Variable 29% 35%

Operating results

Consolidated Income Statement & Balance Sheet

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

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


INCOME STATEMENT 2020 2019 % var

like-to-like

% var 2020 2019 % var

like-to-like

% var

Net sales 5,996,816 6,494,525 (8%) (4%) 2,911,549 3,400,377 (14%) (10%)

Cost of sales (4,099,169) (4,381,773) 6% (1,979,449) (2,259,180) 12%

Gross profit 1,897,646 2,112,752 (10%) (5%) 932,100 1,141,197 (18%) (12%)

Operating expenses (1,358,461) (1,456,095) 7% (653,347) (775,224) 16%

Operating earnings before other

expenses, net 539,185 656,657 (18%) (13%) 278,753 365,973 (24%) (17%)

Other expenses, net (112,522) (86,792) (30%) (69,776) (34,283) (104%)

Operating earnings 426,663 569,865 (25%) 208,977 331,690 (37%)

Financial expense (350,905) (358,748) 2% (180,661) (169,768) (6%)

Other financial income (expense), net 31,330 (26,274) N/A 16,617 (27,599) N/A

Financial income 8,921 9,658 (8%) 3,995 5,409 (26%)

Results from financial instruments,

net (6,817) 5,943 N/A 20,583 (1,707) N/A

Foreign exchange results 57,598 (12,239) N/A 5,877 (16,500) N/A

Effects of net present value on assets

and liabilities and others, net (28,372) (29,636) 4% (13,837) (14,800) 7%

Equity in gain (loss) of associates 13,489 11,230 20% 8,574 10,020 (14%)

Income (loss) before income tax 120,577 196,072 (39%) 53,507 144,343 (63%)

Income tax (89,844) (115,174) 22% (39,816) (53,243) 25%

Profit (loss) of continuing operations 30,733 80,898 (62%) 13,690 91,100 (85%)

Discontinued operations (25,125) 137,124 N/A (55,313) 72,820 N/A

Consolidated net income (loss) 5,608 218,022 (97%) (41,623) 163,920 N/A

Non-controlling interest net income (loss) 7,146 24,633 (71%) 2,082 9,366 (78%)

Controlling interest net income (loss) (1,537) 193,389 N/A (43,705) 154,554 N/A

Operating EBITDA 1,087,787 1,169,238 (7%) (3%) 553,990 623,448 (11%) (6%)

Earnings (loss) of continued operations

per ADS 0.01 (0.02) N/A 0.01 (0.02) N/A

Earnings (loss) of discontinued

operations per ADS 0.02 0.04 (53%) 0.02 0.04 (53%)

As of June 30

BALANCE SHEET 2020 2019 % var

Total assets 29,959,821 28,970,211 3%

Cash and cash equivalents 2,831,766 304,222 831%

Trade receivables less allowance for doubtful accounts 1,550,826 1,718,444 (10%)

Other accounts receivable 313,995 330,797 (5%)

Inventories, net 929,020 1,089,136 (15%)

Assets held for sale 355,788 234,894 51%

Other current assets 143,058 157,124 (9%)

Current assets 6,124,452 3,834,617 60%

Property, machinery and equipment, net 11,105,890 11,958,102 (7%)

Other assets 12,729,479 13,177,492 (3%)

Total liabilities 19,742,516 17,916,592 10%

Current liabilities 4,662,555 5,201,207 (10%)

Long-term liabilities 11,412,602 9,159,619 25%

Other liabilities 3,667,359 3,555,767 3%

Total stockholder’s equity 10,217,305 11,053,619 (8%)

Non-controlling interest and perpetual instruments 1,425,281 1,542,739 (8%)

Total controlling interest 8,792,024 9,510,880 (8%)


Operating results

Operating Summary per Country

In thousands of U.S. dollars


like-to-like like-to-like

NET SALES 2020 2019 % var % var 2020 2019 % var % var

Mexico 1,253,191 1,458,897 (14%) (3%) 567,854 752,462 (25%) (10%)

U.S.A. 1,970,635 1,847,895 7% 7% 1,005,641 993,314 1% 1%

Europe, Middle East, Asia and Africa 1,989,384 2,172,258 (8%) (8%) 986,744 1,140,469 (13%) (13%)

Europe 1,335,352 1,487,145 (10%) (7%) 684,609 801,890 (15%) (12%)

Philippines 190,487 238,080 (20%) (22%) 79,691 118,033 (32%) (34%)

Middle East and Africa 463,545 447,033 4% (1%) 222,444 220,547 1% (3%)

South, Central America and the Caribbean 651,448 850,299 (23%) (19%) 278,875 423,660 (34%) (30%)

Others and intercompany eliminations 132,158 165,176 (20%) (17%) 72,434 90,471 (20%) (20%)

TOTAL 5,996,816 6,494,525 (8%) (4%) 2,911,549 3,400,377 (14%) (10%)

GROSS PROFIT

Mexico 648,321 753,716 (14%) (3%) 292,652 380,630 (23%) (8%)

U.S.A. 498,647 464,718 7% 7% 267,217 271,266 (1%) (1%)

Europe, Middle East, Asia and Africa 492,839 570,191 (14%) (13%) 262,739 338,652 (22%) (21%)

Europe 327,220 386,410 (15%) (12%) 189,216 241,804 (22%) (19%)

Philippines 76,191 98,257 (22%) (24%) 29,291 54,184 (46%) (47%)

Middle East and Africa 89,428 85,524 5% 0% 44,232 42,664 4% 0%


Others and intercompany eliminations 19,212 15,699 22% 22% 11,317 734 1443% 1443%

TOTAL 1,897,646 2,112,752 (10%) (5%) 932,100 1,141,197 (18%) (12%)

OPERATING EARNINGS BEFORE OTHER

EXPENSES, NET

Mexico 345,127 422,555 (18%) (8%) 149,499 205,726 (27%) (12%)

U.S.A. 142,150 96,869 47% 47% 87,058 72,175 21% 21%


Europe 35,914 71,635 (50%) (47%) 45,609 77,384 (41%) (39%)

Philippines 30,642 44,556 (31%) (32%) 10,667 24,080 (56%) (56%)



Others and intercompany eliminations (151,723) (149,541) (1%) (12%) (68,680) (92,009) 25% 13%

TOTAL 539,185 656,657 (18%) (13%) 278,753 365,973 (24%) (17%)


Operating results

Operating Summary per Country

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


OPERATING EBITDA 2020 2019 % var

like-to-like

% var 2020 2019 % var

like-to-like

% var

Mexico 416,169 499,773 (17%) (6%) 183,181 244,575 (25%) (10%)

U.S.A. 361,351 294,105 23% 23% 198,433 171,494 16% 16%


Europe 147,129 182,342 (19%) (16%) 101,649 132,919 (24%) (21%)

Philippines 53,503 62,547 (14%) (16%) 22,539 33,121 (32%) (33%)



Others and intercompany eliminations (96,961) (109,683) 12% (2%) (40,345) (71,970) 44% 28%

TOTAL 1,087,787 1,169,238 (7%) (3%) 553,990 623,448 (11%) (6%)

OPERATING EBITDA MARGIN

Mexico 33.2% 34.3% 32.3% 32.5%

U.S.A. 18.3% 15.9% 19.7% 17.3%

Europe, Middle East, Asia and Africa 12.6% 13.3% 14.9% 16.4%

Europe 11.0% 12.3% 14.8% 16.6%

Philippines 28.1% 26.3% 28.3% 28.1%

Middle East and Africa 10.9% 10.0% 10.3% 9.4%

South, Central America and the Caribbean 24.0% 23.0% 23.6% 21.9%

TOTAL 18.1% 18.0% 19.0% 18.3%


Operating results

Volume Summary

Consolidated volume summary

Cement and aggregates: Thousands of metric tons.

Ready-mix: Thousands of cubic meters.


2020 2019 % var 2020 2019 % var

Consolidated cement volume (1)29,188 30,682 (5%) 14,360 15,970 (10%)

Consolidated ready-mix volume 22,194 24,622 (10%) 10,519 12,856 (18%)

Consolidated aggregates volume (2) 62,263 68,272 (9%) 30,432 35,996 (15%)

Per-country volume summary

January - June Second Quarter Second Quarter 2020 vs.

DOMESTIC GRAY CEMENT VOLUME 2020 vs. 2019 2020 vs. 2019 First Quarter 2020

Mexico (3%) (7%) (2%)

U.S.A. 8% 6% 10%

Europe, Middle East, Asia and Africa (5%) (12%) (5%)

Europe (0%) (2%) 17%

Philippines (17%) (31%) (30%)

Middle East and Africa (2%) (14%) (21%)

South, Central America and the Caribbean (19%) (29%) (20%)

READY-MIX VOLUME

Mexico (23%) (44%) (41%)

U.S.A. 2% (5%) (0%)

Europe, Middle East, Asia and Africa (8%) (12%) 1%

Europe (13%) (18%) 5%

Philippines N/A N/A N/A

Middle East and Africa 2% 1% (6%)


AGGREGATES VOLUME

Mexico (19%) (35%) (35%)

U.S.A. 3% (3%) 1%

Europe, Middle East, Asia and Africa (10%) (13%) 8%

Europe (14%) (18%) 8%


Middle East and Africa 7% 7% 5%


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

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


Operating results

Price Summary

Variation in U.S. dollars


DOMESTIC GRAY CEMENT PRICE 2020 vs. 2019 2020 vs. 2019 First Quarter 2020

Mexico (11%) (16%) (10%)

U.S.A. 1% (0%) (0%)

Europe, Middle East, Asia and Africa (*) (3%) (2%) 1%

Europe (*) (2%) (2%) (2%)

Philippines (4%) (3%) 2%

Middle East and Africa (*) (3%) (5%) (5%)

South, Central America and the Caribbean (*) (1%) (1%) 1%

READY-MIX PRICE

Mexico (10%) (17%) (12%)

U.S.A. 3% 2% 0%

Europe, Middle East, Asia and Africa (*) (1%) (2%) (2%)

Europe (*) (3%) (4%) (4%)


Middle East and Africa (*) 5% 4% 1%

South, Central America and the Caribbean (*) (10%) (12%) (6%)

AGGREGATES PRICE

Mexico (7%) (14%) (10%)

U.S.A. 1% 0% (0%)


Europe (*) (2%) (4%) (7%)


Middle East and Africa (*) 10% 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


Operating results

Variation in Local Currency


DOMESTIC GRAY CEMENT PRICE 2020 vs. 2019 2020 vs. 2019 First Quarter 2020

Mexico 0% 1% 0%

U.S.A. 1% (0%) (0%)

Europe, Middle East, Asia and Africa (*) (2%) (1%) 2%

Europe (*) 2% 1% (1%)

Philippines (6%) (6%) 1%

Middle East and Africa (*) (11%) (11%) (4%)

South, Central America and the Caribbean (*) 5% 6% 3%

READY-MIX PRICE

Mexico 1% (0%) (1%)

U.S.A. 3% 2% 0%


Europe (*) (0%) (1%) (3%)


Middle East and Africa (*) 1% 1% 0%


AGGREGATES PRICE

Mexico 4% 2% 0%

U.S.A. 1% 0% (0%)

Europe, Middle East, Asia and Africa (*) 1% (0%) (5%)

Europe (*) 0% (1%) (6%)


Middle East and Africa (*) 6% 6% (1%)

South, Central America and the Caribbean (*) 9% 5% (8%)

(*) 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


Operating results

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.

Second Quarter First Quarter

2020 2019 2020

In millions of US dollars.

Notional

amount

Fair

value

Notional

amount

Fair

value

Notional

amount

Fair

value

Exchange rate derivatives

(1) 800 84 1,272 (34) 980 130

Equity related derivatives

(2) 72 5 103 6 72 3

Interest rate swaps (3) 1,000 (59) 1,121 (32) 1,000 (64)

Fuel derivatives (4) 170 (14) 105 (2) 185 (27)

2,042 16 2,601 (62) 2,237 42

(1) Exchange rate derivatives are used to manage currency exposures

that arise from the regular operations and from forecasted

transactions.

(2) Equity derivatives related with options on the Parent Company own

shares and forwards, net of cash collateral, over the shares of

Grupo Cementos Chihuahua, S.A.B. de C.V.

(3) Interest-rate swap derivatives related to bank loans. As of June 30,

2019, included an interest-rate swap derivative related to long-term

energy contracts.

(4) Forward contracts negotiated to hedge the price of the fuel

consumed in certain operations.

Under IFRS, companies are required to recognize all derivative financial

instruments on the balance sheet as assets or liabilities, at their estimated

fair market value, with changes in such fair market values recorded in

the income statement, except when transactions are entered into for cash-

flow-hedging purposes, in which case changes in the fair market value of

the related derivative instruments are recognized temporarily in equity

and then reclassified into earnings as the inverse effects of the

underlying hedged items flow through the income statement, and/or

transactions related to net investment hedges, in which case changes in

fair value are recorded directly in equity as part of the currency

translation effect, and are reclassified to the income statement only upon

disposal of the net investment. As of June 30, 2020, in connection with

the fair market value recognition of its derivatives portfolio, CEMEX

recognized increases in its assets and liabilities resulting in a net asset of

US$16 million.

Equity-related information

One CEMEX ADS represents ten CEMEX CPOs. One CEMEX CPO

represents two Series A shares and one Series B share. The following

amounts are expressed in CPO-equivalent terms.

Beginning-of-quarter outstanding

CPO-equivalents 14,708,429,449

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

For purposes of this report, outstanding CPO-equivalents equal the total

number of Series A and B shares outstanding as if they were all held in

CPO form less CPOs held in subsidiaries, which as of June 30, 2020 were

20,541,277.

Assets held for sale, discontinued operations and other disposal

groups

Assets held for sale and discontinued operations

Through an affiliate in the United Kingdom, CEMEX maintains a firm

commitment signed on January 8, 2020 with Breedon Group plc for the

sale of certain assets for an amount of £155 million (US$192 million),

including US$22 million of debt. The assets held for sale mainly consist of

49 ready-mix plants, 28 aggregate quarries, four depots, one cement

terminal, 14 asphalt plants, four concrete products operations, as well as a

portion of CEMEX’s paving solutions business in the United Kingdom.

After completion of the potential divestiture, CEMEX will retain

significant operations in the United Kingdom related with the production

and sale of cement, ready-mix, aggregates, asphalt and paving solutions.

As of June 30, 2020, the assets and liabilities associated with this segment

in the United Kingdom are presented in the Statement of Financial

Position within the line items of “assets held for sale,” including a

proportional allocation of goodwill of US$47 million. Moreover, for

purposes of the Income Statements for the six-month periods ended

June 30, 2020 and 2019 the operations related to this segment are

presented net of tax in the single line item “Discontinued operations.”

CEMEX expects to finalize this divestment during the second half of

2020.

On March 6, 2020, CEMEX concluded the sale of its U.S. affiliate

Kosmos Cement Company (“Kosmos”), a partnership with a subsidiary of

Buzzi Unicem S.p.A. in which CEMEX held a 75% interest, to Eagle

Materials Inc. for US$665 million. The share of proceeds to CEMEX from

this transaction was US$499 million before transactional and other costs

and expenses. The assets divested consist of Kosmos’ cement plant in

Louisville, Kentucky, as well as related assets which include seven

distribution terminals and raw material reserves. CEMEX’s Income

Statements for the six-month periods ended June 30, 2020 and 2019

present the operations related to this segment from January 1 to March 6,

2020 and for the six-month period ended June 30, 2019, respectively, net

of income tax in the single line item “Discontinued operations.”

On June 28, 2019, CEMEX concluded with several counterparties the sale

of its ready-mix and aggregates business in the central region of France

for an aggregate price of €31.8 million (US$36.2 million). CEMEX’s

operations of these disposed assets in France for the period from January 1

to June 28, 2019 are reported in the Income Statement, net of income tax,

in the single line item “Discontinued operations.”

Other information

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

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

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

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

INCOME STATEMENT Jan-Jun Second Quarter(Millions of U.S. dollars) 2020 2019 2020 2019Sales 135 333 48 160Cost of sales and operating expenses (129) (319) (48) (148) Other income (expenses), net 0 1 0 0Interest expense, net and others 6 (1) 0 0Income before income tax 12 14 0 12Income tax (55) (0) (55) 0

Assets held for sale and related liabilities

As of June 30, 2020, CEMEX presents “Assets held for sale” and “Liabilities directly related to assets held for sale,” in connection with the following transactions: a) the sale of assets in the United Kingdom; and b) the sale of the white cement business in Spain, all described above.

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

(Millions of U.S. dollars) 2Q20Current assets 15Non-current assets 289Total assets of the disposal group 304Current liabilities 4Non-current liabilities 16Total liabilities directly related to disposal group 20Total net assets of disposal group 284


Income from discontinued operations (43) 14 (55) 12

Net gain on sale 18 123 0 61

Income from discontinued operations (25) 137 (55) 73

Definitions of terms and disclosures

Exchange rates January - June Second Quarter Second Quarter

2020

Average

2019

Average

2020

Average

2019

Average

2020 End

of period

2019

End of period

Mexican peso 21.90 19.26 23.08 19.25 22.99 19.21

Euro 0.9059 0.8857 0.9041 0.8907 0.8902 0.8797

British pound 0.7944 0.7726 0.8069 0.7846 0.8070 0.7877

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


Methodology for translation, consolidation, and presentation of

results

Under IFRS, CEMEX translates the financial statements of foreign

subsidiaries using exchange rates at the reporting date for the balance

sheet and the exchange rates at the end of each month for the income

statement. Beginning on March 31, 2019 and for each subsequent period

CEMEX reports its consolidated results in U.S. dollars.

Breakdown of regions and subregions

The South, Central America and the Caribbean region includes

CEMEX’s operations in Argentina, Bahamas, Colombia, Costa Rica, the

Dominican Republic, El Salvador, Guatemala, Guyana, Haiti, Jamaica,

Trinidad & Tobago, Barbados, Nicaragua, Panama, Peru, and Puerto

Rico, as well as trading operations in the Caribbean region.

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

Europe subregion includes operations in Spain, Croatia, the Czech

Republic, France, Germany, Poland, and the United Kingdom.

Middle East, Asia and Africa subregion include the United Arab

Emirates, Egypt, Israel and the Philippines.

Definition of terms

Free cash flow equals operating EBITDA minus net interest expense,

maintenance and strategic capital expenditures, change in working

capital, taxes paid, and other cash items (net other expenses less

proceeds from the disposal of obsolete and/or substantially depleted

operating fixed assets that are no longer in operation and coupon

payments on our perpetual notes).

l-t-l (like to like) on a like-to-like basis adjusting for currency

fluctuations and for investments/divestments when applicable.

Maintenance capital expenditures equal investments incurred for the

purpose of ensuring the company’s operational continuity. These include

capital expenditures on projects required to replace obsolete assets or

maintain current operational levels, and mandatory capital expenditures,

which are projects required to comply with governmental regulations or

company policies.

Net debt equals total debt (debt plus convertible bonds and financial

leases) minus cash and cash equivalents.

Operating EBITDA equals operating earnings before other expenses, net,

plus depreciation and operating amortization.

pp equals percentage points

Prices all references to pricing initiatives, price increases or decreases,

refer to our prices for our products

Strategic capital expenditures equal investments incurred with the purpose

of increasing the company’s profitability. These include capital

expenditures on projects designed to increase profitability by expanding

capacity, and margin improvement capital expenditures, which are

projects designed to increase profitability by reducing costs.

Working capital equals operating accounts receivable (including other

current assets received as payment in kind) plus historical inventories

minus operating payables.

% var percentage variation

Earnings per ADS

Please refer to page 2 for the number of average ADSs outstanding used

for the calculation of earnings per ADS.

According to the IAS 33 Earnings per share, the weighted-average number

of common shares outstanding is determined considering the number of

days during the accounting period in which the shares have been

outstanding, including shares derived from corporate events that have

modified the stockholder’s equity structure during the period, such as

increases in the number of shares by a public offering and the distribution

of shares from stock dividends or recapitalizations of retained earnings

and the potential diluted shares (Stock options, Restricted Stock Options

and Mandatory Convertible Shares). The shares issued because of share

dividends, recapitalizations and potential diluted shares are considered as

issued at the beginning of the period.

Disclaimer

This report contains, and the reports we will file in the future may contain, forward-looking statements within the meaning of the U.S. federal securities

laws. We intend for these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements within the meaning of

the U.S. federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as “may,” “assume,”

“might,” “should,” “could,” “continue,” “would,” “can,” “consider,” “anticipate,” “estimate,” “expect,” “envision,” “plan,” “believe,” “foresee,”

“predict,” “potential,” “target,” “strategy,” “intend” or other similar words. These forward-looking statements reflect, as of the date such forward-

looking statements are made, or unless otherwise indicated, our current expectations and projections about future events based on our knowledge of

present facts and circumstances and assumptions about future events. These statements necessarily involve risks and uncertainties that could cause

actual results to differ materially from our expectations. Some of the risks, uncertainties and other important factors that could cause results to differ, or

that otherwise could have an impact on us or our consolidated entities, include, among other things: the cyclical activity of the construction sector; our

exposure to other sectors that impact our and our clients’ businesses, such as, but not limited to, the energy sector; availability of raw materials and

related fluctuating prices; competition in the markets in which we offer our products and services; general political, social, health, economic and

business conditions in the markets in which we operate or that affect our operations and any significant economic, health, political or social

developments in those markets, as well as any inherent risks to international operations; the regulatory environment, including environmental, tax,

antitrust, and acquisition-related rules and regulations; our ability to satisfy our obligations under our material debt agreements, the indentures that

govern our outstanding senior secured notes and our other debt instruments and financial obligations; the availability of short-term credit lines or

working capital facilities, which can assist us in connection with market cycles; the impact of our below investment grade debt rating on our cost of

capital; loss of reputation of our brands; our ability to consummate asset sales, fully integrate newly acquired businesses, achieve cost-savings from our

cost-reduction initiatives, implement our global pricing initiatives for our products and generally meet our “A Stronger CEMEX” plan and “Operation

Resilience” plan’s initiatives; the increasing reliance on information technology infrastructure for our sales invoicing, procurement, financial statements

and other processes that can adversely affect our sales and operations in the event that the infrastructure does not work as intended, experiences

technical difficulties or is subjected to cyber-attacks; changes in the economy that affect demand for consumer goods, consequently affecting demand

for our products and services; the impact of pandemics, epidemics or outbreaks of infectious diseases and the response of governments and other third

parties, including with respect to COVID-19, which have affected and may continue to adversely affect, among other matters, supply chains,

international operations, availability of liquidity, investor confidence and consumer spending, as well as availability of, and demand for, our products

and services; weather conditions, including but not limited to, excessive rain and snow, and disasters such as earthquakes and floods; trade barriers,

including tariffs or import taxes and changes in existing trade policies or changes to, or withdrawals from, free trade agreements, including the USMCA,

if it comes into effect, and NAFTA, while it is in effect, both of which Mexico is a party to; terrorist and organized criminal activities as well as

geopolitical events; declarations of insolvency or bankruptcy, or becoming subject to similar proceedings; natural disasters and other unforeseen events

(including global health hazards such as COVID-19); and other risks and uncertainties described in CEMEX’s public filings. Readers are urged to read

this report and carefully consider the risks, uncertainties and other factors that affect our business. The information contained in this report is subject to

change without notice, and we are not obligated to publicly update or revise forward-looking statements after the date hereof or to reflect the occurrence

of anticipated or unanticipated events or circumstances. Readers should review future reports filed by CEMEX with the United States Securities and

Exchange Commission. CEMEX’s “A Stronger CEMEX” plan and “Operation Resilience” plan is designed based on CEMEX’s current beliefs and

expectations. Unless the context indicates otherwise, all references to pricing initiatives, price increases or decreases, refer to CEMEX’s prices for

CEMEX’s products. This report also includes statistical data regarding the production, distribution, marketing and sale of cement, ready-mix concrete,

clinker and aggregates. We generated some of this data internally, and some was obtained from independent industry publications and reports that we

believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this

report.

UNLESS OTHERWISE NOTED, ALL FIGURES ARE PRESENTED IN DOLLARS,

BASED ON INTERNATIONAL FINANCIAL REPORTING STANDARDS, AS APPLICABLE

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


Ex

hibit 3

Seco

nd

Qu

arte

r 2

02

0 R

esu

lts H

AR

D R

OC

K H

OT

EL

, UN

IT

ED

ST

AT

ES

GO

LD

EN

1 C

EN

TE

R, U

NIT

ED

ST

AT

ES

Exh

ibit

3 S

econ

d Q

uarte

r 2

020

Resu

lts H

AR

D R

OC

K H

OT

EL

, UN

IT

ED

ST

AT

ES

GO

LD

EN

1 C

EN

TE

R, U

NIT

ED

ST

AT

ES

Th

is p

resentatio

n c

on

tain

s, a

nd

the r

ep

orts

we w

ill f

ile i

n t

he f

utu

re m

ay

co

nta

in, f

orw

ard

-loo

kin

g s

tate

men

ts w

ithin th

e m

ean

ing o

f th

e U

.S. f

ed

eral s

ecu

rit

ies la

ws. W

e in

ten

d f

or th

ese f

orw

ard-lo

ok

ing

sta

tem

en

ts to

be c

ov

ered

by

the s

afe h

arb

or p

ro

vis

ion

s f

or f

orw

ard

-lo

oking

sta

tem

en

ts w

ith

in th

e m

ean

ing

of th

e U

.S. f

ed

eral s

ecuritie

s la

ws. I

n s

om

e c

ases, th

ese s

tate

men

ts c

an b

e id

en

tified b

y th

e u

se o

f f

orw

ard

-lo

ok

ing w

ord

s s

uch a

s “

may

,” “

assu

me,”

“m

igh

t,”

“sh

ould,”

“co

uld,”

“co

ntin

ue,”

“w

ou

ld,”

“can

,” “

co

nsid

er,”

“an

ticipate,”

“estim

ate,”

“ex

pect,”

“en

visio

n,”

“p

lan

,” “

belie

ve,”

“foresee,”

“p

redict,”

“p

ote

ntia

l,”

“ta

rg

et,”

“str

ateg

y,”

“in

ten

d” o

r o

ther s

imil

ar w

ords. T

hese f

orw

ard

-loo

kin

g s

tate

men

ts r

efle

ct, a

s o

f th

e d

ate

su

ch

forw

ard

-lo

oking

sta

tem

en

ts a

re m

ad

e, o

r u

nle

ss o

therw

ise in

dic

ate

d, o

ur c

urren

t ex

pecta

tio

ns a

nd

pro

jectio

ns a

bo

ut f

utu

re e

ven

ts b

ased o

n o

ur k

now

led

ge o

f p

resent f

acts

and

cir

cu

msta

nces a

nd

assu

mptio

ns a

bo

ut f

utu

re e

ven

ts. T

hese s

tate

men

ts n

ecessarily

inv

olve r

isks a

nd

un

certa

intie

s th

at c

ou

ld c

au

se a

ctu

al r

esu

lts t

o d

iffer m

ate

ria

lly

fro

m o

ur e

xpectatio

ns. S

om

e o

f t

he r

isks, u

ncerta

intie

s a

nd

oth

er im

po

rta

nt f

actors t

hat c

ou

ld c

ause r

esu

lts t

o d

iffer, o

r t

hat o

therw

ise c

ou

ld h

ave a

n im

pact o

n u

s o

r o

ur c

on

solid

ate

d e

nti

ties, in

clu

de, a

mo

ng o

ther th

ing

s: th

e c

yclic

al a

ctiv

ity o

f th

e c

onstru

ctio

n s

ector; o

ur e

xp

osu

re to

oth

er s

ecto

rs th

at im

pact o

ur a

nd

ou

r c

lients’ b

usinesses, s

uch

as, b

ut n

ot li

mite

d to

, the e

nerg

y s

ector; a

vaila

bilit

y o

f r

aw

materia

ls a

nd r

elated f

lu

ctuatin

g p

rices; c

om

petit

ion

in t

he m

ark

ets

in w

hic

h w

e o

ffer o

ur p

ro

du

cts a

nd

serv

ices; g

eneral p

oli

tical, s

ocia

l, health

, eco

no

mic

and

bu

sin

ess c

on

ditio

ns in

the m

arkets i

n w

hich

we o

perate

or t

hat a

ffect o

ur o

peratio

ns a

nd

an

y s

ign

ific

ant e

co

no

mic

, healt

h, p

olit

ical o

r s

ocial

dev

elo

pm

en

ts i

n t

ho

se m

ark

ets

, as w

ell a

s a

ny

inh

eren

t ris

ks to

inte

rn

atio

nal o

peratio

ns; th

e r

egu

latory e

nv

iro

nm

ent, i

nclud

ing

env

iron

men

tal, ta

x, a

ntitr

ust, a

nd

acq

uis

itio

n-rela

ted

ru

les a

nd r

eg

ula

tion

s; o

ur a

bilit

y t

o s

ati

sfy

ou

r o

blig

atio

ns u

nd

er o

ur m

ate

ria

l deb

t agreem

en

ts, th

e in

dentu

res t

hat g

ov

ern

ou

r o

uts

tan

din

g s

en

ior s

ecu

red n

ote

s a

nd o

ur o

ther d

eb

t instr

um

en

ts a

nd

fin

ancial o

blig

atio

ns; th

e a

vail

ability

of s

hort-

term

cred

it lin

es o

r w

orking

cap

ital f

acil

ities, w

hic

h c

an

assist u

s i

n c

on

nectio

n w

ith

mark

et c

ycle

s; t

he i

mpact o

f o

ur b

elow

in

vestm

en

t grad

e d

eb

t ratin

g o

n o

ur c

ost o

f c

ap

ital;

loss o

f r

ep

uta

tion

of o

ur b

ran

ds; o

ur a

bil

ity to

con

su

mm

ate

asset s

ale

s, f

ully

inte

grate

new

ly a

cqu

ired

bu

sin

esses, a

ch

iev

e c

ost-

sav

ing

s f

ro

m o

ur c

ost-

redu

cti

on

init

iativ

es, im

ple

men

t ou

r g

lob

al p

ric

ing

init

iativ

es f

or o

ur p

rod

ucts

an

d g

en

erally

meet o

ur “

A S

tro

ng

er C

EM

EX

” p

lan

an

d “

Op

erati

on

Resilie

nce” p

lan

’s in

itia

tives; t

he in

creasin

g r

elia

nce o

n in

fo

rm

ati

on

tech

nolog

y in

frastr

ucture f

or o

ur s

ale

s in

voicin

g, p

ro

curem

en

t, f

in

an

cia

l s

tate

ments a

nd

oth

er p

rocesses th

at c

an a

dv

ersely

affect o

ur s

ales a

nd

op

erati

on

s in

the e

ven

t that t

he i

nfrastr

uctu

re d

oes n

ot w

ork a

s in

ten

ded

, ex

perie

nces t

ech

nic

al d

iffic

ultie

s o

r is

su

bje

cte

d to

cy

ber-att

ack

s; c

han

ges in

the e

con

om

y th

at a

ffect d

em

an

d f

or c

on

su

mer g

ood

s, c

on

seq

uently

affectin

g d

em

an

d f

or o

ur p

ro

ducts

an

d s

ervices; th

e im

pact o

f p

an

dem

ics, e

pid

em

ics o

r o

utb

reak

s o

f in

fecti

ou

s d

iseases a

nd

the r

espo

nse o

f g

ov

ern

ments a

nd

oth

er th

ird

partie

s, in

clu

din

g w

ith

respect t

o C

OV

ID

-1

9, w

hic

h h

av

e a

ffecte

d a

nd

may c

on

tinu

e to

ad

versely

affect, a

mo

ng

oth

er m

atte

rs, s

up

ply c

hain

s, in

tern

atio

nal o

peratio

ns, a

vaila

bil

ity o

f liq

uid

ity, in

vesto

r c

on

fiden

ce a

nd

co

nsu

mer s

pen

ding

, as w

ell a

s a

vaila

bili

ty o

f, a

nd

dem

an

d f

or, o

ur p

ro

du

cts

an

d

serv

ices; w

eather c

on

ditio

ns, in

clu

din

g b

ut n

ot lim

ite

d t

o, e

xcessiv

e r

ain a

nd

sno

w, a

nd

dis

asters s

uch

as e

arth

qu

ak

es a

nd

flo

od

s; tr

ad

e b

arrie

rs, in

clu

din

g ta

rif

fs o

r im

po

rt ta

xes a

nd

ch

ang

es in

ex

istin

g tr

ad

e p

oli

cie

s o

r c

han

ges t

o, o

r w

ithd

raw

als f

ro

m, f

ree t

rad

e a

greem

en

ts, in

clu

ding

the U

SM

CA

, if it

co

mes in

to e

ffect, a

nd N

AF

TA

, wh

ile it i

s in

effect, b

oth

of w

hic

h M

ex

ico

is a

party

to

; terro

ris

t a

nd

org

anized

crim

inal a

ctiv

ities a

s w

ell

as g

eo

po

litic

al e

ven

ts; d

ecla

ratio

ns o

f in

solven

cy

or b

an

kru

ptcy, o

r b

eco

ming

su

bject to

sim

ilar p

ro

ceed

ings; n

atural d

isasters a

nd

oth

er u

nfo

reseen

even

ts (

includ

ing

glo

bal h

ealt

h h

azard

s s

uch

as C

OV

ID

-19

); a

nd

oth

er r

isk

s a

nd

uncertain

ties d

escrib

ed i

n C

EM

EX

’s p

ub

lic f

ilin

gs. R

ead

ers a

re u

rg

ed

to r

ead

this

presentatio

n a

nd

carefu

lly c

on

sid

er th

e r

isk

s, u

ncertain

ties a

nd o

ther f

acto

rs th

at a

ffect o

ur b

usin

ess. T

he in

fo

rm

atio

n c

on

tain

ed

in

this p

resen

tatio

n i

s s

ub

ject to

ch

ang

e w

itho

ut n

otic

e, a

nd

we a

re n

ot o

bli

gated

to p

ublic

ly u

pd

ate

or r

ev

ise f

orw

ard

-lo

ok

ing s

tatem

ents a

fte

r th

e d

ate h

ereo

f o

r to

refle

ct th

e o

ccu

rren

ce o

f a

ntic

ipate

d o

r u

nantic

ipate

d e

ven

ts o

r c

ircu

msta

nces. R

ead

ers s

ho

uld

rev

iew

future r

ep

orts

file

d b

y C

EM

EX

with

th

e U

nite

d S

tate

s S

ecu

ritie

s a

nd E

xch

an

ge C

om

mis

sio

n. C

EM

EX

’s “

A S

tron

ger C

EM

EX

” p

lan a

nd

“O

peratio

n R

esilie

nce” p

lan is

desig

ned b

ased

on

CE

ME

X’s c

urren

t belie

fs a

nd e

xp

ecta

tion

s. U

nle

ss th

e c

on

tex

t ind

icate

s o

therw

ise, a

ll referen

ces to

pric

ing

in

itiativ

es, p

ric

e in

creases o

r d

ecreases, r

efer to

CE

ME

X’s p

ric

es f

or C

EM

EX

’s p

ro

ducts

. This p

resen

tatio

n a

lso

inclu

des s

tatis

tic

al d

ata r

egard

ing

the p

rod

uctio

n, d

istr

ibu

tion

, mark

etin

g a

nd

sale

of c

em

en

t, read

y-m

ix c

oncrete, c

link

er a

nd a

gg

reg

ates. W

e g

en

erate

d s

om

e o

f t

his d

ata

internally

, an

d s

om

e w

as o

bta

ined

fro

m in

dep

en

den

t ind

ustr

y

pu

blic

ati

on

s a

nd r

ep

orts

that w

e b

eli

ev

e to

be r

elia

ble

so

urces. W

e h

av

e n

ot in

dep

end

en

tly v

erif

ied

this

data

no

r s

ou

gh

t the c

on

sen

t of a

ny

org

anizatio

ns t

o r

efer t

o t

heir r

ep

orts in

this

presen

tatio

n. U

NL

ES

S O

TH

ER

WIS

E N

OT

ED

, AL

L F

IG

UR

ES

AR

E P

RE

SE

NT

ED

IN

DO

LL

AR

S, B

AS

ED

ON

IN

TE

RN

AT

IO

NA

L F

IN

AN

CIA

L R

EP

OR

TIN

G S

TA

ND

AR

DS

, AS

AP

PL

IC

AB

LE

Co

pyrig

ht C

EM

EX

, S.A

.B. d

e C

.V. a

nd

its s

ub

sid

iaries -

2 -

Th

is p

resen

tatio

n c

on

tain

s, a

nd

the r

ep

orts

we w

ill f

ile in

the f

utu

re m

ay

co

nta

in, f

orw

ard

-lo

ok

ing

state

men

ts w

ithin

the m

ean

ing o

f th

e U

.S. f

ed

eral s

ecu

riti

es la

ws. W

e in

ten

d f

or th

ese f

orw

ard-lo

ok

ing

sta

tem

en

ts to

be c

ov

ered

by

the s

afe h

arb

or p

ro

visio

ns f

or f

orw

ard

-lo

oking

sta

tem

en

ts w

ith

in th

e m

ean

ing

of th

e U

.S. f

ed

eral s

ecuritie

s la

ws. I

n s

om

e c

ases, th

ese s

tate

men

ts c

an b

e id

en

tified

by

the u

se o

f f

orw

ard

-lo

ok

ing w

ord

s s

uch a

s “

may

,” “

assu

me,”

“m

igh

t,” “

sh

ou

ld,”

“cou

ld,”

“con

tin

ue,”

“w

ould

,” “

can

,” “

co

nsid

er,”

“an

ticipate

,” “

estim

ate,”

“ex

pect,”

“en

visio

n,”

“p

lan

,” “

belie

ve,”

“foresee,”

“p

redict,”

“p

ote

ntia

l,”

“ta

rg

et,”

“str

ateg

y,”

“in

tend

” o

r o

ther s

imila

r w

ords. T

hese f

orw

ard

-lo

ok

ing

state

men

ts r

efle

ct, a

s o

f th

e d

ate

su

ch

forw

ard

-lo

oking

sta

tem

en

ts a

re m

ad

e, o

r u

nle

ss o

therw

ise in

dic

ate

d, o

ur c

urren

t exp

ecta

tio

ns a

nd

pro

jectio

ns a

bo

ut f

utu

re e

ven

ts b

ased

on

ou

r k

now

led

ge o

f p

resent f

acts a

nd

cir

cu

msta

nces a

nd

assum

ptio

ns a

bo

ut f

utu

re e

ven

ts. T

hese s

tate

men

ts n

ecessarily

invo

lve r

isks a

nd

un

certa

inti

es t

hat c

ou

ld c

ause a

ctu

al r

esu

lts t

o d

iffer m

ate

ria

lly f

rom

ou

r e

xpecta

tio

ns. S

om

e o

f th

e r

isk

s, u

ncertain

ties a

nd o

ther im

po

rta

nt f

acto

rs t

hat c

ou

ld c

ause r

esu

lts t

o d

iffer, o

r t

hat o

therw

ise c

ou

ld h

av

e a

n im

pact o

n u

s o

r o

ur c

onso

lid

ated e

nti

ties, in

clu

de, a

mo

ng o

ther th

ing

s: th

e c

yclic

al a

ctiv

ity o

f th

e c

onstru

ctio

n s

ecto

r;

ou

r e

xpo

su

re to

oth

er s

ectors t

hat im

pact o

ur a

nd

ou

r c

lien

ts’ b

usin

esses, s

uch

as, b

ut n

ot li

mite

d to

, the e

nerg

y s

ector; a

vail

abilit

y o

f r

aw

mate

rials

and

rela

ted

fluctu

ati

ng

pric

es; c

om

petit

ion in

the m

ark

ets

in w

hic

h w

e o

ffer o

ur p

ro

ducts a

nd

serv

ices; g

en

eral p

olit

ical, s

ocial, h

ealt

h, e

co

nom

ic a

nd

business c

on

ditio

ns in

th

e m

ark

ets

in w

hic

h w

e o

perate o

r th

at a

ffect o

ur o

peratio

ns a

nd

any

sig

nif

ican

t e

co

nom

ic, h

ealt

h, p

oliti

cal o

r s

ocia

l d

ev

elo

pm

ents i

n t

ho

se m

ark

ets

, as w

ell a

s a

ny

inh

eren

t ris

ks to

inte

rn

ati

on

al o

peratio

ns; th

e r

egu

latory e

nv

iro

nm

ent, i

nclud

ing

en

viro

nm

en

tal, t

ax

, an

titrust, a

nd

acqu

isitio

n-rela

ted

ru

les a

nd r

eg

ula

tion

s; o

ur a

bilit

y t

o s

ati

sfy

ou

r o

blig

atio

ns u

nd

er o

ur m

ate

ria

l deb

t ag

reem

en

ts, t

he in

den

tures th

at g

ov

ern

ou

r o

uts

tan

din

g s

en

ior s

ecu

red

no

tes a

nd o

ur o

ther d

eb

t instru

men

ts a

nd

fin

an

cial o

blig

atio

ns; th

e a

vail

abilit

y o

f s

ho

rt-

term

cred

it lin

es o

r w

orkin

g c

ap

ital f

aciliti

es, w

hich

can

assist u

s i

n c

on

nectio

n w

ith m

ark

et c

ycle

s; th

e i

mpact o

f o

ur b

elo

w in

vestm

en

t g

rad

e d

eb

t ratin

g o

n o

ur c

ost o

f c

ap

ital;

loss o

f r

ep

uta

tion

of o

ur b

ran

ds; o

ur a

bil

ity to

co

nsu

mm

ate

asset s

ale

s, f

ully

inte

grate

new

ly a

cqu

ired b

usin

esses, a

ch

iev

e c

ost-

sav

ing

s f

ro

m o

ur c

ost-red

ucti

on in

itia

tives, im

ple

men

t ou

r g

lo

bal p

ricin

g in

itia

tives f

or o

ur p

rod

ucts

an

d g

en

erally

meet o

ur “

A S

tro

ng

er C

EM

EX

” p

lan

an

d “

Op

erati

on R

esilie

nce” p

lan

’s in

itia

tives; t

he in

creasin

g r

elia

nce o

n in

fo

rm

ati

on

tech

nolo

gy

infrastructure f

or o

ur s

ale

s in

voicin

g, p

ro

cu

rem

ent, f

inan

cia

l s

tate

men

ts a

nd

oth

er p

rocesses th

at c

an

ad

versely

affect o

ur s

ales a

nd

op

erati

ons in

the e

ven

t t

hat t

he i

nfrastr

uctu

re d

oes n

ot w

ork

as i

nten

ded

, ex

perie

nces t

ech

nic

al d

iffic

ultie

s o

r is

su

bje

cte

d to

cy

ber-att

ack

s; c

han

ges in

the e

con

om

y th

at a

ffect d

em

and

fo

r c

onsu

mer g

ood

s, c

onseq

uently

affectin

g d

em

an

d f

or o

ur

pro

du

cts

and

serv

ices; th

e im

pact o

f p

an

dem

ics, e

pidem

ics o

r o

utb

reak

s o

f i

nfectio

us d

iseases a

nd

the r

esp

onse o

f g

ov

ern

men

ts a

nd

oth

er th

ird

partie

s, in

clu

din

g w

ith r

esp

ect to

CO

VID

-1

9, w

hic

h h

av

e a

ffecte

d a

nd

may

con

tinu

e to

ad

versely a

ffect, a

mo

ng o

ther m

att

ers, s

up

ply

chains, in

tern

ati

on

al o

peratio

ns, a

vail

abilit

y o

f li

qu

idit

y, i

nv

esto

r c

onfid

ence a

nd c

on

sum

er s

pen

din

g, a

s w

ell

as a

vaila

bil

ity o

f, a

nd

dem

an

d f

or, o

ur p

ro

du

cts a

nd

serv

ices; w

eath

er c

on

dit

ions, in

clu

din

g b

ut n

ot li

mite

d to

, ex

cessiv

e r

ain

and

sn

ow

, an

d d

isaste

rs s

uch a

s e

arth

qu

ak

es a

nd f

loo

ds; tr

ade b

arrie

rs, in

clu

din

g ta

rif

fs o

r i

mpo

rt ta

xes a

nd

ch

an

ges i

n e

xis

tin

g t

rade p

olic

ies o

r c

han

ges to

, or w

ithd

raw

als

fro

m, f

ree tr

ad

e a

greem

en

ts, in

clu

din

g th

e U

SM

CA

, if i

t co

mes i

nto

effect, a

nd

NA

FT

A, w

hil

e i

t is in

effect, b

oth

of w

hic

h M

exico i

s a

party

to; te

rroris

t an

d o

rg

an

ized

crim

inal a

ctiv

itie

s a

s w

ell a

s g

eo

po

litic

al e

ven

ts; d

ecla

ratio

ns o

f in

so

lven

cy

or b

ank

ru

ptc

y, o

r b

eco

min

g s

ub

ject to

sim

ila

r p

ro

ceed

ing

s; n

atu

ral d

isaste

rs a

nd

oth

er u

nfo

reseen

ev

ents (

inclu

din

g g

lob

al h

ealth

hazard

s s

uch

as C

OV

ID

-1

9); a

nd o

ther r

isk

s a

nd u

ncerta

inti

es d

escrib

ed

in C

EM

EX

’s p

ub

lic f

iling

s. R

ead

ers a

re u

rg

ed

to r

ead

this

presen

tati

on

an

d c

arefu

lly c

on

sid

er th

e r

isk

s, u

ncerta

inti

es a

nd

oth

er f

acto

rs th

at a

ffect o

ur b

usin

ess. T

he in

fo

rm

atio

n c

on

tained

in th

is p

resen

tatio

n is

su

bject to

ch

an

ge w

itho

ut n

oti

ce, a

nd

we a

re n

ot o

blig

ate

d to

pu

blic

ly u

pdate o

r r

ev

ise f

orw

ard

-loo

kin

g s

tate

men

ts a

fte

r th

e d

ate

hereo

f o

r to

reflect t

he o

ccu

rren

ce o

f a

ntic

ipate

d o

r u

nan

ticipated

ev

ents o

r c

ircum

stances. R

ead

ers s

ho

uld

rev

iew

fu

ture r

ep

orts

fil

ed

by

CE

ME

X w

ith th

e U

nite

d S

tate

s S

ecu

riti

es a

nd

Ex

ch

ang

e C

om

mis

sion

. CE

ME

X’s “

A S

tro

nger C

EM

EX

” p

lan

and

“O

peratio

n R

esil

ience” p

lan

is d

esign

ed

based

on C

EM

EX

’s

cu

rren

t belie

fs a

nd

exp

ecta

tion

s. U

nle

ss th

e c

on

tex

t ind

icate

s o

therw

ise, a

ll r

eferences to

pric

ing

initi

ativ

es, p

ric

e i

ncreases o

r d

ecreases, r

efer to

CE

ME

X’s p

rices f

or C

EM

EX

’s p

ro

du

cts

. Th

is p

resentatio

n a

lso

includ

es s

tati

stic

al d

ata

reg

ard

ing t

he p

ro

ducti

on, d

istr

ibutio

n, m

ark

eti

ng

an

d s

ale

of c

em

en

t, ready

-m

ix c

on

crete

, clin

ker a

nd

agg

reg

ate

s. W

e g

en

erated s

om

e o

f th

is d

ata

inte

rn

ally

, and

so

me w

as o

bta

ined

fro

m in

depen

dent in

du

str

y p

ub

licatio

ns a

nd r

ep

orts

that w

e b

elie

ve to

be r

elia

ble

sou

rces. W

e h

av

e n

ot in

dep

en

den

tly v

erif

ied

this

data

nor s

ou

ght th

e c

on

sen

t of a

ny

org

an

izati

ons to

refer t

o t

heir

repo

rts i

n t

his p

resen

tatio

n. U

NL

ES

S O

TH

ER

WIS

E N

OT

ED

, AL

L F

IG

UR

ES

AR

E P

RE

SE

NT

ED

IN

DO

LL

AR

S, B

AS

ED

ON

IN

TE

RN

AT

IO

NA

L F

IN

AN

CIA

L R

EP

OR

TIN

G S

TA

ND

AR

DS

, AS

AP

PL

IC

AB

LE

Co

pyrig

ht C

EM

EX

, S.A

.B. d

e C

.V. a

nd

its s

ub

sid

iaries -

2 -

Key m

essages for 2nd Quarter 2020 ▪ N

ew C

OV

ID-19 operational protocols allow

ed us to continue operating in most m

arkets ▪ Geographic diversification and distinct m

arket consumption m

odalities paid off ▪ Hard stop on non-essential expenses and capex resulted in higher profitability and FC

F in a declining sales environment ▪ Substantially enhanced our custom

er experience 1 and NPS through proven e-com

merce platform

s and distribution network ▪ R

esilient prices in volatile world ▪ E

nergy tailwinds throughout portfolio ▪ L

iquidity measures taken in 1H

20 mitigated financial risks 1 N

et Promoter Score - 3 -K

ey messages for 2nd Q

uarter 2020 ▪ New

CO

VID

-19 operational protocols allowed us to continue operating in m

ost markets ▪ G

eographic diversification and distinct market consum

ption modalities paid off ▪ H

ard stop on non-essential expenses and capex resulted in higher profitability and FCF in a declining sales environm

ent ▪ Substantially enhanced our customer experience 1 and N

PS through proven e-comm

erce platforms and distribution netw

ork ▪ Resilient prices in volatile w

orld ▪ Energy tailwinds throughout portfolio ▪ Liquidity m

easures taken in 1H20 m

itigated financial risks 1 Net Prom

oter Score - 3 -

Priorities rolled out in February under “Operation R

esilience” assured business continuity and improved custom

er experience Custom

er Financial Health E

xperience Resilience ▪ 52 new

health and safety ▪ 13% increase in visits to C

EMEX

▪ Maxim

ize liquidity protocols to address Go vs. pre-C

OV

ID-19 levels ▪ H

ard stop on non-essential CO

VID

-19 ▪ Fortified supply chain and robust operating expenses, capex distribution network to m

eet ▪ Testing, tracking and deferrals and working capital custom

er demands tim

ely case managem

ent discipline ▪ Sharing CO

VID

-19 safety ▪ Contact tracing to prevent ▪ O

btained important financial protocols w

ith customers and spread of disease covenant flexibilities suppliers ▪ O

utreach to employee ▪ H

ighest ever global Net Prom

oter families to augm

ent health Score (NPS) of 67 in 2Q

20 and safety measures at hom

e 4 - 4 -Priorities rolled out in February under “Operation R

esilience” assured business continuity and improved custom

er experience Custom

er Financial Health E

xperience Resilience ▪ 52 new

health and safety ▪ 13% increase in visits to C

EMEX

▪ Maxim

ize liquidity protocols to address Go vs. pre-C

OV

ID-19 levels ▪ H

ard stop on non-essential CO

VID

-19 ▪ Fortified supply chain and robust operating expenses, capex distribution network to m

eet ▪ Testing, tracking and deferrals and working capital custom

er demands tim

ely case managem

ent discipline ▪ Sharing CO

VID

-19 safety ▪ Contact tracing to prevent ▪ O

btained important financial protocols w

ith customers and spread of disease covenant flexibilities suppliers ▪ O

utreach to employee ▪ H

ighest ever global Net Prom

oter families to augm

ent health Score (NPS) of 67 in 2Q

20 and safety measures at hom

e 4 - 4 -

Su

bsta

ntia

lly s

treng

then

ed o

ur f

inan

cia

l positio

n C

ash

an

d c

ash-eq

uiv

ale

nts

varia

tion

86

44

6 2

,83

2 -

87

1,0

00

1,3

87

Cash

an

d c

ash I

ssu

an

ce o

f D

raw

do

wn

Free c

ash

Oth

er S

ou

rces/U

ses C

ash

an

d c

ash

equ

ivale

nts

as 7

.37

5%

sen

ior U

SD

of r

ev

olv

ing f

lo

w in

2Q

20

of c

ash

, net e

qu

ivale

nts

as o

f 1

Q2

0 n

ote

s d

ue 2

027

cred

it facil

ity, o

ther o

f 2

Q2

0 c

redit lin

es a

nd l

oan

s 5

Millio

ns o

f U

.S. d

olla

rs -

5 -

Sub

sta

nti

ally

str

en

gth

ened

our f

inancia

l p

osit

ion C

ash a

nd

cash

-eq

uiv

alents v

ariatio

n 8

6 4

46 2

,832

-8

7 1

,00

0 1

,38

7 C

ash

an

d c

ash

Issu

ance o

f D

raw

do

wn

Free c

ash O

ther S

ou

rces/U

ses C

ash

an

d c

ash e

qu

ivale

nts

as 7

.37

5%

sen

ior U

SD

of r

evo

lvin

g f

low

in 2

Q2

0 o

f c

ash

, net e

qu

ivale

nts

as o

f 1

Q2

0 n

otes d

ue 2

02

7 c

redit f

acili

ty, o

ther o

f 2

Q2

0 c

red

it l

ines a

nd

loan

s 5

Mill

ion

s o

f U

.S. d

oll

ars -

5 -

Dem

an

d f

or o

ur p

ro

du

cts

was h

igh

ly c

orrela

ted

to g

ov

ern

men

t CO

VID

-1

9 r

egu

latio

ns a

nd

imp

ro

ved

as r

estr

ictio

ns e

ased

Cem

ent v

olu

mes J

un

e 2

Q2

0 N

orm

al o

peratio

ns Y

oY

% v

ar. 2

02

0 I

ndu

str

y c

an

partia

lly o

perate

/Som

e r

estric

tion

s in

pla

ce C

EM

EX

(10

%) 9

% T

ota

l o

r p

artia

l s

hu

tdo

wn

fo

r p

art o

f q

uarte

r U

nite

d S

tate

s 6

% 1

8%

Mexico (

7%

) 8

% E

uro

pe (

2%

) 1

4%

UK

(3

6%

) (

14

%) M

EA

A (

24

%) (

1%

) P

hilip

pin

es (

31

%) 8

% S

CA

C (

29

%) 3

% P

an

am

a (

88

%) (

68%

) D

om

inican

Rep

(3

2%

) 1

0%

Jun

e E

BIT

DA

grew

27

% Y

oY

on a

like-to-lik

e b

asis, h

igh

est m

on

thly

grow

th

in 1

4 m

onths 6

ME

AA

= M

idd

le E

ast, A

fric

a a

nd

Asia

Map c

olo

r r

ela

tes t

o l

ev

el o

f r

estr

ictio

ns d

uring

2Q

20

- 6

-D

em

an

d f

or o

ur p

ro

du

cts w

as h

igh

ly c

orrela

ted

to g

ov

ern

men

t CO

VID

-1

9 r

egu

latio

ns a

nd

imp

ro

ved

as r

estr

ictio

ns e

ased

Cem

ent v

olu

mes J

un

e 2

Q2

0 N

orm

al o

peratio

ns Y

oY

% v

ar. 2

02

0 I

ndu

str

y c

an

partia

lly o

perate

/Som

e r

estric

tion

s in

pla

ce C

EM

EX

(10

%) 9

% T

ota

l or p

artia

l s

hu

tdo

wn

fo

r p

art o

f q

uarte

r U

nit

ed S

tate

s 6

% 1

8%

Mexico

(7

%) 8

% E

uro

pe (

2%

) 1

4%

UK

(3

6%

) (

14

%) M

EA

A (

24

%) (

1%

) P

hil

ipp

ines (

31

%) 8

% S

CA

C (

29%

) 3

% P

an

am

a (

88

%) (

68

%) D

om

inic

an

Rep

(3

2%

) 1

0%

Jun

e E

BIT

DA

grew

27

% Y

oY

on

a lik

e-to-lik

e b

asis, h

igh

est m

on

thly

gro

wth i

n 1

4 m

onths 6

ME

AA

= M

idd

le E

ast, A

frica a

nd

Asia

Map c

olo

r r

ela

tes t

o le

vel o

f r

estr

ictio

ns d

uring

2Q

20

- 6

-

Desp

ite

vo

lum

e d

ro

p, c

ost c

ontain

ment e

ffo

rts

an

d p

ric

ing

led

to im

pro

ved

EB

IT

DA

marg

in N

et s

ale

s O

peratin

g E

BIT

DA

Op

erati

ng

EB

IT

DA

Free c

ash

flo

w a

fte

r m

arg

in m

ain

ten

ance c

ap

ex

-1

0%

l-t-

l -6

% l

-t-

l +

0.7

pp

-1

4%

-11

% -

35

% 3

,40

0 6

23

19

.0%

21

7 1

8.3

% 5

54

2,9

12

14

0 2

Q19

2Q

20 2

Q1

9 2

Q20

2Q

19

2Q

20

2Q

19

2Q

20

7 M

illio

ns o

f U

.S. d

oll

ars -

7 -

Despite

volum

e d

ro

p, c

ost c

on

tain

men

t effo

rts

an

d p

ricin

g le

d to

imp

ro

ved E

BIT

DA

marg

in N

et s

ale

s O

peratin

g E

BIT

DA

Operatin

g E

BIT

DA

Free c

ash

flo

w a

fte

r m

arg

in m

ain

ten

an

ce c

ap

ex -

10

% l-

t-l -

6%

l-t-

l +0

.7p

p -

14

% -

11%

-3

5%

3,4

00

62

3 1

9.0

% 2

17

18.3

% 5

54

2,9

12

14

0 2

Q1

9 2

Q2

0 2

Q1

9 2

Q2

0 2

Q1

9 2

Q20

2Q

19 2

Q2

0 7

Mil

lion

s o

f U

.S. d

olla

rs -

7 -

Achieved ~U

S$140 M of savings under “O

peration Resilience” in 1H

20 1H20 savings under O

peration Resilience ▪ U

S$230 M O

peration Resilience includes 141 U

S$150 M of expected savings from

A Stronger 25 C

EM

EX, plus U

S$80 M C

OV

ID-19 related cost containm

ent initiatives for 2020 20 79 15▪ YTD

savings primarily driven by SG

&A

79 2 ▪ Cost savings contributed 2.4pp to 1H

20 EBITD

A m

argin 72 ▪ Savings on maintenance relate prim

arily to deferrals and will be largely executed in 2H

20 SG&

A O

perations Low-cost E

nergy Maintenance Total suppliers 8 M

illions of U.S. dollars - 8 -A

chieved ~US$140 M

of savings under “Operation R

esilience” in 1H20 1H

20 savings under Operation R

esilience ▪ US$230 M

Operation R

esilience includes 141 US$150 M

of expected savings from A

Stronger 25 CE

MEX

, plus US$80 M

CO

VID

-19 related cost containment initiatives for 2020 20 79 15▪ Y

TD savings prim

arily driven by SG&

A 79 2 ▪ C

ost savings contributed 2.4pp to 1H20 EB

ITDA

margin 72 ▪ Savings on m

aintenance relate primarily to deferrals and w

ill be largely executed in 2H20 SG

&A

Operations L

ow-cost E

nergy Maintenance T

otal suppliers 8 Millions of U

.S. dollars - 8 -

Region

al H

igh

lig

hts C

ON

CR

ET

E H

OU

SE

, UN

IT

ED

KIN

GD

OM

Reg

ional H

ighlig

hts

CO

NC

RE

TE

HO

US

E, U

NIT

ED

KIN

GD

OM

United States: C

ontinued demand m

omentum

and cost savings increased profitability and margin 6M

20 vs. 2Q20 vs. 6M

20 2Q20 6M

19 2Q19 N

et Sales 1,971 1,006 Volum

e 8% 6%

Cem

ent % var (l-t-l) 7%

1% Price (L

C) 1%

(0%) O

perating EBIT

DA

361 198 Volum

e 2% (5%

) Ready m

ix % var (l-t-l) 23%

16% Price (LC

) 3% 2%

Operating E

BIT

DA

margin 18.3%

19.7% V

olume 3%

(3%) A

ggregates pp var 2.4pp 2.4pp Price (LC) 1%

0% ▪ Increase in cem

ent volumes driven by infrastructure and residential activity ▪ R

esidential sector rebounding much faster than expected ▪ Stable prices sequentially in our three core products ▪ E

BIT

DA

margin expansion due prim

arily to higher ready-mix price, cost reduction efforts and low

er fuel costs ▪ Highest quarterly EB

ITD

A in a decade 10 M

illions of U.S. dollars - 10 -U

nited States: Continued dem

and mom

entum and cost savings increased profitability and m

argin 6M20 vs. 2Q

20 vs. 6M20 2Q

20 6M19 2Q

19 Net Sales 1,971 1,006 V

olume 8%

6% C

ement %

var (l-t-l) 7% 1%

Price (LC

) 1% (0%

) Operating E

BIT

DA

361 198 Volum

e 2% (5%

) Ready m

ix % var (l-t-l) 23%

16% Price (LC

) 3% 2%

Operating E

BIT

DA

margin 18.3%

19.7% V

olume 3%

(3%) A

ggregates pp var 2.4pp 2.4pp Price (LC) 1%

0% ▪ Increase in cem

ent volumes driven by infrastructure and residential activity ▪ R

esidential sector rebounding much faster than expected ▪ Stable prices sequentially in our three core products ▪ E

BIT

DA

margin expansion due prim

arily to higher ready-mix price, cost reduction efforts and low

er fuel costs ▪ Highest quarterly E

BIT

DA

in a decade 10 Millions of U

.S. dollars - 10 -

Mexico: B

agged cement dem

and and resilient pricing cushion contraction in formal construction activity 6M

20 vs. 2Q20 vs. 6M

20 2Q20 6M

19 2Q19 N

et Sales 1,253 568 Volum

e (3%) (7%

) Cem

ent % var (l-t-l) (3%

) (10%) Price (LC

) 0% 1%

Operating EB

ITDA

416 183 Volum

e (23%) (44%

) Ready m

ix % var (l-t-l) (6%

) (10%) Price (LC

) 1% (0%

) Operating EB

ITDA

margin 33.2%

32.3% V

olume (19%

) (35%) A

ggregates pp var (1.1pp) (0.2pp) Price (LC) 4%

2% ▪ G

rowth in bagged cem

ent supported by government social program

s and home im

provement activity ▪ B

ulk cement and ready-m

ix impacted by C

OV

ID-19 related restrictions on private sector, form

al construction ▪ Flat sequential prices in local-currency terms despite declining volum

es ▪ Initiatives to contain cost and expenses, a favorable product mix effect and tailw

inds from low

er fuel prices supported EB

ITD

A m

argin during the quarter 11 Millions of U

.S. dollars - 11 -Mexico: B

agged cement dem

and and resilient pricing cushion contraction in formal construction activity 6M

20 vs. 2Q20 vs. 6M

20 2Q20 6M

19 2Q19 N


e (3%) (7%

) Cem


) (10%) Price (L

C) 0%

1% O

perating EBITD

A 416 183 V

olume (23%

) (44%) R

eady mix %

var (l-t-l) (6%) (10%

) Price (LC) 1%

(0%) O

perating EBITD

A m

argin 33.2% 32.3%

Volum

e (19%) (35%

) Aggregates pp var (1.1pp) (0.2pp) Price (LC

) 4% 2%

▪ Grow

th in bagged cement supported by governm

ent social programs and hom

e improvem

ent activity ▪ Bulk cem

ent and ready-mix im

pacted by CO

VID

-19 related restrictions on private sector, formal construction ▪ Flat sequential prices in local-currency term

s despite declining volumes ▪ Initiatives to contain cost and expenses, a favorable product m

ix effect and tailw

inds from low

er fuel prices supported EB

ITD

A m

argin during the quarter 11 Millions of U

.S. dollars - 11 -

EM

EAA

: Grow

th in Central E

urope and Israel offset by stringent lockdown m

easures in rest of markets 6M

20 vs. 2Q20 vs. 6M

20 2Q20 6M

19 2Q19 N


e (5%) (12%

) Cem


) (13%) Price (l-t-l) (2%

) (1%) O

perating EBITD

A 251 147 V

olume (8%

) (12%) R

eady mix %

var (l-t-l) (13%) (20%

) Price (l-t-l) (1%) (1%

) Operating EB

ITDA

margin 12.6%

14.9% V

olume (10%

) (13%) A

ggregates pp var (0.7pp) (1.5pp) Price (l-t-l) 1% (0%

) ▪ Strong cement volum

e growth and pricing perform

ance in Central Europe ▪ Significant deceleration in construction activity in France, U

K, and Spain due to strict C

OV

ID-19 restrictions; m

arked recovery seen in June as economies opened ▪ Philippines volum

es adversely impacted by lockdow

n and resulting closure of Solid plant for two m

onths ▪ Strong performance in Israel driven by continued construction activity in all sectors ▪ C

onstruction activity in Egypt slow

ed due to suspension of private residential construction permits, few

er working days and m

obility restrictions related to CO

VID

-19 Millions of U

.S. dollars EM

EAA

: Europe, Middle East, A

frica and Asia region 12 Price (l-t-l) calculated on a volum

e-weighted average basis at constant foreign-exchange rates - 12 -E

ME

AA

: Grow

th in Central Europe and Israel offset by stringent lockdow

n measures in rest of m

arkets 6M20 vs. 2Q

20 vs. 6M20 2Q

20 6M19 2Q

19 Net Sales 1,989 987 V

olume (5%

) (12%) C

ement %

var (l-t-l) (8%) (13%

) Price (l-t-l) (2%) (1%

) Operating EB

ITDA

251 147 Volum

e (8%) (12%

) Ready m

ix % var (l-t-l) (13%

) (20%) Price (l-t-l) (1%

) (1%) O

perating EB

ITD

A m

argin 12.6% 14.9%

Volum

e (10%) (13%

) Aggregates pp var (0.7pp) (1.5pp) Price (l-t-l) 1%

(0%) ▪ Strong cem

ent volume grow

th and pricing perform

ance in Central Europe ▪ Significant deceleration in construction activity in France, U

K, and Spain due to strict C

OV

ID-19 restrictions; m

arked recovery seen in June as economies opened ▪ Philippines volum

es adversely impacted by lockdow

n and resulting closure of Solid plant for two m

onths ▪ Strong performance in Israel driven by continued construction activity in all sectors ▪ C

onstruction activity in Egypt slow

ed due to suspension of private residential construction permits, few

er working days and m

obility restrictions related to CO

VID

-19 Millions of U

.S. dollars EMEA

A: Europe, M

iddle East, Africa and A

sia region 12 Price (l-t-l) calculated on a volume-w

eighted average basis at constant foreign-exchange rates - 12 -

SCA

C: Favorable pricing and cost containm

ent despite industry lockdowns 6M

20 vs. 2Q20 vs. 6M

20 2Q20 6M

19 2Q19 N

et Sales 651 279 Volum

e (19%) (29%

) Cem


) (30%) Price (l-t-l) 5%

6% O

perating EB

ITD

A 156 66 V

olume (42%

) (60%) R

eady mix %

var (l-t-l) (16%) (25%

) Price (l-t-l) (1%) (3%

) Operating EB

ITDA

margin 24.0%

23.6% V

olume (44%

) (61%) A

ggregates pp var 1.0pp 1.7pp Price (l-t-l) 9% 5%

▪ Restrictions to construction activity significantly im

pacted our volume perform

ance; however, im

provement in back half of quarter as restrictions eased ▪ Im

proved sequential pricing in the region in practically all countries ▪ EB

ITD

A m

argin increased 1.7pp mainly due cost reduction initiatives and higher prices, despite significant volum

e declines Millions of U

.S. dollars SCA

C: South, C

entral Am

erica and the Caribbean region 13 Price (l-t-l) calculated on a volum

e-weighted average basis at constant foreign-exchange rates - 13 -SC

AC

: Favorable pricing and cost containment despite industry lockdow

ns 6M20 vs. 2Q

20 vs. 6M20 2Q

20 6M19 2Q

19 Net Sales 651 279 V

olume (19%

) (29%) C

ement %

var (l-t-l) (19%) (30%

) Price (l-t-l) 5% 6%

Operating E

BIT

DA

156 66 Volum

e (42%) (60%

) Ready m

ix % var (l-t-l) (16%

) (25%) Price (l-t-l) (1%

) (3%) O

perating EBITD

A m

argin 24.0% 23.6%

Volum

e (44%) (61%

) Aggregates pp var 1.0pp 1.7pp Price (l-t-l) 9%

5% ▪ R

estrictions to construction activity significantly impacted our volum

e performance; how

ever, improvem

ent in back half of quarter as restrictions eased ▪ Improved sequential pricing in the region in practically all countries ▪ E

BIT

DA

margin increased 1.7pp m

ainly due cost reduction initiatives and higher prices, despite significant volume declines M

illions of U

.S. dollars SCA

C: South, C

entral Am

erica and the Caribbean region 13 Price (l-t-l) calculated on a volum

e-weighted average basis at constant foreign-exchange rates - 13 -

2Q

20

Resu

lts S

OL

AZ

LO

S C

AB

OS

, ME

XIC

O2

Q2

0 R

esu

lts S

OL

AZ

LO

S C

AB

OS

, ME

XIC

O

Cost im

pro

vem

en

ts, h

igh

er p

ric

es a

nd

energ

y ta

ilw

ind

s p

artia

lly o

ffset im

pact o

f lo

wer v

olu

mes o

n E

BIT

DA

EB

IT

DA

varia

tio

n -

6%

-1

1%

62

3 8

5 5

86 -

10

554

80

-32

-3

1 -

161

2Q

19 V

olum

e P

ric

e V

aria

ble

co

sts

Fixed

co

sts

Oth

ers 2

Q2

0 F

X 2

Q2

0 l

-t-

l 15

Milli

on

s o

f U

.S. d

olla

rs -

15

-C

ost i

mprov

em

en

ts, h

ig

her p

ric

es a

nd

en

erg

y ta

ilwind

s p

arti

ally

offset im

pact o

f lo

wer v

olum

es o

n E

BIT

DA

EB

IT

DA

varia

tion

-6

% -

11%

62

3 8

5 5

86

-1

0 5

54

80

-3

2 -

31 -

16

1 2

Q1

9 V

olu

me P

rice V

aria

ble

co

sts F

ixed

co

sts O

thers 2

Q2

0 F

X 2

Q2

0 l-

t-l 1

5 M

illio

ns o

f U

.S. d

olla

rs -

15

-

Pro

activ

e w

ork

ing

cap

ital m

an

ag

em

ent a

nd

low

er c

ap

ex s

treng

then

ed F

CF

gen

erati

on

Jan

uary

- J

un

e S

eco

nd

Qu

arte

r 2

020

20

19

% v

ar 2

02

0 2

01

9 %

var A

verage w

ork

ing

capita

l days O

perati

ng

EB

IT

DA

1,0

88

1,1

69

(7%

) 5

54

62

3 (

11%

) -

Net F

inan

cia

l Exp

en

se 3

55

35

3 1

82

17

4 -

Main

ten

an

ce C

ap

ex

21

7 2

64

94

14

4 -

Ch

ang

e in

Wo

rk

ing

Cap

ital 4

81

57

0 7

1 4

4 -

Tax

es P

aid

81 1

11

40

74 -

Oth

er C

ash I

tem

s (

net) 4

3 1

7 2

9 (

5) -

6 -

Free C

ash

Flo

w (

13) (

26

) (

1) (

25

) D

isco

nti

nu

ed

Op

eratio

ns F

ree C

ash

Flow

after (

75) (

12

1) 3

8%

14

0 2

17

(3

5%

) M

ain

ten

ance C

ap

ex

-1

1 -

Str

ate

gic

Cap

ex

11

5 8

4 5

4 4

8 2

Q2

0 2

Q1

9 F

ree C

ash

Flo

w (

190

) (

20

5) 7

% 8

6 1

68

(4

9%

) 1

6 M

illio

ns o

f U

.S. d

oll

ars -

16

-P

ro

activ

e w

orking

cap

ital m

an

ag

em

en

t an

d lo

wer c

apex

str

en

gth

ened

FC

F g

en

eratio

n J

anu

ary

- J

une S

eco

nd

Qu

arte

r 2

02

0 2

01

9 %

var 2

020

20

19

% v

ar A

verag

e w

ork

ing

cap

ital d

ay

s O

peratin

g E

BIT

DA

1,0

88 1

,169

(7

%) 5

54

62

3 (

11

%) -

Net F

inan

cial E

xp

ense 3

55 3

53

18

2 1

74

- M

ain

ten

an

ce C

ap

ex 2

17

26

4 9

4 1

44 -

Chan

ge in

Wo

rk

ing

Capita

l 48

1 5

70 7

1 4

4 -

Taxes P

aid

81

111

40

74

- O

ther C

ash

Ite

ms (

net)

43

17 2

9 (

5) -

6 -

Free C

ash

Flow

(13

) (

26

) (

1) (

25

) D

isco

ntin

ued O

perati

on

s F

ree C

ash F

low

afte

r (

75

) (

12

1) 3

8%

140

21

7 (

35

%) M

ain

ten

an

ce C

ap

ex -

11

- S

trate

gic

Cap

ex 1

15

84

54 4

8 2

Q20

2Q

19

Free C

ash

Flo

w (

19

0) (

20

5) 7

% 8

6 1

68

(49

%) 1

6 M

illio

ns o

f U

.S. d

olla

rs -

16

-

Sta

ble

Net D

eb

t un

der “

Op

erati

on R

esilie

nce” N

et D

ebt p

lus p

erp

etu

als

varia

tion

0%

81

10,8

07

10

,756

55

86

Net D

eb

t plu

s p

erpetu

al F

ree c

ash

flow

in 2

Q2

0 D

ebt F

X e

ffect O

ther N

et D

eb

t plu

s p

erp

etu

al n

ote

s a

s o

f 1

Q2

0 n

ote

s a

s o

f 2

Q20

17

Millio

ns o

f U

.S. d

olla

rs -

17

-S

table N

et D

ebt u

nd

er “

Op

eratio

n R

esili

en

ce” N

et D

eb

t plu

s p

erp

etu

als

varia

tio

n 0

% 8

1 1

0,8

07

10,7

56 5

5 8

6 N

et D

eb

t p

lus p

erp

etu

al F

ree c

ash

flo

w in

2Q

20

Deb

t FX

effect O

ther N

et D

eb

t plu

s p

erpetual n

ote

s a

s o

f 1

Q20

no

tes a

s o

f 2

Q2

0 1

7 M

illio

ns o

f U

.S. d

oll

ars -

17

-

Health

y d

eb

t matu

rit

y p

ro

file

with

man

ageab

le r

efin

an

cin

g r

isk

To

tal d

eb

t exclu

din

g p

erpetu

al n

ote

s a

s o

f J

un

e 3

0, 2

020

: US

$1

3,1

96

milli

on

20

17

Faciliti

es A

greem

en

t Other b

an

k d

eb

t Av

erag

e l

ife o

f d

eb

t: F

ixed

In

com

e 4

.2 y

ears L

eases 2

,561

2,4

53

Rev

olv

ing 2

,055

Cred

it 1

,13

5 T

ran

che 1

,497

1,2

05

1,0

61

99

9 8

09

52

8 2

8 2

02

0 2

02

1 2

02

2 2

02

3 2

02

4 2

02

5 2

02

6 2

027

20

28

20

29

18

Mil

lion

s o

f U

.S. d

olla

rs -

18

-H

ealth

y d

eb

t matu

rity

profile

wit

h m

an

ag

eab

le r

efinan

cin

g r

isk

To

tal d

eb

t ex

clud

ing

perp

etual n

ote

s a

s o

f J

un

e 3

0, 2

02

0: U

S$

13

,19

6 m

illio

n 2

01

7 F

acilit

ies A

greem

ent O

ther b

an

k d

eb

t Av

erag

e lif

e o

f d

ebt: F

ixed

In

co

me 4

.2 y

ears L

eases 2

,56

1 2

,453

Rev

olv

ing

2,0

55 C

redit 1

,13

5 T

ran

ch

e 1

,49

7 1

,205

1,0

61

999

80

9 5

28

28

202

0 2

02

1 2

02

2 2

02

3 2

02

4 2

02

5 2

02

6 2

02

7 2

02

8 2

02

9 1

8 M

illi

on

s o

f U

.S. d

olla

rs -

18

-

Proactive de-risking through amendm

ent of financial covenants ▪ Am

endment w

as proactive response to impact of C

OV

ID-19 on the global econom

y and our business ▪ Obtained 100%

of responding banks consent to amend our Facilities A

greement ▪ M

odified leverage and coverage covenants ▪ Interest rate margin grid adjusted to accom

modate the changes to the leverage covenant ▪ Tem

porarily limits certain flexibilities related to capex, acquisitions, share buybacks, am

ong others • Restrictions aligned to previously announced m

easures to contain the impact of C

OV

ID-19 7.00x 7.00x 7.00x 6.75x A

pplicable 6.00x Leverage 5.75x 5.75x 5.75x m

argin (bps) 5.25x 5.25x New

leverage covenant 4.75x 4.75x Above 6.00x 475 4.50x 5.50x to 5.99x 425 2.75x 2.75x 2.75x 2.50x 2.50x 2.50x 2.50x 5.00x to 5.49x 375 2.25x 2.25x 1.75x 1.75x 1.75x 1.75x B

elow 5.00x, m

argin grid remained N

ew coverage covenant unchanged Jun20 Sep20 D

ec20 Mar21 Jun21 Sep21 D

ec21 Mar22 Jun22 Sep22 D

ec22 Mar23 Jun23 &

thereafter 19 - 19 -Proactive de-risking through amendm

ent of financial covenants ▪ Am

endment w

as proactive response to impact of C

OV

ID-19 on the global econom

y and our business ▪ Obtained 100%

of responding banks consent to amend our Facilities A

greement ▪ M

odified leverage and coverage covenants ▪ Interest rate margin grid adjusted to accom

modate the changes to the leverage covenant ▪ T

emporarily lim

its certain flexibilities related to capex, acquisitions, share buybacks, among others • R

estrictions aligned to previously announced measures to contain the im

pact of CO

VID

-19 7.00x 7.00x 7.00x 6.75x Applicable 6.00x Leverage 5.75x 5.75x 5.75x m

argin (bps) 5.25x 5.25x New

leverage covenant 4.75x 4.75x Above 6.00x 475 4.50x

5.50x to 5.99x 425 2.75x 2.75x 2.75x 2.50x 2.50x 2.50x 2.50x 5.00x to 5.49x 375 2.25x 2.25x 1.75x 1.75x 1.75x 1.75x Below

5.00x, margin grid rem

ained New

coverage covenant unchanged Jun20 Sep20 Dec20 M

ar21 Jun21 Sep21 Dec21 M

ar22 Jun22 Sep22 Dec22 M

ar23 Jun23 & thereafter 19 - 19 -

20

20 O

utlo

ok

I.E

. LE

TIC

IA

AR

AN

GO

, CO

LO

MB

IA

202

0 O

utlo

ok

I.E

. LE

TIC

IA

AR

AN

GO

, CO

LO

MB

IA

1 2

020

FC

F g

uid

an

ce s

lig

htly

imp

ro

ved

fo

r e

nergy

En

erg

y c

ost p

er t

on

(7

%) to

(5

%) o

f c

em

en

t pro

duced

Cap

ital ~

US

$7

00 m

illi

on

in to

tal e

xp

end

itu

res C

ash t

ax

es ~

US

$2

00

mil

lion

2 C

ost o

f d

eb

t In

crease o

f U

S$

25 to

US

$50

mil

lion

1 R

efle

cts

CE

ME

X’s c

urren

t ex

pecta

tio

ns 2

1 2

Inclu

din

g p

erpetu

al a

nd

co

nv

ertib

le s

ecu

riti

es -

21

-1

202

0 F

CF

gu

idance s

ligh

tly i

mprov

ed

fo

r e

nerg

y E

nerg

y c

ost p

er to

n (

7%

) to

(5%

) o

f c

em

en

t pro

du

ced

Capita

l ~U

S$

700

mil

lion

in to

tal e

xpen

ditu

res C

ash

tax

es ~

US

$20

0 m

illio

n 2

Co

st o

f d

ebt I

ncrease o

f U

S$

25

to U

S$5

0 m

illio

n 1

Reflects C

EM

EX

’s c

urrent e

xp

ecta

tion

s 2

1 2

In

clu

din

g p

erp

etu

al a

nd c

on

vertib

le s

ecuritie

s -

21

-

What to expect ▪ Pleased w

ith 2Q20 results and the resiliency of our m

arkets under unprecedented industry lockdowns ▪ C

hallenges remain as m

arket visibility and pace of economic recovery is still quite low

▪ Key m

acro factors to watch include duration of existing fiscal and m

onetary stimulus m

easures, pace of economic recovery, additional lockdow

n measures as w

ell as infrastructure stimulus ▪ C

ontinue to prioritize the health and safety of our employees and their fam

ilies as well as our custom

ers in all that we do ▪ A

djust our strategy as necessary to deal with the next phase of C

OV

ID-19: the result of declining econom

ic activity on demand in each m

arket and the subsequent recovery ▪ Expect our C

OV

ID-19 cost initiatives, excluding m

aintenance, to remain in place for rest of 2020 ▪ A

s we becom

e more com

fortable on outlook, we w

ill redeploy cash to pay down debt 22 - 22 -W

hat to expect ▪ Pleased with 2Q

20 results and the resiliency of our markets under unprecedented industry lockdow

ns ▪ Challenges rem

ain as market visibility and pace of econom

ic recovery is still quite low ▪ K

ey macro factors to w

atch include duration of existing fiscal and monetary stim

ulus measures, pace of econom

ic recovery, additional lockdown m

easures as well as infrastructure stim

ulus ▪ Continue to prioritize the health and safety of our em

ployees and their families as w

ell as our customers in all that w

e do ▪ Adjust our strategy as necessary to deal w

ith the next phase of CO

VID

-19: the result of declining economic activity on dem

and in each market and the subsequent recovery ▪ E

xpect our CO

VID

-19 cost initiatives, excluding maintenance, to rem

ain in place for rest of 2020 ▪ As w

e become m

ore comfortable on outlook, w

e will redeploy cash to pay dow

n debt 22 - 22 -

App

en

dix

DU

BA

I I

NT

ER

NA

TIO

NA

L A

IR

PO

RT

, TE

RM

IN

AL

D, U

NIT

ED

AR

AB

EM

IR

AT

ES

Ap

pend

ix D

UB

AI I

NT

ER

NA

TIO

NA

L A

IR

PO

RT

, TE

RM

IN

AL

D, U

NIT

ED

A

RA

B E

MIR

AT

ES

Con

so

lidated

vo

lum

es a

nd

pric

es 6

M2

0 v

s. 6

M19

2Q

20 v

s. 2

Q1

9 2

Q2

0 v

s. 1

Q2

0 V

olum

e (

l-t-

l) (

5%

) (

10%

) (

4%

) D

om

esti

c g

ray

Pric

e (

US

D) (

4%

) (

5%

) (

2%

) c

em

en

t Pric

e (

l-t-l)

1%

1%

1%

Vo

lum

e (

l-t-

l) (

10

%) (

18

%) (

10

%) R

ead

y m

ix P

ric

e (

US

D) 1

% 1

% 1

% P

rice (

l-t-

l) 3

% 3

% 2

% V

olum

e (

l-t-

l) (

9%

) (

15%

) (

4%

) A

gg

reg

ates P

rice (

US

D) 2

% 2

% 0

% P

ric

e (

l-t-l)

4%

4%

1%

24

Pric

e (

l-t-l)

calc

ula

ted

on a

vo

lum

e-w

eig

hte

d a

verag

e b

asis a

t c

on

sta

nt f

oreig

n-ex

ch

an

ge r

ates -

24

-C

on

so

lidate

d v

olum

es a

nd

prices 6

M2

0 v

s. 6

M1

9 2

Q20

vs. 2

Q19

2Q

20 v

s. 1

Q2

0 V

olu

me (

l-t-

l) (

5%

) (

10

%) (

4%

) D

om

estic

gray

Price (

US

D) (

4%

) (

5%

) (

2%

) c

em

ent P

rice (

l-t-

l) 1

% 1

% 1

% V

olum

e (

l-t-

l) (

10%

) (

18

%) (

10

%) R

eady

mix

Pric

e (

US

D) 1

% 1

% 1

% P

ric

e (

l-t-

l) 3

% 3

% 2

% V

olu

me (

l-t-

l) (

9%

) (

15

%) (

4%

) A

gg

regates P

ric

e (

US

D) 2

% 2

% 0

% P

rice (

l-t-

l) 4

% 4

% 1

% 2

4 P

ric

e (

l-t-

l) c

alc

ula

ted

on

a v

olum

e-w

eig

hted a

verag

e b

asis

at c

on

sta

nt f

oreig

n-exch

an

ge r

ates -

24

-

Add

itio

nal in

fo

rm

atio

n o

n d

eb

t and

perp

etu

al n

ote

s O

ther S

econ

d Q

uarte

r F

irst Q

uarter 7

% 2

020

201

9 %

var 2

02

0 1

Eu

ro

13

,19

6 1

1,0

48 1

9%

11

,701

Total d

eb

t 21

% C

urren

cy

Sho

rt-te

rm

6%

7%

4%

U.S

. den

om

inatio

n d

olla

r L

ong

-term

94

% 9

3%

96

% 7

1%

Perp

etu

al n

ote

s 4

43

444

(0

%) 4

41

Total d

eb

t plu

s p

erp

etual n

ote

s 1

3,6

38

11

,49

2 1

9%

12

,143

Cash

an

d c

ash

equ

ivale

nts

2,8

32

304

83

1%

1,3

87

Net d

eb

t plu

s p

erp

etu

al n

ote

s 1

0,8

07 1

1,1

87

(3

%) 1

0,7

56 V

aria

ble 2

10

,79

0 1

0,8

05 (

0%

) 1

0,7

51

Co

nsolid

ate

d f

un

ded

deb

t 29

% 2

4.5

7 4

.00

4.4

0 3

Co

nsolid

ate

d l

everag

e r

atio

In

terest r

ate 2

3.6

9 4

.11 3

.87 C

on

so

lidate

d c

overag

e r

atio

Fix

ed 7

1%

Millio

ns o

f U

.S. d

olla

rs 1

In

clu

des c

on

vertib

le n

otes a

nd

leases, i

n a

cco

rd

ance w

ith I

nternatio

nal F

inan

cia

l Rep

ortin

g S

tand

ard

(IF

RS

) 2

Calc

ulate

d i

n a

cco

rd

ance w

ith

ou

r c

ontractu

al o

blig

atio

ns u

nd

er th

e 2

01

7 F

acili

ties A

greem

en

t, as a

men

ded a

nd

resta

ted

25

3 I

nclu

des th

e e

ffect o

f in

terest-

rate

sw

ap

in

str

um

ents r

ela

ted

to b

an

k lo

ans t

o f

ix f

lo

atin

g r

ates w

ith a

no

minal a

mo

un

t of U

S$

1,0

00

mil

lion

- 2

5 -

Ad

dit

ional i

nform

atio

n o

n d

ebt a

nd

perpetual n

ote

s O

ther S

eco

nd

Qu

arte

r F

irst Q

uarte

r 7

% 2

02

0 2

01

9 %

var 2

020

1 E

uro

13,1

96

11

,048

19

% 1

1,7

01

To

tal d

eb

t 21

% C

urrency

Sh

ort-

term

6%

7%

4%

U.S

. deno

min

ati

on

do

llar L

on

g-te

rm

94

% 9

3%

96%

71

% P

erp

etu

al n

otes 4

43

44

4 (

0%

) 4

41

To

tal d

eb

t plu

s p

erpetu

al n

ote

s 1

3,6

38

11

,492

19

% 1

2,1

43

Cash

and

cash

eq

uiv

ale

nts

2,8

32

30

4 8

31

% 1

,38

7 N

et d

ebt p

lus p

erp

etu

al n

otes 1

0,8

07

11

,18

7 (

3%

) 1

0,7

56

Variab

le 2

10,7

90

10

,805

(0

%) 1

0,7

51

Co

nso

lid

ated f

un

ded d

eb

t 29%

2 4

.57

4.0

0 4

.40

3 C

onso

lidated le

verag

e r

atio

In

terest r

ate 2

3.6

9 4

.11

3.8

7 C

on

so

lidate

d c

ov

erag

e r

atio

Fix

ed

71

% M

illio

ns o

f U

.S. d

olla

rs 1

In

clud

es c

onv

ertib

le n

ote

s a

nd

leases, in

acco

rdan

ce w

ith

Internatio

nal F

inan

cia

l Rep

ortin

g S

tand

ard

(IF

RS

) 2

Calc

ula

ted

in

acco

rd

ance w

ith

ou

r c

ontractu

al o

blig

atio

ns u

nd

er th

e 2

01

7 F

acili

ties A

greem

en

t, as a

men

ded a

nd

resta

ted

25

3 I

nclu

des th

e e

ffect o

f in

terest-rate

sw

ap

instr

um

ents r

ela

ted

to b

an

k lo

ans t

o f

ix f

loatin

g r

ate

s w

ith a

no

minal a

mo

un

t of U

S$

1,0

00

mil

lion

- 2

5 -

Add

itio

nal in

fo

rm

atio

n o

n d

eb

t 1 T

ota

l debt b

y in

str

um

en

t Seco

nd

Qu

arte

r F

irst Q

uarte

r 2

02

0 %

of to

tal 2

020

% o

f to

tal 1

5%

Fix

ed

Inco

me 7

,20

5 5

5%

6,1

77

53%

20

17

Facilit

ies A

greem

en

t 3

,98

4 3

0%

3,8

32 3

3%

Oth

ers 2

,00

7 1

5%

1,6

92

14%

30

% 5

5%

1 1

3,1

96

11,7

01

To

tal D

eb

t Mill

ions o

f U

.S. d

oll

ars 2

6 1

In

clu

des le

ases, in

acco

rd

an

ce w

ith

IF

RS

- 2

6 -

Ad

ditio

nal in

fo

rm

ati

on o

n d

eb

t 1 T

ota

l deb

t by i

nstru

ment S

eco

nd

Qu

arte

r F

irst Q

uarter 2

02

0 %

of t

otal 2

02

0 %

of to

tal 1

5%

Fixed

In

co

me 7

,20

5 5

5%

6,1

77 5

3%

20

17

Facil

ities A

greem

en

t 3,9

84

30

% 3

,83

2 3

3%

Others 2

,007

15

% 1

,69

2 1

4%

30

% 5

5%

1 1

3,1

96 1

1,7

01

To

tal D

ebt M

illio

ns o

f U

.S. d

olla

rs 2

6 1

In

clu

des le

ases, i

n a

cco

rd

an

ce w

ith I

FR

S -

26 -

2Q

20

volum

e a

nd

price s

um

mary

: sele

cte

d c

oun

trie

s/r

eg

ion

Do

mestic

gray c

em

en

t Read

y m

ix A

gg

reg

ate

s 2

Q2

0 v

s. 2

Q19

2Q

20 v

s. 2

Q1

9 2

Q2

0 v

s. 2

Q1

9 V

olum

e P

ric

e (

US

D) P

ric

e (

LC

) V

olu

me P

rice (

US

D) P

rice (

LC

) V

olu

me P

ric

e (

US

D) P

ric

e (

LC

) M

ex

ico

(7

%) (

16%

) 1

% (

44%

) (

17

%) (

0%

) (

35

%) (

14%

) 2

% U

.S. 6

% (

0%

) (

0%

) (

5%

) 2

% 2

% (

3%

) 0

% 0

% E

urop

e (

2%

) (

2%

) 1

% (

18

%) (

4%

) (

1%

) (

18%

) (

4%

) (

1%

) P

hili

pp

ines (

31

%) (

3%

) (

6%

) N

/A N

/A N

/A N

/A N

/A N

/A C

olo

mb

ia (

40

%) (

6%

) 9

% (

57

%) (

10%

) 3

% (

62

%) (

10

%) 4

% P

an

am

a (

88%

) (

5%

) (

5%

) (

99

%) 2

2%

22%

(9

6%

) (

6%

) (

6%

) C

osta

Ric

a (

15

%) (

4%

) (

7%

) (

35

%) (

9%

) (

11

%) (

60

%) 3

9%

35

% 2

7 P

ric

e (

LC

) f

or E

uro

pe c

alc

ula

ted

on

a v

olu

me-w

eig

hte

d-av

erage b

asis

at c

onstant f

oreig

n-ex

ch

ang

e r

ate

s -

27

-2Q

20

vo

lum

e a

nd

pric

e s

um

mary: s

elected c

ou

ntrie

s/r

eg

ion

Do

mestic

gray

cem

en

t Read

y m

ix A

ggreg

ate

s 2

Q2

0 v

s. 2

Q1

9 2

Q2

0 v

s. 2

Q1

9 2

Q2

0 v

s. 2

Q1

9 V

olu

me P

rice (

US

D) P

ric

e (

LC

) V

olu

me P

ric

e (

US

D) P

rice (

LC

) V

olum

e P

ric

e (

US

D) P

ric

e (

LC

) M

ex

ico

(7

%) (

16

%) 1

% (

44

%) (

17%

) (

0%

) (

35

%) (

14

%) 2

% U

.S. 6

% (

0%

) (

0%

) (

5%

) 2

% 2

% (

3%

) 0

% 0

% E

uro

pe (

2%

) (

2%

) 1

% (

18

%) (

4%

) (

1%

) (

18

%) (

4%

) (

1%

) P

hilip

pin

es (

31

%) (

3%

) (

6%

) N

/A

N/A

N/A

N/A

N/A

N/A

Colom

bia (

40

%) (

6%

) 9

% (

57

%) (

10

%) 3

% (

62

%) (

10%

) 4

% P

an

am

a (

88

%) (

5%

) (

5%

) (

99

%) 2

2%

22

% (

96

%) (

6%

) (

6%

) C

osta

Rica (

15

%) (

4%

) (

7%

) (

35

%) (

9%

) (

11

%) (

60%

) 3

9%

35

% 2

7 P

ric

e (

LC

) f

or E

uro

pe c

alculate

d o

n a

vo

lum

e-w

eigh

ted

-av

erag

e b

asis

at c

on

sta

nt f

oreig

n-exch

an

ge r

ates -

27

-

6M

20 v

olu

me a

nd

pric

e s

um

mary

: sele

cte

d c

ou

ntr

ies/regio

n D

om

esti

c g

ray

cem

ent R

eady

mix

Ag

gregates 6

M2

0 v

s. 6

M1

9 6

M2

0 v

s. 6

M1

9 6

M20

vs. 6

M1

9 V

olu

mes P

ric

e (

US

D) P

ric

e (

LC

) V

olu

mes P

rice (

US

D) P

rice (

LC

) V

olu

mes P

ric

e (

US

D) P

ric

e (

LC

) M

ex

ico

(3

%) (

11%

) 0

% (

23

%) (

10

%) 1

% (

19%

) (

7%

) 4

% U

.S. 8

% 1

% 1

% 2

% 3

% 3

% 3

% 1

% 1

% E

uro

pe (

0%

) (

2%

) 2

% (

13%

) (

3%

) (

0%

) (

14

%) (

2%

) 0

% P

hilip

pin

es (

17%

) (

4%

) (

6%

) N

/A

N/A

N/A

N/A

N/A

N/A

Colom

bia

(2

7%

) (

5%

) 9

% (

40

%) (

10

%) 3

% (

42

%) (

10%

) 3

% P

an

am

a (

59

%) (

6%

) (

6%

) (

68

%) (

6%

) (

6%

) (

63%

) (

5%

) (

5%

) C

osta

Rica (

10

%) (

4%

) (

8%

) (

23%

) (

7%

) (

11

%) (

66

%) 9

0%

82%

28

Price (

LC

) f

or E

urop

e c

alc

ula

ted

on

a v

olum

e-w

eig

hted

-av

erag

e b

asis

at c

on

sta

nt f

oreig

n-ex

ch

an

ge r

ates -

28

-6

M20

vo

lum

e a

nd

pric

e s

um

mary: s

elected c

ou

ntrie

s/r

eg

ion

Do

mestic

gray

cem

en

t Read

y m

ix A

ggreg

ate

s 6

M20

vs. 6

M1

9 6

M2

0 v

s. 6

M1

9 6

M2

0 v

s. 6

M1

9 V

olu

mes P

ric

e (

US

D) P

ric

e (

LC

) V

olu

mes P

ric

e (

US

D) P

ric

e (

LC

) V

olu

mes P

rice (

US

D) P

rice (

LC

) M

ex

ico

(3%

) (

11

%) 0

% (

23

%) (

10

%) 1

% (

19

%) (

7%

) 4

% U

.S. 8

% 1

% 1

% 2

% 3

% 3

% 3

% 1

% 1

% E

uro

pe (

0%

) (

2%

) 2

% (

13

%) (

3%

) (

0%

) (

14

%) (

2%

) 0

% P

hil

ipp

ines (

17

%) (

4%

) (

6%

) N

/A N

/A

N/A

N/A

N/A

N/A

Co

lom

bia

(2

7%

) (

5%

) 9

% (

40

%) (

10

%) 3

% (

42%

) (

10

%) 3

% P

an

am

a (

59

%) (

6%

) (

6%

) (

68

%) (

6%

) (

6%

) (

63

%) (

5%

) (

5%

) C

osta

Ric

a (

10

%) (

4%

) (

8%

) (

23

%) (

7%

) (

11

%) (

66

%) 9

0%

82

% 2

8 P

ric

e (

LC

) f

or E

uro

pe c

alcu

lated o

n a

vo

lum

e-w

eig

hte

d-av

erage b

asis

at c

onstant f

oreig

n-ex

ch

ang

e r

ate

s -

28

-

Defin

ition

s 6

M20

/ 6M

19

Resu

lts f

or t

he f

irst s

ix m

on

ths o

f t

he y

ears 2

02

0 a

nd

201

9, r

esp

ectiv

ely

SC

AC

So

uth

, Cen

tral A

merica a

nd

the C

arib

bean

EM

EA

A E

uro

pe, M

idd

le E

ast, A

fric

a a

nd A

sia W

hen

pro

vid

ing

cem

en

t vo

lum

e v

ariatio

ns, r

efers to

do

mesti

c g

ray

cem

ent o

perati

on

s (

sta

rtin

g in

2Q

10

, the b

ase f

or C

em

en

t rep

orte

d c

em

en

t vo

lum

es c

han

ged f

rom

total d

om

esti

c c

em

en

t inclu

din

g c

lin

ker t

o d

om

estic

gray

cem

en

t) L

C L

ocal c

urren

cy

l-t-

l (

like to

like) O

n a

like-to

-lik

e b

asis

ad

justin

g f

or c

urren

cy

fluctu

ati

on

s a

nd

for i

nv

estm

en

ts/divestm

ents w

hen

ap

plic

able I

nv

estm

en

ts i

ncu

rred

fo

r th

e p

urp

ose o

f e

nsu

rin

g th

e c

om

pan

y’s o

perati

on

al c

on

tinu

ity. T

hese in

clu

de c

ap

ital M

ain

ten

an

ce c

ap

ital e

xp

end

itu

res o

n p

ro

jects

req

uired

to

rep

lace o

bsolete a

ssets o

r m

aintain c

urren

t op

eratio

nal le

vels

, and

man

datory e

xp

end

itures c

ap

ital e

xp

en

ditu

res, w

hich a

re p

ro

jects

req

uir

ed

to c

om

ply

wit

h g

ov

ernm

en

tal r

egu

lati

ons o

r c

om

pan

y p

olic

ies N

et P

ro

moter S

co

re (

NP

S) A

co

re K

PI th

at h

elp

s u

s to

sy

ste

mati

cally

measu

re o

ur c

ustom

er l

oy

alt

y a

nd

satis

factio

n O

peratin

g E

BIT

DA

Operatin

g e

arn

ing

s b

efo

re o

ther e

xpen

ses, n

et p

lus d

ep

recia

tion

and

operatin

g a

mo

rtiz

atio

n p

p P

ercen

tag

e p

oin

ts P

rices A

ll referen

ces to

pricin

g i

nitia

tives, p

ric

e in

creases o

r d

ecreases, r

efer to

ou

r p

ric

es f

or o

ur p

rod

ucts

In

vestm

en

ts in

curred w

ith

the p

urp

ose o

f i

ncreasin

g th

e c

om

pan

y’s p

rofita

bili

ty. T

hese i

nclud

e c

apita

l ex

pen

ditu

res o

n S

trategic c

ap

ital e

xp

en

ditu

res p

rojects d

esign

ed

to in

crease p

ro

fit

ability

by

ex

pan

ding

cap

acity

, an

d m

arg

in im

pro

vem

en

t cap

ital e

xp

end

itures, w

hic

h a

re p

ro

jects

design

ed

to in

crease p

ro

fit

abilit

y b

y r

edu

cin

g c

osts T

CL

Op

eratio

ns T

rinidad

Cem

en

t Lim

ited

inclu

des B

arbad

os, G

uyan

a, J

am

aica a

nd

Trinidad

an

d T

ob

ag

o U

SD

U.S

. dolla

rs %

var P

ercentage

variatio

n 2

9 -

29 -

Defin

ition

s 6

M20

/ 6M

19

Resu

lts f

or t

he f

irst s

ix m

on

ths o

f t

he y

ears 2

02

0 a

nd

20

19

, resp

ectiv

ely

SC

AC

So

uth

, Cen

tral A

merica a

nd

the C

arib

bean

EM

EA

A E

uro

pe, M

idd

le E

ast, A

fric

a a

nd A

sia

Wh

en

pro

vid

ing

cem

en

t vo

lum

e v

aria

tion

s, r

efers to

do

mesti

c g

ray

cem

ent o

perati

on

s (

startin

g in

2Q

10

, the b

ase f

or C

em

en

t rep

orte

d c

em

en

t vo

lum

es c

han

ged f

rom

total d

om

esti

c c

em

en

t inclu

din

g c

lin

ker t

o d

om

estic

gray

cem

en

t) L

C L

ocal c

urren

cy

l-t-

l (

like to

like) O

n a

like-to

-lik

e b

asis

ad

justi

ng

fo

r c

urren

cy

fluctuati

ons a

nd

for i

nv

estm

en

ts/div

estm

ents w

hen

ap

plic

ab

le I

nvestm

en

ts i

ncu

rred

fo

r th

e p

urp

ose o

f e

nsu

rin

g th

e c

om

pan

y’s o

perati

on

al c

on

tinu

ity. T

hese in

clu

de c

ap

ital M

ain

ten

an

ce c

ap

ital e

xp

en

ditu

res o

n p

ro

jects

req

uir

ed

to r

ep

lace o

bsolete

assets o

r m

aintain

cu

rren

t op

eratio

nal le

vels

, and

man

datory e

xp

end

itures c

ap

ital e

xp

en

ditu

res, w

hich a

re p

ro

jects

req

uir

ed

to c

om

ply

wit

h g

ov

ernm

en

tal r

egu

latio

ns o

r c

om

pan

y p

olic

ies N

et P

ro

moter S

co

re (

NP

S) A

co

re K

PI th

at h

elp

s u

s to

sy

ste

mati

cally

measu

re o

ur c

ustom

er l

oy

alt

y a

nd

satis

facti

on

Op

eratin

g E

BIT

DA

Operatin

g e

arn

ing

s b

efore o

ther e

xpen

ses, n

et p

lus d

ep

recia

tion

and

op

eratin

g a

mo

rtiz

atio

n p

p P

ercen

tag

e p

oin

ts P

rices A

ll referen

ces to

pricin

g i

nitia

tiv

es, p

ric

e in

creases o

r d

ecreases, r

efer to

ou

r p

rices f

or o

ur p

rod

ucts

In

vestm

en

ts in

curred w

ith th

e p

urp

ose o

f i

ncreasing

the c

om

pan

y’s p

rofita

bili

ty. T

hese i

nclud

e c

apita

l ex

pen

ditu

res o

n S

trate

gic c

ap

ital e

xp

en

ditu

res p

rojects

design

ed

to in

crease p

ro

fit

abilit

y b

y e

xp

an

ding

cap

acity

, an

d m

arg

in im

pro

vem

en

t cap

ital e

xp

end

itu

res, w

hich

are p

ro

jects

desig

ned

to in

crease p

ro

fita

bilit

y b

y r

ed

ucin

g c

osts

TC

L O

peratio

ns T

rinidad

Cem

en

t Lim

ited

inclu

des B

arb

ad

os, G

uyan

a, J

am

aica a

nd

Trinidad

an

d T

obag

o U

SD

U.S

. dolla

rs %

var

Percen

tag

e v

aria

tio

n 2

9 -

29 -

Con

tact I

nform

atio

n I

nv

esto

rs R

elatio

ns S

tock

In

fo

rm

atio

n I

n t

he U

nite

d S

tate

s N

YS

E (

AD

S): +

1 8

77

7C

X N

YS

E C

X I

n M

exico M

ex

ican S

tock

Ex

chan

ge: +

52

81 8

88

8 4

29

2 C

EM

EX

CP

O i

r@

cem

ex.c

om

Rati

o o

f C

EM

EX

CP

O to

CX

: 10 to

1 C

ale

nd

ar o

f E

vents O

cto

ber 2

8, 2

02

0 T

hir

d q

uarter 2

02

0 f

inancial r

esu

lts c

onferen

ce c

allC

on

tact I

nfo

rm

atio

n I

nv

esto

rs R

ela

tio

ns S

tock

Inform

atio

n I

n t

he U

nit

ed

Sta

tes N

YS

E (

AD

S): +

1 8

77 7

CX

NY

SE

CX

In

Mex

ico

Mexican

Sto

ck E

xch

an

ge: +

52

81

88

88

42

92

CE

ME

XC

PO

ir@

cem

ex

.co

m R

atio

of C

EM

EX

CP

O to

CX

: 1

0 to

1 C

ale

ndar o

f E

ven

ts O

ctob

er 2

8, 2

02

0 T

hir

d q

uarter 2

02

0 f

inancia

l r

esults

con

feren

ce c

all

cemex, s.a.b. de c.v. · 7/27/2020 · cemex, s.a.b. de c.v. (translation of registrant’s name...

Documents