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

What they do

CEMEX operates in cement, ready-mix concrete, aggregates, and urbanization solutions across regions including Mexico, the United States, Europe, South/Central America, the Caribbean, the Middle East, and Africa. The company also has a trading unit that handles maritime cement and clinker transactions. Cemex is currently ramping up the Maceo cement plant in Colombia, with an annual capacity of 1.3 million tons, which began commercial operations in 2025.

Revenue drivers

• Cement — Core product line with production and sales across all major regions; the largest revenue contributor.
• Ready-Mix Concrete — A key downstream product sold across all geographic segments, contributing significant revenues.
• Aggregates — Quarry-based materials sold alongside cement and concrete, providing additional revenue streams.
• Urbanization Solutions — Includes pre-cast, asphalt, and other construction solutions, reported as an operating segment in several regions.

Recent performance

In 2024, net income included a gain of $139 from the sale of its 34.8% equity interest in Neoris. In 2025, Cemex incurred restructuring expenses related to its Cutting-Edge program, and recognized $307 in impairment charges in the U.S. that are non-deductible for tax purposes. The Maceo Plant's carrying amount increased from $335 in 2024 to $448 in 2025, reflecting $390 reclassified from construction in progress. Total assets and liabilities are concentrated in Camcem, the holding company of GCC, representing 80% of assets and liabilities in 2025.

Strategy

Management continues to execute its Cutting-Edge program, a corporate initiative to optimize organizational and operational structure. The company is investing in the Maceo Plant to expand cement capacity in Colombia, which began commercial operations in 2025. Cemex also engages in selective divestitures, as evidenced by the sale of its Neoris stake, and uses hedging instruments to manage net investment risk.

Risks

• Construction and Operational Delays — The Maceo Plant required infrastructure works and legal processes before starting operations, indicating potential for delays in new projects.
• Impairment Charges — In 2025, Cemex recorded $307 in impairment charges in the U.S., which are non-deductible for tax purposes, affecting profitability.
• Tax and Regulatory Exposure — Non-taxable income from share sales and non-deductible impairment charges create volatility in the effective tax rate and cash flows.
• Geographic Concentration — A significant portion of assets and liabilities is concentrated in Camcem/GCC, exposing Cemex to risks in that specific holding structure.

Outlook

Management expects the Maceo Plant to contribute to commercial operations in 2025, having reclassified $390 from construction in progress. Ongoing restructuring under the Cutting-Edge program is expected to optimize the organizational structure and operations. The company will continue to manage its portfolio through selective divestitures and cost controls.