Q2 2026 Cemex SAB de CV Earnings Call Transcript
Key Points
- Cemex SAB de CV (CX) reported strong second quarter results with consolidated EBITDA exceeding $1 billion, reflecting significant progress in their transformation efforts.
- The company achieved a record free cash flow from operations of $651 million, up more than $400 million year-on-year after adjustments.
- Project Cutting Edge has delivered $60 million in efficiencies during the quarter, contributing to an 18% EBITDA growth on a like-to-like basis.
- Cemex SAB de CV (CX) raised its full-year EBITDA guidance to a range of 16% to 17% year-over-year growth.
- The company is advancing its decarbonization efforts, achieving a 1% reduction in CO2 emissions year-to-date, supported by a lower clinker factor.
- Disruptions in operations due to bad weather in Texas and rising materials and freight costs negatively impacted EBITDA and margins in the US.
- In Europe, softer demand and a severe heat wave led to restrictions on construction work, affecting volumes and raising concerns about the expected recovery.
- The company anticipates a small drop in margins in Mexico in the second half of the year due to temporary market share gains and less favorable energy tailwinds.
- There is a lack of visibility on demand in Europe due to geopolitical uncertainties, which could impact future performance.
- Despite strong free cash flow generation, net debt plus subordinated notes increased by approximately $270 million since December due to acquisitions, share buybacks, and dividends.
Good morning. Welcome to the CEMEX second quarter 2026 conference call and webcast. My name is Jenny, and I'll be your operator for today. (Operator Instructions) And now I will turn the call over to Lucy Rodriguez, Chief Communications Officer.
Good morning, and thank you for joining us for our second quarter 2026 conference call and webcast. We hope this call finds you well. I'm joined today by Jaime Muguiro, our CEO; and by Maher Al-Haffar, our CFO. We will start our call by reviewing our second quarter results, followed by our expectations for the full year. and updated guidance. And then we will be happy to take your questions.
As a reminder, we expect to close the announced sale of some of our operating assets in Colombia by the end of the year. Until such time for accounting purposes, the transaction will be treated as a partial sales and operation, and we will continue to fully consolidate these operations in our P&L. In addition, following our acquisition of [Omega] earlier in
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