CEMEX B de C : First Quarter 2024 Results

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 April 2024

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 ☒Form40-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 April 25, 2024, announcing first quarter 2024 results for Cemex, S.A.B. de C.V. (NYSE: CX) ("Cemex").
2. First quarter 2024 results for Cemex.
3. Presentation regarding first quarter 2024 results for Cemex.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, Cemex, S.A.B. de C.V. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		Cemex, S.A.B. de C.V.
		(Registrant)
Date: April 25, 2024	By:	/s/ Rafael Garza Lozano
		Name: Rafael Garza Lozano
		Title: Chief Comptroller
	3

	EXHIBIT INDEX
EXHIBIT
NO.	DESCRIPTION

1. Press release dated April 25, 2024, announcing first quarter 2024 results for Cemex, S.A.B. de C.V. (NYSE: CX) ("Cemex").
2. First quarter 2024 results for Cemex.
3. Presentation regarding first quarter 2024 results for Cemex.

4

Exhibit 1

Cemex reports record first quarter EBITDA,

with Net Income growth of 13%

Monterrey, Mexico. April 25, 2024 - Cemex reported record first quarter results today, with a 5% increase in EBITDA. Three of four regions, markets accounting for 90% of consolidated EBITDA, experienced a combined growth rate of 15%. EBITDA margin expanded by half a percentage point, driven by favorable price-cost dynamics. These strong results were further bolstered by growth investments and Urbanization Solutions, contributing to over 50% of incremental EBITDA in the quarter.

"Our first quarter in 2024 continued to build on an exceptional 2023," said Fernando A. González, CEO of Cemex. "EBITDA represents a first quarter record for the company, despite fewer working days and difficult weather conditions in many markets. Our pricing strategy effectively outpaced input cost inflation, while our growth investments and Urbanization Solutions business were instrumental in driving EBITDA growth in the quarter".

Cemex's Consolidated 2024 First Quarter Financial and Operational Highlights

• Net Sales increased 3% to US$4,138 million.
• EBITDA increased 5% to US$772 million.
• EBITDA margin increased 0.5pp to 18.7%.
• Free Cash Flow after Maintenance Capital Expenditures was negative US$212 million, a year-over-year decline of US$157 million.
• Growth investments account for 10% of total EBITDA and 26% of incremental EBITDA.
• 15% increase in EBITDA from Urbanization Solutions.
• Controlling interest net income increased 13%, due primarily to better operational results and lower taxes.

Geographical Markets 2024 First Quarter Highlights

• Sales in Mexico increased 20%, to US$1,314 million, while EBITDA grew 22% to US$420 million. EBITDA Margin expanded 0.5pp to 31.9%.
• Sales in the United States declined 2% to US$1,234 million. EBITDA increased 3% to US$237 million, and EBITDA Margin reached 19.2%, a 0.9pp expansion.
• In the Europe, Middle East, Africa, and Asia region, Sales were down 9%, to US$1,115 million. EBITDA was US$88 million, 41% lower, while EBITDA Margin decreased 4.2pp to 7.8%.
• Cemex's operations in South, Central America, and the Caribbean region reported Sales of US$422 million, an increase of 3%, while EBITDA rose 22% to US$103 million. EBITDA Margin increased 3.8pp, to 24.3%.

Note: All percentage variations related to Sales, Net Sales, EBITDA and Controlling interest net income are compared to the same period of last year. All references to EBITDA mean Operating EBITDA.

1

About Cemex

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

Contact information

Analyst and Investor Relations - New York Blake Haider

[phone]

Analyst and Investor Relations - Monterrey Fabián Orta

[phone]

Media Relations

Jorge Pérez

[phone]

###

Except as the context otherwise may require, references in this press release to "Cemex," "we," "us," "our," refer to Cemex, S.A.B. de C.V. and its consolidated subsidiaries. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. Cemex intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements 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, unless otherwise indicated. These statements necessarily involve risks, uncertainties, and assumptions that could cause actual results to differ materially from Cemex's expectations, including, among others, risks, uncertainties, and assumptions discussed in Cemex's most recent annual report and detailed from time to time in Cemex's other filings with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex's expectations and/or expected results not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. These factors may be revised or supplemented, and the information contained in this press release is subject to change without notice, but Cemex is not under, and expressly disclaims, any obligation to update or correct this press release or revise any forward-looking statement contained herein, whether as a result of new information, future events or otherwise, or to reflect the occurrence of anticipated or unanticipated events or circumstances. Any or all of Cemex's forward-looking statements may turn out to be inaccurate. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. All references to prices in this press release refer to Cemex's prices for Cemex products and services. There is currently no single globally recognized or accepted, consistent, and comparable set of definitions or standards (legal, regulatory, or otherwise) of, nor widespread cross-market consensus i) as to what constitutes, a 'green', 'social,' or 'sustainable' or having equivalent- labelled activity, product, or asset; or ii) as to what precise attributes are required for a particular activity, product, or asset to be defined as 'green', 'social,' or 'sustainable' or such other equivalent label; or iii) as to climate and sustainable funding and financing activities and their classification and reporting. Therefore, there is little certainty, and no assurance or representation is given that such activities and/or reporting of those activities will meet any present or future expectations or requirements for describing or classifying funding and financing activities as 'green', 'social', or 'sustainable' or attributing similar labels. We expect policies, regulatory requirements, standards, and definitions to be developed and continuously evolve over time.

2

Exhibit 2

Operating and financial highlights
			January - March	l-t-l			First Quarter	l-t-l
	2024		2023		% var	2024		2023		% var
			% var			% var
Consolidated volumes
Domestic gray cement	12,021		12,317	(2%)		12,021	12,317	(2%)
Ready-mix	10,250		11,706	(12%)		10,250		11,706	(12%)
Aggregates	31,606		32,251	(2%)		31,606		32,251	(2%)
Net sales	4,138		4,036	3%	(0%)	4,138		4,036	3%	(0%)
Gross profit	1,390		1,290	8%	3%	1,390		1,290	8%	3%
as % of net sales	33.6%	32.0%	1.6pp		33.6%	32.0%	1.6pp
Operating earnings before other income and expenses,
net	452		435	4%	(1%)	452		435	4%	(1%)
as % of net sales	10.9%	10.8%	0.1pp		10.9%	10.8%	0.1pp
SG&A expenses as % of net sales	9.7%	8.8%	0.9pp		9.7%	8.8%	0.9pp
Controlling interest net income (loss)	254		225	13%		254		225	13%
Operating EBITDA	772		733	5%	2%	772		733	5%	2%
as % of net sales	18.7%	18.2%	0.5pp		18.7%	18.2%	0.5pp
Free cash flow after maintenance capital expenditures	(212)	(55)	(286%)		(212)	(55)	(286%)
Free cash flow	(287)	(141)	(104%)		(287)	(141)	(104%)
Total debt	7,844		7,862	(0%)		7,844		7,862	(0%)
Earnings (loss) of continuing operations per ADS	0.17		0.15	13%		0.17		0.15	13%
Fully diluted earnings (loss) of continuing operations per
ADS	0.17		0.15	13%		0.17		0.15	13%
Average ADSs outstanding (1)	1,469		1,476	(0%)		1,469		1,476	(0%)
Employees	46,134		43,718	6%		46,134		43,718	6%

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

Consolidated net sales reached US$4.1 billion, an increase of 3%, and flat on a like-to-like basis, compared to the first quarter of 2023. Our higher prices in local currency terms in all regions were offset by lower consolidated volumes driven primarily by bad weather and fewer working days. Net sales increased in Mexico and SCAC, partially offset by decreases in the US and EMEA.

Cost of sales, as a percentage of Net Sales, decreased by 1.6pp to 66.4% during the first quarter of 2024 from 68.0% in the same period last year, mainly driven by pricing of our products and easing cost headwinds.

This was the sixth consecutive quarter of a year-over-year decrease in cost of sales as a percentage of Net Sales.

Operating expenses, as a percentage of Net Sales, increased by 1.5pp to 22.7% during the first quarter of 2024 compared with the same period last year, driven by higher payroll, transportation, and maintenance costs.

Operating EBITDA grew 5%, and 2% on a like-to-like basis, reaching US$772 million. Three of our four regions, accounting for 90% of consolidated Operating EBITDA, experienced a combined growth rate of 15%. Operating EBITDA outperformance reflects not only strong pricing of our products and decelerating input cost inflation, but also the success of our growth investment strategy and growth in our Urbanization Solutions business. The two strategic priorities contributed to over 50% of incremental consolidated Operating EBITDA growth in the quarter.

Operating EBITDA margin increased year-over-year by 0.5pp from, as well as sequentially, in a quarter where the historic sequential behavior is for a decline in margins. The expansion reflects pricing strategy execution for our products, as well as easing cost inflation and operational efficiencies.

Controlling interest net income (loss) resulted in an income of

US$254 million, 13% higher versus the same quarter of 2023. The higher income reflects a positive effect in results from financial instruments and taxes, partially offset by lower operating earnings, higher financial expenses, and a negative effect in foreign exchange results.

2024 First Quarter Results

Page 2

Operating results
Mexico
					January - March	l-t-l			First Quarter	l-t-l
			2024		2023		% var		2024		2023		% var
					% var			% var
Sales			1,314		1,097	20%	10%	1,314		1,097	20%	10%
Operating EBITDA			420		344	22%	12%	420		344	22%	12%
Operating EBITDA margin			31.9%	31.4%	0.5pp		31.9%	31.4%	0.5pp
In millions of U.S. dollars, except percentages.
Year-over-year percentage	Domestic gray cement			Ready-mix				Aggregates
January - March	First Quarter	January - March	First Quarter	January - March	First Quarter
variation
Volume	7%	7%			2%			2%			9%			9%
Price (USD)	12%	12%			23%			23%			31%			31%
Price (local currency)	4%	4%			13%			13%			21%			21%

Our Mexican operations delivered strong results, with Sales rising 20% and EBITDA growing to record levels supported by higher prices of our products, strong volumes, and decelerating input cost inflation. Operating EBITDA margin increased 0.5pp year-over-year due to double-digitready-mix and aggregates price increases and a mid-single-digit cement increase.

Adjusting for two less working days in the quarter, bulk cement and aggregates volumes grew double-digit, while ready-mix volumes rose mid-single digit, reflecting the dynamism of formal construction in the country. We continue to see improvement in bagged cement volumes with mid-single-digit growth on increased social spending, lower inflation, and a favorable comparison base.

Full year volume guidance for cement and ready-mix volume was increased, from low-single digit growth to low to mid-single digit growth.

Our sequential prices for cement, ready-mix and aggregates rose low single-digits, reflecting the traction of January price increases implemented to offset the ongoing cost inflation of the business.

United States

						January - March	l-t-l			First Quarter	l-t-l
			2024			2023			% var		2024		2023		% var
					% var			% var
Sales		1,234		1,255	(2%)	(2%)	1,234	1,255		(2%)	(2%)
Operating EBITDA		237		230	3%	3%	237	230		3%	3%
Operating EBITDA margin		19.2%	18.3%		0.9pp		19.2%	18.3%	0.9pp
In millions of U.S. dollars, except percentages.
Year-over-year percentage	Domestic gray cement				Ready-mix					Aggregates
variation	January - March	First Quarter	January - March	First Quarter	January - March	First Quarter
Volume	(9%)	(9%)					(14%)		(14%)		9%			9%
Price (USD)	4%	4%					9%		9%			(2%)		(2%)
Price (local currency)	4%	4%					9%		9%			(2%)		(2%)

In the United States, despite bad weather in much of our portfolio, EBITDA rose 3%, while EBITDA margin expanded almost 1pp. Margin growth was driven by higher prices of our products and lower cost inflation largely in the form of fuel, freight, and imports.

Cement and ready-mix volumes declined high-single digit and mid teen percentage, respectively, due to heavy precipitation and a deep freeze in much of our portfolio. We estimate the impact of weather conditions on cement volumes explains approximately half of the volume decline. Over the last two months, with better weather, we have seen cement and ready-mix volumes recover sequentially. Aggregates volumes, typically less impacted by weather conditions, grew 9% on the back of increased base material sales for infrastructure work.

2024 First Quarter Results

Page 3