CEMEX (CEMEXCPO) Q2 2025 earnings summary

Executive summary

• Strategic transformation advanced with a new operating model, portfolio review, and focus on operational excellence and shareholder returns.

• Project Cutting Edge expanded, targeting $200M EBITDA savings in 2025 and $400M by 2027, mainly from headcount and overhead reductions.

• 2Q25 results aligned with guidance: net sales down 4–5% and EBITDA down 9–11% year-over-year, with resilient margins in key regions.

• Free cash flow from operations in Q2 2025 was $206M, down 25% year-over-year, but expected to accelerate in H2 due to improved profitability and seasonal working capital turnaround.

• Controlling interest net income rose 38% year-over-year to $318M in Q2 2025, driven by non-operating items and discontinued operations.

Financial highlights

• Q2 2025 net sales: $4.1B, down 4–5% year-over-year; EBITDA: $823M, down 9–11%; EBITDA margin: 20.0%, down 1.1pp.

• Consolidated cement, ready-mix, and aggregates volumes declined 2–5% year-over-year in Q2 2025.

• Free cash flow from operations: $206M in Q2 2025, down 25% year-over-year; 1H25 FCF from operations: -$65M.

• Net debt at June 2025: $5.8B, down 19% year-over-year; leverage ratio: 2.05x.

• Cash and cash equivalents increased to $1.17B, up 174% year-over-year.

Outlook and guidance

• Full-year consolidated EBITDA expected to be flat versus 2024/2025, with potential upside from FX and further cost savings.

• Free cash flow generation anticipated to improve in H2, supported by higher profitability and seasonal working capital reversal.

• Maintenance capex: $800M; growth capex: $600M; no incremental working capital investment.

• Net interest paid projected to fall by $125M in 2025; cash taxes expected at ~$450M.

• Volume guidance: Mexico and US expect mid-to-high single digit declines in cement and ready-mix; EMEA and SCAC expect increases.