Cemex announce strong second-quarter results

Net sales flat but company reports EBITDA growth and highest EBITDA margin in eight years

CEMEX have reported strong second-quarter results, with a 2% increase in EBITDA to US$965 million, whilst EBTIDA margin expanded to the highest level since 2016.

EBITDA margin was propelled 0.3pp to 21.5% by favourable price-to-cost dynamics, with prices rising mid-single digits amidst decelerating costs. However, net sales, at US$4,494 million, were flat compared with the second quarter of 2023, reflecting difficult weather conditions in key markets offset by pricing momentum.

In the Europe, Middle East, and Africa region, net sales were down 7%, to US$1,190 million, EBITDA was 12% lower at US$175 million, whilst EBITDA margin decreased 0.9pp to 14.7%.

Commenting on the consolidated results, Fernando A. González, chief executive officer of Cemex, said: ‘Our strong second-quarter results demonstrate the efficacy of our commercial approach and growth strategy. Pricing contribution of our products continues to exceed decelerating input cost inflation, while our bolt-on investments, mainly in the US, and our Urbanization Solutions business, continued to support EBITDA growth.’

Mr González continued: ‘On Climate Action, we continue to make steady progress in decarbonization with a 3% decline in Scope 1 emissions year-to-date. European operations are leading the way, with emissions today already at European industry 2030 targets and within reach of Cemex’s consolidated 2030 targets, almost six years ahead of time.’

During the quarter, Cemex achieved another important milestone with its second Investment Grade rating from Fitch Ratings. Cemex were also recognized as the top-scoring company in the World Benchmarking Alliance’s 2024 Climate and Energy Benchmark, among 91 of the world’s most influential aluminium, cement, and steel companies – evidence, say Cemex, that their leadership in sustainability holds up well even beyond the cement industry.