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

Strong Q3 operating performance + momentum - Net sales grew ~8% YoY on higher consolidated prices and improving cement volumes. - EBITDA +12% YoY and EBIT +19% YoY, with the company highlighting 5 consecutive quarters of double-digit EBITDA/EBIT growth and margin expansion. - Cement volumes +3% YoY; recovery is uneven by geography (Mexico up; Europe pressured by weather/fragile recovery).

Cash generation improving materially (key investor theme) - Free cash flow from operations (FCFO): $723m in Q3 (+34% YoY); YTD nearly tripled to ~$1.4bn. - Trailing 12-month adjusted FCFO conversion ~62% (up 16pp YoY), described as a record level and the 2nd consecutive quarter around ~60%. - Management attributes improvement to higher EBITDA, lower maintenance CapEx, lower working-capital investment, fixed-asset sales, and tighter execution; working capital days average about -9 days.

Transformation (“Project Cutting Edge”) driving structural earnings quality + early asset-pruning results - Incremental savings from the program estimated at ~$60m in Q3; cost savings target ~$475m is 80% achieved (remaining ~$95m, mainly benefiting 2027). - Asset pruning is beginning to show tangible value: - Divested ready-mix assets in the Atlanta region (US) (deconsolidated as of Sep 30). - In Southeast France, exclusive negotiations for ready-mix/aggregate sale (still consolidated until closing). - In total, completed + announced divestitures since launch: > $200m proceeds and 140+ facilities. - Estimated recurring benefit from asset pruning: +$100m to +$150m incremental recurring free cash flow (timing largely 2027+, per narrative).