Amid this complex backdrop, Cemex focused on self-improvement measures that were largely unaffected by geopolitical developments. Beginning with the appointment of Jaime Muguiro in April, the company took an existing cost-reduction program, Project Cutting Edge, and expanded its use as the foundational element to transform the company. Project Cutting Edge focused on overhead reduction, operational improvements, and asset efficiency to drive operational excellence while boosting free cash flow and introducing a robust shareholder return program. Significant strategic adjustments were made, including:

A Reaffirmed Commitment

At Cemex, we reaffirm our commitment to be industry leaders and to build a better world in which our clients realize full success in their projects; to provide solutions to develop more prosperous cities; and to engage in a program of profitable decarbonization where respect for nature is promoted, biodiversity is preserved, and present and future generations can count on a better quality of life. We are on the right track with the right business strategy, while the strategic, operational, and financial pillars of Cemex are solid. With this strong foundation, we reaffirm our dedication to generating lasting value and higher returns for all stakeholders. On behalf of Cemex’s Board of Directors, we thank you for your continued trust and confidence in Cemex.

Sincerely,

Rogelio Zambrano Lozano

Chairman, Board of Directors

A Clear Strategic Identity

We remain a leading heavy building materials company with a focused geographic footprint in Mexico, the U.S., and Europe, complemented by selective exposure to higher-growth markets that generate strong free cash flow (FCF). This focus reflects our conviction that scale, market positioning, and operational depth in structurally attractive regions are essential to long-term competitiveness.

Each of our core markets offers distinct opportunities. Mexico benefits from strong demographic fundamentals and sustained demand for housing, infrastructure, and essential services. The U.S. remains one of the most resilient construction markets globally, supported by infrastructure investment and continued housing demand. Europe is showing gradual recovery, underpinned by infrastructure and residential activity. Across all regions, our strategy is anchored in disciplined capital allocation and a continued emphasis on improving earnings quality.

Advancing a Comprehensive Transformation

When I assumed leadership in 2025, it was clear that meaningful change was required. While Cemex possessed strong assets and talented teams, our financial performance did not fully reflect that potential.

In response, we launched a comprehensive transformation through our new program Project Cutting Edge, centered on driving operational excellence and enhancing shareholder return. Transformation and sustainable performance require more than financial results. It requires a culture that embraces accountability, continuous improvement, and change. We are building an organization that is lean, agile, and aligned with an owner’s mindset—one that benchmarks itself against best-in-class standards and leverages technology to enhance productivity and decision-making.

Our transformation is structured around four core pillars.

First, we are strengthening operational execution. We are eliminating duplicity in function and sharpening our focus on profitability by customer, product, and end market; increasing agility in resource allocation; and maintaining a relentless emphasis on cost discipline and margin expansion. Technology and data are increasingly embedded in how we manage the business, enabling faster, more informed decision-making.

Second, we have redefined how we measure and manage performance, expanding our operational key performance indicators from revenue and EBITDA growth to enhance focus on FCF and asset efficiency. In a capital-intensive industry, we are placing much greater emphasis on EBIT, return on invested capital, and the value creation of individual assets relative to their cost of capital. We have also shifted from traditional long-term planning cycles to rolling three-year execution sprints, reinforcing focus, accountability, and adaptability.

Third, we have implemented a new capital allocation framework. All uses of cash are evaluated against risk-adjusted return thresholds, with the objective of maximizing shareholder value. Maintaining our investment-grade credit rating remains a fundamental commitment, and capital deployment decisions are made with this priority firmly in mind.

Fourth, we are building a sustainable shareholder return platform. Progressive dividends and share repurchases are integral components of our strategy, reflecting confidence in our cash-generation capabilities, an understanding of the expectations of our investors, and our commitment to disciplined capital returns. While it will take time to scale shareholder return, we set the pace in the first quarter of 2026 with a 39% increase in our proposed progressive dividend at our Annual General Meeting in March 2026 as well as the announcement of a three-year $500 million share repurchase program.

Safety remains our first core value and is fundamental to how we operate. At the same time, we are simplifying processes, reducing bureaucracy, and empowering our teams to act decisively in the best interests of customers and shareholders.

As we continue striving to achieve zero injuries, we remain the global industry leader in safety standards. In 2025, our employee lost time injury (LTI) frequency rate was 0.3, and we had zero LTI incidents across 97% of our global operations.

Our continuous improvement commitment is resulting in positive outcomes, yet we will not be satisfied until we achieve zero injuries across all our operations.

Operating responsibly implies understanding that the way we do business also matters, and that is why we fully embrace and adhere to our Code of Ethics. Integrity, transparency, and strict adherence to the laws and regulations where we operate, as well as the respect for the different cultures of the countries in which we operate, are the values and principles on which we do business every day.

Building the Future

The transformation underway across Cemex is both ambitious and necessary. It is grounded in disciplined execution, financial rigor, and a clear commitment to long-term value creation. While challenges remain, we are confident in the direction we have set and in the capabilities of our teams to deliver.

We are very optimistic about the future because, in many ways, we are building it. On behalf of our nearly 40,000 global employees and the entire management team, thank you for your continued trust and support. We remain fully committed to executing our strategy and delivering sustainable returns for you, our stakeholders.

Sincerely,

Jaime Muguiro

Chief Executive Officer

We are pleased with our achievements in 2025. Despite a challenging demand environment across our global footprint, we delivered resilient results, supported by run-rate savings generated through our Project Cutting Edge.

As part of our transformation toward long-lasting shareholder value creation, we are focused on achieving best-in-class operational performance, driving higher profitability, and generating stronger free cash flow. In 2025, our free cash flow from operations as a percentage of EBITDA expanded 5.4 percentage points compared to the previous year, reflecting disciplined execution.

We further strengthened our performance management capabilities by systematically evaluating all assets on a return-on-capital basis through semi-annual business performance reviews. This approach reinforces a culture of accountability and value discipline. In parallel, we evolved our capital allocation framework in line with our growth strategy, pivoting from growth-driven capital expenditures toward accretive mergers and acquisitions with a focus on the U.S. and other select markets.

These actions are designed to build a robust platform for shareholder returns supported by a progressive dividend program and complemented by share buybacks.

KEY TAKEAWAYS Cemex Go Acceleration Program, deployed in Houston, increased digital orderadoptionfrom30%–90%, setting the stage for platform expansion across our U.S. markets in 2026. Launch of the transportation management system marked a major step in digitalizing and standardizing delivery planning. New Braunfels Balcones Cement Plant In Texas becomes the blueprint for extended artificial intelligence(AI) enabled digitalization. The facility has achieved approximately 6% productivity improvement through the deployment of AI and is positioned as the model for broader implementation across U.S. operations.

Best-in-Class Customer Experience Paves Way

for Digital Evolution

For more than a decade, Cemex has made disciplined, strategic investments in its digital transformation. What began as a commitment to deliver a consistent, digital-first commercial experience has evolved into a comprehensive ecosystem that redefines how our customers engage with us. Today, our global net promoter score of 75—well above industry benchmarks—stands as a definitive measure of the superior customer experience we deliver and the enduring value of our digital-first approach.

Building on this achievement, the next technology frontier leverages digitalization to bolster the company’s operational excellence strategy. Our digital evolution helps unlock the full potential of Cemex’s internal operations by enhancing business processes through data and artificial intelligence (AI) and focusing on improving operational key performance indicators (KPIs) to deliver greater efficiency. Collectively, these digital forward initiatives reinforce our commitment to operational excellence, customer-centric innovation, and sustainable value creation.

Digital Transformation Builds Capabilities,

Improves Operational Efficiency

Building organizational and technology-based capabilities, such as enhanced self-service options, automated workflows, and improved data visibility, let us optimize internal processes and redeploy critical resources to higher-value activities. In addition, we reduce the overall cost to serve across global operations and drive greater accuracy and responsiveness in commercial and logistics decision-making. Whether it’s commercial, supply chain, production, or administration, we’re embracing digitalization as a competitive edge in today’s dynamic business landscape.

Enabling a Digital-First Commercial Experience

Drive efficiency, transparency, and agility through end-to-end digitalization of our commercial processes.

Digitalization and automation of our commercial processes have enabled a comprehensive self-service model that empowers customers to manage orders, track deliveries, and oversee their accounts autonomously. This significantly reduces dependence on traditional service center interactions.

By equipping our sales force with real-time data visibility and generative AI-powered tools, our commercial representatives have access to actionable intelligence and tailored technical guidance to deliver superior client engagement. Our service centers now operate with advanced digital solutions that enable seamless omnichannel interactions. This allows us to drive greater efficiency in customer service delivery while we begin deploying artificial intelligence capabilities to further maximize asset utilization and accelerate decision-making. Together, these digital capabilities aim to deliver a strengthened customer experience and sustainable cost efficiencies across our commercial operations.

Operating an Integrated Supply Chain

Connect systems and leverage real-time data to streamline processes and reduce complexity.

The new transportation management system (TMS) in the U.S. Midsouth region is a major step in digitizing and standardizing delivery planning. This initiative increased transportation optimizer utilization by up to 72% and achieved

measurable carrier mix cost reductions. Thousands of cement loads have been digitized through the TMS since launch, directly lowering cost to serve, improving fleet productivity, and strengthening data-driven decision-making.

Digitalizing Operations

Optimize production, maintenance, and quality processes using advanced technologies, such as AI, to drive operational excellence across the organization.

These efforts have increased productivity of key assets in our flagship plant in New Braunfels, Texas. This gives us a road map for enhancing productivity across all facilities.

Scaling Administration and Support Services

Transform core support functions through digitalization and AI, enabling smarter decision-making, greater efficiency, and scalable operations that strengthen the business foundation and support sustainable growth.

Procurement. Integrating AI in source-to-contract streamlines sourcing, guides compliance, supports best-value decisions, and enhances supplier management and procurement efficiency.

Treasury. Modernizing our treasury system is improving reliability, standardization, and cash visibility, enabling strategic banking negotiations while optimizing liquidity, forecasting, and risk management.

Logistics. Leveraging AI to provide smarter negotiations and real-time vessel visibility is optimizing logistics, reinforcing supply chain resilience, and increasing operational efficiency and cost transparency.

Promoting Innovation and New Technologies

Embrace the evolution of processes and practices, recognizing that adaptability is key to success.

We are strengthening the open digital innovation ecosystem through Cemex Ventures Leaplab. We search for startups with practical uses of digital technologies and new business models for potential productivity improvement that enhance our value proposition.

Empowering Data and AI-Driven Decisions

Pursue data democratization across the organization, turning data into valuable assets and generating value from them.

Creating a robust data infrastructure, advanced analytics capabilities, and machine learning algorithms is enabling us to turn data into actionable insights.

Augmenting People Capabilities

Foster a culture of continuous learning, collaboration, and digital knowledge, propelling the Cemex organization forward.

We actively promote knowledge sharing and cross-functional skill development, equipping our workforce to lead and embrace digital transformation.