Cemex posted a five per cent decline in sales to US$4126m in the 2Q25 from US$4357m in the 2Q24. On a like-for-like (LfL) basis the decrease was four per cent. 

Operating EBITDA fell 11 per cent (nine per cent LfL) to US$823m in the April-June 2025 quarter from US$920m in the equivalent period of the previous year, resulting in a EBITDA margin of 20 per cent, down from 21.1 per cent YoY. 

However, the net income of controlling interests advanced 38 per cent YoY to US$318m from US$230m in the 2Q24. 

“As we began the implementation of our strategic framework, we moved quickly in the second quarter to transform our corporate structure introducing a new operating model to streamline overhead, foster agility and empower our regional teams to drive results,” said Jaime Muguiro, CEO of Cemex. “This process entailed difficult decisions, but necessary ones to support the company's long-term growth and competitiveness. I am confident that this transformation will help us advance towards our goals of achieving operational excellence and sustainable best-in-class shareholder return.”

First half of 2025
In the January-June 2025 period sales were down six per cent YoY (three per cent LfL) to US$7775m from US$8299m. 

Operating EBITDA fell 14 per cent (nine per cent LfL) to US$1424m in the 1H25 from US$1651m in the 1H24. The operating EBITDA margin slipped by 1.6 percentage points to 18.3 per cent from 19.9 per cent in the 1H24. 

The company's net income by controlling interests surged 117 per cent YoY to US$1052m from US$485m. 

Both Mexico and the USA saw a significant downturn in results, but the European, Middle East and African market saw improved indicators in the first half of 2025. In Mexico, sales fell 24 per cent (12 per cent LfL) to US$2041m in the 1H25 from US$2695m in the 1H24. Operating EBITDA was down by a quarter (12 per cent LfL) to US$655m from US$874m, resulting in the EBITDA margin slipping by 0.3 percentage points to 32.1 per cent from 32.4 per cent. The company attributed the less favourable results as results "continued to be challenged by the difficult prior year comparison driven by pre-election social and infrastructure spending and FX level, as well as the first year of a new administration". It forecasts improved volumes in the second half of 2025 as the comparison base will improve and the current government accelerates its infrastructure and housing plans. 

Sales in the USA declined five per cent to US$2496m from US$2626m and operating EBITDA fell 12 per cent to US$468m from US$534m. The operating EBITDA margin reduced by 1.6 percentage points YoY to 18.8 per cent from 20.4 per cent.

In Europe, Middle East and Africa sales increased by eight per cent (six per cent LfL) to US$2411m from US$2233m in the six-month period. Operating EBITDA improved 34 per cent YoY (32 per cent LfL) and the corresponding margin saw a 2.8 percentage point pick-up to 14.4 per cent from 11.6 per cent in the 1H24. 

The company's South, Central America and Caribbean sales region saw largely flat sales at US$631m in the 1H25 from US$632m in the 1H24 although LfL there was a two per cent uptick. However, operating EBITDA was down 13 per cent (11 per cent LfL) to US$112m from US$129m. This resulted in a 2.5 percentage point loss as the operating EBITDA margin narrowed to 17.8 per cent from 20.3 per cent.