Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Cemex 4Q25: Entering 2026 from a Stronger Position

Cemex 1Q26: Mexico Recovery and Cost Savings Drive EBITDA Beat

Cemex Prices US$1.5bn 5.750% 2036 Senior Unsecured Notes

EM Spreads

Credit

<ul>
<li>Cemex delivered a margin step-up, with pricing, structural savings and Mexico strength lifting EBITDA 23.8% YoY to $1.02 billion.</li>
<li>Credit metrics improved. Net leverage including perpetuals declined to 2.1x, EBITDA coverage rose to 7.5x, and FFO/debt reached 34.4%.</li>
<li>We remain Neutral on the issuer but maintain Buy on the 2036s, where the curve still offers the best risk-adjusted concession.</li>
</ul>


Cemex delivered a margin step-up, with pricing, structural savings and Mexico strength lifting EBITDA 23.8% YoY to $1.02 billion.
Credit metrics improved. Net leverage including perpetuals declined to 2.1x, EBITDA coverage rose to 7.5x, and FFO/debt reached 34.4%.
We remain Neutral on the issuer but maintain Buy on the 2036s, where the curve still offers the best risk-adjusted concession.


Cemex 2Q26: Pricing Power Drives a Margin Step-Up

Cemex SAB de CV

Cemex 2Q26: Pricing Power Drives a Margin Step-Up