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: The Promising Credit Story of a Regional Leader in the Cement Industry

EM Spreads

Credit

<ul>
<li>Cemex delivered strong 3Q25 results with revenue and EBITDA growth, improved margins, and lower leverage, reflecting solid execution under Project Cutting Edge and continued balance sheet strengthening.</li>
<li>Management reaffirmed 2025 guidance, expecting stable profitability, strong free cash flow, and leverage within the 1.5x–2.0x range, supported by cost efficiencies, disciplined capex, and gradual 2026 demand recovery.</li>
<li>Cemex bonds trade rich versus peers, limiting near-term upside; we maintain a Neutral stance, finding best value in the 5.200% 2030s given yield, duration, and credit fundamentals.</li>
</ul>


Cemex delivered strong 3Q25 results with revenue and EBITDA growth, improved margins, and lower leverage, reflecting solid execution under Project Cutting Edge and continued balance sheet strengthening.
Management reaffirmed 2025 guidance, expecting stable profitability, strong free cash flow, and leverage within the 1.5x–2.0x range, supported by cost efficiencies, disciplined capex, and gradual 2026 demand recovery.
Cemex bonds trade rich versus peers, limiting near-term upside; we maintain a Neutral stance, finding best value in the 5.200% 2030s given yield, duration, and credit fundamentals.


Cemex 3Q25: Strong Results and Outlook Support Credit View

Cemex SAB de CV

Cemex 3Q25: Strong Results and Outlook Support Credit View