Cemex announced its first quarter 2026 results, reporting strong performance underpinned by disciplined execution of its transformation plan. EBITDA reached a record $794 million, increasing 34% year-over-year, driven by operational efficiencies, pricing strategy, operating leverage and stronger foreign exchange.
EBITDA margin expanded by 3.3 percentage points to 19.8%, with most regions contributing. Free Cash Flow from Operations grew at a multiple of EBITDA growth, improving by nearly $300 million, and reached $29 million in a quarter that has historically generated negative cash flow.
Despite adverse weather in the United States and Europe, net sales increased 3% on a like-to-like basis, supported by a recovery in cement volumes in Mexico and a disciplined pricing strategy. Adjusting for the one-off prior year gain from the sale of its Dominican Republic operations, Cemex said net income would have nearly doubled in the quarter.
“I am very pleased with our first quarter results, which reflect the ongoing benefits of our transformation and a structurally stronger Cemex with a more resilient earnings profile,” said Jaime Muguiro, CEO of Cemex. “Despite the uncertain global backdrop, our self-help measures under Project Cutting Edge that we have put into place, coupled with strong first quarter results, give me confidence on our full‑year high-single-digit EBITDA growth guidance.”
Regional performance reflected broad-based strength. Mexico delivered strong EBITDA growth and margin expansion, supported by continued volume recovery, operational efficiencies, and pricing. The United States showed resilience despite adverse weather, with growth in ready-mix and aggregates volumes and continued benefits from Project Cutting Edge.
EMEA reported double-digit EBITDA growth driven by cost discipline and pricing, while South, Central America and the Caribbean achieved double-digit EBITDA growth supported by higher volumes and ongoing transformation benefits.
