J P M O R G A N Latin America Equity Research 23 July 2026 Cemex Beat on EBITDA (+4% vs JPMe), Driven by Broad- Based Margin Expansion and FY26 EBITDA Guidance Raised to +16-17% y/y (from +HSD%) Strong quarter with 2Q26 EBITDA +24% y/y at $1,018mn (+18% l-t-l), a 4% beat vs JPMe and +9% vs consensus. Mexico did better than expected on strong revenues and margin expansion, while AMEA and Europe EBITDA exceeded JPMe by 24% and 17%, respectively, with the US coming in below expectations. The main driver of the ...