• Net Income of US$939 million, a fivefold increase year over year, reaching a recent record high.
• Consolidated EBITDA grew 3% in 4Q24 with margin expanding by 0.4pp, while full-year EBITDA declined by 1% with stable margin, on a year-over-year basis.
• Free cash flow after maintenance capex, adjusting for non-recurring taxes, at highest level since 2017.
• Closed US$2.2 billion of divestments of non-core assets in emerging markets.
• Introduced “Project Cutting Edge”, a savings program designed to deliver incremental EBITDA growth of $150 million in 2025 with a run rate of $350 million by 2027, with additional free cash flow benefits.
Monterrey, Mexico. February 6, 2025– Cemex reported its fourth quarter and full-year 2024 results today, reaching an annual EBITDA of US$3,079 million and a Net Income of US$939 million, a record in the company’s recent history. After an exceptional year in 2023, the company continues delivering strong results, reflected in the resiliency of its EBITDA margin and the highest free cash flow after maintenance capex since 2017, adjusting for the Spanish tax fine.
“I am proud of our achievements this year, as it marks a pivotal moment in the corporate transformation we envisioned in 2020,” said Fernando A. González, CEO of Cemex. “With the recovery of our investment grade ratings, improved free cash flow generation and the execution of US$2.2 billion in asset divestments, we can now pursue more aggressively our capital allocation priorities of growth through small to medium-sized acquisitions, primarily in the U.S., additional deleveraging, and building further on our shareholder return programs.”
Cemex also launched “Project Cutting Edge”, a three-year, US$350 million saving initiative to streamline operations and improve efficiency, heavily leveraging digital technology throughout the company. This program is anticipated to deliver US$150 million in incremental EBITDA in 2025 expecting to reach a run rate of US$350 million by 2027. “Project Cutting Edge” also contemplates expected savings at the free cash flow level.
In Climate Action, the company is advancing its Future in Action roadmap, making significant progress in profitable decarbonization by reducing Scope 1 and Scope 2 CO2 emissions by 15% and by about 17%, respectively, compared to 2020, a reduction that historically would have taken Cemex 16 years to achieve. Based on current emissions levels, Cemex is well on its way to reach its 2025 and 2030 CO2 emissions targets.
Cemex’s Consolidated 2024 Full Year and 4th Quarter Financial and Operational Highlights.
• Net Sales decreased by 1% to US$16,200 million in 2024 and remained flat at US$3,811 million in the 4th quarter.
• EBITDA decreased by 1% to US$3,079 million in 2024 and increased by 3% to US$681 million in the 4th quarter.
• EBITDA margin remained flat in 2024 at 19.0% and increased by 0.4 percentage points to 17.9% in the 4th quarter.
• Free Cash Flow after Maintenance Capital Expenditures increased to US$1,253 million in 2024, adjusting for the US$383 million payment related to the tax fine in Spain.
• Net Income reached US$939 million, a record level in our recent history.
• Net Leverage1 stood at 1.81 times, its lowest level since the outbreak of the 2007 global financial crisis.
• Growth investments contributed US$344 million to consolidated EBITDA in 2024.
• EBITDA from Cemex’s Urbanization Solutions business increased by 4%, with margin expanding by 1.1 percentage points in 2024.
• Reduction of Scope 1 and Scope 2 CO2 emissions of 15% and about 17%, respectively, compared to 2020.
Geographical Markets 2024 Full Year and 4th Quarter Highlights
• Sales in Mexico increased by 1% in 2024 to US$4,881 million and decreased by 6% in the 4th quarter to US$1,050 million. EBITDA increased by 3% in 2024 to US$1,475 million and decreased by 4% in the 4th quarter to US$283 million.
• Cemex’s operations in the United States reported Sales of US$5,194 million in 2024, a decrease of 3%, and US$1,233 million in the 4th quarter, also a 3% decline. EBITDA decreased by 1% in 2024 to US$1,031 million and remained flat at US$238 million in the 4th quarter.
• In the Europe, Middle East, and Africa region, Sales decreased by 2% in 2024 to US$4,631 million, and increased by 8% in the 4th quarter to US$1,155 million. EBITDA was US$637 million in 2024, 3% lower than the previous year, and US$177 million for the 4th quarter, a 43% increase.
• Cemex operations in the South, Central America, and the Caribbean region reported Sales of US$1,244 million in 2024, remaining flat, and US$297 million in the 4th quarter, also remaining stable. EBITDA increased by 2% to US$234 million in 2024 and by 2% to US$57 million in the 4th quarter.
Note: All percentage variations related to Sales and EBITDA are on a like-to-like basis for the ongoing operations and for foreign exchange fluctuations compared to the same period of last year. All references to EBITDA mean Operating EBITDA.
(1) Calculated in accordance with our main bank debt agreements. 
