Fourth Quarter 2022 Growth and Climate Action
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Mexico: 4Q22 EBITDA up mid-single digit
In fourth quarter, with continued inflation pressuring retail demand, bagged cement volumes
moderated, while bulk cement grew high-single digits
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The formal sector benefited from nearshoring investments in border states, tourism
construction, and distribution and logistic activity in the central part of the country
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As our pricing strategy continued to make inroads in catching up to inflation, year over year
quarterly EBITDA rose for the 1st time in 5 quarters
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CEMEX
Cement industry
demand'
I&C
Informal
residential
31%
35%
10%
While margins declined during the quarter due to higher energy, raw materials, freight, and
wages, as well as product mix, the decline moderated versus full year performance
Infrastructure
24%
Formal residential
Announced price increases for all our products effective January 1st
Alternative fuels exceeded 40% in fourth quarter, a record, representing a 12pp YoY
increase
For 2023, we expect cement volumes to remain flat, while ready mix and aggregates grow
at mid and high single digits, respectively
The industrial and commercial sector, driven by nearshoring and tourism, should remain the
driving force behind 2023 volumes, while government social programs should help offset
continued weakness in household demand
1) CEMEX estimates
Net Sales YoY
I-t-l
+13%
+21%
4Q21
4Q22
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