Fitch Ratings Upgrades Cemex to Investment Grade

MONTERREY, Mexico, April 30, 2024--(BUSINESS WIRE)--Cemex announced today that it has reached full investment grade status after being upgraded to BBB- by rating agency Fitch Ratings. This follows S&P Global Ratings’ upgrade announced in March 2024.

"Achieving investment grade is a milestone for Cemex," said Fernando A. González, CEO of Cemex. "This rating is confirmation of both our strategy and our execution against it. By optimizing our cost of capital, it also serves as the foundation for increased financial flexibility going forward to address our capital allocation priorities of growth investments in key markets and shareholder return."

Cemex’s strategic focus on its key markets was advanced further last week by the announcement of the agreement to divest its operations and assets in the Philippines. Also, Cemex also recently announced the closing of a €750 million bank refinancing as part of its comprehensive financing plan designed to increase liquidity and flexibility.

About Cemex

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

Except as the context otherwise may require, references in this press release to "Cemex," "we," "us," and "our," refer to Cemex, S.A.B. de C.V. (NYSE: CX) and its consolidated subsidiaries. The information contained in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect, as of the date such forward-looking statements are made, unless otherwise indicated, Cemex’s expectations and projections about future events based on Cemex’s knowledge of present facts and circumstances, and assumptions about future events, as well as Cemex’s current plans based on such facts and circumstances. These forward-looking statements and information are necessarily subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from Cemex’s expectations including but not limited to statements related to Cemex’s plans, objectives, and expectations (financial or otherwise), and those discussed in Cemex’s most recent annual report and detailed from time to time in Cemex’s other filings with the U.S. Securities and Exchange Commission and the Mexican Stock Exchange (Bolsa Mexicana de Valores), which factors are incorporated herein by reference, which if materialized could ultimately lead to Cemex’s expectations and/or expected results not producing the expected benefits and/or results. Forward-looking statements should not be considered guarantees of future performance, nor the results or developments are indicative of results or developments in subsequent periods. The information contained in this press release speaks only as of the date of this press release and is subject to change without notice, and except to the extent legally required, we expressly disclaim any obligation or undertaking to update or revise any forward-looking statements in this press release, whether to reflect any change in our expectations regarding those forward-looking statements, any change in events, conditions or circumstances on which any such statement is based, or otherwise. Any or all of Cemex’s forward-looking statements may turn out to be inaccurate and the factors referenced above are not exhaustive. Accordingly, undue reliance on forward-looking statements should not be placed, as such forward-looking statements speak only as of the dates on which they are made. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Cemex is not responsible for, and expressly disclaims responsibility for, the content of any third-party website or webpage referenced to or accessible through this press release, nor for any quote, expectation, or projection from any third-party contained herein. Certain data used in this press release was obtained from independent industry publications and reports that Cemex believes to be reliable sources. Cemex has not independently verified this data nor sought the consent of any organizations to refer to their reports in this press release.

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Contacts

Analyst and Investor Relations - New York
Blake Haider
+1 (212) 317-6011
ir@cemex.com

Analyst and Investor Relations - Monterrey
Fabián Orta
+52 (81) 8888-4327
ir@cemex.com

Media Relations
Jorge Pérez
+52 (81) 8259-6666
jorgeluis.perez@cemex.com