Cemex 2Q25: Resilient Credit Navigates Soft Results, but Tight Spreads Limit Upside

While margin and cash generation initiatives continue, compressed spreads, soft results in core markets, and persistent macro uncertainty constrain the outlook.

Key Insights and Recommendations

We maintain our Neutral recommendation on Cemex. While we continue to view Cemex as an attractive and resilient LatAm credit, we see limited room for further spread compression at current levels, given macro uncertainty and a lack of near-term catalysts.