Cemex 4Q25: Entering 2026 from a Stronger Position

Cash flow and liquidity remain solid, though valuation caps upside

We maintain our Neutral recommendation on Cemex. While we continue to view the company as an attractive and resilient LatAm credit, we see limited room for further spread compression at current levels, with bonds trading close to LTM tights. This view is underpinned by a robust credit profile supported by strong liquidity, manageable refinancing needs, and sufficient flexibility to navigate near-term macro and operating volatility. Management’s continued focus on profitability, margin expansion, and balance sheet discipline remains constructive, and we do not expect the credit to underperform. However, valuation plays a more prominent role in our stance, as recent spread compression limits near-term upside.