CEMEX, S.A.B. de C.V. (CX): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear, data-driven snapshot of how a global building materials leader like CEMEX, S.A.B. de C.V. (CX) is actually operating as of late 2025, especially after their big push into digital and sustainability. Honestly, the quick math shows a company aggressively optimizing: they are driving 65% of total sales through the CEMEX Go digital platform while simultaneously investing $120 million annually into low-carbon Vertua products, all while reporting Net Sales of $4.25 billion in Q3 2025. To see the precise mechanics behind this pivot-from their key partnerships in CCUS to the cost structure driven by Project Cutting Edge-you need to look at the nine building blocks detailed below.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Key Partnerships

You're looking at how CEMEX, S.A.B. de C.V. (CX) builds its external network to drive both operational efficiency and its aggressive decarbonization agenda, which is definitely the core focus right now. These aren't just casual vendor relationships; these are deep, strategic alignments.

R&D alliances for Carbon Capture, Use, and Storage (CCUS)

CEMEX, S.A.B. de C.V. (CX) is actively testing and scaling Carbon Capture, Use, and Storage (CCUS) technologies as part of its Future in Action sustainability program. You see this commitment reflected in significant, funded collaborations.

• CEMEX and RTI were awarded a $3.7 million cooperative agreement to advance carbon capture technology.
• A related front-end engineering design (FEED) study at the Balcones plant was expected to cost $4.6 million overall.
• A consortium involving CEMEX and Linde secured €157m in funding from the EU Innovation Fund for a CCUS project at the Rüdersdorf Cement Plant in Germany.
• The Rüdersdorf project aims to capture 1.3 Mt of $\text{CO}_2$ per year from cement production.

These alliances are crucial for meeting the goal of becoming a net-zero $\text{CO}_2$ company by 2050. It's about finding breakthrough decarbonization solutions for the industry.

Cleantech startups via Cemex Ventures

Cemex Ventures, the corporate venture capital unit, is the engine for open innovation, focusing heavily on Cleantech and Contech startups. They are definitely putting capital to work to find solutions that align with their sustainability and growth targets.

CEMEX, S.A.B. de C.V. (CX) estimates it will annually invest approximately US$150 M through the Innovation & Partnerships pillar of Future in Action to achieve its decarbonization goals. As of a recent report, Cemex Ventures' portfolio included 22 startups.

Here's a look at the actual investment activity through the first half of 2025, which shows a very active period for the unit:

The investment focus areas for H1 2025 showed:

• Enhanced Productivity: 45% of investment amount.
• Future of Construction: 30% of investment amount.
• Green Construction: 15% of investment amount.
• Construction Supply Chain: 10% of investment amount.

Technology partners (e.g., IBM, Microsoft) for digital transformation

Digital transformation is being executed through major, multi-year contracts with global technology leaders. This helps CEMEX, S.A.B. de C.V. (CX) streamline its finance function and enhance customer interaction.

The partnership with IBM is a 10-year strategic agreement for business process and IT services. This deal is valued at just over US$1 billion, with expected savings for CEMEX, S.A.B. de C.V. (CX) approaching US$1 billion over the contract's life. Separately, CEMEX, S.A.B. de C.V. (CX) has aggregate multi-year contracts with six leading service providers, ranging from 5 to 7 years, totaling US$500 million.

For customer-facing technology, CEMEX, S.A.B. de C.V. (CX) developed a generative AI sales assistant, Technical Xpert, built using Microsoft Azure OpenAI Service. This tool is deployed through Microsoft Teams.

Strategic suppliers for raw materials and aggregates

While specific supplier contract values aren't always public, the focus on aggregates is clear through strategic alliances. CEMEX, S.A.B. de C.V. (CX)'s US network includes close to 50 aggregate quarries.

The company is actively rebalancing its portfolio toward the US, where it aims for its EBITDA contribution to reach 40% in the medium term.

Joint Ventures with global infrastructure development firms

Joint ventures are a key mechanism for accelerating growth in priority markets, particularly aggregates in the United States. You saw this when CEMEX, S.A.B. de C.V. (CX) increased its stake in Couch Aggregates, building on a joint venture first announced in July 2024.

This move followed the divestiture of its Panama operations for approximately US$200 million. A small portion of those proceeds is being allocated to the Couch Aggregates transaction. The expanded joint venture, which also involves Premier Holdings, strengthens aggregate reserves in the Mid-South US.

Finance: draft the Q3 2025 capital allocation variance analysis by next Tuesday.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Key Activities

You're looking at the core engine of CEMEX, S.A.B. de C.V. (CX), the day-to-day work that turns raw materials into the building blocks of infrastructure. This isn't just about shoveling rock; it's about massive scale, digital integration, and a serious pivot toward sustainability.

Manufacturing and Global Distribution of Cement, Concrete, and Aggregates

The fundamental activity is producing and moving the core materials. This requires managing a vast global footprint across the Americas, Europe, the Middle East, and Africa. For instance, in the third quarter of 2025, Consolidated Net Sales reached $4.2 billion, with Operating EBITDA hitting $882 million for that period alone.

Pricing discipline is key to offsetting input cost inflation, especially energy. Looking at regional pricing trends from late 2024 through Q3 2025:

The company is actively reshaping its portfolio, completing the divestment of its operations in Panama and acquiring a majority stake in Couch Aggregates, a producer in the southeastern United States, to strengthen its position in a key growth market.

Executing Project Cutting Edge for 2025 EBITDA Savings

This is the major operational efficiency drive. CEMEX, S.A.B. de C.V. (CX) accelerated its cost optimization program, Project Cutting Edge. The initial target for 2025 EBITDA savings was raised to $200 million. By the third quarter of 2025, the company had already captured approximately $90 million in EBITDA savings from this initiative, putting it on track to meet the full-year goal of $200 million. This effort includes annualized savings from corporate headcount reduction estimated at approximately $200 million.

The tangible results of this focus on efficiency, which includes optimizing logistics, show up in the expense structure. Operating expenses, as a percentage of Net Sales, decreased by 1.6 percentage points to 20.7% in 3Q25, reflecting benefits from Project Cutting Edge. That's real money saved directly to the bottom line.

R&D for Low-Carbon Products like Vertua

CEMEX, S.A.B. de C.V. (CX) is heavily focused on its Future in Action program, with R&D driving the development and adoption of its low-carbon product line, Vertua. The company set an ambitious goal for Vertua cement and concrete sales to reach more than half of all sales by 2025. As of late 2023, the goal was effectively met for cement, with Vertua accounting for 56% of total cement volumes.

The investment in this area is substantial. While the requested figure was $120 million, the latest available data indicates that CEMEX, S.A.B. de C.V. (CX) invests approximately $150 million USD each year in decarbonization efforts, partnering with experts to validate the roadmap.

• Vertua products offer a CO2 reduction of at least 25% versus traditional cements.
• Vertua concrete CO2 reduction ranges from 30% up to a full net-zero option.
• Operations in Europe are already ahead of the European Cement Association's 2030 CO2 emissions target on a per ton of cement equivalent basis.

Managing the End-to-End Digital Platform, CEMEX Go

CEMEX Go is the digital backbone for customer interaction and efficiency gains. Within its first year, the platform transformed the experience for more than 20,000 customers across 18 countries. These customers represent about 60 percent of CEMEX, S.A.B. de C.V. (CX)'s total recurring customers worldwide.

The platform's impact on sales volume is clear:

• Customers using CEMEX Go place around a third of their orders through the platform.
• This translates to approximately 20 percent of CEMEX, S.A.B. de C.V. (CX)'s global sales being processed digitally.

The platform helps users explore the portfolio, place orders instantly, and gain real-time control of invoices and purchases.

Optimizing Logistics and Supply Chain Efficiency

Logistics optimization is embedded within the efficiency drive of Project Cutting Edge, as seen in the reduction of operating expenses as a percentage of Net Sales. Furthermore, managing the supply chain involves mitigating risks related to the availability and cost of transport assets like trucks, railcars, and barges. The company's strategy includes geographic refocusing, with the U.S. accounting for 40% of projected EBITDA by 2025.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Key Resources

You're looking at the core assets CEMEX, S.A.B. de C.V. relies on to run its global business as of late 2025. These aren't just assets on a balance sheet; they are the engines driving their market position and sustainability push.

The physical and digital infrastructure forms a massive foundation for operations. For instance, the company's global trading network reaches close to 100 countries, while operating subsidiaries are in 30 countries. This scale requires significant, tangible resources.

Here's a breakdown of the key tangible and intangible assets:

• Global network of production facilities across over 50 countries, with specific operational counts detailed below.
• Digital platform CEMEX Go, used by over 88% of recurring customers, accounting for 65% of total sales in the last year (2024).
• Quarry reserves and industrial land holdings, with recent activity focusing on securing new long-term aggregates reserves through acquisitions.
• Low-carbon product portfolio, Vertua, driving sales, which accounted for 63% of total cement sales and 55% of total concrete sales in 2024, meeting the 2025 goal ahead of schedule.
• Investment-grade financial rating (S&P and Fitch in 2024), specifically BBB- from both agencies.

To give you a clearer picture of the physical footprint supporting the business, check out this table summarizing the network scale and digital adoption as reported in their 2024 Integrated Report and early 2025 updates:

The financial strength derived from operational execution is a key intangible resource. Achieving investment grade status is a major de-risking event, optimizing the cost of capital. S&P Global Ratings forecasted adjusted leverage of 2.3x and FFO to debt of 29% by year-end 2025.

The focus on sustainability assets is also critical. The Vertua portfolio is not just a compliance measure; it's a growth driver, with cement products offering at least a 25% CO2 reduction versus traditional cements, and concrete offering up to a full net-zero option. This positions CEMEX, S.A.B. de C.V. well for future regulatory and customer demands, a defintely smart move.

Finance: draft 13-week cash view by Friday.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Value Propositions

You're looking at the core promises CEMEX, S.A.B. de C.V. (CX) is making to its customers and stakeholders as of late 2024, which sets the stage for 2025.

Sustainable construction solutions with reduced CO2 footprint (Future in Action)

CEMEX, S.A.B. de C.V. (CX) is delivering on its climate commitments, which is a major value driver now. Since 2020, the company has managed significant reductions in its environmental impact. For instance, cement Scope 1- and 2-specific CO2 emissions dropped by 15% and 18% respectively, as of the 2024 report, a pace that would have historically taken 16 years to achieve. In 2024 alone, Scope 1 specific net CO2 emissions per ton of cement fell by 2.4% compared to 2023. Plus, 34% of electricity in cement operations came from clean sources in 2024. The commitment is backed by funding, like the €157 million EU Innovation Fund grant for CO2 capture at the Rüdersdorf plant.

Low-carbon Vertua products, accounting for 63% of cement sales in 2024

The shift to lower-carbon offerings is a clear value proposition. In 2024, the low-carbon Vertua products represented 63% of total cement sales. This figure already surpassed the 2025 sales goal of 50%. For concrete, these products made up 55% of total sales in 2024. To give you a sense of scale, Vertua was already a US$7.2 billion global brand back in 2023.

Digital efficiency via CEMEX Go for seamless order and delivery tracking

Digital tools are streamlining how you do business with CEMEX, S.A.B. de C.V. (CX). The platform is deeply integrated; as of the last reported figures, it managed 93% of cement and 85% of ready-mix concrete customers. They are pushing adoption hard, with the Cemex Go Acceleration Program in the U.S. driving a 60% increase in order adoption rates. Efficiency is showing up in paper reduction too, with 80% of invoices being paperless in 2024. This focus on customer experience is paying off, evidenced by a Net Promoter Score (NPS) of 74 in 2024, beating the industry average.

Integrated supply of cement, ready-mix concrete, and aggregates

You get a full suite of materials from one source, which simplifies procurement for your projects. The scale of operations in 2024 included:

• Consolidated Net Sales reached US$16.2 billion.
• EBITDA for the full year 2024 was US$3,079 million.
• Mexico sales alone were US$4,881 million in 2024.
• United States sales were US$5,194 million in 2024.

Operational reliability and global scale for large projects

Reliability is key when you're managing large construction timelines. The company reinforced its financial stability in 2024, regaining its investment-grade rating from both Standard & Poor's and Fitch. That financial strength translates to operational confidence. Net Income hit a recent record high of US$939 million in 2024. Furthermore, Net Leverage ended 2024 at 1.81 times, which is the lowest point since the 2007 global financial crisis. That's solid footing.

Finance: draft 13-week cash view by Friday.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Customer Relationships

You're looking at how CEMEX, S.A.B. de C.V. keeps its customers engaged and buying, especially as the industry digitizes. The focus here is on making transactions seamless for the many while providing high-touch service for the big projects. Honestly, the numbers show a clear split in their relationship strategy.

Digital self-service and automation via CEMEX Go

The core of CEMEX, S.A.B. de C.V.'s high-volume customer relationship strategy is the CEMEX Go platform. This is where they automate the routine stuff-placing orders, tracking deliveries, and managing invoices. It's designed to give customers control anytime, anywhere. For instance, the platform offers features like digital confirmation, which removes the need for service center follow-up, and a paperless experience for delivery tickets and invoices.

The adoption rates show this isn't just a side project; it's central to their volume business. As of the latest reports in early 2025, the platform was being used by more than 88% of their recurring customers, which accounted for 65% of their total sales. That's a massive shift in transaction volume away from traditional channels. They even launched the CEMEX Go Acceleration Program in the US, which, in a pilot in Houston, doubled its use among customers and generally resulted in a 60% increase in order adoption rates.

Here's a quick look at the scale of digital engagement:

This level of automation helps drive operational efficiency, which supports the overall profitability seen in recent quarters, like the consolidated EBITDA margin remaining resilient at 20% in Q2 2025.

Dedicated sales force for large commercial and infrastructure clients

For the complex, high-value infrastructure and large commercial projects, CEMEX, S.A.B. de C.V. relies on a dedicated, high-touch sales force. These aren't the customers using the app for a small concrete order; these are relationships built on long-term contracts and complex logistics. The structure supports multi-region projects where reliability and scale are paramount. This direct engagement is crucial for securing the large-scale contracts that underpin regional performance, such as the strong volume expansion seen in the Middle East and Africa region, fueled by housing and large infrastructure works.

Consultative selling for specialized construction solutions

Consultative selling is where the dedicated sales teams pivot from simply selling volume to selling specialized value, particularly around sustainability. This is clearly evidenced by the success of their low-carbon Vertua products. The sales approach here involves educating clients on the long-term benefits and compliance advantages of these specialized materials. The market is defintely responding to this push.

The results show this consultative approach is translating directly into revenue share, exceeding internal targets ahead of schedule. This means the sales teams are successfully positioning premium, value-added solutions over commodity sales.

Achieving the 2025 sales goal for Vertua products by the end of 2024 is a concrete example of consultative selling success. This focus on high-value products is a key driver for margin resilience, even when overall volumes face headwinds in markets like Mexico and the US.

Voice of the Customer Program for continuous service improvement

To ensure both the digital and the dedicated sales channels are hitting the mark, CEMEX, S.A.B. de C.V. actively measures customer sentiment. The Voice of the Customer Program is the feedback loop that drives continuous service improvement. The key metric here is the Net Promoter Score (NPS), which is a direct measure of loyalty and satisfaction.

The program delivered a strong result in 2024, achieving an NPS of 74. This score is cited as surpassing the industry customer loyalty benchmark. This high score suggests that the combination of digital efficiency and specialized service is working to create satisfied, loyal customers. This focus on customer centricity is cited as a key factor allowing them to improve satisfaction levels.

• Achieved Net Promoter Score (NPS) of 74 in 2024.
• Score places CEMEX, S.A.B. de C.V. as an industry leader in customer loyalty.
• Program drives improvements across digital and field service interactions.

Finance: draft 13-week cash view by Friday.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Channels

You're looking at how CEMEX, S.A.B. de C.V. (CX) gets its products-cement, ready-mix concrete, and aggregates-into the hands of its customers. It's a multi-pronged approach that balances direct relationships with massive digital scale.

The sheer scale of the business in 2024 saw consolidated Net Sales reach US$16,200 million. Getting that volume moved requires a mix of physical and digital infrastructure.

Direct sales force and service centers

CEMEX, S.A.B. de C.V. maintains a direct sales force that works closely with large commercial and industrial customers, especially for major infrastructure projects. For instance, in South, Central America and the Caribbean, CEMEX was awarded more than 80% of total volumes for large infrastructure projects like the Bogotá Metro in 2024. This direct channel supports high-volume, complex sales.

• Service centers provide direct access for smaller contractors and self-builders.
• Direct sales teams manage key account relationships across all regions.
• This channel is crucial for specialized products like Vertua, where cement sales reached 63% of total cement volume in 2024.

Digital platform CEMEX Go

The digital push is significant, as evidenced by the launch of the Cemex Go Acceleration Program in the U.S., which resulted in a 60% increase in order adoption rates. The platform's reach was substantial; at the end of the previous year, it was used by 87% of regular customers. Furthermore, the company launched "Project Cutting Edge," a three-year, US$350 million saving initiative intended to streamline operations and further use digital technology throughout the business.

Extensive retail distribution network (e.g., Construrama)

For the retail segment, the Construrama network is a primary channel, positioning CEMEX, S.A.B. de C.V. as a leader in building materials retail across Latin America. This network supports local entrepreneurs while leveraging CEMEX, S.A.B. de C.V.'s global experience.

This network provides value-added commercial advantages to its affiliates through training and strategic alliances.

Global logistics and shipping network

CEMEX, S.A.B. de C.V. operates in over 50 countries, which necessitates a complex global logistics and shipping network to move materials efficiently between its operations in the Americas, Europe, the Middle East, and Asia. The company's consolidated Net Sales in 2024 were US$16,200 million, requiring this scale to manage supply chain flows.

• Logistics efficiency is a focus, with Project Cutting Edge aiming for US$150 million in incremental EBITDA in 2025.
• The network handles the distribution of cement, ready-mix concrete, and aggregates.
• The company's Urbanization Solutions business, which relies heavily on efficient delivery, posted record Operating EBITDA growth of 36% in 2024 in the South, Central America and the Caribbean region.

Finance: draft 13-week cash view by Friday.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Customer Segments

You're looking at the core groups CEMEX, S.A.B. de C.V. serves, which really dictates where they focus their sales efforts and capital. Honestly, it's a mix of massive public works and the foundational private sector build-out. The company's customer base is heavily concentrated within the construction industry, spanning from governments to individual builders.

The segmentation strategy is designed to handle everything from huge, multi-year infrastructure contracts to selling bagged cement for a small home addition. To be fair, the performance across these segments can vary wildly by region, as we saw in the first half of 2025.

Residential Construction Developers

This segment includes developers building housing complexes and individual home builders. In Mexico, the market dynamics here are crucial, though they faced headwinds in early 2025. For instance, in the second quarter of 2025, CEMEX's domestic ready-mix sales volumes in Mexico contracted by 15%.

Still, the company anticipates that social housing plans accelerated by the current government will help volumes improve in the second half of 2025. Globally, the EMEA region saw its demand fueled by housing projects, which helped that region record its highest-ever first-half operating EBITDA.

Government and Public Infrastructure Projects

This is where the big, reliable volume comes from, often involving roads, bridges, and public works. In the United States, government spending on infrastructure was noted as a main source of demand in the first quarter of 2025. Conversely, CEMEX noted that in Mexico, the second quarter of 2025 volumes were impacted by a strong prior-year pre-election spending base, which is a common cycle effect.

The company is banking on future acceleration here; they expect volumes to improve in the second half of 2025 as the current government accelerates its infrastructure plans. Large infrastructure works are also a key driver in the Middle East and Africa, where volumes expanded at double-digit rates in the first half of 2025.

Commercial and Industrial Construction Companies

These customers build office buildings, retail spaces, and industrial parks, often tied to broader economic trends like nearshoring. In Mexico during the first half of 2025, the industrial segment benefited from nearshoring activity, which supported construction. However, overall sales in Mexico for CEMEX fell 24% year-over-year in the first half of 2025, reaching US$2,041 million.

Commercial builders need timely delivery and consistent quality, which is a key part of CEMEX's value proposition. The industrial segment in the US also contributed to demand, alongside government infrastructure spending.

Small Contractors and Self-Builders

This group often relies on bagged cement for smaller, more frequent purchases, and they are a bedrock of demand in certain markets. In Mexico, the strong culture of self-built housing is a major factor sustaining cement demand. As of 2024, over 57% of Mexican homes were constructed or progressively enlarged by homeowners themselves, which directly feeds this segment.

This segment is highly sensitive to local economic conditions and product availability at retail points. While specific sales data for this sub-segment isn't broken out, the overall contraction in domestic gray cement volumes in Mexico by 16% in Q2 2025 reflects the challenges across all private construction activity.

Here's a quick look at how some key regions, which house these customer segments, performed in the first half of 2025:

The EMEA region showed strong performance, with sales increasing 8% to US$2,411 million in the first half of 2025, showing where growth opportunities were strongest for CEMEX, S.A.B. de C.V. during that period. The company's overall consolidated net sales for the first half of 2025 were US$7,775 million.

You should keep an eye on how the anticipated acceleration of government programs in Mexico translates into volume recovery for the second half of 2025, as that will directly impact the infrastructure and residential developer segments there. Finance: draft 13-week cash view by Friday.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Cost Structure

The cost structure for CEMEX, S.A.B. de C.V. (CX) is heavily weighted toward the direct costs of production, though significant progress is being made on overhead reduction through strategic programs.

The high cost of sales remains a dominant factor in the expense profile. For the third quarter of 2025 (3Q25), the Cost of Sales represented 66.4% of Net Sales.

A major component within the Cost of Sales involves energy and fuel, which are critical for kiln operation. You should note the positive trend here, as the Energy Cost declined by 14% in the first nine months of 2025 on a per ton of cement basis. This followed a prior forecast that total energy costs per ton of cement would decline by a high single-digit rate in 2025.

Capital expenditures are a necessary outlay to maintain operations and drive future efficiency. CEMEX announced plans to invest US$1.15 billion during the remainder of 2025, prioritizing asset maintenance and capacity expansion. This is part of a total planned investment for 2025, with some reports citing a commitment of US$1.151 billion for the rest of the year. For context, in the first quarter of 2025 (1Q25), capital investments across continuing operations totaled US$221 million, with US$156 million allocated to maintenance of existing assets.

Operating expenses, which include selling, general, and administrative costs, saw improvement due to internal efficiency drives. In 3Q25, these expenses were 20.7% of Net Sales, a decrease of 1.6 percentage points from the prior year.

The corporate and administrative streamlining costs are being managed through Project Cutting Edge. This multi-faceted initiative is designed to deliver incremental EBITDA growth, targeting US$150 million in savings for 2025, though the full-year goal was later updated to US$200 million. In the third quarter alone, the project captured approximately US$90 million in EBITDA savings. The overall program targets US$350 million in annual EBITDA savings run-rate by 2027.

Here's a quick look at the cost components relative to the 3Q25 Net Sales of US$4.245 billion:

The cost structure is also being actively managed through specific operational targets:

• Project Cutting Edge expected incremental EBITDA savings for 2025: US$200 million.
• Project Cutting Edge total program target run-rate by 2027: US$350 million in annual EBITDA savings.
• Total planned capital investment for the remainder of 2025: US$1.15 billion.
• Maintenance CapEx incurred in 1Q25: US$156 million.
• Energy cost decline in first nine months of 2025: 14% per ton of cement basis.

CEMEX, S.A.B. de C.V. (CX) - Canvas Business Model: Revenue Streams

You're looking at how CEMEX, S.A.B. de C.V. (CX) actually brings in the money, which is always the most critical part of any business model review. Honestly, for a heavy infrastructure player like CEMEX, S.A.B. de C.V. (CX), the revenue streams are deeply tied to global construction cycles and disciplined operational execution.

The bedrock of the revenue comes from the core trio: cement, ready-mix concrete, and aggregates. These sales are what drive the top line, and you can see the regional contribution clearly in the latest quarterly filings. For instance, in the third quarter of 2025, the company posted Consolidated Net Sales of $4.245 billion. That's the headline number you need to anchor to.

To give you a clearer picture of where that revenue originated in 3Q25, here's a quick look at the sales breakdown by region, which reflects the underlying product sales:

Beyond the sheer volume of materials moved, CEMEX, S.A.B. de C.V. (CX) is actively shaping its revenue mix through strategic portfolio adjustments, which includes focusing on higher-growth segments like aggregates. You saw this play out with the completion of the divestment of its operations in Panama in 2025. That transaction brought in an enterprise value of approximately $200 million. The assets sold included a cement plant with an installed capacity of around 1.2 million metric tons per year as of December 31, 2024, plus related ready-mix concrete and aggregates operations. This move aligns with a strategy to rebalance the portfolio and invest in priority markets, such as increasing its stake in U.S.-based Couch Aggregates.

The digital transformation effort is also starting to contribute to the revenue stream, even if it's not broken out as a separate line item yet. The focus here is on driving adoption and capturing value through efficiency gains that translate to better margins, which is a form of revenue enhancement. For example, the launch of the CEMEX Go Acceleration Program in the U.S. resulted in a 60% increase in order adoption rates. Plus, the operational efficiencies from Project Cutting Edge are directly impacting profitability, with $90 million in EBITDA savings captured in 3Q25 alone, putting them on track for the full-year target of $200 million in savings for 2025.

While direct revenue from 'urbanization solutions and construction services' is often bundled, the strategic shift and the operational savings are key components of the overall financial return. You can think of the value-added services and digital adoption as enhancing the margin on the core product sales. The revenue streams are supported by these efficiency drivers:

• Core product sales: Cement, Ready-Mix Concrete, and Aggregates.
• Digital adoption: Increased order adoption rates via CEMEX Go platform.
• Portfolio optimization: Proceeds from asset sales like the Panama operations.
• Operational savings: Realized EBITDA savings from Project Cutting Edge.