Dear colleagues, I hope all of you and your families are well and healthy.

I want to share with all of you some of the main messages I presented during today’s open dialogue. Let me start by saying that it is a great time to be at CEMEX! We are beginning a new chapter in the company’s history, one that we should all be excited and proud about. Last week, we announced very positive news about the company’s recent performance and our expectations in three main areas:

1. Operational and Financial Performance: Thanks to our favourable outlook, we raised our 2021 EBITDA guidance to US$3.1 billion, a 26% increase from the prior year; we also expect double-digit EBITDA growth in 2022. We are very proud as well that we will achieve an investment-grade capital structure of 3 times debt-to-EBITDA leverage by the end of this month, two and half years ahead of our original target. With this accomplishment, we will be entering Investment-Grade territory, which is very positive for CEMEX.

2. Growth Strategy: Our growth investment portfolio, which includes investments of US$925 million to 2023, will generate incremental EBITDA of US$520 million annually once the projects are completed and reach their steady state within the next 3 to 5 years. As part of this strategy, we will add new cement capacity of 5.7 million tons, which, together with the projects that are already underway (Maceo, Tepeaca and Solid), will add a total of 10 million tons of cement capacity. The new additions consist of 3.5 million tons in Mexico, 1.2 million tons in Europe and the United States, and 1 million tons in Central, South America, and the Caribbean.

3. Climate Action Strategy: We are bringing forward by 5 years, to 2025, our previous 2030 carbon reduction goal. Additionally, we have set a new, more aggressive, target to be below 475 kgs of CO₂, an approximately 40% reduction in CO₂ emissions, by 2030. This new goal is aligned to the Well Below 2 C scenario of the Science-Based Targets initiative. We are also reinforcing our leadership in the industry by committing to reduce CO₂ emissions in our concrete business by 35%, reaching 165 Kg of CO₂ per cubic metre by 2030. To achieve this, we are committing to invest US$60 million annually as part of our Future in Action program.

I am very excited to share this exciting news with you. All these accomplishments couldn’t be achieved without your support. We have strong momentum, and thanks to all your hard work and dedication, I am sure that many more good things are yet to come.

At the same time, we can’t lower our guard; COVID-19 is still here, bringing new waves of contagion. Our ability to adjust to the challenging conditions presented by the pandemic, together with adherence to our Behaviours that Save Lives, translated into keeping ourselves safer than the average of the countries where we operate. Sadly, we have lost some of our colleagues and friends during this period – to their families and loved ones, we send our deepest and most sincere condolences. The good news is that growing evidence keeps demonstrating that fully vaccinated people have lower risk of contagion and a high level of protection against severe COVID-19 symptoms. As new variants spread, it is important to keep our families, our communities, and ourselves safe and healthy.

I am very optimistic about the next few years for the company. We have the most favourable market conditions we have seen in years and I am convinced we have the right strategy to address the opportunities and challenges that lie ahead. Climate Action is one of the biggest challenges and opportunities of our lifetime. You should expect that CEMEX will continue to play a leading role in our industry in decarbonisation. The better future we are building must be sustainable.

Now we can see the future with enthusiasm, and more than ever, I am convinced that we are building a better future!

Congratulations to all of you!

Best regards,

Fernando