S&P lifts Cemex outlook to positive

Cemex saw its credit outlook revised from stable to positive by S&P Global Ratings on September 3, 2026. The rating agency also affirmed the building materials company's issuer credit rating at 'BBB-'.

The revision reflects strong operating results and steady debt reduction. Cemex reported EBITDA of 1,800 million USD in the first half of 2026, which represents a 27% increase year over year. Adjusted net debt to EBITDA leverage stood at 2.5x at the end of the semester. Funds from operations to debt reached 30%, while the ratio of free operating cash flow to debt stood at 15%.

S&P Global Ratings projects full-year EBITDA of 3,600 million USD for 2026 and 3,700 million USD for 2027. Free operating cash flow is expected to reach 1,400 million USD in 2026, up from 649 million USD reported in 2025. The agency also projects capital expenditures of 1,100 million USD and interest expense payments of 530 million USD for 2026.

S&P anticipates adjusted debt to EBITDA leverage will stay between 2.0x and 2.5x over 2026 and 2027. An upgrade over the next 12 to 24 months could occur if Cemex keeps net leverage below 3.0x, maintains funds from operations to debt at or above 30%, and sustains an EBITDA margin of at least 20% across key markets.