S&P Global Ratings revised Cemex S.A.B. de C.V.’s outlook to positive from stable on 4 September 2026, while maintaining its BBB‑ issuer credit rating. The agency also affirmed the BBB‑ rating on Cemex’s senior unsecured debt and the BB rating on its subordinated perpetual bonds.
In the first half of 2026, Cemex’s S&P‑adjusted debt‑to‑EBITDA ratio improved to 2.5×, with funds‑from‑operations to debt approaching 30 % and free operating cash flow to debt exceeding 15 %. EBITDA rose 27 % year‑on‑year to $1.8 billion. S&P projects EBITDA to reach almost $3.6 billion in 2026 and $3.7 billion in 2027.
Free operating cash flow is forecast at $1.4 billion for 2026, up from $649 million in 2025, driven by higher EBITDA, reduced interest expenses of roughly $530 million, and total capital expenditures of about $1.1 billion. The company increased its ordinary dividend to $180 million for 2026, a 40 % rise over 2025, and launched a share‑buyback programme of up to $500 million over the next three years.
In June, Cemex completed several liability‑management actions: issuance of $1.5 billion senior unsecured notes due 2036, establishment of a $3.0 billion committed revolving credit facility, repayment of close to $1.8 billion in bank loans, and redemption of $1.0 billion of subordinated perpetual notes. Earlier in the year, the company announced plans to divest part of its Colombia operations for $485 million by the end of 2026.
S&P indicated that the positive outlook reflects the potential for an upgrade within the next 12‑24 months if Cemex sustains a debt‑to‑EBITDA ratio below 3× and funds‑from‑operations to debt above 30 % through industry cycles. Conversely, the outlook could revert to stable if the debt‑to‑EBITDA ratio returns to 3× or higher on a sustained basis, or if funds‑from‑operations to debt falls below 30 %.