The company is confident that it will achieve an investment-grade capital structure of 3 times leverage by the end of this month. As a result of all of the above, CEMEX has now established a new leverage target within its Operation Resilience goals that consists of regaining an investment-grade credit rating.
Due to the significant year-over-year growth over the past three quarters, coupled with a favorable medium-term outlook, CEMEX is raising its 2021 EBITDA guidance to US$3.1 billion, a 26% increase from the prior year, and now expects double-digit EBITDA growth in 2022.
The company expects to generate approximately US$400 million of annual EBITDA in 2023 from its bolt-on investments, its margin enhancement projects, as well as its 10 million metric tons of new cement capacity. These new additions, which are expected to be completed by 2023, include 5 million metric tons of cement capacity in Mexico; 1 million in Europe; 2.3 million in South, Central America and the Caribbean region; and 1.5 million in the Philippines. These additions will be structured to take into consideration the company´s climate action priority.
“I am pleased to announce that CEMEX is reaching its long-standing goal of an investment-grade capital structure by the end of this month” said Fernando A. Gonzalez, CEMEX CEO. “We believe that we currently have the best market outlook in years, and that we are entering a period of sustainable growth. We can turn the page on what has been a lengthy chapter for CEMEX and open a new book where we consolidate our recent achievements and shift our strategic balance a bit more towards growth.”
Fernando A. Gonzalez, CEMEX CEO, Maher Al-Haffar, CEMEX CFO, and EVP of Strategic Planning and Business Development, José Antonio González, participated in the open dialogue. A replay of the event is available on www.cemex.com
Notes to Editors:
CEMEX is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain, and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies.
CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies.
For media enquiries please contact Sarah Murphy; 07557 319972 or email: firstname.lastname@example.org