Cemex posted a 16% rise in core earnings for the fourth quarter, with EBITDA reaching $781 million as the company continued to pare costs and secure higher product prices. The result, however, fell short of the $795 million consensus estimate compiled by LSEG.
Management attributed the EBITDA improvement to reductions in both operating expenses and cost of sales, measures aligned with CEO Jaime Muguiro's stated strategy to concentrate on core operations and return capital to shareholders.
Despite the higher core earnings, one-off items weighed on the bottom line. As part of a restructuring program, Cemex cut its workforce by 10% in the fourth quarter compared with the year-earlier period, incurring $48 million in severance costs. Additional charges related to the sale of its Panama unit and write-downs tied to certain prior acquisitions and assets also hit results. Those items combined to push the company into a quarterly net loss, reversing a profit a year earlier and missing analysts' estimates for a $246.67 million net profit, according to LSEG data.
Revenue for the quarter rose 11% to $4.18 billion, topping expectations. Cemex said the top-line expansion reflected stronger sales in Mexico and the Europe, Middle East and Africa region. The company noted a strategic shift toward shedding non-core assets and placing greater emphasis on its aggregates business in the United States, and executives have indicated the possibility of further divestitures in recent quarters.
Looking ahead, Cemex provided forward targets for its financial and investment plans. The company expects EBITDA to achieve high single-digit growth in 2026, following a modest 0.72% increase in 2025. For capital spending, Cemex projects maintenance capex of roughly $900 million in 2026, and has earmarked about $510 million for growth investments.
On shareholder returns, the board proposed a dividend that is 40% higher than last year's $130 million payout and approved a $500 million share buyback program to be executed over the next three years.
With cost reductions and pricing gains supporting core earnings, the quarter nevertheless illustrates the near-term financial impact of restructuring and portfolio adjustments. Revenue strength in key regions offset some headwinds, but one-off charges produced a net loss and left results short of analyst expectations.
As Cemex pursues divestitures and refocuses capital allocation toward maintenance and targeted growth projects, investors will monitor whether the company can convert operational improvements into sustained profitability once restructuring charges and write-downs are fully absorbed.