The Cement companies under coverage posted strong operating results, with margins and volumes improving. Total revenues in 1Q26 increased by 12% YoY, while total EBITDA propelled 32% YoY. As a result, the implicit EBITDA margin in the sector expanded by 3.1 pp YoY to 20.4% (similar level in 4Q25). In that context, CEMEX (CX) posted the strongest EBITDA margin expansion (+330 bps), while GCC’s EBITDA performance posted an 18% YoY gain, resulting in an 18 bps contraction in its EBITDA margin. The sector's solid financial position remained strong, with low leverage debt ratios and positive FCF generation. We reiterate our positive outlook for the sector. Current prices offer attractive upside potential for long-term investors, supported by appealing valuations and a more optimistic outlook for the rest of 2026, with demand anticipated to recover gradually. Our Outperform ratings are reiterated for CEMEX (top pick status and PT P$28) and GCC (increasing PT from P$229 to P$250).