Total revenues decreased by 7% to US$3.7 Bn, while EBITDA dropped 18% (or -10% on a like-to-like basis) to US$601 M, 2% below the consensus estimate of US$615 M and practically in line with our US$602 M estimate. On the other hand, the net profit of US$734M was a new record high for CEMEX and compares positively to the US$254 M net gain in 1Q24. The gain in the sale of Dominican Republic assets drove the positive performance of the net income. CEMEX's EBITDA margin during the quarter was 16.5% (vs. 18.5% in 1Q24), implying a 0.2 pp. contraction vs. consensus and 0.3 pp. below our estimate. Total EBITDA contraction during the quarter was generally attributable to volumes (-2% on cement), a high comp basis explained by peso depreciation, and maintenance work brought forward in the EE.UUU. However, CX continues to experience energy tailwinds, both in fuels and electricity for cement production and higher cement prices in local currencies. In Mexico, total revenues and EBITDA dropped 9% and 10%, respectively, on a like-to-like basis due to a high comparison base (higher social program expenses due to the electoral year). On the other hand, in the EE.UU., total revenues decreased 4% YoY while EBITDA contracted 20% (mainly explained by bad weather conditions and maintenance work brought forward). CEMEX remains optimistic about Mexico's growth prospectus, as the government's agenda supports housing and infrastructure spending. The company's cash position remained strong, amounting to US$1.2 Bn, with no significant debt maturities until 2026 (~US$392 M in 2025 and ~US$1.1 Bn in 2026). The company's FCF generation was negative by US$270M in 1Q25. CEMEX's total net debt in the quarter was US$5.6 Bn. The Net Debt to EBITDA ratio stood at 1.90x (vs. 1.81x in 4Q24). Lastly, the company reiterated its 2025 EBITDA guidance, expecting flat performance (slightly below our +2% YoY gain estimate). The cost per ton of cement produced will decline by a high-single-digit. It is worth noting that CEMEX also reiterated its 3-year savings program of close to US$350 M, anticipating delivering close to US$150 M in EBITDA in 2025. We expect a neutral to positive stock reaction in today’s trading session following this quarterly result. For the time being, we reiterate our outperform rating and 12M PT of P$15.0 per CPO.