Technical textiles made of poly(p-phenylene-2,6-benzobisoxazole) (PBO) represent attractive candidates for strengthening and repairing damaged concrete and masonry structures, due to the outstanding durability and mechanical performance of PBO fibres. Similarly to their aramid counterparts, PBO fibres have proved very effective against dynamic and impact loading. In this contribution, the pull-out behaviour of PBO multifilament yarns embedded into a blended cement-based matrix is investigated, with particular reference to its stress-transfer capacity. In addition to the as-received PBO yarns, impregnation with a cement-based suspension, which can fully preserve the inorganic nature of the composite system, is also evaluated. Experimental results are presented and interpreted using a one-dimensional mechanical model. The findings indicate that mineral impregnation of the yarns provides a 40% increase in the stress-transfer capacity with the matrix, corresponding to a halving of the anchoring length. These performance gains are also supported by a transition in the failure mechanism which shifts from friction-based pull-out to fibre rupture.