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CVC Brasil Operadora e Agência de Viagens (CVCB3) investor relations material
CVC Brasil Operadora e Agência de Viagens Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved robust growth in Q2 2025, with confirmed bookings up 15% year-over-year and net revenue rising 16%, driven by strong performance in both Brazil and Argentina, digital transformation, and sales diversification.
Opened 50 new stores, reaching 1,565 locations in Brazil and Argentina, surpassing pre-pandemic levels and reflecting franchisee confidence.
Adjusted EBITDA rose 31% year-over-year to R$92.3 million, with margin up 3.1 p.p. to 27%.
Recognized with Great Place to Work® certification and franchising excellence awards, reflecting improved employee engagement and franchisee satisfaction.
Strategic focus on B2B and B2C restructuring, international expansion, and digital partnerships led to significant market share gains.
Financial highlights
Net revenue up 16% year-over-year in Q2 2025; Brazil revenue grew 10%, Argentina 37%.
EBITDA increased 31% to R$92.3 million, with a 27% margin; operating cash generation reached R$131 million, up R$39 million from Q2 2024.
Adjusted net loss in Q2 was R$15.9 million, mainly due to high financial expenses; H1 2025 showed a positive adjusted net profit of R$8.1 million.
Debt reduced by R$155.3 million year-over-year, with net debt leverage down to 0.9x EBITDA LTM.
Free cash flow reached R$105.7 million, up R$54.5 million from Q2 2024.
Outlook and guidance
Expect continued double-digit growth in B2B and gradual improvement in B2C as market challenges ease, with focus on exclusive products, digital innovation, and AI.
Maritime capacity reduction and high interest rates will continue to impact B2C in the second half, but digital and exclusive product sales are expected to offset some headwinds.
Anticipate further improvements in capital structure and financial expenses as new receivables trading desk and working capital initiatives take effect.
Management highlights continued expansion in store footprint and digital partnerships to drive future growth.
Confidence in the fundamentals of the Brazilian economy and ongoing profitability.
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