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Edge28 Nov 2025
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CVC Brasil Operadora e Agência de Viagens (CVCB3) investor relations material
CVC Brasil Operadora e Agência de Viagens Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Opened 42 new stores in Brazil and Argentina, reaching a record 1,597 stores, with confirmed bookings up 15% year-over-year; Brazil bookings rose 14–14.5% and Argentina 19–20%.
B2B segment drove growth, with platforms like Connect Us, Trend, Visual, Rextur Advance, and Conectaas; B2B bookings up 26.6–27% in Brazil and Ola B2B leading in Argentina.
Net revenue increased 3.6–4% year-over-year, with a strong sales mix favoring B2B and international travel.
EBITDA surpassed R$130 million (+4.7% YoY), with a margin of 34.6%; adjusted net income rose 35.6% to R$62.5 million.
Leverage reduced to 0.5x EBITDA, with Fitch Ratings upgrading the outlook to Positive and reaffirming a 'BBB' rating.
Financial highlights
Brazil confirmed bookings grew 14.5% YoY to R$3.3 billion in Q3; net revenue up 3–8.9% with a take rate drop from 10% to 8.6–9.2%.
Argentina confirmed bookings up 19–47.5% YoY to R$923 million; net revenue up 6.7–20.4%, with a take rate drop due to B2B growth.
Consolidated net revenue rose 3.6–10.8% to R$376–376.8 million in Q3; year-to-date revenue up 10.8–11%.
Adjusted EBITDA in Brazil reached R$119.5 million (37.8% margin); Argentina EBITDA at R$11 million (19% margin); consolidated Q3 EBITDA at R$130–131 million (34.6–35% margin).
Adjusted net profit for Q3 was R$62.5 million, up 35.6–36% YoY; year-to-date adjusted net profit up 56%.
Outlook and guidance
Expect continued B2B outperformance over B2C, with ongoing pressure on take rate but improved operating efficiency through digitalization.
Guidance for 200 new store openings in 2025, mainly in small and medium towns; new franchisees make up about half of new stores.
International travel expected to maintain strong growth if FX remains stable; domestic and international airline capacity to grow 8% and 12–15% respectively in 2026.
Fitch Ratings affirmed a 'BBB (bra)' rating and revised the outlook to Positive, citing expectations of gradual improvement in debt profile and profitability.
Working capital expected to improve further due to sales mix and operational initiatives.
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Next CVC Brasil Operadora e Agência de Viagens earnings date
Q4 202519 Mar, 2026
Next CVC Brasil Operadora e Agência de Viagens earnings date
Q4 202519 Mar, 2026
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