CVC Brasil Operadora e Agência de Viagens (CVCB3) investor relations material

Executive summary

• Q2 2026 results were impacted by industry challenges, including a 52.4% rise in airfares due to Middle East conflicts, leading to pressure on air travel prices and a decline in domestic flight passengers.

• Confirmed bookings grew 0.2% year-over-year to R$4.1 billion (8.4 million), or 4.1% excluding Middle East conflict and FX impacts; Brazil bookings up 4.1% (5% ex-conflict), Argentina down 13% (flat ex-conflict and FX).

• Net revenue declined 6.5% year-over-year (3.6% ex-conflict), with Brazil revenue down 4.2% (3.5% ex-conflict), and Argentina down 17.6% (4.4% ex-FX).

• Adjusted EBITDA was R$85 million, down 8.1% year-over-year; Brazil EBITDA grew 4.7%, while Argentina EBITDA dropped sharply.

• Adjusted net loss was R$51.3 million, R$35.4 million worse than last year, but improved sequentially from Q1 2026.

Financial highlights

• Net sales revenue was R$332.7 million, down 4.5% year-over-year; gross income reached R$325.6 million, a 4.8% decrease.

• Operating cash generation was R$60.2 million, a turnaround from cash consumption in Q1 2026.

• EBITDA margin was 26.6%, down 0.4 p.p. year-over-year.

• Loss for the period was R$72.5 million, a 56.2% increase year-over-year.

• Financial expenses, net, rose 17% year-over-year to R$87.8 million, mainly due to higher interest and exchange rate losses.

Outlook and guidance

• July 2026 was the best sales month in two years (excluding Black Friday), with flat air ticket prices and improved consumer demand post-World Cup.

• Management expects full capture of cost savings from restructuring in 3Q26 and favorable seasonality for leisure travel in the second half.

• No fundraising is planned for the coming months; cash position is considered comfortable through year-end.

• Strategic focus on exclusive products, store expansion, diversified payment methods, and B2B globalization.

• Ongoing omnichannel transformation, with 55% of sales under the phygital model and digital-physical integration.