CVC Brasil Operadora e Agência de Viagens (CVCB3) Q1 2026 earnings summary

Executive summary

• Demonstrated resilience amid global tourism challenges and Middle East conflict, ensuring uninterrupted customer service and leveraging diversified channels and strong B2B performance.

• Maintained robust capital structure and operational efficiency, with a strategic focus on exclusive products, digital transformation, and preferred hotel partnerships.

• Swift operational response minimized customer disruption and promoted innovation, including AI and phygital trends.

Financial highlights

• Confirmed bookings rose 4% year-over-year to R$3,048.5MM (or BRL 157 million in some reports), up to 9.3% growth excluding conflict and FX impacts.

• Net revenue increased 1% to R$365MM (0.8% to R$365.1 million in some reports); normalized growth up to 7.1%.

• EBITDA fell 10.5% year-over-year to R$93.7MM, with margin down 3.2 p.p. to 25.7%.

• Adjusted net loss was R$63.1MM, a deterioration of R$87.1MM year-over-year.

• Free Cash Flow to Firm was negative R$167.8MM, down R$94.2MM from 1Q25.

Outlook and guidance

• Expectation of normalized airline capacity in the Middle East and Asia after June, supporting recovery in travel sales.

• CapEx and sales expenses, elevated in Q1 due to investments and marketing, are expected to normalize and dilute over the next quarters.

• Management remains confident in Brazilian tourism fundamentals, focusing on operational efficiency, cost discipline, and margin recovery.

• Guidance for deleveraging and cost discipline remains unchanged for the year.

• Cautious outlook amid global tensions, higher fuel costs, and consumer confidence concerns.