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

Executive summary

• Demonstrated resilience amid global tourism challenges, especially Middle East conflicts and higher aviation fuel costs, ensuring uninterrupted customer service and leveraging diversified channels and strong B2B performance.

• Maintained robust capital structure and operational efficiency, focusing on digital transformation, exclusive products, and preferred hotel partnerships.

• Strategic focus on customer centricity, profitability, globalization, and people, with major brand events promoting innovation and alignment.

Financial highlights

• Confirmed bookings rose 4% year-over-year to R$3,048.5MM–R$4.28 billion, or up to 9.3% excluding conflict and FX impacts.

• Net revenue increased up to 1%–0.8% year-over-year (up to 7.1% on a comparable basis), reaching up to R$377.8 million.

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

• Adjusted net loss was R$63.1 million, a deterioration of R$87.1 million year-over-year; net loss for the quarter was R$72.3 million.

• Free cash flow to firm was negative R$167.8 million, down R$94.2 million from 1Q25.

Outlook and guidance

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

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

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

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