CVC Brasil Operadora e Agência de Viagens (CVCB3) Q2 2025 earnings summary

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 Brazil and Argentina, operational improvements, and a stronger capital structure.

• Opened 50 new stores, reaching 1,565 in Brazil and Argentina, surpassing pre-pandemic levels and reflecting franchisee confidence.

• Earned Great Place to Work certification and franchising excellence awards, reflecting improved employee engagement and franchisee satisfaction.

• Diversified revenue streams and strategic partnerships, including digital and B2B2C initiatives, contributed to stability and consistent earnings.

• Adjusted EBITDA rose 31% year-over-year to R$92.3 million, with margin up 3.1 p.p. to 27%.

Financial highlights

• Net revenue up 16% year-over-year in Q2 2025, reaching BRL 704 million; consolidated EBITDA grew 31% to BRL 92.3 million with a 27% margin.

• Confirmed bookings reached R$4.08 billion (+15% YoY); Brazil up 10%, Argentina up 37%.

• Operating cash generation reached BRL 131 million, up nearly BRL 40 million from Q2 2024.

• Adjusted net loss in Q2 was BRL 15.9 million, impacted by high financial expenses; H1 2025 showed a positive adjusted net profit of BRL 8.1 million.

• Free cash flow reached R$105.7 million, up R$54.5 million from Q2 2024.

Outlook and guidance

• Expectation of gradual improvement in the credit environment and continued double-digit B2B growth despite ongoing high interest rates and maritime capacity constraints.

• Focus for 2H25 remains on growth and innovation, leveraging strategic partnerships, exclusive products, and AI to enhance sales conversion.

• Management expresses confidence in the fundamentals of the Brazilian economy and ongoing profitability.