CVC Brasil Operadora e Agência de Viagens (CVCB3) Q2 2026 earnings summary

Executive summary

• Q2 2026 was impacted by higher airfares due to geopolitical conflicts, leading to a 52.4% year-over-year increase in airfares and a decline in domestic flight passengers, while confirmed bookings grew 0.2% to R$4.1 billion (+4.1% on a comparable basis), with Brazil up 5% and Argentina flat at constant currency.

• Net revenue for Q2 2026 was R$319.5 million to R$332.7 million, down 4.5% to 6.5% year-over-year, mainly due to higher airfares and a shift to lower-margin channels and products.

• Adjusted EBITDA was R$84.9 million, down 8.1% year-over-year, with Brazil's EBITDA up 4.7% and margin at 30.6%.

• Adjusted net loss was R$51.3 million, deteriorating by R$35.4 million year-over-year, while consolidated net loss reached R$72.5 million.

• Structural reorganization eliminated three vice-presidencies, reduced management layers, and implemented cost-saving measures expected to yield over R$80 million in 2026.

Financial highlights

• Confirmed bookings reached R$4,092.0 million (+0.2% vs. 2Q25; +4.1% on a comparable basis), with Brazil up 4.1% to 5% and Argentina down 13% (flat at constant currency).

• Net revenue declined 4.5% to 6.5% year-over-year; take rate dropped from 8.9% to 8.2% due to B2B and maritime mix.

• Adjusted EBITDA was R$84.9 million, margin 26.6% (-0.4 p.p.); Brazil EBITDA margin 30.6%, Argentina 4.6%.

• Operating cash flow was positive at R$60.2 million, a turnaround from Q1 and up R$65 million year-over-year.

• Net debt at June 30, 2026 was R$215.0 million to R$224.8 million, leverage at 0.5x LTM EBITDA.

Outlook and guidance

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

• Strategic focus on exclusive products, store expansion in non-capital cities, diversified payment methods, and B2B globalization.

• Ongoing omnichannel transformation, with 55% of sales under the phygital model and continued investment in technology, including AI-driven CRM and rebuilt website/app.

• Take rate expected to remain at Q2 levels due to sales mix shift and increased maritime travel; company is structured to operate efficiently at this lower take rate.

• No material uncertainties identified regarding going concern; company believes it has resources to continue operations.