CVC Brasil Operadora e Agência de Viagens (CVCB3) Q3 2025 earnings summary

Executive summary

• Opened 42 new stores in Brazil and Argentina, reaching a record 1,597 stores, with confirmed bookings up 15.4% year-over-year to R$4.3 billion; Brazil bookings rose 14.5% and Argentina 19%.

• B2B segment drove growth, especially through platforms like Connect Us and Conectaas, with B2B bookings up 27% in Brazil and strong performance in Argentina.

• Net revenue increased 3.5%-4% year-over-year in Q3 2025, with adjusted EBITDA surpassing R$130 million and adjusted net income up 35.6% to R$62.5 million.

• Operating cash flow reached R$146 million, supporting a net debt reduction of R$198 million and leverage at 0.5x EBITDA.

• Fitch Ratings upgraded the credit outlook to Positive, reaffirming a 'BBB' rating.

Financial highlights

• Consolidated net revenue rose 3.5%-3.6% to R$376.8–389.0 million in Q3 2025; 9M25 net revenue up 10.8% year-over-year.

• Adjusted EBITDA reached R$130.5–131 million (34.6% margin); adjusted net income was R$62.5 million (+35.6% YoY).

• Net debt reduced by R$198 million versus 2Q25, with leverage at 0.5x EBITDA.

• Gross profit increased 9.3% to R$379.4 million, with gross margin at 97.5%.

• Operating cash flow was R$146 million in Q3 2025, up R$5 million year-over-year.

Outlook and guidance

• Focus on continued B2B outperformance, digitalization, and operational efficiency, with guidance for 200 new store openings in 2025, mainly in small and medium towns.

• International travel expected to maintain strong growth if FX remains stable; domestic and international airline capacity to grow in 2026.

• Fitch Ratings affirmed a 'BBB' rating and upgraded the outlook to Positive, citing improved capital structure.

• Working capital and operating efficiency expected to improve further.