CVC Brasil Operadora e Agência de Viagens (CVCB3) Q4 2025 earnings summary

Executive summary

• Achieved EBITDA margin above 30% and record cash generation since the pandemic, with best expense-to-revenue ratio in recent years.

• Opened 196 new stores in 2025, surpassing pre-pandemic levels, with 1,646 stores in operation, including 160 new franchises in Brazil and 36 in Argentina.

• 2025 focused on growth and innovation, with global B2B brand expansion, digital transformation initiatives, and AI adoption.

• Leadership transition announced in January 2026, with Fábio Mader appointed CEO to drive execution and performance.

• Emphasis on customer-centricity, digital transformation, profitability, and globalization as key pillars for future growth.

Financial highlights

• Full-year 2025 EBITDA reached R$459 million, up 18% year-over-year, with a 31.8% margin.

• Net revenue for 2025 was R$1,442.9 million, up 7.6% year-over-year; Brazil up 7.0%, Argentina up 10.2%.

• Adjusted net income more than doubled to R$67 million, highest since 2018.

• Operating cash generation of R$412.8 million, up R$175 million from 2024.

• Net debt reduced by R$97 million quarter-on-quarter, leverage down to 0.2x adjusted EBITDA.

Outlook and guidance

• 2026 expected to be challenging due to geopolitical risks, FIFA World Cup, and Brazilian elections.

• Strategy centers on customer focus, digital transformation, people management, profitability, and financial deleveraging.

• Continued deleveraging, digital expansion, and efficiency improvements prioritized.