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

Executive summary

• Q2 2026 results reflect ongoing transformation, with cost reduction, digitalization, and organizational simplification initiatives underway; confirmed bookings grew 0.2% year-over-year to R$4.1 billion, or 4.1% excluding Middle East conflict and FX impacts, with Brazil up 4.1% and Argentina flat at constant currency.

• Net revenue declined 6.5% year-over-year to R$319.5 million, with a normalized decrease of 3.6%, mainly due to higher airfares and currency depreciation in Argentina.

• Adjusted EBITDA was R$85 million, down 8.1% year-over-year; Brazil EBITDA grew 4.7%, while Argentina EBITDA dropped sharply.

• Adjusted net loss was R$51.3 million, deteriorating by R$35.4 million year-over-year, but improved sequentially from Q1 2026.

• Deep structural review eliminated three vice-presidencies and reduced management layers, with 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); Brazil bookings up 4.1%, Argentina down 13% (flat with neutral FX).

• Net revenue was R$319.5 million, down 6.5% year-over-year; Brazil net revenue declined 4.2%, Argentina dropped 17.6% (or 4.4% normalized).

• Adjusted EBITDA margin was 26.6%, down 0.4 p.p. year-over-year; Brazil margin at 30.6%, Argentina at 4.6%.

• Operating cash generation was R$60.2 million, a turnaround from cash consumption in Q1 2026.

• Net debt was R$215 million, improved by R$181.3 million year-over-year; leverage at 0.5x LTM EBITDA.

Outlook and guidance

• July 2026 was the best sales month in two years (excluding Black Friday), with flat air ticket prices and improved consumer demand post-World Cup.

• 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 digital-physical integration; new AI-first website and app to launch in October.

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

• No fundraising planned for the next few months; cash position considered comfortable through year-end.