CVC Brasil Operadora e Agência de Viagens (CVCB3) Q3 2026 earnings summary

Executive summary

• Confirmed bookings rose 4.9% YoY to R$4,459.6 million; net revenue increased 1.5% to R$382.4 million, its highest Q3 level since 2019.

• Adjusted EBITDA was R$127.0 million, down 2.7% YoY; adjusted net income was R$3.7 million, versus a R$51.3 million loss in Q2.

• Operating cash flow was R$68.3 million; leverage remained 0.5x LTM Adjusted EBITDA.

Financial highlights

• Consolidated net revenue increased 1.5% YoY to R$382.4 million; consolidated Take Rate was 8.1%, down 0.4 p.p.

• Adjusted EBITDA was R$127.0 million, down 2.7%; its 33.2% margin fell 1.4 p.p. YoY. Accounting EBITDA declined 22.7% to R$110.9 million.

• Adjusted net income was R$3.7 million versus a R$51.3 million Q2 loss; reported Q3 net loss was R$21.5 million versus R$40.6 million net income in Q3 2025.

• Q3 gross profit rose 1.5% to R$385.2 million; operating income fell 36.2% to R$59.2 million and net financial expense rose 31.1% to R$84.9 million.

• 9M26 net revenue was R$1,067.0 million, down 1.3%; Adjusted EBITDA was R$305.6 million, down 6.7%, and adjusted net loss was R$110.7 million.

Outlook and guidance

• Cost savings were already above R$80 million on an annualized basis; further savings were expected in Q4 and 2027.

• Management highlighted profitability, cash generation and working-capital discipline; no numerical forward profit guidance was given.

• Full digital migration across products and back-office systems is planned by end-2027; 2026 costs and CapEx were expected to remain on plan.

• Argentina was to adopt Brazil’s technology and integration approach; a new country manager was due to start November 16.