CVC Brasil Operadora e Agência de Viagens (CVCB3) Q2 2025 earnings summary

Executive summary

• Achieved robust growth in Q2 2025, with confirmed bookings up 15% year-over-year and net revenue rising 16%, driven by strong performance in both Brazil and Argentina, sales diversification, and operational improvements.

• Opened up to 50 new stores, reaching 1,565 in operation, surpassing pre-pandemic levels, and expanded the phygital sales model, now accounting for 56% of store sales.

• Earned Great Place to Work certification and franchising excellence awards, reflecting improved employee engagement.

• Argentina delivered 37% year-over-year sales growth, returning to 2023 levels, with both B2B and B2C contributing.

• Strategic partnerships and exclusive product sales increased, with 21% of sales from exclusive products and expanded partnerships with major banks and brands.

Financial highlights

• Net revenue up 16% year-over-year in Q2 2025, reaching BRL 704 million; consolidated take rate stable at 8.9%.

• EBITDA grew 31% to BRL 92.3 million with a 27% margin in Q2; first half EBITDA reached BRL 200 million with a 28% margin.

• Operating cash generation hit BRL 131 million, up nearly BRL 40 million from Q2 2024.

• Adjusted net loss of BRL 15.9 million in Q2, mainly due to higher financial expenses; first half showed a positive net profit of BRL 8.1 million.

• Net debt reduced by up to BRL 155.3 million year-over-year, with leverage down to 0.9x EBITDA LTM.

Outlook and guidance

• Expect continued growth in B2B and international segments, with Argentina poised for further expansion if installment sales are allowed.

• Management anticipates gradual improvement in the macro environment, though high interest rates and maritime capacity reduction will remain challenges.

• Focus for 2H25 remains on growth and innovation, leveraging strategic partnerships and AI, with technology investments increasing OpEx but within CapEx covenants.