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 higher EBITDA, top line, and a stronger capital structure in both Brazil and Argentina.

• Opened up to 50 new stores, reaching 1,565 in Brazil and Argentina, surpassing pre-pandemic levels and reflecting franchisee confidence.

• Recognized with Great Place to Work certification and franchising excellence awards, reflecting improved employee engagement and franchisee satisfaction.

• Diversified revenue streams and strategic partnerships, including digital and B2B2C initiatives, contributed to stability and consistent earnings.

• Operating cash flow improved to BRL 131 million, up nearly BRL 40 million from Q2 2024.

Financial highlights

• Net revenue up 16% year-over-year in Q2 2025, reaching BRL 704 million; consolidated EBITDA grew 31% to BRL 92.3 million with a 27% margin.

• Brazil sales grew 10% and net revenue increased 16%; Argentina sales surged 37% year-over-year, with net revenue up 18%.

• Adjusted net loss in Q2 was BRL 15.9 million, impacted by high financial expenses; H1 2025 showed a positive adjusted net profit of BRL 8.1 million.

• Free cash flow reached BRL 105.7 million, up BRL 54.5 million from Q2 2024.

• Take rate in Brazil increased to 9.79%; Argentina's take rate was 7.6%, with consolidated take rate stable at 8.9%.

Outlook and guidance

• Expectation of gradual improvement in the credit environment and continued double-digit B2B growth despite high interest rates and maritime capacity constraints.

• Anticipate further internationalization, revenue diversification, and new technology and AI initiatives to enhance sales conversion and customer experience.

• Management highlights continued expansion in store footprint and digital partnerships to drive future growth.