CVC Brasil Operadora e Agência de Viagens (CVCB3) Q3 2025 earnings summary

Executive summary

• Opened 42 new stores in Brazil and Argentina, reaching a record 1,597 stores, with confirmed bookings up 15% year-over-year; Brazil bookings rose 14–14.5% and Argentina 19–20%.

• B2B segment drove growth, with platforms like Connect Us, Trend, Visual, Rextur Advance, and Conectaas; B2B bookings up 26.6–27% in Brazil and Ola B2B leading in Argentina.

• Net revenue increased 3.6–4% year-over-year, with a strong sales mix favoring B2B and international travel.

• EBITDA surpassed R$130 million (+4.7% YoY), with a margin of 34.6%; adjusted net income rose 35.6% to R$62.5 million.

• Leverage reduced to 0.5x EBITDA, with Fitch Ratings upgrading the outlook to Positive and reaffirming a 'BBB' rating.

Financial highlights

• Brazil confirmed bookings grew 14.5% YoY to R$3.3 billion in Q3; net revenue up 3–8.9% with a take rate drop from 10% to 8.6–9.2%.

• Argentina confirmed bookings up 19–47.5% YoY to R$923 million; net revenue up 6.7–20.4%, with a take rate drop due to B2B growth.

• Consolidated net revenue rose 3.6–10.8% to R$376–376.8 million in Q3; year-to-date revenue up 10.8–11%.

• Adjusted EBITDA in Brazil reached R$119.5 million (37.8% margin); Argentina EBITDA at R$11 million (19% margin); consolidated Q3 EBITDA at R$130–131 million (34.6–35% margin).

• Adjusted net profit for Q3 was R$62.5 million, up 35.6–36% YoY; year-to-date adjusted net profit up 56%.

Outlook and guidance

• Expect continued B2B outperformance over B2C, with ongoing pressure on take rate but improved operating efficiency through digitalization.

• Guidance for 200 new store openings in 2025, mainly in small and medium towns; new franchisees make up about half of new stores.

• International travel expected to maintain strong growth if FX remains stable; domestic and international airline capacity to grow 8% and 12–15% respectively in 2026.

• Fitch Ratings affirmed a 'BBB (bra)' rating and revised the outlook to Positive, citing expectations of gradual improvement in debt profile and profitability.

• Working capital expected to improve further due to sales mix and operational initiatives.