CVC Brasil Operadora e Agência de Viagens (CVCB3) Q4 2025 earnings summary

Executive summary

• Achieved EBITDA margin above 30% and record cash generation since the pandemic, with best expense-to-revenue ratio in recent years.

• Opened 196 new stores in 2025, surpassing pre-pandemic levels, with 1,646 stores in operation, including 160 new franchises in Brazil and 36 in Argentina.

• Strategic focus shifted to growth and innovation, supported by a new executive committee, digital transformation initiatives, and global B2B brand expansion.

• Emphasis on customer-centricity, digital transformation, profitability, and globalization as key pillars for future growth.

• Leadership transition announced for January 2026, with Fábio Mader appointed CEO to drive execution and performance.

Financial highlights

• Full-year 2025 EBITDA reached R$459 million, up 18% year-over-year, with a 31.8% margin, the highest since 2019.

• Adjusted net income more than doubled to R$67 million, highest since 2018.

• Operating cash generation of R$412.8 million, up R$175 million from 2024.

• Net debt reduced by R$97 million quarter-on-quarter, leverage down to 0.2x adjusted EBITDA.

• Confirmed bookings grew 16% year-over-year to R$16.8 billion, with Brazil up 12.9% and Argentina up 28.7%.

Outlook and guidance

• 2026 expected to be challenging due to geopolitical risks, FIFA World Cup, and Brazilian elections.

• Strategic pillars include customer focus, digital transformation, profitability, and financial deleveraging.

• Continued expansion into international markets, assisted tourism, and increased seat supply, with focus on mitigating war and fuel impacts.

• Ongoing commitment to maximizing shareholder value and executing long-term strategic plans.