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 now in operation, including 160 new franchises in Brazil and 36 in Argentina.

• Strategic focus on customer-centricity, digital transformation, profitability, globalization, and leadership transition, supported by a new executive committee and CEO appointment.

• Launched initiatives in AI and digital platforms, including entry into metasearch engines like Skyscanner and Google Flights.

• Continued expansion of exclusive and preferred product offerings, especially in hotels, to drive margin improvement.

Financial highlights

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

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

• Operating cash generation of R$412.8 million in 2025, up R$175 million from 2024.

• Net revenue for 2025 was R$1,442.9 million, up 7.6% year-over-year; Brazil up 7%, Argentina up 10.2%.

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

Outlook and guidance

• 2026 expected to be challenging due to geopolitical risks, FIFA World Cup, and Brazilian elections, but opportunities seen in assisted travel and increased seat supply.

• Focus on leveraging technology and digital transformation to mitigate external risks and improve efficiency.

• Plans to accelerate digital sales, expand presence in metasearch channels, and continue international expansion.

• Ongoing commitment to financial deleveraging and efficiency improvements.

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