Q3 2025 CVC Brasil Operadora e Agencia de Viagens SA Earnings Call Transcript
Key Points
- CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) opened 42 new stores in Brazil and Argentina, expanding its presence to nearly 1,600 operating stores.
- Confirmed bookings grew by 15% overall, with Brazil contributing 14% growth, driven by a robust B2B segment.
- The company's EBITDA surpassed BRL130 million, growing nearly 5% compared to last year, with an EBITDA margin nearing 35%.
- CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) achieved a significant debt reduction of almost BRL200 million versus Q2 2025.
- The company improved its credit rating from a junk bond rating in December 2022 to a BBB rating, indicating a favorable outlook.
- The maritime travel segment experienced a 15% drop in the number of passengers, despite a 30% decrease in overall capacity.
- The take rate decreased from 10% to 9.2% due to a sales mix shift with B2B growing faster than B2C.
- The Central West region of Brazil did not experience sales growth due to decreased flights and challenging agricultural performance.
- Same store sales growth was slightly negative, excluding maritime travel, it was only 2% positive.
- The company faces challenges in the B2C segment due to high interest rates, household debt, and delinquency in Brazil.
Good morning, everyone and thank you for waiting. Welcome to this video conference to present CVC Corp's third quarter 2025 results. Today we have simultaneous translation into English available.
To access, just click on the globe icon at the lower part of your screen. Look for interpretation and choose your preferred language, Portuguese or English. After choosing the language, there is an option to mute the original audio in Portuguese by clicking on mute original audio.
We'd like to inform you this video conference is being recorded and will be available on the company's IR website www.cvccorp.com.br/ir where you can find complete information about our earnings. You can also download the presentation. The link will be in the chat window also in English. During the company's presentation, all participants will have their microphones disabled.
After the company's presentation, we'll begin a Q&A session. To ask a question, click on the Q&A icon at the bottom of your screen and send us your question to
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