Q4 2025 CVC Brasil Operadora e Agencia de Viagens SA Earnings Call (English, Spanish) Transcript
Key Points
- CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) achieved an EBITDA margin above 30%, marking a significant achievement and record cash generation since the COVID-19 pandemic.
- The company opened 196 new stores in 2025, surpassing the number of stores it had before the pandemic, indicating strong growth and expansion.
- Confirmed bookings grew by 16% compared to 2024, with Brazil and Argentina showing robust growth, reflecting successful brand globalization strategies.
- The company reported its highest EBITDA since 2019, with a full-year EBITDA of BRL459 million, an 18% increase compared to the previous year.
- CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) reduced its net debt by BRL97 million, achieving a leverage of only 0.2x the adjusted EBITDA, demonstrating strong financial management and commitment to deleveraging.
- The take rate dropped from 9.3% to 8.7%, primarily due to the faster growth of B2B compared to B2C, which could impact overall profitability.
- Net revenue in Argentina decreased by 19.5% in Q4 2025, driven by a lower take rate and currency exchange effects.
- The company faces challenges in 2026, including geopolitical tensions, the FIFA World Cup, and elections in Brazil, which could impact the tourism industry.
- There was a 0.3% drop in the share of exclusive products in Q4 2025 compared to the previous year, indicating potential challenges in maintaining product exclusivity.
- The company is not yet present in the meta search engine market, which accounts for a significant portion of airline sales, indicating a missed opportunity in digital sales channels.
Good morning, everyone. Thank you for waiting. Welcome to this conference call to present CVC Corp Q4 and 2025 results. Today, we have simultaneous interpretation into English and Spanish available to access. (Operator Instructions) Like to inform you this video conference is being recorded and will be available on the company IR website, www.cvccorp.com.br/ri, where you can find complete information about our earnings.
You can also download the presentation. We want to remind you the information in this presentation and statements that may be made during the conference call in relation to business prospects, projections, operational and financial goals of CVC Corp, they represent beliefs and assumptions of the company management as well as information currently available. Future considerations are not a guarantee of performance. They involve risks, uncertainties and assumptions as they refer to future events and therefore, depend on circumstances that may or may not occur. Investors should understand that general economic
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