By Brasil Stock Guide – CVC (CVCB3), Brazil’s largest travel operator, posted an adjusted net loss of R$15.9 million in the second quarter of 2025, compared with a R$4.8 million loss in the same period last year, according to a company filing cited by InfoMoney.
Net revenue rose 16.3% from a year earlier to R$341.8 million, boosted by stronger demand for travel packages. Confirmed bookings climbed 15.1% to R$4.08 billion, while consumed bookings surged 17.7% to R$3.83 billion.
Earnings before interest, taxes, depreciation and amortization (EBITDA) reached R$87 million, up 48.1% from a year earlier. Adjusted EBITDA came in at R$92.3 million, an increase of 31.3%, with the adjusted margin expanding 3.1 percentage points to 27.0%.
For the first half of 2025, CVC reported net revenue of R$704 million, adjusted EBITDA of R$197 million and an adjusted margin of 28.0%.
The results underscore a mixed quarter for the travel giant — stronger operational performance and sales momentum tempered by higher costs and financial expenses, which weighed on the bottom line.