CVC (CVCB3) Posts Adjusted Net Income of R$ 3.7 mn in 3Q26

Net revenue totaled R$ 382.4 mn, up 1.5% from 3Q25 and the highest for a third quarter since 2019, with a take rate (the percentage of bookings that becomes revenue) of 8.1%, down 0.4 percentage point. The company cites the greater share of B2B and the air product, which have lower percentage remuneration. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 127.0 mn, down 2.7%, with a margin of 33.2%, a decrease of 1.4 percentage points, the highest of 2026. In Brazil, adjusted EBITDA was R$ 121.9 mn (+2.0%), with a margin of 36.7%. In Argentina, it was R$ 5.1 mn, compared with R$ 11.0 mn in 3Q25, with a margin of 10.2%.

Confirmed bookings totaled R$ 4,459.6 mn (+4.9%). In Brazil, they totaled R$ 3,568.6 mn (+7.2%), with B2B up 9.0% and B2C up 4.8%. In Argentina, they were R$ 890.9 mn (-3.5%), mainly due to the depreciation of the peso; in constant currency, the increase was 2.4%. In the 9M26 cumulative period, net revenue was R$ 1,067.0 mn (-1.3%), adjusted EBITDA was R$ 305.6 mn (-6.7%) and adjusted net loss was R$ 110.7 mn.

Operating cash flow was R$ 68.3 mn, compared with R$ 145.9 mn in 3Q25. Cash ended September at R$ 171.3 mn. Gross debt was R$ 404.6 mn and net debt was R$ 223.5 mn, with leverage of 0.5x adjusted EBITDA for the last 12 months, the same as in 3Q25.

In September, the company completed the 7th debenture issuance, of R$ 370.0 mn, through a voluntary exchange of securities from the 4th and 5th issuances, with about 86% of the outstanding balance participating. The transaction extended maturities by 12 months and reduced the spread by 60 basis points, from CDI + 4.50% to CDI + 3.90% per year, maturing in September 2029, with no new funds raised. The rate may rise to as much as CDI + 4.20% if R$ 100 mn is not raised by September 2027. On October 9, there was an extraordinary amortization of R$ 77.0 mn, and the balance of the 7th issuance fell to R$ 293.0 mn.