CVC (CVCB3) Reports Adjusted Net Income of R$ 3.7 Million in 3Q26

Net revenue totaled R$ 382.4 million, up 1.5% over 3Q25, 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 of the air product, which have lower percentage compensation. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 127.0 million, down 2.7%, with a margin of 33.2%, a reduction of 1.4 percentage points. In Brazil, adjusted EBITDA was R$ 121.9 million (+2.0%), with a margin of 36.7%. In Argentina, it was R$ 5.1 million, versus R$ 11.0 million in 3Q25, with a margin of 10.2%.

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

Operating cash flow was R$ 68.3 million, versus R$ 145.9 million in 3Q25. Cash ended September at R$ 171.3 million. Net debt was R$ 223.5 million, 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 million, 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, with no new funds raised. The rate may rise to as much as CDI + 4.20% if R$ 100 million is not raised by September 2027. On October 9, there was an extraordinary amortization of R$ 77.0 million, and the balance of the 7th issuance became R$ 293.0 million.