CVCB3

CVC Brasil Operadora e Agência de Viagens S.A., which uses the corporate identity CVC Corp and has common shares traded on B3 under the ticker CVCB3, has established itself as one of the largest travel and tourism agencies in Latin America in terms of passenger volume and departures. The company originated in 1972 in the city of Santo André, in the State of São Paulo, initially focusing on selling bus tickets to the working class in the ABC industrial region of São Paulo. Over the following decades, the company expanded its target audience to the Brazilian middle class, incorporated airline tickets with exclusive flights to popular leisure destinations, and innovated in tourism retail by opening stores in shopping malls and expanding its network through exclusive agents. The corporate restructuring that began in 2009, the entry of the Carlyle private equity fund, and the subsequent consolidation process of various operations in the sector marked the company’s transition to a publicly traded capital structure and multinational operations.

CVC Brasil’s IPO, completed in 2014 with an initial public offering of shares on B3, represented an important milestone for the company, which adopted the corporate brand CVC Corp and, as of the first quarter of 2015, no longer had a defined controlling shareholder under the terms of the Brazilian Corporate Law (Lei das S.A.). From that point on, the company launched an intense acquisition cycle, including Grupo Duotur (Advance, Rextur and Reserva Fácil), SV Viagens, Viatrix (Experimento brand), Grupo Trend, Visual Turismo and Esferatur, consolidating a significant presence in airline ticket consolidation, corporate travel, study abroad and the multibrand channel in Brazil. In parallel, it strengthened its international footprint with acquisitions in Argentina, such as Biblos, Avantrip, Ola and Grupo Almundo, as well as the vacation home rental business VHC Hospitality LLC in the United States. This M&A drive sought to increase scale, diversify sales channels and reinforce its competitive position in the leisure and corporate travel segment in Latin America.

CVC Corp’s business model centers on the intermediation of travel and tourism services, operating as both a tour operator and travel agency in multiple channels. The company does not have any process for producing goods, focusing instead on services, which include selling packages that combine air and ground transportation, lodging, cruises, travel insurance, theme park tickets, car rentals and other complementary services. The company’s revenue is based mainly on net intermediation revenue, which came to R$ 1,420.9 million in the fiscal year ended December 31, 2024, and on the reach of its distribution network through franchises, company-owned stores, multibrand agencies and digital platforms. The portfolio is designed to serve different income brackets and consumption profiles, with brands specialized in leisure, study abroad, luxury tourism, corporate travel and support for independent travel agents.

CVC Corp’s operating structure is organized into two main geographic segments: Brazil and Argentina. The Brazil segment accounts for most confirmed bookings, with around 80% of the total in 2024, and concentrates approximately 84.3% of net sales revenue. In this segment, the CVC Viagens brand operates as a leisure tour operator with the largest network of travel agencies in the region, using a phygital model that integrates physical stores, website and app. Experimento specializes in cultural exchanges and international education, while Rextur Advance, Trend, Esferatur and Visual Turismo operate in the consolidation of tourism services, mainly airline tickets and customized solutions for corporate and leisure travel. In the Argentina segment, responsible for around 20% of bookings and 15.7% of net revenue in 2024, the company brings together the Almundo, Biblos and Ola brands, which combine physical agencies, digital service and a focus on different niches, such as luxury tourism, leisure and support for multibrand agents.

The distribution of CVC Corp’s products and services is based on a broad and decentralized sales network. As of December 31, 2024, the company had 1,492 stores, of which 1,341 in Brazil and 151 in Argentina, in addition to approximately 8,300 accredited multibrand agencies in Brazil. The Brazilian network includes 1,286 CVC-branded stores and 55 Experimento-branded stores, located in more than 550 cities, with a strong presence in shopping malls and high-traffic commercial corridors, while the Argentine structure is mostly franchised. The franchise system allows the use of the CVC and Experimento brands for the intermediation of tourism services, with 10-year contracts and compensation based on service fees on sales, enabling a business model with low investment in fixed assets and high scalability via entrepreneurial partners.

CVC Corp’s operations are subject to a specific regulatory environment for the tourism sector. In Brazil, the company is regulated mainly by the Ministry of Tourism, which is responsible for public policies, oversight of the activity and maintenance of the Tourism Service Providers Registry (Cadastur), in which the company is duly registered. Applicable legislation includes the Tourism Law, which governs the formalization and oversight of tourism service providers, and the Travel Agencies Law, which sets rules for travel agencies and tour operators, including regarding liability for acts of representatives and contracted third parties. Non-compliance with these regulations may result in penalties such as warnings, fines, suspension of activities and cancellation of registration or license. The company also interacts with the Brazilian Agency for the International Promotion of Tourism (Embratur), which promotes Brazilian destinations abroad, although it is not a direct regulator of the company’s commercial activity.

In terms of corporate governance, CVC Corp has been listed on B3’s Novo Mercado segment since 2013, which entails adherence to higher standards of transparency, shareholder rights and corporate structure. CVCB3 shares are part of key indices of the Brazilian stock exchange, such as Ibovespa, IBrX 100, IBrA, ICON, IGC, ITAG, IGCT, IGC-NM, SMLL and IBHB, reflecting liquidity and presence in the capital markets. The company has a professional management team and a governance structure with a Board of Directors composed solely of independent members, in addition to Internal Audit and Internal Controls departments created in 2020, focused on mitigating compliance risks and strengthening the control environment. Since 2023, the company has been conducting an operational and financial restructuring process, with reduced losses and growth in adjusted EBITDA, supported by cost-cutting initiatives, synergy capture and portfolio rationalization.

Digital transformation is a central pillar of CVC Corp’s recent strategy. Since 2020, the company has made significant investments in technology, totaling more than R$ 500 million, especially in 2022, when investments in property, plant and equipment, intangibles and equity interests reached R$ 245 million. In 2024, technology investments totaled R$ 86.6 million, focusing on integration between physical and digital channels, expanding product offerings on online platforms and improving the customer journey. The company developed the Atlas project, a customer relationship platform active in all stores in Brazil and also available to B2B agents, as well as CRM tools and proprietary destination recommendation engines based on large volumes of data. New payment methods were added, such as Pix, NuPay and advanced installment plans, and a Financing Center (credit marketplace) was created in partnership with financial institutions, expanding travel financing options. These initiatives aim to support omnichannel operations, increase commercial efficiency and reinforce CVC Corp’s position as a key intermediary in the travel and leisure sector in Latin America.

With respect to environmental and social aspects, the company is subject to environmental legislation at the federal, state and municipal levels and may be inspected by competent authorities regarding compliance with regulations. Although its tourism intermediation activity is not as asset-intensive in environmental terms as industrial or infrastructure sectors, the regulatory framework imposes obligations regarding social and environmental practices and operating standards, and any non-compliance may result in administrative, civil or criminal penalties. Combining governance aligned with Novo Mercado requirements, inclusion in multiple B3 indices and a leading position in Brazilian and Argentine tourism, CVC Corp positions itself as a group specialized in travel services with significant exposure to the consumption cycle and to income and credit dynamics of households and companies.