Slides
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Result Presentation 2Q25 & 1H25
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Some of the statements contained herein are based on Company Management's current assumptions and outlooks, which may cause material variations between operating results, performance, and future events. These outlooks include future results that may be influenced by historical results and investments. Actual results, performance, and events may differ materially from those expressed or implied by these statements, as a result of various factors, such as general and economic conditions in Brazil and other countries; interest rate and exchange rate levels, future renegotiations or prepayment of obligations or credits denominated in foreign currency, changes in laws and regulations, and general competitive factors on a global, regional, or national basis Result Presentation – 2Q25 & 1H25 Disclaimer 2
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Financial and Operational Highlights – 2Q25 e 1H25 Profitability Capital Structure Growth Confirmed Bookings: +R$537 million (+15%) YoY; • Brazil: +16% vs. 2Q24 strengthening its leadership in the Air Consolidation market; • Argentina: +37% vs. 2Q24, strong economic recovery, returning to 2023 sales; 3¹ Adjusted Ebitda according Earnings Release; • 41 Brazil new franchises, 1,338 operating stores in 2Q25; • 14 Argentina new franchises. 172 operating stores in 2Q25; 39 New stores in 2Q25 – reaching 1,565 stores in operation; EBITDA¹ of R$92.3M (+31,3% 2Q25 vs.2Q24): 27% EBITDA¹ Margin, +3.1p.p. vs. 2Q24; Operating Cash Flow of R$131M in 2Q25 (+R$39M 2Q25 vs.2Q24): Reduction of R$118,6MM in Overall Debt vs. 1Q25, Decrease of 0.4X in leverage; Net Revenue: +16% in 2Q25 vs. 2Q24 (+R$48MM); • Brazil: +16% highlighting the increase in Take Rate in B2C and global customers in B2B; • Argentina: +18%, driven by increased sales in B2B;
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Highlights & Strategic Pillars
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Strategic Pillars Exclusive Products 11,3% 16,9% 21,4% 2Q23 2Q24 2Q25 49,6% 35,7% 30,3% 29,6% 50,4% 64,3% 69,7% 70,4% 3Q24 4Q24 1Q25 2Q25 3 43 31 11 10 2 6 9 2Q23 2Q24 2Q25 30% 41% 40% 70% 59% 60% 2Q23 2Q24 2Q25 Alternative payment methods Credic Card 1 2 3 4 Brasil - Capitals Brasil - Countryside 11,0% 18,0% 44,3% 56,0% 2023 2Q24 1Q25 2Q25 +4,5p.p 50 5 Argentina 60 5 Share of Phygital Sales – B2CStores Opening – CVC Lazer Alternative Payment Methods Share of Exclusive Products Preferred and recommended Hotel Other Hotels
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A quarter defined by landmark industry accolades Grate Place to Work + ABF Seal Awarded Great Place to Work® certification, underscoring CVC Corp’s commitment to a best-in-class workplace culture CVC and Experimento honored with the Brazilian Franchising Association’s 2025 Seal of Excellence 6
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Strategic Partnerships Our B2B2C white-label solution links CVC with strategic partners, expanding reach to loyal customer bases and strengthening the company’s footprint across digital channels. Bradesco Disney Consolidated partnerships New partnerships + partnership on track 7
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Financial Results 2Q25 Varginha - MG jun/25
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Growth in Confirmed Bookings, improving profitability 2Q25 Highlights Rextur Advance strengthens its global client portfolio. Higher take rate on stronger margins and optimized product mix. 9 Trend Viagens’ Conectaas platform scales its inventory distribution capabilities. CVC expands retail footprint with 41 new stores, 75% in non- capital cities. 242,7 281,4 2Q24 2Q25 9,7% 9,4% +16,0% Net Revenue¹ (million of R$) and Take Rate (%) 2.873,4 3.159,1 2Q24 2Q25 +9,9% Confirmed Bookings (million of R$) 5.516,3 6.207,6 1H24 1H25 500,1 562,6 1H24 1H25 9,5% 9,6% +12,5% +12,5% Brazil ¹ Net Revenue 2q25: Exchange rate adjustments, as Earnings Release
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Argentina 10 Strengthened operations and refined strategy gain momentum from Argentina’s economic rebound. Strong strategic positioning in the economic recovery, driven by 2024 store openings and the integration of support teams. Amid the recovery, EBITDA margin reached 22%, totaling R$13 million in 2Q25. Nine new franchises opened in 2Q25, bringing the total to 172 active stores, underscoring business owners’ confidence in CVC’s brands. 2Q25 take rate impacted by a higher share of B2B sales in Argentina. 51,4 60,4 2Q24 2Q25 6,6% 7,6% +17,6% Net Revenue (million of R$) and Take Rate (%) 673,1 924,5 2Q24 2Q25 +37,3% Confirmed Bookings (million of R$) 1.203,7 1.995,9 1H24 1H25 +65,8% 111,3 141,4 1H24 1H25 6,9% 8,1% +27,1% 2Q25 Highlights
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103,5 123,2 1H24 1H25 283,4 293,2 1H24 1H25 52,1% 56,7% Consolidated Net Revenue and expenses Higher net revenue alongside disciplined cost and expense management. G&A growth remained below inflation, lowering the ratio to net revenue by 5.9 p.p. in 2Q25 vs. 2Q24 (from 58.7% to 52.8%). One-off increase in selling expenses in Brazil; year-to-date growth remains in line with the increase in bookings. Net Revenue¹ (million of R$) and Take Rate (%) G&A/Net Revenue (million of R$ and %) Brazil Sales Expenses/Confirm. Bookings (million of R$ and %) Brasil 11 142,4 148,5 2Q24 2Q25 52,8% 58,7% 294,0 341,8 2Q24 2Q25 +16,3% 45,4 70,5 2Q24 2Q25 8,9% 9,0% +4,3% 2,2% 1,6% 611,4 704,0 1H24 1H25 +15,2% 8,8% 9,3% +3,4% 1,9% 2,0% +55,4% +19,0% Robust net revenue growth, driven by strong B2B performance in Brazil and Argentina. ¹ Net Revenue 2q25: Exchange rate adjustments, as Earnings Release 2Q25 Highlights
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Consolidated EBITDA¹ Growth and Adjusted Net Income² in 1H25 EBITDA¹ and EBITDA¹ Mg (million of RR$) Lucro (Prejuízo) Líquido Ajustado (R$MM) 60,8 78,9 2Q24 2Q25 +29,7% 28,0% 25,1% 9,5 13,4 2Q24 2Q25 22,3% 18,5% 70,3 92,3 2Q24 2Q25 +31,3% 27,0% 23,9% (4,8) (15,9) 2Q24 2Q25 - R$11,1 EBITDA¹ grew 31,3% (YoY), with +3,1 p.p of margin. (23,9% to 27,0%) Adjusted net income² of R$ 8,1MM in first half of 2025. 12 +41,2% -4,6% -1,6% 126,4 158,1 1H24 1H25 156,5 197,0 1H24 1H25 30,1 38,9 1H24 1H25 (0,8) 8,1 1H24 1H25 1,2% -0,1% +24,9% 25,3% 28,1% 27,1% 27,5% 25,6% 28,0% +25,9% +R$8,9 +29,2% ¹ Adjusted ebitda as Earnings Release; ² Adjusted Net Income (Loss) as Earnings Release
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Capital Structure Enhanced operations and disciplined working capital management lead to a stronger capital structure. Advancements in working capital management contributed to a R$38.6 million increase in operating cash flow. Total debt reduced by R$119 million versus 1Q25, supported by strong cash generation during the period. Operational Cash Generation (Consumption) million of R$ Overall Debt million of R$ Cash & Equivalents Non-advanced receivables Advanced receivables Gross Debt Net Debt Net Debt + Receivables position Overall debt (x EBITDA¹ LTM) 2Q25 251,1 466,6 (1.051,6) (650,8) (399,7) (984,8) (2,3 x) 1Q25 310,9 370,9 (1.116,0) (669,2) (358,3) (1.103,4) (2,7 x) ▲ R$ 95,7 64,4 (41,4) 118,6 0,4 x (59,8) 18,4 13 (28,9) 92,4 131,0 2Q23 2Q24 2Q25 +38,6MM Leverage (x EBITDA¹ LTM) (0,9x) (0,9x) 0,05 x
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Q&A