Slides
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Result Presentation 3Q25 e 9M25
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Some of the statements contained herein are based on the Company’s current assumptions and outlook, which may result in material variations in future results, performance, and events. These expectations include future outcomes that may be shaped by historical results and investments. Actual results, performance, and events may differ significantly from those expressed or implied in these statements due to a range of factors, such as general and economic conditions in Brazil and other countries; interest and exchange rate levels; future renegotiations or early repayments of foreign currency obligations or credits; changes in laws and regulations; and overall competitive dynamics on a global, regional, or national level. Result Presentation – 3Q25 e 9M25 Disclaimer 2
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Financial and Operational Highlights – 3Q25 e 9M25 Profitability Capital Structure Growth Confirmed Bookings: +R$568 million (+15%) YoY; • Brazil: +14% vs. 3Q24, successful execution of the B2B expansion plan; • Argentina: +19% vs. 3Q24, driven by the gradual recovery of the economy; 3¹ Adjusted EBITDA: reconciliation available on the Company’s Investor Relations website, in its Earnings Release; ² Adjusted Net Income: adjustments to the reported accounting loss. Reconciliation available on the Company’s Investor Relations website, in its Earnings Release; • 31 Brazil new franchises, 1.416 operating stores; • 11 Argentina new franchises, 181 operating stores; 42 new stores opened in the quarter, reaching 1,597 stores in operation, the highest level in our history; EBITDA¹ of R$131MM (+4.7% 3Q25 vs.3Q24): 34.6% EBITDA¹ Margin, +0.4p.p. vs. 3Q24; Operating Cash Flow of R$146MM in 3Q25 (+R$5MM vs. 3Q24): Reduction of Net Debt by R$198MM vs. 2Q25, Leverage of 0.5X EBITDA-A¹ below the average of the IBOV index companies; Net Revenue: +4% no 3Q25 vs. 3Q24 (+R$13MM); • Brasil: +3% reflecting the strong performance of B2B bookings (+27%); Argentina: +7% Impact of the sales mix that increased Ola’s share; Adjusted Net Income² of 62.5MM (+35.6% vs. 3Q24);
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Highlights & Strategic Pillars
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Strategic Pillars - B2C Exclusive Products 10.0% 16.3% 16.0% 3Q23 3Q24 3Q25 49.6% 35.7% 30.3% 29.6% 23.4% 50.4% 64.3% 69.7% 70.4% 76.6% 3Q24 4Q24 1Q25 2Q25 3Q25 Share of Phygital Sales – B2C 3 43 21 11 10 2 6 11 3Q23 3Q24 3Q25 Stores Opening – CVC Lazer 31% 37% 42% 69% 63% 58% 3Q23 3Q24 3Q25 Alternative payment methods Credic Card Alternative Payment Methods 1 2 3 4 Share of Exclusive Products Preferred and recommended Hotel Other Hotels Brazil - Capitals Brazil - Countryside 11.0% 18.0% 44.3% 56.0% 57.9% 2023 2Q24 1Q25 2Q25 3Q25 42 5 Argentina 60 5 Brazil
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13.8 112.6 9M24 9M25 Conectaas | New business unit of CVC Corp Value Proposition Distributor of inventory negotiated by CVC for global travel players (agencies, tour operators, distributors, and OTAs); Highly scalable technology (API – Plug & Play) with low Opex and Capex requirements; Profitable business model with no need for working capital. R$ millions 6 Relevant Partnerships Strategic Partnership Implemented Product Hospitality +8.000 Negotiated Agreements + Product Roadmap Packages Travel Insurance Cars Transfers Tickets Flights Confirmed Bookings +8.1X
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80 160 160 110 220 220 Availabilities out/26 2027 2028 (R$ Millions) Cash coverage After amortization Before amortization 7 Capital Structure Principal Amortization Schedule for Debentures 599.8 176.9 422.9 Cash and equivalents Non advanced Receivables Source: https://www.fitchratings.com “Expectation of a gradual improvement in CVC’s debt profile and conditions, greater access to funding sources, and continued strengthening of profitability and capital structure” Fitch Ratings – Informal translation Rating Evolution¹ 10 40 50 55 dez/22 abr/23 out/24 set/25 ¹ Reflects ratings from multiple agencies over time; CC Stable Outlook BBB Positive Outlook BB+ Stable Outlook BBB Stable Outlook Fitch Afirma Rating da CVC em ‘BBB(bra)’; Perspectiva Revisada para Positiva Brazil Mon 29 Sep, 2025 - 16:25 ET Rio de Janeiro - 29 Sep 2025: A Fitch Ratings afirmou, hoje, o Rating Nacional de Longo Prazo da CVC Brasil Operadora e Agência de Viagens S.A. (CVC) em ‘BBB(bra)’. Ao mesmo tempo, a agência revisou a Perspectiva do rating para Positiva, de Estável.
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Financial Results 3Q25
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Growth in Confirmed Bookings, reflecting expansion and new clients 3Q25 Highlights Expansion with new clients in Europe and Asia, trought Rextur Advance and the Conectaas platform. Highlight on Confirmed B2B Bookings growing +27% YoY, with higher sales to global clients. 9 Launch of the Conectaas platform, a significant step in the Growth and Innovation pillar. Opening of 31 new stores in the quarter, with 69% located outside capitals, totaling 1,416 active stores. 309.4 318.8 - 100,0 200 ,0 30 0,0 400,0 500,0 600,0 3Q24 3Q25 9.2% 10.0% +3.0% Net Revenue¹ (million of R$) and Take Rate (%) 2.908.4 3.329.3 3Q24 3Q25 +14.5% Confirmed Bookings (million of R$) 8.424.7 9.536.9 - 2.000,0 4.000,0 6.000,0 8.000,0 10.000 ,0 12.000,0 9M24 9M25 881.4 809.5 - 100,0 200 ,0 30 0,0 400,0 500,0 600,0 70 0,0 800,0 900,0 0 100 200 30 0 400 500 9M24 9M25 9.4% 9.7% +8.9% +13.2% ¹ Net Revenue 3Q25: Exchange rate adjustments, as Earnings Release Brazil
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Argentina 10 3Q25 Highlights Operational improvements and strategy reinforcement benefit from Argentina’s economic recovery Strategic positioning in the economic recovery with focus on blocking seats on key routes such as Maceió, Rio de Janeiro and Pernambuco. With the recovery, EBITDA Margin reached 19%, totaling R$11MM in 3Q25. 11 new franchises in 3Q25 totaling 181 active store, the highest level ever. 3Q25 Take Rate impacted by higher B2B share in Argentina sales. 54.4 58.0 3Q24 3Q25 6.3% 7.1% +6.7% Net Revenue (million of R$) and Take Rate (%) 776.0 923.4 3Q24 3Q25 +19% Confirmed Bookings (million of R$) 1.979.7 2.919.2 0,0 500,0 1.000,0 1.500,0 2.000,0 2.50 0,0 3.000,0 3.500,0 9M24 9M25 +47.5% 165.7 199.4 - 20,0 40,0 60,0 80,0 100,0 120,0 140,0 160,0 180,0 200 ,0 9M24 9M25 6.7% 7.8% +20.4%
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155. 181.8 9M24 9M25 423.7 438.0 9M24 9M25 49.7% 52.3% Consolidated Net Revenue and expenses Increase in Net Revenue, cost and expense reduction 3Q25 Highlights G&A increase below inflation, reducing the ratio over net revenue by 2.6 p.p. in 9M25 vs. 9M24, reaching 49.7%. Flat levels of sales expenses in Brazil, aligned with the evolution of Confirmed Bookings between periods. Net Revenue¹ (million of R$) and Take Rate (%) G&A/Net Revenue (million of R$ and %) Brazil Sales Expenses/Confirm. Bookings (million of R$ and %) Brazil 11 140.2 144.8 3Q24 3Q25 45.4% 45.3% 363.8 376.8 3Q24 3Q25 +3.6% 51.6 58.6 3Q24 3Q25 8.6% 9.4% ¹ Net Revenue 3Q25: Exchange rate adjustments, as Earnings Release +3.3% 1.8% 1.8% 975.2 1.080.8 9M24 9M25 +10.8% 8.7% 9.3% +3.4% 1.8% 1.9% +13.4% +17.1% Growth in Net Revenue, driven by strong B2B performance in Brazil.
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Consolidated EBITDA¹ Growth and Adjusted Net Income² in 9M25 EBITDA¹ and EBITDA¹ Margin (million of R$) Adjusted Net Income (million of R$) 118.2 119.5 3Q24 3Q25 +1.1% 37.5% 38.2% 6.5 11.0 3Q24 3Q25 18.9% 12.0% 124.7 130.5 3Q24 3Q25 +4.7% 34.6% 34.3% EBITDA¹ growth of 4.7% YoY,with a 0.4 p.p. increase in margin (from 34.3% to 34.6%). Adjusted Net Income² of R$62.5 million in 3Q25. ¹ Adjusted EBITDA according to the Earnings Release; ² Adjusted Net Income reflects adjustments to the accounting loss recognized. The reconciliation is available on the Company’s Investor Relations website, in its Earnings Release. 12 +68.8% 244.6 277.7 9M24 9M25 281.3 327.5 9M24 9M25 36.6 49.9 9M24 9M25 45.3 70.6 9M24 9M25 +13.5% 30.2% 31.5% 22.1% 25.0% 28.8% 30.3% +16.4% +55.7% +36.1% 46.1 62.5 3Q24 3Q25 +35.6%
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Capital Structure Operational improvement and working capital management lead to significant progress in the capital structure. Working capital management improvements sustained operating cash generation above R$130 million for the second consecutive quarter. Net Debt decreased by R$198 million vs. 2Q25, driven by the prepayment of debentures and strong cash generation during the period. Operating Cash Flow Generation (Consumption) million of R$ Overall Debt million of R$ Cash & Equivalents e Others¹ Non-advanced receivables Advanced receivables Gross Debt Net Debt Net Debt + Receivables net position Overall indebtdness (x EBITDA¹ LTM) 3Q25 185.9 422.9 (1.120.4) (384.6) (198.6) (896.1) (2.0 x) 2Q25 254.6 466.6 (1.051.6) (650.8) (396.2) (981.2) (2.3 x) ▲ R$ (43.7) (68.8) 197.6 85.1 0.2 x (68.7) 266.2 13 (61.0) 141.3 145.9 3Q23 3Q24 3Q25 +4.0MM Leverage (x EBITDA¹ LTM) (0.5x) (0.9x) 0.5 x +202MM ¹ Includes the book value of buybacked Shares
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Q&A