By Brazil Stock Guide – CVC Corp (CVCB3.SA), Brazil’s largest travel operator, closed the third quarter of 2025 combining strong earnings growth with rapid digital execution. The company reported adjusted net income of R$62 million, up 36% year-on-year, and cut its leverage to just 0.5x EBITDA after generating R$146 million in operating cash flow and prepaying R$200 million in debentures. “It’s the result of a model that balances expansion with financial discipline,” said CEO Fábio Godinho, noting that digital transformation will anchor the company’s next phase.
Automation and AI at the core
The digital agenda dominated the Q&A with analysts. CVC outlined a three-pronged transformation plan: (i) full automation of the after-sales operation (CCO), reducing cost and response time; (ii) deployment of a Sales Copilot, an AI-driven tool that assists sales teams with package and financing recommendations; and (iii) overhaul of the company’s IT architecture in partnership with C&T, a Nasdaq-listed firm based in Campinas. Godinho said the goal is to build a “lean, scalable, high-return technology backbone.”
The CCO Digital project already cut the workforce from 1,100 to 550 employees, while CVC became the only tourism company in Brazil with a RA1000 seal from the customer service platform Reclame Aqui. The next phase will embed AI in most customer service processes, lifting both efficiency and satisfaction.
Light footprint, phygital reach
On the retail front, physical and digital now merge into one strategy: the phygital channel accounts for 60% of total sales, improving conversion and customer retention. Since 2023, CVC has opened more than 450 stores, 80% of them in smaller cities, operating with low capex and opex. “These stores grow five times faster than those in major capitals,” said Godinho, noting that the model — a franchise couple plus one salesperson — mirrors the efficiency of Asia’s Trip.com format.
The company also expanded alternative payment methods, which now represent 42% of all transactions, supported by partnerships with Santander and Bradesco. The move broadens credit access and reduces default rates, easing working capital needs.
B2B engine drives the comeback
While consumer demand remains under pressure, B2B operations have become the company’s main growth driver. Bookings grew 27% in Brazil and 19% in Argentina, led by Conectas, CVC’s international B2B platform. With only three employees, the unit has reached R$200 million in annualized revenue with no working capital needs. CFO Felipe Gomes added that SG&A expenses remain below inflation, and marketing costs are stable at around 2% of total bookings, ensuring margin resilience.
2026 outlook: efficiency and expansion
CVC expects 8% growth in domestic seat capacity and up to 15% internationally in 2026, supported by a stable exchange rate and partnerships with Gol and Latam. The cruise business, hit by a 30% capacity reduction this year, should recover as MSC adds 10% to its fleet in Brazil next season.
The company is also preparing to launch a network of independent travel consultants in towns with fewer than 15,000 inhabitants — an untapped market that will feed into its digital ecosystem. “The future of CVC is both physical and digital, with technology driving profitability,” Godinho said.
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