Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Brazil’s biggest holiday-package seller is staging a slow-motion recovery — more stores than before the pandemic, a new chief executive, and its first flicker of profit at the operating level in years. Whether it can finish the journey back to health is the question every investor is asking.
| Full name | CVC Brasil Operadora e Agência de Viagens S.A. |
|---|---|
| Ticker / exchange | CVCB3 · B3 (São Paulo), Novo Mercado |
| Headquarters | Santo André, São Paulo, Brazil |
| Sector | Consumer Cyclical — Travel Services |
| Employees | Not disclosed in available sources |
| Market value | BRL 630m (≈ US$122m) |
| Yearly sales (revenue) | BRL 1,488m (≈ US$289m) — fiscal year 2025 |
| Net profit | BRL –41m (≈ –US$8m) — fiscal year 2025 |
| Net margin | –7.1% (TTM, EODHD) |
| Return on equity | –23.0% |
| Price-to-earnings | n/a (company in loss) |
| Dividend yield | None |
| Website | cvccorp.com.br |
What it is
CVC was founded in 1972 and packages charter and commercial flights, cruises, hotels, and ground services into holiday bundles sold to millions of passengers a year. It is Brazil’s dominant tour operator, selling under the CVC brand in Brazil and Almundo in Argentina, through a retail network that also includes B2B units serving smaller travel agencies.
By mid-2025 the company had 1,565 stores open — already past pre-pandemic levels. Its packages combine airline tickets, ground transport, hotel stays, and travel insurance, aimed especially at first-time and credit-dependent Brazilian travellers.
Who owns it
There is no dominant family or state shareholder: the EODHD data show insiders holding effectively 0% and institutional investors holding roughly 93.7% of the float — meaning the stock is almost entirely in the hands of professional fund managers. The remaining ~6% trades freely on B3’s Novo Mercado, the exchange’s highest governance tier.
The company was founded by Guilherme Paulus, who sold a stake to Carlyle in 2009 when the current listed entity was incorporated; Paulus and Carlyle have since exited, leaving a widely-dispersed institutional shareholder base with no single controlling block disclosed in available sources.
Live Company IntelligenceCVC Brasil Operadora e Agencia — the full investor dossier
Who runs it
Fábio Mader became CEO in January 2026, replacing Fabio Godinho in a management change reported by Brazil Journal. Mader holds an MBA from Fundação Getulio Vargas and previously served as CVC’s Director of Domestic Products from 2012 to 2014 before returning in 2024.
Felipe Gomes is CFO, having taken the role in April 2024 after serving as CFO of Brazil Hospitality Group and It’sSeg. The board chair is not disclosed in available sources at the time of writing.
The money, in plain words
Revenue grew 4.8% from BRL 1,421m (US$276 mn) to BRL 1,488m (≈ US$289m) in fiscal 2025 (our calculation) — a modest gain after essentially flat sales the year before. The gross margin is wide — CVC keeps about 82 cents of every real of revenue before operating costs, a gross margin of 81.7% typical for a services-and-packaging business that does not own planes or hotels.
But below that strong gross line, debt interest and restructuring charges eat heavily into the result: the company lost BRL 41m (≈ US$8m) at the net level in 2025, though that is a sharp improvement on the BRL 103m (US$20 mn) loss in 2024 and BRL 457m (US$89 mn) in 2023. For every real of equity shareholders have put in, the company is currently destroying about 23 cents per year — a return on equity of –23%, which must turn positive before the stock can be regarded as a compounder.
The balance sheet carries net debt of roughly BRL 176m (≈ US$34m) — total borrowings of BRL 463m (US$90 mn) minus cash of BRL 287m (US$56 mn) (our calculation). The cost of that debt runs at CDI + 4.5%, which is expensive in a high-rate Brazilian environment.
Total assets stand at BRL 4.2bn (≈ US$818m), but BRL 3.7bn of that is owed to creditors, leaving owners with a thin equity cushion of BRL 479m (≈ US$93m).
What it is doing now
In Q2 2025 CVC reported 16% year-on-year revenue growth, with operating profit (EBITDA) rising 31% to BRL 92m (US$18 mn) on a 27% margin. In that same quarter, the ratio of debt to operating profit fell from 2.7× to 2.3× — a sign the balance sheet is slowly healing.
CVC is pushing its two B2B units — Rextur Advance (flights) and Conectaas (hotels) — to sell to agencies outside Brazil, targeting a rise in foreign-agency revenue from 10% to around 30%, which would bring in hard-currency income and offset dollar-denominated supplier costs.
What to watch
- Debt cost: the average debt maturity is 1.8 years at CDI + 4.5%; refinancing at lower rates is the single biggest lever on future profit.
- Return to net profit: the trend is right — losses narrowed from BRL 457m (US$89 mn) → BRL 103m (US$20 mn) → BRL 41m (US$8 mn) across three years — but the business has not yet turned net positive, and Brazil’s interest-rate environment keeps the clock ticking.
- Argentina exposure: the Argentine unit grew 37% in Q2 2025, a strong number that flatters consolidated results but introduces currency and regulatory risk from a volatile market.
- New CEO execution: Fábio Mader, in post since January 2026, is implementing tighter back-office integration between Brazil and Argentina; early results will be visible in the 2026 annual report.
Sources
- The Carlyle Group — press release: acquisition of CVC Brasil (founding history, Guilherme Paulus)
- Brazil Journal — “CVC troca CEO: Mader substitui Godinho” (January 2026)
- CVC Corp — Board of Directors, Councils and Committees (governance page)
- Panrotas — “CVC Corp tem novos diretores nos setores Financeiro e Jurídico” (CFO appointment, April 2024)
- Alpha Spread — CVCB3 investor relations / Q2 2025 earnings summary
- Market data: EODHD.
This is news, not investment advice.
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