Q2 2025: MRV&Co, CVC, and Americanas Face Big Losses, Tough Choices

Official financial reports for Q2 2025 reveal major struggles for three of Brazil’s prominent companies. MRV&Co, the country’s largest homebuilder, CVC, Brazil’s biggest travel agency, and Americanas, a leading retailer, all reported heavy losses.

They are undergoing deep restructuring and facing hard questions about their futures. Together, their results show just how challenging Brazil’s business environment can be—for locals and for anyone watching from abroad.

MRV&Co: Losses Grow as U.S. Hopes Fade

MRV&Co builds affordable homes across Brazil. In Q2 2025, the company posted an adjusted net loss of about R$775 million ($136 million)—a sharp swing from a profit last year.

The main reason is its U.S. subsidiary, Resia, which lost R$887 million ($156 million) after writing down the value of assets it can no longer sell at a profit.

Resia has a goal to sell $800 million in assets by 2026, but so far, only $124 million in sales have been completed. This leaves MRV&Co exposed to the tough U.S. property market, where local buyers tend to have the upper hand.

Meanwhile, in Brazil, MRV&Co’s main business did better, with revenue up 18% to R$2.7 billion ($474 million). Still, the firm used R$36 million ($6 million) in cash due to delays in passing finished homes to buyers—a recurring headache.

Their big domestic sales depend on “Minha Casa, Minha Vida,” a government social housing program. Even with solid demand, MRV&Co’s finances remain under pressure.

The company expanded sales and launched new projects, but with rising debt and fewer cash reserves, it must fix its U.S. problems and manage its money better at home.

CVC: Big Expansion, Bigger Losses

CVC is Brazil’s top travel agency, selling tours and trips in Brazil and Argentina. In Q2 2025, CVC reported a net loss of R$46 million ($8 million), more than double last year’s loss, despite 10% higher revenue at R$348 million ($61 million).

The boost came from opening 90 new stores and improving digital sales, but costs grew even faster. Strong competition forced heavy spending on marketing and commissions, which jumped 63% to R$81 million ($14 million).

Meanwhile, operational savings included dropping the cost of services to R$6 million ($1 million). Big interest payments and higher taxes pushed CVC’s financial losses to R$75 million ($13 million) this quarter.

Net debt rose too, reaching R$400 million ($70 million). Weather disasters in southern Brazil also hit bookings by about R$57 million ($10 million).

Despite better sales in some parts, CVC is still struggling to profit. High debt and global travel uncertainty make its future unpredictable unless it controls spending and stabilizes income.

Americanas: Losses Shrink, But Recovery Far From Over

Americanas is one of Brazil’s best-known retailers, now focused on in-store and online sales. After an accounting scandal in 2023, the company entered court-supervised restructuring.

In Q2 2025, it cut its net loss to R$98 million ($17 million), way down from R$1.86 billion ($326 million) a year ago. Store sales rose, driving total gross merchandise volume up 16% to R$5.2 billion ($914 million).

Physical store business jumped 36% to R$4.4 billion ($765 million), while its main e-commerce business shrank 69% to R$213 million ($37 million).

Net revenue grew by nearly 25% to R$3.8 billion ($674 million), and operational earnings (EBITDA) soared to R$329 million ($58 million) as costs fell.

Still, Americanas has a long way to go. Net financial expenses, though much lower than last year, were still significant. The company remains under heavy court supervision, working to rebuild trust and repair supplier ties after the fraud.

The recovery plan helped shrink losses, but sustained profitability is not yet in sight, especially with weak online growth.

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