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• Store Openings: 301 new points of sale, including 260 CVC stores in Brazil and 30 Almundo stores in Argentina.

• Confirmed Bookings Growth (Brazil): 20% increase in Q4 2024 compared to Q4 2023.

• B2C Growth: 18.5% increase in Q4 2024.

• B2B Growth: 17% increase in Q4 2024.

• Adjusted Net Profit: BRL54 million for 2024, an improvement of almost BRL300 million from 2023.

• EBITDA (Full Year): BRL389 million, doubling compared to 2023.

• EBITDA (Q4 2024): BRL108 million, a 25% increase compared to Q4 2023.

• EBITDA Margin (2024): Almost 30%, with a 5% improvement over Q4 2023.

• Free Cash Flow Generation: BRL185 million before interest payments, a turnaround from 2023.

• Leverage: Reduced from 2.1 times EBITDA to 0.6 times EBITDA in 2024.

• Net Revenue (B2C): BRL750 million in 2024, a 10% increase from 2023.

• Net Revenue (B2B): BRL369 million in 2024, a 16.4% increase from 2023.

• Net Revenue (Argentina): BRL223 million in 2024, with a 7.4% take rate.

• Net Income (Adjusted): BRL53.8 million in 2024, the highest since 2018.

• Cash Position (Q4 2024): BRL400 million.

• Net Debt (End of 2024): BRL241 million, reduced from BRL414 million in Q4 2023.

• Warning! GuruFocus has detected 5 Warning Signs with BSP:CVCB3.

Release Date: March 26, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) achieved a significant milestone by opening 301 new points of sale, including 260 CVC stores in Brazil, marking a 25% increase in their footprint.

• The company reported a 20% growth in Confirmed Bookings in Brazil for Q4 2024 compared to Q4 2023, with B2C growing by 18.5% and B2B by 17%.

• CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) achieved the highest adjusted net profit since 2018, with a positive BRL54 million, reflecting a significant improvement from the previous year.

• The company reported a 100% increase in EBITDA year-on-year, reaching BRL389 million in 2024, despite challenges such as floods in Brazil and economic difficulties in Argentina.

• CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) successfully reduced its leverage from 2.1 times EBITDA to 0.6 times EBITDA over the last 12 months, indicating improved financial health.

Negative Points

• The Argentine market faced a 32% drop in revenue during 2024, impacting overall performance despite signs of recovery towards the end of the year.

• The company experienced a significant drop in EBITDA in Argentina, from BRL40 million in Q4 2023 to BRL4.3 million in Q4 2024, due to economic challenges.

• CVC Brasil Operadora e Agencia de Viagens SA (BSP:CVCB3) faced a negative impact of BRL140 million due to shorter payment terms imposed by IATA, affecting working capital.

• Despite growth in B2B and B2C, the company anticipates that maintaining the high growth rate of 18.5% in B2C for the entire year of 2025 may be challenging.

• The company had to manage increased financial expenses due to debt prepayment and changes in IATA payment terms, which could affect future financial performance.