CVC Posts US$9.5 Million Adjusted Loss as High Interest Costs Bite

Brazil · Business

The tour operator sold almost as many trips as a year ago, and its debt is the lightest in years. Yet Brazil’s punishing interest rates still turned a steady quarter into a loss.

CVC, Brazil’s largest tour operator and travel agency group. Reported an adjusted net loss of R$51.3 million (about US$9.5 million) for the second quarter of 2026.

The business itself held steady, but heavy interest costs on the company’s debt pushed the bottom line into the red.

What CVC Reported for the Quarter

CVC posted the results after the market closed on Wednesday, 12 August 2026. The adjusted net loss came to R$51.3 million, about US$9.5 million.

That was more than three times the R$15.9 million (about US$3 million) loss a year earlier.

A Loss Made in the Financing, Not the Business

The striking part is where the loss came from. Bookings barely moved and the operating result held up, so the damage was done lower down the accounts.

The main culprit was the financial result, the line that covers interest and currency effects. Brazil’s benchmark interest rate sits at about 15%, among the highest of any large economy.

CVC borrows to run the business and to fund customers’ installment payments, so that rate hits hard. Every real of debt costs more to carry when the central bank keeps rates that high.

So a company can sell well and still lose money once the interest bill is paid.

Live Company IntelligenceCVC Brasil Operadora e Agencia — the full investor dossier

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What CVC Brasil Operadora e Agencia does.CVC Brasil Operadora e Agência de Viagens S.A., together with its subsidiaries, provides tourism services in Brazil and internationally. The company offers services in the areas of accommodation, entertainment, land and air transportation, cruises seafarers, cultural and professional exchange, and others. It operates under Almundo.com, Biblos, CVC, and Ola brands. CVC Brasil…

Bookings Barely Moved

Travel demand was the reassuring number in the release. Confirmed bookings, the total value of trips sold, reached R$4.09 billion, about US$760 million.

That was up 0.2% from a year earlier, or 4.1% on a like-for-like basis. Brazilians kept booking holidays and flights, even with money tight and borrowing costs high.

For a travel company, steady demand is the foundation everything else is built on. It means the loss is a financing problem to fix, not a shrinking market to escape.

Revenue and Operating Profit

Net revenue slipped 6.5% to R$319.5 million, about US$59 million. Adjusted EBITDA, a rough gauge of operating cash profit, fell 8.1% to R$84.9 million, about US$16 million.

That kept the operating margin near 27%, close to a year earlier. EBITDA strips out interest, tax and depreciation, so it shows the core business still earning money.

The gap between a healthy operating result and a net loss is the size of the interest bill.

Why There Are Two Loss Figures

Headlines carried two different loss numbers, which can confuse a casual reader. The adjusted loss, which sets aside one-off items, was R$51.3 million, about US$9.5 million.

The full reported loss, including everything, was larger at R$72.5 million, about US$13.4 million. The reported loss was up 56% from R$46.4 million a year earlier.

Both point the same way, and both trace back to financing rather than the day-to-day business.

The Balance Sheet Is Much Lighter

The brighter story sits on the balance sheet, in the company’s borrowings. Net debt fell to R$215 million, about US$40 million, down R$181.3 million over the year.

Leverage, meaning net debt against annual earnings, dropped to 0.5 times from 0.9 times. That is a low figure, and it is the healthiest CVC’s finances have looked in years.

A lighter debt load is what lets the company absorb high interest rates without deeper trouble.

The Dilution Question for Shareholders

One worry has shadowed CVC shareholders for years: dilution. To survive the pandemic and its aftermath, the company repeatedly raised cash through rights issues.

A rights issue, or capital increase, sells new shares to raise money, shrinking each existing holder’s slice. CVC leaned on that tool several times in 2023 and 2024, and the stock still trades near record lows.

Each of those raises left long-standing shareholders owning a smaller share of the company. With net debt now low and falling, the pressure to raise fresh capital that way has eased sharply.

A stronger balance sheet is the plainest reassurance CVC can offer investors wary of more dilution.

Cutting Costs to Steady the Ship

Management has been trimming the company down to fit its smaller size. In May it cut three vice-president roles and reworked administrative contracts.

Those moves are meant to save more than R$80 million (about US$15 million) this year. The aim is to lower the fixed costs that a shrinking revenue line has to cover.

Even so, the company is still paying no dividend while it repairs its finances.

What CVC Actually Does

CVC is Brazil’s largest tour operator and travel agency group. It packages and sells holidays, flights and hotels through a wide network of franchised stores and online.

Many Brazilians pay for those trips in monthly installments, which the company helps finance. That financing model is convenient for customers but leaves CVC exposed to interest rates.

When borrowing is expensive, as it is now, the cost of offering installments climbs with it.

What to Watch Next

Two forces will decide how CVC’s next few quarters read. Watch travel demand, which has held firm, and Brazil’s interest rate, which has not yet turned down.

If rates ease, the interest bill that caused this loss should shrink and profit can return. If demand also holds, the low debt gives the company room to breathe while it waits.

The recovery, in other words, now rests more on Brazil’s central bank than on CVC itself. For now, CVC is selling plenty of trips but handing much of the reward to its lenders.

Frequently Asked Questions

How much did CVC lose in Q2 2026?

CVC reported an adjusted net loss of R$51.3 million (about US$9.5 million), more than three times the loss a year earlier.

Why did CVC post a loss if bookings held up?

The business held steady, but high interest costs on the company’s debt and installment financing pushed the bottom line into the red.

Is CVC’s debt a problem?

Less so now. Net debt fell to R$215 million (about US$40 million) and leverage dropped to 0.5 times earnings, its lowest in years.

What does CVC do?

CVC is Brazil’s largest tour operator and travel agency group, selling holidays, flights and hotels, often paid in monthly installments.

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