CVC Brasil Operadora e Agência de Viagens S A : Earnings Release 3Q23

RESULTS 3Q23

Santo André, November 3rd, 2023: CVC Brasil Operadora e Agência de Viagens S.A. (B3: CVCB3) informs its shareholders and other market participants of the results for the third quarter of 2023 (3Q23) and of the nine months of 2023 (9M23). Unless otherwise indicated, the financial and operating information below are presented in nominal million of reais (R$), prepared pursuant to the Brazilian accounting standards, especially Law No. 6.404/76 and the standards issued by the Accounting Standards Committee ("CPC") and approved by the Securities and Exchange Commission of Brazil ("CVM"), and must be read together with the financial statements and the explanatory notes for the period ended September 30th, 2023.

Adjusted Net Income reaches R$ 36.3 million in 3Q23

Financial and Operating highlights

+11.3% in Net Revenue

+160 bps in Take Rate, to 9.6%

+ 34% in adjusted EBITDA, totaling R$ 96 million in the quarter

R$ million	3Q23 3Q22	∆	9M23 9M22	∆

Bookings

Consumed Bookings

Net Revenue

Take Rate

EBITDA

Adjusted EBITDA

Net Loss

(+) Write-off of deferred tax

(+) Impairment of goodwill - Submarino Viagens

(+) Mark-to-market of subscription warrants

Adjusted Net Income

Adjusted Net Margin

Capital Markets (Sep/29)

CVCB3: R$ 2.57 per share

Total shares: 443,913,975

Market cap: R$ 1,1 billion

Daily avg. Fin. vol. 2Q23:

R$ 61 million

3,760.6	3,930.5	-4.3%	11,620.9	10,487.0	10.8%
3,905.4	4,195.5	-6.9%	11,497.6	10,735.1	7.1%
375.8	337.6	11.3%	940.6	900.2	4.5%
9.6%	8.0%	160 bps	8.2%	8.4%	-20 bps
19.7	50.7	-61.2%	33.7	82.9	-59.3%
96.0	71.5	34.3%	106.6	68.5	55.6%
(87.5)	(75.0)	16.6%	(382.4)	(336.7)	13.6%
11.9			11.9
77.1			77.1
34.8			34.8
36.3			(258.6)
9.7%			-27.5%

Conference Call	Investor Relations
November 6, 2023	https://www.cvccorp.com.br/
2:00 p.m. (BRT) / 12:00 p.m.	[e-mail]
(EST)
Ph. [phone] /
[phone]
Link para a webcast

1

RESULTS 3Q23

Message from Management

We are pleased to present our operational and financial results of CVC Corp for the third quarter of 2023, where we delivered a qualitative improvement in our operations and in the financial result, demonstrating that we are on the right path in the new phase of CVC.

The tourism sector continues to be positively impacted by its recovery. The number of people traveling is closer to pre-pandemic levels and, according to the National Civil Aviation Agency (ANAC) data up to September 2023, 83.8 million passengers were transported, against 88.1 million in the same period of 2019. Considering this positive scenario, we prioritize increasing profitability in our B2C and B2B operations. As a result, the consolidated take rate for the quarter increased by 160 bps, reaching 9.6%, boosting net revenue growth by 11.3% when compared to the same period of the previous year.

We also improved our sales mix, increasing the B2C share, which grew 10% in the quarter, coupled with a significant increase of 360 bps in take rate, the result of a successful marketing campaign ("CVC Yellow Alert" - "Alerta Amarelo CVC"), assertive exclusive products and improvements in the pricing strategy. In this context, we are engaging our master franchisees in the commitment to opening new CVC stores.

We continue working obsessively on reducing administrative expenses, with concrete effects made this quarter, which resulted in a reduction of 22.7% compared to the same period of 2022. As a result of improved profitability and expense containment, adjusted EBITDA in 3Q23 totaled R$ 96.0 million, accounting for a growth of 34.3% in the period.

Our Net Income in 3Q23, adjusted for accounting write-offs of past investments and the mark-to- market of the subscription warrants, was positive by R$ 36.3 million, thus reversing a history of accumulated losses since the beginning of the pandemic.

Throughout the quarter, we used the funds raised in the Follow-on to reduce the advance of credit card receivables, thus reducing our financial leverage and expenses with acquirers' interest, resulting in an increase in CVC Corp's accounts receivable of R$ 425 million.

In September, we successfully completed the Debenture Acquisition Offer in the amount of R$ 75 million, as provided for in the amendments to the deeds, which will also contribute to reducing debt service. On November 21, 83 million subscription warrants will be exercised, which were issued within the scope of the Public Offering in June 2023, and we will use the funds to be raised to strengthen CVC Corp's cash flow.

We remain undefeated and received the "O Melhor de Viagem e Turismo 2022/2023" (The Best of Travel and Tourism 2022/2023) Award in the quarter, promoted by Viagem e Turismo magazine, as the Best Tour Operator in Brasil and, for the 13th consecutive year, the brand won the Top of Mind award in the "Tourism Agency" category by Datafolha.

In Argentina, we announced Diego García as the new CEO, reporting to Fábio Godinho, CEO of CVC Corp. García has over 30 years of experience in the Tourism and Aviation sectors, having managed Almundo, Copa Airlines, Continental Airlines, Aerolíneas Argentinas, Amadeus and Air Europa.

Finally, we reiterate our commitment to the profitability of our shareholders, credibility with our stakeholders and promotion of the tourism sector. We will continue offering a complete portfolio of products and seeking the best options for our clients and partners, maintaining the admiration and trust that CVC has gained throughout its more than 50 years of history.

2

RESULTS 3Q23

Executive Management

3

RESULTS 3Q23

CVC Corp Result

Bookings and Consumed Bookings

R$ million	3Q23	3Q22	∆	9M23	9M22	∆
Bookings	3,760.6	3,930.5	-4.3%	11,620.9	10,487.0	10.8%
Brazil	2,760.1	2,748.1	0.4%	8,462.9	7,771.7	8.9%
B2C	1,345.0	1,222.8	10.0%	3,977.3	3,392.6	17.2%
B2B	1,415.2	1,525.2	-7.2%	4,485.6	4,379.2	2.4%
Argentina	1,000.5	1,182.4	-15.4%	3,158.0	2,715.3	16.3%
Consumed Bookings	3,905.4	4,195.5	-6.9%	11,497.6	10,735.1	7.1%
Brazil	2,926.3	3,013.0	-2.9%	8,311.4	8,019.8	3.6%
B2C	1,489.2	1,472.3	1.1%	3,867.2	3,673.2	5.3%
B2B	1,437.1	1,540.8	-6.7%	4,444.2	4,346.6	2.2%
Argentina	979.1	1,182.4	-17.2%	3,186.2	2,715.3	17.3%

Bookings

In 3Q23, bookings in B2C recorded a growth of 10.0% compared to 3Q22, an increase driven by: (i) recovery of the brick-and-mortar store channel with the improvement of SSS - Same Store Sales (+21% vs 3Q22), an indicator that measures the performance of stores in relation to the previous period; (ii) frequency of marketing campaigns - CVC Yellow Alert ("Alerta Amarelo CVC); (iii) more competitive products and; (iv) better payment methods.

In B2B, confirmed bookings dropped due to the discontinuation of air ticket sales to flight/travel platform, due to credit risk, at Rextur Advance, which proved to be a wise measure.

In the Argentina operation, we had a decrease of 15.4% compared to the previous year, since 3Q22 was a period of high demand for trips, owing to the flexibility due to COVID-19 and the anticipation of consumer demand throughout of 1S23, due to inflation and risk of exchange rate devaluation.

Regarding destinations, the share of domestic destinations increased in relation to 3Q22 (60% in

3Q23 vs 58% in 3Q22) in the Brazil operation, highlighting the search for destinations in the Northeast region in the quarter, mainly cities such as Porto Seguro, Maceió, Salvador and Recife. In the Argentine operation, the share of international destinations remains high, accounting for 90% of confirmed bookings.

In 9M23, Confirmed Bookings totaled R$ 11.6 billion, 10.8% higher than 9M22.

Consumed Bookings

In B2C, the 1.1% growth in consumed bookings was lower than the increase in confirmed bookings, due to the longer average boarding time. In comparison, in 3Q22 the average boarding time was reduced due to repressed demand, a post-pandemic effect.

In B2B and operations in Argentina, the decrease was mainly due to the factors mentioned in the confirmed bookings section above.

In 9M23, Consumed Bookings totaled R$ 11.5 billion, 7.1% higher than the nine months of 2022.

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RESULTS 3Q23

Net Revenue

R$ million	3Q23	3Q22	∆	9M23	9M22	∆
Net Revenue	375.8	337.6	11.3%	940.6	900.2	4.5%
Brazil	306.0	252.6	21.2%	727.8	704.6	3.3%
B2C	218.3	163.3	33.7%	489.8	470.6	4.1%
zB2B	87.7	89.3	-1.8%	238.0	234.0	1.7%
Argentina	69.8	85.1	-17.9%	212.8	195.6	8.8%
Take Rate	9.6%	8.0%	160 bps	8.2%	8.4%	-20 bps
Brazil	10.5%	8.4%	210 bps	8.8%	8.8%	0 bps
B2C	14.7%	11.1%	360 bps	12.7%	12.8%	-10 bps
B2B	6.1%	5.8%	30 bps	5.4%	5.4%	0 bps
Argentina	7.1%	7.2%	-10 bps	6.7%	7.2%	-50 bps

CVC Corp's Net Revenue totaled R$ 375.8 million in 3Q23, reflecting B2C operations.

In B2C, the 33.7% increase is due to the improvement in the pricing strategy (reinforcing the focus on profitability) and better assertiveness in exclusive products.

The B2B operation recorded a 1.8% decrease in net revenue, mainly due to the discontinuation of sales to flight/travel platform.

Take Rate at CVC Corp reached 9.6% in 3Q23, accounting for an increase of 160 bps, due to greater B2B share, with growth of 360 bps, driven by the agreement with master franchisees and a significant increase in the take rate of exclusive products.

In the B2B Take Rate, the increase of 30 bps is due to the recent change in the strategic positioning, with a better balance between volume and profitability of commercial agreements with travel agencies.

Argentina's Take Rate reached 7.1% in 3Q23, 10 bps lower than that reported in 3Q22, impacted by the increase in taxes on international trips, which were added to the value of bookings, but without impacts on Net Revenue, thus diluting the take rate.

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RESULTS 3Q23

Expenses

R$ million	3Q23	3Q22	∆	9M23	9M22	∆
General and administrative expenses	(172.6)	(223.4)	-22.7%	(578.5)	(659.1)	-12.2%
Sales expenses	(84.7)	(59.2)	43.1%	(234.4)	(181.2)	29.4%
Other operating expenses	(98.9)	(4.1)	n.m.	(93.8)	23.6	n.m.
Subtotal Operating Expenses	(356.2)	(286.7)	24.2%	(906.6)	(816.7)	11.0%
(-)Non-Recurring Items	(77.1)	(24.5)	n.m.	(73.8)	(1.1)	n.m.
Subtotal Recurring Operating Expenses	(279.1)	(262.2)	6.4%	(832.9)	(815.5)	2.1%
(+) Service Fee - Bank fee slips	(0.7)	(3.9)	-82.1%	(1.2)	(16.1)	n.m
Adjusted EBITDA	96.0	71.5	34.3%	106.6	68.5	55.6%

General and Administrative Expenses decreased by 22.7% when compared to 3Q22, due to greater control of expenses, with the main decreases related to the workforce adequacy, review of contracts and reversal of provision for former executives' incentives.

The item Other Operating Revenues/Expenses recorded a negative amount of R$ 98.9 million, against a negative R$ 4.1 million in the same period of the previous year. In the current quarter, this item was mainly comprised of non-recurring expenses (explained below), plus the updating of legal provisions, partially offset by the recording of expired credits.

Non-Recurring Expenses totaled R$ 77.1 million, given the review of the Company business plan, identifying a reduction in partnerships, which caused a loss in the recoverable value of Submarino Viagens.

R$ million	3Q23	3Q22	∆	9M23	9M22	∆
Sales expenses	(84.7)	(59.2)	43.1%	(234.4)	(181.2)	29.4%
Brazil	(66.7)	(46.5)	43.6%	(183.6)	(140.1)	31.1%
as% of Consumed Bookings	2.3%	1.5%	80 bps	2.2%	1.7%	50 bps
Provision for Doubtful Accounts	(22.4)	(14.1)	59.1%	(43.2)	(27.3)	58.2%
Marketing	(14.9)	(9.9)	50.8%	(66.1)	(57.3)	15.4%
Credit Card Fees	(29.5)	(22.5)	30.8%	(74.3)	(55.5)	33.9%
Argentina	(18.0)	(12.8)	41.0%	(50.8)	(41.1)	23.6%
as% of Consumed Bookings	1.8%	1.1%	70 bps	1.6%	1.5%	10 bps

In 3Q23, CVC Corp's Sales Expenses grew 43.1% compared to 3Q22, and the main impacts described

below:

1. in Brazil, marketing expenses were higher than in 3Q22, due to the higher communication expenditure ("CVC Yellow Alert Campaign"; "Alerta Amarelo CVC");

1. Credit Card costs in Brazil, with growth due to increased sales in this modality (see Annex 4);

1. Reinforcement of provisioning in the average ticket for Allowance for Doubtful Accounts, including processes related to travel cancellations due to the Pandemic, which are being negotiated or pending court decision;

1. In the Argentine operation, there was an increase in sales expenses due to a higher volume of credit card payments (recognition of the moment of boarding), given the incentives offered by the government to finance domestic trips (PreViaje in May and June). It is worth highlighting that the restrictions imposed by the government in the form international travel installment payment in the retail operation are still in effect.

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RESULTS 3Q23

EBITDA

R$ million	3Q23	3Q22	∆	9M23	9M22	∆
Adjusted EBITDA	96.0	71.5	34.3%	106.6	68.5	55.6%
(+) Equity Pick up	(0.0)	(0.2)	-100.0%	(0.3)	(0.6)	-50.0%
(+) Non-recurring items	(77.1)	(24.5)	n.m.	(73.8)	(1.1)	n.m.
(-) Service Fee - Bank fee slips	(0.7)	(3.9)	-82.1%	(1.2)	(16.1)	n.m
EBITDA	19.7	50.7	-61,2%	33.7	82.9	-59,3%

In 3Q23, CVC Corp recorded an EBITDA of R$ 19.7 million, while Adjusted EBITDA, which includes expenses with bank slips (reported in the Financial Statements under Financial Expenses) and excluding non- recurring items such as the write-off of Submarino Viagens goodwill and equity in net income of subsidiaries was R$ 96.0 million, accounting for a growth of 34.3% vs. 3Q22.

In the accumulated for the year, EBITDA reached R$ 33.7 million, while Adjusted EBITDA recorded R$ 106.6 million.

Financial Result

R$ million

Financial expenses

Financial charges

Interest - receivable prepayment

Service Fee - Bank fee slips

Financial Income

Yield from interest earning bank deposits

Other Financial income/expenses Exchange rate (hedge)

Financial Result

3Q23	3Q22	∆	9M23	9M22	∆
(97.0)	(97.0)	0.0%	(318.4)	(258.0)	23.4%
(32.9)	(50.1)	-34.2%	(126.1)	(144.2)	-12.5%
(7.2)	(17.8)	-59.4%	(83.7)	(45.7)	83.2%
(0.7)	(3.9)	-82.1%	(1.2)	(16.1)	n.m
14.7	26.0	-43.5%	46.5	70.0	-33.6%
9.4	16.0	-40.9%	29.8	46.1	-35.3%
(50.8)	(15.1)	n.m.	(90.8)	(28.1)	n.m.
22.2	1.8	n.m.	(1.4)	(9.9)	-85.9%
(60.1)	(69.2)	-13.2%	(273.3)	(197.9)	38.1%

The Financial Income (loss) totaled R$ 60.1 million in 3Q23. The decrease compared to 3Q22 is mainly due to charges on the balance of advance of receivables, given the reduction in the amount of advances made in the period (R$ 792.9 million as of September 30 vs R$ 1,051.8 million as of June 30, 2023), as well as the effects of the reduction in the average Interbank Deposit Certificate (CDI) rate that affects the debt.

On the other hand, the increase in other financial expenses is due to the recording of the accounting of the derivative financial instrument, due to the exercise of the subscription warrants to be made on November 21, 2023. The "in the money" option was considered, that is, the strike price of the option is profitable in relation to its current price, and this accounting was impacted by R$ 34.8 million.

The exchange-rate change recorded a positive amount of R$ 22.2 million (which includes mark-to- market of hedge derivatives) against an also positive amount of R$ 1.8 million in 3Q22, due to the positive income of the mark-to-market change of derivatives, exchange rate change on bank balances and international payments.

In the annual comparison, the change in the Financial Income (loss) is linked to the decrease in the average Selic rate for the period on net debt, advance of receivables, the increase in Other Financial Expenses, mainly in PIK premium - a special savings bond ('título de capitalização') present in the renegotiation of the debentures and calculation of Derivative financial instrument (described above). For further details on the Financial Income (loss), see Note 21 of the quarterly information.

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RESULTS 3Q23

Taxes

As a result of the PERSE Law, the income tax and social contribution rates became zero for revenues accrued in tourism operations in Brazil up to March 2027. In 3Q23, the positive amount of R$ 3.9 million presented in this caption mainly refers to deferred income tax, related to:

1. Net balance of deferred tax on tax adjustments, which will be realized in a period after PERSE Law in Brazil (Tax Losses and Provision for legal contingencies);
2. Impairment on deferred tax assets in a subsidiary of CVC Corp.

In the year to date, this item recorded the amount of R$ 13.9 million.

Net Income/Loss

In 3Q23, CVC recorded a Net Loss of R$ 87.5 million, against R$ 75.0 million recorded in 3Q22. The change between quarters is mainly due to (i) record of impairment of goodwill of Submarino Viagens as a result of the review of the Company business plan, with a decrease of partnership operations, which caused a loss in recoverable value, (ii) mark-to-market of the subscription warrants, and (iii) impairment of deferred tax assets.

It is worth highlighting that the net income for 3Q23, excluding such accounting effects, was positive by R$ 36.3 million, as presented in the table below.

In 9M23, the Net Loss recorded was R$ 382.4 million, against R$ 336.7 million recorded in 9M22.

R$ million

EBITDA

(+) Depreciation and amortization

(+) Financial expenses

Loss before income tax and social contribution

(+) Income tax and social contribution

Net income / Loss

Adjusted Net Income

3Q23	3Q22	∆	9M23	9M22	∆
19.7	50.7	-61.2%	33.7	82.9	-59.3%
(51.0)	(52.0)	-1.9%	(156.8)	(149.8)	4.7%
(60.1)	(69.2)	-13.2%	(273.3)	(197.9)	38.1%
(91.4)	(70.5)	29.7%	(396.3)	(264.7)	49.7%
3.9	(4.5)	n.m.	13.9	(72.0)	n.m.
(87.5)	(75.0)	16.6%	(382.4)	(336.7)	13.6%
36.3			(258.6)

Net Income excluding write-offs and mark-to-market of subscription warrants

R$ million	3Q23
Net loss for the period	(87.5)
(+) Write-off of deferred tax	11.9
(+) Impairment of goodwill - Submarino Viagens	77.1
(+) Mark-to-market of subscription warrants	34.8
Adjusted net income	36.3

8

RESULTS 3Q23

Investments (Capex) and Digital Transformation

R$ million	3Q23	3Q22	∆	9M23	9M22	∆
Investment	22.8	61.8	-63.1%	86.2	166.2	-48.1%

Investments made by CVC Corp in 3Q23 totaled R$ 22.8 million, and the reduction compared to 3Q22 is due to the completion of projects focused on digital transformation, aligned with the Investment Plan approved in 2021. In 3Q23, CVC Corp developed important projects, reinforcing its digital presence, with advances focused on offering the most complete experience for each client, including:

1. CVC Chat, developed by the Company's in-house IT team, the artificial intelligence tool provides the clients with suggested itineraries and activities to do during their trip, according to the profile and portfolio of products offered, reinforcing assistance, which is the registered trademark of CVC. This tool is available to support stores and is integrated into the Atlas sales system for exclusive use by franchisees and store consultants.
2. Fastzap, the best combination between physical and digital media, aligned with the phygital service strategy, with CVC ready to serve its clients in this format. Integrated with WhatsApp and the Atlas platform, thus making it possible to monitor client purchase behavior, in addition to the full store service. Through Fastzap, CVC can also send messages to store clients as if it were a CRM.

Besides the launch of relevant projects, investments in the period were concentrated on efficiency gain projects, systems integration and implementation of improvements that together allow productivity gains.

In line with the commitment entered into by the Company with creditors in the agreed deed of debentures, the investments must not surpass R$ 125.0 million/year in the next years.

9

RESULTS 3Q23

Cash Flow

R$ million	3Q23	2Q23	3Q22	9M23	9M22
Net Income / Loss before taxes and social contribution	(91.4)	(171.8)	(70.5)	(396.3)	(264.7)
Non-cash Itens	275.0	179.1	179.0	604.3	382.4
Decrease in working capital	(510.7)*	(71.6)	(90.2)	(798.8)	(452.4)
Net Cash Flow From Operations	(327.2)	(64.4)	18.3	(590.9)	(334.7)
Net Cash Flow invested in Investments activities - Capex	(22.8)	(28.6)	(61.8)	(86.2)	(166.2)
Debentures and loans	(67.0)	(124.4)	-	(191.4)	(100.0)
Capital Increase	-	521.8	-	521.8	378.0
Payment of interest	(7.0)	(63.7)	(15.7)	(85.3)	(102.9)
Acquisition of subsidiaries	-	(14.8)	(18.3)	(14.8)	(43.4)
Others	(2.2)	(2.0)	(2.2)	(13.6)	(13.6)
Net Cash Flow from Financing activities	(76.2)	317.0	(36.2)	216.6	118.1
Exchange-rate change and cash equivalents	1.6	(4.1)	2.5	(5.5)	(10.7)
Cash flow	(424.6)	219.9	(77.2)	(466.0)	(393.5)
Cash balance in the beginning of the period	646.1	426.2	479.5	687.5	795.8
Cash balance in the end of the period	221.6	646.1	402.4	221.6	402.4

3Q23 started with a more robust cash position, due to the capital increase concluded at the end of 2Q23, which resulted in a net inflow of R$ 521.8 million in the company's cash, to strengthen the CV Corp's capital structure and also for the offer of optional acquisition of debentures in the amount of R$ 75.0 million.

On September 30th, 2023, there was an outstanding balance of R$ 792.9 million in advance credit card receivables (R$ 1,051.8 million on June 30, 2023), with a decrease of R$ 258.9 million, mainly due to the improvement in the capital structure due to the Follow-On, impacting the increase in working capital compared to 2Q23. Added to this factor, we increased the balance of "Trade Accounts Receivable" by R$ 425.3 million in the period (see graph below), due to a reduction in the advance of receivables, increasing the working capital account, but benefiting the financial income (loss) positively, as explained in the "Financial Result" section.

*Increase in Working capital Composition (R$ million)

45.8
39.6	Reduction in receivables prepayment

	258.9	Increase in Accounts Receivable
	Reduction of Suppliers to be Payed
166.3
		Other

Cash flow from operating activities in the quarter was negative by R$ 327.2 million, mainly impacted by the effects of the usual seasonality of the business which demands more cash in the third quarter.

Cash at the end of September totaled R$ 221.6 million.

10