CVC Brasil Operadora e Agência de Viagens S A : Dados Econômico-Financeiros

Interim Financial Information

CVC Brasil Operadora e Agência de Viagens S.A. and subsidiaries

March 31, 2023

and Report on Review of Interim Financial Information

Interim financial statements of CVC Brasil Operadora e Agência de Viagens S.A. and subsidiaries as of March 31, 2023

1Q23 MANAGEMENT REPORT

Message from Management

We start this message by thanking our shareholders and debenture holders for their support, commitment and credibility throughout the process of renegotiating CVC Corp's debentures, thus demonstrating the trust placed in Management and in the Company's business plan.

Such reprofiling process, started in the first weeks of the year and timely communicated to the market, was successfully completed in the first days of April, when the General Debenture Holders' Meetings took place, which ratified the reorganization of the Company's full debt. With this agreement, we reached the lowest debt level in the last 5 years and, as a result, we currently have a more manageable debt, with maturities consistent with the Company's cash generation in the coming years and lower gross indebtedness. Continuing this process, our credit rating was raised to "brBB+" in April, which is the highest rating since the beginning of the COVID-19 pandemic, which the Company has not obtained since August 19, 2021, when it started holding a "brBB" rating. As part of the commitments assumed with the debenture holders, CVC Corp should hold a liquidity event to further reduce its indebtedness. More information is available in the Material Fact Term Sheet published on March 101, and all information regarding the liquidity event will be timely and duly communicated to the market.

Our operations started the year 2023 with the best sales in January since the beginning of the pandemic and we remain optimistic with the forecasts of gradual growth in our operations, which will allow for greater operational leverage and, as result, cash generation. Aiming to achieve these objectives, all areas of CVC Corp are focused on bringing the best product offers and payment conditions, supported by a renewed IT structure, providing a better experience for the client, with the capacity to support the increase in demand with efficiency. We remain as protagonists in the industry and in the recovery of tourism and in constant dialogue with authorities and organizations for market development.

We recently signed a memorandum of understanding with the government of Minas Gerais to place Minas Gerais destinations on the list of travel agencies and launched Bariloche destinations with departures from five Brazilian capitals, in addition to the cities of Salta, Ushuaia and Mendoza, also in Argentina.

We also advanced on the operational efficiency area and have already been reporting better control of expenses for some quarters. We remain committed to the rationalization of expenses focusing on operational excellence, through a broad redesign of processes that will continue throughout the year 2023, taking advantage of investments already made in past periods and with the help of an external consulting firm, focusing mainly on reviewing operational activities.

In line with the full digitization process, in 2023, B2B multi-brand agents started using the Atlas platform, which already serves the entire B2C segment, as a new leisure sales portal. The system performs better and offers more products, with the possibility of more assertive sales to agents, continuing the systems integration project, considering that Atlas brings together the full CVC portfolio served by the B2B team. Furthermore, there will be operational and back-office improvements throughout the year, in addition to the creation of a new brand, which will unify the current existing brands. We continue to evaluate the best moment to carry out the Offering of Shares, whose execution is included in the reprofiling agreement of the Debentures and which must be carried out until November of this year, of at least R$ 125 million, of which R$ 75 million of the funds

1 It is recommended to read the Material Fact of 03/10/2023 in full, including the attached reprofiling term sheet, available o n the Company's website and CVM

Interim financial statements of CVC Brasil Operadora e Agência de Viagens S.A. and subsidiaries as of March 31, 2023

raised will be allocated to pay off creditors, helping to reduce payments for years to come. On the other hand, if the Share Offering does not take place, the negotiation foresees the capitalization of credits of R$ 200 million of the debentures in shares, but our plan is to go ahead with the Share Offering, which could be a follow-on or an increase of private capital or another modality.

In the period prior to the earnings release, we announced the departure of Mr. Marcelo Kopel, CFO and Investor Relations Officer. Kopel was extremely important to the Company, leading the capital increase in 2022, the renegotiation of debentures and also the launch of the Credit Marketplace, which enables other forms of travel financing for our clients.

The year 2023 looks promising for tourism, with a sharp growth in passengers transported and sales with take rate within normalized intervals, which should be reflected throughout the year. We remain confident in the soundness of our business model and the relevance of our operations, committed to the adoption of high Governance and Sustainability standards.

Consolidated performance comments for 1Q23

(The information below compares the following: the three-month period ended 03/31/2023, identified as "1Q23"; the 3-month period ended 03/31/2022, identified as "1Q22)

R$ million

Net revenue

Sales expenses

General and administrative expenses Other operating revenues (expenses)

EBITDA

Depreciation and amortization Equity in net income of subsidiaries Financial income (loss)

Income tax

Loss

Net revenue

1Q23	1Q22	∆
295.5	292.8	0.9%
(61.5)	(57.0)	7.9%
(216.6)	(218.2)	-0.7%
(1.5)	15.6	n.a.
15.8	33.3	-52.5%
(52.0)	(49.1)	6.0%
(0.2)	(0.1)	18.8%
(96.7)	(88.8)	8.9%
5.1	(62.1)	n.a.
(128.0)	(166.8)	-23.3%

Net Revenue grew 0.9% compared to the same period last year, due to growth in Bookings, partly offset by the effects on the take rate resulting from the mix of business units and products, especially in the Brazilian operation, such as the increase in product sales cruises, boarding of products sold on Black Friday and lower occupancy in exclusive products.

Sales expenses

In the 1Q23, Sales Expenses of CVC Corp increased 7.9% against 1Q22, reflecting a slower pace than the increase in Consumed Bookings in Argentina and Brazil.

In Brazil, marketing expenses increased in 1Q23, due to campaigns to encourage exclusive products for the high season and activations for the lower season, supporting a differentiated price strategy negotiated with certain suppliers. There were a decrease in allowance for doubtful accounts in 1Q23 reflects the reversal of accounts receivable from airlines and portfolio adjustment.

Interim financial statements of CVC Brasil Operadora e Agência de Viagens S.A. and subsidiaries as of March 31, 2023

Regarding the mix of payment, in 1Q23, Credit Card Expenses in Brazil had a higher growth than Consumed Bookings (+20.5%), given the increase in sales in this modality (see Annex 4), while the use of bank slips was less representative, mainly due to the implementation of the financing center (Credit Marketplace).

In the Argentine operation, there was a reduction in selling expenses, compared to 1Q22, due to the reduction in expenses associated with processing payments by credit card, given the restriction imposed by the government in the form of installment payments for international travel in the retail operation (mainly Almundo), thereby resulting in more payments in cash.

General and administrative expenses

General and Administrative Expenses were practically in line when compared to 1Q22 due to the rationalization and greater control of fixed expenses, despite the negative impacts of union agreements (adjustment of 5.8%, as of November 2022 in Brazil, and around 70% in local currency in Argentina in the last 12 months), the linearity of expenses occurred in the same period where there was an increase of approximately 43,8% in the line of Confirmed Bookings.

In 1Q23, the efficiency program continued focused on streamlining structures and processes, with a consequent reduction in expenses, and at the beginning of this year adjustments were already made to management structures. The efficiency program will continue throughout 2023, focusing primarily on operating processes/activities.

Other Operating Revenues/Expenses recorded a negative amount of R$ 1.5 million, mainly composed of costs related to refunds, cancellations and other legal provisions which together added up to R$11.8 million, offset almost entirely by incentives received from air ticket distributors.

EBITDA and adjusted EBITDA

R$ million

EBITDA

(-)Non-recurring items

1. Service Fee - Bank Slip Fee
   Adjusted EBITDA

1Q23 1Q22

∆

15.8 33.3 -52.5%

(11.5)		12.5	n.a.
(1.8)	(8.3)	-78.3%
	25.5			12.5		103.2%

In 1Q23, CVC Corp recorded an EBITDA of R$ 15.8 million, while Adjusted EBITDA, which includes expenses with bank slips (reported in the Financial Statements under Financial Expenses) and excluding non-recurring items, was R$ 25.5 million.

Non-recurring effects

Non-recurring expenses in 1Q23 totaled a negative amount of R$ 11.5 million, composed mainly of personnel expenses resulting from indemnities incurred in the implementation of the restructuring plan (as mentioned above), payment of hiring bonuses and expenses with outsourced services.

Interim financial statements of CVC Brasil Operadora e Agência de Viagens S.A. and subsidiaries as of March 31, 2023

Financial income (loss)

The Financial income (loss) totaled a net expense of R$ 96.7 million in 1Q23. The growth compared to 1Q22 is mainly due to the effects of the increase in the average CDI which levies on net debt (from 10.3% p.a. in the 1Q22 to 13.7% p.a. in the 1Q23) and charges on prepayments of receivables and R$ 853.3 million is the amount of prepayments made in this quarter due to a greater need for cash in the period due to business seasonality and operation growth.

The exchange-rate change recorded a negative amount of R$ 11.8 million (which includes mark-to- market of hedge derivatives) against a negative amount of R$ 18.3 million in 1Q22, due to the positive result of the mark-to-market change of derivatives, exchange rate change on bank balances and international payments.

Income tax and social contribution

As a result of the PERSE Law, the income tax and social contribution rates became zero for operations in Brazil. However, the positive amount of R$ 5.1 million in 1Q23 presented in this line refers mainly to deferred taxes in the Brazilian operation, whose realization will occur after the effectiveness of the PERSE Law (Mar/27). Furthermore, in the period, there was the offsetting of tax loss and negative basis of CSLL in one of CVC Corp's subsidiaries, considering the joining to the Debt Prepayment Program, according to Ordinance PGFN 8798/2022.

The amount of R$ 62.1 million recorded in 1Q22 refers to the reversal of deferred tax credits whose realization will occur during the PERSE Law.

Loss

In 1Q23, CVC recorded a Net Loss of R$ 128.0 million, against R$ 166.8 million recorded in 1Q22.

Comments on the main asset accounts

	Consolidated | Assets	03/31/2023		12/31/2022
	Total current assets	1,791.0		1,962.4
	Total non-current assets
	1,941.7		1,955.1
	Total assets	3,732.7		3,917.5

Liabilities and shareholders'	03/31/2023		12/31/2022
equity
Total current liabilities	3,087.2	3,130.4
Total non-current liabilities	455.3	470.7
Total shareholders' equity	190.2	316.5
Total liabilities and
		3,732.7			3,917.6
shareholders' equity

Current assets totaled R$ 1,791.0 million as of March 31, 2023, compared to the balance of R$ 1,962.4 million as of December 31, 2022, accounting for a decrease of 8.7%, or R$ 171.4 million. Said change resulted mainly from the decrease in the amount recorded in cash and cash equivalents caption by R$ 261.3 million, lower than the amount calculated as of December 31, 2022, explained by the greater need for cash in the period, given the seasonal effects of CVC Corp.

As a percentage of the total assets, current assets accounted for 48.0% as of March 31, 2023 and 50.1% as of December 31, 2022.