Q2 2025: How Taurus, Enjoei, and CVC Fared in Brazil
In the second quarter of 2025, three well-known Brazilian companies reported their financial results. Taurus makes guns and exports worldwide.
Enjoei runs an online marketplace where people buy and sell used items. CVC is one of Latin America’s biggest travel companies. Here’s how their numbers looked and what really happened behind them.
Taurus: Struggling to Regain Balance
Taurus posted a profit of R$33 million (about $6 million), recovering from a loss last year. Higher sales and cost controls helped, but revenue actually slipped by 1% to R$402 million (roughly $71 million).
This means Taurus is only treading water. Gross profit grew to R$153 million ($27 million), but expenses also shot up. Operating costs jumped 14%, hitting R$114 million ($20 million).
Even with more careful management, the company’s debt ballooned to R$608 million ($107 million), up nearly 80% in just a year. What looks like a comeback is in fact a warning sign.
Taurus improved its margins and squeezed more from operations, but it now leans more heavily on borrowed money. That’s a risk, especially with weak sales growth and the threat of unpredictable currency shifts and tough competition at home.
Enjoei: Chasing Growth, Fighting Red Ink
Enjoei lost less money than last year: losses shrank to R$8 million ($1 million). Its net revenue nudged up by 2% to R$69 million ($12 million).
Compared to the first quarter, revenue grew over 13%, showing some positive momentum. Gross profit stood at R$37 million ($7 million), and cash stayed healthy with R$199 million ($35 million) in the bank.
Management cut advertising costs by a quarter and cut technology spending by almost a third. This cost control let them grow Enjoei’s own net revenue by 15%. Enjoei has not yet broken through to steady profits.
The company’s platform is growing, but it faces stiff competition and must keep cutting costs just to stay close to breaking even. For now, efficiency wins over expansion, but the future will hinge on Enjoei’s ability to both keep users and turn a profit.
CVC: Bigger Losses Despite a Recovery in Sales
CVC, the travel giant, reported a net loss of R$46 million ($8 million), more than double last year’s loss. The market responded harshly: CVC’s stock plunged over 15% after the results came out.
On the bright side, profits before interest and taxes (EBITDA) improved to R$92 million ($16 million), but rising costs erased those gains—CVC had to pay R$75 million ($13 million) in financial charges.
Fewer cruise ships available and disruptions in river and sea travel hurt their peak season planning. CVC even considered leasing their own vessels just to keep offering trips.
On top of that, wars and immigration issues abroad led to canceled group trips. Rivalry with online travel agencies continued to bite into earnings. CVC has not managed to turn higher sales into net profits, and its heavy debts add pressure.
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