Vulcabras (VULC3) investor relations material

Executive summary

• 3Q26 net revenue rose 2.3% YoY to R$977.6m, marking a 25th consecutive quarter of growth; volume fell 2.0% to 8.8m pairs/pieces amid weak retail demand.

• 3Q26 recurring EBITDA declined 3.7% to R$203.2m and recurring net income fell 14.3% to R$139.9m; recurring EBITDA margin was 20.8%.

• 9M26 revenue increased 7.7% to R$2,748.8m; recurring EBITDA rose 4.9% to R$568.9m, while recurring net income declined 10.7% to R$369.7m.

• Reported net income was R$144.4m in 3Q26 and R$368.2m in 9M26; prior-year comparisons included significant tax-credit and tax-related gains.

• Net debt fell 42.8% from December 2025 to R$439.9m at September 30, 2026.

Financial highlights

• 3Q26 gross profit declined 2.4% YoY to R$386.3m and gross margin fell 1.9 percentage points to 39.5%; 9M26 gross profit rose 5.6% to R$1,102.1m.

• 9M26 cost of sales was R$1.647bn versus R$1.509bn; sales expenses were R$497.5m versus R$459.2m, including R$6.1m of expected credit-loss provision versus R$0.1m.

• 9M26 income before financial results and taxes was R$464.9m versus R$566.1m; effective tax rate was 6.55% versus 46.39%.

• 9M26 financial income was R$59.5m versus R$216.1m, while financial expenses were R$130.4m versus R$94.6m.

Segment performance

• Athletic footwear revenue grew 2.5% YoY to R$848.4m in 3Q26 and 8.5% to R$2,361.4m in 9M26; 9M volume increased 3.9%.

• Other footwear and other revenue rose 3.9% to R$67.3m in 3Q26 and 9.1% to R$192.1m in 9M26; athletic flip-flops offset weaker professional-use boot sales.

• Apparel and accessories revenue declined 2.5% to R$61.9m in 3Q26 and 2.4% to R$195.3m in 9M26, reflecting changes in brand and category mix.

• E-commerce revenue fell 16.9% YoY to R$120.3m, or 12.3% of revenue; 9M26 revenue edged up 0.7% to R$398.1m.

• Operations are managed as one integrated synthetic-footwear segment; 9M26 revenue included athletic shoes of R$2,361.4m, other footwear and products of R$192.2m, and apparel of R$195.3m.