Vulcabras (VULC3) Q2 2026 earnings summary

Executive summary

• Net revenue in 2Q26 reached R$994.8 million, up 11.2% year-over-year, with 1H26 revenue at R$1,771.2 million, an 11.0% increase from 1H25, driven by volume expansion, improved product mix, and higher value-added products.

• Recurring net income for 2Q26 was R$143.7 million, down 0.8% year-over-year; 1H26 recurring net income was R$229.9 million, down 8.4%.

• E-commerce net revenue grew 16.1% in 2Q26, now representing 15.4% of total net revenue.

• Athletic footwear led growth with 5.7% volume and 13.0% revenue increases in 2Q26, offsetting declines in apparel and accessories.

• Interim financial statements for the six months ended June 30, 2026, reviewed by independent auditors, confirm compliance with Brazilian and international accounting standards.

Financial highlights

• Gross profit in 2Q26 was R$402.3 million, up 10.1% from 2Q25; 1H26 gross profit was R$715.8 million, up 10.6%.

• Gross margin in 2Q26 was 40.4%, down 0.4 p.p. from 2Q25; 1H26 gross margin was 40.4%, down 0.2 p.p. from 1H25.

• Recurring EBITDA in 2Q26 was R$208.6 million, up 9.3% year-over-year; 1H26 recurring EBITDA was R$365.6 million, up 10.4%.

• Recurring EBITDA margin in 2Q26 was 21.0%, down 0.3 p.p. from 2Q25.

• Net debt reduced to R$576.7 million at 1H26 end, a 25% decrease from December 2025.

Outlook and guidance

• Management projects a compound annual growth rate (CAGR) of 7.88% for revenues and 9.95% for net income between 2026 and 2030, based on internal forecasts and approved budgets.

• Management notes that future results may differ significantly due to economic, market, and industry uncertainties.

• Continued investment in digital and e-commerce channels to drive future growth.