Vulcabras (VULC3) Q3 2025 earnings summary

Executive summary

• Net revenue for 3Q25 was R$955.7 million, up 21.8% year-over-year, with net income surging 217.8% to R$547.2 million, driven by strong brand performance and non-recurring tax credits.

• Gross volume reached 9.0 million pairs/pieces in 3Q25, up 7.7% year-over-year; 24.6 million in 9M25, up 5.8% year-over-year.

• All three brands—Olympikus, Under Armour, and Mizuno—posted strong results, with significant growth in athletic footwear and e-commerce channels.

• Achieved record gross operating revenue of R$1.1 billion in 3Q25, marking the 21st consecutive quarter of growth and the highest quarterly revenue in company history.

• Net income in 3Q25 included R$384 million in non-recurring tax credits; recurring net income was R$163.2 million, up 11.6%.

Financial highlights

• Gross profit in 3Q25 was R$395.8 million, up 17.1% year-over-year; gross margin was 41.4%, down 1.7 p.p. year-over-year.

• EBITDA for 3Q25 was R$226.5 million, up 15.1% year-over-year; recurring EBITDA was R$211.2 million, up 13.8%.

• E-commerce net revenue in 3Q25 was R$144.8 million, up 25.4% year-over-year, representing 15.2% of total net revenue.

• Net revenue for 9M25 was R$2,551.7 million, up 19.1% year-over-year.

• Net income for 9M25 was R$1,006.5 million, up 151.2% year-over-year.

Outlook and guidance

• Management expects continued growth in 4Q25, supported by strong order books, high retail sell-through, and ongoing investments in capacity and innovation.

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