Vulcabras (VULC3) Q3 2025 earnings summary

Executive summary

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

• All three major brands—Olympikus, Under Armour, and Mizuno—posted robust growth, with strategic launches and digital initiatives enhancing consumer engagement.

Financial highlights

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

• Net revenue: R$955.7 million in 3Q25 (+21.8% YoY); R$2,551.7 million in 9M25 (+19.1%).

• Gross profit: R$395.8 million in 3Q25 (+17.1% YoY); gross margin 41.4% (down 1.7 p.p. YoY).

• Net income: R$547.2 million in 3Q25 (+217.8% YoY, including R$384 million in non-recurring tax credits); recurring net income R$163.2 million (+11.6% YoY).

• E-commerce net revenue grew 25.4% to R$144.8 million in 3Q25, representing 15.2% of total net revenue.

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.

• The company remains focused on operational efficiency, portfolio expansion, and disciplined capital management amid ongoing tax reform discussions.