Vulcabras (VULC3) Q4 2025 earnings summary

Executive summary

• Achieved record gross revenue of R$4.2 billion in 2025, up 16.7% year-over-year, with net revenue of R$3,560.3 million, a 16.8% increase versus 2024; 4Q25 net revenue surpassed R$1 billion for the first time.

• Net income surged 104.5% to R$1,165.3 million, with net margin rising 14.0 p.p. to 32.7% in 2025, driven by strong operational performance and non-recurring tax credits.

• E-commerce net revenue grew 25.2% to R$543.1 million, representing 15.3% of total net revenue.

• Distributed R$1,541.9 million in dividends in 2025, with a large portion paid in advance before new dividend taxation.

• Delivered 22 consecutive quarters of growth, supported by strong brand performance, portfolio expansion, and operational efficiency.

Financial highlights

• 4Q25 net revenue: R$1,008.6 million (+11.4% YoY); 2025 net revenue: R$3,560.3 million (+16.8% YoY).

• 4Q25 gross profit: R$417.9 million (+10.9% YoY); 2025 gross profit: R$1,461.0 million (+14.3% YoY).

• 4Q25 EBITDA: R$220.7 million (+14.8% YoY); 2025 EBITDA: R$884.0 million (+28.7% YoY).

• 4Q25 net income: R$158.8 million (-6.1% YoY), mainly due to higher financial expenses.

• Gross margin in 4Q25: 41.4% (-0.2 p.p. YoY); 2025: 41.0% (-0.9 p.p. YoY).

Outlook and guidance

• Entering 2026 with stable production, normalized operating efficiencies, and healthy retail inventory levels.

• Optimistic outlook for 1H26, supported by strong order books and continued sell-out performance.

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