Vulcabras (VULC3) Q4 2025 earnings summary

Executive summary

• Net revenue in 4Q25 reached R$1,008.6 million, up 11.4% year-over-year; full-year 2025 net revenue was R$3,560.3 million, a 16.8% increase versus 2024, with gross revenue at R$4.2 billion.

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

• E-commerce channel grew 25.2% in 2025, representing 15.3% of total net revenue.

• Athletic footwear accounted for 85.7% of 4Q25 net revenue, up 11.2% year-over-year; full-year growth was 17.4% with a more premium product mix.

• Net income for 4Q25 was R$158.8 million, down 6.1% year-over-year; full-year net income surged 104.5% to R$1,165.3 million, boosted by non-recurring tax credits.

Financial highlights

• Gross profit in 4Q25 was R$417.9 million, up 10.9% year-over-year; full-year gross profit was R$1,461.0 million, up 14.3%.

• Gross margin in 4Q25 was 41.4%, down 0.2 p.p. year-over-year; full-year gross margin was 41.0%, down 0.9 p.p.

• Net margin for 4Q25 was 15.7%, down 3.0 p.p. year-over-year; full-year net margin was 32.7%, up 14.0 p.p., impacted by non-recurring items.

• EBITDA for 4Q25 was R$220.7 million, up 14.8% year-over-year; full-year EBITDA rose 28.7% to R$884.0 million.

• EBITDA margin in 4Q25 was 21.9%, up 0.7 p.p.; full-year EBITDA margin was 24.8%, up 2.3 p.p.

Outlook and guidance

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

• 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.