Earnings Release 1Q25

APRESENTAÇÃO DE RESULTADOS 1T25

Jundiaí, May 06, 2025 - Vulcabras S.A (B3: VULC3) announces today the results for the first quarter of 2025 (1Q25).

figures and in millions of reais, prepared in accordance with accounting practices adopted in Brazil and international financial reporting standards (CPC 21 and ISA 34). The data contained in this report refer to the performance of the first quarter of 2025, compared to the same period in 2024, except when specified otherwise.

HIGHLIGHTS

GROSS VOLUME

7.1 million

pairs/pieces in 1Q25, an increase of 5.6% compared to 1Q24.

NET REVENUE

R$ 701.2 million

in 1Q25, an increase of 17.4% compared to 1Q24 .

GROSS PROFIT

R$ 281.9 million

in 1Q25, an increase of 17.5% compared to 1Q24.

GROSS MARGIN

40.2%

in 1Q25, maintaining the same level observed in 1Q24.

NET INCOME AND NET MARGIN

R$ 106.1 million

in 1Q25, an increase of 19.5% over 1Q24, with a Net Margin of 15.1%, 0.2

p.p. higher than in 1Q24.

EBITDA AND EBITDA MARGIN

R$ 140.4 million

in 1Q25, an increase of 14.7% compared to 1Q24, presenting 20.0% of EBITDA Margin.

VULC3 Quote (03/31/2025)

R$ 15.80

Market Value

R$ 4.3 Billion

IR Telephone

Number of Common Shares

275,536,244

Investor Relations

Wagner Dantas da Silva (CFO e IRO)

IR Site https://http://vulcabrasri.com IR E-mail dri@vulcabras.com

+55 (11) 4532-1000 Video Conference

05/07/2025 at 10:00 am (Brasília)

Access in Portuguese

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EARNINGS RELEASE 1Q25

MESSAGE FROM MANAGEMENT

After a historic 2024, Vulcabras began 2025 at a fast pace, reflecting the consistent execution of its vertically integrated business model focused on product innovation brand strengthening, and operational efficiency.

In the first quarter of 2025,

Net Operating Revenue (NOR) reached R$ 701.2 million, representing a 17.4% increase compared to 1Q24 and marking the 19th consecutive quarter of growth. EBITDA totaled R$ 140.4 million, a 14.7% increase, while the EBITDA margin was 20%. Net Income amounted to R$ 106.1 million, an increase of 19.5% over the same period last year.

The e-commerce channel continued its strong growth trajectory during the quarter, posting a 53.8% increase and reaching revenue of R$ 118.4 million, which accounted for 16.9% of the

Net Revenue. This performance helped boost the purchasing journey, strengthen brand positioning, and deepen customer relationships all without the need for aggressive promotional campaigns.

ATHLETIC FOOTWEAR DIVISION GROWS, DRIVEN BY THE CORRE LINE AND MARKING NEW CHAPTERS FOR THE OLYMPIKUS BRAND

The Athletic Footwear division maintained its growth trajectory in 1Q25, recording an 18.5% increase compared to the same period in 2024, primarily driven by the success of the Corre line. The combination of product innovation, brand strengthening, and a consumer-centric approach supported this positive performance, further consolidating the

leadership in the national sports segment.

Olympikus, celebrating its 50th anniversary in 2025, continued its upward path, propelled by new launches within the Corre Family and the special Corre 4 Strava collaboration. This partnership marked the second consecutive year of the Olympikus Corre model being the most used by Brazilian runners on the app. The quarter was highlighted by the release of new colorways of best-selling models and the start of the

50th-anniversary celebrations, including the proprietary pra festival held in Serra do Cipó (MG). In the high-performance segment, the brand secured a fourth consecutive victory at the São Paulo International Marathon with the new Corre Supra 2 model.

Mizuno advanced its innovation and portfolio expansion strategy in high-performance running with the launch of the Neo Zen, a model designed for daily training and long distances. The brand also introduced new colorways of the Neo Vista, reinforcing its position in the

segment. The Mizuno Running Station a hub for runners at USP strengthened the connection with the high-performance running community by serving as a weekend gathering point for runners and hosting recurring brand activations. In the Sportstyle segment, Mizuno hosted exclusive events at the Mizuno Listening Store in São Paulo, including the AM Sessions, which combined music, coffee, and urban culture to bring the brand closer to a younger, trend-conscious audience. In football, the launch of the Silver Pack a special-edition boot color collection featured coordinated activations with all sponsored players, boosting visibility and reinforcing the presence in the category.

Under Armour continued its strategy of diversification and strengthening in both performance and sportstyle segments. The brand launched the Charged Quicker 2, targeting runners seeking lightness and agility, as well as the SlipSpeed Mega, a versatile model combining technology and comfort for training and everyday wear. In the sports lifestyle category, Under Armour introduced the new Emerge model and new colorways of the Reps 2, expanding its offering for consumers who seek style with performance. In basketball, the brand advanced the global Stephen Curry franchise with the release of new Curry 12 colorways Gravity and Extraterrestrial further strengthening its position among elite athletes and sports fans.

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EARNINGS RELEASE 1Q25

CAPITAL ALOCATION

Vulcabras reinforces its commitment to maximizing shareholder returns and maintaining a conservative capital management strategy. In line with this approach, and considering the recent growth along with our expectations for 2025, the Company plans to allocate capital expenditures (CAPEX) toward the expansion of its industrial complex. In addition, working capital investments are expected to slightly exceed the levels recorded in 2024. These investments are anticipated to generate returns consistent with our strategic goals and to deliver increased long-term value to the Company. Despite these planned investments, and supported by strong cash generation, the Company is announcing a round of monthly dividend payments of R$ 0.125 per share to be distributed in August, September, and October 2025. Annualizing this monthly dividend commitment and considering a share price of approximately R$ 17.30, the Company currently offers a dividend yield of approximately 9.0%.

Furthermore, during the first quarter of 2025, Vulcabras repurchased 762.2 thousand shares, bringing the total number of treasury shares to 3,869.2 million, which corresponds to 1.4% of the

outstanding shares. This share repurchase program is part of a capital optimization strategy aimed at enhancing shareholder value and reinforces the

confidence in its future performance.

These actions reflect Vulcabras' ability to align sustainable growth, attractive shareholder returns, and the maintenance of a deleveraged and resilient balance sheet well-positioned to capture new opportunities as they arise.

SOLID FOUNDATIONS FOR SUSTAINED GROWTH

With a growing order book and recently launched collections receiving strong market acceptance, Vulcabras enters 2025 with a positive outlook. The Company believes that it is consistent focus on innovation, combined with portfolio expansion and operational efficiency, will support its growth momentum in the coming months, further strengthening its position in the Brazilian sports market..

EARNINGS RELEASE 1Q25 4

APRESENTAÇÃO DE RESULTADOS 1T25

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CONSOLIDATED PERFORMANCE

EARNINGS RELEASE 1Q25

GROSS VOLUME

The first quarter of 2025 was marked by consistent sales volume growth across all product categories, reflecting the effectiveness of the business model. This positive performance was primarily driven by favorable retail dynamics, which showed steady improvement throughout the period.

In 1Q25, total gross volume invoiced reached 7.1 million pairs/pieces, representing a 5.6% increase compared to the 6.7 million recorded in the same period of the previous year. The main highlights by category were:

i) Athletic Footwear, registered a 3.5% increase compared to 1Q24. The rise in consolidated volume was mainly driven by domestic market sales. The highlight of the category was the Corre line from the Olympikus brand, which maintained strong consumer acceptance and consistent performance in the running segment.

1. Others Footwear and Others, posted a 23.5% compared to 1Q24, with notable growth in the flip-flops and professional-use boots categories, both of which showed significant progress during the period.

2. Apparel and Accessories, this category recorded a 0.8% increase compared to the same quarter of the previous year, mainly driven by improved retail performance in the domestic market.

   
   
   

   GROSS VOLUME OF PAIRS AND PIECES/THOUSAND 1Q25 vs 1Q24

   Pairs and itens (thousand)	1Q25	Share %	1Q24	Share %	Var. % 1Q25/1Q24
   Athletic footwear	4,381	61.8%	4,231	63.0%	3.5%
   Other footwear and Other (1)	1,110	15.6%	899	13.4%	23.5%
   Appareland Accessories	1,601	22.6%	1,588	23.6%	0.8%
   Total	7,092	100.0%	6,718	100.0%	5.6%

   APRESENTAÇÃO DE RESULTADOS 1T25 6

   4,231 4,381

   899

   1,110

   1,588 1,601

   Athletic footwear Other footwear Apparel and

   and Other (1) Accessories

   1Q24

   1Q25

   1. Flip-flops, boots, women footwear and shoe components

EARNINGS RELEASE 1Q25

NET OPERATING REVENUE

CATEGORY

The Brazilian footwear retail sector showed signs of recovery in the first quarter of 2025, driven by the strengthening of the domestic market and increased consumer spending fueled by factors such as declining unemployment levels and rising household income.

However, in the foreign market, sales remained under pressure due to significant challenges, particularly in Peru and Argentina, where adverse economic conditions continue to pose specific obstacles in each country.

For the 19th consecutive quarter, the Company overcame challenges and achieved substantial growth in net revenue, which totaled R$ 701.2 million, an increase of 17.4% compared to the R$ 597.3 million recorded in the same period of the previous year.

The Athletic Footwear category posted an 18.5% increase in 1Q25 compared to 1Q24. This performance was mainly driven by the expansion of the domestic market, while revenue from foreign markets declined. All three of the

brands recorded positive performance, with a particular highlight on the running category of Olympikus, boosted by the success of the Corre line.

The Others Footwear and Others category grew by 26.4% versus 1Q24, reflecting higher sales of flip-flops and boots designed for professional use.

The Apparel and Accessories category recorded 3.0% growth compared to 1Q24, primarily driven by improved retail performance in the domestic market.

NET REVENUE BY CATEGORY 1Q25 vs 1Q24

495.4

586.9

39.7 50.2

62.2 64.1

Athletic footwear Other footwear Apparel and

and other (1) Accessories

1Q24 1Q25

APRESENTAÇÃO DE RESULTADOS 1T25

(1)Flip-flops, boots, women footwear and shoe components

EARNINGS RELEASE 1Q25

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NET OPERATION REVENUE

MARKETS

DOMESTIC MARKET

The Brazilian footwear retail sector performed well in the first quarter of 2025, driven by the strengthening of the domestic market and increased consumer spending.

In 1Q25, net revenue in the domestic market totaled R$

671.3 million, representing a 19.3% increase compared to the same period of the previous year, when it reached R$ 562.9 million.

This positive result was driven by growth across all product categories, with Athletic Footwear once again standing out for its strong and consistent performance compared to 1Q24.

APRESENTAÇÃO DE RESULTADOS 1T25

NET REVENUE BY MARKET 1Q25 vs 1Q24

FOREIGN MARKET

Net revenue in the Foreign Market totaled R$ 29.9 million in 1Q25, representing a 13.1% decline from the R$

34.4 million recorded in the same period of the previous

year.

Although operations in Peru showed a positive performance during the quarter, direct exports from Brazil primarily focused on the Argentine market remained in decline, reflecting the drop in consumer demand in that country.

MARKET SHARE 1Q25

4,3%

95,7%

Domestic Market Foreign Market

EARNINGS RELEASE 1Q25

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E-COMMERCE

16.9%

12.9%

53.8%

1Q24

E-commerce Net Revenue

1Q25

Share Net Revenue

In 1Q25, the e-commerce channel reaffirmed its relevance within

strategy, serving as a natural extension between the brands and their consumers.

Driven by a strategy focused on digital positioning and excellence in the purchasing journey, the channel recorded net revenue of R$ 118.4 million, representing a 53.8% increase compared to the same period of the previous year.

This strong performance led e-commerce to account for 16.9% of the

net revenue for the quarter, an increase of 4.0 percentage points compared to 1Q24, further reinforcing its growing role within channel mix.

APRESENTAÇÃO DE RESULTADOS 1T25

NET REVENUE AND NOR PARTICIPATION

EARNINGS RELEASE 1Q25

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COST OF GOODS SOLD (GOGS)

Throughout the first quarter of 2025, as previously anticipated, the Company faced significant pressure on its cost structure. Operational labor costs were impacted by the increase in labor-related charges reflecting the gradual reimplementation of payroll taxation along with the adjustment of the minimum wage, which included a substantial real gain, and absenteeism, which, although lower than in the previous quarter, remained above historical levels.

With regard to inputs used in production such as raw materials and packaging materials, the Company also faced rising costs. This pressure resulted from similar challenges observed in the

production chains, exacerbated by the effects of exchange rate volatility.

Despite this challenging environment, the Company managed to keep its cost of goods sold proportionally stable compared to the same period of the previous year, demonstrating the effectiveness of its control measures, industrial productivity gains, and disciplined cost management efforts implemented throughout the quarter.

APRESENTAÇÃO DE RESULTADOS 1T25

In 1Q25, COGS accounted for 59.8% of net sales revenue, the same percentage recorded in 1Q24. This performance reinforced the resilience and efficiency in cost

management, even in the face of a challenging environment. The Company remained focused on initiatives aimed at improving operational efficiency and generating economies of scale, with the goal of mitigating external pressures and preserving profitability, even amid adverse macroeconomic conditions.

COST OF GOODS SOLD (%COGS/NOR)

59.8%

59.8%

1Q24

1Q25

EARNINGS RELEASE 1Q25

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GROSS PROFIT AND GROSS MARGIN

The increase in production and sales volume, combined with higher average prices, offset gross margin impacts despite significant pressure on the cost of goods sold.

The

manufacturing plants resumed full operations following the collective vacation period, and gradually, efficiency indicators reached planned levels. Targeted production volumes were achieved, and the cost of manufactured goods remained within expectations.

In the first quarter of 2025, the Company reported gross profit of R$ 281.9 million, representing a 17.5% increase compared to the R$ 239.9 million recorded in the same period of the previous year. The consolidated gross margin remained stable at 40.2%, in line with the result reported in 1Q24.

It is important to highlight that, if not for the reinstatement of payroll taxes, the gross margin would have been 0.4 percentage point higher than reported. This clearly demonstrates the direct impact of the fiscal policy change on the cost structure.

This performance not only demonstrated the

resilience in a challenging macroeconomic environment, but also reinforced its commitment to innovation, excellence in product delivery, and agility in adapting to new scenarios.

GROSS PROFIT AND GROSS MARGIN

40.2%

40.2%

17.5%

281.9

239.9

1Q24

Gross Profit

1Q25

Gross Margin

APRESENTAÇÃO DE RESULTADOS 1T25

EARNINGS RELEASE 1Q25 11

SELLING AND ALLOWANCE FOR DOUBTFUL ACCOUNTS EXPENSES

In 1Q25, expenses related to sales, advertising, and Estimated Credit Losses (ECL) totaled R$ 134.1 million, representing a 21.1% increase compared to the same period in 2024.

Direct expenses associated with sales and ECL, excluding advertising investments, amounted to R$ 98.6 million in 1Q25, an 18.5% increase compared to the R$ 83.2 million recorded in 1Q24. When measured against net revenue, these expenses accounted for 14.1%, a 0.2 percentage point increase from the 13.9% recorded in the same quarter of the previous year.

During 1Q25, the Company maintained a trend already observed in previous quarters: the increasing share of e-commerce, especially through marketplaces, in the sales mix resulted in higher volumes of variable expenses such as commissions and shipping costs.

APRESENTAÇÃO DE RESULTADOS 1T25

Additionally, throughout 2024, the Company opened five outlet stores, which required expanding the workforce and led to higher operational expenses for these new units.

13.9%

14.1%

18.5%

83.2

98.6

1Q24 1Q25

Selling Expenses and Bad Debit % of Net Revenue

EARNINGS RELEASE 1Q25

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ADVERTISING AND MARKETING EXPENSES

In 1Q25, advertising and marketing investments totaled R$

35.5 million, a 29.1% increase compared to the R$ 27.5 million recorded in the same period of 2024. This increase reflects the intensification of brand positioning and communication efforts throughout the quarter.

As a percentage of net revenue, advertising and marketing expenses represented 5.1%, an increase of 0.5 percentage point compared to 4.6% in 1Q24.

CELEBRATING OLYMPIKUS´50 YEAR ANNIVERSARY - 2025

Throughout 2025, Olympikus will celebrate its 50-year history, consolidating its position as one of the leading brands in the national sports segment. In honor of this milestone, the Company has organized a robust calendar of events and brand activations focused on strengthening emotional connections with consumers, increasing the visibility, and reinforcing its positioning as a leader

in innovation and accessible performance.

Among the planned initiatives, one of the highlights is the sponsorship of 50 running events across different regions of Brazil. These events aim to bring the brand even closer to its audience, encouraging sports and well-being through authentic and memorable experiences.

This project reinforces

commitment to democratizing sports and continuing to invest in high-impact initiatives for consumers.

APRESENTAÇÃO DE RESULTADOS 1T25

Mizuno reinforced its presence in the performance-running segment with the launch of the Neo Zen, a shoe designed for daily training and long-distance runs. It also introduced new colorways of the Neo Vista super trainer, solidifying its position among high-performance runners. Additionally, the brand launched the Onihayai Pack, inspired by Japanese culture and featured at the Osaka Marathon strengthening

global identity and reach. In the Sportstyle segment, Mizuno held four events at the Mizuno Listening Store in São Paulo, connecting with a younger, urban audience. A standout was the Mizuno AM Sessions project, which blended music with contemporary lifestyle.

4.6%

5.1%

27.5

35.5

1QT24

Advertising Expenses

1Q25

% of Net Revenue

Under Armour expanded its performance portfolio with the launches of the Charged Quicker 2 and SlipSpeed Mega, along with the Emerge casual sneaker and new colorways of the Reps 2. In basketball, the brand strengthened its Curry 12 line with new colorways. On the international stage, Under Armour entered into a strategic partnership with the NFL, becoming the official supplier of cleats and gloves, expanding its presence in American football and reinforcing its positioning in innovation and high performance.

EARNINGS RELEASE 1Q25

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GENERAL AND ADMINISTRATIVE EXPENSES

The share of General and Administrative Expenses (G&A) relative to Net Revenue reflected the stabilization of their proportion, even with the addition of expenses not present in the 1Q24 comparison base, such as rental costs arising from the opening of new outlet stores.

In 1Q25, general and administrative expenses totaled R$ 43.9 million, representing a 17.1% increase compared to the same period of the previous year. As a percentage of net revenue, they remained stable at 6.3%, the same level recorded in 1Q24.

The main variations during the period were concentrated in:

• Rental expenses, driven by the addition of new retail locations;

• Personnel costs, reflecting wage adjustments from collective bargaining agreements for administrative employees and the increase in labor-related charges due to the reinstatement of payroll taxes.

  APRESENTAÇÃO DE RESULTADOS 1T25

  DIVULGAÇÃO DE RESULTADOS 1T25

  14

• Third party services expenses, related to enhancements in the e-commerce platform.

6.3%

6.3%

37.5

17.1%

43.9

1Q24

1Q25

G&A Expenses

% of Net Revenue

EARNINGS RELEASE 1Q25

OTHER NET OPERATING INCOME (EXPENSES)

In the first quarter of 2025, Net Other Operating Income

(Expenses) resulted in income of R$ 4.9 million, above the R$

4.0 million recorded in the same period of 2024. As a percentage of net revenue, this result remained stable at 0.7%, the same level observed in 1Q24.

The main positive variations during the period were due to:

• Lower need for provisions related to contingencies;

• Higher amount of tax credits recognized based on Law No. 14,789/23.

NET FINANCIAL INCOME

In 1Q25, net financial result was positive at R$ 2.3 million, reflecting a significant improvement compared to the financial income of R$ 0.8 million recorded in 1Q24.

APRESENTAÇÃO DE RESULTADOS 1T25

15

When comparing 1Q25 to 1Q24, the variation was mainly due to a reduction in both financial income and expenses, driven by lower levels of financial investments and

indebtedness throughout the period. Also contributing to this result was the recognition of foreign exchange gains, fueled by the appreciation of assets resulting from the sharp strengthening of the U.S. dollar against the Brazilian real.

EARNINGS RELEASE 1Q25

NET INCOME AND NET MARGIN

Net income in 1Q25 recorded significant growth, driven by strong operational performance combined with efficient financial and tax management.

In 1Q25, the Company reported net income of R$ 106.1 million, representing a 19.5% increase compared to the same period of the previous year, when net income totaled R$ 88.8 million.

APRESENTAÇÃO DE RESULTADOS 1T25

The net margin for the quarter reached 15.1%, reflecting an increase of 0.2 percentage point compared to the 14.9% recorded in 1Q24.

14.9%

15.1%

19.5%

88.8

106.1

1Q24

Net Income

1Q25

% of Net Revenue

EARNINGS RELEASE 1Q25

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EBITDA AND EBITDA MARGIN

20.5%

20.0%

14.7%

122.4

140.4

1Q24

EBITDA

1Q25

EBITDA Margin

In 1Q25, the

EBITDA totaled R$ 140.4 million, representing a 14.7% increase compared to the R$ 122.4 million recorded in the same period of 2024.

Despite the increase in EBITDA in absolute terms, the EBITDA margin showed a slight decline when comparing 1Q24 to 1Q25, moving from 20.5% to 20.0%. This reduction was mainly due to higher commercial expenses, particularly because of the faster growth of the e-commerce channel, which carries higher operational costs.

Even so, the EBITDA margin remained at a solid level, consistent with the

operational structure, underscoring its adaptability and resilience in the face of the challenges.

APRESENTAÇÃO DE RESULTADOS 1T25

EARNINGS RELEASE 1Q25 17

ROIC RETURN ON INVESTED CAPITAL

The annualized Return on Invested Capital (ROIC²) reached 25.9% in 1Q25-LTM (last twelve months ended March 31, 2025), representing a reduction of 0.2 percentage point compared to the 26.1% recorded as of December 31, 2024.

The annualized Adjusted Return on Invested Capital (Adjusted ROIC³) reached 29.2% in 1Q25-LTM (last twelve months ended March 31, 2025), representing a reduction of 0.3 percentage point compared to the 29.5% recorded as of December 31, 2024.

ROIC: Return on Invested Capital

1. Average invested capital at the end of this period and the end of the previous year.

2. ROIC: NOPAT for the last 12 months divided by the average invested capital

   APRESENTAÇÃO DE RESULTADOS 1T25

   18

3. Adjusted ROIC is a non-accounting measure calculated by dividing Adjusted NOPAT (defined as net income (loss) plus net financial income less equity in the earnings and income from discontinued operations) divided by average adjusted Invested Capital. Adjusted Invested Capital is defined as the sum of equity (equity) and Net Debt (as defined below), less goodwill recorded in intangible assets and the investment in non-controlled companies.

EARNINGS RELEASE 1Q25

CAPEX

In 1Q25, the Company made investments totaling R$ 48.4 million in property, plant, equipment, and intangible assets, representing a 63.0% increase compared to the amount invested in the same period of 2024.

The main investments were directed toward the expansion of the industrial complex, with the acquisition of new equipment aimed at increasing production capacity while maintaining a focus on modernization and greater efficiency capture throughout the production process. This reinforces the

culture of continuously seeking optimal capital allocation, as the decision to continue investing is primarily guided by the expectation of short-term payback.

APRESENTAÇÃO DE RESULTADOS 1T25

ADDITIONS TO FIXED ASSETS AND INTANGIBLES

EARNINGS RELEASE 1Q25

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OPERATING CASH GENERATION

Cash variation in 1Q25 totaled R$ 66.7 million and was primarily composed of the following events:

1. EBITDA of R$ 140.4 million;

2. Capital increase from the exercise of the Stock Option Plan in the amount of R$ 4.4 million;

3. Reduction in working capital requirements of R$

   36.7 million;

4. Variation in non-current assets and liabilities of R$

   3.9 million

   CASH FLOW 1Q25

5. Reduction in bank liabilities of R$ 79.1 million;

6. Investments in property, plant, equipment, and intangible assets totaling R$ 46.1 million;

7. Dividend payments amounting to R$ 101.6 million.

   1,0

   2.3

   36.7

   3.9

   140.4

   4.4

   79.1

   46.1

   20.7

   101.6

   314.2

   247.6

   Initial Cash EBITDA Balance (+)

   Application

   Stock Options Capital Increase

   Other Revenue (1)

   Financial result

   Decrease of Variaton Decrease in Working between Bank Capital Long-Term Liabilities

   requirement Assets/Liabi

   lities

   PP&E

   /Investments in Fixed Assets and Intangibles

   Other Dividends Closing Cash Expenses Paid Balance (+)

   (2) Application

   CASH FLOW - CASH

   575.8

   438.1

   465.0

   314.2

   1Q24

   2Q24

   3Q24

   4Q24

   247.6

   1Q25

   1. Other Income: Sale/Write-off of Fixed Assets and Intangible Assets + Income and Expenses from the issuance of Shares + Resources from the sale of investments + Effect of the conversion of investees abroad

      APRESENTAÇÃO DE RESULTADOS 1T25

      20

   2. Other Expenses: IR and CSLL + Effect of the conversion of investees abroad + Payment of financial lease liabilities.

EARNINGS RELEASE 1Q25

NET DEBT

As of March 31, 2025, the Company reported net debt of R$ 10.1 million, representing a 55.3% reduction compared to the balance as of December 31, 2024.

This reduction in net indebtedness was primarily driven by the

strong operating cash flow generation during the period.

NET DEBT

EVOLUTION OF NET DEBT AND LEVERAGE

N/A

N/A

N/A

0.0

0.0

22.6

10.1

-160.2

-117.2

1Q24

-63.1

2Q24

3Q24

4Q24

1Q25

Net Debt | Net Cash

Net Debt | Net Cash/Ebitda (LTM)

-600.0 -1.5

APRESENTAÇÃO DE RESULTADOS 1T25

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1Q24

2Q24

Working capital

3Q24

4Q24

1Q25

Financial Cycle (days)

EARNINGS RELEASE 1Q25

WORKING CAPITAL AND FINANCIAL CYCLE (EX-DIVIDENDS)

CAPITAL MARKET

DIVIDENDS

On March 11, 2025, the Board of Directors approved a new monthly dividend distribution cycle from May 2025 through July 2025 of R$ 0.125 (one hundred and twenty-five thousandths of a real) per share, totaling R$

33.8 million per month.

On May 6, 2025, the Board of Directors approved another monthly dividend distribution cycle from August 2025 through October 2025 also for R$ 0.125 per share, totaling R$ 34.0 million per month.

APRESENTAÇÃO DE RESULTADOS 1T25

22

RETURN TO SHAREHOLDERS

EARNINGS RELEASE 1Q25

CAPITAL MARKET

714.8

412.6

86.0

111.7

Distribution basis after constitution of legal reserves

132.0%

25.0%

87.7%

Dividends distributed

Payout

29.9%

2021

2022

2023

2024

SHARE BUYBACK PROGRAM

Since May 2022, the Company has maintained a Share Buyback Program aimed at optimizing capital allocation and generating value for shareholders. On March 11, 2025, the Board of Directors approved a new share buyback program for a period of 18 months. The program authorizes the repurchase of up to 10 million shares and is valid through September 2026.

During 1Q25, the Company repurchased 762.2 thousand shares, and as of March 31, 2025, the total number of shares held in treasury was 3,869.2 million.

APRESENTAÇÃO DE RESULTADOS 1T25

23

This share buyback program is part of a strategy focused on capital optimization and increasing shareholder value, while also reflecting the

confidence in its future performance.

EARNINGS RELEASE 1Q25

SUSTAINABILITY

CULTURE AS A PILLAR OF SOCIAL SUSTENTABILITY

At Vulcabras, we believe that sport and art together have the power to broaden horizons, build bridges between different realities, and drive lasting transformation. Sport teaches resilience, perseverance, and teamwork; culture strengthens identities, stimulates critical thinking, and fosters inclusion. When combined, these forces shape stronger, more creative, and more conscious citizens and communities.

At the beginning of 2025, we continued to pursue this vision by supporting cultural initiatives that brought together art, memory, innovation, and regional identity reinforcing our purpose of using sport as a

platform for education, culture, and social impact. Across different regions of Brazil, our sponsorship of cultural and social projects reaffirms

commitment to building a more just, diverse, and sustainable country.

"When we bring together sport and culture, we create an environment of learning, creativity, and transformation that impacts communities and builds a collective legacy."

ART, RESILIENCE, AND

COLLECTIVE RECONSTRUCTION

This quarter, Vulcabras organized the exhibition e in Porto Alegre, as part of the

Portas para a project at the 14th Mercosur Biennial. The exhibit invited the public to reflect on resilience, reconstruction, and the power of art as a catalyst for social transformation.

Inspired by the mural

by artist Eduardo Kobra, the exhibition featured works from the collection of the Rio Grande do Sul Museum of Contemporary Art (MACRS) and the Várzea Lab project of the Vila Flores Cultural Center. The pieces addressed themes such as identity, memory, and overcoming adversity offering a new perspective on contemporary challenges.

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The exhibition was held at Instituto Caldeira, a symbolic venue also affected by the 2024 floods and which now stands as a symbol of resilience, innovation, and entrepreneurship.

This commitment is also reflected in

support of the innovation and cultural ecosystem in Rio Grande do Sul. Vulcabras is one of the founding companies of Instituto Caldeira an innovation hub based in Porto Alegre and has supported the project since its inception. In April 2024, the CEO, Pedro Bartelle, was appointed to the board of directors, reinforcing strategic involvement in building a more connected, collaborative, and creative future.

By investing in culture and innovation, Vulcabras actively contributes to strengthening networks that connect the private sector with social transformation driving new ideas, talent, and opportunities for the

sustainable development.

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We believe that supporting initiatives like this also contributes to a broader movement of valuing art, culture, and social reconstruction. May 'Aguerrido e Forte' continue to spark

dialogue around the real needs of our State." Pedro Bartelle

Other Cultural Initiatives Supported by Vulcabras

MUSEUM OF CONTEMPORARY ART OF RIO GRANDE

DO SUL

Museum of Contemporary Art of Rio Grande do Sul (MACRS)

Sponsored by Vulcabras through tax incentive laws, MACRS received support for its exhibition programming and educational activities, promoting access to contemporary art and valuing the

artistic heritage.

VILA FLORES CULTURAL CENTER, RIO GRANDE DO SUL

Also supported via tax incentives, Vila Flores received backing for its cultural and social projects in Porto 4th District, particularly the Várzea Lab, which

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connects art, community, and sustainability.

MERCOSUL BIENNIAL 2025 EDITION

Vulcabras is a sponsor of the 14th Mercosur Biennial, reaffirming its commitment to Latin American art, aesthetic dialogue, and free access to culture for thousands of visitors.

HORIZONTE CONTEMPORARY YOUTH ORCHESTRA, CEARÁ

Sponsored by Vulcabras via tax incentives, this project offers free musical instrument lessons (strings, winds, and percussion) to public school children and adolescents in Horizonte (CE), promoting musical education, social integration, and encouraging school retention.

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BRAND MANAGEMENT

The combination of product innovation, brand strengthening, and continuous focus on the consumer journey sustained positive performance in 1Q25 and reinforced the

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position as a leading reference in the national sports segment. Each of its brands played a strategic role in driving growth, differentiation, and engagement with their respective audiences.

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OLYMPIKUS

ENGAGEMENT WITH THE RUNNING COMMUNITY AND THE START OF 50-YEAR ANNIVERSARY CELEBRATIONS

In 1Q25, Olympikus solidified its position as

leading running brand, being recognized for the second consecutive year as the most used running shoe among Brazilian runners on Strava. To celebrate this milestone, the brand launched a special edition of the Corre 4 Strava in partnership with the app.

During the quarter, the brand also released the findings of the Dentro do survey the largest study ever conducted on running culture in Brazil. The research identified more than 13 million runners and brought valuable insights into habits, consumer profiles, and motivations of Brazilian runners.

Olympikus kicked off its 50-year anniversary celebrations with the proprietary Bota Pra Correr festival, whose first edition of the year was held in Serra do Cipó (MG), offering an immersive experience that combined nature, sport, and community.

In the high-performance arena, the brand claimed its fourth consecutive title at the São Paulo International Marathon, one of the most prestigious races on the national calendar securing the top six finishes in the 42 km event in both the and categories. This achievement was powered by the new Corre Supra 2 prototype a high-performance "super shoe" developed entirely by Vulcabras and manufactured in Brazil, designed specifically for elite athletes.

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UNDER ARMOUR

PERFORMANCE INNOVATION, SPORTSTYLE CONSOLIDATION, AND GLOBAL EXPANSION IN SPORTS

Under Armour expanded its portfolio in 1Q25 with strategic launches across running, training, basketball, and sportstyle segments, strengthening its presence in multiple athletic categories. In the running category, the brand launched the Charged Quicker 2, designed for runners seeking lightness, agility, and quick responsiveness broadening its range to meet the needs of various runner profiles.

In the sports lifestyle segment, the brand introduced the Emerge, a model that combines cushioning, style, and contemporary design. It also released new colorways for the Reps 2, consolidating it as one of the most versatile options for functional training. Additionally, Under Armour launched the SlipSpeed Mega, a versatile model that blends comfort, technology, and innovative design, focused on practicality for everyday athletic routines.

In basketball, Under Armour reinforced its presence in the segment through the continuation of the global Stephen Curry franchise, launching two new Curry 12 colorways Gravity and Extraterrestrial. These editions combine bold design with advanced UA Flow technology, delivering superior traction, lightweight construction, and optimized performance further strengthening the positioning among elite athletes and its relevance in the global high-performance sports arena.

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MIZUNO

INNOVATION AND PORTFOLIO EXPANSION IN PERFORMANCE RUNNING

In the first quarter, Mizuno reinforced its presence in the high-performance running segment with the launch of the Neo Zen a model designed for daily training and long-distance runs, featuring Enerzy NXT and Smooth Speed Assist technologies that deliver comfort, stability, and performance. During the same period, the brand also introduced new colorways of the Neo Vista its first "super trainer" and unveiled the Onihayai Pack, a special collection inspired by Japanese aesthetics and the concept of supernatural speed, which gained visibility during the Osaka Marathon, one of the premier events on the international calendar.

Mizuno also expanded its community engagement strategy through the Mizuno Running Station, a meeting point for runners and coaching teams at the

University of São Paulo (USP). The space has become a reference hub for high-performance running enthusiasts, serving as a weekend training base and hosting frequent brand activations, further reinforcing it is positioning in the high-performance segment.

In the Sportstyle segment, Mizuno strengthened its presence with events held at the Mizuno Listening Store, a pop-up in São Paulo. These activations brought the brand closer to a young, urban audience, supporting new product launches in a setting that blended music, culture, and lifestyle highlighted by the Mizuno AM Sessions project.

In football, the launch of the Silver Pack a special colorway collection of football boots was coordinated with all of the sponsored players, bringing visibility to the collection and reinforcing

presence in the category.

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ATTACHMENTS

BALANCE SHEET

Shareholders'equityattributableto controllers

2,205,963 2,109,976

TOTALASSETS

2,933,303 2,993,308

TOTALLIABILITIESAND

SHAREHOLDERS´EQUITY

2,933,303 2,993,308

The accompanying notes are an integral part of these financial statements

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