Jundiaí, May 05, 2026 Vulcabras S.A. (B3: VULC3) announces today its results for the first quarter of 2026 (1Q26). The operational and financial information of Vulcabras S.A.
is presented on a consolidated basis, in millions of Brazilian reais, prepared in accordance with accounting practices adopted in Brazil and with International Financial Reporting Standards (IFRS). The data contained in this report refer to the performance of the first quarter of 2026, compared to the same period of 2025, unless otherwise stated.HIGHLIGHTS
GROSS VOLUME
7.6 million
pairs/pieces in n 1Q26, representing a 6.8% increase compared to the 7.1 million recorded in 1Q25.
NET REVENUE
R$ 776.4 million
in 1Q26, a 10.7% increase compared to the R$ 701.2 million recorded in 1Q25.
RECURRING NET INCOME AND RECURRING NET MARGIN
R$ 86.1 million
in 1Q26, down 18.9% compared to 1Q25, with a Net Margin of 11.1%, representing a 4.0 p.p. decrease compared to the same period.
GROSS PROFIT
R$ 313.5 million
in 1Q26, an 11.2% increase compared to the R$ 281.9 million recorded in 1Q25.
GROSS MARGIN
40.4%
in 1Q26, a 0.2 p.p. increase compared to the 40.2% margin recorded in 1Q25.
RECURRINT EBITDA AND RECURRING EBITDA MARGIN
R$ 156.9 million
in 1Q26, with growth of 11.8% compared to 1Q25, and an EBITDA Margin of 20.2%, with an expansion of 0.2 p.p. compared to that recorded in 1Q25.
VULC3 QUOTE
(03/31/2026)
R$ 17.52
MARKET VALUE
R$ 5.6 billion
NUMBER OF COMMON SHARES:
317,982,170
INVESTOR RELATIONS
Wagner Dantas da Silva
CFO and IRO
VULCABRAS IR SITE
http://vulcabrasri.com
RI E-MAIL
dri@vulcabras.com
RI TELEPHONE
+55 (11) 4532-1068
VIDEO CONFERENCE
05/06/2026 at 10: 00 am (Brasília)
Access in Portuguese
MESSAGE FROM
MANAGEMENT
After a record year, Vulcabras (VULC3) started 2026 with another quarter of growth, reinforcing the resilience of its business model even in a still challenging consumption environment. The combination of strong brands, a verticalized operation and commercial discipline supported the
performance, which reached its 23rd consecutive quarter of growth, with advances in both revenue and volume.In 1Q26, Vulcabras reported gross volume of 7.6 million pairs and units, a 6.8% increase compared to the same period of the previous year. Net revenue reached R$ 776.4 million, up 10.7% year-over-year, reflecting the continuity of the growth strategy focused on mix improvement, increased share of higher value-added products and strong acceptance of the portfolio.
Gross profit totaled R$ 313.5 million, an 11.2% increase compared to 1Q25, while gross margin reached 40.4%, an expansion of 0.2 p.p. Recurring EBITDA amounted to R$ 156.9 million, up 11.8%, with a margin of 20.2%, 0.2 p.p. above the first quarter of the previous year, evidencing operational consistency and continuous efficiency gains.
Revenue growth was mainly driven by the Athletic Footwear category, which increased by 11.3% in the period. Olympikus maintained strong performance, with highlights in the performance-running segment, while Under Armour posted the highest relative growth among the brands, supported by new product launches. Mizuno continued to expand its presence, with consistent portfolio growth.
The e-commerce channel maintained its trajectory of qualified growth, reaching R$ 124.4 million in revenue, a 5.1% increase compared to 1Q25. This performance reinforces the strategic role of the channel in brand positioning and in offering a complete consumer experience, while preserving commercial discipline and avoiding aggressive promotional strategies.
The results reinforce
confidence in its growth trajectory throughout 2026. The Company starts the year with a solid operational base, balanced production, consolidated efficiency levels and healthy retail inventory levels.The order backlog for 2026 supports this view, indicating another year of strong demand for the
products, driven by the solid sell-out performance of recently launched collections and the continuous evolution of the portfolio. We remain confident in ability to grow consistently, innovate and generate value for consumers, partners and shareholders, while maintaining focus and discipline in the execution of its long-term strategy.CONSOLIDATED
PERFORMANCE
RSMillion | 1Q26 | 1Q25 | Var. % 1Q26/1Q25 |
Volume (milion pairs and Itens) | 7.6 | 7.1 | 6,8% |
Gross Operating Revenue | 923.1 | 826.3 | 11.7% |
Net Revenue | 776.4 | 701.2 | 10.7% |
Domestic Market | 755.6 | 671.3 | 12.6% |
Foreign Market | 20.8 | 29.9 | -30.4% |
Gross profit | 313.5 | 281.9 | 11.2% |
Gross margin % | 40.4% | 40.2% | 0.2 p.p. |
SG&A Operation Expenses | -196.1 | -178.0 | 10.2% |
Other Net Operating Income (Expenses) | -1.6 | 4.9 | -132.7% |
EBITDA | 150.9 | 140.4 | 7.5% |
EBITDA Margin | 19.4% | 20.0% | -0.6 p.p. |
Recurring EBITDA | 156.9 | 140.4 | 11.8% |
Recurring EBITDA Margin | 20.2% | 20.0% | 0.2 p.p. |
Net Income | 80.1 | 106.1 | -24. 5% |
Net Margin | 10.3% | 15.1% | -4.8 p.p. |
Recurring Net Income | 86.1 | 106.1 | -18.9% |
Recurring Net Margin | 11.1% | 15.1% | -4.0 p.p. |
GROSS
VOLUME
In 1Q26, the retail consumption environment remained challenging, marked by the continuation of an intensified promotional landscape across both brick-and-mortar and online channels. Clearance sales, traditionally concentrated at the beginning of the year, extended through the first half of February, increasing competitive pressure throughout the quarter.
In this context, the Company maintained its strategy of commercial discipline and brand positioning preservation, prioritizing higher-quality and more profitable sales, reinforcing its commitment to delivering sustainable results.
Gross billed volume reached 7.6 million pairs/units in 1Q26, a 6.8% increase compared to the 7.1 million recorded in 1Q25. Even in a highly promotional environment, the Company remained consistent in executing its strategy and expanded its share in the Athletic Footwear market.
Despite the consolidated growth of 6.8%, performance was impacted by distinct dynamics across categories, with a positive highlight in Athletic Footwear, partially offset by a decline in Others Footwear and Others.
Athletic Footwear: Total volume reached 4.8 million pairs in 1Q26, representing a 10.5%, increase compared to 1Q25. Performance reflected consistent demand for products across the three brands and was supported by the expansion of production capacity implemented throughout 2025. Demand in the domestic market remained solid, while performance in the Foreign Market came in below expectations.
Others Footwear and Others: The category posted a 6.9% decline in volume in 1Q26, mainly impacted by lower sales of occupational boots. This movement was primarily driven by reduced inventory replenishment by distributors, who started the period with higher-than-expected stock levels. Throughout the quarter, a gradual normalization of these inventories was observed, with a recovery in order flow. Performance was partially offset by growth in volumes of athletic flip flops.
Apparel and Accessories: The category recorded volume growth of 6.2% compared to 1Q25, with highlights for the performance of the Under Armour brand.
GROSS VOLUME OF PAIRS AND PIECES/THOUSAND 1Q26 vs 1Q25
4,381 1,601 1,700 1,110 1,033Pairs and itens (thousand) | 1Q26 | Share % | 1Q25 | Share % | Var. % 1Q26/ 1Q25 |
Athletic Footwear | 4,843 | 63.9% | 4,381 | 61.8% | 10.5% |
Other Footwear and Others (1)
1,033 13.6% 1,110 15.6% -6.9%
Apparel and Accessories | 1,700 | 22.5% | 1,601 | 22.6% | 6.2% |
Total | 7,576 | 100.0% | 7,092 | 100.0% | 6.8% |
Athletic footwear Other footwear and
Other (1)
Apparel and Accessories
1Q25 1Q26(1)Flip-flops, boots, women footwear and shoe components
NET OPERATING REVENUE
CATEGORY
Net Operating Revenue totaled R$ 776.4 million in 1Q26, a 10.7% increase compared to the R$ 701.2 million recorded in 1Q25, marking the
23rd consecutive quarter of growth.This performance was achieved in an environment of heightened competitiveness and increased promotional intensity, supported by the
commercial strategy, balanced portfolio and consistent execution across sales channels.Performance by category
NET REVENUE BY CATEGORY 1Q26 vs 1Q25
R$ Million | 1Q26 | Share % | 1Q25 | Share % | Var. % 1Q26/ 1Q25 |
Athletic Footwear | 653.2 | 84.1% | 586.9 | 83.7% | 11.3% |
Other Footwear
Apparel and Accessories | 65.9 | 8.5% | 64.1 | 9.1% | 2.8% |
Total Net Revenue | 776.4 | 100.0% | 701.2 | 100.0% | 10.7% |
and Others (1) 57.3 7.4% 50.2 7.2% 14.1%
The Athletic Footwear category grew 11.3% compared to 1Q25. The evolution of the brands and the strengthening of the product mix drove performance. Olympikus maintained strong performance, with highlights in the performance-running segment. Under Armour posted the highest relative growth among the brands, driven by the launch of new running models, while Mizuno continued to expand, supported by portfolio expansion.
50.2 57.3
64.1 65.9
586.9
653.2
The Others Footwear and Others category recorded a 14.1% increase in revenue compared to 1Q25, reflecting the strong performance of athletic flip flops, which gained greater relevance in the mix, partially offset by a decline in revenue from occupational boots.
Athletic footwear
Other footwear and other (1)
Apparel and Accessories
The Apparel and Accessories category posted a 2.8% increase in 1Q26. Highlights included Under
performance in the domestic market and the continued expansion of Olympikus in the category.1Q25 1Q26
(1)Flip-flops, boots, women footwear and shoe components
NET OPERATION REVENUE
MARKET
DOMESTIC MARKET
Net Operating Revenue in the domestic market reached R$ 755.6 million in 1Q26, a 12.6% increase compared to 1Q25.
Despite a challenging start to the year, performance was positive, mainly supported by the Athletic Footwear category, which remained the main driver of consolidated revenue growth.
The result reflects the evolution of the brands, the strengthening of distribution and the efficiency of commercial initiatives, which continued to drive the
consistent growth in Brazil.
NET REVENUE BY MARKET 1Q26 vs 1Q25
R$Million | 1Q26 | Share % | 1Q25 | Share % | Var. % 1Q26/ 1Q25 |
Domestic Market | 755.6 | 97.3% | 671.3 | 95.7% | 12.6% |
Foreign Market 20.8 2.7% 29.9 4.3% -30.4%
FOREIGN MARKET
Net Operating Revenue in the Foreign Market totaled R$ 20.8 million in 1Q26, a 30.4% decrease compared to 1Q25.
Performance reflects the challenges faced in the main markets of operation, highlighting a
still challenging environment in Latin America.
MARKET SHARE 1Q26
Total Net
Revenue
776.4 100.0% 701.2 100.0% 10.7%
2.7%
97.3%
Domestic Market Foreign MarketE-COMMERCE
In 1Q26, the e-commerce channel operated in an environment of high promotional intensity, especially in marketplaces, where clearance sales extended through the first half of February.
16.9% 16.0%In this context, the Company maintained the commercial strategy implemented at the end of 2025, prioritizing the preservation of the positioning of its key product lines and the capture of healthier margins.
As a result, revenue growth occurred at a more moderate pace. On the other hand, the
operational performance, measured by EBITDA margin, maintained a positive trajectory of improvement.Net revenue from the channel totaled R$ 124.4 million in 1Q26, representing a 5.1% increase compared to the same period of the previous year. E-commerce represented 16.0% of consolidated net revenue.
5.1%
118.4
124.4
1Q25 1Q26
E-commerce Net Revenue Share Net RevenueNET REVENUE AND NOR PARTICIPATION
R$ Million | 1Q26 | 1Q25 | Var.% 1Q26/1Q25 |
E-commerce Net Revenue | 124.4 | 118.4 | 5.1% |
NOR % Participation | 16.0% | 16.9% | -0.9 p.p. |
COST OF GOODS SOLDS
(COGS)
Throughout the first quarter of 2026, the Company faced relevant pressures on its cost structure. Operational labor costs were impacted by higher payroll charges reflecting the second phase of the gradual payroll tax reinstatement , the minimum wage increase, with a significant real gain, and elevated absenteeism levels.
Regarding production inputs, such as raw materials and packaging materials, cost increases were also observed. This pressure stemmed from the same labor-related impacts across the supplier chain and was further intensified by higher prices of oil derivatives amid a context of geopolitical tensions.
Even in this challenging scenario, the Company managed to keep the cost of goods sold (COGS) proportionally lower compared to the same period of the previous year, demonstrating the effectiveness of cost control measures, industrial productivity gains and disciplined cost management implemented throughout the quarter.
In 1Q26, COGS represented 59.6% of net revenue, a reduction of 0.2 percentage points compared to 1Q25. This performance reinforces the
resilience and operational efficiency, even in an adverse environment.The Company maintained its focus on initiatives aimed at increasing operational efficiency and capturing scale gains, in order to mitigate external pressures and preserve profitability, even in a challenging macroeconomic scenario. Amid adverse macroeconomic conditions.
COST OF GOODS SOLD (%COGS/NOR)
59.8% 59.6%1Q25 1Q26
GROSS PROFIT AND
GROSS MARGIN
The increase in produced and sold volumes, higher operational productivity and the rise in average selling price supported the expansion of gross margin, even amid significant impacts on the cost of goods sold.
achieved and production costs remained within expectations. | 11.2% | 313.5 |
281.9 | ||
In 1Q26, the Company recorded gross profit of R$ | ||
313.5 million, representing an 11.2% increase | ||
compared to the same period of the previous year. | ||
Consolidated gross margin reached 40.4%, 0.2 | ||
percentage points above the level reported in 1Q25. |
The
industrial plants resumed full operations after the collective vacation period and, with the stabilization of the workforce, efficiency indicators gradually improved until reaching planned levels. Programmed volumes wereThis performance highlights not only the
resilience in a challenging macroeconomic environment, but also reinforces its commitment to innovation, excellence in product delivery and agility in adapting to new scenarios.GROSS PROFIT AND GROSS MARGIN
40.2% 40.4%
1Q25 1Q26
Gross profit Gross margin %SELLING AND ALLOWANCE FOR DOUBTFUL
ACCOUNTS EXPENSES
In 1Q26, expenses related to selling, advertising and Estimated Losses on Doubtful Accounts (ECLD) totaled R$ 151.9 million, representing a 13.3% increase compared to the same period of 2025.
Direct expenses associated with sales and ECLD, excluding advertising investments, amounted to R$
106.6 million in 1Q26, corresponding to an 8.1% increase compared to the R$ 98.6 million recorded in 1Q25. When compared to net revenue, these expenses represented 13.7% in 1Q26, a reduction of
0.4 p.p. compared to the 14.1% reported in the same quarter of the previous year. Commission expenses decreased compared to the levels reported in 1Q25, mainly due to changes in the mix of brands, products and channels, resulting in a lower relative share. Regarding freight expenses, although upward pressure was observed throughout the last month of the quarter, the impact on the
results was still not significant.14.1% 13.7%
106.6
98.6
8.1%
1Q25 1Q26
Selling Expenses and Bad Debt
% of Net RevenueADVERTISING AND MARKETING
EXPENSES
In 1Q26, investments in advertising and marketing totaled R$ 45.3 million, a 27.6% increase compared to the R$ 35.5 million recorded in the same period of 2025. This increase reflects the continued intensification of communication and brand positioning initiatives throughout the quarter, mainly driven by the events celebrating the 50th anniversary of the Olympikus brand, which continued at an accelerated pace, bringing the brand even closer to its consumers. In relation to net revenue, advertising and marketing expenses represented 5.8%, an increase of 0.7 p.p. compared to the 5.1% reported in 1Q25.
Olympikus maintained the pace of brand strengthening by combining innovation and community building. The quarter was marked by the launch of Corre Pace, the first ultra-running shoe developed in Brazil, reinforcing its high-performance proposition and positioning in the premium segment. The brand also deepened its consumer insights with the second edition of the
Dentro do study, which highlighted the expansion of the running community in the country, and expanded its presence in regional events and activations. As an additional highlight, it launched the Corre do Amanhã project, focused on developing new talents, reinforcing its commitment to the development of the sport in Brazil.Mizuno advanced in consolidating its positioning focused on technological innovation and brand experience. In running, it stood out with the evolution of the Neo Line, including the launch of Neo Zen 2, and with the introduction of the Hyperwarp super shoe collection, aimed at high performance. The brand also strengthened its
presence in road races through the Mizuno Athenas Circuit and expanded the reach of the Mizuno Running Station, which impacted 100 thousand people during the quarter. In sportstyle, it advanced in connecting sport and culture, with launches and collaborations that increased its relevance in the lifestyle segment.
Under Armour strengthened its presence in training and advanced in building a more complete running portfolio. During the period, it launched the Cross 2 SE in the training segment and structured a product pyramid in running, with models developed in Brazil for different runner profiles, such as Nonstop and Endless. At the top of the portfolio, it introduced the Velociti Elite 3 in the country, reinforcing its competitiveness in the high-performance segment. The strategy combines global innovation, local development and closer communication with younger audiences.
5.1% 5.8%
45.3
35.5
27.6%
1Q25 1Q26
Advertising Expenses % of Net RevenueGENERAL AND ADMINISTRATIVE
EXPENSES
In 1Q26, general and administrative expenses totaled R$
44.2 million, representing an increase of 0.7% compared
to the same period of the previous year.
When analyzed as a percentage of net revenue, these expenses represented 5.7% in 1Q26, a reduction of 0.6 percentage points compared to 1Q25.
The main variations observed were due to:
an increase in software maintenance services, driven by additional efforts required to adapt systems to the requirements of the ongoing tax reform; and
a decrease in personnel expenses, due to the reversal of provisions related to Stock Option plans, following the partial exercise of the 2023 plan.
6.3% 5.7%
43.9
44.2
0.7%
1Q25 1Q26
G&A Expenses % of Net Revenue
OTHER NET OPERATING INCOME
(EXPENSES)
In 1Q26, Other Net Operating Income (Expenses) totaled an expense of R$ 1.6 million, compared to an income of R$ 4.9 million recorded in the same period of 2025.
During the quarter, a non-recurring event related to the write-off of intangible assets (discontinued software) used in the e-commerce back-office platforms was recognized. This effect had a negative impact of R$ 6.0 million on Other Net Operating Income (Expenses) in 1Q26, reducing the reported accounting figure.
As this is a non-recurring effect, this expense does not reflect the recurring operating trend, and its consideration is relevant for a proper analysis of expense evolution.
Excluding the non-recurring event, Other Operating Income (Expenses), Net totaled income of R$ 4.4 million in 1Q26, 10.2% lower than the recurring income of R$ 4.9 million recorded in the same period of the previous year.
R$Million | 1Q26 | 1Q25 | Var.% 1Q26/1Q25 |
Other Net Operating Income (Expenses) | -1.6 | 4.9 | -132.7% |
(+) Write-off of intangible assets related to e-commerceplatform software | 6.0 | 0.0 | N/A |
Recurring Other Net Operating Income (Expenses) | 4.4 | 4.9 | -10.2% |
NET FINANCIAL INCOME
In 1Q26, net financial result was an expense of R$
27.8 million, compared to an income of R$ 2.3 million in 1Q25.
During the quarter, an increase in interest expenses was observed, driven by the higher financial liabilities resulting from the new debt profile
established at the end of 2025. The Company started 2026 with net debt of R$ 769.4 million, which led to higher financial expenses throughout 1Q26.
R$ Million | 1Q26 | 1Q25 | Var.% 1Q26/1Q25 |
Capital structure | 9.0 | 8.6 | 4.7% |
Operating | 3.7 | 4.8 | -22.9% |
Exchange differences | 9.6 | 15.8 | -39.2% |
Financial Income | 22.3 | 29.2 | -23.6% |
Capital structure | -36.3 | -11.8 | 207.6% |
Operating -2.6 -2.6 0.0%
Exchange differences | -11.2 | -12.5 | -10.4% |
Financial Costs | -50.1 | -26.9 | 86.2% |
Net Financial Income | -27.8 | 2.3 | -1308.7% |
NET INCOME AND
NET MARGIN
In 1Q26, the Company recorded net income of R$ 80.1 million, representing a 24.5% decrease compared to the same period of the previous year, when net income totaled R$ 106.1 million. Net margin for the quarter reached 10.3%, a decline of 4.8 p.p. compared to the 15.1% reported in 1Q25.
Net income for the period was impacted by the increase in the financial result, driven by the higher level of indebtedness throughout the second half of 2025. This movement was associated with the need to support higher working capital, increased CAPEX investments and the acceleration of dividend distribution.
The Company has been focusing its efforts on reducing leverage in the shortest possible timeframe, with the objective of consequently lowering financial expenses.
Non-recurring event: During the quarter, a non-recurring event related to the write-off of intangible assets (discontinued software) used in the e-commerce back-office platforms was recognized. This effect had a negative impact of R$ 6.0 million on the
results in 1Q26, reducing reported net income.15.1%
10.3%
106.1
80.1
-24,5%
1Q25 1Q26
Net Income % of Net RevenueNET INCOME AND
NET MARGIN
Excluding the non-recurring event, net income totaled R$ 86.1 million in 1Q26, 18.9% lower than the recurring net
income of R$ 106.1 million recorded in the same period of the previous year.
Strong sales performance, combined with greater dilution of operating expenses, helped mitigate the negative impacts of the financial result and the increase in the tax burden.
NON-RECURRING EVENT
R$ Million | 1Q26 | 1Q25 | Var. % 1Q26/1Q25 |
Net income | 80,1 | 106,1 | -24,5% |
(+) Write-off of intangible assets related to e-commerce platform software | 6,0 | 0,0 | N/A |
Total impact of non-recurring Effect on net income | 6,0 | 0,0 | N/A |
Recurring net income | 86,1 | 106,1 | -18,9% |
Recurring net margin | 11,1% | 15,1% | -4,0 p.p. |
RECURRING NET INCOME AND RECURRING NET MARGIN
18.6%
17.1%
18.7%
15.7%
18.4%
16.2%
11.1%
15.1%
163.2
169.2
158.8
139.7
144.9
146.3
106.1
86.1
2Q24 2Q25 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26
Recurring Net Income Recurring Net MarginEBITDA AND
EBITDA MARGIN
In 1Q26, the
EBITDA totaled R$ 150.9 million, representing a 7.5% increase compared to R$ 140.4 million recorded in the same period of 2025.Despite the EBITDA growth in absolute terms, the EBITDA margin declined in the comparison between 1Q26 and 1Q25, decreasing from 20.0% to 19.4%. It is important to highlight, however, that EBITDA was negatively impacted by R$ 6.0 million, with an effect of -0.8 p.p. on the margin, due to the recognition of a non-recurring event related to the write-off of intangible assets (discontinued software) used in the e-commerce BackOffice platforms.
20.0% 19.4%
150.9
140.4
7.5%
1Q25 1Q26
EBITDA EBITDA MarginEBITDA AND
EBITDA MARGIN
Excluding this effect, recurring EBITDA in 1Q26 totaled R$ 156.9 million, representing an 11.8% increase compared to the same period of the previous year. The recurring EBITDA margin reached 20.2%, with an expansion of 0.2 percentage points compared to 20.0% in 1Q25.
The EBITDA margin remained at a solid level, consistent with the
operating structure, highlighting its ability to adapt and its resilience in the face of the challenges during the period.NON-RECURRING EVENT
R$ Million | 1Q26 | 1Q25 | Var. % 1Q26/1Q25 |
EBITDA | 150.9 | 140.4 | 7.5% |
(+) Write-off of intangible assets related to e-commerce platform software | 6.0 | 0.0 | N/A |
Total Impact of Non-Recurring Effect on EBITDA | 6.0 | 0.0 | N/A |
Recurring EBITDA | 156.9 | 140.4 | 11.8% |
Recurring EBITDA Margin | 20.2% | 20.0% | 0.2 p.p. |
21.3%
23.0%
23.6%
22.1%
21.2% 21.9%
20.0% 20.2%
220.7
211.2
190.8
185.6
192.2
175.4
156.9
140.4
2Q24 2Q25 3Q24 3Q25 4Q24 4Q25 1Q25 1Q26
Recurring EBITDA Recurring EBITDA Margin
ROIC
RETURN ON INVESTED CAPITAL
The annualized Return on Invested Capital (ROIC²) reached 33.6% in 1Q26-LTM (last twelve months ended March 31, 2026).
ROIC | 2023 | 2024 | 2025 | 1Q26 (LTM) |
Net Income for the period (LTM) | 494.9 | 569.9 | 1,165.3 | 1,139.4 |
(+) Net Financial Income (LTM) | 4.8 | (22.6) | (101.1) | (70.9) |
NOPAT | 499.7 | 547.3 | 1,064.2 | 1,068.5 |
Invested Capital | ||||
Loans, Financing and debentures | 437.8 | 336.9 | 976.3 | 1,021.7 |
(-) Cash and cash equivalents | (361.0) | (307.7) | (204.0) | (349.7) |
(-) Financial Investments (+) Equity | (13.4) 1,995.3 | (6.6) 2,110.3 | (2.9) 2,427.3 | (13.1) 2,506.2 |
Invested Capital | 2,058.7 | 2,132.9 | 3,196.7 | 3,165.1 |
Average invested capital for the period (1) | 1,999.9 | 2,095.8 | 2,664.9 | 3,181.0 |
Annualized ROIC (2) | 25.0% | 26.1% | 39.9% | 33.6% |
The annualized Adjusted Return on Invested Capital months ended March 31, 2026). | (Adjusted ROIC³) | reached 36.6% | in 1Q26-LTM | (last twelve |
ADJUSTED ROIC | 2023 | 2024 | 2025 | 1Q26 (LTM) |
Net Income for the period (LTM) | 494.9 | 569.9 | 1,165.3 | 1,139.4 |
(+) Net Financial Income (LTM) | 4.8 | (22.6) | (101.1) | (70.9) |
(-) Equity Results (LTM) | (7.9) | (6.1) | (3.8) | (4.2) |
NOPAT (Adjusted) | 491.8 | 541.2 | 1,060.4 | 1,064.3 |
Invested Capital | ||||
Loans, Financing and debentures | 437.8 | 336.9 | 976.3 | 1,021.7 |
(-) Cash and cash equivalents | (361.0) | (307.7) | (204.0) | (349.7) |
(-) Financial Investments (-) Goodwill on acquisition | (13.4) (198.2) | (6.6) (198.2) | (2.9) (198.2) | (13.1) (198.2) |
(-) Investment in subsidiary | (62.9) | (64.3) | (72.1) | (70.0) |
(+) Equity | 1,995.3 | 2,110.3 | 2,427.3 | 2,506.2 |
Total Adjusted Invested Capital | 1,797.6 | 1,870.4 | 2,926.4 | 2,897.0 |
Average adjusted invested capital for the period (1) | 1,732.4 | 1,834.0 | 2,398.4 | 2,911.7 |
Adjusted Annualized ROIC (3) | 28.4% | 29.5% | 44.2% | 36.6% |
ROIC: Return on Invested Capital
Average invested capital at the end of this period and the end of the previous year.
ROIC: NOPAT for the last 12 months divided by the average invested capital
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
CAPEX
In 1Q26, the Company made investments totaling R$ 47.7 million in property, plant and equipment and intangible assets, representing a 1.4% decrease compared to the same period of 2025.
The increase recorded in machinery and equipment and industrial facilities refers to the completion of the production capacity expansion initiated throughout 2025, with the delivery of the final acquired equipment.
ADDITIONS TO FIXED ASSETS AND INTANGIBLES
R$ Million | 1Q26 | 1Q25 | Var. % 1Q26/1Q25 | ||
Molds | 11.9 | 11.3 | 5.3% | ||
Machinery and equipment | 13.8 | 27.0 | -48.9% | ||
Industrial facilities | 6.1 | 2.9 | 110.3% | ||
Others | 14.5 | 4.5 | 222.2% | ||
Property, plant and equipment | 46.3 | 45.7 | 1.3% | ||
Software | 1.4 | 2.7 | -48.1% | ||
Intangible assets | 1.4 | 2.7 | -48.1% | ||
Total | 47.7 | 48.4 | -1.4% |
OPERATING CASH
GENERATION
Cash variation in 1Q26 totaled R$ 156.0 million and was mainly composed of the following events:
EBITDA of R$ 150.9 million;
Capital increase from the exercise of Stock Options totaling R$ 4.3 million;
Increase in bank liabilities of R$ 45.5 million;
Reduction in working capital requirements of R$ 34.0 million;
Investments in property, plant and equipment and intangible assets of R$ 44.5 million;
Financial result of R$ 27.8 million.
CASH FLOW 1Q26
3.0
34.0
27.8
16.6
150.9
4.3
7.2
45.5
44.5
362.8
206.8
Initial Cash
EBITDA
Capital
Other
Increase in Decrease of
Variation
Financial
Other
PP&E
Closing Cash
Balance
Increase
Revenue
Bank
Working
between
Result
Expenses /Investments Balance (+)
(+)
Stock
(1)
Liabilities
Capital
Long-Term
(2)
in Fixed
Applications
Application
Options
requirement Assets/Liab
ilities
Assets and
Intangibles
CASH FLOW - CASH
570.1
362.8
247.6
215.5
206.8
1Q25 2Q25 3Q25 4Q25 1Q26
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.
Other Expenses: IR and CSLL + Effect of the conversion of investees abroad + Payment of financial lease liabilities .
NET DEBT
As of March 31, 2026, the Company reported net debt of R$ 658.9 million, a decrease of R$ 110.5 million compared to December 31, 2025, when net debt totaled R$ 769.4 million. Following the increase in debt throughout 2025 to support higher working capital requirements, the
acceleration of capital investments (Capex), and a robust dividend distribution, the strategy for 2026 is focused on financial deleveraging, prioritizing debt reduction over the course of the year.
NET DEBT
R$ million 12/31/2024 12/31/2025 03/31/2026 Var. % 03/31/2026 vs 12/31/2025 | |||
Loans, Financing and debentures 336.9 | 976.3 | 1,021.7 | 4.7% |
Cash and cash equivalents -307.7 | -204.0 | -349.7 | 71.4% |
Financial investments | -6.6 | -2.9 | -13.1 | 351.7% |
Net Debt | 22.6 | 769.4 | 658.9 | -14.4% |
EVOLUTION OF NET DEBT AND LEVERAGE
0.5
0.0
0.2
139.1
10.1
436.3
658.9
769.4
0.9 0.7
1Q25 2Q25 3Q25 4Q25 1Q26
Net Debt Net Debt/Ebitda (LTM)WORKING CAPITAL AND FINANCIAL CYCLE (EX-DIVIDENDS)
1448.4 | 1655.9 | 1688.1 | 1748.2 | 1742.3 | ||||
143 | 157 | 153 | 153 | 149 | ||||
1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | ||||
Wo | rking cap | ital | Financial C | ycle (days) | ||||
CAPITAL
MARKET
DIVIDENDS
In the first months of 2026, the Company, while maintaining strict financial discipline, focused its efforts on reducing leverage, which is why no new dividend distributions were announced during the period.
It is worth noting, however, that in 2025 the Company distributed R$ 1,541.9 million in
dividends, demonstrating its commitment to value
creation and shareholder returns.
The Company remains committed to, whenever feasible, seeking the best returns for its shareholders, while preserving a balanced capital structure and avoiding exposure to excessive risks.
RETURN TO SHAREHOLDERS
Type | Accrual | Total Amount | Amount paid per Share | Base date for distribution | Payment date |
Interim Dividends | 2024 | 245.1 | 1.000 | 1/25/2024 | 2/8/2024 |
Interim Dividends | 2023 | 204.2 | 0.750 | 3/13/2024 | 3/25/2024 |
Interim Dividends | 2024 | 122,6 | 0.500 | 1/25/2024 | 4/17/2024 |
Interim Dividends | 2024 | 41.1 | 0.150 | 5/15/2024 | 5/29/2024 |
Interim Dividends | 2024 | 34.0 | 0.125 | 8/12/2024 | 8/23/2024 |
Interim Dividends | 2024 | 34.0 | 0.125 | 8/19/2024 | 9/2/2024 |
Interim Dividends | 2024 | 34.0 | 0.125 | 9/19/2024 | 10/1/2024 |
Interim Dividends | 2024 | 34.0 | 0.125 | 10/17/2024 | 11/1/2024 |
Interim Dividends | 2024 | 34.0 | 0.125 | 11/18/2024 | 12/2/2024 |
Total Dividends2024 | 783,0 | ||||
Interim Dividends | 2024 | 33.8 | 0.125 | 12/16/2024 | 1/2/2025 |
Interim Dividends | 2024 | 33.8 | 0.125 | 1/21/2025 | 2/3/2025 |
Interim Dividends | 2024 | 33,8 | 0.125 | 2/17/2025 | 3/6/2025 |
Interim Dividends | 2024 | 33,8 | 0.125 | 3/18/2025 | 4/1/2025 |
Interim Dividends | 2025 | 33,8 | 0.125 | 4/17/2025 | 5/2/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 5/20/2025 | 6/2/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 6/18/2025 | 7/1/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 7/17/2025 | 8/1/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 8/18/2025 | 9/1/2025 |
Interim Dividends | 2025 | 300,0 | 1.104 | 9/8/2025 | 9/22/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 9/17/2025 | 10/1/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 10/20/2025 | 11/3/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 11/17/2025 | 12/1/2025 |
Interim Dividends | 2025 | 578,4 | 2.130 | 11/4/2025 | 12/15/2025 |
Interim Dividends | 2025 | 19.3 | 0.070 | 11/4/2025 | 12/15/2025 |
Interim Dividends | 2025 | 34.0 | 0.125 | 12/15/2025 | 12/29/2025 |
Interim Dividends | 2025 | 203.2 | 0.650 | 12/22/2025 | 12/30/2025 |
Total Dividends2025 | 1,541.9 |
CAPITAL
MARKET
SHARE BUYBACK PROGRAM
Since May 2022, the Company has maintained a Share Repurchase Program aimed at optimizing capital allocation and generating shareholder value. On March 11, 2025, the Board of Directors approved a new Share Repurchase Program for a period of 18 months. The program authorizes the repurchase of up to 10 million shares and is valid through September 2026.
This Share Repurchase Program is a strategy focused on capital optimization and enhancing shareholder value, while also reflecting the
confidence in its future performance.
Type Balance 12/31/2024 Balance 12/31/2025 Balance 03/31/2026
Treasury Shares Quantity 3,107.0 3,869.2 3,869.2
Treasury Shares BRL 45.4 56.9 56.9
SUSTAINABILITY
AND SOCIAL IMPACT
Sustainability remains one of the pillars of
business, guiding decisions and investments that generate value for the Company and a positive impact on society.In the first quarter of 2026, the Company continued the projects already supported through tax incentive laws, reinforcing its commitment to the
development of the communities in which it operates. These initiatives remain primarily concentrated in the states of Ceará, Bahia, and Rio Grande do Sul, directly impacting children, adolescents, and elderly individuals in situations of social vulnerability.
Among the ongoing projects, key highlights include initiatives focused on culture, sports, and social development, such as Amarte, which supports 150 children and adolescents aged 12 to
15 in Horizonte (CE) and Itapetinga (BA); the Horizonte Triathlon School, which promotes access to sports for 50 children aged 6 to 12; The Povo do Mar project in Fortaleza (CE), which impacts 80 children aged 5 to 6 through after-school sports activities; and the WimBelemDon project in Rio Grande do Sul, which offers tennis practice for 70 children along with psycho-pedagogical support, reinforcing the
commitment to encouraging sports.As part of the evolution of its socials' agenda, Vulcabras structured the expansion of its portfolio of incentivized projects, including two new initiatives set to begin in 2026.
The EnvelheSer Ativo project will focus on promoting an active and healthy lifestyle for elderly individuals, initially serving 60 direct beneficiaries through physical activities, social engagement workshops, and initiatives aimed at strengthening family and community ties.
Additionally, the Ateliê do Brincar project, in its new expansion phase, will operate in public early childhood education schools, delivering artistic interventions and educational activities expected to directly benefit students and educators, expanding access to culture and promoting
holistic development through play and artistic expression.In addition to it social projects, Vulcabras contributed, through PRONON, to the Instituto do Câncer do Ceará, supporting a project for the acquisition of equipment to expand the diagnosis and treatment of patients in the region.
These initiatives reflect
view that sports, culture, and education are essential tools for social transformation, contributing to the physical, emotional, and social development of beneficiaries, while positioning the Company as an active agent of social change, expanding the reach of its investments and strengthening its contribution to the development of the communities where it operates.SOCIAL IMPACT IN THE QUARTER
+300 direct beneficiaries impacted
In projects focused on culture, sports, and social development
150 children and
adolescents
Supported by the Amarte project (Ceará and Bahia)
50 children participants
in the Horizonte Triathlon School
80 children impacted
by the Povo do Mar project (Ceará)
60 elderly people
Supported through active aging initiatives
70 children participants
in the Wimbelemdon project (Rio Grande do Sul)
1 public school benefited
Through actions by Ateliê do Brincar (Ceará)
BRAND
MANAGEMENT
COMPLEMENTARY PORTFOLIO, INNOVATION AND CONSUMER CONNECTIONIn the first quarter of 2026, Vulcabras continued executing its brand strengthening strategy, supported by a complementary portfolio and an integrated approach across innovation, product development, and consumer connection.
Olympikus, Mizuno and Under Armour advanced consistently within their respective territories, increasing relevance across running, training and sportstyle segments. Olympikus reinforced its leadership in the running category by expanding its portfolio and advancing community-driven initiatives; Mizuno strengthened its positioning in performance and technological innovation, while also expanding its presence in sportstyle; and Under Armour progressed in building its presence
in running and training, combining local development with global innovation.
Throughout the quarter, the brands were driven by strategic launches, proprietary activations, presence at key events, and engagement initiatives that strengthened brand perception and deepened connections with different consumer profiles.
With a disciplined and data-driven management approach, Vulcabras continues to evolve its portfolio, capture growth opportunities, and reinforce its position as the largest sporting goods brand manager in Brazil.
EARNINGS RELEASE 1Q26
APRESENTAÇÃO DE RESULTADOS 1T26 27
OLYMPIKUS
INNOVATION, COMMUNITY AND EXPANSION OF THE RUNNING ECOSYSTEM.In the first quarter of 2026, Olympikus continued executing its brand strengthening strategy, combining product innovation, consumer insights generation, and a consistent presence within the running community across different regions of Brazil.
The period was marked by the launch of Corre Pace, the first ultra running shoe developed in Brazil, representing a significant step forward in the high-performance proposition. The model introduces a new category within the portfolio and reinforces ability to develop globally competitive technology. The launch was accompanied by the event, which brought together media, athletes, and key opinion leaders, increasing brand visibility and consolidating its positioning in the premium segment.
On the innovation front, Olympikus also promoted the second edition of the Dentro do
study, the largest research initiative on running culture in Brazil. The study indicated the addition of approximately 2 million new runners in 2025, with notable growth among women, younger consumers, and middle-income (Class C) segments. These insights reinforce the expansion potential and help guide the
strategy for upcoming cycles.
Community engagement remained a central pillar of the strategy, with support for races and activations across multiple regions in Brazil. Highlights include events such as Travessia Torres-Tramandaí, Meia Maratona da Chapada dos Veadeiros, Rota do Sol Nascente, and Meia de Curitiba, in addition to proprietary initiatives and experiences that strengthen the connection with runners of different profiles.
Another key milestone was the launch of the Corre do Amanhã project, in partnership with the Instituto Vanderlei Cordeiro de Lima, aimed at developing new Brazilian running talents. This initiative reinforces commitment to the development of the sport in Brazil and to building a strong foundation for its future.
With a strategy that combines innovation, consumer proximity, and ecosystem development, Olympikus begins 2026 further consolidating its presence in the segment.
EARNINGS RELEASE 1Q26
APRESENTAÇÃO DE RESULTADOS 1T26 28
MIZUNO
PERFORMANCE INNOVATION AND STRENGTHENING PRESENCE IN RUNNING AND SPORTSTYLEIn the first quarter of 2026, Mizuno further consolidated its position with a focus on technological innovation, portfolio expansion, and strengthening its connection with Brazilian runners, aligned with its global positioning Beyond .
In the running segment, the brand continued developing the Neo Line with the launch of Neo Zen 2, a premium model designed for daily use that quickly gained relevance among runners due to its versatility and adaptability across different types of training. The launch was supported by digital activations and a proprietary experience at the Mizuno Running Station, reinforcing consumer proximity and product trial.
Still within performance, Mizuno introduced the Hyperwarp super shoe collection, featuring models designed for high speed and competition, representing an advancement in the
global engineering. As part of this strategy, the company hosted the Hyperwarp Challenge Brazil, bringing together elite athletes in a proprietary event that reinforced the high-performance positioning and increased its visibility within the segment.
In March, the brand announced its return to road racing, securing the naming rights of the Circuito Mizuno Athenas, one of São most traditional race circuits. The first stage gathered
more than 9,000 participants and featured a record-breaking performance using technology from the Hyperwarp collection, reinforcing product credibility in a competitive environment. The Mizuno Running Station remained a key strategic asset, consolidating its role as the
main relationship and product trial hub in Brazil. During the quarter, the space reached the milestone of 100,000 people impacted, strengthening brand awareness and direct engagement with the running community.
In the sportstyle segment, Mizuno advanced at the intersection of sport and urban culture, with launches that reinforce its positioning in lifestyle. Highlights include the Wave Prophecy Morelia Neo, which connects football heritage with urban aesthetics, and the collaboration with French brand VRUNK, expanding international presence by incorporating elements of Brazilian culture into its creative narrative.
With an integrated strategy combining innovation, performance, and cultural expression, Mizuno continues to strengthen its presence in the Brazilian market and expand its relevance across running and sportstyle segments.
EARNINGS RELEASE 1Q26
APRESENTAÇÃO DE RESULTADOS 1T26 29
UNDER ARMOUR
ADVANCING RUNNING PERFORMANCE AND STRENGTHENING THE PORTFOLIODuring the period, Under Armour reinforced its presence in the training market and expanded its role in performance running, with new products developed for Brazilian runners.
In the training segment, the brand launched the Cross 2 SE, strengthening its position in strength training with a model designed to deliver stability and performance.
In running, the quarter marked a relevant strategic move with the structuring of a complete product pyramid, connecting different runner profiles. The brand launched the Nonstop and Endless models, developed in Brazil by R&D team in partnership with Under Armour Global, expanding access to technology and strengthening its presence among entry-level and intermediate runners.
At the top of this strategy, Under Armour brought the Velociti Elite 3 to Brazil, a high-performance model validated in international competitions and worn by the winner of the 2025 Boston Marathon. The launch positions the brand more competitively in the elite segment and reinforces its ability to offer solutions for different performance levels, supported by innovation in materials, biomechanics, and product engineering.
With an integrated strategy combining global innovation, portfolio development, and closer communication with Generation Z, Under Armour continues to expand its relevance in Brazil and strengthen its presence in the training and running universe.
EARNINGS RELEASE 1Q26
APRESENTAÇÃO DE RESULTADOS 1T26 30
ATTACHMENTS
BALANCE SHEET (CONSOLIDATED)
BALANCE SHEET
In thousands of Reais
ASSETS 03/31/2026 12/31/2025
LIABILITIES 03/31/2026 12/31/2025
Cash and cash equivalents 349,673 | 203,970 | Suppliers | 151,921 | 90,359 | ||
Accounts receivablefrom 916,996 | 1,078,083 | Loans and financing | 416,217 | 300,568 | ||
Inventories 986,798 | 834,911 | Debentures | 14,543 | 31,358 | ||
Recoverabletaxes 165,067 | 173,243 | Lease liability | 9,818 | 9,769 | ||
Income tax and social 42,709 | 40,632 | Taxes payable | 57,428 | 72,157 | ||
Dividends and Profits receivable 4,000 | 0 | Salaries and vacation payable | 95,344 | 87,765 | ||
Other accounts receivable 44,758 | 48,038 | Provisions | 2,547 | 3,192 | ||
Commissions payable | 26,132 | 38,886 | ||||
Dividends payable | 835 | 835 | ||||
Other accounts payable | 74,808 | 93,243 | ||||
CURRENT ASSETS 2,510,001 | 2,378,877 | CURRENT LIABILITIES | 849,593 | 728,132 | ||
Financial investments 13,099 | 2,877 | Loans and financing | 92,927 | 146,458 | ||
Accounts receivablefrom 2,809 | 2,879 | Debentures | 498,032 | 497,885 | ||
Recoverabletaxes 158,992 | 156,824 | Lease liability | 26,455 | 28,661 | ||
Deferred income tax and social 370,305 | 374,549 | Provisions | 47,895 | 47,741 | ||
Judicial deposits 8,729 | 9,102 | Income tax and social contribution | 1,893 | 1,913 | ||
Goods intended for sale 194 | 194 | Other accounts payable | 624 | 861 | ||
Other accounts receivable 1,469 | 1,439 | |||||
LONG-TERM ASSETS 555,597 | 547,864 | NON-CURRENT LIABILITIES | 667,826 | 723,519 | ||
Investments 69,958 | 72,073 | |||||
Right to use 31,423 | 33,227 | |||||
Property, plant and equipment 645,559 | 629,916 | |||||
Intangible assets 211,124 | 217,039 | |||||
958,064 | 952,255 | |||||
SHAREHOLDERS' EQUITY | ||||||
Capital | 1,579,519 | 1,575,196 | ||||
Capital reserves | 636,158 | 640,224 | ||||
Revaluation reserves | 3,675 | 3,713 | ||||
Equity valuation adjustments | 26,333 | 27,812 | ||||
Profit Reserve | 180,060 | 180,060 | ||||
Retained earnings and losses | 80,171 | 0 | ||||
Shareholders'equityattributableto | 2,505,916 | 2,427,005 | ||||
controllers | ||||||
Non-Controlling interests | 327 | 340 | ||||
NON-CURRENT ASSETS | 1,513,661 | 1,500,119 | TOTAL SHAREHOLDERS´EQUITY | 2,506,243 | 2,427,345 | |
TOTAL LIABILITIES | 1,517,419 | 1,451,651 | ||||
customers
contribution
customers
contribution
(PP&E)
TOTAL LIABILITIESAND
SHAREHOLDERS´EQUITY
4,023,662 3,878,996
TOTAL ASSETS 4,023,662 3,878,996
The accompanying notes are an integral part of these financial statements.
ATTACHMENTS
INCOME STATEMENT (CONSOLIDATED) | 1Q26 | 1Q25 | VAR (%) |
Inthousandsof Reais | |||
Net Revenue | 776.382 | 701.194 | 10,7% |
Cost of sales | -462.842 | -419.293 | 10,4% |
Gross Profit | 313.540 | 281.901 | 11,2% |
Margem Bruta | 40,4% | 40,2% | 0,2 p.p. |
Sales Expenses | -149.960 | -132.616 | 13,1% |
Expected losses for bad debts | -1.868 | -1.451 | 28,7% |
General and Administrative Expenses | -44.178 | -43.941 | 0,5% |
Other net Operating income (Expenses) | -1.577 | 4.947 | -131,9% |
Equity in net income of subsidiaries | 1.335 | 956 | 39,6% |
Net Incomebeforenetfinancialincomeandtaxes | 117.292 | 109.796 | 6,8% |
Financial income | 22.282 | 29.221 | -23,7% |
Financial Expenses | -50.108 | -26.896 | 86,3% |
Netfinancial Income | -27.826 | 2.325 | -1296,8% |
Net Income before taxes | 89.466 | 112.121 | -20,2% |
Deferred income tax and social contribution | -9.333 | -6.056 | 54,1% |
Net Income | 80.133 | 106.065 | -24,4% |
Net IncomeMargin | 10,3% | 15,1% | -4,8 p.p. |
Income attributableto: | |||
Controlling Shareholders | 80.133 | 106.072 | |
Non-Controlling Shareholders | 0 | -7 | |
Net Income | 80.133 | 106.065 | |
Earnings pershare | |||
Earnings per common share- basic | 0,2562 | 0,3915 | |
Earnings per common share- diluted Weightedaverageofsharesduringtheperiod | 0,2556 | 0,3910 | |
Common shares | 312.830.254 | 270.929.739 | |
Common shares outstanding (diluted) | 313.475.412 | 271.282.772 | |
The accompanying notes are an integral part of these financial statements.
ATTACHMENTS
CASH FLOW STATEMENT
Cash Flow Statement (Indirect Method) | 1Q26 | 1Q25 |
In Thousand of Reais | ||
Cash Flow Operatingactivities | ||
Net Incomefortheperiod | 80.133 | 106.065 |
Adjustmentsfor: | ||
Depreciation and amortization | 33,671 | 30,592 |
Provision (reversal) for impairment losses on inventories | 7,937 | 7,188 |
Interest on provisioned leases | 2,181 | 1,946 |
Interest on provisioned debentures | 17,972 | 0 |
Amortization of transaction costs on debentures | 148 | 0 |
Net value of written off tangible and intangible assets | 6,639 | 931 |
Income from financial investments | -209 | -251 |
Provision for contingency | 3,219 | 3,988 |
Equity in net income of subsidiaries | -1,335 | -956 |
Transaction with share-basedpayments | -4,066 | -894 |
Provision (Reversal) for expectedlosses for doubtful debt | 1,868 | 1,451 |
Financials charges and exchangevariation recognized in profit or loss | 16,794 | 6,435 |
Current and deferred income tax and social contribution | 9,333 | 6,056 |
Non-Controlling interest | 0 | 7 |
Recovery of PIS and COFINS on ICMS | -2,584 | -690 |
Adjusted Incomefortheperiod | 171.701 | 161.868 |
Changeinassetsandliabilities Account Receivable | 156.738 | 148.176 |
Inventories | -159.824 | -153.310 |
Recoverabletaxes | 6.515 | 7.878 |
Other accounts receivable | 3.250 | -3.647 |
Judicial deposits | -1.704 | -2.283 |
Suppliers | 59.599 | 51.910 |
Commissions payable | -12.754 | -4.231 |
Taxes to collect | 7.387 | -6.973 |
Salaries and vacations payable | 7.579 | 8.553 |
Other accounts payable | -18.685 | -5.870 |
Provisions | -1.633 | -1.586 |
Changesinassetsandliabilities | 46.468 | 38.617 |
Cashprovidedby(usedin) operatingactivities | 218.169 | 200.485 |
Interest paid | -49.436 | -6.975 |
Payment of lease interest | -1.263 | -918 |
Taxes paid on profit | -29.208 | -21.136 |
-79.907 | -29.029 | |
Net Cash Flowprovidedby(usedin) operatingactivities | 138.262 | 171.456 |
Cashflowfrominvestingactivities | ||
Acquisitions of property, plant and equipment | -43.120 | -43.349 |
Redemption (application) of financial investments | -10.013 | 3.104 |
ATTACHMENTS
CASH FLOW STATEMENT
Cash Flow Statement (Indirect Method) | 1Q26 | 1Q25 |
Resources from the disposal of fixed assets | 315 | 16 |
Acquisition of intangible assets | -1.409 | -2.725 |
Net Cash Flowused ininvestingactivities | -54.227 | -42.954 |
Cashflowfromfinancingactivities | ||
Loans obtained - Main | 97.500 | 2.349 |
Payment of loans obtained- Main | -36.192 | -82.688 |
Acquisition of treasure shares | 0 | -11.537 |
Dividends and interest on shareholders' equity paid | 0 | -101.636 |
Capital Increase | 4.323 | 4.409 |
Payment of lease liabilities | -4.071 | -3.345 |
Net Cash Flowused infinancingactivities | 61.560 | -192.448 |
Increase(decrease)incashandcashequivalents | 145.595 | -63.946 |
Cashandcashequivalentsatbeginningoftheperiod | 203.970 | 307.660 |
Effect of Exchange Variation on cash and cash equivalents | 108 | 132 |
Cashandcashequivalentsatendoftheperiod | 349.673 | 243.846 |
Increase(decrease)incashandcashequivalents | 145.595 | -63.946 |
The accompanying notes are an integral part of these financial statements.
INSTITUTIONAL
Vulcabras has been operating in the Brazilian footwear industry for 73 years and, over this period, has consolidated its position as the largest company in the Athletic Footwear segment in the country, becoming the manager of leading brands in their respective segments: Olympikus, the national leader in running shoe sales and the brand that is democratizing high performance in Running; Under Armour, one of the
largest sports apparel, footwear and accessories brands; and Mizuno, a performance brand that believes in the value of sport and supports the journey of everyone who gives their best, regardless of who they are, their level or their sport.Founded in July 1952 as Companhia Industrial Brasileira de Calçados Vulcanizados S.A., in São Paulo, the Company initially manufactured leather shoes with vulcanized rubber soles, and one of its first icons was the Vulcabras 752, whose name referred to the month and year of the
foundation. In 1973, we began producing sports brands in Brazil and, since then, we have specialized in delivering technology in footwear to democratize sports performance.The
footwear can be found in stores throughout Brazil, supported by a broad commercial team serving more than 10,000 clients nationwide and in South American countries, as well as through the e-commerce platforms and own stores. More than 800 new models are designed and developed each year at the largest athletic footwear technology and development center in Latin America, located in Parobé, Rio Grande do Sul.Products are manufactured at two modern factories located in the Northeast region of Brazil, in Horizonte, Ceará, and Itapetinga, Bahia. The
administrative headquarters are located in Jundiaí, São Paulo, in addition to a Distribution Center dedicated to the E-commerce Channel in Extrema, Minas Gerais. There is also a branch with a distribution center in Peru. These six units directly employ more than 24,000 people.The Company follows a portfolio diversification strategy, constantly pursuing innovation and continuous improvement.
INDEPENDENT
AUDIT
INDEPENDENT AUDIT
In accordance with CVM Instruction 381/03, Vulcabras S.A. informs that since 01/01/2022, it has appointed & Young Auditores Independentes S/S to audit its individual and consolidated financial statements.
For the services relating to the 1Q26 review, fees of approximately R$ 216.0 thousand were disbursed.
BOARD STATEMENT
Pursuant to article 25, paragraph 1, item 5 of CVM Instruction 480/09, the Board of Directors, in a meeting held on May 05, 2026, declares that it has reviewed, discussed, and agreed with the individual and consolidated financial statements of Vulcabras S.A. for the period ended March 31, 2026, as well as with the independent
review report on these financial statements.MANAGEMENT
MEMBERS OF THE BOARD OF DIRECTORS
Pedro Grendene Bartelle Chairman
André de Camargo Bartelle 1st Vice Chairman
Pedro Bartelle 2nd Vice Chairman
Alberto Serrentino Independent Member
Rafael Ferraz Dias de Moraes Independent Member
COMPOSITION OF THE EXECUTIVE BOARD
Pedro Bartelle Chief Executive Officer
Rafael Carqueijo Gouveia Chief Operation Officer
Wagner Dantas da Silva Chief Financial Officer and Investor Relations Officer
Evandro Saluar Kollet Chief Product Development and Technology Officer
Márcio Kremer Callage Chief Marketing Officer
Rodrigo Miceli Piazer Chief Supply Chain, Manufacturing and Human Resources Officer
EARNINGS RELEASE 1Q26