Vulcabras SaBMFBOVESPA: VULC3

Earnings Release 4Q25

Mar 3, 2026 at 11:43 PM UTC · Issued by Vulcabras Sa

EARNINCS

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Jundiaí, March 03, 2026 Vulcabras S.A. (B3: VULC3) announces today the results for the fourth quarter of 2025 (4Q25). The operational and financial information of Vulcabras S.A. is presented based on consolidated figures and in millions of reais, prepared in accordance with accounting practices adopted in Brazil and international financial reporting standards. The data contained in this report refer to the performance of the fourth quarter of 2025, compared to the same period in 2024, except when specified otherwise.

HIGHLITHS

GROSS VOLUME 9.2 million

pairs/pieces in 4Q25, up 0.2% compared to 4Q24. In 2025, volume reached 33.7 million pairs/pieces, representing a 4.2% increase versus 2024.

NET REVENUE R$ 1,008.6 million

in 4Q25, up 11.4% compared to 4Q24. In 2025, net revenue totaled R$ 3,560.3 million, an increase of 16.8% versus 2024.

GROSS PROFIT R$ 417.9 million

in 4Q25, up 10.9% compared to 4Q24. In 2025, gross profit totaled R$ 1,461.0 million, representing a 14.3% increase versus 2024.

GROSS MARGIN 41.4%

in 4Q25, a decrease of 0.2 p.p. compared to 4Q24. In 2025, gross margin reached 41.0%, down

0.9 p.p. versus 2024.

NET INCOME AND NET MARGIN R$ 158.8 million

in 4Q25, down 6.1% compared to 4Q24, with a Net Margin of 15.7%, a decrease of 3.0 p.p. year over year. In 2025, net income reached R$ 1,165.3 million, up 104.5% versus 2024, with a Net Margin of 32.7%, an increase of 14.0 p.p. compared to the prior year.

EBITDA AND EBITDA MARGIN R$ 220.7 million

in 4Q25, up 14.8% compared to 4Q24, with an EBITDA Margin of 21.9%, an increase of 0.7 p.p. year over year. In 2025, EBITDA totaled R$ 884.0 million, up 28.7% versus 2024, with an EBITDA Margin of 24.8%, 2.3 p.p. above the level reported in the prior year.

VULC3 QUOTE (12/31/2025) R$ 20.05

MARKETVALUE

R$ 6.3 Billion

NUMBEROF COMMON SHARES 316.502.170

INVESTOR RELATIONS

Wagner Dantas da Silva (CFO and IRO)

VULCABRASIR SITE

http://vulcabrasri.com

IR E-MAIL

dri@vulcabras.com

IR TELEPHONE

+55 (11) 4532-1068

VIDEO CONFERENCE

03/04/2026 at 10:00 am (Brasília)

Access in Portuguese

EARNINGS RELEASE 4Q25

MESSAGE FROM MANAGEMENT

The combination of strong brands, a vertically integrated business model, and a commercial strategy that captures opportunities without compromising profitability enabled Vulcabras (VULC3) to surpass its own records and deliver another year of historic results in 2025.

The Company reported gross revenue of R$ 4.2 billion, a new record, representing growth of 16.7% compared to 2024. The gross margin of 41.0% demonstrates the

ability and resilience in maintaining profitability despite all challenges related to direct labor, which were intensified by the accelerated production growth throughout the year. Recurring EBITDA totaled R$ 763.1 million, up 13.0% year over year. The recurring EBITDA margin reached 21.4%, while recurring net income amounted to R$

572.9 million, with a recurring net margin of 16.1%.

During the year, the e-commerce channel continued its accelerated growth, increasing 25.0%, from R$

433.7 million in 2024 to R$ 543.1 million in 2025, and representing 15.3% of total net revenue.

Revenue from the Athletic Footwear division grew 17.4% in the year to date, reflecting the strength of the brands and the strategy of expanding the high-performance product portfolio, adding value and driving an increase in average ticket.

FOURTH QUARTER OF 2025

Vulcabras closed 4Q25 reaching a new historic milestone: net revenue exceeding R$ 1 billion in a single quarter. With growth of 11.4% compared to 4Q24, the Company posted its 22nd consecutive quarter of growth.

By category, Athletic Footwear grew 11.2% in the quarter, driven by a more premium mix across all group brands, with emphasis on higher value-added products in high performance, running and sports lifestyle, contributing to the increase in average price. The Apparel division increased 12.7%, also reflecting portfolio enhancement by brand and continuous improvement in product mix.

Gross margin in the quarter reached 41.4%, virtually in line with 4Q24, reinforcing the significant gains in operational and manufacturing efficiencies following a period of accelerated expansion of the workforce across industrial units. The EBITDA margin reached 21.9%, 0.7 p.p. higher than in 4Q24, reflecting the combination of quality growth, significant progress in manufacturing efficiencies, and the capture of operating leverage across channels.

SHAREHOLDERS RETURNS AND CAPITAL ALOCATION

Firm in its commitment to maximizing shareholder returns, and amid the ongoing discussions regarding tax reform and the taxation of dividends, Vulcabras carried out a significant distribution totaling R$ 1,541.9 million in 2025, of which R$ 563.3 million returned to the cash position through the private subscription completed in December.

To support this distribution, Vulcabras closed the period with net debt of R$ 769.4 million, equivalent to 0.9x EBITDA, a level previously aligned with the strategy to strengthen its capital structure, while preserving financial balance and maintaining investment capacity to sustain growth in the coming years.

EARNINGS RELEASE 4Q25

MESSAGE FROM MANAGEMENT

OUTLOOK FOR 2026

In 2025, our strategy prioritized investments that supported accelerated growth while preserving the flexibility and resilience of our business model.

As we enter 2026, production remains stable and operating efficiencies are at normalized levels. Inventory levels of our brands at retail are healthy, and we maintain an optimistic outlook supported by order books for the first-half collections, which continue to be driven by the strong sell-out performance of our products. We remain confident in our ability to continue growing, innovating, and generating value for our consumers and shareholders.

EARNINGS RELEASE 4Q25

APRESENTAÇÃO DE RESULTADOS 3T25

CONSOLIDATED PERFORMANCE

RS Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
Volume (milion pairs and Itens)	9,2	9,1	0,2%	33,7	32,4	4,2%
Gross Operating Revenue	1.179,0	1054,5	11,8%	4.163,1	3.566,7	16,7%
Net Revenue	1,008,6	905,7	11,4%	3.560,3	3048,6	16,8%
Domestic Market	977,7	877,0	11,5%	3.430,2	2.912,5	17,8%
Foreign Market	30,9	28,7	7,7%	130,1	136,1	-4,4%
Gross profit	417,9	376,9	10,9%	1.461,0	1278,4	14,3%
Gross margin %	41,4%	41,6%	-0,2 p.p.	41,0%	41,9%	-0,9 p.p.
SG&A Operation Expenses	-236,2	-220,5	7,1%	-852,3	-735,8	15,8%
Other Net Operating Income (Expenses	3,7	6,7	-44,8%	140,5	31,7	343,2%
EBITDA	220,7	192,2	14,8%	884,0	686,9	28,7%
EBITDA Margin	21,9%	21,2%	0,7 p.p.	24,8%	22,5%	2,3 p.p.
Recurring EBITDA	220,7	192,2	14,8%	763,1	675,7	13,0%
Recurring EBITDA Margin	21,9%	21,2%	0,7 p.p.	21,4%	22,2%	-0,8 p.p.
Net Income	158,8	169,2	-6,1%	1.165,3	569,9	104,5%
Net Margin	15,7%	18,7%	-3,0 p.p.	32,7%	18,7%	14,0 p.p.
Recurring Net Income	158,8	169,2	-6,1%	572,9	544,1	5,3%
Recurring Net Margin	15,7%	18,7%	-3,0 p.p.	16,1%	17,8%	-1,7 p.p.

EARNINGS RELEASE 4Q25

GROSS VOLUME

4Q25 was marked by a more intense and prolonged promotional environment in both physical retail and online retail. Discounts, which were previously concentrated around Black Friday, began as early as October. This extension of the promotional calendar throughout the quarter led to greater demand dispersion and reduced the concentration traditionally observed during the Christmas season.

In this context, Vulcabras remained committed to its strategy of commercial discipline, efficient inventory management and brand positioning preservation, prioritizing sales with quality and profitability. This approach reinforced the commitment to building sustainable results, even

in more challenging environments.

In 4Q25, gross billed volume reached 9.2 million pairs/pieces, representing growth of 0.2% compared to the

9.1 million recorded in 4Q24. It is worth noting that the 4Q24 comparison base already reflected strong performance, particularly in Athletic Footwear, which had posted growth of 6.6% in that period. Therefore, maintaining volume levels in 4Q25 underscores the

operational and commercial consistency.

Despite stable volumes, consolidated revenue increased, driven by an improved product mix and higher average ticket, which contributed to the recovery of gross margin and the expansion of EBITDA margin in the quarter.

By categories:

Athletic Footwear: recorded volume of 5.9 million pairs in 4Q25, representing a 1.7% decrease compared to 4Q24, while remaining virtually in line with 3Q25 levels and supporting 3.2% growth in 2H25. Performance reflected the increasing share of more technologically advanced models in the mix, which required greater manufacturing complexity and longer production lead times. This movement was accompanied by a 13.0% increase in average ticket compared to 4Q24, highlighting the qualitative improvement in sales. Demand remained consistent in both the domestic and Foreign Market, sustaining the
strong commercialization levels.
Others Footwear and Other: declined 2.0% in 4Q25, due to lower volumes of occupational boots, partially offset by higher volumes of sports flip flops.
Apparel and Accessories: increased 7.8% in 4Q25, with all three brands delivering positive performance, particularly Under Armour. The result reflects the strengthened presence in this segment and

the consolidation of its portfolio diversification strategy.

In the year-to-date of 2025, gross billed volume totaled 33.7 million pairs/pieces, representing a 4.2% increase compared to the same period of the previous year.

GROSS VOLUME OF PAIRS AND PIECES/THOUSAND 4Q25 vs 4Q24

Pairs and itens (thousand)	4Q25	Share %	4Q24	Share %	Var. % 4Q25/ 4Q24
Athletic footwear	5,905	64.5%	6,006	65.7%	-1.7%
Other footwear and other (1)	1,278	13.9%	1,304	14.2%	-2.0%
Apparel and Accessories	1,978	21.6%	1,835	20.1%	7.8%
Total	9,161	100.0%	9,145	100.0%	0.2%

6,006 5,905

1,304 1,278

1,835

1,978

Athletic Other footwear Apparel and

footwear and other (1) Accessories

4Q24 4Q25

GROSS VOLUME OF PAIRS AND PIECES/THOUSAND 2025 vs 2024

Pairs and itens (thousand)	2025	Share %	2024	Share %	Var. % 2025/ 2024
Athletic footwear	21,749	64.5%	21,006	64.9%	3.5%
Other footwear and other (1)	4,903	14.5%	4,596	14.2%	6.7%
Apparel and Accessories	7,068	21.0%	6,751	20.9%	4.7%
Total	33,720	100.0%	32,353	100.0%	4.2%

APRESENTAÇÃO DE RESULTADOS 3T25

21,006 21,749

4,596 4,903

6,751 7,068

Athletic Other footwear Apparel and

footwear and other (1) Accessories

2024 2025

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

EARNINGS RELEASE 4Q25

NET OPERATING REVENUE

CATEGORY

In 4Q25, Vulcabras maintained solid net revenue expansion, consolidating the progress achieved throughout the year. The quarter was marked by consistent performance, supported by the strengthening of its brands, strategic execution across sales channels, and a well-balanced portfolio.

For the 22nd consecutive quarter, the Company reported sales growth. Net revenue totaled R$ 1,008.6 million in 4Q25, representing an increase of 11.4% compared to R$ 905.7 million recorded in 4Q24. It is worth noting that the comparison base in 4Q24 had already been impacted by an extraordinary performance, with revenue growth of 15.0% compared to the same period of the previous year. This result highlights the

ability to deliver sustainable growth, even on top of an already high comparison base.

The Athletic Footwear category increased 11.2% compared to 4Q24. All three of the brands posted growth. At Olympikus, the performance running line continued to drive results for both the category and the brand. Under Armour and Mizuno also stood out, delivering robust growth.

The Others Footwear and Other category grew 12.0% versus 4Q24, reflecting the strong performance of sports flip flops, which continued to gain relevance in the

product mix, partially offset by lower revenue from occupational boots.

The Apparel and Accessories category increased 12.7% in 4Q25, led by Under Armour, which maintained strong performance in the domestic market, and Olympikus, which continued to expand its presence in this segment.

In 2025, net revenue totaled R$ 3,560.3 million, 16.8% higher than in 2024, when it amounted to R$ 3,048.6 million.

NET REVENUE BY CATEGORY 4Q25 vs 4Q24

R$ Million	4Q25	Share %	4Q24	Share %	Var. % 4Q25/ 4Q24
Athletic footwear	864.8	85.7%	777.7	85.9%	11.2%
Other footwear and other (1)	70.2	7.0%	62.7	6.9%	12.0%
Apparel and Accessories	73.6	7.3%	65.3	7.2%	12.7%
Total Net Revenue	1,008.6	100.0%	905.7	100.0%	11.4%

777.7

864.8

62.7 70.2

65.3 73.6

Athletic Other footwear Apparel and

footwear and other (1) Accessories

4Q24 4Q25

NET REVENUE BY CATEGORY 2025 vs 2024

R$ Million	2025	Share %	2024	Share %	Var. % 2025/ 2024
Athletic footwear	3,040.4	85.4%	2,590.7	85.0%	17.4%
Other footwear and other (1)	246.4	6.9%	208.5	6.8%	18.2%
Apparel and Accessories	273.5	7.7%	249.4	8.2%	9.7%
Total Net Revenue	3,560.3	100.0%	3,048.6	100.0%	16.8%

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

3,040.4

2,590.7

208.5 246.4 249.4

273.5

Athletic footwear Other footwear Apparel and

and other (1) Accessories

2024 2025

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

EARNINGS RELEASE 4Q25

NET OPERATING REVENUE

MARKET

DOMESTIC MARKET

In 4Q25, Net Revenue in the domestic market reached R$ 977.7 million, up 11.5% compared to R$ 877.0 million recorded in 4Q24.

All categories delivered positive performance, despite a significantly stronger comparison base in 4Q24. Results reflect the progress across all brands and categories, strengthened distribution and the effectiveness of commercial initiatives, which continued to support the consistent growth in Brazil.

NET REVENUE BY MARKET 4Q25 vs 4Q24

R$ Million	4Q25	Share %	4Q24	Share %	Var. % 4Q25/ 4Q24
Domestic Market	977.7	96.9%	877.0	96.8%	11.5%
Foreign Market	30.9	3.1%	28.7	3.2%	7.7%
Total Net Revenue	1,008.6	100.0%	905.7	100.0%	11.4%

In 2025, the domestic market reached R$ 3,430.2 million, representing growth of 17.8% compared to 2024, when net revenue totaled R$ 2,912.5 million, maintaining the sustainable growth trajectory observed throughout the year. This performance was supported by domestic demand, which remained on a consistent expansion trend, primarily driven by the performance of the Athletic Footwear category.

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

NET REVENUE BY MARKET 2025 vs 2024

FOREIGN MARKET

Net Revenue in the Foreign Market totaled R$ 30.9 million in 4Q25, up 7.7% compared to 4Q24. The result reflects stable international operations, with gradual improvement compared to previous quarters, despite a still challenging environment across most Latin American markets.

MARKET SHARE 4Q25

3.1%

96.9%

Domestic Market Foreign Market

In the Foreign Market, net revenue in 2025 totaled R$ 130.1 million, down 4.4% compared to R$ 136.1 million recorded in the same period of the prior year, reflecting the challenges faced in export sales throughout 2025, mainly influenced by the difficult economic environment in Argentina.

MARKET SHARE 2025

3.7%

96.3%

Domestic Market Foreign Market

R$ Million	2025	Share %	2024	Share %	Var. % 2025/ 2024
Domestic Market	3,430.2	96.3%	2,912.5	95.5%	17.8%
Foreign Market	130.1	3.7%	136.1	4.5%	-4.4%
Total Net Revenue	3,560.3	100.0%	3,048.6	100.0%	16.8%

EARNINGS RELEASE 4Q25

E-COMMERCE

Amid a retail environment marked by intense promotional activity throughout virtually the entire quarter, the commercial strategy implemented in the e-commerce channel focused on preserving the positioning of key product stories, protecting and capturing healthy margins, especially within the marketplace sub-channel, where discounting was even more aggressive. As a result of this commercial discipline, despite more moderate revenue growth, the

EBITDA margin maintained its positive upward trajectory.

Net revenue in the channel totaled R$ 147.8 million in 4Q25, up 3.8% compared to the same period of the previous year. E-commerce accounted for 14.7% of consolidated net revenue.

For the full year, the channel reached R$ 543.1 million in net revenue, representing growth of 25.2% and a 15.3% share of the total revenue.

APRESENTAÇÃO DE RESULTADOS 3T25

15.7%

14.7%

3.8%

142.4

147.8

4Q24 4Q25

E-commerce Net Revenue Share Net Revenue

14.2%

15.3%

543.1

433.7

25.2%

2024 2025

E-commerce Net Revenue Share Net Revenue

NET REVENUE AND NOR PARTICIPATION

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
E-commerce Net Revenue	147.8	142.4	3.8%	543.1	433.7	25.2%
NOR % Participation	14.7%	15.7%	-1.0 p.p.	15.3%	14.2%	1.1 p.p.

EARNINGS RELEASE 4Q25

COST OF GOODS SOLD (COGS)

After two consecutive quarters, 2Q25 and 3Q25, of significant and accelerated expansion in the Direct Labor workforce, which resulted in a temporary additional cost due to pressure on the productive efficiency of newly hired operators, as of October, with the stabilization of the workforce, it was already possible to observe a very positive improvement in factory efficiency and productivity levels.

Although production and sales volumes remained at elevated levels throughout 4Q25, cost of goods sold was still negatively impacted by higher labor costs and by lower production volumes in December, due to collective vacations granted from the second half of the month onward.

In 4Q25, cost of goods sold represented 58.6% of net sales revenue, an increase of 0.2 percentage points compared to 4Q24. The Company remains focused on implementing initiatives aimed at increasing operational efficiency and capturing scale gains, reinforcing its commitment to the continuous improvement of manufacturing performance.

For the full year 2025, cost of goods sold represented 59.0% of net revenue, up 0.9 percentage points compared to the 58.1% recorded in 2024.

APRESENTAÇÃO DE RESULTADOS 3T25

58.4%

58.6%

4Q24

4Q25

58.1%

59.0%

2024

2025

COST OF GOODS SOLD (%COGS/NOR)

EARNINGS RELEASE 4Q25

GROSS PROFIT AND GROSS MARGIN

In 4Q25, Vulcabras recorded gross profit of R$ 417.9 million, representing growth of 10.9% compared to R$ 376.9 million in the same period of 2024. Consolidated gross margin reached 41.4%, a decrease of 0.2 percentage points compared to the 41.6% recorded in 4Q24.

Although 4Q25 still reflected a slight decline in gross margin compared to the same period of the previous year, when contrasted with the declines recorded in 2Q25 and 3Q25, the period in which the expansion of the Direct Labor workforce

was concentrated, the margin contraction was almost entirely offset, evidencing a meaningful improvement in operational efficiency and consistent progress in the profitability trajectory.

For the full year, gross profit totaled R$ 1,461.0 million, representing an increase of 14.3% compared to the same period of the previous year. Gross margin in 2025 was 41.0%,

0.9 percentage points lower than the 41.9% recorded in 2024.

APRESENTAÇÃO DE RESULTADOS 3T25

41.6%

41.4%

10.9%

376.9

417.9

4Q24

Gross profit

4Q25

Gross margin %

41.9%

41.0%

14.3%

1,461.0

1,278.4

2024

Gross profit

2025

Gross margin %

GROSS PROFIT AND GROSS MARGIN

EARNINGS RELEASE 4Q25

SELLING AND ALLOWANCE FOR DOUBTFUL ACCOUNTS EXPENSES

In 4Q25, expenses related to sales, advertising and allowance for doubtful accounts totaled R$ 176.4 million, representing a 5.5% increase compared to the same period of 2024.

APRESENTAÇÃO DE RESULTADOS 3T25

403.8

441.8

13.2%

12.4%

9.4%

2024 2025

Selling Expenses and Bad Debt % of Net Revenue

13.4%

12.1%

0.7%

121.3

4Q24

Selling Expenses and Bad Debt

122.1

4Q25

% of Net Revenue

Direct expenses associated with sales and allowance for doubtful accounts, excluding advertising investments, amounted to R$ 122.1 million in 4Q25, corresponding to a 0.7% increase compared to R$ 121.3 million recorded in 4Q24. As a percentage of net revenue, these expenses represented 12.1% in 4Q25, a reduction of 1.3 percentage points compared to 13.4% in the same quarter of the

previous year. Expenses related to sales commissions and provisions for expected credit losses decreased compared to 4Q24, due to changes in the mix of brands, products and channels, resulting in a lower relative participation in the total.

In 2025, selling expenses, excluding advertising, totaled R$

441.8 million, an increase of 9.4% compared to R$ 403.8 million in 2024. Selling expenses represented 12.4% of net revenue, a reduction of 0.8 percentage point compared to 2024.

EARNINGS RELEASE 4Q25

ADVERTISING AND MARKETING EXPENSES

In 4Q25, investments in advertising and marketing totaled R$

54.3 million, an increase of 18.3% compared to R$ 45.9 million recorded in the same period of 2024. This growth reflects the continued intensification of communication and brand positioning initiatives throughout the quarter, particularly driven by the events celebrating the 50th anniversary of the Olympikus brand, which maintained a strong pace and further strengthened the

connection with its consumers. As a percentage of net revenue, advertising and marketing expenses represented 5.4%, an increase of 0.3 percentage point compared to the 5.1% recorded in 4Q24.

In the fourth quarter of 2025, Vulcabras strengthened the management of its brands in Brazil through product launches, activations and participation in strategic events, reinforcing the positioning of Olympikus, Mizuno and Under Armour.

APRESENTAÇÃO DE RESULTADOS 3T25

5.1%

5.4%

18.3%

45.9

54.3

4Q24

Advertising Expenses

4Q25

% of Net Revenue

5.1%

5.4%

25.7%

193.8

154.2

2024

Advertising Expenses

2025

% of Net Revenue

Olympikus reaffirmed its leadership in running through proprietary races, regional events and nationwide activations as part of its 50th anniversary celebrations. In 2025, the brand sponsored 38 races across 26 cities, bringing together more than 150 thousand runners, and promoted events and experiences such as Bota Pra Correr. The brand also achieved

national recognition, with Corre 4 ranking among the most searched products on Google and maintaining, for the third consecutive year, its leadership as the most used brand by Brazilian runners according to Strava.

highlight was the launch of the Neo Line, the result of a collaboration between Brazil and Japan, expanding access to performance technology and repositioning the brand. Its presence at the Amsterdam Marathon and the celebration of the Wave Prophecy 15 reinforced the pillars of innovation, performance and cultural relevance in Brazil.

Under Armour strengthened its positioning in Brazil with a focus on Generation Z and sports lifestyle, through activations such as the SUAR event and the launch of the UA Echo, expanding its connection with new audiences and reinforcing its local presence.

In 2025, advertising expenses totaled R$ 193.8 million, an increase of 25.7% compared to R$ 154.2 million in 2024. Advertising expenses represented 5.4% of net revenue, an increase of 0.3 percentage point compared to 2024.

EARNINGS RELEASE 4Q25

GENERAL AND ADMINISTRATIVE EXPENSES

In 4Q25, general and administrative expenses totaled R$ 59.8 million, representing a 12.0% increase compared to the same period of the previous year.

53.4

59.8

177.8

216.7

5.8%

6.1%

21.9%

2024

2025

G&A Expenses

% of Net Revenue

5.9%

12.0%

4Q24

4Q25

G&A Expenses

% of Net Revenue

The main drivers behind the increase in these expenses in 4Q25 were IT expenses related to the operation and maintenance of e-commerce platforms, as well as extraordinary services contracted from advisory and consulting firms.

As a percentage of net revenue, general and administrative expenses represented 5.9% in the quarter, maintaining the same level recorded in 4Q24.

In 2025, general and administrative expenses totaled R$

216.7 million, representing a 21.9% increase compared to R$

APRESENTAÇÃO DE RESULTADOS 3T25

177.8 million recorded in the same period of 2024. As a

percentage of net revenue, they increased by 0.3 percentage point compared to 2024.

It is important to highlight that non-recurring events were recorded in this line item throughout 2025. Excluding these effects, recurring expenses would have totaled R$ 207.4 million, equivalent to 5.8% of net revenue for the period.

R$Million	4Q25	4Q24	Var.% 4Q25/4Q24	2025	2024	Var.% 2025/2024
Generaland AdministrativeExpenses	59,8	53,4	12,0%	216,7	177,8	21,9%
(-) Fees related to PIS/COFINS lawsuits recognizedin subsidiaries	-	0,0	N/A	9,3	0,0	N/A
Recurring Generaland Administrative Expenses	59,8	53,4	12,0%	207,4	177,8	16,6%
% of NetRevenue	5,9%	5,9%	0,0 p.p.	5,8%	5,8%	0,0 p.p.

EARNINGS RELEASE 4Q25

NET OTHER OPERATING INCOME (EXPENSES)

In 4Q25, Other Net Operating Income totaled R$ 3.7 million, 45.6% lower than the R$ 6.8 million recorded in the same period of 2024.

In 2025 and 2024, non-recurring events related to the recovery of PIS/COFINS tax credits recognized in subsidiaries were recorded, with a positive impact on this line item. These effects amounted to R$ 130.2 million in 2025 and R$ 11.2 million in 2024, increasing the reported figures in the respective periods.

As these are extraordinary effects, such increases do not reflect the

recurring operating trend, and these factors should be considered for a proper analysis of expense evolution.

Excluding non-recurring events, Other Net Operating Income totaled R$ 10.3 million in 2025, 49.8% lower than the recurring income of R$ 20.5 million recorded in the same period of 2024.

APRESENTAÇÃO DE RESULTADOS 3T25

NON-RECURRING EVENT

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
Net Other Operating Income (Expenses)	3.7	6.8	-45.6%	140.5	31.7	343,2%
(+) Principal Amount of PIS/COFINS tax credits recognized by Subsidiaries \| PIS/COFINS on other revenues	-	-	N/A	-130.2	-11.2	1062.5%
Recurring Net Other Operating Income (Expenses)	3.7	6.8	-45.6%	10.3	20.5	-49.8%

EARNINGS RELEASE 4Q25

NET FINANCIAL RESULT

In 4Q25, net financial result was an expense of R$ 20.4 million, compared to financial income of R$ 1.7 million in 4Q24.

During the quarter, interest expenses increased due to the rise in financial liabilities following dividend payments made throughout 4Q25. The Company ended 2025 with net debt of R$ 769.4 million, compared to R$ 22.6 million recorded in December 2024. Most of this funding was raised in the second half of 2025, resulting in higher interest expenses in 4Q25.

In 2025 and 2024, non-recurring events related to the recovery of PIS/COFINS tax credits recognized in subsidiaries were recorded, with a positive impact on this line item. These effects

amounted to R$ 127.9 million in 2025 and R$ 15.4 million in 2024, increasing the reported figures in the respective periods.

As these are extraordinary effects, such increases do not reflect the

recurring operating trend, and these factors should be considered for a proper analysis of expense evolution.

Excluding non-recurring events, net financial result totaled an expense of R$ 26.8 million in 2025, representing R$ 34.1 million more in expenses compared to the recurring financial income of R$ 7.3 million recorded in the same period of 2024.

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
Capital structure	-38.4	-11.7	228.2%	-97.5	-52.1	87.1%
Operating	-4.0	-3.7	8.1%	-12.9	-11.5	12.2%
Exchangedifferences	-4.9	-9.5	-48.4%	-31.5	-21.7	45.2%
FinancialCosts	-47.3	-24.9	90.0%	-141.9	-85.3	66.4%
Capital structure	17.4	9.4	85.1%	54.0	49.5	9.1%
Operating	7.2	5.1	41.2%	161.0	31.2	416.0%
Exchangedifferences	2.3	12.1	-81.0%	28.0	27.3	2.6%
FinancialIncome	26.9	26.6	1.1%	243.0	108.0	125.0%
Net FinancialResult	-20.4	1.7	-1300.0%	101.1	22.7	345.4%

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

NON-RECURRING EVENT

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
Net Financial Result	-20.4	1.7	-1,300.0%	101.1	22.7	345.4%
(+) Amount of Adjustment on PIS/COFINS tax credits recognized by Subsidiaries	-	-	N/A	-127.9	-15.4	730.5%
Recurring Net Financial Result	-20.4	1.7	-1,300.0%	-26.8	7.3	-467.1%

EARNINGS RELEASE 4Q25

NET INCOME AND NET MARGIN

In 4Q25, the Company recorded net income of R$ 158.8 million, representing a decrease of 6.1% compared to the same period of the previous year, when net income totaled R$

169.2 million. Net margin for the quarter reached 15.7%, down

3.0 percentage points compared to the 18.7% reported in 4Q24.

The decline in net income in 4Q25, both in nominal and relative terms, was primarily driven by higher financial expenses, reflecting the

new leverage profile, as well as higher income tax and social contribution expenses.

For the full year, net income reached R$ 1,165.3 million, representing growth of 104.5% compared to the result recorded in the same period of 2024. Net margin increased by

14.0 percentage points year over year, rising from 18.7% in 2024 to 32.7% in 2025.

18.7%

15.7%

-6.1%

169.2

4Q24

Net Income

158.8

4Q25

% of Net Revenue

32.7%

18.7%

104.5%

1165.3

569.9

2024

Net Income

2025

% of Net Revenue

Together, these factors represented a negative variation of R$

34.2 million compared to the result recorded in 4Q24.

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

Even in light of these unfavorable factors in 4Q25, Vulcabras delivered another quarter of robust net income. Strong sales performance, combined with greater dilution of operating expenses, helped offset pressure on gross margin and mitigate the negative impacts from financial results and the higher tax burden.

It is important to highlight that in 2025 net income was positively impacted by R$ 592.4 million due to the recognition of PIS/COFINS tax credits recorded by subsidiaries, as well as the recognition of deferred IRPJ and CSLL related to tax loss carryforwards, negative social contribution bases, and temporary differences.

EARNINGS RELEASE 4Q25

NET INCOME AND NET MARGIN

To facilitate a clearer understanding, we present below a breakdown of the impact of non-recurring events on net income

NON-RECURRING EVENT

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
Net Income	158.8	169.2	-6.1%	1,165.3	569.9	104.5%
(+) Principal Amount of PIS/COFINS tax credits recognized by Subsidiaries \| PIS/COFINS on other revenues	0.0	0.0	N/A	-130.2	-11.2	1062.5%
(+) Interest on PIS/COFINS tax credits recognized by Subsidiaries	0.0	0.0	N/A	-127.9	-15.4	730.5%
(-) Legal Fees related to PIS/COFINS tax credits recognized by Subsidiaries	0.0	0.0	N/A	9.3	0.0	N/A
(-) IRPJ/CSLL on PIS/COFINS tax credits recognized by Subsidiaries	0.0	0.0	N/A	22.5	0.8	2712.5%
(-) Income tax (IRPJ) and social contribution (CSLL) related to deferred taxes on tax losses, negative social contribution bases, and temporary differences	0.0	0.0	N/A	-366.1	0.0	N/A
Total Impact of Non-Recurring Effects on Net Income	0.0	0.0	N/A	-592.4	-25.8	2196.1%
Recurring Net Income	158.8	169.2	-6.1%	572.9	544.1	5.3%
Recurring Net Margin	15.7%	18.7%	-3.0 p.p.	16.1%	17.8%	-1.7 p.p.

When considering recurring net income, growth in 2025 was 5.3%, reaching R$ 572.9 million, with a net margin

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

of 16.1%, 1.7 percentage points lower than in the same period of the previous year.

Recurring Net Margin

Recurring Net Income

2025

2024

4Q24 4Q25

3Q24 3Q25

2Q24 2Q25

88.8 106.1

1Q24 1Q25

169.2 158.8

146.3 163.2

144.9

572.9

544.1

5.3%

16.1%

17.8%

15.7%

16.2%

15.1%

14.9%

17.1%

18.7%

18.6%

18.4%

139.7

EARNINGS RELEASE 4Q25

EBITDA AND EBITDA MARGIN

686.9

24.8%

22.5%

28.7%

884.0

2024

EBITDA

2025

EBITDA Margin

21.2%

21.9%

14.8%

4Q24

EBITDA

4Q25

EBITDA Margin

In 4Q25, the

EBITDA totaled R$ 220.7 million, representing growth of 14.8% compared to the R$ 192.2 million recorded in the same period of 2024. The EBITDA margin increased by 0.7 percentage points, rising from 21.2% in 4Q24 to 21.9% in 4Q25.

192.2

220.7

For the full year, EBITDA totaled R$ 884.0 million, representing growth of 28.7% compared to the same period of 2024. The EBITDA margin increased by 2.3 percentage points year over year, rising from 22.5% in 2024 to 24.8% in 2025.

It is important to highlight that in 2025 EBITDA was positively impacted by R$ 120.9 million due to the recognition of PIS/COFINS tax credits recorded by subsidiaries, corresponding to a 3.4 percentage point impact on EBITDA margin.

Excluding non-recurring events recorded in 2025, recurring EBITDA would have totaled R$ 763.1 million, 13.0% higher than the R$ 675.6 million reported in the same period of 2024. Recurring EBITDA margin for the year reached 21.4%, reflecting a reduction of 0.8 percentage points compared to the 22.2% recorded in 4Q24.

To facilitate a clearer understanding, we present below a breakdown of the impact of non-recurring events on EBITDA.

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

NON-RECURRING EVENT

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
EBITDA	220.7	192.2	14.8%	884.0	686.8	28.7%
(+) Principal Amount of PIS/COFINS tax credits recognizedby Subsidiaries \| PIS/COFINS on other revenues	0.0	0.0	N/A	-130.2	-11.2	1.062,5%
(-) Legal Fees related to PIS/COFINS tax credits recognizedby Subsidiaries	0.0	0.0	N/A	9.3	0.0	N/A
Total Impactof Non-RecurringEffectson EBITDA	0.0	0.0	N/A	-120.9	-11.2	979.5%
Recurring EBITDA	220.7	192.2	14.8%	763.1	675.6	13,0%
Recurring EBITDAMargin	21.9%	21.2%	0.7 p.p.	21.4%	22.2%	-0.8 p.p.

EARNINGS RELEASE 4Q25

Recurring EBITDA Margin

Recurring EBITDA

2025

2024

4Q24 4Q25

3Q24 3Q25

2Q24 2Q25

1Q24 1Q25

192.2 220.7

185.6 211.2

175.4 190.8

122.4 140.4

22.2%

21.4%

13.0%

21.9%

21.2%

23.6%

22.1%

21.3%

20.5%20.0%

23.0%

EBITDA AND EBITDA MARGIN

675.6

763.1

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25 20

ROIC RETURN ON INVESTED CAPITAL

Annualized Return on Invested Capital (ROIC²) reached 39.9% in 4Q25 LTM, corresponding to the last twelve months ended December 31, 2025, representing an increase of 13.8 percentage points compared to the 26.1% recorded as of December 31, 2024.

ROIC	2022	2023	2024	2025
Net Income for the period (LTM)	469.9	494.9	569.9	1,165.3
(+) Net Financial Income (LTM)	(41.3)	4.8	(22.6)	(101.1)
NOPAT	428.6	499.7	547.3	1,064.2
InvestedCapital
Loans, Financing and Debentures	417.0	437.8	336.9	976.3
(-) Cash and cash equivalents	(197.2)	(361.0)	(307.7)	(204.0)
(-) Financial Investments	(8.9)	(13.4)	(6.6)	(2.9)
(+) Related Parties	18.4
(+) Equity	1,711.8	1,995.3	2,110.3	2,427.3
Total InvestedCapital	1,941.1	2,058.7	2,132.9	3,196.7
Averageinvestedcapitalfortheperiod1	1,776.0	1,999.9	2,095.8	2,664.9
AnnualizedROIC(2)	24.1%	25.0%	26.1%	39.9%

Annualized Adjusted Return on Invested Capital (Adjusted ROIC³) reached 44.2% in 4Q25 LTM, corresponding to the last twelve months ended December 31, 2025, representing an increase of 14.7 percentage points compared to the 29.5% recorded as of December 31, 2024.

ADJUSTED ROIC	2022	2023	2024	2025
Net Incomefortheperiod(LTM)	469.9	494.9	569.9	1,165.3
(+) Net Financial Income (LTM)	(41.3)	4.8	(22.6)	(101.1)
(-) Equity Results (LTM)	(5.3)	(7.9)	(6.1)	(3.8)
NOPAT(Adjusted)	423.3	491.8	541.2	1,060.4
InvestedCapital
Loans, Financing and Debentures	417.0	437.8	336.9	976.3
(-) Cash and cash equivalents	(197.2)	(361.0)	(307.7)	(204.0)
(-) Financial Investments	(8.9)	(13.4)	(6.6)	(2.9)
(+) Related Parties	18.4
(-) Goodwill on acquisition	(198.2)	(198.2)	(198.2)	(198.2)
(-) Investment in subsidiary	(75.7)	(62.9)	(64.3)	(72.1)
(+) Equity	1,711.8	1,995.3	2,110.3	2,427.3
Total Adjusted InvestedCapital	1,667.2	1,797.6	1,870.4	2,926.4
Averageadjustedinvestedcapitalfortheperiod 1	1,505.3	1,732.4	1,834.0	2,398.4
Adjusted AnnualizedROIC 3	28.1%	28.4%	29.5%	44.2%

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
APRESENTAÇÃO DE RESULTADOS 3T25
EARNINGS RELEASE 4Q25
21
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 4Q25

CAPEX

In 4Q25, the Company invested a total of R$ 63.7 million in property, plant and equipment and intangible assets, representing a 9.0% decrease compared to the same period of 2024.

Although capex investments in 4Q25 declined compared to 4Q24, with a lower volume allocated to machinery, equipment and molds, this movement was mainly driven by differences in the seasonality of investment allocation between the periods.

In 2025, disbursements were more concentrated between April and September, when the Company pursued an accelerated expansion of installed capacity, increasing its manufacturing footprint and hiring labor at a faster pace. In contrast, in 2024 investments were distributed more evenly throughout the year.

In 2025, capex investments totaled R$ 242.3 million, representing a 19.2% increase compared to the amount invested in 2024.

APRESENTAÇÃO DE RESULTADOS 3T25

ADDITIONS TO FIXED ASSETS AND INTANGIBLES

R$ Million	4Q25	4Q24	Var. % 4Q25/4Q24	2025	2024	Var. % 2025/2024
Molds	10.9	17.6	-38.1%	41.9	49.3	-15.0%
Machinery and equipment	32.9	39.1	-15.9%	125.0	93.5	33.7%
Industrial facilities	3.7	3.6	2.8%	19.6	12.6	55.6%
Others	14.6	11.7	24.8%	47.4	40.8	16.2%
Property,plantandequipment	62.1	72.0	-13.8%	233.9	196.2	19.2%
Software	1.6	2.0	-20.0%	8.4	7.1	18.3%
Intangibleassets	1.6	2.0	-20.0%	8.4	7.1	18.3%
Total	63.7	70.0	-9.0%	242.3	203.3	19.2%

EARNINGS RELEASE 4Q25

OPERATING CASH GENERATION

Cash variation in 2025 totaled R$ 107.4 million and was mainly driven by the following events:

EBITDA of R$ 884.0 million;
Capital increase through the exercise of the Private Subscription of Shares and the execution of the Stock Option plan, totaling R$ 567.7 million;
Gain in financial results of R$ 101.1 million;
Increase in bank liabilities of R$ 639.4 million;
Increase in working capital requirements of R$ 294.7 million;
Investments in property, plant and equipment and intangible assets of R$ 241.4 million;
Variation between non-current assets and liabilities of R$ 155.1 million:
Dividends paid totaling R$ 1,541.9 million.

CASH FLOW 2025

requirement assets and Assets/

intangibles liabilities

Balance (+)

Application

paid

Investiment between

in fixed Long-Term

PP&E/ Variation Dividends Closing Cash

Increase of

Working Capital

Financial Increase Other

Result Bank Expenses Liabilities (1)

Private

Capital Increase through Share Subscription and Stock Options

Initial Cash EBITDA

Balance(+) Application

206.8

314.2

884.0

1,541.9

155.1

101.1

567.7

241.4

294.7

66.5

639.4

CASH FLOW - CASH

4Q25

3Q25

2Q25

1Q25

4Q24

206.8

215.5

247.6

314.2

570.1

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25

(1) Other Expenses: Income Tax and Social Contribution + Stock Option + Payment of finance lease liabilities.

EARNINGS RELEASE 4Q25

NET DEBT

As of December 31, 2025, the Company reported net debt of R$

769.4 million, an increase of R$ 747.8 million compared to the net debt of R$ 22.6 million recorded as of December 31, 2024.

The increase in net indebtedness was primarily driven by the R$ 500 million debenture issuance carried out in July 2025,

reflecting higher working capital requirements, accelerated capital expenditures (Capex), and the robust dividend distribution.

NET DEBT

R$ Million	12/31/2023	12/31/2024	12/31/2025	Var.% 12/31/2025vs 12/31/2024
Loans, Financing and Debentures	437.8	336.9	976.3	189.8%
Cash and cash equivalents	-361.0	-307.7	-204.0	-33.7%
Financial investments	-13.4	-6.6	-2.9	-56.1%
Net Debt	63.4	22.6	769.4	3,304.4%

22.6

Net Debt | Net Cash/Ebitda (LTM)

Net Debt | Net Cash

4Q25

3Q25

2Q25

1Q25

4Q24

10.1

139.1

0.0

769.4

0.0

0.2

0.5

0.9

EVOLUTION OF NET DEBT AND LEVERAGE

436.3

APRESENTAÇÃO DE RESULTADOS 3T25

157

Financial Cycle (days)

4Q25

3Q25

2Q25

1Q25

Working capital

4Q24

153

143

152

1448.4

1487.6

1748.2

1688.1

1655.9

WORKING CAPITAL AND FINANCIAL CYCLE (EX-DIVIDENDS)

EARNINGS RELEASE 4Q25

CAPITAL MARKET

DIVIDENDS

Throughout 4Q25, the Company carried out the advance distribution of R$ 936.9 million in dividends, of which R$ 917.6 million referred to 2025 earnings and R$ 19.3 million related to the balance of statutory reserves from prior years.

This significant distribution executed in the fourth quarter followed the approval of tax changes, effective as of January 2026, which introduced taxation on dividends paid. In light of this new scenario, the Company sought to optimize capital allocation, balancing shareholder returns with the preservation

of a sound capital structure, maintaining leverage levels compatible with a high interest rate environment and avoiding risks that could compromise the solidity of its operations.

In 2025, the Company distributed a total of R$ 1,541.9 million in dividends, reinforcing its commitment to prioritizing shareholder returns while not exposing the Company to excessive risk.

APRESENTAÇÃO DE RESULTADOS 3T25

RETURN TO SHAREHOLDERS

Amount paid per Base date for Type Accrual Total Amount Payment Date Share distribution
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

EARNINGS RELEASE 4Q25

CAPITAL MARKET

SHARE BUYBACK PROGRAM

Since May 2022, the Company has maintained a Share Repurchase Program aimed at optimizing capital allocation and generating value for shareholders. 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 effective through September 2026.

During 4Q25, the Company did not execute any share repurchases. As of December 31, 2025, the total number

of shares repurchased during 2025 amounted to 762.2 thousand shares, and the total balance held in treasury was 3,869.2 thousand shares.

The share repurchase program is a capital allocation strategy designed to enhance shareholder value and reflects the

confidence in its future performance.

Type	Balance 12/31/2023	Balance 12/31/2024	Balance 12/31/2025
Treasury Shares Quantity	766.2	3,107.0	3,869.2
Treasury Shares BRL	10.0	45.4	56.9

APRESENTAÇÃO DE RESULTADOS 3T25

EARNINGS RELEASE 4Q25 26

SUSTAINBABILITY AND POSITIVE IMPACT

In the fourth quarter of 2025, Vulcabras continued to strengthen its commitment to social and environmental responsibility through initiatives that connect product, purpose and value creation for society.

Among the highlights of the period was the Pink October campaign, carried out through Olympikus, with the launch of a special edition of the Corre 4 Pink October. As in previous editions, part of the profit generated from sales of the model was fully donated to Santa Casa de Porto Alegre, a nationally recognized institution in the treatment and prevention of breast cancer, directly contributing to the strengthening of the healthcare network and to awareness and care initiatives.

Also in 4Q25, Vulcabras expanded its social development efforts through sport with the launch of the Corre 4 Special Edition Vanderlei Cordeiro de Lima, an initiative that connects sporting legacy and social transformation. Part of the profit generated from sales of the model was allocated to the Vanderlei Cordeiro de Lima Institute, enabling the structuring of a project focused on the development of new athletes in Brazil. On the social impact front, the Company also strengthened its engagement in education and employability through its support of Instituto Caldeira and the Geração Caldeira project, an initiative aimed at preparing young people for the new economy. In 2025, through Olympikus, Vulcabras donated footwear to students participating in the program, contributing to well being, inclusion and encouraging the practice of sports.

APRESENTAÇÃO DE RESULTADOS 3T25

Complementing its social impact and solidarity initiatives, Vulcabras supported the Claudia Bartelle & Friends Charity Bazaar, an initiative that mobilizes partners, brands and civil society in support of relevant social causes. In 2025, the bazaar featured the donation of more than 2,000 pairs of Olympikus Corre Max sneakers, developed in an exclusive edition for the initiative, with all proceeds fully allocated to Casa

Madre Ana, an institution that supports patients and families undergoing medical treatment.

In total, more than R$ 500,000 was invested in social projects, reinforcing the strategy of Vulcabras and its brands to integrate sustainability into its business model and expand the positive impact generated through sport

HUMAN RESOURCES

Compliance with the equity provisions set forth in Law No. 15,177/25

The Company hereby clarifies that the information required under Law No. 15,177/25 will be disclosed in the Management Proposal to be made available to shareholders on the date of the call notice of the Annual and Extraordinary General Meeting, pursuant to Article 133 of Law No. 6,404/76.

EARNINGS RELEASE 4Q25

BRAND MANAGEMENT

In the fourth quarter of 2025, Vulcabras further strengthened the presence of its brands in the Brazilian market through initiatives that reinforced the positioning and differentiation of Olympikus, Mizuno and Under Armour within their respective territories. Supported by a complementary portfolio and focused execution, the Company continued to advance its brand-building strategy, combining relevant product launches, immersive experiences, presence at key races and authentic connections with sports communities across different regions of the country.

Olympikus reaffirmed its leadership in the running segment with an intense agenda of proprietary races, brand activations and new product launches. These initiatives are part of the celebrations marking the

50th anniversary, under the commitment to run across Brazil from north to south alongside the running community. Mizuno highlighted the quarter with the launch of the Neo Line, a global technology project developed between Brazil and Japan. Under Armour, in turn, advanced its strategy of connecting with new audiences through activations focused on Generation Z.

APRESENTAÇÃO DE RESULTADOS 3T25

The quarter reinforces

commitment to strong brand management, guided by innovation, active consumer listening and a disciplined commercial strategy.

EARNINGS RELEASE 4Q25

CLOSER TO THE COMMUNITY

Olympikus closed 2025 by further strengthening its presence in the running universe through an intense agenda of launches, proprietary races, collaborations, activations and national recognition, reaffirming the commitment made in celebration of the

50th anniversary: to stand alongside those who are already part of the community and those who are just joining it.

Throughout the quarter, the brand promoted more than 15 events across all regions of Brazil, connecting directly with runners of different profiles and backgrounds. From exclusive races such as Pink for Life in Brasília and Corrida por uma Causa in Fortaleza to regional training sessions in Santarém, Porto Alegre and Curitiba, Olympikus reinforced its local presence through initiatives that celebrate diversity, belonging and its purpose of democratizing access to sport.

The quarter also featured another edition of the Bota Pra Correr festival, this time held in Cumbuco, Ceará. With routes across trails, dunes and the coastline, the experience reinforced

proposal of celebrating Brazilian landscapes and culture through sport.

In total, during the year of its 50th anniversary celebrations, Olympikus sponsored 38 running races in 2025, spanning 26 cities across the five regions of the country. More than 150 thousand people ran with the brand in 2025, totaling over 1,200 kilometers of race courses.

Closing the year, the brand achieved two important recognitions: Corre 4 was the most searched running shoe on Google in 2025, ranking among the 50 most clicked products in the country, and Olympikus was elected, for the third consecutive year, as the most used brand by Brazilian runners according to

annual report.

These initiatives reaffirm

objective of democratizing access to running, valuing local culture and remaining ever closer to the community that builds Brazilian sport every day.

ESULTADOS 3T25

APRESENTAÇÃO DE

EARNINGS RELEASE 4Q25

GLOBAL TECHNOLOGY, LOCAL PERFORMANCE AND CULTURAL LEGACY

The fourth quarter marked one of the most significant moments of the year for Mizuno with the launch of the Neo Line, the result of a collaborative effort between Brazil and Japan. The new line expands the

running portfolio, broadening access to performance technology and repositioning Mizuno across new price tiers, offering distinct benefits for different runner profiles.

On the international stage, the brand was present at the 50th Amsterdam Marathon, one of the most traditional races on the global calendar, sponsored by Mizuno Global. In partnership with Strava, Mizuno Brazil took six Brazilian athletes to the competition, including Thalya Hillebrant, who secured second place in the half marathon. The athletes tested prototypes from the new high performance line, scheduled for launch in early 2026, reinforcing the

commitment to innovation and performance at a global level.

In the Sportstyle segment, Mizuno celebrated in December the legacy of the Wave Prophecy 15, a silhouette that transcends sport and has established itself as a cultural icon in Brazil. The launch campaign featured a photo shoot by Marcos Vinicius and highlighted the stories of 15 creatives who represent the street culture and lifestyle connected to the Prophecy. The initiative paid tribute to the community that transformed the model into a reference in the national streetwear scene.

APRESENTAÇÃO DE RESULTADOS 3T25

Through initiatives that connect technology, sport and culture, Mizuno reinforces its strategy as a global brand with a Brazilian soul, strengthening its presence across the pillars of performance, lifestyle and urban identity.

APRESENTAÇÃO DE RESULTADOS 3T25

Earlier from Vulcabras Sa

Vulcabras S A: Earnings Release 1Q25May 7, 2025

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