Slides
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Subtítulo
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PARTICIPANTS Pedro Bartelle Chief Executive Officer Wagner Dantas da Silva Chief Administrative, Financial and Investor Relations Officer EARNINGS RELEASE 3Q25 2
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DISCLAIMER This presentation contains statements that can represent expectations about future events or results, These statements are based on certain suppositions and analyses made by the company in accordance with its experience, with the economic environment and market conditions, and expected future developments, many of which are beyond the control, Important factors could lead to significant differences between real results and the statements on expectations about future events or results, including the business strategy, Brazilian and international economic conditions, technology, financial strategy, developments in the footwear industry, conditions of the financial market, and uncertainty on the future results from operations, plans, objectives, expectations and intentions among other factors, In view of these aspects, the results could differ significantly from those indicated or implicit in any statements of expectations about future events or results. EARNINGS RELEASE 3Q25 3
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HIGHLIGHTS GROSS VOLUME NET REVENUE GROSS PROFIT GROSS MARGIN NET INCOME AND NET MARGIN EBITDA AND EBITDA MARGIN 9.0 million R$ 955.7 million R$ 395.8 million 41.4% R$ 547.2 million R$ 226.5 million in pairs/pieces in 3Q25, representing growth of 7.7% compared to 3Q24. In the nine- month period, volume reached 24.6 million pairs/pieces in 9M25, an increase of 5.8% over 9M24. in 3Q25, representing an increase of 21.8% compared to 3Q24. In the nine-month period, net revenue reached R$ 2,551.7 million in 9M25, up 19.1% from the same period of the previous year. in 3Q25, showing growth of 17.1% compared to the amount recorded in 3Q24. In the nine-month period, the figure reached R$ 1,043.1 million in 9M25, representing an increase of 15.7% over the same period of the previous year. in 3Q25, a reduction of 1.7 p.p. compared to 3Q24. In the nine-month period, gross margin reached 40.9% in 9M25, a decrease of 1.2 p.p. versus 9M24. in 3Q25, representing an increase of 217.8% compared to 3Q24, with a Net Margin of 57.3%, up 35.4 p.p. from the same period of the previous year. In the nine-month period, net income reached R$ 1,006.5 million in 9M25, up 151.2% from 9M24, with a Net Margin of 39.4%, an improvement of 20.7 p.p. compared to 9M24. in 3Q25, posting growth of 15.1% over 3Q24, with an EBITDA Margin of 23.7%, a decrease of 1.4 p.p. compared to the same period of the previous year. In 9M25, EBITDA totaled R$ 663.3 million, up 34.1% versus 9M24, with an EBITDA Margin of 26.0%, 2.9 p.p. higher than in 9M24. 4EARNINGS RELEASE 3Q25
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GROSS VOLUME PAIRS AND ITENS - THOUSAND 5,475 1,197 1,657 5,941 1,282 1,748 Athletic footwear Other footwear and other (1) Apparel and Accessories 3Q24 3Q25 15,000 3,292 4,916 15,844 3,625 5,090 Athletic footwear Other footwear and other (1) Apparel and Accessories 9M24 9M25 3Q25 vs 3Q24 9M25 vs 9M24 R$ Million 3Q25 Partic. 3Q24 Partic. Var. % 3Q25/3Q24% % Athletic footwear 5,941 66.2% 5,475 65.7% 8.5% Other footwear and other (1) 1,282 14.3% 1,197 14.4% 7.1% Apparel and Accessories 1,748 19.5% 1,657 19.9% 5.5% Total Net Revenue 8,971 100.0% 8,329 100.0% 7.7% R$ Million 9M25 Partic. 9M24 Partic. Var. % 9M25/9M24% % Athletic footwear 15,844 64.5% 15,000 64.6% 5.6% Other footwear and other (1) 3,625 14.8% 3,292 14.2% 10.1% Apparel and Accessories 5,090 20.7% 4,916 21.2% 3.5% Total Net Revenue 24,559 100.0% 23,208 100.0% 5.8% 5EARNINGS RELEASE 3Q25 (1) Flip-flops, boots, women footwear and shoe components
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6 NET OPERATING REVENUE CATEGORY R$ Million 3Q25 Partic. 3Q24 Partic. Var. % 3Q25/3Q24% % Athletic footwear 827.4 86.6% 673.0 85.8% 22.9% Other footwear and other (1) 64.8 6.8% 53.5 6.8% 21.1% Apparel and Accessories 63.5 6.6% 58.1 7.4% 9.3% Total Net Revenue 955.7 100.0% 784.6 100.0% 21.8% R$ Million 9M25 Partic. 9M24 Partic. Var. % 9M25/9M24% % Athletic footwear 2,175.5 85.3% 1,813.0 84.6% 20.0% Other footwear and other (1) 176.1 6.9% 145.8 6.8% 20.8% Apparel and Accessories 200.1 7.8% 184.1 8.6% 8.7% Total Net Revenue 2,551.7 100.0% 2,142.9 100.0% 19.1% 673.0 53.5 58.1 827.4 64.8 63.5 Athletic footwear Other footwear and other (1) Apparel and Accessories 3Q24 3Q25 3Q25 vs 3Q24 (R$ million) 1,813.0 145.8 184.1 2,175.5 176.1 200.1 Athletic footwear Other footwear and other (1) Apparel and Accessories 9M24 9M25 9M25 vs 9M24 (R$ million) 6EARNINGS RELEASE 3Q25 (1) Flip-flops, boots, women footwear and shoe components
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3Q25 7 NET OPERATING REVENUE MARKET R$ Million 3Q25 Partic. 3Q24 Partic. Var. % 3Q25/3Q24% % Domestic Market 920.0 96.3% 749.1 95.5% 22.8% Foreign Market 35.7 3.7% 35.5 4.5% 0.6% Total Net Revenue 955.7 100.0% 784.6 100.0% 21.8% R$ Million 9M25 Partic. 9M24 Partic. Var. % 9M25/9M24% % Domestic Market 2,452.5 96.1% 2,035.5 95.0% 20.5% Foreign Market 99.2 3.9% 107.4 5.0% -7.6% Total Net Revenue 2,551.7 100.0% 2,142.9 100.0% 19.1% 96.3% 3.7% Domestic Market Foreign Market 9M25 7EARNINGS RELEASE 3Q25 96.1% 3.9% Domestic Market Foreign Market
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8 NET OPERATING REVENUE E-COMMERCE R$ million 3Q25 3Q24 Var. % 3Q25/3Q24 E-commerce Net Revenue 144.8 115.5 25.4% NOR% Participation 15.2% 14.7% 0.5 p.p. R$ million 9M25 9M24 Var. % 9M25/9M24 E-commerce Net Revenue 395.3 291.3 35.7% NOR% Participation 15.5% 13.6% 1.9 p.p. 115.5 144.8 14.7% 15.2% 0.0%0.031.362.593.8125.0156.3187.5218.8250.0281.3312.5343.8375.0 3Q24 3Q25 E-commerce Net Revenue NOR% Participation 25.4% 3Q25 vs 3Q24 291.3 395.3 13.6% 15.5% 0.0%0.031.362.593.8125.0156.3187.5218.8250.0281.3312.5343.8375.0406.3437.5 9M24 9M25 E-commerce Net Revenue NOR% Participation 35.7% 9M25 vs 9M24 8EARNINGS RELEASE 3Q25
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GROSS PROFIT AND GROSS MARGIN 9 337.9 395.8 43.1% 41.4% 0.0% 43.0% 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 3Q24 3Q25 Gross profit Gross margin % 17.1% 3Q25 vs 3Q24 901.5 1,043.1 42.1% 40.9% 0.0% 43.0% 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 9M24 9M25 Gross profit Gross margin % 15.7% 9M25 vs 9M24 9EARNINGS RELEASE 3Q25
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SELLING AND ALLOWANCE FOR DOUBTFUL ACCOUNTS EXPENSES (Ex-advertising) 10 102.5 114.2 13.1% 11.9% -10.0% -4.0% 2.0% 8.0% 14.0% 20.0% 0.0 66.7 133.3 200.0 266.7 333.3 400.0 466.7 533.3 600.0 666.7 3Q24 3Q25 Selling Expenses and Bad Debt % of Net Revenue 282.5 319.8 13.2% 12.5% -10.0% -4.0% 2.0% 8.0% 14.0% 20.0% 0.0 66.7 133.3 200.0 266.7 333.3 400.0 466.7 533.3 600.0 666.7 9M24 9M25 Selling Expenses and Bad Debt % of Net Revenue 3Q25 vs 3Q24 9M25 vs 9M24 10EARNINGS RELEASE 3Q25
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ADVERTISING AND MARKETING EXPENSES 11 40.7 54.3 5.2% 5.7% 0.0% 1.3% 2.7% 4.0% 5.3% 6.6% 8.0% 0.0 125.0 250.0 3Q24 3Q25 Advertising Expenses % of Net Revenue 108.3 139.4 5.1% 5.5% 0.0% 1.3% 2.7% 4.0% 5.3% 6.6% 8.0% 0.0 125.0 250.0 9M24 9M25 Advertising Expenses % of Net Revenue 3Q25 vs 3Q24 9M25 vs 9M24 11EARNINGS RELEASE 3Q25
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GENERAL AND ADMINISTRATIVE EXPENSES 12 44.2 52.8 5.6% 5.5% -11.0% 0.5% 12.0% 0.0 87.5 175.0 3Q24 3Q25 General and Administrative Expenses % of Net Revenue 3Q25 vs 3Q24 9M25 vs 9M24 124.4 156.9 5.8% 6.1% -11.0% 0.5% 12.0% 0.0 87.5 175.0 9M24 9M25 General and Administrative Expenses % of Net Revenue 12EARNINGS RELEASE 3Q25
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NET FINANCIAL INCOME AND NET DEBT 13 NET FINANCIAL INCOME NET DEBT R$ Million 3Q25 3Q24 Var. % 3Q25/3Q24 9M25 9M24 Var. % 9M25/9M24 Capital structure -30.6 -11.8 159.8% -59.1 -40.4 46.2% Operating -3.1 -2.8 10.7% -8.9 -7.8 14.0% Exchange differences -7.3 -2.4 204.1% -26.7 -12.2 118.1% Financial Costs -41.0 -17.0 141.6% -94.6 -60.4 56.6% Capital structure 20.2 12.4 63.3% 36.6 40.1 -8.7% Operating 15.4 18.4 -16.4% 153.8 26.1 488.6% Exchange differences 5.2 3.2 62.6% 25.7 15.1 70.1% Financial Income 40.8 34.0 20.0% 216.1 81.3 165.7% Financial Result -0.2 17.0 -101.1% 121.5 20.9 481.3% 13EARNINGS RELEASE 3Q25 -117.2 22.6 10.1 139.1 436.3 N/A 0.0 0.0 0.2 0.5 -04 -04 -03 -03 -02 -02 -01 -01 00 01 -400.00 -300.00 -200.00 -100.00 .00 100.00 200.00 300.00 400.00 500.00 3Q24 4Q24 1Q25 2Q25 3Q25 Net Debt | Net Cash Net Debt | Net Cash/Ebitda (LTM)
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14 NET INCOME AND, NET MARGIN AND ADJUSTED ROIC 14 Adjusted ROIC 28.1% 28.4% 29.5% 46.2% 2022 2023 2024 3Q25 3Q25 vs 3Q24 9M25 vs 9M24 14EARNINGS RELEASE 3Q25 172.2 547.2 21.9% 57.3% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 1,400.0 1,600.0 3Q24 3Q25 Net Income % of Net Revenue 217.8% 400.7 1,006.5 18.7% 39.4% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 0 200 400 600 800 1000 1200 1400 1600 9M24 9M25 Net Income % of Net Revenue 151.2%
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EBITDA AND EBITDA MARGIN 1515 196.8 226.5 25.1% 23.7% -50.0% -20.0% 10.0% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 3Q24 3Q25 EBITDA EBITDA Margin 15.1% 494.6 663.3 23.1% 26.0% -50.0% -20.0% 10.0% 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 9M24 9M25 EBITDA EBITDA Margin 34.1% 3Q25 vs 3Q24 9M25 vs 9M24 15EARNINGS RELEASE 3Q25
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CAPEX 16 ADDITIONS TO FIXED ASSETS AND INTANGIBLES R$ Million 3Q25 3Q24 Var. % 3Q25/3Q24 9M25 9M24 Var. % 9M25/9M24 Molds 8.8 11.8 -25.4% 31.0 31.7 -2.2% Machinery and equipment 22.7 35.3 -35.7% 92.2 54.4 69.5% Industrial facilities 7.2 4.0 80.0% 15.8 8.9 77.5% Others 23.4 10.8 116.7% 32.8 29.1 12.7% Property, plant and equipment 62.1 61.9 0.3% 171.8 124.2 38.3% Software 1.6 1.9 -15.8% 6.7 5.1 31.4% Intangible assets 1.6 1.9 -15.8% 6.7 5.1 31.4% Total 63.7 63.8 -0.2% 178.6 129.3 38.1% 16EARNINGS RELEASE 3Q25
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465.0 314.2 247.6 215.5 570.1 - 100.00 200.00 300.00 400.00 500.00 600.00 3Q24 4Q24 1Q25 2Q25 3Q25 CASH FLOW 17 Initial Cash Balance(+) Application EBITDA Other Revenue (1) Financial Result Increase of Working Capital requirement Variation between Long-Term Assets/ liabilities Increase Bank Liabilities PP&E/ Investiment in fixed assets and intangibles Other Expenses (2) Dividends paid Closing Cash Balance (+) Application Capital Increase Stock Options 9M25 1. Other Income: Sale/Write-off of Fixed Assets and Intangible Assets + Resources from the sale of investments + Effect of the conv ersion of investees abroad and Tax credit of deferred IRPJ and CSLL 2. Other Expenses: Income Tax and Social Contribution + Stock Option + Payment of finance lease liabilities. 17 570.1 605.3 511.5 669.5 663.3 314.2 4.4 176.5 216.618.9 121.5326.0 CASH FLOW - CASH EARNINGS RELEASE 3Q25
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INVESTOR RELATIONS Wagner Dantas da Silva Chief Administrative, Financial and Investor Relations Officer +55 (11) 4532-1000 dri@vulcabras.com www.vulcabrasri.com THANK YOU