Vulcabras (VULC3) reported net income of R$ 144.4 million in 3Q26, down 73.6% from R$ 547.2 million in 3Q25. The comparison base was inflated by positive non-recurring effects of R$ 384.0 million in 3Q25, tied to PIS/COFINS tax credits and tax deferral. Excluding the extraordinary effects, recurring net income was R$ 139.9 million, a decline of 14.3%, with a recurring net margin of 14.3%, versus 17.1% a year earlier.
Net revenue totaled R$ 977.6 million, up 2.3% from R$ 955.7 million in 3Q25. The domestic market accounted for R$ 950.8 million (up 3.3%) and the foreign market for R$ 26.8 million (down 24.9%). Gross volume was 8.8 million pairs and pieces, a 2.0% decrease. E-commerce revenue fell 16.9%, to R$ 120.3 million, amid greater promotional intensity on marketplaces.
Gross profit was R$ 386.3 million, down 2.4%, and the gross margin was 39.5%, versus 41.4% in 3Q25. The company cites the lower share of e-commerce, which has above-average margins, and pressure from raw material and labor costs. EBITDA (earnings before interest, taxes, depreciation and amortization) was R$ 207.7 million, down 8.3%. Recurring EBITDA totaled R$ 203.2 million, a decline of 3.7%, with a margin of 20.8%. Net financial result was an expense of R$ 20.2 million, versus R$ 0.2 million in 3Q25.
In the nine months of 2026, net revenue reached R$ 2,748.8 million, up 7.7%. Net income was R$ 368.2 million, down 63.4%, and recurring net income totaled R$ 369.7 million, a decline of 10.7%. Net debt fell 42.8%, to R$ 439.9 million as of September 30, 2026, versus R$ 769.4 million as of December 31, 2025. The company did not announce new dividends in the period and on August 4 approved a new share buyback program of up to 15 million shares, valid until February 2028.
