VULC3: quote, dividends and indicators for Vulcabras

Vulcabras S.A. is a Brazilian company in the footwear and sporting goods sector, with common shares traded on B3 under the ticker VULC3. Founded in 1952 in São Paulo under the name Companhia Industrial Brasileira de Calçados Vulcanizados S.A., it began operations producing leather shoes with vulcanized rubber soles. In the 1950s, it moved its operations to Jundiaí (SP) and diversified its production to include rubber boots, two-tone PVC boots, leather shoes with PVC soles, and synthetic shoes. In 1977, it became a publicly held company. Throughout the 1970s and 1980s, it expanded by acquiring footwear manufacturers located mainly in Franca (SP), a traditional leather footwear hub, consolidating a significant presence in Brazil’s footwear industry. In 1988, control of the then Companhia Industrial Brasileira de Calçados Vulcanizados S.A. was acquired by brothers Pedro and Alexandre Grendene Bartelle, marking the beginning of a series of strategic adjustments and corporate name changes, including the adoption of the name Vulcabras S.A. in 1992.

Starting in the 1970s, Vulcabras began to operate more intensively in the management of international sports brands, beginning in 1974 with the licensing of Adidas for the exclusive production and sale of high-performance sneakers in Brazil. In the following years, it managed licenses for brands such as Puma, Le Coq Sportif, Reebok, Lotto, and Keds, which contributed to building know-how in sports brand management in the country. Around the turn of the 2000s, the company moved all its industrial operations to the state of Ceará, attracted by lower labor costs and tax incentives. In 2003, with the acquisition of Vulcabras Argentina, it began an internationalization process. In 2007, the acquisition of Calçados Azaleia, which had factories in Bahia, Sergipe, and Rio Grande do Sul, as well as operations in Peru and Colombia, significantly increased its production capacity, geographic footprint, and brand portfolio, including Azaleia, Dijean, Opanka, and Olympikus, consolidating Vulcabras as one of the leading footwear manufacturers in Latin America.

Vulcabras’ business model is structured around the management, development, production, and sale of athletic footwear, other footwear, and sports apparel and accessories through a brand portfolio that includes mainly Olympikus, Under Armour, Mizuno, and Botas Vulcabras. In the fiscal year ended December 31, 2025, the company sold more than 33.7 million pairs of footwear and apparel items, including 26.6 million pairs of shoes, and reported net revenue from sales of R$ 3.56 billion. Operations are accounted for as a single operating segment, reflecting the integration of product development, sourcing, manufacturing, and distribution. Olympikus, a sports brand created in 1975, concentrates a broad portfolio with more than 100 new footwear models and around 150 apparel items launched per year, with particular emphasis on the running performance category, in which the “Corre” product family has a relevant share of sales volume. Under Armour and Mizuno are global brands managed by Vulcabras via exclusive licensing agreements for footwear, apparel, and accessories in Brazil, with Under Armour joining the portfolio in 2018 and Mizuno in 2020, the latter positioned in the premium tier, especially in the running category.

Vulcabras’ operating structure combines in-house footwear production in Brazil with outsourced apparel and accessories. Most footwear is manufactured at two state-of-the-art industrial plants located in the states of Ceará and Bahia, which offer production flexibility in terms of volume and product variety. This setup enables average delivery times of around five weeks from order placement and shortens time to market to about four months, which, according to the company, represents a fraction of the time required by many competitors that rely on imports. Components, inputs in the final production stage, and all apparel and accessories are purchased from local and international suppliers, providing additional flexibility to serve different markets. The footwear production process is labor- and technology-intensive, involving trend research, development of matrices and molds, formulation of compounds (rubber, EVA, PVC, PU, TPU), injection and pressing of soles and midsoles, automated cutting of natural and synthetic materials, stitching with computerized machines, and assembly by gluing or direct injection.

The company maintains a research and development center considered one of the most advanced in the athletic footwear industry in Latin America, located in Parobé (RS), with an area of more than 20,000 m², a laboratory, design center, pilot factory, virtual reality resources, and materials research. At this unit, a team of hundreds of employees develops new models, materials, and processes, totaling more than 800 sports models per year. Over five years, Vulcabras has invested significant amounts in plant modernization and R&D, reinforcing its innovation strategy. Recent milestones include the development of the Olympikus Corre Grafeno, launched in 2022 as a running shoe with a graphene plate, and the ongoing enhancement of cushioning technologies in partnership with licensed brands, such as the “Charged” technology from Under Armour developed in Brazil. In 2023, the company also strengthened Mizuno’s presence in soccer with local production of the Morelia boot and other models developed in-house.

Vulcabras’ commercial strategy combines strong reach in brick-and-mortar retail with a significant presence in e-commerce. The company serves more than 10,000 active customers in Brazil and about 19,000 points of sale through 49 commercial representation offices and a sales force numbering in the hundreds, including promoters dedicated to in-store execution. The company’s own retail network includes 16 stores in Brazil, among them multi-brand factory stores and Under Armour and Mizuno outlet stores. In the digital channel, the company operates proprietary e-commerce platforms for its main brands, supported by a distribution center dedicated to online operations in Extrema (MG), with 21,500 m² and large storage capacity. In 2025, online sales accounted for a significant share of net revenue, reflecting the growing importance of the direct-to-consumer channel. The company also operates on marketplaces, being present on the country’s leading e-commerce platforms, and reports having trained tens of thousands of sales associates at partner retailers in its brands.

Internationally, Vulcabras maintains a presence mainly in Latin America. Its subsidiary in Peru operates distribution with nationwide coverage and a network of 23 stores, including exclusive Azaleia stores, Olympikus stores, and outlets. In Chile, the Azaleia brand is operated under a licensing agreement with Grupo Forus, which manages 16 exclusive Azaleia stores. In addition, distributors take its products to more than 12 countries, especially across Latin America. Net revenue from foreign markets still represents a small portion of the total, at approximately 3.7% of net sales revenue in 2025, indicating a predominant focus on the domestic market, albeit with continued selected international operations. In recent years, the company has also made geographic adjustments, such as the sale of its operations in Argentina in 2015 and the shutdown of operations in Colombia in 2021, opting for indirect distribution models in those markets.

From a regulatory standpoint, Vulcabras is subject to federal, state, and municipal laws related to the manufacture, distribution, and sale of footwear and apparel. Its production units and distribution centers operate under environmental licenses, business permits, authorizations for the use of controlled substances, water-use permits where applicable, and fire department inspection certificates (AVCB). The company is registered in Ibama’s Federal Technical Registry for potentially polluting activities and complies with occupational safety standards and labor, social security, and tax legislation. In addition to the authorizations tied to its production activities, it complies with sanitary requirements for operating cafeterias and in-house clinics and with the zoning rules of the municipalities where its factories, distribution centers, and stores are located.

On environmental, social, and governance matters, Vulcabras has incorporated practices aligned with regulatory requirements and market trends. In 2022, it began using wind power to produce 100% of its footwear through a contract with a renewable energy generation company, and it received the ESG-Fiec Seal, awarded by the Ceará State Federation of Industries, after an assessment of practices related to circular economy, water reuse, waste management, environmental education, and the establishment of a sustainability committee. The company has a Code of Ethics and Conduct applicable to employees, focused on integrity, compliance with the law, and ethical standards in business conduct. In labor and social matters, it prioritizes safe and healthy working conditions, with safety training, accident prevention initiatives, and programs focused on well-being and quality of life, in line with its vision of generating positive impact through sports. These initiatives are complemented by a commitment to monitor human rights issues in its value chain, in line with national guidelines and international references on business and human rights.