Vulcabras has been breaking records for five and a half years. With 22 consecutive quarters of growth , the streak seems to exceed expectations for a manufacturer of sporting goods and footwear.

"Our sector is gaining more prominence. Healthcare and running have increased. But Vulcabras continues to generate returns on all its investments," says Pedro Bartelle , CEO of Vulcabras, to NeoFeed .

For the year to date, the company recorded gross revenue of R$ 4.2 billion, a growth of 16.7% compared to 2024. Recurring EBITDA totaled R$ 763.1 million, a 13% increase year-over-year, with a margin of 21.4%. And recurring net income was R$ 572.9 million, with a margin of 16.1%.

Even with expanding numbers, market analysts put pressure on Vulcabras due to falling margins. This questioning, which began at the end of 2024 and lasted until the second quarter of last year, had an explanation.

The high rate of absenteeism – the rate of employee absences from work – in the factories forced the company to accelerate hiring at a faster pace than planned to meet the growing demand. More people on the production line, in the training phase, meant higher costs and less efficiency per unit produced.

Vulcabras maintained its stance that the cost was deliberate and temporary. "We explained that the drop in margin was caused by an accelerated hiring of personnel to meet a large demand we had. It was something we deliberate about, which we reported as temporary," says Bartelle.

In the fourth quarter of 2025, the company delivered a gross margin of 41.4% and EBITDA of 21.9%, practically back to historical levels.

Trajectory from 2026

If 2025 consolidated the growth trajectory, this year began with a figure that surprised Vulcabras, in terms of volume. The order book for the first semester was assembled in the previous year.

"It's unusual for us to see such a large number of orders placed in the previous year for products we hadn't even launched yet," says the CEO.

The CEO attributes this movement to the retailer's confidence in Vulcabras brands (especially Olympikus ). The Corre line was the sixth most searched word on Google Brazil in 2025, and for the third consecutive year, the model is the most used shoe by Brazilian runners, according to research from the Strava app.

"The level of trust is very high. If we say 'look at Corre 5, we'll deliver in a month,' and don't show them anything, they'll still place the order," says Bartelle.

The structure to support the next growth cycle, in 2026 and 2027, is in place. Vulcabras has completed a R$ 600 million investment cycle in technology and innovation, which began five years ago.

Part of this modernization process includes the research and development (R&D) center in Parobé, Rio Grande do Sul, which is considered the largest in Latin America in its segment, and the expansion of factories in Ceará and Bahia.

In addition to this amount, the company maintains a recurring annual investment of approximately R$ 150 million in the maintenance and modernization of its manufacturing facilities, whether for new tools and equipment maintenance or for the acquisition of machinery.

The result of this cycle is an operation that currently has no idle capacity. Internalization capacity is 100% for Olympikus and above 80% for Mizuno and Under Armour , the other two brands that make up Vulcabras' portfolio – with a total production of 110,000 items per day.

"We've structured ourselves to grow for at least the next two years. And at a rate very similar to the growth we've been experiencing, which is 22 consecutive quarters," says Bartelle.

And the dividends?

The tax reform on dividends has impacted the company's capital allocation strategy. In 2025, anticipating the taxation of dividends, Vulcabras accelerated its distribution schedule.

The total distributed exceeded R$ 1.5 billion, of which R$ 563.3 million returned to the treasury via a private subscription completed in December 2025.

As a result of this process, the company ended the year with net debt of 0.9 times EBITDA. For the past three years, Vulcabras had been operating with net cash.

"Living in Brazil, where interest rates have been supposed to fall for two years but haven't, and with 2026 being volatile at the very least, we should focus much more on paying off debt than on sustaining a distribution agenda throughout the year," says Wagner Dantas , CFO of Vulcabras.

The goal is to end 2026 with net debt close to zero. To achieve this, the company will use the year's cash generation to pay off short-term debt, maintaining only one debenture raised in July 2025 - with a term of 5 years, a 2-year grace period, and a cost of CDI+0.6%.

"Looking ahead to 2027, we're returning to a level of net cash flow, with cash generation that will bring surpluses, and we should resume a more active agenda in dividend distribution," says the CFO.

Bartelle emphasizes that all the actions (distribution, capital increase, and temporary leverage) were planned in a way that would not compromise the company's organic growth needs.

VULC3 stock has fallen 9.9% this year. Over the past 12 months, it has risen 18.3%. The company's market capitalization is R$ 5.7 billion.