Vulcabras (VULC3) Q4 2024 earnings summary

Executive summary

• Achieved record gross revenue of R$3.5 billion in 2024, up 9.2% year-over-year, with 18 consecutive quarters of growth.

• Net revenue reached R$3,048.6 million in 2024 (+8.2% YoY), with 4Q24 net revenue of R$905.7 million (+14.5% YoY).

• Recurring net income was R$544.1 million in 2024 (+11.1% YoY), with recurring net margin at 17.8%.

• E-commerce net revenue surged 55% in 2024 and 50.1% in 4Q24, now representing 14.2% of total net revenue.

• Athletic footwear led growth, with a 9.2% annual increase and strong brand performance.

Financial highlights

• 4Q24 gross profit was R$376.9 million (+11.7% YoY), with a gross margin of 41.6% (-1.1 p.p. YoY); 2024 gross margin was 41.9% (+0.2 p.p. YoY).

• Recurring EBITDA reached R$675.6 million in 2024 (+5.5% YoY), with a margin of 22.2%.

• Net debt reduced by 64.3% to R$22.6 million at year-end.

• Dividend yield was approximately 9.8% in 2024, with R$714.8 million in dividends distributed.

• CAPEX for 2024 was R$203.3 million, up 45.9% from 2023, focused on industrial expansion and technology.

Outlook and guidance

• Entering 2025 with a consolidated portfolio, healthy inventory, and strong brand acceptance.

• Focus remains on innovation, portfolio expansion, and operational efficiency for sustainable, profitable growth.