What smart money is saying about Vulcabras
1 fund in our archive has pitched Vulcabras — most recently Guepardo Investimentos in June 2026.
Vulcabras S.A., together with its subsidiaries, engages in the production and sale of synthetic footwear products in Brazil and internationally. The company provides sports-oriented clothing products, footwear, and accessories. It also offers safety boots for hospital workers, mining companies, steelmakers, agribusiness, civil construction, and other sectors. The company markets its products through e-commerce and brand-owned stores primarily under the Mizuno, Olympikus, Under Armour, and Botas Vulcabras brands. The company was formerly known as Vulcabras Azaleia S.A. and changed its name to Vulcabras S.A. in April 2022. The company was founded in 1952 and is headquartered in Jundiaí, Brazil. Vulcabras S.A. operates as a subsidiary of Gianpega Negócios e Participações S.A.
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Position history
Between Q2 2026 and Q3 2026, 2 fund letters reported a position in Vulcabras, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 1 | 0 |
| Q2 2026 | 1 | 0 | 0 | 1 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 2 positions · 1 move
- TrimmedVersa Asset FundsSeptember 2026
“During the month we reduced investments in Lojas Renner and Vulcabrás due to the prospect of worse third-quarter results than expected.”
Vulcabras - HoldsGuepardo InvestimentosJune 2026
“Vulcabras Vulcabras delivered another quarter of consistent growth in 2Q26, achieving its 24th consecutive quarter of revenue expansion. The company recorded net revenue of R$ 994.8 million, growth of 11.2% compared to the same period of the previous year, while volume sold reached 8.8 million pairs and pieces, an advance of 3.7%. Recurring EBITDA was R$ 208.6 million, growth of 9.3%, with a margin of 21.0%, while recurring net income reached R$ 143.7 million. The results reflect the combination of volume expansion, mix evolution and a greater share of higher value-added products, reinforcing the company's ability to grow consistently while preserving high levels of profitability. The main highlight of the period was again the sports footwear category, which continues to be an important growth driver for the company. The evolution of the three brands remains fundamental to the expansion of the business. Olympikus maintained its focus on strengthening its presence in the running market, while Mizuno continued advancing in its strategy of operating across different sports categories. Under Armour, in turn, continues its strategic recovery in the Brazilian market, with a focus on the performance running category, new launches and initiatives aimed at strengthening its connection with athletes and runners. The evolution of the portfolio and the complementary positioning of the three brands reinforce the diversification built by Vulcabras. Another relevant point was the growth of the e-commerce channel, which advanced 16.1% compared to the second quarter of 2025. In addition to representing an important avenue of growth, the digital environment strengthens the direct relationship with consumers and allows the company to obtain relevant information about consumption habits, contributing to the evolution of the portfolio and to greater integration between the physical and digital channels. Guepardo Investimentos | Av. Brigadeiro Faria Lima, 3015, 8th floor – São Paulo, SP – Brazil 01452-000 | +55 (11) 3103-9200 10 Letter to Investors – No. 118 2nd Quarter of 2026 The combination of stronger brands, product innovation and a growing presence across different distribution channels remains one of the company's main competitive differentiators. Maintaining an EBITDA margin of 21.0% also deserves mention. Even in the face of a more complex operating environment and a high comparison base, Vulcabras managed to preserve robust profitability while continuing to invest in product development and in strengthening its brands. The vertically integrated operation and control over a large part of the production chain continue to offer the company greater agility to respond to market changes, adjust its commercial strategy and capture efficiency gains. We remain confident in Vulcabras's investment thesis.”
Vulcabras
Fund coverage · 1 thesis
- Guepardo InvestimentosJune 2026
Vulcabras is held for its strong brands, vertically integrated operation, consistent growth and high profitability in the expanding sports footwear market.
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