{"id":874999,"date":"2025-08-13T07:18:02","date_gmt":"2025-08-13T11:18:02","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2025-financial-results\/"},"modified":"2025-08-13T07:18:02","modified_gmt":"2025-08-13T11:18:02","slug":"arcos-dorados-reports-second-quarter-2025-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2025-financial-results\/","title":{"rendered":"Arcos Dorados Reports Second Quarter 2025 Financial Results"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwalignl { text-align: left }\n.bwalignr { text-align: right; list-style-position: inside }\n.bwblockalignl { margin-left: 0px; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwlistdisc { list-style-type: disc }\n.bwpadb3 { padding-bottom: 4px }\n.bwpadl0 { padding-left: 0px }\n.bwpadl1 { padding-left: 5px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl6 { padding-left: 30px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth11 { width: 11% }\n.bwwidth12 { width: 12% }\n.bwwidth13 { width: 13% }\n.bwwidth15 { width: 15% }\n.bwwidth17 { width: 17% }\n.bwwidth18 { width: 18% }\n.bwwidth20 { width: 20% }\n.bwwidth30 { width: 30% }\n.bwwidth46 { width: 46% }\n.bwwidth55 { width: 55% }\n.bwwidth70 { width: 70% }\n.bwwidth74 { width: 74% }\n.bwwidth75 { width: 75% }\n.bwwidth80 { width: 80% }\n.bwwidth85 { width: 85% }\n.bwwidth95 { width: 95% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Arcos Dorados Reports Second Quarter 2025 Financial Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Systemwide Comparable Sales<sup>1<\/sup> grew 12.1% versus the prior year, contributing to total company revenues of $1.1 billion in the second quarter of 2025.<\/i><\/li>\n<li><i>Digital channel sales (from Mobile App, Delivery and Self-order Kiosks) rose 7.9% year-over-year in US dollars and contributed more than 60% of total systemwide sales in the quarter.<\/i><\/li>\n<li><i>The Loyalty Program had 21.5 million registered members at the end of the second quarter of 2025, across six available markets.<\/i><\/li>\n<li><i>Consolidated Adjusted EBITDA<sup>1<\/sup> was $110.1 million and Net Income was $22.6 million, or $0.11 per share, in the second quarter of 2025.<\/i><\/li>\n<li><i>Net Debt to Adjusted EBITDA leverage ratio was a comfortable 1.4x as of June 30, 2025, which was among the factors cited in S&amp;P\u2019s \u2018BBB-\u2019 investment grade rating of Arcos Dorados debt.<\/i><\/li>\n<li><i>The Company opened 20 Experience of the Future (EOTF) restaurants in the quarter.<\/i><\/li>\n<\/ul>\n<p>MONTEVIDEO, Uruguay&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nArcos Dorados Holdings Inc. (NYSE: ARCO) (\u201cArcos Dorados\u201d or the \u201cCompany\u201d), Latin America and the Caribbean\u2019s largest restaurant chain and the world\u2019s largest independent McDonald\u2019s franchisee, today reported unaudited results for the three and six months ended June 30, 2025.<\/p>\n<p><b>Message from Luis Raganato, Chief Executive Officer<\/b><\/p>\n<p>\nThe results we are reporting today demonstrate the strength of the Arcos Dorados business model. Each of our markets faced a unique set of operating conditions and each delivered strong results within the context of their individual environments. By staying true to our Purpose, we strengthened our bond with guests and expanded our brand preference throughout Latin America and the Caribbean, Making Every Day an Opportunity to Feed People and Build Dreams.<\/p>\n<p>\nBrazil remained resilient despite challenging consumer dynamics, NOLAD showed that the first quarter calendar effects were only temporary and SLAD continued the strong positive trajectory that began at the end of last year. Combined, the three divisions drove local currency revenue almost 15% higher versus the prior year quarter. Systemwide comparable sales growth was particularly strong in NOLAD and SLAD, rising 1.8x and 1.4x blended inflation, respectively.<\/p>\n<p>\nMarket share saw robust gains across the region according to our research, thanks to marketing and digital initiatives focused on value and Brand strength, together with an ever-growing Loyalty Program that is successfully increasing guest visit frequency. The Big Fest digital campaign, Minecraft Happy Meal (for both kids and adults) and the limited-time Formula One promotion all helped strengthen the brand attributes that keep guests coming back to our restaurants.<\/p>\n<p>\nThe diversified nature of our business model also drove strong profitability in the quarter, despite important cost pressures in some markets. Consolidated Adjusted EBITDA declined as reported, but was up 7.1% in US dollars with a 40 basis point margin expansion, when we adjust last year\u2019s result for a reduction of labor contingencies due to a favorable judgement in Brazil.<\/p>\n<p>\nFinally, our growth plan remains intact, and we opened 20 new EOTF restaurants in the period. This year\u2019s growth trajectory also includes the addition of our 21<sup>st<\/sup> market: Saint Martin. We believe the choice of Arcos Dorados as the new operator in Saint Martin is a testament to our operational excellence and commitment to growth in the region. We remain convinced there is compelling growth potential for our business and our shareholders for many years to come.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><sup>1 <\/sup>For definitions, please refer to page 7 of this document.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>AD Holdings Inc. \u2013 Consolidated Key Financial Results<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 1<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"7\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(In millions of U.S. dollars, except as noted)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwtopsingle bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>2Q24<br \/>(a)<\/b><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth12 bwvertalignt\" rowspan=\"1\" colspan=\"1\"><b>Currency Translation<br \/>(b)<br \/><\/b><\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth12 bwvertalignt\" rowspan=\"1\" colspan=\"1\"><b>Constant<br \/>Currency<br \/>Growth<br \/>(c)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>2Q25<br \/>(a+b+c)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth11\" rowspan=\"1\" colspan=\"1\"><b>% As<br \/>Reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth11\" rowspan=\"1\" colspan=\"1\"><b>%<br \/>Constant<br \/>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\"><b>Total Restaurants (Units)<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,395<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,457<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated Restaurants<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,060.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(127.9)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n158.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,091.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\">Revenues from franchised restaurants<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n50.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6.7)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n51.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,110.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(134.6)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>166.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,142.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>14.9%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\"><i>Systemwide Comparable Sales<\/i><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>12.1%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>118.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(11.5)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-7.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\"><i>Adjusted EBITDA Margin<\/i><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>10.7%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.6%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwrowaltcolor1 bwwidth11 bwvertalignb bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>-1.1 p.p.<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\">Net income (loss) attributable to AD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26.6<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6.7)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-15.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\"><i>Net income attributable to AD Margin<\/i><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>2.4%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>2.0%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwrowaltcolor1 bwwidth11 bwvertalignb bwpadr0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>-0.4 p.p.<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth30\" rowspan=\"1\" colspan=\"1\">No. of shares outstanding (thousands)<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,660<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth30\" rowspan=\"1\" colspan=\"1\"><b>EPS (US$\/Share)<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.13<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.11<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nArcos Dorados\u2019 total revenues reached $1.1 billion, up 2.8% in US dollars versus the prior year quarter. The Company\u2019s comparable systemwide sales rose 12.1% in the quarter, driven by strong sales in NOLAD and SLAD, which grew 1.8x and 1.4x blended inflation, respectively. The consumer environment remained challenging in Brazil during the second quarter of 2025.<\/p>\n<p>\nThe Company\u2019s Digital strategy continued to support sales growth. Digital channel sales rose 7.9% in the period, generating more than 60% of the second quarter\u2019s systemwide sales.<\/p>\n<p>\nBy the end of the second quarter of 2025, the Company\u2019s Loyalty Program was active in 67% of all restaurants in its footprint. The Program remains on target to be available in all main markets by year-end 2025. Offered in Argentina, Brazil, Colombia, Costa Rica, Ecuador and Uruguay, the Loyalty Program reached 21.5 million registered members at the end of the second quarter and was responsible for 22.6% of total sales in these markets.<\/p>\n<p>\nThe Company\u2019s digital channels supported campaigns designed to strengthen the bond with guests and adapt to changing consumer preferences. This included the Big Fest, which celebrated core favorites at a compelling value, resulting in increased Brand Preference, improved Brand Attributes and strong growth in both Mobile App downloads and Loyalty Program membership.<\/p>\n<p>\nIn Brazil, the successful \u201cM\u00e9qui do Dia\u201d campaign, offered one menu favorite per day at a compelling value, while the Minecraft Happy Meal enjoyed crossover appeal to both kids and adults throughout the region, which was optimized by offering a unique adult Happy Meal with chicken McNuggets.<\/p>\n<p>\nArcos Dorados\u2019 regional Formula 1 sponsorship also served to strengthen ties with families and guests of all ages. Capitalizing on the popularity of <i>Formula 1, The Movie<\/i>, the Company introduced a limited-edition sandwich and collectible race cars, exclusive to McDonald\u2019s restaurants. The campaign was extremely successful, selling out in just a matter of days or weeks, in each market.<\/p>\n<p>\nFinally, given the increasingly competitive nature of the dessert category, the Company remained committed to keeping its menu at an affordable price and brought innovation to its dessert platform by leveraging a favorite McDonald\u2019s character with the Grimace Shake and by adding more local flavors to its McFlurry offerings.<\/p>\n<p>\nAdjusted EBITDA declined in US dollars mainly due to margin pressure in Brazil from higher beef costs this year and a reduction of labor contingencies in the prior year. Excluding the reduction of labor contingencies, consolidated Adjusted EBITDA rose 7.1% and Adjusted EBITDA margin expanded by 40 basis points versus the prior year period. Efficiencies in Payroll (excluding the labor contingency reduction in Brazil from the 2Q24) and Occupancy and other operating expenses, mainly in Brazil and SLAD, were offset by the abovementioned Food &amp; Paper cost pressures.<\/p>\n<p>\nNet income attributable to the Company totaled $22.6 million in the second quarter of 2025, which represented a net income margin of 2.0%. The decrease in comparison with the prior year quarter was mainly explained by a lower reported Adjusted EBITDA margin and reduced non-cash foreign exchange results.<\/p>\n<p>\nArcos Dorados recorded earnings of $0.11 per share in the second quarter of 2025 compared to $0.13 per share in the prior year period. Total weighted average shares amounted to 210,663,057 in the second quarter compared to 210,660,444 in the prior year\u2019s quarter.<\/p>\n<p><b>Notable items in the Adjusted EBITDA reconciliation<\/b><\/p>\n<p><span class=\"bwuline\">Included in Adjusted EBITDA<\/span>: Brazil\u2019s result in the second quarter of 2024 included a $16.0 million positive impact from the reduction of labor contingencies due to a favorable judgement.<\/p>\n<p>\nAdditionally, Adjusted EBITDA in the second quarter of 2025 included a $6.9 million gain in Mexico and the second quarter of 2024 included a $4.2 million gain in Chile, both related to restaurant transactions with sub-franchisees in those markets.<\/p>\n<p><span class=\"bwuline\">Excluded from Adjusted EBITDA<\/span>: there were no notable items excluded from Adjusted EBITDA in either the second quarter of 2025 or the second quarter of 2024.<\/p>\n<p><b>New Unit Development: Total and by Format<sup>1<\/sup><\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth80\">\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom\" colspan=\"6\" rowspan=\"1\">Figure 2<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nJun. 30,<br \/>\n<br \/>2025<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nMar. 31,<br \/>\n<br \/>2025<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nDec. 31,<br \/>\n<br \/>2024<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nSep. 30,<br \/>\n<br \/>2024<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\">\nJun. 30,<br \/>\n<br \/>2024<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,191<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,179<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,173<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,160<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,150<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n658<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n657<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n654<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n649<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n649<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n608<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n603<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n601<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n601<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n596<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,457<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,439<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,428<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,410<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,395<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup><i>1<\/i><\/sup><i>end of period, including company operated and franchised restaurants<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom\" colspan=\"9\" rowspan=\"1\">Figure 3<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwalignr bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" colspan=\"1\"><i>as of<br \/>Jun.30, 2025<\/i><\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">Store Format*<\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nTotal<br \/>\n<br \/>Restaurants<\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nOwnership<\/p>\n<\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMcCafes<\/p>\n<\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nDessert<br \/>\n<br \/>Centers<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">FS<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">IS<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">MS &amp; FC<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nCompany<br \/>\n<br \/>Operated<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nFranchised<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n641<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n91<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n459<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,191<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n734<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n457<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n160<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,021<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n416<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n47<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n195<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n658<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n512<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n146<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n520<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n267<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n217<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n608<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n509<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n99<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n227<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n740<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,324<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>262<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>871<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,457<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,755<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>702<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>406<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,281<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0\" colspan=\"7\" rowspan=\"1\"><i>*FS: Freestanding; IS: In-Store; MS: Mall Store; FC: Food Court.<\/i><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nArcos Dorados added 20 new EOTF restaurants to the Company\u2019s footprint, including 18 free-standing units, in the second quarter of 2025. As of the end of June 2025, there were 1,732 EOTF restaurants in Arcos Dorados\u2019 footprint, making up 70% of its restaurant portfolio.<\/p>\n<p><b>Consolidated Debt and Financial Ratios<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth85\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 4<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(In thousands of U.S. dollars, except ratios)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth74 bwtopsingle\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth13 bwtopsingle\" rowspan=\"1\" colspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth13 bwtopsingle\" rowspan=\"1\" colspan=\"1\"><b>December 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth74\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth74\" rowspan=\"1\" colspan=\"1\">Total Cash &amp; cash equivalents (i)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n233,862<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n138,593<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth74\" rowspan=\"1\" colspan=\"1\">Total Financial Debt (ii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n914,849<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n699,851<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth74\" rowspan=\"1\" colspan=\"1\">Net Financial Debt (iii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n680,987<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n561,258<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth74\" rowspan=\"1\" colspan=\"1\">LTM Adjusted EBITDA<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n473,773<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n500,100<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth74\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.9<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.4<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth74\" rowspan=\"1\" colspan=\"1\">Net Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.4<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.1<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth74\" rowspan=\"1\" colspan=\"1\">LTM Net income attributable to AD<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n130,135<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n148,759<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth74\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Net income attributable to AD ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth74\" rowspan=\"1\" colspan=\"1\">Net Financial Debt \/ LTM Net income attributable to AD ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.2<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth13\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.8<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(i)<\/i><\/p>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Total cash &amp; cash equivalents include short-term investment.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\"><i>(ii)<\/i><\/td>\n<td class=\"bwtablemarginb bwblockalignl bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Total financial debt includes short-term debt, long-term debt and derivative instruments (including the asset portion of derivatives amounting to $68.0 million and $80.3 million as a reduction of financial debt as of June 30, 2025 and December 31, 2024, respectively).<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\"><i>(iii)<\/i><\/td>\n<td class=\"bwtablemarginb bwblockalignl bwvertalignt bwpadl1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Net financial debt equals total financial debt less total cash &amp; cash equivalents.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe Company\u2019s net debt to Adjusted EBITDA leverage ratio ended the second quarter at a comfortable 1.4x, up from 1.1x at year-end 2024.<\/p>\n<p>\nFor the six-month period ended June 30, 2025, the net cash provided by operating activities totaled $57.7 million with total property and equipment expenditures of $104.2 million. This compares with net cash provided by operating activities in the same period of the prior year of $63.7 million and total property and equipment expenditures of $148.9 million.<\/p>\n<p><b>Recent Developments<\/b><\/p>\n<p><b>Appointment of Luis Raganato as Chief Executive Officer (CEO)<br \/>\n<br \/><\/b>On June 6, 2025, Arcos Dorados\u2019 Board of Directors announced the appointment of Luis Raganato as CEO, effective July 1, 2025. He succeeded Marcelo Rabach who served as CEO from July 2019 to June 2025. Prior to his promotion, Mr. Raganato was Arcos Dorados\u2019 Chief Operating Officer.<\/p>\n<p><b>Appointment of Carlos Gonzalez as Chief Operating Officer (COO)<br \/>\n<br \/><\/b>On June 6, 2025, Arcos Dorados\u2019 Board of Directors also announced the appointment of Mr. Carlos Gonzalez, as COO, to succeed Mr. Raganato, effective July 1, 2025. Prior to his appointment, Mr. Gonzalez was Divisional President for the South Latin American Division.<\/p>\n<p><b>Appointment of Francisco Staton as Chief Strategy Officer (CSO)<br \/>\n<br \/><\/b>In July 2025, Mr. Francisco Staton assumed a new management role as Chief Strategy Officer for Arcos Dorados, reporting directly to Mr. Raganato. Mr. Staton is a member of the Company\u2019s Board of Directors and previously held several senior leadership positions within the Company.<\/p>\n<p><b>Acquisition of Saint Martin<br \/>\n<br \/><\/b>In July 2025, the Company acquired 3 restaurants and the exclusive rights to operate or sub-franchise McDonald\u2019s restaurants in Saint Martin, making it the twenty-first territory in the Company\u2019s footprint. This new territory will be managed by the North Latin American Division.<\/p>\n<p><b>S&amp;P Global Rating Action<br \/>\n<br \/><\/b>In July 2025, S&amp;P Global Ratings assigned a long-term issuer credit rating of \u2018BBB-\u2019 with a Stable Outlook to the Company. This marks the Company\u2019s second investment grade rating, following Fitch Ratings\u2019 upgrade to \u2018BBB-\u2019 in January 2025, thereby achieving full investment grade status.<\/p>\n<p><b>2024 Social Impact and Sustainable Development Report<br \/>\n<br \/><\/b>In July 2025, Arcos Dorados published its Social Impact and Sustainable Development Report for 2024. The report includes information audited by EY and provides an update on the progress related to initiatives and implementation of the six pillars of the Company\u2019s \u201cRecipe for the Future\u201d ESG Platform. The full report can be downloaded at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.recipeforthefuture.com&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=www.recipeforthefuture.com&amp;index=1&amp;md5=f9c558ddfd28b3ba61b1c952d141bed4\">www.recipeforthefuture.com<\/a>.<\/p>\n<p><b>Second Quarter 2025 Earnings Webcast<\/b><\/p>\n<p>\nA webcast to discuss the information contained in this press release will be held today, August 13, 2025, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow this link: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fmzgroup.zoom.us%2Fwebinar%2Fregister%2FWN_HKYxQh9VQlW5wc0WdKvrsQ%23%2Fregistration&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=Arcos+Dorados+Second+Quarter+2025+Earnings+Webcast&amp;index=2&amp;md5=1913f138b0793af915878fc0c70187f7\">Arcos Dorados Second Quarter 2025 Earnings Webcast<\/a>.<\/p>\n<p>\nA replay of the webcast will be available later today in the investor section of the Company\u2019s website: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.arcosdorados.com%2F&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=3&amp;md5=41e8c169acc71c26ec7ee5d4cff2e4d7\">https:\/\/ir.arcosdorados.com\/<\/a>.<\/p>\n<p><b>Definitions<\/b><\/p>\n<p>\nIn analyzing business trends, management considers a variety of performance and financial measures which are considered to be non-GAAP including: Adjusted EBITDA, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.<\/p>\n<p><b>Adjusted EBITDA: <\/b>In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), this press release and the accompanying tables use a non-GAAP financial measure titled \u2018Adjusted EBITDA\u2019. Management uses Adjusted EBITDA to facilitate operating performance comparisons from period to period.<\/p>\n<p>\nAdjusted EBITDA is defined as the Company\u2019s operating income plus depreciation and amortization plus\/minus the following losses\/gains: gains from sale or insurance recovery of property and equipment, write-offs of long-lived assets, and impairment of long-lived assets.<\/p>\n<p>\nManagement believes Adjusted EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense and other financing results), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance. Figure 5 of this earnings release includes a reconciliation for Adjusted EBITDA. For more information, please see Adjusted EBITDA reconciliation in Note 9 \u2013 Segment and geographic information \u2013 of our financial statements (6-K Form) filed today with the S.E.C.<\/p>\n<p><b>Constant Currency basis: <\/b>refers to amounts calculated using the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis. To better discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories: (i) currency translation and (ii) constant currency growth. (i) Currency translation reflects the impact on growth of the appreciation or depreciation of the local currencies in which the Company conducts its business against the US dollar (the currency in which the Company\u2019s financial statements are prepared). (ii) Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation. The Company also calculates variations as a percentage in constant currency, which are also considered to be non-GAAP measures, to provide a more meaningful analysis of its business by identifying the underlying business trends, without distortion from the effect of foreign currency fluctuations.<\/p>\n<p><b>Systemwide sales: <\/b>Systemwide sales represent measures for both Company-operated and sub-franchised restaurants. While sales by sub-franchisees are not recorded as revenues by the Company, management believes the information is important in understanding its financial performance because these sales are the basis on which it calculates and records sub-franchised restaurant revenues and are indicative of the financial health of its sub-franchisee base.<\/p>\n<p><b>Systemwide comparable sales growth:<\/b> this non-GAAP measure, refers to the change, on a constant currency basis, in Company-operated and sub-franchised restaurant sales in one period from a comparable period for restaurants that have been open for thirteen months or longer (year-over-year basis) including those temporarily closed. Management believes it is a key performance indicator used within the retail industry and is indicative of the success of the Company\u2019s initiatives as well as local economic, competitive and consumer trends. Sales by sub-franchisees are not recorded as revenues by the Company.<\/p>\n<p><b>About Arcos Dorados<\/b><\/p>\n<p>\nArcos Dorados is the world\u2019s largest independent McDonald\u2019s franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald\u2019s restaurants in 21 Latin American and Caribbean countries and territories with more than 2,400 restaurants, operated by the Company or by its sub-franchisees, that together employ more than 100 thousand people (as of 06\/30\/2025). The Company is also committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Frecipeforthefuture.com%2F&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=Recipe+for+the+Future&amp;index=4&amp;md5=a9ca028ce1476e5a8bf3d1bcf2bef87f\">Recipe for the Future<\/a> to achieve a positive environmental impact. Arcos Dorados is listed for trading on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fir.arcosdorados.com%2F&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=5&amp;md5=4045040153d62304f81883ad910e33e0\">https:\/\/ir.arcosdorados.com\/<\/a>.<\/p>\n<p><b>Cautionary Statement on Forward-Looking Statements<\/b><\/p>\n<p>\nThis press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company\u2019s business prospects, its ability to attract customers, its expectation for revenue generation and its outlook and guidance for 2025. These statements are subject to the general risks inherent in Arcos Dorados&#8217; business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments that prove to be incorrect. In addition, Arcos Dorados&#8217; business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados&#8217; expectations not being realized or otherwise materially affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties affecting Arcos Dorados&#8217; business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to) update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence of unanticipated events.<\/p>\n<p><b>Second Quarter 2025 Consolidated Results<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"6\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 5<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"6\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(In thousands of U.S. dollars, except per share data)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle bwwidth55\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwtopsingle\" rowspan=\"1\"><b>For Six-Months ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">REVENUES<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated restaurants<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,091,113<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,060,709<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,118,644<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,092,131<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Revenues from franchised restaurants<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n51,183<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n50,192<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n100,244<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n100,126<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,142,296<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,110,901<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,218,888<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,192,257<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">OPERATING COSTS AND EXPENSES<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Company-operated restaurant expenses:<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl6 bwwidth55\" rowspan=\"1\" colspan=\"1\">Food and paper<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(396,564)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(372,926)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(763,176)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(733,913)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl6 bwwidth55\" rowspan=\"1\" colspan=\"1\">Payroll and employee benefits<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(206,461)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(193,538)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(404,210)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(395,498)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl6 bwwidth55\" rowspan=\"1\" colspan=\"1\">Occupancy and other operating expenses<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(319,746)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(315,558)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(627,811)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(614,611)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl6 bwwidth55\" rowspan=\"1\" colspan=\"1\">Royalty fees<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(66,455)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(66,361)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(129,866)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(131,364)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Franchised restaurants &#8211; occupancy expenses<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(21,028)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(20,285)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(42,072)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(42,275)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">General and administrative expenses<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(77,530)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(72,954)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(150,855)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(141,612)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Other operating income, net<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,948<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,940<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,709<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,786<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Total operating costs and expenses<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,079,836)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,036,682)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(2,111,281)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(2,050,487)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Operating income<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,460<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>74,219<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>107,607<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>141,770<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Net interest expense and other financing results<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,483)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(14,141)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(35,075)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(30,579)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,344<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,182<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,454<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,249<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,666)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,117)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,627)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,115)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Other non-operating expenses, net<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(481)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(223)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(603)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(652)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Income before income taxes<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>41,174<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>44,920<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>67,756<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>92,673<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,486)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,145)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(30,991)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(37,106)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>22,688<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>26,775<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,765<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>55,567<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(101)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(143)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(248)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(426)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc.<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>22,587<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>26,632<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,517<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>55,141<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.4%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Earnings per share information ($ per share):<\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Basic net income per common share<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$ 0.11<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$ 0.13<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$ 0.17<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$ 0.26<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Weighted-average number of common shares outstanding-Basic<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,660,444<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,658,096<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Reconciliation<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth11\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,587<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,632<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,517<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55,141<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n101<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n143<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n248<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n426<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,486<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,145<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,991<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37,106<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Other non-operating expenses, net<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n481<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n223<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n603<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n652<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,666<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,117<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,627<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19,115<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,344)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,182)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,454)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,249)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Net interest expense and other financing results<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,483<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,141<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n35,075<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,579<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n47,913<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45,202<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n94,208<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n88,293<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth55\" rowspan=\"1\" colspan=\"1\">Operating charges excluded from EBITDA computation<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(262)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(639)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(425)<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,346)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110,111<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>118,782<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201,390<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>227,717<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth55\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>10.7%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth11\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>10.4%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Second Quarter 2025 Results by Division and Average Exchange Rates per Quarter<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"9\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 6<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"9\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(In thousands of U.S. dollars)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwtopsingle bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwtopsingle bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwtopsingle bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>as<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwtopsingle bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>Constant<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwtopsingle bwrowaltcolor1\" rowspan=\"1\"><b>For Six-Months ended<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwtopsingle bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>as<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwwidth10 bwtopsingle bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>Constant<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>Currency<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Revenues<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n415,387<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n441,990<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-6.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n815,689<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n890,927<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-8.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n317,829<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n310,205<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n599,529<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n612,926<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-2.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n409,080<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n358,706<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37.8%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n803,670<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n688,404<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,142,296<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,110,901<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>14.9%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,218,888<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,192,257<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>14.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Operating Income (loss)<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,118<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,194<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-50.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-45.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67,096<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n125,236<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-46.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-39.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,569<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,191<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n109.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n117.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,428<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31,174<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n29.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,354<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19,719<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n71.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52,423<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,161<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n82.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(26,581)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(26,885)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-10.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(52,340)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(48,801)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-7.3%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-19.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,460<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>74,219<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-15.8%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-6.2%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>107,607<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>141,770<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-24.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-14.2%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Adjusted EBITDA<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52,954<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n86,168<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-38.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-33.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n102,523<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n161,614<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-36.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-28.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n41,238<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,161<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n64.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67,478<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n54,763<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n28.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,533<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,571<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n79,593<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55,312<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth20\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,614)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,118)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-2.1%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-14.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(48,204)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(43,972)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrightsingle bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-9.6%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-22.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwwidth20 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110,111<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>118,782<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-7.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.4%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201,390<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>227,717<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrightsingle bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-11.6%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth10 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>-0.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth75\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 7<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwtopsingle bwrowaltcolor1 bwwidth70\" colspan=\"1\">Systemwide Comparable Sales<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwtopsingle bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.3%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n10.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.4%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n7.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n38.2%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n113.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>12.1%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>40.8%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth85\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"4\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 8<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwtopsingle bwrowaltcolor1 bwwidth46\" rowspan=\"1\" colspan=\"1\">period average<br \/>local currency per US$<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth18 bwtopsingle\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth18 bwtopsingle\" rowspan=\"1\" colspan=\"1\">Mexico<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth18 bwtopsingle\" rowspan=\"1\" colspan=\"1\">Argentina<\/td>\n<\/tr>\n<tr>\n<td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwwidth46\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n2Q25<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.66<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n19.49<\/p>\n<\/td>\n<td class=\"bwalignc bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,150.22<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignl bwwidth46\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n2Q24<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.22<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17.26<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth18\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n885.90<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p><b>Summarized Consolidated Balance Sheet<\/b><\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth95\">\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\">\nFigure 9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0\" colspan=\"3\" rowspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(In thousands of U.S. dollars)<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwtopsingle bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwleftsingle bwpadl0 bwtopsingle bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwtopsingle bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2024<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">ASSETS<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Current assets<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n147,052<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n135,064<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n86,810<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,529<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Accounts and notes receivable, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n156,314<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n119,441<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Other current assets (1)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n232,003<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n209,953<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,500<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n416<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total current assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>623,679<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>468,403<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Non-current assets<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Property and equipment, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,238,288<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,127,042<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Net intangible assets and goodwill<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n144,143<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n66,644<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n111,215<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n90,287<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n66,462<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n79,874<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Equity method investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,816<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,346<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Leases right of use asset<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,053,998<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n949,977<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Other non-current assets (2)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n118,819<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n96,081<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,748,741<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,424,251<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,372,420<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,892,654<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">LIABILITIES AND EQUITY<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Current liabilities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Accounts payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n313,225<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n347,895<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Taxes payable (3)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n131,719<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n118,466<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n149,555<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n113,259<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Royalties payable to McDonald\u2019s Corporation<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,208<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,860<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,306<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,199<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Interest payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,328<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,798<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Financial debt (4)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37,456<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n64,167<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n99,784<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n92,280<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total current liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>778,581<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>765,924<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Non-current liabilities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n88,841<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20,928<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31,934<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n29,157<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Financial debt (5)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n945,355<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n715,974<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,956<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,084<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n944,111<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n849,158<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total non-current liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,012,197<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,617,301<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,790,778<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,383,225<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Equity<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Class A shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Class B shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Additional paid-in capital<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Retained earnings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n650,347<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n664,390<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Accumulated other comprehensive loss<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(582,283)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(668,484)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth70\" rowspan=\"1\" colspan=\"1\">Common stock in treasury<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total Arcos Dorados Holdings Inc shareholders\u2019 equity<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>580,238<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>508,080<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">Non-controlling interest in subsidiaries<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,404<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,349<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total equity<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>581,642<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>509,429<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities and equity<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,372,420<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,892,654<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>(1)<\/i><\/p>\n<\/td>\n<td class=\"bwtablemarginb bwblockalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Other receivables&#8221;, &#8220;Inventories&#8221; and &#8220;Prepaid expenses and other current assets\u201d.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\"><i>(2)<\/i><\/td>\n<td class=\"bwtablemarginb bwblockalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Miscellaneous&#8221; and &#8220;Collateral deposits&#8221;.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\"><i>(3)<\/i><\/td>\n<td class=\"bwtablemarginb bwblockalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Income taxes payable&#8221; and &#8220;Other taxes payable&#8221;.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\"><i>(4)<\/i><\/td>\n<td class=\"bwtablemarginb bwblockalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Short-term debt\u201d, \u201cCurrent portion of long-term debt&#8221; and &#8220;Derivative instruments\u201d.<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\"><i>(5)<\/i><\/td>\n<td class=\"bwtablemarginb bwblockalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i>Includes &#8220;Long-term debt, excluding current portion&#8221; and &#8220;Derivative instruments&#8221;.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\n\u00a0<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250813357666r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20250813357666\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20250813357666\/en\/<\/a><\/span><\/p>\n<p>\nInvestor Relations Contact<br \/>\n<br \/>Dan Schleiniger<br \/>\n<br \/>VP of Investor Relations<br \/>\n<br \/>Arcos Dorados<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:daniel.schleiniger@mcd.com.uy\"><i>daniel.schleiniger@mcd.com.uy<\/i><\/a><\/p>\n<p>\nMedia Contact<br \/>\n<br \/>David Grinberg<br \/>\n<br \/>VP of Corporate Communications<br \/>\n<br \/>Arcos Dorados<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:david.grinberg@mcd.com.uy\"><i>david.grinberg@mcd.com.uy<\/i><\/a><\/p>\n<p>\nFollow us on:<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Farcosdorados%2F&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=6&amp;md5=79970595c3b3f1f36e005e280a8328f4\">LinkedIn<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Farcos.dorados&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=Instagram&amp;index=7&amp;md5=2cf39d1415946a458a5baec3b25769e0\">Instagram<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fx.com%2Farcosdorados&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=X&amp;index=8&amp;md5=7fe64dc2ab6ae5eeda136de1799fcb3c\">X<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.youtube.com%2F%40ArcosDoradosOK&amp;esheet=54307517&amp;newsitemid=20250813357666&amp;lan=en-US&amp;anchor=YouTube&amp;index=9&amp;md5=2730f85159c8b6abd454a8e548ffdd71\">YouTube<\/a><\/p>\n<p><b>KEYWORDS:<\/b> Uruguay United States Caribbean South America North America Latin America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Retail Restaurant\/Bar Food\/Beverage<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20250813357666\/en\/804994\/3\/AD_Logo_1235_RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Arcos Dorados Reports Second Quarter 2025 Financial Results Systemwide Comparable Sales1 grew 12.1% versus the prior year, contributing to total company revenues of $1.1 billion in the second quarter of 2025. Digital channel sales (from Mobile App, Delivery and Self-order Kiosks) rose 7.9% year-over-year in US dollars and contributed more than 60% of total systemwide sales in the quarter. The Loyalty Program had 21.5 million registered members at the end of the second quarter of 2025, across six available markets. Consolidated Adjusted EBITDA1 was $110.1 million and Net Income was $22.6 million, or $0.11 per share, in the second quarter of 2025. Net Debt to Adjusted EBITDA leverage ratio was a comfortable 1.4x as of June 30, 2025, which was &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2025-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Arcos Dorados Reports Second Quarter 2025 Financial Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-874999","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Arcos Dorados Reports Second Quarter 2025 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arcos Dorados Reports Second Quarter 2025 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Arcos Dorados Reports Second Quarter 2025 Financial Results Systemwide Comparable Sales1 grew 12.1% versus the prior year, contributing to total company revenues of $1.1 billion in the second quarter of 2025. Digital channel sales (from Mobile App, Delivery and Self-order Kiosks) rose 7.9% year-over-year in US dollars and contributed more than 60% of total systemwide sales in the quarter. The Loyalty Program had 21.5 million registered members at the end of the second quarter of 2025, across six available markets. Consolidated Adjusted EBITDA1 was $110.1 million and Net Income was $22.6 million, or $0.11 per share, in the second quarter of 2025. Net Debt to Adjusted EBITDA leverage ratio was a comfortable 1.4x as of June 30, 2025, which was &hellip; Continue reading &quot;Arcos Dorados Reports Second Quarter 2025 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2025-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2025-08-13T11:18:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20250813357666r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"17 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2025-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2025-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Arcos Dorados Reports Second Quarter 2025 Financial Results\",\"datePublished\":\"2025-08-13T11:18:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2025-financial-results\\\/\"},\"wordCount\":3389,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2025-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20250813357666r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2025-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2025-financial-results\\\/\",\"name\":\"Arcos Dorados Reports Second Quarter 2025 Financial Results - 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Digital channel sales (from Mobile App, Delivery and Self-order Kiosks) rose 7.9% year-over-year in US dollars and contributed more than 60% of total systemwide sales in the quarter. The Loyalty Program had 21.5 million registered members at the end of the second quarter of 2025, across six available markets. Consolidated Adjusted EBITDA1 was $110.1 million and Net Income was $22.6 million, or $0.11 per share, in the second quarter of 2025. 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