{"id":965107,"date":"2026-05-20T07:18:05","date_gmt":"2026-05-20T11:18:05","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/"},"modified":"2026-05-20T07:18:05","modified_gmt":"2026-05-20T11:18:05","slug":"arcos-dorados-reports-first-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/","title":{"rendered":"Arcos Dorados Reports First Quarter 2026 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.bwpadl11 { padding-left: 55px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl5 { padding-left: 25px }\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.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth12 { width: 12% }\n.bwwidth14 { width: 14% }\n.bwwidth28 { width: 28% }\n.bwwidth40 { width: 40% }\n.bwwidth52 { width: 52% }\n.bwwidth58 { width: 58% }\n.bwwidth60 { width: 60% }\n.bwwidth68 { width: 68% }\n.bwwidth72 { width: 72% }\n.bwwidth80 { width: 80% }\n.bwwidth90 { width: 90% }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 First Quarter 2026 Financial Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Total revenue reached $1.2 billion in the first quarter, up 12.9% in US dollars versus the prior year.<\/i><\/li>\n<li><i>Systemwide comparable sales rose 16.0% in the first quarter of 2026, supporting strong market share performance across the business.<\/i><\/li>\n<li><i>Consolidated Adjusted EBITDA<sup>1 <\/sup>in the first quarter was $118.0 million, up 29.3% versus the prior year period and the Company\u2019s highest result for a first quarter.<\/i><\/li>\n<li><i>Consolidated Adjusted EBITDA margin expanded 120 basis points year-over-year to 9.7%.<\/i><\/li>\n<li><i>Consolidated Food &amp; Paper costs as a percentage of revenue improved by about 60 basis points versus the prior year, led by a strong improvement in Brazil.<\/i><\/li>\n<li><i>Net Income was $36.1 million in the quarter, or $0.17 per share, up from $0.07 per share last year.<\/i><\/li>\n<li><i>Consolidated Net Income margin expanded 170 basis points year-over-year to 3.0%.<\/i><\/li>\n<li><i>Adjusted Free Cash Flow<sup>1 <\/sup>over the last twelve months reached $109.2 million, a significant improvement from $(3.1) million in the prior comparable period.<\/i><\/li>\n<li><i>The Company opened 19 restaurants across the region 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 months ended March 31, 2026.<\/p>\n<p><b>Message from Luis Raganato, Chief Executive Officer<\/b><\/p>\n<p>\nArcos Dorados has consistently added to its leading market share position and strengthened the McDonald\u2019s Brand across our operating footprint over the last several years. In fact, taking 2019 as the base, through the end of 2025: total revenue grew almost 60%, Adjusted EBITDA nearly doubled and net income was up more than 2.5x, in US dollars. Our objective for the coming years is to build on this incredible foundation and continue to capitalize on the significant competitive advantages we built over the period.<\/p>\n<p>\nWith that context, 2026 is off to a good start. First quarter 2026 highlights included $1.2 billion in total revenue, the Company\u2019s highest level for a first quarter, which was supported by 16% systemwide comparable sales growth. Increased guest volume in NOLAD and SLAD added to higher average checks in Brazil and SLAD to drive growth in the period. Similar to total revenue, we generated our highest Adjusted EBITDA for a first quarter, reaching $118 million thanks to strong topline growth and very solid margin expansion, especially in Brazil and SLAD.<\/p>\n<p>\nWe are pursuing strategies that capitalize on the Brand to monetize the significant market share advantage we hold in the region. Marketing campaigns focused on offering value platforms that appeal to lower income consumers and core menu items that drive Brand love as well as licenses and partnerships that keep McDonald\u2019s culturally relevant. The Brand experience continued to expand beyond our restaurants, bolstered by the region\u2019s most extensive digital platform and Loyalty Program.<\/p>\n<p>\nDuring the quarter, we added 19 new restaurants to our footprint and are already seeing opening costs per unit coming down thanks to more efficient capital deployment. Finally, 75% of our restaurants now offer guests the most modern experience available in the region\u2019s quick service restaurant industry.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td class=\"bwvertalignt bwpadl0\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin\"><i><sup>1 <\/sup>For definitions, please refer to pages 7 and 8 of this document.<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth28\" colspan=\"7\" rowspan=\"1\"><b>AD Holdings Inc. \u2013 Consolidated Key Financial Results<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth28\" colspan=\"7\" rowspan=\"1\">Figure 1.<br \/>(In millions of U.S. dollars, except as noted)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>1Q25<br \/>(a)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b><br \/>Currency Translation<br \/>(b)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Constant<br \/>Currency<br \/>Growth (c)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>1Q26<br \/>(a+b+c)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>% As<br \/>Reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>% Constant<br \/>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total Restaurants (Units)<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,439<\/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=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,536<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,027.5<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(67.3)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n200.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,160.4<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\">Revenues from franchised Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49.1<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3.7)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.2<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55.5<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,076.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(71.0)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>210.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,216.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>12.9%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>19.5%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Systemwide Comparable Sales<\/i><\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>16.0%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>91.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(4.3)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>31.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>118.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>29.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>34.0%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Adjusted EBITDA Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>8.5%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.7%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><i>1.2 p.p.<\/i><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">Net income attributable to AD<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13.9<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5.9<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.3<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36.1<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n159.4%<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n117.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><i>Net income attributable to AD Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>1.3%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>3.0%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><i>1.7 p.p.<\/i><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\">No. of shares outstanding (thousands)<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth28\" rowspan=\"1\" colspan=\"1\"><b>EPS (US$\/Share)<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.07<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.17<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth28\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\nArcos Dorados\u2019 total revenues reached $1.2 billion, up 12.9% in US dollars versus the prior year quarter. The Company\u2019s systemwide comparable sales rose 16.0% in the quarter, underpinned by positive guest traffic trends in SLAD and NOLAD, together with average check growth in Brazil and SLAD.<\/p>\n<p>\nDigital channel sales rose about 21% in the period and represented 64% of the first quarter\u2019s systemwide sales. Performance remained notably strong in Self-order kiosk, Delivery and Loyalty sales versus the prior year. Self-order kiosk sales growth was helped by the increasingly modernized restaurant base. Delivery sales were helped by new partnerships in Brazil and expanding penetration in NOLAD and SLAD, where a growing number of consumers are discovering the convenience and value of the service.<\/p>\n<p>\nThe Company\u2019s Loyalty Program is available in all main markets and grew to 30.4 million registered members as of the end of the quarter. Enrollment and engagement has grown consistently since the Program\u2019s launch, leading to more personalized marketing capabilities and a notable increase in both usage and frequency among members.<\/p>\n<p>\nMarketing campaigns during the quarter spanned core menu, affordability, and partnerships. In Brazil, for example, initiatives included the introduction of Best Burger, limited time offers through <i>Econom\u00e9qui<\/i> and the first promotions associated with the FIFA World Cup. In NOLAD, Mexico continued to leverage affordability platforms and localized menu offerings while Panama and Costa Rica captured early results from initiatives designed to rebalance average check and guest traffic growth in those markets. Menu innovation was a key growth driver in SLAD, with food news across the beef, chicken and dessert categories. All divisions benefited from popular licenses such as <i>Friends<\/i> and <i>Super Mario Galaxy<\/i>, appealing to both kids and adults. Finally, the Brand\u2019s cultural relevance was reinforced in Brazil, Argentina, Chile, and Colombia through music, a key consumer passion point, at the local Lollapalooza and <i>Est\u00e9reo<\/i> Picnic festivals.<\/p>\n<p>\nConsolidated Adjusted EBITDA margin was 9.7%, up 120 basis points versus the prior year period, driven by lower Food &amp; Paper costs and G&amp;A expenses as a percentage of revenue as well as gains from restaurant transactions in NOLAD and SLAD. Food &amp; Paper contributed 60 basis points to the consolidated margin gain, led by a significant improvement in Brazil as well as better results in SLAD.<\/p>\n<p>\nNet income margin attributable to the Company was 3.0%, or 170 basis points higher versus the first quarter of 2025. The year\u2011over\u2011year improvement was driven by a higher Adjusted EBITDA margin, along with favorable impacts on net interest expenses and other financing results, gain from derivative instruments and foreign currency exchange results. These positive effects more than offset higher income tax expense and depreciation.<\/p>\n<p>\nArcos Dorados recorded earnings of $0.17 per share in the first quarter of 2026 compared to $0.07 per share in the prior year period. Total weighted average shares were 210,663,057 in both periods.<\/p>\n<p><b>Notable Items<\/b><\/p>\n<p><span class=\"bwuline\">Included in Adjusted EBITDA<\/span>: The result in the first quarter of 2026 included $5.8 million related to restaurant transactions with sub-franchisees in NOLAD and SLAD.<\/p>\n<p><span class=\"bwuline\">Excluded from Adjusted EBITDA<\/span>: The result in the first quarter of 2026 excludes $1.7 million related to the reorganization and optimization plan, which was implemented in the fourth quarter of 2025 and finalized in the first quarter of 2026.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth80\">\n<tr>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"6\" rowspan=\"1\"><b>New Unit Development: Total and by Format<sup>1<\/sup><\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt bwwidth40\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignt bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom bwwidth40\" rowspan=\"1\" colspan=\"1\">Figure 2.<\/td>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Mar. 31,<br \/>2026<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Dec. 31,<br \/>2025<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Sep. 30,<br \/>2025<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Jun. 30,<br \/>2025<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Mar. 31,<br \/>2025<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,241<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,230<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,202<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,191<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,179<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n670<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n669<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n666<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n658<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n657<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth40\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n625<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n621<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n611<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n608<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n603<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth40\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,536<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,520<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,479<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,457<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,439<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><sup>1<\/sup>end of period, including company operated and franchised restaurants<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth90\">\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=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\">As of<br \/>Mar.31, 2026<\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Store Format*<\/b><\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\"><b>Total Restaurants<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Ownership<\/b><\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\"><b>McCafes<\/b><\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" colspan=\"1\"><b>Dessert Centers<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\"><b>FS<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\"><b>IS<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\"><b>MS &amp; FC<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Company Operated<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Franchised<\/b><\/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 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n684<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n90<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n467<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,241<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n769<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n472<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n214<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,019<\/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 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n427<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n195<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n670<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n536<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n134<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n524<\/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 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n286<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n215<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n625<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n518<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n107<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n248<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" 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 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,397<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>262<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>877<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,536<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,823<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>713<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>482<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,283<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">* FS: Freestanding; IS: In-Store; MS: Mall Store; FC: Food Court.<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nArcos Dorados opened 19 restaurants in the first quarter of 2026, including 13 freestanding units. As of the end of March 2026, 75% of its systemwide restaurant portfolio offers the most modernized restaurant experience in the Latin American and Caribbean QSR industry.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth80\">\n<tr>\n<td class=\"bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\"><b>Consolidated Debt and Financial Ratios<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\">Figure 4.<br \/>(In thousands of U.S. dollars, except ratios)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\"><b>March 31,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\"><b>December 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\">Total Cash &amp; cash equivalents (i)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n266,165<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n422,347<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\">Total Financial Debt (ii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n975,106<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,101,739<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\">Net Financial Debt (iii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n708,941<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n679,392<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\">LTM Adjusted EBITDA<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n601,939<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n575,209<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.6<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.9<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\">Net Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.2<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\">LTM Net income attributable to AD<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n234,327<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n212,116<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Net income attributable to AD ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.2<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth72\" 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 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.2<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\">(i) Total cash &amp; cash equivalents includes short-term investment<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">(ii)Total financial debt includes long-term debt, accrued interest payable and derivative instruments (including the asset portion of derivatives amounting to $70.4 million and $78.7 million as a reduction of financial debt as of March 31, 2026 and December 31, 2025, respectively).<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\">(iii) Net financial debt equals total financial debt less total cash &amp; cash equivalents.<\/td>\n<\/tr>\n<\/table>\n<p>\nIn March, the Company completed the liability management transaction it began implementing during the fourth quarter of 2025. The resulting net leverage ratio at the end of the first quarter of 2026 was unchanged compared with year-end 2025.<\/p>\n<p><b>Adjusted Free Cash Flow<\/b><\/p>\n<p>\nFor the last twelve months ended March 31, 2026, the Company generated Adjusted Free Cash Flow of $109.2 million, compared to $(3.1) million in the prior comparable period.<\/p>\n<p><b>Recent Developments<\/b><\/p>\n<p><b>2026 Annual General Shareholders Meeting<\/b><\/p>\n<p>\nThe Company held its Annual General Shareholders\u2019 Meeting in Montevideo, Uruguay on April 10, 2026. At the meeting, all the proposals were approved by the required majority of shareholders.<\/p>\n<p><b>2029 Senior Notes \u2013 the Sustainability-Linked Bond<\/b><\/p>\n<p>\nThe Company achieved its Sustainability Performance Targets related to greenhouse gas (GHG) emissions as defined in the Framework of its 2029 Senior Notes. Based on its audited 2025 metrics, Arcos Dorados reduced its absolute Scope 1 and Scope 2 GHG emissions by 26.5% versus the 2021 baseline (Sustainability Performance Target 1: 15% reduction). Additionally, the Company reduced the intensity of its Scope 3 GHG emissions by 16.1% versus the 2021 baseline (Sustainability Performance Target 2: 10% reduction).<\/p>\n<p><b>2025 Social Impact and Sustainable Development Report<\/b><\/p>\n<p>\nIn the coming weeks, Arcos Dorados will publish its 2025 Social Impact and Sustainable Development Report. The report will include information audited by EY and will provide an update on the progress related to initiatives and the implementation of the six pillars of the Company\u2019s \u201cRecipe for the Future\u201d platform, as well as detailed information and key initiatives supporting the results of the Sustainability-Linked Bond target achievement. The full report will be available for download at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.recipeforthefuture.com&amp;esheet=54538918&amp;newsitemid=20260520704665&amp;lan=en-US&amp;anchor=www.recipeforthefuture.com&amp;index=1&amp;md5=9a4ae1cc0d25d5da1324069c457c2dfb\">www.recipeforthefuture.com<\/a>.<\/p>\n<p><b>2026 Arcos Dorados Investor Day<\/b><\/p>\n<p>\nThe Company is planning to hold an Investor Day on the morning of October 1, 2026, in New York City. More information on registration and in-person participation in the event will be made available in the coming weeks.<\/p>\n<p><b>First Quarter 2026 Earnings Webcast<\/b><\/p>\n<p>\nA webcast to discuss the information contained in this press release will be held today, May 20, 2026, 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_eoTxp9zRRWSawXWxA8ityQ%23%2Fregistration&amp;esheet=54538918&amp;newsitemid=20260520704665&amp;lan=en-US&amp;anchor=Arcos+Dorados+First+Quarter+2026+Earnings+Webcast&amp;index=2&amp;md5=2eb97ce4c536606457592667977555cb\">Arcos Dorados First Quarter 2026 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=54538918&amp;newsitemid=20260520704665&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=3&amp;md5=a922ece1487f7f88c98eb289344a74f6\">https:\/\/ir.arcosdorados.com\/<\/a>.<\/p>\n<p><b>Definitions<\/b><\/p>\n<p>\nIn addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), management analyzes business trends using a variety of performance, financial and liquidity measures, which are considered non-GAAP. This press release and the accompanying tables use the following non-GAAP measures: Adjusted EBITDA, Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.<\/p>\n<p><b>Adjusted EBITDA: <\/b>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, impairment of long-lived assets, and reorganization and optimization plan expenses.<\/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 of Adjusted EBITDA to Net income attributable to Arcos Dorados. For more information, please see the Adjusted EBITDA reconciliation in Note 8 \u2013 Segment and geographic information \u2013 of our financial statements filed today with the Securities and Exchange Commission (the \u201cSEC\u201d) on Form 6-K.<\/p>\n<p><b>Adjusted net cash provided by operating activities and Adjusted Free Cash Flow: <\/b>Management uses Adjusted net cash provided by operating activities and Adjusted Free Cash Flow as supplemental measure to facilitate the analysis of the Company\u2019s cash generation performance and liquidity from period to period.<\/p>\n<p>\nAdjusted net cash provided by operating activities is defined as net cash provided by (used in) operating activities plus interest paid less interest collected. Adjusted Free Cash Flow is defined as Adjusted net cash provided by operating activities less property and equipment expenditures, and purchases of restaurant businesses paid at acquisition date plus proceeds from sales of property and equipment, restaurant businesses and related advances.<\/p>\n<p>\nManagement believes Adjusted net cash provided by operating activities and Adjusted Free Cash Flow provide useful information to investors, when considered together with GAAP measures, in evaluating the Company\u2019s ability to generate cash to fund capital expenditures and financing activities. Management evaluates these measures prior to investing and financing decisions.<\/p>\n<p>\nAdjusted net cash provided by operating activities and Adjusted Free Cash Flow are non-GAAP financial measures and should not be considered as an alternative to net cash provided by operating activities or any other measure of financial performance or liquidity prepared in accordance with GAAP. These non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable to similarly titled measures used by other companies. A reconciliation of Adjusted Free Cash Flow to net cash provided by operating activities is included in Figure 11 of this earnings release.<\/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:<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nCurrency 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).<\/p>\n<\/li>\n<li>\nConstant 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<\/li>\n<\/ul>\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 2,500 restaurants, operated by the Company or by its sub-franchisees, that together employ more than 100 thousand people (as of 03\/31\/2026). 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=54538918&amp;newsitemid=20260520704665&amp;lan=en-US&amp;anchor=Recipe+for+the+Future&amp;index=4&amp;md5=5ffee3ae6abb0073199984288f5fb7fd\">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=54538918&amp;newsitemid=20260520704665&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=5&amp;md5=691113a861446ae91c926b7cc0a0ab74\">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 2026. 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. Certain trademarks and characters referenced herein are the property of their respective owners and are used under license.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>First Quarter 2026 Consolidated Results<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">Figure 5.<br \/>(In thousands of U.S. dollars, except per share data)<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" style=\"height:17px\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth14 bwsinglebottom bwrightsingle\" style=\"height:17px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth14 bwsinglebottom bwrightsingle\" style=\"height:17px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">REVENUES<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,160,416<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,027,531<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Revenues from franchised restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55,547<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,061<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,215,963<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,076,592<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">OPERATING COSTS AND EXPENSES<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Company-operated restaurant expenses:<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl5 bwwidth68\" rowspan=\"1\" colspan=\"1\">Food and paper<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(406,999)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(366,612)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl5 bwwidth68\" rowspan=\"1\" colspan=\"1\">Payroll and employee benefits<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(226,349)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(197,749)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl5 bwwidth68\" rowspan=\"1\" colspan=\"1\">Occupancy and other operating expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(353,877)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(308,065)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwpadl5 bwwidth68\" rowspan=\"1\" colspan=\"1\">Royalty fees<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(70,855)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(63,411)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Franchised restaurants &#8211; occupancy expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,257)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(21,044)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">General and administrative expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(76,749)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(73,325)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other operating income (expense), net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,887<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,239)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total operating costs and expenses<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,153,199)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,031,445<\/b><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Operating income<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,764<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>45,147<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net interest expense and other financing results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(14,258)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(16,592)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,369<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n110<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,187<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,961)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other non-operating expenses, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(16)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(122)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Income before income taxes<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>60,046<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>26,582<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(23,815)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(12,505)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,231<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>14,077<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(90)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(147)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc.<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,141<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>13,930<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1.3<\/b><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Earnings per share information ($ per share):<\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Basic net income per common share<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$ 0.17<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$ 0.07<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Weighted-average number of common shares outstanding-Basic<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Reconciliation<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,141<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,930<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n90<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n147<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23,815<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,505<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other non-operating expenses, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n122<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,187)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,961<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,369)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(110)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net interest expense and other financing results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,258<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,592<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n54,261<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n46,295<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Operating charges excluded from EBITDA computation<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n984<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(163)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>118,009<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>91,279<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.7%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>8.5<\/b><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"5\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><b>First Quarter 2026 Results by Division and Average Exchange Rates per Quarter<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\">Figure 6.<br \/>(In thousands of U.S. dollars)<\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth52\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>as<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>Constant<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 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 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Revenues<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n471,495<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n400,302<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.8%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n322,553<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n281,700<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n421,915<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n394,590<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43.0%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,215,963<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,076,592<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>12.9%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>19.5<\/b><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Operating Income (loss)<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38,310<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32,978<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.2%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,160<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,859<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,097<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,069<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36.0%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n86.8%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,803)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,759)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3.7%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-8.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,764<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>45,147<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>39.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>49.6<\/b><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Adjusted EBITDA<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59,944<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,569<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20.9%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n31,702<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26,240<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n20.8%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12.1%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,403<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n39,060<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n26.5%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth52\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(23,040)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(23,590)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.3%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-8.5%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth52\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>118,009<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>91,279<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>29.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>34.0<\/b><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth60\">\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignt bwpadl0\" rowspan=\"1\">Figure 7.<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth72\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth14\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" colspan=\"1\">Systemwide Comparable Sales Growth<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 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\">\n<p class=\"bwalignc bwcellpmargin\"><b>March 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.5%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.9%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.6%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth72\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n47.7%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n38.7%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth72\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>16.0%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>11.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth60\">\n<tr>\n<td class=\"bwpadl0 bwwidth58\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth58\" rowspan=\"1\" colspan=\"1\">Figure 8.<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth58\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth58\" rowspan=\"1\" colspan=\"1\">Period average<br \/>Local currency per US$<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\"><b>Brazil<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\"><b>Mexico<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\"><b>Argentina<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignl bwwidth58\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n1Q26<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.26<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17.57<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,418<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignl bwwidth58\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n1Q25<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.86<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n20.43<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,055<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Summarized Consolidated Balance Sheet<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth68\" style=\"height:26px\" rowspan=\"1\" colspan=\"1\">Figure 9.<br \/>(In thousands of U.S. dollars)<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" style=\"height:26px\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" style=\"height:26px\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>March 31,<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\" colspan=\"1\"><b>December 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignt bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">ASSETS<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Current assets<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n255,630<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,438<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,535<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48,909<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Accounts and notes receivable, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n159,676<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n164,482<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other current assets (1)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n256,688<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n254,764<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,544<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,365<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total current assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>694,073<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>851,958<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Non-current assets<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Property and equipment, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,322,688<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,308,732<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net intangible assets and goodwill<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n158,649<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n148,950<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n114,077<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n104,250<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n58,829<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,339<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Equity method investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,913<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,033<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Leases right of use asset<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,185,573<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,133,551<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other non-current assets (2)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n268,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n254,031<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total non-current assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,124,644<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,033,886<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total assets<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,818,717<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,885,844<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">LIABILITIES AND EQUITY<\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Current liabilities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Accounts payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n327,587<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n356,606<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Taxes payable (3)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n123,717<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n143,922<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n204,399<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n145,460<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Royalties payable to McDonald\u2019s Corporation<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,120<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,099<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,457<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,455<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Interest payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14,566<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,915<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Financial debt (4)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53,134<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21,442<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n109,475<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n106,836<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total current liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>864,455<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>828,735<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Non-current liabilities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n95,307<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n91,801<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55,521<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,399<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Financial debt (5)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n977,779<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,140,086<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,888<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,757<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,045,624<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,000,927<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total non-current liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,177,119<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,284,970<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,041,574<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,113,705<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Equity<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Class A shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" 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 bwwidth68\" rowspan=\"1\" colspan=\"1\">Class B shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" 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 bwwidth68\" rowspan=\"1\" colspan=\"1\">Additional paid-in capital<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" 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 bwwidth68\" rowspan=\"1\" colspan=\"1\">Retained earnings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n803,101<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n825,946<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Accumulated other comprehensive loss<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(539,845)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(567,630)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Common stock in treasury<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" 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 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total Arcos Dorados Holdings Inc shareholders\u2019 equity<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>775,430<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>770,490<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Non-controlling interest in subsidiaries<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,713<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,649<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total equity<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>777,143<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>772,139<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Total liabilities and equity<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,818,717<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,885,844<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\">(1) Includes &#8220;Other receivables&#8221;, &#8220;Inventories&#8221; and &#8220;Prepaid expenses and other current assets&#8221;.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\">(2) Includes &#8220;Miscellaneous&#8221; and &#8220;Collateral deposits&#8221;.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\">(3) Includes &#8220;Income taxes payable&#8221; and &#8220;Other taxes payable&#8221;.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\">(4) Includes &#8220;Short-term debt\u201d, \u201cCurrent portion of long-term debt&#8221; and &#8220;Derivative instruments\u201d.<\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\">(5) Includes &#8220;Long-term debt, excluding current portion&#8221; and &#8220;Derivative instruments&#8221;.<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Figure 10.<br \/>(In thousands of U.S. dollars)<\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>March 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Operating activities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,141<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n13,930<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Adjustments to reconcile net income attributable to Arcos Dorados Holdings Inc. to cash provided by operating activities:<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl5 bwwidth68\" rowspan=\"1\" colspan=\"1\">Non-cash charges and credits:<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl11 bwwidth68\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n54,261<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n46,295<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl11 bwwidth68\" rowspan=\"1\" colspan=\"1\">Gain on restaurant transactions<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,830)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl11 bwwidth68\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n320<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,536<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl11 bwwidth68\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,369)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(110)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl11 bwwidth68\" rowspan=\"1\" colspan=\"1\">Others, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,394<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(9,787)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl5 bwwidth68\" rowspan=\"1\" colspan=\"1\">Changes in assets and liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(66,791)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(69,300)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by (used in) operating activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>18,126<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(13,436)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Investing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Property and equipment expenditures<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(36,829)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(48,810)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Purchases of restaurant businesses paid at acquisition date<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,500)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Proceeds from sales of property and equipment, restaurant businesses and related advances<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,418<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Proceeds from short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n39,899<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Acquisition of short and long term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,380)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(86,700)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other investing activity<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(362)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(254)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by (used in) investing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>246<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(135,696)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Financing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Issuance of 2032 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n597,498<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Cash Tender of 2029 and 2027 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(139,240)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(136,145)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Payment of short-term debt<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(34,493)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Payments for debt issue costs<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6,158)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Dividend payments to Arcos Dorados Holdings Inc.\u2019s shareholders<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(12,640)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Short and long term borrowings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,303<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Proceeds related to sales of restaurant businesses<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,271<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Other financing activities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,146)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(690)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net cash (used in) provided by financing activities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(137,115)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>418,675<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Effect of exchange rate changes on cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n935<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>(Decrease) increase in cash and cash equivalents<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(117,808)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>269,542<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl3 bwwidth68\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents at the beginning of the year<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,438<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n135,064<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Cash and cash equivalents at the end of the period<\/b><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>255,630<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>404,606<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"3\" class=\"bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted free cash flow<\/b><\/td>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Figure 11.<br \/>(In thousands of U.S. dollars)<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>LTM ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Mar 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignc bwwidth14 bwrightsingle bwleftsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by operating activities<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>327,906<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>262,799<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Interest paid<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n76,452<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n55,358<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\">Interest collected<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(20,182)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(11,072)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted net cash provided by operating activities<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>384,176<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>307,085<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\">Property and equipment expenditures<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(269,369)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(315,232)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Purchases of restaurant business paid at acquisition date<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(10,557)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,060)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\">Proceeds from sales of property and equipment, restaurant businesses and related advances<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,919<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,091<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted free cash flow<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth14\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>109,169<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth14 bwrightsingle\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(3,116)<\/b><\/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=20260520704665r1&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\/20260520704665\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260520704665\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations Contact<br \/>\n<\/b><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\">daniel.schleiniger@mcd.com.uy<br \/>\n<\/a><\/p>\n<p><b>Media Contact<br \/>\n<\/b><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\">david.grinberg@mcd.com.uy<br \/>\n<\/a><\/p>\n<p>Follow 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=54538918&amp;newsitemid=20260520704665&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=6&amp;md5=6f0f3de3389d11b5c12b699ef0188af9\">LinkedIn<br \/>\n<\/a><br \/><a rel=\"nofollow\" 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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\/20260520704665\/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 First Quarter 2026 Financial Results Total revenue reached $1.2 billion in the first quarter, up 12.9% in US dollars versus the prior year. Systemwide comparable sales rose 16.0% in the first quarter of 2026, supporting strong market share performance across the business. Consolidated Adjusted EBITDA1 in the first quarter was $118.0 million, up 29.3% versus the prior year period and the Company\u2019s highest result for a first quarter. Consolidated Adjusted EBITDA margin expanded 120 basis points year-over-year to 9.7%. Consolidated Food &amp; Paper costs as a percentage of revenue improved by about 60 basis points versus the prior year, led by a strong improvement in Brazil. Net Income was $36.1 million in the quarter, or $0.17 per &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Arcos Dorados Reports First Quarter 2026 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-965107","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Arcos Dorados Reports First Quarter 2026 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-first-quarter-2026-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 First Quarter 2026 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Arcos Dorados Reports First Quarter 2026 Financial Results Total revenue reached $1.2 billion in the first quarter, up 12.9% in US dollars versus the prior year. Systemwide comparable sales rose 16.0% in the first quarter of 2026, supporting strong market share performance across the business. Consolidated Adjusted EBITDA1 in the first quarter was $118.0 million, up 29.3% versus the prior year period and the Company\u2019s highest result for a first quarter. Consolidated Adjusted EBITDA margin expanded 120 basis points year-over-year to 9.7%. Consolidated Food &amp; Paper costs as a percentage of revenue improved by about 60 basis points versus the prior year, led by a strong improvement in Brazil. 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Systemwide comparable sales rose 16.0% in the first quarter of 2026, supporting strong market share performance across the business. Consolidated Adjusted EBITDA1 in the first quarter was $118.0 million, up 29.3% versus the prior year period and the Company\u2019s highest result for a first quarter. Consolidated Adjusted EBITDA margin expanded 120 basis points year-over-year to 9.7%. Consolidated Food &amp; Paper costs as a percentage of revenue improved by about 60 basis points versus the prior year, led by a strong improvement in Brazil. Net Income was $36.1 million in the quarter, or $0.17 per &hellip; Continue reading \"Arcos Dorados Reports First Quarter 2026 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-05-20T11:18:05+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260520704665r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"18 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Arcos Dorados Reports First Quarter 2026 Financial Results","datePublished":"2026-05-20T11:18:05+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/"},"wordCount":3687,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260520704665r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-first-quarter-2026-financial-results\/","name":"Arcos Dorados Reports First Quarter 2026 Financial Results - 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