{"id":994708,"date":"2026-08-13T07:18:13","date_gmt":"2026-08-13T11:18:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/"},"modified":"2026-08-13T07:18:13","modified_gmt":"2026-08-13T11:18:13","slug":"arcos-dorados-reports-second-quarter-2026-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/","title":{"rendered":"Arcos Dorados Reports Second 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.bwpadl10 { padding-left: 50px }\n.bwpadl11 { padding-left: 55px }\n.bwpadl19 { padding-left: 95px }\n.bwpadl3 { padding-left: 15px }\n.bwpadl4 { padding-left: 20px }\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.bwtopsingle { border-top: solid black 1pt }\n.bwuline { text-decoration: underline }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignm { vertical-align: middle }\n.bwvertalignt { vertical-align: top }\n.bwwidth1 { width: 1% }\n.bwwidth10 { width: 10% }\n.bwwidth100 { width: 100% }\n.bwwidth12 { width: 12% }\n.bwwidth15 { width: 15% }\n.bwwidth17 { width: 17% }\n.bwwidth20 { width: 20% }\n.bwwidth22 { width: 22% }\n.bwwidth35 { width: 35% }\n.bwwidth39 { width: 39% }\n.bwwidth51 { width: 51% }\n.bwwidth60 { width: 60% }\n.bwwidth64 { width: 64% }\n.bwwidth68 { width: 68% }\n.bwwidth7 { width: 7% }\n.bwwidth70 { width: 70% }\n.bwwidth73 { width: 73% }\n.bwwidth9 { width: 9% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p><b>Arcos Dorados Reports Second Quarter 2026 Financial Results<\/b><\/p>\n<ul class=\"bwlistdisc\">\n<li><i>Total revenues reached $1.3 billion in the second quarter, up 14.3% in US dollars versus the prior year, marking the highest quarterly revenues in the Company\u2019s history.<\/i><\/li>\n<li><i>Systemwide comparable sales rose 15.3% in the second quarter of 2026, supported by the best guest volume performance of the last six quarters. <\/i><\/li>\n<li><i>Consolidated Adjusted EBITDA<sup>1<\/sup> in the second quarter was $126.8 million, up 15.2% versus the prior year period and the Company\u2019s highest result for a second quarter.<\/i><\/li>\n<li><i>Consolidated Adjusted EBITDA margin reached 9.7%, as lower Food and Paper costs supported margin expansion of 10 basis points, or 70 basis points, adjusting for gains from transactions with a sub-franchisee in the second quarter of 2025.<\/i><\/li>\n<li><i>Net Income was $45.0 million in the quarter, also a record for a second quarter, or $0.22 per share, up from $0.11 per share last year.<\/i><\/li>\n<li><i>Consolidated Net Income margin expanded 150 basis points year-over-year to 3.4%.<\/i><\/li>\n<li><i>Adjusted Free Cash Flow<sup>1<\/sup> over the last twelve months reached $143.4 million, compared with $16.1 million in the prior-year comparable period. <\/i><\/li>\n<\/ul>\n<p>MONTEVIDEO, Uruguay&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nArcos Dorados Holdings Inc. (NYSE: ARCO) (\u201cArcos Dorados\u201d or the \u201cCompany\u201d), Latin America and the Caribbean\u2019s largest restaurant chain and the world\u2019s largest independent McDonald\u2019s franchisee, today reported unaudited results for the three and six months ended June 30, 2026.<\/p>\n<p><b>Message from Luis Raganato, Chief Executive Officer<\/b><\/p>\n<p>\nOver the last several quarters, we have taken important steps to improve the resilience of the Arcos Dorados business model and monetize our significant market share advantage. Total Revenues, Adjusted EBITDA and Net Income all grew strongly in US dollars, despite challenging consumer dynamics in the second quarter of 2026. In fact, total revenues of $1.3 billion were our highest-ever quarterly revenues, supported by the best guest volume performance of the last six quarters. Adjusted EBITDA, net income and earnings per share all set second quarter records.<\/p>\n<p>\nAdjusted EBITDA reached $126.8 million, up 15.2% year over year and up more than 20%, excluding gains from a sub-franchisee transaction from last year\u2019s result. Stronger operating performance, better results below the operating line and a lower effective tax rate led to a doubling of earnings per share as well as solid sequential growth in adjusted Free Cash Flow.<\/p>\n<p>\nThe exclusive, global sponsorship of the FIFA World Cup allowed us to execute marketing campaigns and activations in all sales channels. Digital sales penetration and identified sales were the highest ever and we measured market share gains across the region as well. The loyalty program continued to increase guest frequency among its most active members and guests also continued to respond positively to our compelling value platforms throughout the region.<\/p>\n<p>\nLeading Market Share and unmatched Brand Attributes are a testament to the enduring connection we have with people across Latin America and the Caribbean. Both sets of indicators improved in the second quarter, and we intend to continue monetizing this connection with guests moving forward.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"12\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><b>AD Holdings Inc. \u2013 Consolidated Key Financial Results<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"12\" class=\"bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">Figure 1.<br \/><i>(In millions of U.S. dollars, except as noted)<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>2Q25<br \/>(a)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b><br \/>Currency Translation<br \/>(b)<br \/><\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\"><b>Constant<br \/>Currency<br \/>Growth (c)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>2Q26<br \/>(a+b+c)<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>% As<br \/>Reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>% Constant Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Total Restaurants (Units)<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,457<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,548<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,091.1<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(45.4<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n200.8<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,246.6<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n14.2<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18.4<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\">Revenues from franchised Restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n51.2<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3.1<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59.1<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15.4<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21.5<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,142.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(48.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>211.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,305.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>14.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>18.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><i>Systemwide Comparable Sales<\/i><\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>15.3<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>15.2<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>126.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>15.2<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>13.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><i>Adjusted EBITDA Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.6<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>9.7<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><i>0.1 p.p.<\/i><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">Net income attributable to AD<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22.6<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.9<\/p>\n<\/td>\n<td class=\"bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19.5<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45.0<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n99.3<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n86.4<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><i>Net income attributable to AD Margin<\/i><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>2.0<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><i>3.4<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><i>%<\/i><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><i>1.5 p.p.<\/i><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth35\" rowspan=\"1\" colspan=\"1\">No. of shares outstanding (thousands)<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth35\" rowspan=\"1\" colspan=\"1\"><b>EPS (US$\/Share)<\/b><\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.11<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.22<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nArcos Dorados\u2019 total revenues reached $1.3 billion, up 14.3% in US dollars versus the prior year quarter. The Company\u2019s systemwide comparable sales rose 15.3% in the quarter, driven by guest traffic growth across all three divisions and higher average check in Brazil and SLAD.<\/p>\n<p>\nDigital channel sales rose by about 25% in the period and represented 66% of the second 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 continued to benefit from the increasingly modernized restaurant base and higher customer adoption, while Delivery remained a strong growth driver, with solid year-over-year sales growth supported by increasing penetration across the region.<\/p>\n<p>\nThe Company\u2019s Loyalty Program is available in all main markets and grew to 34.3 million registered members as of the end of the quarter. The growing member base continued to enhance customer engagement, while active redeeming members visited the restaurants roughly five times as frequently as non-members, reinforcing the program&#8217;s long-term value potential.<\/p>\n<p>\nMarket share expanded and brand attributes strengthened across the region, according to Company research. Guest traffic performance was the strongest of the last six quarters, with the number of transactions up in all three divisions supporting the market share gains.<\/p>\n<p>\nThe exclusive, global sponsorship of the FIFA World Cup allowed the Company to capitalize on the region\u2019s passion for soccer and execute unique marketing campaigns and activations across all its sales channels. Most markets launched tournament-themed sandwiches early in the quarter, generating meaningful incremental sales before the start of the event. Several other local, regional and global campaigns associated with the global FIFA World Cup sponsorship, such as the Panini sticker books and collectible cups, also helped strengthen the connection with guests.<\/p>\n<p>\nThe Company also continued reinforcing its value platforms, maintaining compelling offers for its most price-sensitive guests and other value seekers across key markets.<\/p>\n<p>\nTo appeal to families and young people, the Company ran multi-channel campaigns including brand favorites such as the Grimace shake or compelling licenses such as Super Mario Galaxy and Stranger Things. Finally, within the desserts category, several markets drove innovation and indulgence with new flavors in the McFlurry and Sundae platforms.<\/p>\n<p>\nConsolidated Adjusted EBITDA margin was 9.7%, up 10 basis points versus the prior year period, or up 70 basis points when excluding the gain from the sub-franchisee restaurant transactions in Mexico from the second quarter of 2025 result. Margin expansion was driven by lower Food &amp; Paper costs and G&amp;A expenses as a percentage of revenues, partially offset by higher Payroll and Occupancy &amp; Other Operating Expenses.<\/p>\n<p>\nNet income margin attributable to the Company was 3.4%, or 150 basis points higher versus the second quarter of 2025, mainly driven by better results in net interest expense and other financing results and foreign currency exchange results, as well as a lower effective tax rate.<\/p>\n<p>\nArcos Dorados recorded earnings of $0.22 per share in the second quarter of 2026 compared to $0.11 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>: there were no notable items included in the Adjusted EBITDA in the second quarter of 2026. The second quarter of 2025 included a $6.9 million gain in Mexico related to restaurant transactions with a sub-franchisee.<\/p>\n<p><span class=\"bwuline\">Excluded from Adjusted EBITDA<\/span>: there were no notable items excluded from the Adjusted EBITDA in either the second quarter of 2026 or the second quarter of 2025.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth39\" colspan=\"7\" rowspan=\"1\"><b>New Unit Development: Total and by Format<sup>1<\/sup><\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"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\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwsinglebottom bwwidth39\" 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\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrightsingle bwrowaltcolor1 bwwidth39\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>Jun. 30,<br \/>\n<br \/>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>Mar. 31,<br \/>\n<br \/>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>Dec. 31,<br \/>\n<br \/>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>Sep. 30,<br \/>\n<br \/>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignr bwcellpmargin\"><b>Jun. 30,<br \/>\n<br \/>2025<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,250<\/p>\n<\/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=\"bwalignr 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=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,191<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth39\" 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\">\n670<\/p>\n<\/td>\n<td class=\"bwalignr 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=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n658<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth39\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n628<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n625<\/p>\n<\/td>\n<td class=\"bwalignr 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=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n608<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth39\" 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>2,548<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,536<\/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 bwrightsingle 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 bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><i><sup>1<\/sup>end of period, including company operated and franchised restaurants<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\nFigure 3.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td rowspan=\"2\" class=\"bwalignl bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth17\" colspan=\"1\">As of<br \/>Jun.30, 2026<\/td>\n<td colspan=\"3\" class=\"bwalignc bwvertalignm bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Store Format*<\/b><\/td>\n<td rowspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" colspan=\"1\"><b>Total<br \/>Restaurants<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwtopsingle 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 bwwidth15\" colspan=\"1\"><b>Dessert<br \/>Centers<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\"><b>FS<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth9\" 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 bwwidth10\" rowspan=\"1\" colspan=\"1\"><b>Company<br \/>Operated<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\"><b>Franchised<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth17\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n691<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth9\" 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\">\n469<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,250<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n777<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n473<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n223<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,023<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n426<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" 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\">\n196<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n670<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n535<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n135<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n506<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth17\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n287<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth9\" 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\">\n217<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n628<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n518<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n110<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n251<\/p>\n<\/td>\n<td class=\"bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n738<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth17\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,404<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>262<\/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>882<\/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>2,548<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,830<\/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>718<\/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>496<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,267<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><i>* FS: Freestanding; IS: In-Store; MS: Mall Store; FC: Food Court.<\/i><\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth10\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<p>\nArcos Dorados opened 16 restaurants in the second quarter of 2026, including 10 freestanding units. As of the end of June 2026, 77% of its systemwide restaurant portfolio offered the most modernized restaurant experience in the Latin American and Caribbean quick service restaurant industry.<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\"><b>Consolidated Debt and Financial Ratios<\/b><\/td>\n<td class=\"bwvertalignb bwtopsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwtopsingle bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0 bwwidth70\" rowspan=\"1\" colspan=\"1\">Figure 4.<br \/><i>(In thousands of U.S. dollars, except ratios)<\/i><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwwidth15\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\"><b>December 31,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwsinglebottom bwrowaltcolor1 bwwidth70\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth15\" 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 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">Total Cash &amp; cash equivalents (i)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n269,990<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">Total Financial Debt (ii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n962,450<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">Net Financial Debt (iii)<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n692,460<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">LTM Adjusted EBITDA<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n618,647<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.6<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">Net Financial Debt \/ LTM Adjusted EBITDA ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1.1<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">LTM Net income attributable to AD<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n256,745<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth15\" 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 bwwidth70\" rowspan=\"1\" colspan=\"1\">Total Financial Debt \/ LTM Net income attributable to AD ratio<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.7<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" 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 bwwidth70\" 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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n2.7<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n3.2<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl\">\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><i>(i) Total cash &amp; cash equivalents includes short-term investment<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><i>(ii)Total financial debt includes short-term debt, long-term debt, accrued interest payable and derivative instruments (including the asset portion of derivatives amounting to $67.9 million and $78.7 million as a reduction of financial debt as of June 30, 2026 and December 31, 2025, respectively).<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwvertalignb bwpadl0\" rowspan=\"1\"><i>(iii) Net financial debt equals total financial debt less total cash &amp; cash equivalents.<\/i><\/td>\n<\/tr>\n<\/table>\n<p>\nThe Company\u2019s net debt to Adjusted EBITDA leverage ratio ended the second quarter of 2026 at 1.1x, compared with 1.2x at year-end 2025.<\/p>\n<p><b>Adjusted Free Cash Flow<\/b><\/p>\n<p>\nFor the last twelve months ended June 30, 2026, the Company generated Adjusted Free Cash Flow of $143.4 million, compared to $16.1 million in the prior comparable period.<\/p>\n<p><b>Recent Developments<\/b><\/p>\n<p><b>2029 Sustainability-Linked Senior Notes Redemption<\/b><\/p>\n<p>\nOn July 16, 2026, the Company completed the redemption of all remaining 2029 Sustainability-Linked Senior Notes at a redemption price equal to 103.063%, plus accrued and unpaid interest.<\/p>\n<p><b>2025 Social Impact and Sustainable Development Report<\/b><\/p>\n<p>\nIn July 2026, Arcos Dorados published its Social Impact and Sustainable Development Report for 2025. The report includes information audited by EY and provides an update on the progress related to initiatives and implementation of the Company\u2019s \u201cRecipe for the Future\u201d ESG Platform. The full report can be downloaded at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.arcosdorados.com%2Fen%2Frecipeforthefuture%2F&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=https%3A%2F%2Fwww.arcosdorados.com%2Fen%2Frecipeforthefuture%2F&amp;index=1&amp;md5=4d2de8cabacb14e78d28d727d260ff93\">https:\/\/www.arcosdorados.com\/en\/recipeforthefuture\/<\/a>.<\/p>\n<p><b>Second Quarter 2026 Earnings Webcast<\/b><\/p>\n<p>\nA webcast to discuss the information contained in this press release will be held today, August 13, 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_kWtOZi7PT6qXskp650GT3w%23%2Fregistration&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=Arcos+Dorados+Second+Quarter+2026+Earnings+Webcast&amp;index=2&amp;md5=8de20799c7735df40d0fe6577dabd48a\">Arcos Dorados Second 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=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=3&amp;md5=7c0128722a665456b31dcfd7c373cb4b\">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 06\/30\/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%2Fwww.arcosdorados.com%2Fen%2Frecipeforthefuture%2F&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=Recipe+for+the+Future&amp;index=4&amp;md5=93c803c3c41c5b91480fb5e413aec121\">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=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=https%3A%2F%2Fir.arcosdorados.com%2F&amp;index=5&amp;md5=00586f644e1d33bc37ee8a40b4e6062b\">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=\"bwvertalignm bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Second Quarter 2026 Consolidated Results<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td colspan=\"7\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\">Figure 5.<br \/><i>(In thousands of U.S. dollars, except per share data)<\/i><\/td>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" \/>\n<td colspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwpadl0\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Six-Months ended<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"6\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10 bwalignc\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10 bwalignc\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10 bwalignc\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth10 bwalignc\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwalignr bwwidth1\" style=\"height:21px\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">REVENUES<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Sales by Company-operated restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,246,557<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,091,113<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,406,973<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,118,644<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Revenues from franchised restaurants<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n59,077<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n51,183<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n114,624<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n100,244<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Total Revenues<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,305,634<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,142,296<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,521,597<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,218,888<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">OPERATING COSTS AND EXPENSES<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Company-operated restaurant expenses:<\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwwidth51 bwpadl5\" rowspan=\"1\" colspan=\"1\">Food and paper<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(443,728<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(396,564<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(850,727<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(763,176<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwwidth51 bwpadl5\" rowspan=\"1\" colspan=\"1\">Payroll and employee benefits<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(239,509<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(206,461<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(465,858<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(404,210<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwwidth51 bwpadl5\" rowspan=\"1\" colspan=\"1\">Occupancy and other operating expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(366,611<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(319,746<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(720,488<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(627,811<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwrightsingle bwwidth51 bwpadl5\" rowspan=\"1\" colspan=\"1\">Royalty fees<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(76,038<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(66,455<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(146,893<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(129,866<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Franchised restaurants &#8211; occupancy expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,568<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(21,028<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(49,825<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(42,072<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">General and administrative expenses<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(80,363<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(77,530<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(157,112<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(150,855<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Other operating (expense) income, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,185<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,948<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4,702<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6,709<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Total operating costs and expenses<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,233,002<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(1,079,836<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(2,386,201<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(2,111,281<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Operating income<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>72,632<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,460<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>135,396<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>107,607<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Net interest expense and other financing results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(9,583<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,483<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(23,841<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(35,075<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,024<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,344<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7,393<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,454<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,066<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,666<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,253<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,627<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Other non-operating expenses, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(95<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(481<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(111<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(603<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Income before income taxes<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>71,044<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>41,174<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>131,090<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>67,756<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,948<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(18,486<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(49,763<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(30,991<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Net income<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>45,096<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>22,688<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>81,327<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,765<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(91<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(101<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(181<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(248<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Net income attributable to Arcos Dorados Holdings Inc.<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>45,005<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>22,587<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>81,146<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>36,517<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" 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 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3.4<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3.2<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Earnings per share information ($ per share):<\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Basic net income per common share<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.22<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.11<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.39<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>$<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwalignr bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>0.17<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwalignr bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Weighted-average number of common shares outstanding-Basic<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n210,663,057<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Reconciliation<\/b><\/td>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignm bwrightsingle bwpadl0\" colspan=\"3\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n45,005<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22,587<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n81,146<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,517<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Net income attributable to non-controlling interests<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n91<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n101<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n181<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n248<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Income tax expense, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25,948<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,486<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,763<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,991<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Other non-operating expenses, net<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n95<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n481<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n111<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n603<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,066<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,666<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(12,253<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,627<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,024<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,344<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,393<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,454<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Net interest expense and other financing results<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9,583<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,483<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n23,841<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n35,075<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n54,424<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n47,913<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n108,685<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n94,208<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth51\" rowspan=\"1\" colspan=\"1\">Operating charges excluded from EBITDA computation<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(237<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(262<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n747<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(425<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA<\/b><\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>126,819<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110,111<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignm bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>244,828<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201,390<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth51\" rowspan=\"1\" colspan=\"1\"><b>Adjusted EBITDA Margin as % of total revenues<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.7<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwrightsingle bwwidth1\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.7<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth10\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>9.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth22\" colspan=\"17\" rowspan=\"1\"><b>Second Quarter 2026 Results by Division and Average Exchange Rates per Quarter<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth22\" colspan=\"17\" rowspan=\"1\">Figure 6.<br \/><i>(In thousands of U.S. dollars)<\/i><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth22\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Three-Months ended<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>as<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Constant<\/b><\/td>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Six-Months ended<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>as<\/b><\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Constant<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>Currency<\/b><\/td>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>reported<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>Currency<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" 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 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Incr\/(Decr)%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Revenues<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n520,604<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n415,387<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n25.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.7<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n992,099<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n815,689<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n347,490<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n317,829<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n9.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n670,043<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n599,529<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n4.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n437,540<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n409,080<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n7.0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n38.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n859,455<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n803,670<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,305,634<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>1,142,296<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>14.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>18.5<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,521,597<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,218,888<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>13.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>19.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Operating Income (loss)<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n53,754<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,118<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n57.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n39.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n92,064<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67,096<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n22.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n17,466<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,569<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-36.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-41.0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32,626<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,428<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-19.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-24.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n28,771<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27,354<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n37.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n62,868<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52,423<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n60.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(27,359<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(26,581<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-2.9<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-9.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(52,162<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(52,340<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n0.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-8.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>72,632<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>62,460<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>16.3<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>15.9<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>135,396<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>107,607<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>25.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>30.1<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\"><b><span class=\"bwuline\">Adjusted EBITDA<\/span><\/b><\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n75,841<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52,954<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n27.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n135,785<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n102,523<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n32.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n33,694<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n41,238<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-18.3<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-23.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n65,396<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n67,478<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-3.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-9.8<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n43,216<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,533<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n6.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n33.5<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n92,619<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n79,593<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49.2<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth22\" rowspan=\"1\" colspan=\"1\">Corporate and Other<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,932<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(24,614<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-5.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-12.1<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(48,972<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(48,204<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-1.6<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n-10.4<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth22\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth7\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>126,819<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>110,111<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>15.2<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>13.8<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>244,828<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>201,390<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>21.6<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth9\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>23.0<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignt bwpadl0\" rowspan=\"1\"><b>Figure 7.<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth60\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth20\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwsinglebottom bwwidth20\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\" class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" 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 class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth20\" 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 bwwidth20\" 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 bwwidth60\" rowspan=\"1\" colspan=\"1\">Brazil<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.4%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n0.3%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\">NOLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n-2.2%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n4.4%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth60\" rowspan=\"1\" colspan=\"1\">SLAD<\/td>\n<td class=\"bwalignc bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n42.9%<\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n38.2%<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwwidth60\" rowspan=\"1\" colspan=\"1\"><b>TOTAL<\/b><\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>15.3%<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwwidth20\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>12.1%<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\"><b>Figure 8.<\/b><\/td>\n<td class=\"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\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth64\" rowspan=\"1\" colspan=\"1\">Period average<br \/>Local currency per US$<\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Brazil<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Mexico<\/b><\/td>\n<td class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\"><b>Argentina<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwwidth64\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td class=\"bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth64 bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n2Q26<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.05<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n17.39<\/p>\n<\/td>\n<td class=\"bwalignc bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,410.32<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth64 bwalignl\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n2Q25<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n5.66<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n19.49<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n1,150.22<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Summarized Consolidated Balance Sheet<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Figure 9.<br \/><i>(In thousands of U.S. dollars)<\/i><\/b><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1\" colspan=\"2\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>June 30,<\/b><\/p>\n<\/td>\n<td colspan=\"2\" class=\"bwalignc bwvertalignm bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>December 31,<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n\u00a0<\/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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignc bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n259,990<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,438<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,000<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n48,909<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Accounts and notes receivable, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n171,763<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n164,482<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Other current assets (1)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n264,988<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n254,764<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n52,433<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,365<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>759,174<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>851,958<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Property and equipment, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,328,673<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,308,732<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Net intangible assets and goodwill<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n157,315<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n148,950<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n108,439<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n104,250<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,433<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,339<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Equity method investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n15,958<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n16,033<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Leases right of use asset<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,240,729<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,133,551<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Other non-current assets (2)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n266,759<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n254,031<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,133,306<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,033,886<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,892,480<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,885,844<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Accounts payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n332,794<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n356,606<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Taxes payable (3)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n124,369<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n143,922<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n179,684<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n145,460<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Royalties payable to McDonald\u2019s Corporation<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n30,549<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n34,099<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,468<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,455<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Interest payable<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19,121<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n18,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Financial debt (4)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n51,821<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n21,442<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n119,695<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n106,836<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>859,501<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>828,735<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Accrued payroll and other liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n93,868<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n91,801<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Provision for contingencies<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n56,532<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n49,399<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Financial debt (5)<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n959,374<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,140,086<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Deferred income taxes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,006<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,757<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Operating lease liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,087,425<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,000,927<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,200,205<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>2,284,970<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,059,706<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,113,705<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Class A shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n389,967<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Class B shares of common stock<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n132,915<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Additional paid-in capital<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n8,659<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Retained earnings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n848,106<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n825,946<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Accumulated other comprehensive loss<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(529,204<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(567,630<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth68 bwpadl3\" rowspan=\"1\" colspan=\"1\">Common stock in treasury<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(19,367<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>831,076<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>770,490<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,698<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n1,649<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>832,774<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>772,139<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,892,480<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>3,885,844<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\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\"><i>(2) Includes &#8220;Miscellaneous&#8221; and &#8220;Collateral deposits&#8221;.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><i>(3) Includes &#8220;Income taxes payable&#8221; and &#8220;Other taxes payable&#8221;.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><i>(4) Includes \u201cCurrent portion of long-term debt&#8221; and &#8220;Derivative instruments\u201d.<\/i><\/td>\n<\/tr>\n<tr>\n<td colspan=\"3\" class=\"bwalignl bwvertalignb bwpadl0\" rowspan=\"1\"><i>(5) Includes &#8220;Long-term debt, excluding current portion&#8221; and &#8220;Derivative instruments&#8221;.<\/i><\/td>\n<\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignm bwpadl0 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Condensed Consolidated Statements of Cash Flows<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Figure 10.<br \/><i>(In thousands of U.S. dollars)<\/i><\/b><\/td>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>For Six-Months ended<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>June 30,<\/b><\/td>\n<td class=\"bwvertalignm bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwsinglebottom bwleftsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignm bwleftsingle bwpadl0 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Operating activities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl3\" rowspan=\"1\" colspan=\"1\">Net income attributable to Arcos Dorados Holdings Inc.<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n81,146<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n36,517<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl3\" rowspan=\"1\" colspan=\"1\">Adjustments to reconcile net income attributable to Arcos Dorados<br \/>Holdings Inc. to cash provided by operating activities:<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl10\" rowspan=\"1\" colspan=\"1\">Non-cash charges and credits:<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl19\" rowspan=\"1\" colspan=\"1\">Depreciation and amortization<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n108,685<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n94,208<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl19\" rowspan=\"1\" colspan=\"1\">Gain on restaurant transactions<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(5,826<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6,845<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl19\" rowspan=\"1\" colspan=\"1\">Foreign currency exchange results<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,124<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n10,745<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl19\" rowspan=\"1\" colspan=\"1\">Gain from derivative instruments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,393<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,454<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl19\" rowspan=\"1\" colspan=\"1\">Others, net<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n19,364<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(11,157<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl11\" rowspan=\"1\" colspan=\"1\">Changes in assets and liabilities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(71,355<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(64,308<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Net cash provided by operating activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>123,497<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>57,706<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Investing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Property and equipment expenditures<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(85,879<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(104,153<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Purchases of restaurant businesses paid at acquisition date<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,500<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,475<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Proceeds from sales of property and equipment, restaurant businesses and related advances<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n2,858<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n290<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Proceeds from short-term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n40,415<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n12,600<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Acquisition of short and long term investments<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,380<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(106,385<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwpadl0 bwwidth73\" rowspan=\"1\" colspan=\"1\">Other investing activity<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(636<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,127<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Net cash used in investing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(48,122<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(202,250<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Financing activities<\/b><\/td>\n<td class=\"bwalignr bwvertalignb bwleftsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwalignr bwvertalignb bwrightsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Issuance of 2032 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n597,498<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Cash Tender and Open Market Repurchases of 2029 and 2027 Senior Notes<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(158,075<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(379,265<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Payment of short-term debt<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(35,710<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Payments for debt issue costs<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(6,158<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Dividend payments to Arcos Dorados Holdings Inc.\u2019s shareholders<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(29,493<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(25,280<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Short and long term borrowings<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n11,437<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Proceeds related to sales of restaurant businesses<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,271<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n\u2014<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Other financing activities<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,705<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(3,460<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>Net cash (used in) provided by financing activities<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(187,002<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>159,062<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Effect of exchange rate changes on cash and cash equivalents<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(1,821<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(2,530<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" rowspan=\"1\" colspan=\"1\"><b>(Decrease) increase in cash and cash equivalents<\/b><\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>(113,448<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\"><b>)<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>11,988<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignb bwleftsingle bwwidth73 bwpadl4\" rowspan=\"1\" colspan=\"1\">Cash and cash equivalents at the beginning of the year<\/td>\n<td class=\"bwvertalignb bwleftsingle bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n373,438<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwpadr0 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n135,064<\/p>\n<\/td>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwpadr0 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwvertalignb bwsinglebottom bwleftsingle bwpadl0 bwrowaltcolor1 bwwidth73\" 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 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>259,990<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth12\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>147,052<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwvertalignb bwpadl0 bwwidth1\" rowspan=\"1\" colspan=\"1\" \/><\/tr>\n<\/table>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwblockalignl bwwidth100\">\n<tr>\n<td class=\"bwvertalignb bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\"><b>Adjusted free cash flow<\/b><\/td>\n<td class=\"bwvertalignb bwtopsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwtopsingle bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td class=\"bwalignl bwvertalignm bwpadl0 bwwidth68\" rowspan=\"1\" colspan=\"1\">Figure 11.<br \/><i>(In thousands of U.S. dollars)<\/i><\/td>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/>\n<td class=\"bwvertalignb bwsinglebottom bwpadl0\" colspan=\"2\" rowspan=\"1\" \/><\/tr>\n<tr>\n<td rowspan=\"2\" class=\"bwalignl bwvertalignt bwrightsingle bwpadl0 bwwidth68\" colspan=\"1\" \/>\n<td colspan=\"4\" class=\"bwalignc bwvertalignb bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>LTM ended<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"4\" class=\"bwalignc bwvertalignm bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1\" rowspan=\"1\"><b>Jun 30,<\/b><\/td>\n<\/tr>\n<tr>\n<td class=\"bwvertalignb bwrightsingle bwpadl0 bwsinglebottom bwwidth68\" rowspan=\"1\" colspan=\"1\" \/>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2026<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignc bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>2025<\/b><\/p>\n<\/td>\n<td class=\"bwalignc bwrightsingle bwpadl0 bwsinglebottom bwpadr0 bwvertalignb bwpadb3 bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>362,135<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>260,846<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n68,973<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n50,891<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(22,703<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(11,915<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>408,405<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>299,822<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(263,076<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(282,862<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(7,082<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n(4,535<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n)<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n5,137<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\">\n3,719<\/p>\n<\/td>\n<td class=\"bwalignr bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwrowaltcolor1 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>143,384<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth15\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignr\"><b>16,144<\/b><\/p>\n<\/td>\n<td class=\"bwalignr bwsinglebottom bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwpadb3 bwwidth1\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignl\">\n\u00a0<\/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=20260813235066r1&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\/20260813235066\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20260813235066\/en\/<\/a><\/span><\/p>\n<p><b>Investor Relations Contact<br \/>\n<br \/><\/b>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<\/a><\/p>\n<p><b>Media Contact<br \/>\n<br \/><\/b>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<\/a><\/p>\n<p>\nFollow us on:<br \/>\n<br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.linkedin.com%2Fcompany%2Farcosdorados%2F&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=LinkedIn&amp;index=6&amp;md5=daaeee66122f7ec95778950228a1b0a9\">LinkedIn<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.instagram.com%2Farcos.dorados&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=Instagram&amp;index=7&amp;md5=dabf55d209cf84d7ffce201b8ec0b098\">Instagram<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fx.com%2Farcosdorados&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=X&amp;index=8&amp;md5=70e3125cf80bf8f9455f9c58b228a546\">X<br \/>\n<\/a><br \/><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.youtube.com%2F%40ArcosDoradosOK&amp;esheet=54588522&amp;newsitemid=20260813235066&amp;lan=en-US&amp;anchor=YouTube&amp;index=9&amp;md5=7938d19acd3695cbff3b5e07a39efb2e\">YouTube<\/a><\/p>\n<p><b>KEYWORDS:<\/b> New York Latin America North America United States South America Uruguay<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Retail Restaurant\/Bar Other Retail 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\/20260813235066\/en\/804994\/3\/AD_Logo_1235_RGB.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Arcos Dorados Reports Second Quarter 2026 Financial Results Total revenues reached $1.3 billion in the second quarter, up 14.3% in US dollars versus the prior year, marking the highest quarterly revenues in the Company\u2019s history. Systemwide comparable sales rose 15.3% in the second quarter of 2026, supported by the best guest volume performance of the last six quarters. Consolidated Adjusted EBITDA1 in the second quarter was $126.8 million, up 15.2% versus the prior year period and the Company\u2019s highest result for a second quarter. Consolidated Adjusted EBITDA margin reached 9.7%, as lower Food and Paper costs supported margin expansion of 10 basis points, or 70 basis points, adjusting for gains from transactions with a sub-franchisee in the second quarter of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Arcos Dorados Reports Second 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-994708","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Arcos Dorados Reports Second 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-second-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 Second Quarter 2026 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Arcos Dorados Reports Second Quarter 2026 Financial Results Total revenues reached $1.3 billion in the second quarter, up 14.3% in US dollars versus the prior year, marking the highest quarterly revenues in the Company\u2019s history. Systemwide comparable sales rose 15.3% in the second quarter of 2026, supported by the best guest volume performance of the last six quarters. Consolidated Adjusted EBITDA1 in the second quarter was $126.8 million, up 15.2% versus the prior year period and the Company\u2019s highest result for a second quarter. Consolidated Adjusted EBITDA margin reached 9.7%, as lower Food and Paper costs supported margin expansion of 10 basis points, or 70 basis points, adjusting for gains from transactions with a sub-franchisee in the second quarter of &hellip; Continue reading &quot;Arcos Dorados Reports Second Quarter 2026 Financial Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-13T11:18:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"18 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Arcos Dorados Reports Second Quarter 2026 Financial Results\",\"datePublished\":\"2026-08-13T11:18:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/\"},\"wordCount\":3566,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/\",\"name\":\"Arcos Dorados Reports Second Quarter 2026 Financial Results - Market Newsdesk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"datePublished\":\"2026-08-13T11:18:13+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#primaryimage\",\"url\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"contentUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/arcos-dorados-reports-second-quarter-2026-financial-results\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Arcos Dorados Reports Second Quarter 2026 Financial Results\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#website\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/\",\"name\":\"Market Newsdesk\",\"description\":\"Latest Business News in Real Time\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\",\"name\":\"Newsdesk\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g\",\"caption\":\"Newsdesk\"},\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/author\\\/newsdesk\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Arcos Dorados Reports Second Quarter 2026 Financial Results - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/","og_locale":"en_US","og_type":"article","og_title":"Arcos Dorados Reports Second Quarter 2026 Financial Results - Market Newsdesk","og_description":"Arcos Dorados Reports Second Quarter 2026 Financial Results Total revenues reached $1.3 billion in the second quarter, up 14.3% in US dollars versus the prior year, marking the highest quarterly revenues in the Company\u2019s history. Systemwide comparable sales rose 15.3% in the second quarter of 2026, supported by the best guest volume performance of the last six quarters. Consolidated Adjusted EBITDA1 in the second quarter was $126.8 million, up 15.2% versus the prior year period and the Company\u2019s highest result for a second quarter. Consolidated Adjusted EBITDA margin reached 9.7%, as lower Food and Paper costs supported margin expansion of 10 basis points, or 70 basis points, adjusting for gains from transactions with a sub-franchisee in the second quarter of &hellip; Continue reading \"Arcos Dorados Reports Second Quarter 2026 Financial Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/","og_site_name":"Market Newsdesk","article_published_time":"2026-08-13T11:18:13+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260813235066r1&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-second-quarter-2026-financial-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Arcos Dorados Reports Second Quarter 2026 Financial Results","datePublished":"2026-08-13T11:18:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/"},"wordCount":3566,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/","name":"Arcos Dorados Reports Second Quarter 2026 Financial Results - Market Newsdesk","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/#primaryimage"},"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","datePublished":"2026-08-13T11:18:13+00:00","author":{"@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"breadcrumb":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/#primaryimage","url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","contentUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20260813235066r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en"},{"@type":"BreadcrumbList","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/arcos-dorados-reports-second-quarter-2026-financial-results\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.marketnewsdesk.com\/"},{"@type":"ListItem","position":2,"name":"Arcos Dorados Reports Second Quarter 2026 Financial Results"}]},{"@type":"WebSite","@id":"https:\/\/www.marketnewsdesk.com\/#website","url":"https:\/\/www.marketnewsdesk.com\/","name":"Market Newsdesk","description":"Latest Business News in Real Time","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.marketnewsdesk.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979","name":"Newsdesk","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a0d0bd5b0f0ca12a265a459b13169dac35f33776d8501eda5e68844a366f2f46?s=96&d=mm&r=g","caption":"Newsdesk"},"url":"https:\/\/www.marketnewsdesk.com\/index.php\/author\/newsdesk\/"}]}},"_links":{"self":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/994708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/comments?post=994708"}],"version-history":[{"count":0,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/posts\/994708\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/media?parent=994708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/categories?post=994708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.marketnewsdesk.com\/index.php\/wp-json\/wp\/v2\/tags?post=994708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}