# EDGAR Filing Document

**Accession Number:** 0001508478
**File Stem:** 0000950103-26-004386
**Filing Date:** 2026-3
**Character Count:** 50416
**Document Hash:** e83b48f41663692bb95b9e5d60458c30
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-004386.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0000950103-26-004386

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260318

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Arcos Dorados Holdings Inc.
- **CENTRAL INDEX KEY:** 0001508478
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-EATING PLACES [5812]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35129
- **FILM NUMBER:** 26772398

**BUSINESS ADDRESS:**
- **STREET 1:** RIO NEGRO 1338, FIRST FLOOR
- **CITY:** MONTEVIDEO
- **STATE:** X3
- **ZIP:** 11300
- **BUSINESS PHONE:** 598 2626-3000

**MAIL ADDRESS:**
- **STREET 1:** RIO NEGRO 1338, FIRST FLOOR
- **CITY:** MONTEVIDEO
- **STATE:** X3
- **ZIP:** 11300

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K<br>** 

<br> **REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16**

**OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of March, 2026

------

**Commission File Number: 001-35129**

**Arcos Dorados Holdings Inc.**

**(Exact name of registrant as specified in its charter)**

**Río Negro 1338, First Floor**

**Montevideo, Uruguay, 11100**

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F <u>X </u> Form 40-F  

**ARCOS DORADOS HOLDINGS INC.**

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| **ITEM** |  |
| 1. | Press Release dated March 19, 2026 titled "Arcos Dorados Reports Fourth Quarter and Full Year 2025 Financial Results"  |

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| **Arcos Dorados Holdings Inc.** | **Arcos Dorados Holdings Inc.** | **Arcos Dorados Holdings Inc.** |
| By: | /s/ Roman Ajzen | /s/ Roman Ajzen |
|  | Name: | Roman Ajzen |
|  | Title: | Chief Legal Officer |

---

Date: March 19, 2026

**Item 1**

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| | |
|:---|:---|
| ![](image_028.jpg) | ![](image_029.jpg) |

---

![](image_030.jpg)

March 19, 2026

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| | | |
|:---|:---|:---|
| ![](image_036.jpg) | **ARCOS DORADOS REPORTS FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS** | ![](image_032.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Total revenue reached $1.3 billion in the fourth quarter and $4.7 billion for the full year 2025, up 10.7% and 4.7% in US dollars versus the prior year period, respectively.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Systemwide comparable sales rose 16.0% in the fourth quarter and 13.0% for the full year 2025, in line with blended inflation for both periods.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Consolidated Adjusted EBITDA<sup>1</sup> in the fourth quarter and full year were $172.7 million and $575.2 million, respectively, the Company's highest US dollar result for a full year.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Net Income was $25.2 million in the fourth quarter and $212.1 million for the full year.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Results included a net tax benefit in Brazil of $33.8 million in the fourth quarter and $159.0 million for the full year, which is expected to convert to cash over the next five years.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Capital expenditures for the full year reached $281.4 million, including $140.6 million related to 102 restaurant openings, exceeding openings guidance on lower capital expenditures.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The Board of Directors declared a cash dividend of $0.28 per share for 2026.* 

Montevideo, Uruguay, March 19, 2026 – Arcos Dorados Holdings Inc. (NYSE: ARCO) ("Arcos Dorados" or the "Company"), Latin America and the Caribbean's largest restaurant chain and the world's largest independent McDonald's franchisee, today reported unaudited results for the three months, and audited results for the twelve months, ended December 31, 2025.

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| | | |
|:---|:---|:---|
| ![](image_038.jpg) | **Message from Luis Raganato, Chief Executive Officer** | ![](image_037.jpg) |

---

Among our competitive strengths are a strong brand, a resilient business model, and a culture built around operational excellence to support long-term shareholder value creation. These strengths delivered some of the Company's best financial results last year, while protecting or expanding our industry-leading market share and maintaining a strong bond with the communities we serve.

Full year systemwide comparable sales grew in line with the Company's blended inflation in 2025, driven mainly by the strength of the South Latin American Division as well as Mexico. Profitability in 2025 reached a new high, with $575.2 million in Adjusted EBITDA and US dollar growth in all three divisions.

Digital sales, generated through the Mobile App, Delivery and Self-order Kiosks, accounted for 61% of systemwide sales in 2025. Additionally, as of the end of 2025, our Loyalty Program was available in more than 90% of our restaurants and had more than 27 million registered members.

For the full year, we opened 102 restaurants across the region, just above our guidance range for the year and 17 more than we opened in 2024. We did this with lower total capital expenditures versus the prior year, which contributed to a significant increase in our net cash from operations minus capital expenditures versus 2024. We are committed to finding additional efficiencies in our growth investments over the next few years.

The McDonald's brand is stronger than ever in Latin America and the Caribbean, serving more than 4 million guests every day in more than 2,500 restaurants, across 21 countries and territories. We entered 2026 with a focus on increasing the efficiency of the business and monetizing the significant market share gains of the last several years. Looking ahead, we believe we can continue to leverage this strong foundation to support a new phase of profitable growth for Arcos Dorados and all its stakeholders.

---

| | | |
|:---|:---|:---|
| ![](image_038.jpg) | **AD Holdings Inc. – Consolidated Key Financial Results** | ![](image_037.jpg) |

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Figure 1

*(In millions of U.S. dollars, except as noted)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q24<br> (a)** | **Currency Translation<br> (b)**  | **Constant<br> Currency<br> Growth<br> (c)** | **4Q25<br> (a+b+c)** | **% As Reported** | **% Constant Currency** |
| **Total Restaurants (Units)** | **2428** |  |  | **2520** |  |  |
| Sales by Company-operated Restaurants | 1091.2 | (85.8) | 201.8 | 1207.2 | 10.6% | 18.5% |
| Revenues from franchised restaurants | 53.1 | (4.1) | 10.5 | 59.4 | 11.9% | 19.7% |
| **Total Revenues** | **1144.2** | **(89.9)** | **212.2** | **1266.5** | **10.7%** | **18.5%** |
| *Systemwide Comparable Sales* |  |  |  |  |  | *16.0%* |
| **Adjusted EBITDA** | **147.4** | **8.7** | **16.6** | **172.7** | **17.2%** | **11.2%** |
| *Adjusted EBITDA Margin* | *12.9%* |  |  | *13.6%* | *0.8 p.p.* |  |
| Net income attributable to AD | 58.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 | (54.9) | 25.2 | -56.9% | -94.0% |
| *Net income attributable to AD Margin* | *5.1%* |  |  | *2.0%* | *-3.1 p.p.* |  |
| No. of shares outstanding (thousands) | 210663 |  |  | 210663 |  |  |
| **EPS (US$/Share)** | ***0.28*** |  |  | ***0.12*** |  |  |

---

Arcos Dorados' total revenues reached $1.3 billion, up 10.7% in US dollars versus the prior year quarter. The Company's systemwide comparable sales rose 16.0% in the quarter, which was in-line with its blended inflation rate. Brazil's systemwide comparable sales improved relative to the third quarter of 2025, while Mexico and Argentina supported the consolidated result with systemwide comparable sales growth of 1.5x and 1.3x blended inflation, respectively.

The Company's Digital strategy continued to support sales growth. Digital channel sales rose 18.7% in the period and represented 62% of the fourth quarter's systemwide sales. Performance was notably strong in Self-order kiosk, Delivery and Loyalty sales versus the prior year. The strength in Self-order kiosk sales reinforces the continued relevance of the on-premise restaurant experience in the region's quick-service restaurant industry.

By the end of 2025, the Company's Loyalty Program was active in nine countries, with Mexico and Chile added to the Program during the fourth quarter. The Loyalty platform is now available in all main markets, completing the planned year-end 2025 rollout with 27.2 million registered members.

Marketing activities strengthened consumer connections with the brand through a series of campaigns and initiatives during the quarter. A fully integrated menu strategy, leveraging the cultural relevance of the *Stranger Things* Netflix series, boosted sales and drove high levels of engagement and meaningful brand conversations among consumers. Several markets also offered compelling value platforms, including EconoMéqui in Brazil and McXMenos in Chile, both of which performed well with price-sensitive consumers. Menu innovation in the quarter included a new chicken sandwich in Colombia and limited-time flavors within the dessert category, such as Ovomaltine in Brazil. Additionally, Happy Meal sales benefited from engaging campaigns for all ages, built around popular licensed properties such as *Friends, Zootopia 2, and Disney Villains*.

In the fourth quarter of 2025, Arcos Dorados recognized a net tax benefit in Brazil, with a positive impact of $33.8 million. Of this amount, $20.5 million impacted Operating income, while $13.3 million impacted interest income.

In the fourth quarter of 2024, consolidated Adjusted EBITDA included a benefit of $13.6 million related to payroll tax credits in Brazil.

Consolidated Adjusted EBITDA margin was 13.6% and 12.9% in the fourth quarters of 2025 and 2024, respectively. Even excluding the tax benefit in each respective period, fourth quarter 2025 consolidated Adjusted EBITDA margin expanded by 30 basis points versus the prior year period.

The main drivers of the underlying Adjusted EBITDA margin expansion were: (i) higher Food and Paper, with higher costs in NOLAD and SLAD partly offset by lower costs in Brazil, (ii) lower payroll expenses, thanks to better results in Brazil and SLAD, with nearly flat payroll expenses in NOLAD, (iii) an improvement in Occupancy and other operating expenses in all three divisions, and (iv) lower general & administrative expenses (G&A), in each case, as a percentage of revenue.

Net income for the fourth quarter of 2025 was $25.2 million, compared with $58.4 million in the prior year period. The decrease was mainly driven by a higher income tax expense as well as a reorganization and optimization expense that was excluded from Adjusted EBITDA (see below).

Net income margin attributable to the Company was 2.0% in the period compared to 5.1% in the prior year for the reasons mentioned above.

Arcos Dorados recorded earnings of $0.12 per share in the fourth quarter of 2025 compared to $0.28 per share in the prior year period. Total weighted average shares were 210,663,057 in both periods.

---

| | |
|:---|:---|
| ![](image_035.jpg) | **Notable Items** |

---

<u>Included in Adjusted EBITDA</u>: The result in the fourth quarter of 2025 included $20.5 million related to the aforementioned net tax benefit in Brazil.

Additionally, the result for the fourth quarter of 2024 included a $13.6 million positive impact from payroll tax credits in Brazil.

<u>Excluded from Adjusted EBITDA</u>: In the fourth quarter of 2025, the Company executed plans to restructure and enhance efficiencies in its operations. As a result, the Company incurred $8.7 million in reorganization and optimization expenses, which were recorded within G&A.

---

| | |
|:---|:---|
| ![](image_035.jpg) | **New Unit Development: Total and by Format<sup>1</sup>** |

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Figure 2

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Dec. 31,<br> 2025 | Sep. 30,<br> 2025 | Jun. 30,<br> 2025 | Mar. 31,<br> 2025 | Dec. 31,<br> 2024 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,202 | 1191 | 1179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,173 |
| NOLAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | 658 | 657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 |
| SLAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | 608 | 603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601 |
| **TOTAL** | **2,520** | **2,479** | **2,457** | **2,439** | **2,428** |

---

*<sup>1</sup>end of period, including company operated and franchised restaurants*

Figure 3

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *as of<br> Dec.31, 2025* | Store Format\* | Store Format\* | Store Format\* | Total Restaurants | Ownership | Ownership | McCafes | Dessert Centers |
| *as of<br> Dec.31, 2025* | FS | IS | MS & FC | Total Restaurants | Company Operated | Franchised | McCafes | Dessert Centers |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 |
| NOLAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 |
| SLAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 |
| **TOTAL** | **1384** | **262** | **874** | **2520** | **1800** | **720** | **467** | **3279** |

---

*\*FS: Free-Standing; IS: In-Store; MS: Mall Store; FC: Food Court.*

Arcos Dorados opened 48 restaurants in the fourth quarter of 2025, including 41 freestanding units. For the full year, the Company opened 102 restaurants, just above the guidance range for the year. This included 88 freestanding locations. As of the end of December 2025, 73% of its systemwide restaurant portfolio had been modernized.

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| | |
|:---|:---|
| ![](image_035.jpg) | **Consolidated Debt and Financial Ratios** |

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Figure 4

*(In thousands of U.S. dollars, except ratios)*

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Total Cash & cash equivalents (i) | 422347 | 138593 |
| Total Financial Debt (ii) | 1101739 | 707649 |
| Net Financial Debt (iii) | 679392 | 569056 |
| LTM Adjusted EBITDA | 575209 | 500100 |
| Total Financial Debt / LTM Adjusted EBITDA ratio | 1.9 | 1.4 |
| Net Financial Debt / LTM Adjusted EBITDA ratio | 1.2 | 1.1 |
| LTM Net income attributable to AD | 212116 | 148759 |
| Total Financial Debt / LTM Net income attributable to AD ratio | 5.2 | 4.8 |
| Net Financial Debt / LTM Net income attributable to AD ratio | 3.2 | 3.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *Total cash & cash equivalents include short-term investment.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(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 $78.7 million and $80.3 million as a reduction of financial debt as of December 31, 2025 and December 31, 2024, respectively).* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)* *Net financial debt equals total financial debt less total cash & cash equivalents.* 

The Company's net debt to Adjusted EBITDA leverage ratio ended the fourth quarter of 2025 at 1.2x, compared with 1.1x at year-end 2024.

For the twelve-month period ended December 31, 2025, the Company's cash flows included net cash provided by operating activities of $296.3 million with total property and equipment expenditures of $281.4 million. This compares with full year 2024, which had net cash provided by operating activities of $266.8 million and total property and equipment expenditures of $327.6 million.

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| | | |
|:---|:---|:---|
| ![](image_038.jpg) | **Recent Developments** | ![](image_037.jpg) |

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**2026 Guidance**

As announced in the press release issued by the Company on January 28, 2026, Arcos Dorados plans to open 105 to 115 restaurants in 2026. The Company projects total capital expenditures of $275 million to $325 million for the full year 2026, which it expects to fund with cash on hand and cash from operations.

**2029 Notes Tender Offer and Redemption**

On January 30, 2026, the Company launched a cash tender offer to purchase up to $150 million aggregate principal amount of its outstanding 2029 Notes. As a result of the tender offer, the Company redeemed 38.6% of the outstanding 2029 Notes for $135.2 million plus accrued and unpaid interest.

**2026 Dividend**

On March 18, 2026, the Board of Directors of Arcos Dorados Holdings Inc. approved a cash dividend for 2026. As such, the Company will pay $0.28 per share to all its Class A and Class B shareholders in four installments of $0.07 per share to be made on April 2, 2026, June 26, 2026, September 25, 2026, and December 29, 2026. The payments will be made to shareholders of record as of March 30, 2026, June 22, 2026, September 21, 2026, and December 23, 2026, respectively.

**2026 Annual General Shareholders Meeting (AGM)**

On March 6, 2026, the Company's Board of Directors set the date for its AGM, which will be held on April 10, 2026, in Montevideo, Uruguay, at 2:00 p.m. (local time), for all shareholders of record as of March 16, 2026.

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| | |
|:---|:---|
| ![](image_035.jpg) | **Fourth Quarter 2025 Earnings Webcast** |

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A webcast to discuss the information contained in this press release will be held today, March 19, 2026, at 10:00 a.m. ET. In order to access the webcast, members of the investment community should follow this link: <u>Arcos Dorados Fourth Quarter 2025 Earnings Webcast</u><u>.</u>

A replay of the webcast will be available later today in the investor section of the Company's website: <u>https://ir.arcosdorados.com/</u>.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investor Relations Contact** | **Media Contact** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel Schleiniger | David Grinberg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VP of Investor Relations | VP of Corporate Communications |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arcos Dorados | Arcos Dorados |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>daniel.schleiniger@mcd.com.uy</u> | <u>david.grinberg@mcd.com.uy</u> |

---

Follow us on: ![](image_002.jpg) ![](image_003.jpg) ![](image_004.jpg) ![](image_005.jpg)

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|:---|:---|
| ![](image_035.jpg) | **Definitions** |

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In analyzing business trends, management considers a variety of performance and financial measures which are considered to be non-GAAP including: Adjusted EBITDA, Constant Currency basis, Systemwide sales, and Systemwide comparable sales growth.

**Adjusted EBITDA:** In addition to financial measures prepared in accordance with the general accepted accounting principles (GAAP), this press release and the accompanying tables use a non-GAAP financial measure titled 'Adjusted EBITDA'. Management uses Adjusted EBITDA to facilitate operating performance comparisons from period to period.

Adjusted EBITDA is defined as the Company's 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.

Management 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 22 – Segment and geographic information – of our financial statements filed today with the Securities and Exchange Commission (the "SEC") on Form 6-K.

**Constant Currency basis:** 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currency
 translation reflects the impact on growth of the appreciation or depreciation of the local
 currencies in which the Company conducts its business against the US dollar (the currency
 in which the Company's financial statements are prepared).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Constant
 currency growth reflects the underlying growth of the business excluding the effect from
 currency translation. The Company also calculates variations as a percentage in constant
 currency, which are also considered to be non-GAAP measures, to provide a more meaningful
 analysis of its business by identifying the underlying business trends, without distortion
 from the effect of foreign currency fluctuations.

**Systemwide sales:** 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.

**Systemwide comparable sales growth:** 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's initiatives as well as local economic, competitive and consumer trends. Sales by sub-franchisees are not recorded as revenues by the Company.

---

| | |
|:---|:---|
| ![](image_035.jpg) | **About Arcos Dorados** |

---

Arcos Dorados is the world's largest independent McDonald's 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's 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 12/31/2025). The Company is also committed to the development of the communities in which it operates, to providing young people their first formal job opportunities and to utilize its <u>Recipe for the Future</u> 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: <u>https://ir.arcosdorados.com/</u>.

---

| | |
|:---|:---|
| ![](image_035.jpg) | **Cautionary Statement on Forward-Looking Statements** |

---

This press release contains forward-looking statements. The forward-looking statements contained herein include statements about the Company's 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' 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' business and operations involve numerous risks and uncertainties, many of which are beyond the control of Arcos Dorados, which could result in Arcos Dorados' 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' 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.

---

| | |
|:---|:---|
| ![](image_035.jpg) | **Fourth Quarter and Full Year 2025 Consolidated Results** |

---

Figure 5

*(In thousands of U.S. dollars, except per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For Three-Months ended** | **For Three-Months ended** | **For Twelve-Months ended** | **For Twelve-Months ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| REVENUES |  |  |  |  |
| Sales by Company-operated restaurants | 1207190 | 1091170 | 4465177 | 4266748 |
| Revenues from franchised restaurants | 59353 | 53050 | 213082 | 203414 |
| **Total Revenues** | **1266543** | **1144220** | **4678259** | **4470162** |
| OPERATING COSTS AND EXPENSES |  |  |  |  |
| Company-operated restaurant expenses: |  |  |  |  |
| Food and paper | (428121) | (383765) | (1606076) | (1498853) |
| Payroll and employee benefits | (219747) | (194228) | (835109) | (797620) |
| Occupancy and other operating expenses | (339292) | (308038) | (1300420) | (1238220) |
| Royalty fees | (74083) | (66855) | (273018) | (265382) |
| Franchised restaurants - occupancy expenses | (24827) | (20670) | (89518) | (83665) |
| General and administrative expenses | (85071) | (70177) | (312750) | (279859) |
| Other operating income, net | 14201 | 2433 | 103025 | 17952 |
| **Total operating costs and expenses** | **(1156940)** | **(1041300)** | **(4313866)** | **(4145647)** |
| **Operating income** | **109603** | **102920** | **364393** | **324515** |
| Net interest expense and other financing results | (5656) | (8179) | (13660) | (47238) |
| (Loss) Gain from derivative instruments | (3939) | 208 | (3078) | 941 |
| Foreign currency exchange results | (2269) | 760 | (4859) | (15063) |
| Other non-operating expenses, net | (457) | (3979) | (1484) | (3873) |
| **Income before income taxes** | **97282** | **91730** | **341312** | **259282** |
| Income tax expense, net | (72005) | (33208) | (128728) | (109903) |
| **Net income** | **25277** | **58522** | **212584** | **149379** |
| Net income attributable to non-controlling interests | (107) | (118) | (468) | (620) |
| **Net income attributable to Arcos Dorados Holdings Inc.** | **25170** | **58404** | **212116** | **148759** |
| **Net income attributable to Arcos Dorados Holdings Inc. Margin as % of total revenues** | **2.0%** | **5.1%** | **4.5%** | **3.3%** |
| **Earnings per share information ($ per share):** |  |  |  |  |
| Basic net income per common share | **$0.12** | **$0.28** | **$1.01** | **$0.71** |
| Weighted-average number of common shares outstanding-Basic | 210663057 | 210663057 | 210663057 | 210660590 |
| **Adjusted EBITDA Reconciliation** |  |  |  |  |
| Net income attributable to Arcos Dorados Holdings Inc. | 25170 | 58404 | 212116 | 148759 |
| Net income attributable to non-controlling interests | 107 | 118 | 468 | 620 |
| Income tax expense, net | 72005 | 33208 | 128728 | 109903 |
| Other non-operating expenses, net | 457 | 3979 | 1484 | 3873 |
| Foreign currency exchange results | 2269 | (760) | 4859 | 15063 |
| Loss (Gain) from derivative instruments | 3939 | (208) | 3078 | (941) |
| Net interest expense and other financing results | 5656 | 8179 | 13660 | 47238 |
| Depreciation and amortization | 52332 | 43650 | 197257 | 177354 |
| Operating charges excluded from EBITDA computation | 10758 | 814 | 13559 | (1769) |
| **Adjusted EBITDA** | **172693** | **147384** | **575209** | **500100** |
| **Adjusted EBITDA Margin as % of total revenues** | **13.6%** | **12.9%** | **12.3%** | **11.2%** |

---

---

| | |
|:---|:---|
| ![](image_035.jpg) | **Fourth Quarter and Full Year 2025 Results by Division and Average Exchange Rates per Quarter** |

---

Figure 6

*(In thousands of U.S. dollars)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Three-Months ended** | **For Three-Months ended** | **as** | **Constant** | **For Twelve-Months ended** | **For Twelve-Months ended** | **as** | **Constant** |
|  | **December 31,** | **December 31,** | **reported** | **Currency** | **December 31,** | **December 31,** | **reported** | **Currency** |
|  | **2025** | **2024** | **Incr/(Decr)%** | **Incr/(Decr)%** | **2025** | **2024** | **Incr/(Decr)%** | **Incr/(Decr)%** |
| **<u>Revenues</u>** |  |  |  |  |  |  |  |  |
| Brazil | 502023 | 445911 | 12.6% | 4.0% | 1770301 | 1768311 | 0.1% | 3.6% |
| NOLAD | 338143 | 303141 | 11.5% | 6.2% | 1266129 | 1225751 | 3.3% | 4.2% |
| SLAD | 426377 | 395168 | 7.9% | 44.4% | 1641829 | 1476100 | 11.2% | 39.7% |
| **TOTAL** | **1266543** | **1144220** | **10.7%** | **18.5%** | **4678259** | **4470162** | **4.7%** | **15.7%** |
| **<u>Operating Income (loss)</u>** |  |  |  |  |  |  |  |  |
| Brazil | 83622 | 82626 | 1.2% | -7.4% | 278043 | 269019 | 3.4% | 2.7% |
| NOLAD | 16322 | 18901 | -13.6% | -17.4% | 71144 | 67412 | 5.5% | 6.1% |
| SLAD | 37396 | 29070 | 28.6% | 37.2% | 119959 | 87406 | 37.2% | 62.3% |
| Corporate and Other | (27737) | (27677) | -0.2% | 20.8% | (104753) | (99322) | 5.5% | 21.2% |
| **TOTAL** | **109603** | **102920** | **6.5%** | **-4.2%** | **364393** | **324515** | **12.3%** | **13.8%** |
| **<u>Adjusted EBITDA</u>** |  |  |  |  |  |  |  |  |
| Brazil | 108813 | 99381 | 9.5% | 0.3% | 358774 | 340002 | 5.5% | 5.7% |
| NOLAD | 33432 | 30810 | 8.5% | 3.7% | 130860 | 116256 | 12.6% | 13.4% |
| SLAD | 53809 | 42675 | 26.1% | 43.3% | 180097 | 133692 | 34.7% | 60.9% |
| Corporate and Other | (23361) | (25482) | 8.3% | 13.1% | (94522) | (89850) | 5.2% | 21.9% |
| **TOTAL** | **172693** | **147384** | **17.2%** | **11.2%** | **575209** | **500100** | **15.0%** | **19.4%** |

---

Figure 7

---

| | | |
|:---|:---|:---|
| Systemwide Comparable Sales Growth | **For Three-Months ended** | **For Three-Months ended** |
| Systemwide Comparable Sales Growth | **December 31,** | **December 31,** |
| Systemwide Comparable Sales Growth | **2025** | **2024** |
| Brazil | 1.5% | 5.5% |
| NOLAD | 1.7% | 4.1% |
| SLAD | 49.5% | 61.8% |
| **TOTAL** | **16.0%** | **21.5%** |

---

Figure 8

---

| | | | |
|:---|:---|:---|:---|
| Period average <br> Local currency per US$ | Brazil | Mexico | Argentina |
| 4Q25 | 5.40 | 18.31 | 1437.94 |
| 4Q24 | 5.84 | 20.08 | 999.57 |

---

---

| | | |
|:---|:---|:---|
| ![](image_038.jpg) | **Summarized Consolidated Balance Sheet** | ![](image_037.jpg) |

---

Figure 9

*(In thousands of U.S. dollars)*

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| ASSETS |  |  |
| **Current assets** |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135064 |
| Short-term investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 |
| Accounts and notes receivable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119441 |
| Other current assets (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209953 |
| Derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416 |
| **Total current assets** | **851958** | **468403** |
| **Non-current assets** |  |  |
| Property and equipment, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1308732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127042 |
| Net intangible assets and goodwill | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66644 |
| Deferred income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90287 |
| Derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79874 |
| Equity method investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14346 |
| Leases right of use asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949977 |
| Other non-current assets (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96081 |
| **Total non-current assets** | **3033886** | **2424251** |
| **Total assets** | **3885844** | **2892654** |
| LIABILITIES AND EQUITY |  |  |
| **Current liabilities** |  |  |
| Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347895 |
| Taxes payable (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118466 |
| Accrued payroll and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113259 |
| Royalties payable to McDonald's Corporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20860 |
| Provision for contingencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 |
| Interest payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7798 |
| Financial debt (4) | 21442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64167 |
| Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92280 |
| **Total current liabilities** | **828735** | **765924** |
| **Non-current liabilities** |  |  |
| Accrued payroll and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20928 |
| Provision for contingencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29157 |
| Financial debt (5) | 1140086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715974 |
| Deferred income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084 |
| Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849158 |
| **Total non-current liabilities** | **2284970** | **1617301** |
| **Total liabilities** | **3113705** | **2383225** |
| **Equity** |  |  |
| Class A shares of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389967 |
| Class B shares of common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132915 |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8659 |
| Retained earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664390 |
| Accumulated other comprehensive loss | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(567630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668484) |
| Common stock in treasury | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19367) |
| **Total Arcos Dorados Holdings Inc shareholders' equity** | **770490** | **508080** |
| Non-controlling interest in subsidiaries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1349 |
| **Total equity** | **772139** | **509429** |
| **Total liabilities and equity** | **3885844** | **2892654** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Includes "Other receivables", "Inventories" and "Prepaid expenses and other current assets".* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Includes "Miscellaneous" and "Collateral deposits".* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Includes "Income taxes payable" and "Other taxes payable".* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Includes "Short-term debt", "Current portion of long-term debt" and "Derivative instruments".* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Includes "Long-term debt, excluding current portion" and "Derivative instruments".* 

---

| | |
|:---|:---|
| ![](image_039.jpg) | ![](image_040.jpg) |

---

![](image_027.jpg)