Arcos Dorados Holdings Inc. · NYSE:ARCO
Arcos Dorados — Q3 2025 Earnings Presentation
24 slides from Arcos Dorados's earnings presentation, Nov 12, 2025
Slide 1: Third Quarter 2025 Results
Arcos Dorados Third Quarter 2025 Results November 12, 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that represent our beliefs, projections and predictions about future events or our future performance. Forward-looking statements can be identified by terminology such as “may,” “will,” “would,” “could,” “should,” “expect,” “intend,” “
Slide 3: Agenda
Agenda 1 Key 4 Balance Sheet & Highlights Development 2 Marketing, Digital & 5 Final Sales Thoughts 3 Profitability & 6 Supplemental Margins Information 3
Slide 4: Key Highlights
1 Key Highlights 3rd Quarter 2025
Slide 5: Third Quarter 2025 Key Highlights
Third Quarter 2025 Key Highlights 3Q 2025 Systemwide Systemwide Comparable Sales grew in-line with blended inflation Total Revenue Comparable Sales • Total revenue grew 5.2% in US dollars, with balanced growth across all divisions. $1.2b 12.7% • Argentina and Mexico continued to perform strongly, wh
Slide 6: Marketing, Digital & Divisional Revenue
2 Marketing, Digital & Divisional Revenue Organic Growth Drivers
Slide 7: Marketing & Loyalty Strategic Differentiators
Marketing & Loyalty Strategic Differentiators Total Digital Sales Penetration ~58% ~61% 3Q 2024 3Q 2025 Loyalty Program Registered Members 12.9m 23.6m 3Q 2024 3Q 2025 7
Slide 8: Third Quarter 2025 Total Revenues by Division
Third Quarter 2025 Total Revenues by Division BRAZIL 1.0% NOLAD 0.4% SLAD 39.7% ($million) ($million) ($million) Systemwide Systemwide Systemwide comparable comparable comparable 3.0% sales growth sales growth sales growth 4.1% 37.1% 4.9% 6.1% 4.9% 431.5 452.6 444.6 309.7 328.5 322.3 392.5 411.8 538
Slide 9: Profitability & Margins
3 Profitability & Margins Adjusted EBITDA & Margin Bridge
Slide 10: Third Quarter 2025 Consolidated Adj. EBITDA Margin & Margin Bridge
Third Quarter 2025 Consolidated Adj. EBITDA Margin & Margin Bridge 3Q25 – Adj. EBITDA Margin Performance 3Q25 – Consolidated 16.9% (% of total revenue) Adj. EBITDA margin ($million) 3Q24 Occupancy Franchised Other 3Q25 Adjusted Payroll & & Other Restaurants Operating Adjusted 65.6% EBITDA Food & Emp
Slide 11: Third Quarter 2025 Adjusted EBITDA by Division
Third Quarter 2025 Adjusted EBITDA by Division BRAZIL 32.6% NOLAD 9.1% SLAD 11.3% ($million) ($million) ($million) Adj. EBITDA Adj. EBITDA Adj. EBITDA margin margin margin 81.9% 86.6% (4.4)% 69.8% (2.4)% 30.8% 79.0 147.4 143.6 30.7 30.0 29.4 35.7 46.7 60.6 3Q24 3Q25 3Q25 3Q24 3Q25 3Q25 3Q24 3Q25 3Q2
Slide 12: Balance Sheet & Development
4 Balance Sheet & Development Capital Allocation
Slide 13: Healthy Balance Sheet Metrics
Healthy Balance Sheet Metrics Comfortable Net Leverage Ratio Key Debt Metrics – at period end ($million) Leverage Ratio 0.9x 1.0x 1.1x 1.2x BBB- Stable 676 561 474 362 BBB- 666 304 721 247 700 139 933 257 Stable 2022 2023 2024 3Q25 Total Debt Cash & Equivalents Net Debt • Total financial debt includ
Slide 14: Development & Capital Allocation
Development & Capital Allocation Investing in Long-term Growth 3Q 2025 Quarter-end Restaurant Footprint Store Type Total Dessert Division McCafé Freestanding In Store MS & FC Restaurants Centers BRAZIL 652 89 461 1,202 174 2,023 NOLAD 423 48 195 666 19 512 SLAD 270 124 217 611 232 732 TOTAL 1,345 26
Slide 15: Wrap Up
5 Wrap Up Final Thoughts
Slide 16: Social Impact & Sustainable Development
Social Impact & Great Place to Work Sustainable Development Argentina #1 in the Great Place to Work for Young Talent Brasil #4 in the Great Place to Work MERCO (Corporate Reputation Monitor) Panama #8 in the Merco Companies Ranking Mexico #2 in the Merco Companies ranking in the “Restaurants” catego
Slide 17: Final Thoughts
Final Thoughts Focused on Big Priorities • Optimizing today’s performance. • Maximizing returns on investment. • Preparing for the long term. Strong Marketing Plans • Working to deliver a solid finish to 2025. • The 2026 FIFA World Cup sponsorship includes Arcos Dorados’ three largest markets. Targe
Slide 18: Questions & Answers
Questions & Answers
Slide 19: Supplemental Information
6 Supplemental Information
Slide 20: Third Quarter 2025 Consolidated Net Income Growth & Margin Bridge
Third Quarter 2025 Consolidated Net Income Growth & Margin Bridge 3Q25 – Net Income Margin Performance 3Q25 – Net Income 12.6% (% of total revenue) ($million) margin Net Interest Other Net Income 3Q24 Operating Expense & Gain / (Loss) Foreign Non- attributable to 3Q25 Net Depreciation Charges Other
Slide 21: Net Debt to Net Income
Net Debt to Net Income Key Debt Metrics – at period end ($million) Leverage Ratio 2.6x 2.6x 3.8x 2.8x 676 561 474 362 666 304 721 247 700 933 257 139 2022 2023 2024 3Q25 Total Debt Cash & Equivalents Net Debt • Total financial debt includes short-term debt, long-term debt, and derivatives instrument
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation For Three-Months For Nine-Months September 30, September 30, ($million) 2025 2024 2025 2024 Adjusted EBITDA Reconciliation Net income attributable to Arcos Dorados Holdings Inc. 150,429 35,214 186,946 90,355 Net income attributable to non-controlling interests 113 76 3
Slide 23: Definitions
Definitions 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
Slide 24: Thank you!
Thank IR Contacts https://ir.arcosdorados.com you! ir@mcd.com.uy Dan Schleiniger Vice President Investor Relations daniel.schleiniger@mcd.com.uy Follow us on
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