Arcos Dorados Holdings Inc. · NYSE:ARCO
Arcos Dorados — Q4 2025 Earnings Presentation
23 slides from Arcos Dorados's earnings presentation, Mar 19, 2026
Slide 1: 4Q & Full Year 2025 Results
Arcos Dorados 4Q & Full Year 2025 Results March 19, 2026
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 Divisional Revenue Thoughts 3 Profitability & 6 Supplemental Margins Information 3
Slide 4: Key Highlights
1 Key Highlights 4th Quarter & Full Year 2025
Slide 5: Fourth Quarter and Full Year 2025 Key Highlights
Fourth Quarter and Full Year 2025 Key Highlights Fourth Quarter Full Year Systemwide comparable sales grew in line with blended inflation. 4Q 2025 FY 2025 Systemwide • Comparable sales outperformed inflation in SLAD (1.2x), and in NOLAD driven Total Revenue Total Revenue Comparable Sales by Mexico (
Slide 6: Marketing, Digital & Divisional Revenue
2 Marketing, Digital & Divisional Revenue Organic Growth Drivers
Slide 7: Marketing, Digital & Loyalty Integrated Platforms to Drive Sales Growth
Marketing, Digital & Loyalty Integrated Platforms to Drive Sales Growth Total Digital Sales Penetration ~58% ~62% 4Q 2024 4Q 2025 Loyalty Program Registered Members 15.8m 27.2m 4Q 2024 4Q 2025 7
Slide 8: Fourth Quarter 2025 Total Revenues by Division
Fourth Quarter 2025 Total Revenues by Division BRAZIL 1.5% NOLAD 1.7% SLAD 49.5% ($million) ($million) ($million) Systemwide Systemwide Systemwide comparable comparable comparable 4.0% sales growth sales growth sales growth 6.2% 44.4% 12.6% 11.5% 7.9% 445.9 502.0 463.8 303.1 338.1 322.0 395.2 426.4
Slide 9: Profitability & Margins
3 Profitability & Margins Adjusted EBITDA & Margin Bridge
Slide 10: Fourth Quarter 2025 Consolidated Adj. EBITDA Margin & Margin Bridge
Fourth Quarter 2025 Consolidated Adj. EBITDA Margin & Margin Bridge 4Q25 – Adj. EBITDA Margin Performance 4Q25 – Consolidated 13.6% (% of total revenue) Adj. EBITDA margin ($million) 4Q24 Occupancy Franchised Other 4Q25 Adjusted Payroll & & Other Restaurants Operating Adjusted 11.2% EBITDA Food & Em
Slide 11: Fourth Quarter 2025 Adjusted EBITDA by Division
Fourth Quarter 2025 Adjusted EBITDA by Division BRAZIL 21.7% NOLAD 9.9% SLAD 12.6% ($million) ($million) ($million) Adj. EBITDA Adj. EBITDA Adj. EBITDA margin margin margin 0.3% 3.7% 43.3% 9.5% 8.5% 26.1% 99.4 108.8 99.7 30.8 33.4 32.0 42.7 53.8 61.2 4Q24 4Q25 4Q25 4Q24 4Q25 4Q25 4Q24 4Q25 4Q25 (as
Slide 12: Balance Sheet & Development
4 Balance Sheet & Development Capital Allocation
Slide 13: Healthy Balance Sheet Metrics Comfortable Net Leverage Ratio
Healthy Balance Sheet Metrics Comfortable Net Leverage Ratio Key Debt Metrics – at period end ($million) Leverage Ratio 1.0x 1.0x 1.1x 1.2x BBB- Stable 679 569 481 370 BBB- 674 304 728 247 708 139 1,102 422 Stable 2022 2023 2024 2025 Total Debt Cash & Equivalents Net Debt • Total financial debt incl
Slide 14: Modernized Development & Capital Allocation
Development & Capital Allocation Investing in Long-term Growth 4Q 2025 Quarter-end Restaurant Footprint Store Type Total Dessert Division McCafé Freestanding In Store MS & FC Restaurants Centers BRAZIL 678 90 462 1,230 203 2,028 NOLAD 426 48 195 669 20 511 SLAD 280 124 217 621 244 740 TOTAL 1,384 26
Slide 15: Wrap Up
5 Wrap Up Final Thoughts
Slide 16: Final Thoughts
Final Thoughts Encouraging business momentum entering 2026, positions us to deliver: • Sustainable growth. • Expanding profitability. • Long-term value creation. Priorities for 2026 remain unchanged: • Disciplined execution. • Improved returns on invested capital. • Continued strengthening of the Mc
Slide 17: Questions & Answers
Questions & Answers
Slide 18: Supplemental Information
6 Supplemental Information
Slide 19: Fourth Quarter 2025 Consolidated Net Income Growth & Margin Bridge
Fourth Quarter 2025 Consolidated Net Income Growth & Margin Bridge 4Q25 – Net Income Margin Performance 4Q25 – Net Income 2.0% (% of total revenue) ($million) margin Net Interest Other Net Income 4Q24 Operating Expense & Gain / (Loss) Foreign Non- attributable to 4Q25 Net Depreciation Charges Other
Slide 20: Net Debt to Net Income
Net Debt to Net Income Key Debt Metrics – at period end ($million) Leverage Ratio 2.6x 2.7x 3.8x 3.2x 679 569 481 370 674 304 728 247 708 1,102 422 139 2022 2023 2024 2025 Total Debt Cash & Equivalents Net Debt • Total financial debt includes short-term debt, long-term debt, accrued interest payable
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation For Three-Months For Twelve-Months December 31, December 31, ($million) 2025 2024 2025 2024 Adjusted EBITDA Reconciliation Net income attributable to Arcos Dorados Holdings Inc. 25,170 58,404 212,116 148,759 Net income attributable to non-controlling interests 107 118
Slide 22: 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 23: 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
Arcos Dorados Holdings — Q4 2025 Earnings Presentation on 6ix