Arcos Dorados Holdings Inc (ARCO) 2025 Q3 法說會逐字稿

Hello and thank you for joining Arco Zerado's 3rd quarter 2025 earnings webcast. With us today are Luis Anato, our Chief Executive Officer, and Mariano Tanenbaum, our Chief Financial Officer.

您好，感謝您參加 Arco Zerado 2025 年第三季財報網路直播。今天和我們在一起的是我們的執行長路易斯·阿納托和我們的財務長馬裡亞諾·塔嫩鮑姆。

Today's webcast, which is being recorded, will consist of prepared remarks from our leadership team, which will be accompanied by a slide presentation that is also available in the investor section of our website, Iir.arcos Dorados.com.

今天的網路直播將進行錄製，內容包括我們領導團隊的準備好的講話，同時還會提供幻燈片演示，該幻燈片演示也可在我們網站的投資者專區 Iir.arcos Dorados.com 上找到。

To better follow the presentation, please note that you can set your view to full screen on the webcast platform.

為了更好地觀看演示，請注意，您可以在網路直播平台上將視圖設定為全螢幕模式。

Additionally, you can submit your questions at any time during the presentation using the Q&A function on the bottom of the screen.

此外，您還可以在演示過程中隨時使用螢幕底部的問答功能提交您的問題。

After we conclude our opening remarks, we will answer your questions.

開幕致詞結束後，我們將回答各位的問題。

Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release.

今天的電話會議將包含前瞻性陳述，請參閱我們獲利報告中的前瞻性陳述部分。

And recent filings with the SEC.

以及最近向美國證券交易委員會提交的文件。

We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

我們不承擔因新的或變更的事件或情況而更新或修改任何前瞻性聲明的義務。

In addition to reporting financial results in accordance with generally accepted accounting principles, we report certain non-GAAP financial results.

除了依照公認會計原則報告財務績效外，我們還報告某些非公認會計原則的財務表現。

Investors are encouraged to review the reconciliation of these non-GAAP financial results as compared with GAAP results, which can be found in today's earnings press release and conference call presentation, as well as the unaudited financial statements filed today with the SEC on Form 60.

我們鼓勵投資者查看這些非GAAP財務結果與GAAP結果的調節表，該調節表可在今天的盈利新聞稿和電話會議演示文稿中找到，也可在今天以60號表格形式向美國證券交易委員會提交的未經審計的財務報表中找到。

I'll now turn the call over to our CEO who is talking.

現在我將把電話轉給正在發言的執行長。

Thank you, Dan. Good morning, everyone, and thank you for joining us.

謝謝你，丹。各位早安，感謝各位的參與。

Today, we will take you through Arco Dorado's third quarter 2025 results, which included balanced US dollar revenue growth with solid profitability.

今天，我們將帶您了解 Arco Dorado 2025 年第三季的業績，其中包括以美元計價的均衡收入成長和穩健的獲利能力。

We successfully navigated challenging consumer dynamics in a couple of our largest markets, as well as persistent input cost pressure, especially in Brazil.

我們成功應對了幾個最大市場中充滿挑戰的消費者動態，以及持續的投入成本壓力，尤其是在巴西。

As I mentioned in August, we are focused on exceeding guests' expectations in today's business while modernizing and improving our growth processes to support higher returns on investment and to ensure Arco Dorados maintains its leadership position well into the future.

正如我在八月提到的，我們專注於在當今的商業環境中超越賓客的期望，同時不斷改進和完善我們的成長流程，以支持更高的投資回報，並確保 Arco Dorados 在未來很長一段時間內保持其領先地位。

In the near term, operating conditions remain challenging, but we believe we are well positioned to resume more normalized topline and EBITDA growth across the business when the consumer and macroeconomic environments improve.

短期內，經營環境依然充滿挑戰，但我們相信，隨著消費者和宏觀經濟環境的改善，我們有能力恢復業務的正常營收和 EBITDA 成長。

Let's move now to the key highlights of consolidated results for the 3rd quarter.

現在讓我們來看看第三季綜合業績的主要亮點。

Total revenue reached $1.2 billion a new high for a single quarter with balanced US dollar growth across the three divisions.

總營收達到 12 億美元，創下單季新高，三個部門的美元收入均達到均衡成長。

System-wide comparable sales rose 12.7% in line with blended inflation for the period.

系統內同店銷售額成長12.7%，與同期綜合通膨率持平。

Com sales growth was particularly strong in Slag, specifically Argentina and in selected noland markets such as Mexico and the French West Indies.

在 Slag，特別是阿根廷以及墨西哥和法屬西印度群島等部分北島市場，Com 的銷售成長尤其強勁。

Average tech growth dropped the result, more than offsetting a low single-digit decline in guest traffic versus the prior year.

平均科技成長拉低了業績，抵銷了客流量較上年同期個位數的下降幅度。

Marketing and digital have been an important differentiator for the McDonald's brand throughout the Arco Dorado's footprint.

在 Arco Dorado 的業務範圍內，行銷和數位化一直是麥當勞品牌的重要差異化因素。

This has allowed us to protect or expand market share almost without exception in the markets where we operate, which should help us sustain strong performance over the long run.

這使我們能夠在我們營運的市場中幾乎毫無例外地保護或擴大市場份額，這應該有助於我們在長期內保持強勁的業績。

We generated more than $200 million in adjusted the end of the third quarter.

截至第三季末，我們調整後的營收超過 2 億美元。

This result included the net impact of a federal tax credit in Brazil.

該結果包含了巴西聯邦稅收抵免的淨影響。

Excluding this impact from the quarter's results and the recovery of social contributions from the prior year period, US dollar adjusted a bit that declined by about 3%, mainly due to continued food and paper cost pressure.

剔除本季業績中的此影響以及上年同期社會繳款的回收，美元略有調整，下跌約 3%，主要原因是食品和紙張成本持續承壓。

We opened 22 restaurants with more than half of the quarter's capital expenditures invested in new restaurant growth.

我們開設了 22 家餐廳，本季超過一半的資本支出都投資於新餐廳的擴張。

With all remaining restaurants under construction, we are on track to deliver this year's 90 to 100 openings guidance.

其餘餐廳均已開工建設，我們預計今年將開業 90 至 100 家的目標。

Let's take a look at a few of the initiatives we used to generate sales growth in the quarter.

讓我們來看看本季我們為實現銷售成長所採取的一些措施。

Digital channel sales rose more than 11% versus the prior year and generate 61% of system-wide sales in the quarter, with continued strength in delivery and self-order kiosks.

數位通路銷售額較上年同期成長超過 11%，佔本季系統總銷售額的 61%，其中外送和自助點餐亭的銷售額持續強勁成長。

We are encouraged by the positive impact of the self-order kiosk since it demonstrates the relevance of the on-premise restaurant experience and the value guests see in our omni-channel offerings, convenient restaurant locations, and industry leading service, the only we can offer.

自助點餐亭帶來的正面影響令我們倍感鼓舞，因為它體現了餐廳現場體驗的重要性，以及顧客在我們全通路產品、便利的餐廳位置和業界領先的服務（這是我們獨有的服務）中所看到的價值。

Digital sales growth was strongest in Brazil and Slat, where Argentina capitalized on a modernized restaurant base and a tech-savvy consumer to drive growth.

數位銷售成長在巴西和斯拉特最為強勁，阿根廷則憑藉現代化的餐飲基礎和精通科技的消費者推動了成長。

The loyalty program is now available in 7 countries and we expect it to be offered in about 90% of all restaurants by the end of 2025.

此會員忠誠計畫目前已在 7 個國家推出，我們預計到 2025 年底，約 90% 的餐廳將提供此計畫。

The program had 23.6 million members at the end of the third quarter, growing by nearly 50% versus the end of 2024.

截至第三季末，該計劃擁有 2,360 萬會員，與 2024 年底相比增長了近 50%。

As the program grows in membership and active users, we expect it to help support more sustainable top-line growth in the long-term.

隨著該計劃的會員人數和活躍用戶數量的增長，我們預計它將有助於在長期內支持更永續的收入成長。

Marketing in the quarter focused on brand strength across all platforms.

本季行銷的重點是提升品牌在所有平台上的實力。

We deepened the emotional connection with the brand and created memorable experiences for families with the Hello Kitty and Tiny 10 licenses.

我們透過 Hello Kitty 和 Tiny 10 的授權，加深了與品牌的情感聯繫，並為家庭創造了難忘的體驗。

Value platform offered good value for money to guests and remained a strategic priority given the operating environment.

鑑於當前的營運環境，價值平台為顧客提供了物超所值的服務，並且仍然是策略重點。

Several markets leveraged the McCrispy Chicken platform to introduce new sandwiches and bundles in this key growth category.

多個市場利用 McCrispy Chicken 平台，在這個關鍵成長類別中推出了新的三明治和套餐。

The dessert category also supported guest traffic with locally relevant McFlurry flavors and the popular Hello Kitty license.

甜點類產品也透過迎合當地口味的麥旋風和廣受歡迎的Hello Kitty授權，吸引了大量顧客。

Finally, we leverage the exclusive regional sponsorship agreement with Formula One to drive sales and strengthen brand love in several markets.

最後，我們利用與一級方程式賽車的獨家區域贊助協議，在多個市場推動銷售並增強品牌喜愛度。

Over to you, Mariano.

接下來就看你的了，馬裡亞諾。

Thanks, Luis.

謝謝你，路易斯。

And good morning everyone.

大家早安。

Brazil's total revenue grew 4.9% in the third quarter, including a sequential improvement in com sales performance.

巴西第三季總營收成長 4.9%，其中包括 com 銷售業績的環比改善。

We believe this is an early indication that the worst is over in Brazil in terms of sales growth, especially since guest volumes were down slightly less than during the second quarter.

我們認為這是一個早期跡象，表明巴西的銷售成長最糟糕的時期已經過去，尤其是考慮到客流量的下降幅度略小於第二季。

Importantly, according to third-party measurements, we maintained significant market share leadership in Brazil through the 1st 9 months of 2025, despite the challenging environment for the entire restaurant industry.

重要的是，根據第三方測量結果，儘管整個餐飲業面臨挑戰，但在 2025 年前 9 個月，我們在巴西仍保持了顯著的市場份額領先地位。

This is a testament to the dynamic approach we have taken in Brazil with competitive pricing designed to balance sales growth and profitability.

這證明了我們在巴西採取的積極進取的策略，即透過具有競爭力的定價來平衡銷售成長和獲利能力。

Digital channels in Brazil accounted for almost 72% of system-wide sales, with notable strength in delivery and self-order kiosks.

在巴西，數位通路佔系統總銷售額的近 72%，其中外送和自助點餐亭表現特別強勁。

Additionally, 30% of Brazil's system-wide sales involved Meki loyalty program members.

此外，巴西系統銷售額的 30% 都來自 Meki 會員忠誠計畫會員。

NOLAD's total revenue rose 6.1% in US dollars, with strength in Mexico, Costa Rica, and the French West Indies.

NOLAD 的總收入以美元計價增長了 6.1%，其中墨西哥、哥斯達黎加和法屬西印度群島的成長勢頭強勁。

In fact, Mexico's com sales rose 6.3%, or 1.8 times the country's inflation rate.

事實上，墨西哥的玉米銷售額成長了 6.3%，是該國通貨膨脹率的 1.8 倍。

And 2 to 4 times higher than the main competitors' brands.

比主要競爭對手的品牌高出 2 到 4 倍。

In NOLAR, Costa Rica and Puerto Rico are seeing excellent guest engagement with the loyalty program, which is also being piloted in Mexico.

在 NOLAR、哥斯達黎加和波多黎各，賓客對忠誠度計劃的參與度非常高，該計劃目前也在墨西哥進行試點。

We expect the program to help drive higher digital sales penetration and guest frequency in 2026.

我們預計該計劃將有助於在 2026 年提高數位銷售滲透率和顧客光顧頻率。

Slat's US dollar revenue rose 4.9%, supported by comparable sales up 1.3 times the divisions blended inflation in the period.

Slat 的美元收入增長了 4.9%，這得益於同店銷售額增長了該部門同期綜合通膨率的 1.3 倍。

Argentina's sales growth remained strong in the quarter, and the division's sales also benefited from good performance in markets like Colombia and Uruguay.

本季阿根廷的銷售成長依然強勁，該部門的銷售額也受益於哥倫比亞和烏拉圭等市場的良好表現。

Digital sales penetration in Slat was 61.5% during the third quarter, supported by a strong performance from the loyalty program, which was available in Argentina, Colombia, Ecuador, and Uruguay.

第三季度，Slat 的數位銷售滲透率達到 61.5%，這得益於忠誠度計畫的強勁表現，該計畫已在阿根廷、哥倫比亞、厄瓜多和烏拉圭推出。

3rd quarter profitability remained solid despite below inflation comparable sales growth in Brazil and NOLED.

儘管巴西和NOLED的同店銷售成長低於通膨水平，但第三季獲利能力依然穩健。

And as Luis mentioned, the quarter's result included the net impact of a federal tax credit in Brazil.

正如路易斯所提到的，本季的業績包含了巴西聯邦稅收抵免的淨影響。

Let me take you through the details.

讓我來詳細講解一下。

We generated more than $200 million in adjusted EBITA, which included the net benefit of $85.6 million related to a federal tax credit in Brazil.

我們獲得了超過 2 億美元的調整後 EBITA，其中包括與巴西聯邦稅收抵免相關的 8,560 萬美元淨收益。

The credit, which also includes $39.6 million in interest, arose from the treatment of certain government-related tax incentives for the period 2016 to 2023.

該稅收抵免還包括 3,960 萬美元的利息，源自於 2016 年至 2023 年期間某些與政府相關的稅收優惠的處理。

We expect the 125.2 million net credit to have a positive cash impact.

我們預計1.252億淨信貸將產生正面的現金流影響。

Since we plan to use it to offset federal tax obligations beginning in 2026.

因為我們計劃從 2026 年開始用它來抵消聯邦稅。

We expect to recover the taxes over the next 5 years.

我們預計在未來5年內收回稅款。

As a reminder, last year's result included a $5.6 million dollar recovery related to social security contributions in Brazil.

提醒一下，去年的業績包括追回與巴西社會安全繳款相關的 560 萬美元。

Excluding these impacts from both periods results, adjusted that declined by about 3% in US dollars due to modest margin pressure.

剔除這些影響後，經調整後的兩期業績以美元計價下降了約 3%，原因是利潤率略有下降。

The main margin headwind in the 3rd quarter was elevated food and paper costs.

第三季利潤率面臨的主要不利因素是食品和紙張成本上漲。

The domestic price of beef in Brazil rose significantly at the end of 2024.

2024年底，巴西國內牛肉價格大幅上漲。

But we were able to leverage our supplier relationship and significant purchase volume to delay the impact of the price increase until the 1st quarter of this year.

但是，我們利用與供應商的關係和龐大的採購量，將價格上漲的影響推遲到今年第一季。

By generating operational efficiencies during the 3rd quarter, we were able to partially offset the food and paper cost pressures with greater labor productivity, as well as leverage in occupancy and other operating expenses.

透過在第三季提高營運效率，我們能夠透過提高勞動生產力來部分抵消食品和紙張成本的壓力，並利用入住率和其他營運費用來降低成本。

This translated into stable margin performance sequentially in the 3rd quarter, and we expect to capture additional efficiencies moving forward.

這使得第三季利潤率環比保持穩定，我們預計未來將進一步提高效率。

NOLA's margin included improved payroll and lower royalties, more than offset by margin pressure from food and paper, occupancy and other operating expenses, and G&A.

NOLA 的利潤率包括工資支出改善和特許權使用費降低，但這些改善被食品和紙張、租金和其他營運費用以及一般及行政費用帶來的利潤率壓力所抵消。

Slat has been the bright spot all year, generating strong quarterly adjusted the growth in US dollars and margin expansion in each of the first three quarters of 2025.

Slat 一直是今年的亮點，在 2025 年前三個季度均實現了強勁的季度調整後美元增長和利潤率擴張。

Adjusted EBITDA grew more than 30% versus the prior year, supported by a 2.2% touch point margin expansion.

經調整的 EBITDA 比上年增長超過 30%，這得益於觸點利潤率增長 2.2%。

Increased payroll productivity, leveraging occupancy and other operating expenses, and the lower royalty rate more than offset food and paper cost pressure.

工資生產力的提高、入住率和其他營運費用的增加以及較低的特許權使用費率，足以抵消食品和紙張成本的壓力。

Our balance sheet is strong and as I mentioned, in the coming years our cash flows are expected to benefit from the gradual utilization of the federal tax credit in Brazil.

我們的資產負債表穩健，正如我所提到的，未來幾年，隨著巴西聯邦稅收抵免政策的逐步實施，我們的現金流有望得到改善。

At the end of the third quarter, the net debt to adjusted TBD ratio was a comfortable 1.2 times.

第三季末，淨負債與調整後待定債務比率為1.2倍，處於較理想的水平。

We believe this, together with the extra flexibility provided by the new syndicated revolving credit facility, gives us plenty of room to support our medium-term growth plans.

我們相信，這加上新的銀團循環信貸安排提供的額外靈活性，將為我們提供充足的空間來支持我們的中期成長計畫。

Through the first three quarters of 2025, we opened 54 restaurants, including 34 in Brazil, with more than half the periods Cabex invested in openings.

到 2025 年前三個季度，我們開設了 54 家餐廳，其中 34 家在巴西，超過 Cabex 投資開設餐廳的時期的一半。

By the end of the year, there should be more than 2,500 restaurants in the Arcos Dorado's footprint.

到今年年底，Arcos Dorado 區域內應該會有超過 2500 家餐廳。

We are revising every element of our development processes with a focus on identifying and implementing initiatives designed to improve operational efficiency and generate more consistent returns on investment from each of these assets.

我們正在修訂開發流程的每一個環節，重點是確定和實施旨在提高營運效率並從每項資產中獲得更穩定投資回報的措施。

Performance has been strong this year in Argentina and Mexico, Slat and NOLA's largest markets.

今年，阿根廷和墨西哥（Slat 和 NOLA 最大的市場）的業績表現強勁。

And we believe this is sustainable going into next year.

我們相信這種勢頭能夠持續到明年。

As Luis mentioned, we believe we are well positioned to return to healthier sales growth in Brazil moving forward.

正如路易斯所說，我們相信我們已經做好充分準備，未來在巴西實現更健康的銷售成長。

With our 3 largest markets aligned, operational profitability and cash flow generation should also improve.

隨著我們三大市場的整合，營運獲利能力和現金流產生能力也應該會得到改善。

We know this is the best way to create shareholder value, and we have the entire team.

我們知道這是創造股東價值的最佳方式，而且我們擁有整個團隊。

Working toward that goal.

朝著這個目標努力。

Back to you, Luis.

路易斯，該你了。

Thanks, Mariano.

謝謝你，馬裡亞諾。

Let me wrap up with a few final thoughts.

最後，我想補充幾點。

As you have heard before, one of the pillars of the recipe for the future platform is youth opportunity.

正如你之前所聽到的，未來平台建設的支柱之一是為青年提供機會。

Part of providing first-time formal job opportunities to young people is making sure they have a positive experience in that first job.

為年輕人提供第一次正式工作機會的一部分，是確保他們在第一份工作中獲得積極的體驗。

This is why it is so satisfying to be recognized by Greatlace to Work as one of the top employers or to see Elco dorado's corporate reputation continue to climb the rankings in several of the markets where we operate.

因此，能夠被 Greatlace to Work 評為頂級雇主之一，或看到 Elco dorado 的企業聲譽在我們經營的幾個市場中不斷攀升，都讓我們感到非常欣慰。

ALL6 pillars of the recipe for the future platform are good for business and good for the social, environmental, and economic impacts we make throughout Latin America and the Caribbean.

未來平台的六大支柱全部有利於商業發展，也有利於我們在整個拉丁美洲和加勒比海地區產生的社會、環境和經濟影響。

Since beginning my tenure as CEO 4.5 months ago, I have worked to refocus the team and the company on 3 big priorities.

自從我4.5個月前開始擔任執行長以來，我一直致力於將團隊和公司重新聚焦於3個重要優先事項。

Optimizing the performance of today's business.

優化當今企業的績效。

Maximizing the return on investment from capital expenditures and ensuring the company is preparing itself for the long-term.

最大限度地提高資本支出的投資報酬率，並確保公司為長期發展做好準備。

With that mindset, we're pushing to have a solid finish to the year while positioning ourselves for a stronger performance next year.

秉持著這種心態，我們力爭在今年取得一個圓滿的收官，同時為明年取得更佳成績做好準備。

We are excited about our marketing plans for the remaining seven weeks of 2025, and we believe next year's plan is among the strongest ever.

我們對 2025 年剩餘七週的行銷計劃感到非常興奮，我們相信明年的計劃是有史以來最強大的計劃之一。

One spoiler I can give you is that next year's marketing calendar includes McDonald's sponsorship of the FIFA World Cup, which is the most popular and impactful sporting event in all the markets where we operate.

我可以透露的一個消息是，明年的行銷計劃包括麥當勞贊助國際足總世界杯，這是我們所有營運市場中最受歡迎、最具影響力的體育賽事。

Notably, next year's World Cup will include Arcoorado's 3 largest markets.

值得注意的是，明年的世界盃將包括阿科拉多最大的三個市場。

Argentina, the defending champion, Brazil, the winningest team in the tournament's history, and Mexico, one of the three host nations.

阿根廷（衛冕冠軍）、巴西（賽事史上獲勝次數最多的球隊）以及墨西哥（三個東道國之一）。

Last week, we reviewed the plans for 2026 with the team.

上週，我們和團隊一起審查了 2026 年的計畫。

And each of the country-level managing directors, divisional Presidents, and corporate leaders is targeting sustainable top-line growth and improved operational efficiency to drive profitability, generate free cash flow, and create shareholder value.

各國總經理、部門總裁和公司領導都將目標設定為實現可持續的收入成長和提高營運效率，以推動獲利能力、產生自由現金流並創造股東價值。

Thank you for joining today's call. Dan, back to you.

感謝您參加今天的電話會議。丹，把機會交還給你。

Thanks, Luis. We will now begin the Q&A session.

謝謝你，路易斯。現在開始問答環節。

You can submit your questions using the Q&A function on the bottom of the screen.

您可以使用螢幕底部的問答功能提交您的問題。

Please limit yourself to one or two questions so that I can read, understand, and convey them to our speakers. We will now pause briefly to compile your questions.

請盡量將問題限制在一到兩個，以便我能閱讀、理解並轉達給演講嘉賓。現在我們稍作停頓，整理一下大家的問題。

Okay, great. We have a few questions to get through here in the queue already and we'll start with Alessandro Charnelli from Salmuyo.

好的，太好了。我們這裡已經有幾個問題要解答了，我們先從 Salmuyo 的 Alessandro Charnelli 開始。

And he says, good morning. Just a question on the tax benefit and EBITDA. If I adjust out the tax credit from EBITDA, then it was down year over year. Was that related to food and paper costs? And could you give some color on that?

他說，早安。關於稅收優惠和 EBITDA，我有個問題。如果從 EBITDA 中扣除稅收抵免，那麼它就比去年同期下降了。那和食品、紙張成本有關嗎？能詳細解釋一下嗎？

Thank you. And I'll start with you, Marian, on that one.

謝謝。那我就先從你開始吧，瑪麗安。

Okay.

好的。

Thank you. Good morning, everyone. And thanks, Alessandro, for your question. You're right. Basically, if we remove the one-off, we can see that we have margin contraction mainly related to food and paper, and mainly related to the increase in beef costs in Brazil of 35% over the year. And in a much lesser extent, in, increases in NOLAD. There is also some G&A increased, mainly related to timing and appreciation of the Argentine peso and the Brazilian real.

謝謝。各位早安。謝謝亞歷山德羅的提問。你說得對。基本上，如果我們剔除一次性因素，我們可以看到利潤率收縮主要與食品和紙張有關，主要與巴西牛肉成本一年內上漲 35% 有關。而 NOLAD 的增加程度則小得多。此外，還有一些一般及行政費用增加，主要與阿根廷比索和巴西雷亞爾的匯率波動和升值有關。

This, forces were partially offset by a very relevant, increase or, better payroll, of 60, bibs year on year. And we can see this, increase in payroll or this better payroll in mainly the, in the three divisions in Brazil, in OLAD and Slat. We're very pleased.

這些因素在一定程度上被非常相關的成長或更好的薪資單所抵消，即每年增長 60,000 個號碼牌。我們可以看到，總薪資的增加或薪資水準的提高主要體現在巴西的三個部門、OLAD 和 Slat。我們非常滿意。

With those efficiencies. And also there are gains in occupancy and other operating expenses of 20 bibs and royalties on 10 bibs approximately.

憑藉這些效率。此外，還有 20 個圍兜的入住率和其他營運費用收益，以及大約 10 個圍兜的特許權使用費收益。

Great, thank you. We now have 3 questions from Eric Huang from Santander. I'll give this next one to you, Luis.

太好了，謝謝。現在我們收到了來自桑坦德銀行的 Eric Huang 的 3 個問題。下一個就交給你了，路易斯。

And Eric asks in Brazil, how was the company's market share evolved in the previous quarter and how has competition been moving given it's still challenging macro backdrop in the country. He further goes on to ask, does management foresee potential additional initiatives to boost revenues? Where is the balance between market share protection and or gain versus profitability protection at comfortable levels. Again, over to you, Luis.

艾瑞克在巴西問道，該公司上一季的市佔率發生了怎樣的變化，鑑於該國仍然充滿挑戰的宏觀經濟環境，競爭情勢又是如何變化的。他接著問道，管理階層是否預見到其他可能推出的提振收入的舉措？如何在市佔率保護或收益與獲利能力保護之間取得平衡，並達到舒適的水平？路易斯，現在輪到你了。

All right, thank you, Eric, for the question. Good morning, everyone. First, let me give you a little bit of context. Traffic in Brazil, remained, and remains challenging, especially due to factors related to disposable income. Consumer confidence is still down, and, out of home consumption is negatively impacted. We believe in general consumers, particularly lower-income consumers are being more rational with their spending power, and this, Has had a, we, we've seen, an impact in reduced, gas traffic in the sector in general. So for this reason, it was very important to remain focused on offering a compelling value proposition with competitive pricing and TRY to deliver a great experience through all the channels. Our customers today are omnichannels, so we have to deliver the good, excellent operation in all of them. And what we have seen regarding the, our competitors is that the industry in general continue to focus on promotional activities. They have been more transactional, trying to just drive traffic. We've On a more comprehensive plan that complements actions targeted to increase traffic and shield our market share with those actions that aim to build the love for the brand. For example, we have just launched a By the end of the third quarter, the beginning of this fourth quarter, Economeki in Brazil is a national value platform where customers can get a 4 item menu for 2,022.9 GII or about $4.2.

好的，謝謝你的提問，艾瑞克。各位早安。首先，讓我先簡單介紹一下背景。巴西的交通狀況一直都很嚴峻，而且由於與可支配收入相關的因素，這種情況尤其如此。消費者信心依然低迷，外出消費受到負面影響。我們認為，一般消費者，特別是低收入消費者，在消費能力方面更加理性，我們已經看到，這導致整個行業的加油量普遍下降。因此，正因如此，我們才更加重視提供具有競爭力的價格和極具吸引力的價值主張，並努力透過所有管道提供卓越的體驗。如今我們的客戶都是全通路用​​戶，因此我們必須在所有管道上提供良好、卓越的營運服務。而我們從競爭對手那裡看到的是，整個產業仍然專注於促銷活動。他們更注重交易，試圖只吸引流量。我們正在製定一項更全面的計劃，該計劃旨在透過旨在增加流量和保護市場份額的行動，來補充旨在建立品牌喜愛度的行動。例如，我們剛剛推出了 Economeki。到第三季末，也就是本第四季初，Economeki 在巴西已成為一個全國性的價值平台，顧客可以以 2,022.9 GII 或約 4.2 美元的價格獲得包含 4 道菜的菜單。

And we also have actions like Formula One. Today, we have implemented a co-branded with Red Bull, for example, that make the brand more aspirational, and those are the actions that aim to keep on improving our revenue, in a more healthy way. According to Crest, regarding the part of the question that was asking about our market share, our visit share remains strong.

我們還有像一級方程式賽車這樣的賽事。例如，今天我們與紅牛開展了聯合品牌推廣活動，使品牌更具吸引力，這些舉措旨在以更健康的方式不斷提高我們的收入。據 Crest 稱，關於問題中詢問的市場份額部分，我們的訪問份額依然強勁。

Near record highs and maintaining a positive GAAP versus our other main competitors. We are comfortable with that position.

接近歷史最高水平，並且相對於其他主要競爭對手保持正的GAAP收益。我們對此立場感到滿意。

The main goal in Brazil is to recoup margins, so our main focus is going to be, on that. And. We think that we are in a position of strength, to capture the rebound of the economy, when it starts to come back.

我們在巴西的主要目標是收回利潤，所以我們的主要精力將集中在這方面。和。我們認為我們處於有利地位，能夠抓住經濟復甦的機會。

Thanks Luis.

謝謝你，路易斯。

Thank you. The second question from Eric that we'll take here is, given the potential for dividend taxation in Brazil starting in 2026, does the company see any potential impacts on its operations when it comes to the repatriation of results from the Brazilian entity to the parent company, the holding, company? And so, I'll give that one over to you, Mariano.

謝謝。艾瑞克提出的第二個問題是，考慮到巴西可能從 2026 年開始徵收股利稅，公司是否認為將巴西實體的業績匯回母公司（控股公司）會對其營運產生任何潛在影響？那麼，接下來就交給你了，馬裡亞諾。

Perfect. Thanks, Eric, for the question. Well, first of all, this taxation has not been approved yet.

完美的。謝謝埃里克的提問。首先，這項稅收方案尚未獲得批准。

But we can mention that, we deal with similar rules all over, the countries we operate. We have a very efficient cash management structure, and on top of that, we have very relevant, expansion plan in Brazil. But, if the law is approved, we will comment on that, later.

但我們可以指出，在我們開展業務的各個國家，我們都遵循類似的規則。我們擁有非常有效率的現金管理結構，此外，我們在巴西還有非常相關的擴張計畫。但是，如果該法案獲得通過，我們稍後會對此發表評論。

Thank you.

謝謝。

Great. Thanks, Mariano. Now, I'm actually going to take Eric's third question and combine it with a question that we receive, we received from Freulin Mendez of JPMorgan.

偉大的。謝謝你，馬裡亞諾。現在，我打算把艾瑞克的第三個問題和我們從摩根大通的弗魯林門德斯那裡收到的一個問題結合起來。

So first from Eric, entering 2026, if the softness in consumer conditions in both Brazil and to some extent Mexico persists, how does management think about expansion? Would it be an opportunity to perhaps scale down openings? And accelerate the renovations, especially in Mexico, for example.

首先，艾瑞克認為，進入 2026 年，如果巴西和墨西哥在某種程度上的消費狀況疲軟的局面持續下去，管理階層是如何考慮擴張的？這是否是一個縮小招募規模的機會？加速翻新改造，尤其是在墨西哥等地。

So on some level that's associated with What's going into 2026? One question is on the side of renovations. Freud asks a similar question with a different punchline.

所以從某種程度上來說，這與 2026 年會發生什麼事有關？其中一個問題與翻新工程有關。佛洛伊德提出了一個類似的問題，但結論卻截然不同。

Also, what are your initial thoughts on pricing versus versus affordability in the 26? Are you considering a strategy to gain markets here in 25? Will you be able to recover pricing in 26? So maybe what we should do is focus on what we're seeing for 26 and then we can talk about the expansion side after that.

另外，您對26的定價和可負擔性有何初步看法？您是否正在考慮25年採取策略來開拓市場？你能在26年恢復價格嗎？所以，或許我們應該先關註一下 26 號球員的情況，然後再討論擴軍方面的問題。

Over to you, Luc.

接下來就看你的了，路克。

Okay, as I mentioned, my focus, or our focus, for the pricing in 2026 is that we're going to be, we're going to remain close to, our customers, having a compelling, value proposition, trying to shield our market share, and we're going to be laser focused, trying to capture any opportunity that we have to, improve our margins. The objective, for next year is to expand the EBITDA margin versus this year.

好的，正如我所提到的，我或者說我們2026年的定價重點是，我們將與客戶保持緊密聯繫，提供有吸引力的價值主張，努力保護我們的市場份額，並且我們將全力以赴，努力抓住任何機會來提高我們的利潤率。明年的目標是提高 EBITDA 利潤率，比今年有所提高。

And regarding the growth, plan, right, yeah, let me first tell you that, our growth plan is aligned with our long-term vision that is to unlock, McDonald's full potential in the region.

至於成長計劃，是的，首先我要告訴大家，我們的成長計劃與我們的長期願景一致，那就是釋放麥當勞在該地區的全部潛力。

It already incorporates market opportunities and funding strategies to support this expansion. But let me tell you that we're going to be flexible. If conditions change, we are going to be flexible to adjust the pace and the focus of investments, not just in Brazil and Mexico, in the whole region, as we have done in the past. We're going to prioritize the most profitable markets. And restaurant formats. In fact, as I said, in our call in August, we're in the process of revisiting every element of our development process because we are convinced that in order to increase our cash flow generation and create more value for our shareholders, we need to ensure that every dollar invested brings the best possible return. And we're going to, regarding the non-development investments, we're going to accelerate or defer as needed to preserve cash. As the guidance for 2026 are going to be given in the first quarter of next year, as we have done historically.

它已經納入了市場機會和融資策略，以支持這一擴張。但我要告訴你們，我們會靈活應對。如果情況發生變化，我們將靈活調整投資的速度和重點，不僅限於巴西和墨西哥，而是整個地區，就像我們過去所做的那樣。我們將優先考慮利潤最高的市場。以及餐廳業態。事實上，正如我在8月的電話會議上所說，我們正在重新審視我們發展過程中的每一個環節，因為我們深信，為了增加現金流並為股東創造更多價值，我們需要確保每一美元的投資都能帶來盡可能好的回報。至於非開發性投資，我們將根據需要加快或推遲投資，以保留現金。2026 年的業績指引將於明年第一季公佈，這與我們以往的做法一致。

I think I covered the two parts.

我覺得我已經涵蓋了這兩個部分。

Thanks, Luis.

謝謝你，路易斯。

Next question for you, Mariano, staying with Froulan Mendez from JPMorgan.

下一個問題問你，馬裡亞諾，接下來是摩根大通的弗魯蘭門德斯。

Should we expect lower input cost pressure in Brazil already in the 4th quarter given the recent beef trends?

鑑於近期的牛肉價格走勢，我們是否可以預期巴西在第四季投入成本壓力會降低？

Perfect.

完美的。

Thank you, Freudan, for the question. Let me elaborate a bit on the gross margin of the paper costs in Brazil that were mainly impacted by beef inflation. Which remains the primary pressure point.

謝謝你的提問，弗洛伊丹。讓我詳細說明一下巴西紙張成本的毛利率，這主要受到牛肉通膨的影響。仍然是主要的壓力點。

In the last 12 months, they have increased more than 35%, as I already mentioned.

正如我之前提到的，在過去的 12 個月裡，它們的增幅超過了 35%。

However, we believe that the second quarter was the lowest point of the year and we're confident that we will continue to recover gross margin going forward.

但是，我們認為第二季是今年的最低點，我們有信心未來毛利率將繼續回升。

In addition, let me point out that the current appreciation of the Brazilian real is also positive for our imported products. So we also can see an improvement related to the appreciation of the currency. And of course, all the tools that we, actively Use in order to mitigate impacts like the ones we saw in in beef through pricing, mix, supplier negotiations, our scale, operational efficiencies, and so forth.

此外，我想指出，目前巴西雷亞爾的升值對我們的進口產品也是有利的。因此，我們也可以看到與貨幣升值相關的改善。當然，我們積極運用各種工具來減輕我們在牛肉產業中看到的影響，例如透過定價、產品組合、供應商談判、規模、營運效率等等。

On top of that, what we can say is that overall, and the early, very early, numbers that we are seeing for the last quarter, we are seeing some signs of improvement in beef costs in Q4. And for sure, we're not expecting additional pressures as we have seen in the last 12 months.

除此之外，我們可以說，總體而言，從我們目前看到的第四季度早期數據來看，牛肉成本在第四季度出現了一些改善的跡象。當然，我們預計不會再出現像過去 12 個月那樣的額外壓力。

Thanks, Mariano. Now we have a few questions from Alvar Garcia from BTG Pac-12.

謝謝你，馬裡亞諾。現在我們來聽聽來自 BTG Pac-12 的 Alvar Garcia 的幾個問題。

I will start with a bigger picture question he has on Brazil. He says, you're clearly not losing market share, so I wanted to get your take on consumer weakness. What are your thoughts on the impact of sports betting or GLP-1 drugs might be having on your sales, and I'll give that one to you, Luis.

我先從他提出的關於巴西的一個更宏觀的問題開始。他說，你們顯然沒有失去市場份額，所以我很想聽聽你們對消費者疲軟的看法。路易斯，你認為體育博彩或 GLP-1 藥物可能會對你的銷售額產生什麼影響？這個問題就交給你了。

Okay, yes, as I said, we were seeing, a, an impact in the consumption and, as I said, it's related to disposable income, and, mainly in, lower-income, consumers. The beds for sure, are having a big impact in, the purchasing power of, in general, in, but mainly in lower income, socio-economic, levels.

好的，是的，正如我所說，我們看到消費受到了影響，而且正如我所說，這與可支配收入有關，主要影響的是低收入消費者。床鋪無疑對人們的購買力產生了很大的影響，尤其是在低收入、低社會經濟階層中。

And the GLP one, today regarding that, we're not seeing yet an impact in in consumption due to this kind of treatment, in the region.

至於 GLP 方面，就目前而言，我們還沒有看到這種處理方式對該地區消費產生影響。

And we really do not believe that it will have a material impact in the future.

我們真的不認為這會在未來產生實質影響。

Okay, thanks Luis. The next question from Alvaro, and this one will be for you, Mariano.

好的，謝謝你，路易斯。阿爾瓦羅的下一個問題，這個問題要問你，馬裡亞諾。

Double checking on the $125 million dollar tax credit in Brazil, can you share how those savings might be phased over the next five years? And is $125 million a fair number of gross savings to use going forward on federal tax benefits in Brazil?

關於巴西1.25億美元的稅收抵免，您能否再次確認一下，這些優惠將在未來五年內如何分階段實施？那麼，1.25億美元的節省總額是否足以用於巴西未來的聯邦稅收優惠？

Perfect. Thanks, Salvaro. Yes, 125 is the fair number, and the credit will be gradually compensated with federal taxes over the next five years.

完美的。謝謝你，薩爾瓦羅。是的，125 是合理的數字，而且這部分稅收抵免將在未來五年內透過聯邦稅收逐步補償。

We're currently building our compensation strategy, of course, in full compliance with the law, but we can assume it will be evenly distributed in the next 5 years.

我們目前正在製定薪酬策略，當然，一切都將完全依法進行，但我們可以假設在未來 5 年內薪酬分配將趨於均衡。

Great. Thanks, Mariano and Albert has another question, and this one I'll give it to you, Luis.

偉大的。謝謝，馬裡亞諾。阿爾伯特還有一個問題，這個問題就交給你了，路易斯。

A bigger picture question on chicken. Can you please provide an update or view, updated view on how you see your mix shifting towards chicken in a heavy beef loving markets like Brazil and Argentina?

關於雞肉的一個更宏觀的問題。您能否提供您對在巴西和阿根廷等牛肉消費量巨大的市場中，您的產品組合將如何向雞肉方向轉變的最新看法？

Yeah, thank you, Alvaro, for the question. As under the umbrella of the McDonald's brand, we have different categories, like, beverages, like, desserts and chicken that are today and are going to be very important. After the, for us, an inflection point for the category was the launch of the McCrispy. Chi chicken platform that has sandwiches that are excellent regarding quality, that were, greatly accepted by our customers, and that are gaining share quarter after quarter.

是的，謝謝你的提問，阿爾瓦羅。在麥當勞品牌旗下，我們有不同的產品類別，例如飲料、甜點和炸雞，這些產品現在非常重要，未來也會非常重要。對我們來說，該品類的一個轉捩點是 McCrispy 的推出。Chi Chicken平台的三明治品質優良，深受顧客喜愛，市場份額逐季增長。

The growth will be and it, and it's being gradual, but it will be consistent. We're, giving, but it's going to be, relevant for us in the, in the near future. We do have room for innovations, for example, we have, every year, windows that, we bring innovation with, for example, spicy chickens, that is a flavor that is. Very very well accepted in the region or for example, in this quarter in Brazil, we launched the Chicken bacon ranch and that is going to be important for us, not only in the top-line, as you're seeing and saying in the question is going to be important for us in the bottom line. Important to say that we still have a huge opportunity to keep on growing with a category like McNuggets, that is, an asset for us. And that, within the chicken category, is strength, for our business. So for sure, this is going to be a strategic pillar, in the coming years.

成長將會是漸進的，但會是持續的。我們正在付出，但這在不久的將來對我們來說將具有現實意義。我們確實有創新的空間，例如，我們每年都會推出一些創新產品，例如辣味雞肉，這是一種很受歡迎的口味。在這一地區，或例如，本季在巴西，我們推出了雞肉培根牧場沙拉醬，這對我們來說非常重要，不僅對營收很重要，正如你在問題中看到和提到的，對利潤也很重要。值得一提的是，像麥樂雞這樣的品類，我們仍然有很大的發展機會，對我們來說，這是一個寶貴的資產。就雞肉類別而言，這就是我們公司的優勢所在。所以可以肯定的是，這將在未來幾年成為一個戰略支柱。

Okay. Lois, I'm sorry to do this to you, but we actually have 3 more questions that I'm going to give you, and it's going to be a combination of questions.

好的。洛伊斯，我很抱歉這樣對你，但我還要問你三個問題，這些問題是組合在一起的。

First from Tiago Bertolucci at Goldman Sachs.

首先是來自高盛的蒂亞戈·貝爾托魯奇。

Tiago asks, could you please expand on your same store sale, foot traffic performance in Brazil, Mexico, and Argentina and Brazil, how did traffic share evolve? Aligned with that, we have from Alejandro Fuchs at IAU.

Tiago問道，能否詳細介紹一下您在巴西、墨西哥和阿根廷的同店銷售和客流量表現？在巴西，客流量份額是如何變化的？與此相符的是，我們也有來自國際天文學聯合會 (IAU) 的 Alejandro Fuchs 的資料。

First question is for Luis. Same store sales in Brazil. Could you provide some thoughts on a competitive environment today and how have other markets in NOLAP performed, especially against Mexico. So I think it's another same store sales question related to that. And Hanoi Mude Guzman from Inca Investments asked if we can comment on recent sales trends. Are you seeing a recovery so far in the 4th quarter? So maybe a little bit of, the 3rd quarter performance in terms of same store sales with the 3 biggest markets and then a little bit of recent trends as well.

第一個問題問路易斯。巴西同店銷售額。您能否談談您對當前競爭環境的看法，以及NOLAP其他市場的表現如何，特別是與墨西哥市場相比？所以我認為這又是另一個與此相關的同店銷售問題。來自 Inca Investments 的 Hanoi Mude Guzman 詢問我們是否可以對近期的銷售趨勢發表評論。您認為第四季目前出現了復甦跡象嗎？所以，或許可以稍微分析一下第三季三大市場同店銷售業績，以及最近的一些趨勢。

Perfect then.

那太好了。

Bear with me. I'm going to start with, Brazil because I already said a few things. As you, even though we did see a challenging, situation in the market, because we know for a fact that the KyoO market is down in visits, we managed to deliver positive com sales. And even though there isn't a lot of room for higher pricing, we're working through a combination of pricing and mix. To increase our check, because we need to offset that volume, decline that, is related to the market, and, we need to offset the pressure that we have in margins. So, the contribution to sales in the market came more from average check than volume. We are seeing that is, improving in the. Beginning, regarding traffic, in the beginning of this quarter, and we're doing that because we're trying to reach a balance between sales growth and, profitability. And to give you a little bit more color, about, what is happening in the different channels, the strongest channel was delivery in Brazil, that kept on growing in sales, supported by positive guest traffic. Front counter remained roughly flat. For us, it's very good because it is proof of how aspirational our brand and the on-premise experience continues to be, important, and, in, very relevant to the desert centers, channel are recovering as a result of better operational execution, right pricing. And relevant innovation. For example, we had the Hello Kitty, under the Hello Kitty platform and licensing the Happy Meal, we did have some innovation with Sunisia and McVerry. So, in this channel, we still have room to grow and improve and The goal is to achieve pre-pandemic volume. So, regarding the, NOLED and Mexico, as I said in Brazil, we think that we are in a position of strength and ready to capture any rebounding the economic activity. Regarding, Mexico.

請稍等。我先從巴西說起，因為我已經說過一些關於巴西的事情了。如您所見，儘管我們看到了市場面臨的挑戰，因為我們確切地知道 KyoO 市場的訪問量有所下降，但我們仍然實現了正向的銷售業績。儘管提價空間不大，但我們正在努力尋求價格和產品組合相結合的策略。為了增加我們的收入，因為我們需要抵銷銷售下降的影響，這與市場有關，而且，我們需要抵銷利潤率方面的壓力。因此，市場銷售額的貢獻更多來自平均客單價，而不是銷售量。我們看到，情況正在好轉。從本季初開始，在流量方面，我們這樣做是為了在銷售成長和獲利能力之間取得平衡。為了讓大家更清楚了解不同通路的情況，最強勁的通路是巴西的送貨服務，其銷售額持續成長，這得益於正面的客流量。前台櫃檯基本保持水平。對我們來說，這非常好，因為它證明了我們的品牌和店內體驗仍然具有多麼高的吸引力，多麼重要，而且與沙漠地區的渠道非常相關，由於更好的運營執行和正確的定價，渠道正在復蘇。以及相關的創新。例如，我們以 Hello Kitty 為平台，授權 Happy Meal 為品牌，與 Sunisia 和 McVerry 合作進行了一些創新。所以，在這個管道，我們還有發展和改進的空間，目標是恢復到疫情前的交易量。所以，關於 NOLED 和墨西哥，正如我在巴西所說，我們認為我們處於有利地位，並準備好抓住任何經濟活動的反彈。關於墨西哥。

Mexico, the economy remains under pressure with high uncertainty levels. This is driven by external and internal factors. In the, talking about external factors, we have the potential tariff policies that could be implemented or internally, there have been, some conversations about proposed reforms. If any of this happens, we don't see that it's going to materially impact our business. But despite the uncertainty that I was talking about, the food service sector shows resilience, and from our business perspective, we were able to deliver 6.3% growth in comparable sales. This was driven by growth in guest traffic that, we know that outperformed. The sector. Regarding the channels, the research centers were the main growth engine. All the other channels had a solid performance, that is very good for us.

墨西哥經濟仍面臨壓力，不確定性很高。這受到外部和內部因素的雙重影響。談到外部因素，我們有可能實施的潛在關稅政策；在內部，也有一些關於擬議改革的討論。如果發生上述任何情況，我們認為都不會對我們的業務產生實質影響。儘管存在我剛才提到的不確定性，但餐飲服務業展現了韌性，從我們的業務角度來看，我們實現了 6.3% 的同店銷售額成長。這是由訪客流量的成長所推動的，我們知道訪客流量的成長表現優於預期。該行業。就通路而言，研究中心是主要的成長引擎。其他所有頻道表現都很穩定，這對我們來說非常好。

And, what is happening in Mexico and then the improvement in performance that we're having is that, besides the launches and the innovations, we are adding an operations improvement that has been going on for the last years, and everything is, It's been working on under the umbrella of a brand campaign that is called Mexico Mncanta. All this is bringing a very strong improvement in brand attributes and market share gains. According to internal research, we know. That the market share GAAP versus our main competitor is almost 3 times more in comparable footprints, and we are consolidating our leadership position in the industry.

墨西哥正在發生的事情以及我們所取得的業績提升，除了產品發布和創新之外，我們還增加了過去幾年一直在進行的運營改進，所有這些都是在名為“Mexico Mncanta”（墨西哥，意為“熱愛”）的品牌活動框架下進行的。所有這些都帶來了品牌屬性的顯著提升和市場份額的成長。根據內部調查，我們知道答案。在可比範圍內，我們的市佔率（以 GAAP 計算）幾乎是主要競爭對手的 3 倍，我們正在鞏固我們在業界的領先地位。

And now, I will go to Argentina.

現在，我要去阿根廷了。

Argentina was the main driver of the division results, the slat division results. The context remained during the third quarter challenging due to the macroeconomic instability. This instability had a negative impact on the levels of uncertainty, and it had a negative impact on private consumption. What was notable in the quarter is that despite the ongoing devaluation that we had, during the quarter, inflation remains stable at almost 2% per month, and this indicates that we do have limited pass-through to consumer prices. But despite all this, The good news is that our business remains solid and continue to show strong performance. The local team has done a terrific job. They were able to capitalize on last year's investments to TRY to maintain themselves close to their customers. The market share gained, we were able to maintain the market share this year, but the market share that we gained last year also helped. To, it helped us drive strong results. We were able to maintain the GAAP of more than 3 times the market share of our main, competitor. And, in Argentina, even though the market will remain disciplined on pricing, they will also be focused on capturing every opportunity to improve, margins.

阿根廷是該分區成績的主要動力，也是該分區成績的主要動力。由於宏觀經濟不穩定，第三季情勢依然充滿挑戰。這種不穩定性對不確定性水準產生了負面影響，也對私人消費產生了負面影響。本季值得注意的是，儘管貨幣持續貶值，但本季通膨率仍穩定在每月近 2%，這表明貨幣貶值對消費者物價的影響有限。儘管如此，好消息是我們的業務依然穩健，並繼續保持強勁的業績。當地團隊做得非常出色。他們利用去年的投資，努力與客戶保持緊密聯繫。我們獲得了市場份額，今年得以維持市場份額，但去年獲得的市場份額也起到了幫助作用。因此，它幫助我們取得了顯著的成果。我們維持了比主要競爭對手多 3 倍的市佔率（符合 GAAP 標準）。而且，在阿根廷，儘管市場在定價方面仍將保持自律，但他們也會專注於抓住每一個提高利潤率的機會。

And I think I, part of the question then was about the trends in this quarter, right?

我認為，當時的問題的一部分是關於本季的趨勢，對吧？

Yeah, and actually, I'll add one more because Chago's second question is associated with that as well. He says, what are your general expectations for the 4th quarter performance in Brazil and what gives you confidence, it's, what are your expectations for the 4th quarter and what gives you confidence in sequentially better trends? So.

是的，實際上，我還要補充一點，因為查戈的第二個問題也與此相關。他說，您對巴西第四季的業績有何整體預期？是什麼讓您有信心？也就是說，您對第四季有何預期？是什麼讓您對業績逐季好轉的趨勢有信心？所以。

All right, first, I mean, we're going to be finishing this year, even though we've had a challenging, macroeconomic, and social situation across the region in a position of strength, shielding and protecting our leadership position with excellent, brand scores, and, as Going into this 4th quarter. Historically, the second half of the 4th quarter is the strongest part of the year. We are excited about the marketing plans that, we have for the remaining weeks. We think that, these actions will help us push for a solid end of the year. The whole team is working. On that, specifically in Brazil, sales performance stabilized between the second and the 3rd quarter, and we believe we can improve on those results in the 4th quarter. In NOLAD continues to see a challenging environment. We were seeing this in several markets, like, for example, in Panama faced a challenging comparison, this year with strong sales growth during the first half of the year.

好的，首先，我的意思是，儘管今年整個地區面臨著充滿挑戰的宏觀經濟和社會形勢，但我們仍將保持優勢地位，憑藉卓越的品牌評分保護和鞏固我們的領導地位，並且進入第四季度。從歷史數據來看，第四季的後半段是一年中業績最好的時期。我們對接下來幾週的行銷計劃感到非常興奮。我們認為，這些措施將有助於我們實現年底的良好業績。整個團隊都在努力工作。就此而言，尤其是在巴西，銷售業績在第二季和第三季之間趨於穩定，我們相信我們可以在第四季度改善這些業績。NOLAD 仍然面臨著充滿挑戰的環境。我們在多個市場都看到了這種情況，例如，巴拿馬今年面臨嚴峻的同比挑戰，儘管上半年銷售額實現了強勁增長。

This was, what it made more, what made it more challenging was the social unrest in the country. We see that the situation is normalizing, but so far we have not seen the rebound we expected for the USR industry. Similar situation in Costa Rica that has also been dealing with a weaker consumer environment and reduced industry volumes. And, what we see, in NOLED is that Mexico, Has been very resilient, it's going to have a good end of the year, and we believe we're taking the right steps in the rest of the markets to resume more normalized growth. And regarding Slad, Slat's results have been strong all year, and we believe it will end the year with another strong quarter. And I think with that, Dan I covered everything. I think you did very much.

而正是國內的社會動盪，使得情況變得更加複雜。我們看到情況正在恢復正常，但到目前為止，我們還沒有看到USR產業出現我們預期的反彈。哥斯大黎加的情況也類似，該國同樣面臨消費環境疲軟和工業產量下降的問題。我們從墨西哥的NOLED市場可以看出，墨西哥市場展現了強烈的韌性，預計今年底市場將迎來良好的成長。我們相信，在其他市場，我們正在採取正確的措施，以恢復更正常的成長。至於 Slad，Slad 全年的業績一直很強勁，我們相信它將以另一個強勁的季度結束這一年。丹，我想這樣一來，我就把所有事情都涵蓋到了。我認為你做得非常出色。

Well, as I said, it's a long set of questions here. Maybe you want a glass of water, but there's one more for you before we shift back to Mariano.

正如我所說，這裡有一長串問題。或許你想喝杯水，但在我們把話題轉回馬裡亞諾之前，還有一杯水等著你。

And this one is also from from Goldman Sachs where he asks, How has McDonald's value GAAP evolved versus food away from home and versus other burger QSRs in Brazil? Where is it today and where do you want it to be? And Geronio de Guzman from Inca Investments asked a similar question, how much pricing have you taken in Brazil as a result of input cost pressures? What's been the impact on traffic, and how are you thinking about pricing going forward to protect margins versus, traffic?

這則訊息也來自高盛，他問道：與巴西的外出用餐食品和其他漢堡快餐店相比，麥當勞的價值 GAAP 發生了怎樣的變化？現在它在哪裡？你希望它在哪裡？來自 Inca Investments 的 Geronio de Guzman 也提出了類似的問題：由於投入成本壓力，你們在巴西的價格承受了多大的壓力？流量受到了怎樣的影響？為了在保證利潤率的同時兼顧流量，您未來將如何制定定價策略？

Again, I think this is the pricing question, between the two of them.

我認為這仍然是他們兩人之間的定價問題。

Okay, so I already talked about the main objective that we have in Brazil.

好的，我已經談到了我們在巴西的主要目標。

Again, we're going to TRY to be close to our customers. We already launched a national, very convenient value platform, called Economeki. In that context, we're going to shield our market share, but we aim to, improve, our margins. So in this con in this context, we increased prices above inflation, this year.

再次重申，我們將努力與客戶保持緊密聯繫。我們已經推出了一個名為 Economeki 的全國性、非常便利的價值平台。在這種情況下，我們將保護我們的市場份額，但我們的目標是提高利潤率。所以，在這種情況下，我們今年的價格上漲幅度超過了通貨膨脹率。

We did it with the goal to mitigate the margin pressure that we had in Brazil, and, having said that, We maintain promotions and affordable prices to TRY to remain affordable, according to internal research, in the brand attribute value for money, we have reached a record high this year, and So far we were able to maintain our market share, as I said, to maintain the GAAP versus our main competitor, and again, we believe that we are in a position of strength and ready to cut to the rebound of the economy.

我們這樣做是為了緩解我們在巴西面臨的利潤壓力。儘管如此，我們仍然堅持促銷和實惠的價格，並努力保持價格親民。根據內部研究，在品牌價值方面，我們今年的性價比達到了歷史新高。正如我所說，到目前為止，我們成功地維持了市場份額，並維持了與主要競爭對手相比的GAAP（通用會計準則）優勢。再次強調，我們相信我們處於有利地位，並已做好準備迎接經濟的復甦。

Great. Thanks, Luis. Back to you, Mariano, a question from Alejandro Fuchs at Ita.

偉大的。謝謝你，路易斯。把問題交給你，Mariano，這是來自 Ita 的 Alejandro Fuchs 的問題。

Now with more cash flow generation expected and flex the flexibility of the new MFA in terms of CapEx, how do you feel about the possibility of buybacks as a priority for capital allocation?

現在，隨著預期現金流的增加，以及新的MFA在資本支出方面的靈活性，您如何看待將股票回購作為資本配置的優先事項的可能性？

Okay.

好的。

Thank you, Alejandro. Well, in 2025, our board declared already a $0.24 per share dividend, which was declared on March this year.

謝謝你，亞歷杭德羅。嗯，我們的董事會已經宣布，2025 年每股將派發 0.24 美元的股息，該股息已於今年 3 月宣布。

And We have been paying dividends in the last few years. But having said that, the board of directors will always consider options such as buybacks.

過去幾年，我們一直在派發股息。但即便如此，董事會始終會考慮股票回購等方案。

Based on what they believe is best for the company and its shareholders considering our capital allocation priorities. Available cash, of course, and expected cash generation. So, this is on the table.

基於他們認為對公司及其股東最有利的做法，並考慮我們的資本配置優先事項。當然，還有可用現金和預期現金流。所以，這個問題已經提上行程了。

And, the board will decide if this is the right path to go, given that we will have more gas generation for sure next year.

鑑於明年天然氣發電量肯定會增加，董事會將決定這是否是正確的方向。

Great. Thanks, Mariano. Actually I had another question from Geroni de Guzman from INCA, which I think Luis has already answered, just regarding NOLA, can you comment on what's helping maintain strong com sales in Mexico and on the flip side, what's driving lower sales trends in the other markets? I think Luis has already covered that. So I'm going to move now to Bob Ford who has sent us. 4 questions and back to you, Mariano, Bob's first question, can you explain the source of the tax credit in Brazil and the rate at which you expect to monetize it over the next 5 years?

偉大的。謝謝你，馬裡亞諾。實際上，我還有來自 INCA 的 Geroni de Guzman 的另一個問題，我認為 Luis 已經回答了。這個問題是關於新奧爾良的，您能否談談是什麼因素幫助墨西哥保持了強勁的銷售勢頭？另一方面，是什麼因素導致了其他市場的銷售下滑趨勢？我認為路易斯已經談到這一點了。接下來我要把話題轉到派我們來的鮑伯福特身上。4 個問題，現在輪到你了，馬裡亞諾。鮑伯的第一個問題是，你能解釋一下巴西稅收抵免的來源以及你預計在未來 5 年內將其貨幣化的速度嗎？

Okay. How are you, Bob?

好的。鮑勃，你好嗎？

Thank you very much for the question. Well, we cannot go into all the specifics, but the case is based on the treatment of SMs subsidies within the federal tax calculations.

非常感謝您的提問。我們不能詳述所有細節，但此案是基於聯邦稅收計算中對中小企業補貼的處理方式。

And as I already mentioned in terms of monetizing it over the next 5 years.

正如我之前提到的，關於未來 5 年的獲利模式。

We don't know yet for sure, but our best estimate is that this credit will be evenly, monetized, in the next 5 years. That's the best we can, our best estimation, right now.

我們目前還不能確定，但我們最好的估計是，這筆信貸將在未來 5 年內平均變現。這就是我們目前所能給出的最佳估計。

Great. Thanks, Mariano.

偉大的。謝謝你，馬裡亞諾。

The next one is a two-parter and the first part will be for Luis, and then I'm going to come back to you, Mariano, on this one.

接下來是兩個部分，第一部分是給路易斯的，然後我會再回到你，馬裡亞諾，談談這個問題。

Can you provide an update on your promotional strategy in Mexico, Luis, and then, and sources of margin pressure and NOLA given Mexico strength. That one, I'll move over to you, Maria.

路易斯，你能否提供一下你在墨西哥的促銷策略的最新進展，以及鑑於墨西哥市場的強勁表現，新奧爾良的利潤壓力來源是什麼？那我就讓給你吧，瑪麗亞。

All right.

好的。

Thank you, Bob. Hello, how are you? As I said, in general, but specifically in Mexico, we're going to be prudent about pricing. We want to be close to our customers, but taking care of margins. So in Mexico, we have like 3 engines of traffic growth. The first one is desserts that we're taking care of with right pricing and with the right operational execution.

謝謝你，鮑伯。你好嗎？正如我所說，總的來說，尤其是在墨西哥，我們會謹慎定價。我們希望貼近客戶，但同時也要確保利潤。所以在墨西哥，我們有三大交通成長引擎。首先是甜點，我們正在透過合理的定價和正確的營運執行來解決這個問題。

Then, having innovations like, for example, Hello Kitty or the Grimace Shake, that, I don't know if you know that, but it's a very historic and very famous, McDonald's character, that launch, surpassed our expectations in the market. So desserts is one of those engines. Then we do have the value platform.

然後，像 Hello Kitty 或 Grimace 奶昔這樣的創新產品，我不知道你是否了解，但 Grimace 是麥當勞一個非常有歷史意義且非常著名的角色，它的推出在市場上超出了我們的預期。所以甜點也是推動這些因素發展的關鍵因素之一。那我們就擁有了價值平台。

The value platform is divided in two. We have one that it begins pricing with at 99 pesos and another one that is called Tresportres.

此價值平台分為兩部分。我們有一款起價 99 比索的產品，還有一款叫做 Tresportres 的產品。

That is being very, is being very effective and, with good margins, and, being, we're trying to take care of the promotional activities because at some point, we needed to be more prudent, taking in consideration margins. And then another engine of traffic are the Happy Bill licenses. Like I said, August, Hello Kitty was very important, and Tiny Tiny in September, those two months were the strongest for Mexico, in the quarter. With that, Mariano, I pass it to you so you can talk about margins.

這樣做非常有效，而且利潤率也很高。我們正在努力做好促銷活動，因為在某種程度上，我們需要更加謹慎，考慮到利潤率。此外，快樂帳單許可證也是另一個流量來源。正如我所說，8 月 Hello Kitty 非常火爆，9 月 Tiny Tiny 也非常火爆，這兩個月是墨西哥本季最強勁的兩個月。好了，馬裡亞諾，我把麥克風交給你，讓你來談談利潤率。

Perfect. And the question is, sources of margin pressure in NORAD, they were mainly in, food and paper costs. So even though Mexico is growing well above inflation, in terms of, food and paper, we have seen some pressures during this, 3rd quarter. And that also applied to other NOLAD, markets.

完美的。問題是，北美防空司令部利潤壓力的來源主要在於食品和紙張成本。因此，儘管墨西哥的食品和紙張價格增速遠高於通膨率，但我們在第三季還是看到了一些壓力。這也適用於其他 NOLAD 市場。

And also there was a timing effect on G&A that we expect to normalize in the coming quarters.

此外，一般及行政費用也受到時間因素的影響，我們預計這種情況將在未來幾季內得到改善。

Great. And actually sticking with you, Mariano, and you wrote Bob's third question is, what is your outlook for key input costs in Brazil and other markets, and where do you see additional operating efficiencies? I think you've covered the input cost piece in Brazil. Maybe you want to touch a little bit on other markets and then talk about, where we see some additional efficiencies.

偉大的。實際上，馬裡亞諾，我還是想問你，你寫給鮑伯的第三個問題是，你如何看待巴西和其他市場的關鍵投入成本，以及你認為在哪些方面可以提高營運效率？我認為你已經涵蓋了巴西的投入成本部分。或許您可以稍微談談其他市場，然後再討論一下，我們在哪些方面看到了額外的效率提升空間。

Perfect. Yes. Well, I already mentioned, as you said, what's going on in Brazil, in other markets, what we are seeing is that we are, we're very pleased with the efficiencies that we are, observing in payroll in the three divisions, 60 bibs. If you recall, Bob, last year we have seen.

完美的。是的。正如你所說，我已經提到了巴西和其他市場的情況，我們看到，我們對三個部門的工資效率非常滿意，60 個號碼牌。鮑勃，如果你還記得的話，去年我們已經看到了。

Important minimum salary, increases in many of our markets such as Panama, Puerto Rico, Costa Rica, Mexico, some of slat countries, and payroll was a source of pressure during 2024. What we are seeing in 2025 is that with the implementation of scheduling system and efficiencies that we, implemented, we have seen. A recovery and even much better payroll than what we had last year. So we are very pleased with those results. Then in occupancy another, we have been, seeing some improvements there, even though sales during this quarter in Nolan and Brazil were growing below inflation, we have seen improvements in this line related also to better deals negotiated with 3POs. So we are making delivery also more efficient, efficiently.

2024 年，許多市場（如巴拿馬、波多黎各、哥斯大黎加、墨西哥等）的最低工資標準有所提高，薪資上漲，薪資支出也成為壓力來源。我們在 2025 年看到的是，隨著我們實施的調度系統和效率提升措施的實施，我們已經看到了成效。不僅經濟復甦，薪資水準甚至比去年還要好得多。因此，我們對這些結果非常滿意。在入住率方面，我們看到了一些改善，儘管本季度諾蘭和巴西的銷售額增長低於通貨膨脹率，但我們看到這方面的改善也與和第三方採購組織 (3PO) 達成的更好協議有關。所以我們也在努力提高配送效率。

So we are seeing as sources of operational gains, the payroll line and the other end occupancy line as well. And as I mentioned in a previous question, not from you, but, from I think Geronimo, what we are seeing in the fourth quarter is that the pressures that we have seen in gross margin. Are mainly, they are, they are much less now than what we have seen, in the last 12 months. So with a better outlook in gross margin, I think we will be able to leverage on the gains and margins will improve as long as sales continue to improve, as also Luis mentioned.

因此，我們將工資支出和入住率這兩個面向都視為營運收益的來源。正如我在之前一個問題中提到的（不是你問的，而是我認為是傑羅尼莫問的），我們在第四季度看到的是毛利率面臨的壓力。主要是，它們現在比我們在過去 12 個月裡看到的要少得多。因此，隨著毛利率前景的改善，我認為我們將能夠利用這些收益，只要銷售額繼續成長，利潤率就會提高，正如路易斯所提到的。

Great. Thanks, Mariano. Final question from Bob Ford is how do you expect the World Cup to impact traffic and are there global McDonald's marketing campaigns and or regional efforts that you can comment on? And I'll give that one to you, Luis.

偉大的。謝謝你，馬裡亞諾。Bob Ford 的最後一個問題是，您預計世界盃將如何影響交通流量？您能否就麥當勞在全球的行銷活動或區域性舉措發表評論？路易斯，那我就把這個判給你。

All right.

好的。

Thank you again, Bob. What you can expect, is a positive impact, from the FIFA World Cup event. It's very popular and very important for the whole region, from Mexico, to Argentina, Brazil, and all the geographies. So, What you can expect is an a positive impact in brand, in atte brand attributes like favorite brand and brand awareness, and you can expect a positive impact in traffic. What happened and what what is different today is that, comparing with the World Cup in 2022, is that we, today, the delivery channel is a strength for us. So during the games, we're going to be able to at home with our customers when they, will be enjoying the games, and, we're going to have, for sure, marketing campaigns throughout the whole, period, and more, that for sure, we're going to, surprise you with, all right. That's all that I can tell you, but yes, the impact is going to be positive.

再次感謝你，鮑伯。您可以期待，國際足總世界盃賽事將帶來正面的影響。它非常受歡迎，對整個地區都非常重要，從墨西哥到阿根廷、巴西以及所有地理區域。因此，您可以期待品牌受到正面影響，提升品牌知名度和品牌屬性，並帶來正面影響，同時流量也會受到正面影響。與 2022 年世界盃相比，今天發生的事情和不同之處在於，如今我們的交付管道是我們的優勢。所以在比賽期間，我們將能夠與我們的客戶一起在家中觀看比賽，而且我們肯定會在整個比賽期間開展行銷活動，還有更多驚喜，我們一定會讓你們感到驚喜。我只能告訴你這些，但可以肯定的是，影響將是正面的。

Great. Thanks, Luis, and I think we have time for one more. This one is from Jero from OA, and he asks at what point do you believe operating leverage after a long stretch of very strong top-line will convincingly lead to a higher level of margins, especially taking into account further improvements in the digitalization and other efforts. And maybe you both want to take this, but I'll start with you.

偉大的。謝謝你，路易斯，我想我們還有時間再來一個。這是來自 OA 的 Jero 提出的問題，他問道：在經歷了長期強勁的營收成長之後，您認為經營槓桿何時才能真正帶來更高的利潤率，尤其是在考慮到數位化和其他方面的進一步改進的情況下？或許你們兩個都想接受這個挑戰，但我先從你們開始。

Mariano. Perfect. Thanks, Jero.

馬裡亞諾。完美的。謝謝你，傑羅。

Well, as our strategy is, has been to grow sales at or above inflation, and we have done this. Consistently, although in some quarters, like the 3rd quarter of this year has been tough in Brazil and in NOLED given external factors as economic conditions and consumer situation, we think that by doing that, we will be able to leverage on all the operational efficiencies that we have been working on.

我們的策略是使銷售額成長達到或超過通貨膨脹率，而我們也做到了這一點。儘管在某些方面，例如今年第三季巴西和NOLED由於經濟狀況和消費者狀況等外部因素而面臨困境，但我們認為，透過這樣做，我們將能夠充分利用我們一直在努力提高的所有營運效率。

As for example, I just mentioned in payroll and other, or other occupancy, expenses.

例如，我剛才提到的工資和其他費用，或其他佔用費用。

So, as we are seeing, for example, pressures in gross margin, we have been working a lot in the company in every single coastline to bring efficiencies to the business. We're doing that. And I think our, for 2026, we are, pretty comfortable that this strategy will yield at the end of the day, better margins, better cash flow, focusing also in efficiencies in our investments. The company will have an improved, free cash flow, and with that, we will be able to return to shareholders and invest in the business for all the opportunities that, we have.

因此，正如我們所看到的，例如毛利率面臨的壓力，我們一直在公司各個分支機構努力提高業務效率。我們正在這樣做。我認為，對於 2026 年，我們相當有信心，這項策略最終將帶來更高的利潤率、更好的現金流，同時我們也專注於提高投資效率。公司將擁有更充裕的自由現金流，有了這些現金流，我們將能夠回報股東，並抓住所有機會投資於業務發展。

Yeah, and, Mariano, if you let me add, when we talk about the digitalization and that is part of your question, and we're talking about not only customer facing but back office. We have just, implemented it and we finished the implementation, by the end of last year, a new scheduling system in the whole company that is bringing already efficiencies and you can see that. In our payroll line that it's helping us to mitigate, for example, the cost pressure that we have in food and paper. And just to finish the, this part of the question in the Q&As, I want to, just make sure that Do you understand that our focus, my focus, the team's focus is to, TRY to, deliver sustainable top-line growth and improved operational efficiency, to your point, because the main focus for the The whole team is to drive profitability for working on the returns on investments, working in every line of the P&L because the main goal is to generate free cash flow to create shareholder value.

是的，馬裡亞諾，如果允許我補充一點，當我們談到數位化時（這也是你問題的一部分），我們不僅談論面向客戶的，還談論後台辦公。我們剛剛實施了新的排班系統，並在去年年底完成了整個公司的實施工作，該系統已經帶來了效率提升，這一點你們也看到了。在我們的工資支出方面，它幫助我們緩解了食品和紙張等方面的成本壓力。最後，為了完成問答環節的這一部分，我想確認一下，您是否理解我們團隊的重點，包括我個人的重點，是努力實現可持續的營收成長和營運效率的提升。正如您所說，整個團隊的主要目標是提高獲利能力，專注於投資回報，並專注於損益表的每一項，因為我們的主要目標是產生自由現金流，從而創造股東價值。

So with that then, I'll pass it to you.

那麼，我就把它交給你了。

Thanks, Luis, and that actually was the last question that we have here in the queue. So that brings us to the end of the Q&A session.

謝謝你，路易斯，這其實是我們這裡排隊等候的最後一個問題了。問答環節到此結束。

Thank you once again for your interest in ARCOs and for joining today's webcast. We look forward to speaking with you again in the middle of March on our fourth quarter 2025 earnings webcast. Until then, stay safe and have a great holiday season, everyone.

再次感謝您對ARCO的關注，並感謝您參加今天的網路直播。我們期待在三月中旬與您再次交流，屆時我們將舉行 2025 年第四季財報網路直播。在此之前，祝大家平安健康，假期愉快。