Arcos Dorados Holdings Inc. (ARCO) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining Arcos Dorados fourth quarter and full year 2025 earnings webcast. With us today are Luis Raganato, our Chief Executive Officer; and Mariano Tannenbaum, our Chief Financial Officer. 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 Investors section of our website, ir.arcosdorados.com.

早安，感謝您收看 Arcos Dorados 2025 年第四季及全年財報網路直播。今天與會者包括我們的執行長 Luis Raganato，以及財務長 Mariano Tannenbaum。今天的網路直播將進行錄音，內容將由管理團隊的事先準備發言構成，並搭配投影片簡報；投影片亦可於我們網站投資人專區 ir.arcosdorados.com 取得。

To better follow the presentation, please note that you can set your view to full screen on the webcast platform. Additionally, you can submit your questions at any time during the presentation using the Q&A function on the bottom of the screen.

為了更好地跟上簡報內容，請注意您可在網路直播平台將畫面設定為全螢幕。此外，您可在簡報進行期間隨時使用螢幕下方的 Q&A 功能提交問題。

After we conclude our opening remarks, we will answer your questions. Today's call will contain forward-looking statements, and I refer you to the forward-looking statements section of our earnings release and recent filings with the SEC. We assume no obligation to update or revise any forward-looking statements to reflect new or changed events or circumstances.

在我們結束開場致詞後，將回答各位的提問。今天的電話會議將包含前瞻性陳述，請參閱我們財報新聞稿以及近期向美國證券交易委員會（SEC）提交文件中的前瞻性陳述章節。我們不承擔更新或修訂任何前瞻性陳述以反映新的或變更之事件或情況的義務。

In addition to reporting financial results in accordance with Generally Accepted Accounting Principles, we report certain non-GAAP financial results. 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 audited financial statements filed today with the SEC on Form 6-K.

除依一般公認會計原則（GAAP）報告財務結果外，我們亦報告若干非 GAAP 財務指標。建議投資人檢視非 GAAP 財務結果與 GAAP 結果之調節表，可於今日的財報新聞稿與電話會議簡報中找到，亦可參閱今日向 SEC 以 Form 6-K 提交的經審計財務報表。

I will now turn the call over to Luis.

接下來我把電話交給 Luis。

Thank you, Dan, and good morning, everyone. The fourth quarter of 2025 marked a solid finish to the year with double-digit revenue growth, expanded margins, and strong adjusted EBITDA growth despite ongoing cost and consumer pressures in certain markets. Importantly, we exited the year with improving trends, particularly in Brazil, as well as continued momentum in Mexico and SLAD. Mariano and I will take you through the highlights of the financial results for the fourth quarter and full year 2025, as well as how we see 2026 developing. As I've mentioned in prior calls, our focus remains centered on 3 priorities.

謝謝你，Dan，各位早安。2025 年第四季為全年畫下穩健句點：營收雙位數成長、利潤率擴張，且在部分市場仍面臨成本與消費者壓力的情況下，調整後 EBITDA 仍強勁成長。重要的是，我們在年底時看到趨勢改善，尤其是在巴西，同時墨西哥與 SLAD 也延續動能。Mariano 和我將帶各位回顧 2025 年第四季與全年財務結果重點，以及我們對 2026 年發展的看法。如我在先前電話會議中提到的，我們的重點仍聚焦於三項優先事項。

Optimizing the performance of today's business, maximizing returns on capital investments, especially those related to growth, and preparing the company for tomorrow's business trends. The fourth quarter demonstrated progress across all three areas. Our teams executed with discipline on pricing, cost control, and marketing relevance while continuing to invest in high return restaurant development and digital capabilities. Total revenue reached $1.3 billion, representing 10.7% growth. Revenue growth was supported by 16% higher system-wide comparable sales, in line with the blended inflation of the 21 markets in the Arcos Dorados footprint.

優化現有業務表現、最大化資本投資回報（尤其是與成長相關者），並為公司因應未來的業務趨勢做好準備。第四季在這三個面向皆展現進展。我們的團隊在定價、成本控管與行銷相關性上以紀律執行，同時持續投資於高回報的餐廳開發與數位能力。總營收達 13 億美元，成長 10.7%。營收成長受系統整體同店銷售成長 16% 支撐，與 Arcos Dorados 覆蓋的 21 個市場之加權通膨水準一致。

Comparable sales growth was primarily driven by average check, reflecting disciplined pricing, effective promotional execution, and the continued strength of our digital and loyalty platforms. Guest traffic trends were generally stable compared with the third quarter.

同店銷售成長主要由平均客單價帶動，反映出有紀律的定價、有效的促銷執行，以及我們數位與會員（忠誠）平台持續展現的強勁力道。來客數趨勢相較第三季整體大致持平。

Adjusted EBITDA totaled $172.7 million, up 17.2% year-over-year, representing an 80 basis points expansion of the adjusted EBITDA margin. This included a net taxes benefit in Brazil that Mariano will explain in more detail. For the full year, system-wide comparable sales growth was in line with the company's blended inflation rate, with particularly strong performance in Mexico, Argentina, and several other SLAD markets.

調整後 EBITDA 為 1.727 億美元，年增 17.2%，調整後 EBITDA 利潤率擴張 80 個基點。其中包含巴西的淨稅務利益，Mariano 將進一步說明。就全年而言，系統整體同店銷售成長與公司加權通膨率一致，其中墨西哥、阿根廷及其他數個 SLAD 市場表現尤為強勁。

Brazil and a couple of new SLAD markets faced a challenging consumption environment last year, but we began to see some improving trends toward the end of the year. Total revenue in 2025 grew by almost 5% in US dollars. Full year adjusted EBITDA was the highest in the company's history, boosted by the net tax benefits we recognized. Together with strong US.

巴西以及幾個新的 SLAD 市場在去年面臨具挑戰性的消費環境，但我們在年底開始看到一些改善趨勢。2025 年總營收以美元計成長近 5%。全年調整後 EBITDA 創公司歷史新高，主要受我們認列的淨稅務利益提振。再加上強勁的美元。

dollar growth in both SLAD and NOLAD, this tax benefit more than offset the impact of higher food and paper costs and lower consumption in the Brazilian market. The strength of our marketing, digital, and loyalty platforms have helped differentiate us from the competition by enhancing the brand experience across all channels.

SLAD 與 NOLAD 兩個區域皆呈現強勁的美元成長，這項稅務利益足以抵銷食品與包材成本上升，以及巴西市場消費走弱的影響。我們行銷、數位與會員（忠誠）平台的優勢，透過提升全通路的品牌體驗，協助我們在競爭中脫穎而出。

We also expanded the brand's presence in 2025 by opening 102 restaurants and bringing the modernized percentage of the portfolio up to 73% at year-end. Let's take a look at a few of the initiatives we used to generate sales growth in the quarter. Marketing activities strengthen consumer connections with the brand through a series of campaigns and initiatives.

我們也在 2025 年擴大品牌版圖，新增開設 102 家餐廳，並使門店組合中完成現代化改裝的比例於年底提升至 73%。接下來我們看看本季用以帶動銷售成長的幾項措施。行銷活動透過一系列活動與倡議，強化消費者與品牌的連結。

The highlight for most markets was a fully integrated menu strategy leveraging the cultural relevance of the Stranger Things Netflix series, which boosted sales, drove high levels of engagement and meaningful brand conversations among consumers. Several markets also offered compelling value platforms, including Economia in Brazil and McXMenos in Chile, both of which performed well with price-sensitive consumers.

多數市場的亮點是完整整合的菜單策略，運用 Netflix 影集《怪奇物語》（Stranger Things）的文化相關性，帶動銷售、提升高度互動，並在消費者之間引發具意義的品牌討論。多個市場亦推出具吸引力的超值平台，包括巴西的 Economia 與智利的 McXMenos，兩者在價格敏感型消費者中皆表現良好。

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. Finally, Happy Meal sales were a bright spot for several markets. During the quarter, we ran engaging campaigns for all ages built around popular licenses such as Friends, Zootopia two, and Disney's Villains.

本季的菜單創新包括哥倫比亞推出新的雞肉三明治，以及甜點品類的限時口味，例如巴西的 Ovomaltine。最後，快樂兒童餐（Happy Meal）的銷售在多個市場成為亮點。本季我們以 Friends、《動物方城市 2》（Zootopia two）以及迪士尼《反派》（Disney's Villains）等熱門授權為主題，推出適合各年齡層的互動式活動。

Digital penetration reached its highest level with 62% of total sales coming from digital channels, mobile app, delivery, and self-order kiosks. Digital channel sales grew 18.7% versus the prior year quarter, with self-order kiosks, delivery, and loyalty showing particularly strong performance.

數位滲透率達到歷史新高，數位通路（行動 App、外送與自助點餐機）貢獻總銷售的 62%。數位通路銷售較去年同期成長 18.7%，其中自助點餐機、外送與會員（忠誠）表現尤為強勁。

Sales growth in delivery has been strong for several years, which is why the strong performance in self-order kiosks is so important. It demonstrates the continued relevance of the on-premise restaurant experience in the Latin American QSR industry. The loyalty program had 27.2 million registered members at year-end, and is now available in all main markets, completing the planned 2025 rollout and covering more than 90% of all restaurants in the Arcos Dorados footprint.

外送銷售已連續多年強勁成長，因此自助點餐機的亮眼表現格外重要。這顯示在拉丁美洲 QSR（快速服務餐飲）產業中，店內用餐體驗仍持續具有相關性與吸引力。會員（忠誠）計畫於年底擁有 2,720 萬名註冊會員，現已在所有主要市場上線，完成原定 2025 年的推廣部署，覆蓋 Arcos Dorados 版圖中超過 90% 的餐廳。

At the divisional level, in the fourth quarter, we saw continued strength in SLAD with sequential improvements in both Brazil and NOLAD, contributing to consolidated top-line growth. In Brazil, where restaurant industry traffic was down all year, we saw modest sequential improvement in comparable sales growth. We also maintained a significant market share advantage versus all competitors by leveraging the strength of the digital platform and popularity of the loyalty program.

以事業部門來看，第四季我們看到 SLAD 持續強勁，且巴西與 NOLAD 皆呈現逐季改善，帶動合併營收成長。在巴西，餐飲業來客數全年下滑，但我們看到同店銷售成長出現小幅逐季改善。我們也藉由數位平台的優勢與會員（忠誠）計畫的高人氣，持續維持相較所有競爭對手顯著的市占領先。

Almost three out of every four transactions were generated through digital channels, and about 30% of total sales came through the loyalty platform. These results were supported strongly by the annual Méqui Friday campaign that capitalizes on the popularity of the Black Friday shopping day to drive mobile app downloads and digital engagement.

幾乎每四筆交易就有三筆來自數位通路，而約 30% 的總銷售來自會員（忠誠）平台。這些成果很大程度受年度 Méqui Friday 活動支持；該活動利用黑色星期五購物日的高人氣，帶動行動 App 下載與數位互動。

It is worth noting that the relative strength of the Brazilian real versus the prior year quarter also contributed to US dollar revenue growth in the period. In NOLAD, comparable sales grew 1.7% versus the prior year quarter, with strong guest traffic growth in several markets.

值得注意的是，巴西雷亞爾相較去年同期走強，也對本期以美元計的營收成長有所貢獻。在 NOLAD，同店銷售較去年同期成長 1.7%，其中多個市場的來客數成長強勁。

As was the case in the first nine months of the year, Mexico was the main contributor in the fourth quarter, with comp sales growth of 5.6% or 1.5 times the country's inflation. Importantly, we began seeing improved trends in several other NOLAD markets and also benefited from the stronger Mexican peso and Costa Rican colón versus the prior year quarter.

如同今年前九個月的情況，墨西哥在第四季仍是主要貢獻者，同店銷售成長 5.6%，約為該國通膨率的 1.5 倍。重要的是，我們開始在其他數個 NOLAD 市場看到趨勢改善，並且也受惠於墨西哥披索與哥斯大黎加科朗（colón）相較去年同期走強。

SLAD's comparable sales increased by 49.5% versus the prior year quarter or 1.2 times blended inflation, driven by strong execution in Argentina. We also saw continued momentum in other markets such as Colombia and the Dutch West Indies. Digital channel penetration reached a new high, and market share gains were particularly strong in Argentina and Chile, where guests responded well to the quarter's marketing campaigns.

SLAD 的同店銷售額較去年同期成長 49.5%，約為綜合通膨的 1.2 倍，主要受惠於阿根廷的強勁執行力。我們也看到其他市場如哥倫比亞與荷屬西印度群島的動能持續。數位通路滲透率創下新高，而市占率提升在阿根廷與智利尤為顯著，顧客對本季的行銷活動反應良好。

Over to you, Mariano.

交給你了，Mariano。

Thanks, Luis, and good morning, everyone. Consolidated adjusted EBITDA in the fourth quarter grew by more than 17% versus the prior year quarter as reported. While both periods benefited from tax-related items, even excluding these items, adjusted EBITDA grew by almost 14% in US dollars year-over-year with a 30 basis point margin expansion. For the first time in 2025, the fourth quarter included lower food and paper costs as a percentage of revenue in Brazil.

謝謝你，Luis，各位早安。第四季合併調整後 EBITDA（息稅折舊攤銷前利潤）按報告口徑較去年同期成長超過 17%。雖然兩個期間都受惠於稅務相關項目，但即使排除這些項目，調整後 EBITDA 仍以美元計年增近 14%，且利潤率擴張 30 個基點。2025 年首次在第四季看到巴西的食品與包材成本占營收比重下降。

This is a sign that our marketing strategies and supplier negotiations are working as they were designed. The main impact on consolidated food and paper costs in the quarter related to some mixed shifts in NOLAD and higher beef costs in Argentina. Payroll expenses were up as a percentage of revenue due to the comparison with last year's quarterly result, which included a tax benefit in Brazil.

這顯示我們的行銷策略與供應商談判正如設計般發揮效果。本季合併食品與包材成本的主要影響，來自 NOLAD 的產品組合出現一些變化，以及阿根廷牛肉成本上升。薪資費用占營收比重上升，主要是因為與去年同期相比，去年季度結果包含巴西的稅務利益。

Excluding this benefit, payroll expenses improved by about 60 basis points as a percentage of revenue. It is worth noting that over the last few years, certain markets have experienced elevated labor costs, but we have been implementing initiatives and technologies that have successfully offset these pressures.

排除該項利益後，薪資費用占營收比重改善約 60 個基點。值得注意的是，過去幾年部分市場面臨較高的勞動成本，但我們已推動多項措施與技術，成功抵銷這些壓力。

Currently, payroll expenses are among the lowest in our history as a percentage of sales. As you have heard on recent calls, we are very focused on capturing efficiencies at every level of the business, not just in the restaurants. With that, we made the difficult decision to reduce our G&A expenses through a reduction in headcount.

目前，薪資費用占銷售額比重處於我們歷史上最低水準之一。如同各位在近期電話會議中所聽到的，我們非常專注於在業務各層級（不僅是餐廳端）捕捉效率提升。因此，我們做出艱難決定，透過裁減人力來降低一般及行政（G&A）費用。

This process, which was completed during the first quarter of 2026, was designed to focus resources on the projects and investments we believe will generate the most shareholder value. Our adjusted EBITDA definition excludes reorganization and optimization charges, so you will see an $8.7 million add-back associated with this initiative in the EBITDA reconciliation.

此流程於 2026 年第一季完成，目的在於將資源聚焦於我們認為能創造最大股東價值的專案與投資。我們對調整後 EBITDA 的定義排除重組與優化費用，因此在 EBITDA 調節表中，您將看到與此計畫相關的 870 萬美元加回項。

Finally, the fourth quarter included a net tax benefit in Brazil, arising largely from the same items we recognized during the third quarter. We recorded a benefit of $20.5 million, mainly as other operating income. Below the line, we recorded $13.3 million of interest income. With that, the full P&L impact of this net tax benefit was recognized in 2025. As a reminder, full year adjusted EBITDA includes $106.1 million, and interest income includes $52.9 million from this benefit, for a total impact of $159 million in 2025.

最後，第四季包含巴西的淨稅務利益，主要源自我們在第三季認列的相同項目。我們認列 2,050 萬美元的利益，主要列為其他營業收入。在損益表線下，我們認列 1,330 萬美元的利息收入。因此，該淨稅務利益對完整損益表的影響已於 2025 年全數認列。提醒一下，全年調整後 EBITDA 包含來自該利益的 1.061 億美元，而利息收入包含 5,290 萬美元，2025 年合計影響為 1.59 億美元。

Importantly, we have already begun to apply the credit to tax liabilities in 2026. We expect to utilize the tax credit over the course of the next five years with an annual cash benefit of around $30 million. In terms of full year 2025 results, we are encouraged that even though food and paper costs rose, due mainly to significantly higher beef costs in Brazil, we were able to fully compensate the impact on restaurant margins by capturing efficiencies in payroll and occupancy and other operating expenses.

重要的是，我們已在 2026 年開始將該抵免額用於抵減稅負。我們預期在未來五年內逐步使用該稅額抵免，每年約帶來 3,000 萬美元的現金利益。就 2025 年全年結果而言，我們感到鼓舞的是，儘管食品與包材成本上升（主要因巴西牛肉成本大幅提高），我們仍能透過在薪資、租金占用成本及其他營運費用方面的效率提升，完全抵銷對餐廳利潤率的影響。

In Brazil, excluding the tax impacts from both the fourth quarters of 2024 and 2025, adjusted EBITDA grew 3% in US dollars, with margin compression of about 160 basis points.

在巴西，若排除 2024 年與 2025 年第四季的稅務影響，調整後 EBITDA 以美元計成長 3%，利潤率約收縮 160 個基點。

The margin decline was primarily related to the higher royalty rate in Brazil in 2025. Remember that royalties were equalized starting in 2025, with a higher royalty rate in Brazil more than offset by a lower royalty rate in NOLAD and SLAD. The other restaurant level cost and expense line items in Brazil improved versus the prior year. NOLAD generated solid US dollar EBITDA growth in the quarter, despite some margin pressure in food and paper costs as well as G&A.

利潤率下滑主要與 2025 年巴西較高的權利金費率有關。請記得，自 2025 年起權利金已進行均衡調整：巴西較高的權利金費率，已被 NOLAD 與 SLAD 較低的權利金費率所抵銷。巴西在其他餐廳層級成本與費用項目相較去年有所改善。NOLAD 本季以美元計 EBITDA 仍實現穩健成長，儘管食品與包材成本以及 G&A 方面存在一些利潤率壓力。

Meanwhile, SLAD delivered another strong quarter to close out a very good year, which included 26.1% US dollar EBITDA growth and almost 2 percentage points of margin expansion. In addition to operating efficiencies, we are implementing certain projects to improve the efficiency of our capital structure and capital allocation decisions, including the recent liability management transaction completed during the first quarter of 2026. Let me take you through it. In December of last year, our Brazilian subsidiary secured $150 million in new bank debt that matures in 2029.

同時，SLAD 再度交出強勁的一季，為非常出色的一年畫下句點；全年包含以美元計 EBITDA 成長 26.1%，且利潤率擴張近 2 個百分點。除營運效率外，我們也在推動若干專案，以提升資本結構與資本配置決策的效率，包括 2026 年第一季完成的近期負債管理交易。我來帶各位了解。去年 12 月，我們的巴西子公司取得 1.5 億美元的新銀行借款，將於 2029 年到期。

This is why you see the higher total financial debt as well as cash and cash equivalents at the end of 2025, but a stable leverage ratio versus year-end 2024. We entered into certain derivative instruments to hedge the interest rate and maintain the foreign currency exposure of our long-term debt. As a result of these transactions, the new bank debt has an estimated US dollar cost of 2.53%. The proceeds of the new debt were used to fund a tender offer for about $135 million of our 2029 sustainability-linked bond, which has a 6 1/8% interest rate.

這就是為什麼您會看到 2025 年底的總金融負債以及現金與約當現金較高，但相較 2024 年底的槓桿比率仍保持穩定。我們簽訂若干衍生性金融工具，以對沖利率並維持長期負債的外幣曝險。受這些交易影響，新銀行借款的估計美元成本為 2.53%。新借款所得資金用於對我們 2029 年到期、票面利率 6 1/8% 的永續連結債券提出約 1.35 億美元的要約收購。

The tender was completed earlier this month. Among the benefits of the transaction are a reduction of the average US dollar cost of our long-term debt and a more efficient capital structure, both at the consolidated level and in Brazil. Additionally, moving forward, this new local debt increases the deductibility of our interest expenses. In terms of capital allocation, last year we exceeded openings guidance by adding 102 restaurants to our footprint while deploying less total capital expenditures versus the prior year.

該要約收購已於本月稍早完成。此交易的效益包括降低我們長期負債的平均美元成本，並在合併層級與巴西層級打造更有效率的資本結構。此外，展望未來，這筆新的本地負債將提高我們利息費用的可扣抵性。在資本配置方面，去年我們新增 102 家餐廳，開店數超越指引，同時總資本支出低於前一年。

Importantly, about half the total CapEx in 2025 was used to fund restaurant openings. For 2026, openings guidance is for 105 to 115 restaurant openings and total capital expenditures between $275 million and $325 million. With a goal of improving returns on investments through better cash margins and lower per unit opening CapEx. Also, for 2026, the board of directors has declared a cash dividends of $0.28 per share, up from $0.24 last year, payable in equal installments on a quarterly basis this year. Although it is early, we began the year with good momentum by focusing on factors we control.

重要的是，2025 年總資本支出（CapEx）約有一半用於餐廳開店。2026 年開店指引為新開 105 至 115 家餐廳，總資本支出介於 2.75 億至 3.25 億美元。目標是透過更佳的現金利潤率與更低的單店開店資本支出，提升投資報酬。另外，2026 年董事會宣告每股現金股利 0.28 美元，高於去年的 0.24 美元，並將於今年按季等額分期支付。雖然現在還早，但我們以良好動能展開新的一年，聚焦於我們可控的因素。

We expect the underlying profitability trends of the fourth quarter to continue. Importantly, we are seeing the potential for a higher gross margin this quarter and throughout 2026. When sales growth normalizes, we believe this focus on cost and expense discipline will generate incremental margin improvement opportunities in other lines of the P&L as well.

我們預期第四季的基本獲利趨勢將延續。重要的是，我們看到本季以及整個 2026 年毛利率有望提高。當銷售成長回歸常態時，我們相信這種對成本與費用紀律的專注，也將在損益表其他項目帶來額外的利潤率改善機會。

Back to you, Luis.

交回給你，Luis。

Thanks, Mariano. Let me wrap up with a few final thoughts. We're encouraged by business momentum entering 2026 and confident we're positioned to deliver sustainable growth, expand profitability, and create long-term shareholder value. Our priorities remain unchanged. Disciplined execution, improved returns on invested capital, and continued strengthening of the McDonald's brand into the future.

謝謝你，Mariano。我用幾點最後想法作結。我們對 2026 年初的業務動能感到鼓舞，並有信心我們已做好準備，能實現可持續成長、擴大利潤能力，並創造長期股東價值。我們的優先事項維持不變。嚴謹執行、提升投入資本報酬率，以及持續強化麥當勞品牌，面向未來。

As Mariano mentioned, early results in 2026 have been relatively strong. Although current events have introduced some uncertainty, we believe in the resilience of the Arco Donado's business model. We see a more normalized consumer environment as the year progresses, and we have a strong marketing plan to strengthen the bond with consumers across income levels.

正如Mariano提到的，2026年初的結果相對強勁。儘管近期事件帶來了一些不確定性，我們仍相信Arco Donado商業模式的韌性。我們預期隨著年度推進，消費環境將更趨正常化，並且我們有一項強而有力的行銷計畫，以強化與各收入層消費者之間的連結。

In the short-term, we are monetizing the significant market share advantage we built over the last several years. There is no other QSR operator in Latin America and the Caribbean capable of delivering the omni-channel experience guests prefer in an increasingly digitalized world, and we believe longer-term sales trends will recover and we will have even more opportunities to generate value.

短期內，我們正在將過去幾年建立的顯著市占優勢變現。在拉丁美洲與加勒比地區，沒有其他QSR業者能在日益數位化的世界中，提供顧客偏好的全通路體驗；我們相信長期銷售趨勢將會回升，並且我們將有更多創造價值的機會。

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

感謝各位參加今天的電話會議。Dan，交還給你。

Thanks, Luis. We will now begin the Q&A session.(Event Instructions)

謝謝你，Luis。我們現在開始問答環節。（活動說明）

Great. Okay, we have several questions already in the queue. We'll try to get to all of them if we can. Good morning again, everyone. We have a question from Froylan Mendez from JPMorgan, and Froylan asks us about taxes, and Eric from Santander has a similar question.

很好。好的，我們佇列中已經有好幾個問題。如果可以的話，我們會盡量全部回答。各位再次早安。我們有一個問題來自JPMorgan的Froylan Mendez，Froylan詢問稅務相關問題，而Santander的Eric也有類似的問題。

I'll read both questions, and then I'll pass it over to you, Mariano. Froylan asks, can you please explain the higher taxes paid during the quarter, and if we should expect this higher level going forward? And Eric Huang from Santander says,

我會把兩個問題都念一遍，然後交給你，Mariano。Froylan問：能否請你解釋本季支付較高稅款的原因，以及未來是否應預期維持在較高水準？而Santander的Eric Huang表示：

Good morning, all. Thanks for taking our questions. This quarter, income tax was quite elevated.

各位早安。感謝讓我們提問。本季所得稅相當高。

Could you help us understand the moving parts behind such high levels, and how should we think about this line in 2026, especially following the capital structure optimization?" Over to you, Mariano.

能否協助我們理解造成如此高水準的各項因素？以及在資本結構優化之後，我們應如何看待2026年的這一項目？"交給你，Mariano。

Thank you, Dan. Good morning, everybody, and thanks, Froylan and Eric for the question. Regarding the ETR, remember that we analyze the effective tax rate on a full year basis, not on a quarter by quarter. For the full year 2025, it's important to note that the ETR of Arcos Dorados was 37.7%, an improvement of almost 5 percentage points versus 2024, and reasonably close to the regional statutory rates. This reflects the mix of earnings across countries and some discrete impacts, particularly in Brazil.

謝謝你，Dan。各位早安，也感謝Froylan與Eric的提問。關於ETR，請記得我們是以全年為基礎來分析有效稅率，而不是逐季分析。就2025全年而言，需要注意的是，Arcos Dorados的ETR為37.7%，較2024年改善將近5個百分點，且相當接近區域法定稅率。這反映了各國獲利組合的差異，以及一些一次性影響，特別是在巴西。

Going to the fourth quarter, the rate was high compared to the fourth quarter of 2024, but this was in line with our projections. The quarter includes some one-off adjustments, in this case in Chile and Colombia, and higher tax charges in Argentina related to effects on inflation. It's important to note that there are no structural changes behind that number. Again, going to the full year, 37.7%, 5 percentage points better than in 2024. Looking ahead, 2026, we expect a full year ETR in line with what we had for the full year in 2025.

就第四季而言，該稅率相較於2024年第四季偏高，但符合我們的預估。本季包含一些一次性調整，本例為智利與哥倫比亞，另外阿根廷因通膨影響而產生較高的稅負費用。重要的是，這個數字背後並沒有結構性變化。再次強調，就全年而言是37.7%，較2024年改善5個百分點。展望2026年，我們預期全年ETR將與2025全年水準一致。

Of course, again, there may be quarterly variability, particularly early in the year, but the annual profile remains stable, and we are not seeing any structural changes on our ETR. Of course, during the year, we will continue to look for efficiencies and to look into ways to reduce that number.

當然，仍可能出現季度間的波動，特別是在年初，但年度輪廓仍然穩定，我們也未看到ETR有任何結構性變化。同時，在年度進行中，我們會持續尋找效率提升與降低該數字的方法。

Great. Thanks, Mariano. We'll stay with you. Froylan sent a couple of other questions that I think will be yours as well. We'll start with, can you give more color on the drivers of margin expansion in Brazil and SLAD?

很好。謝謝你，Mariano。我們繼續請你回答。Froylan還送來另外幾個問題，我想也會由你來回答。首先，你能否更詳細說明巴西與SLAD利潤率擴張的驅動因素？

Perfect. First of all, we're very pleased with margins in Brazil, specifically with the gross margin. As we have been mentioning during 2025 in the previous calls, the impact of the increase in beef in Brazil was very high and impacted us particularly in the first half of the year.

好的。首先，我們對巴西的利潤率非常滿意，特別是毛利率。正如我們在2025年先前的電話會議中提到的，巴西牛肉價格上漲的影響非常大，尤其在上半年對我們造成衝擊。

Now, in the fourth quarter of 2025, for the first time in the year, we are seeing an improvement, small of 10 bps, but we are seeing an improvement that going forward, and we have not finished the first quarter of 2026, but we are expecting that this improvement will continue during the first quarter of 2026 in Brazil and in the other two divisions, and we have a favorable outlook for the rest of the year. It doesn't end here, the margin expansion or the improvements we have seen in Brazil during the quarter, excluding the one-off related to payroll in 2024.

現在，在2025年第四季，我們今年首次看到改善，幅度不大、約10個基點，但我們確實看到改善；展望未來，我們尚未結束2026年第一季，但我們預期這項改善將在2026年第一季於巴西以及另外兩個事業部持續，且我們對今年其餘時間的展望偏正面。而且不僅如此，本季我們在巴西看到的利潤率擴張或改善，若排除2024年與薪資相關的一次性因素，仍然成立。

We have seen an improvement in payroll of 90 bps, mainly due to productivity and headcount, and also an improvement in occupancy and other operating expenses, mostly driven in this case by improving delivery margins.

我們看到薪資費用改善90個基點，主要來自生產力提升與人力編制調整；同時，租賃占用成本與其他營運費用也有所改善，這部分主要由外送毛利改善所帶動。

We are very pleased when you exclude the one-offs related to payroll in 2024, and you exclude the impact of the gross-up of royalties also in 2024, the expansion in Brazil we are very pleased with that. Regarding SLAD that you also asked about, Froylan, payroll expenses, royalties, and occupancy and other expenses, we saw leverage in all of those lines having a better other operating income as well, and a flattish G&A in the division. SLAD have seen an improvement of 180 bps regarding same quarter of 2024 from 10.8% in '24 to 12.6% in '26 -- in '25, sorry.

若排除2024年與薪資相關的一次性因素，並排除同樣發生在2024年的權利金總額化（gross-up）影響，我們對巴西的擴張表現非常滿意。至於你也問到的SLAD，Froylan，在薪資費用、權利金、租賃占用成本與其他費用等各項目上，我們都看到槓桿效益，同時其他營運收入也更好，而該事業部的G&A大致持平。SLAD相較於2024年同季改善180個基點，從2024年的10.8%提升至2026年的12.6%——抱歉，是2025年的12.6%。

Okay. Great, Mariano. Thanks. One more from Froy, before we move on, and this one is also. Given the recent depreciation of LatAm currencies, does this change your outlook for top line and margins versus the time you shared guidance?

好的。很好，Mariano。謝謝。在我們往下之前，Froy還有一個問題，這個也是。鑑於近期拉美貨幣貶值，這是否會改變你們在提供指引時對營收與利潤率的展望？

Well, if we look at the average for the two main currencies, let's go to the Brazilian real and the Mexican peso. In the first quarter of '26 so far, and we are almost approaching the end of the quarter, the Brazilian real had an average of 5.2 versus 5.86 for the same period of last year. The Mexican peso, an average of 17.4, compared with an average of 20.4 in the first Q of last year. We are seeing an appreciation of the currency that adding the inflation rate, the real appreciation is even higher. We're not seeing that depreciation of the currencies.

嗯，如果我們看兩個主要貨幣的平均值，也就是巴西雷亞爾與墨西哥披索。截至目前的2026年第一季，而且我們幾乎接近季度末，巴西雷亞爾平均為5.2，而去年同期為5.86。墨西哥披索平均為17.4，相較於去年第一季平均20.4。我們看到的是貨幣升值；再加上通膨率，實質升值幅度更高。我們並沒有看到貨幣貶值。

Of course, in January, at some point, the real was a bit more appreciated than what it is now, which of course, given the worldwide events that we are experiencing, we are seeing an increase in volatility. The FX are performing much better than everybody expected at the end of last year and even at the beginning of this year. You know that when LatAm currencies are appreciated, and on top of that, with modest level of inflation, we are seeing real appreciation of the currencies that at the end have a positive impact in our results.

當然，在1月的某個時點，雷亞爾的升值幅度比現在更大；而且鑑於我們正在經歷的全球事件，我們確實看到波動性上升。匯率表現遠優於大家在去年底、甚至今年初的預期。你也知道，當拉美貨幣升值，再加上溫和的通膨水準，我們會看到貨幣的實質升值，最終對我們的業績帶來正面影響。

Great, thanks Mariano. We're going to go now to Eric Hung of Santander again who had asked previously about the same income tax question. And Eric had a second question, this one for you, Luis.

很好，謝謝Mariano。我們現在回到Santander的Eric Hung，他先前也問了同樣的所得稅問題。Eric還有第二個問題，這題是給你的，Luis。

Secondly, how should we think about Brazil's comp sales throughout 2026, bearing in mind all of the initiatives undertaken by the company and the additional resources from the increase in income tax rate exemption level in Brazil.

其次，考量公司已推動的各項措施，以及巴西提高所得稅免稅門檻所帶來的額外資源，我們應該如何看待巴西在2026年全年的同店銷售表現？

Okay, thank you very much, Eric, for the question and, to answer that, I have to go a few steps into 2025, where the market had a very challenging year. With industry volumes down mid to high single-digits versus 2024 and this happened since the first quarter of the year, with the additional pressure of the increase in beef costs that somehow made us make an adjustment in our strategy. And the pressure to consumption came, especially or was related to especially factors related to disposable income.

好的，非常感謝你，Eric，謝謝你的提問。要回答這個問題，我需要先回到2025年談幾點，當時市場經歷了非常具挑戰性的一年。相較於2024年，整體產業銷量下滑約中到高個位數百分比，而且從第一季就開始發生；同時牛肉成本上升帶來額外壓力，某種程度上也促使我們調整策略。而對消費的壓力主要來自、或特別與可支配所得相關的因素。

And, however, given this con this context throughout the the fourth quarter and full year we managed to deliver positive com sales and better margins. So, about the consumption, we believe that consumers, particularly lower income consumers are being more rational with their spending power.

不過，在這樣的背景之下，整個第四季以及全年，我們仍然成功交出正向的同店銷售以及更好的利潤率。就消費而言，我們認為消費者、特別是較低收入的消費者，在運用其支出能力時變得更為理性。

And even though this, there isn't a lot of room for higher pricing, we are working through a combination of pricing and mix to increase our check, trying to offset those volume declines.

即便如此，由於沒有太多空間進一步提高價格，我們正透過價格與產品組合的搭配來提高客單價，試圖抵消銷量下滑的影響。

Protecting our margins. So what happened in the 4th quarter was that the contribution to sales came more from average check and cha and channel sheets than volume, because as I said, we're trying to strike a balance between sales growth and profitability.

以保護我們的利潤率。因此第四季發生的情況是，銷售的貢獻更多來自平均客單價以及通路組合的變化，而不是來自銷量；因為如我所說，我們正努力在營收成長與獲利能力之間取得平衡。

And what we are seeing today, these first months of the year, is that we're seeing similar consumption trends. And our performance in the first quarter is about in line with our expectations. And what we expect from the second quarter and on is that the consumption levels are going to normalize.

而我們目前看到的、在今年前幾個月，是類似的消費趨勢。我們第一季的表現大致符合我們的預期。我們對第二季及之後的預期是，消費水準將會回歸正常化。

Still, our focus during this quarter and the rest of the year is going to be to build healthy comparable sales. Dan, good luck to you.

不過，我們在本季以及今年剩餘時間的重點，將是建立健康的同店銷售成長。Dan，祝你好運。

Thanks, Luis. The next question we have is from [Jonathan Szwarc of The Ion Group]. This one will be back to you, Mariano. In addition to a lower rate and no longer needing to hedge part of the US dollar-denominated debt into Brazilian reais, are there any other monetary benefits of raising debt in Brazil or in BRL i.e., lowering pre-tax accounting results that lowers taxes, avoidance of taxes for taking money outside the country, et cetera.

謝謝，Luis。下一個問題來自[The Ion Group 的 Jonathan Szwarc]。這題會回到你這邊，Mariano。除了利率較低，以及不再需要將部分以美元計價的債務避險成巴西雷亞爾之外，在巴西或以BRL舉債是否還有其他貨幣面（或財務面）的好處？例如降低稅前會計結果以降低稅負、避免將資金匯出國外所產生的稅負等等。

That's a question from Jonathan.

這是 Jonathan 的問題。

Perfect. Thanks. Jonathan Szwarc, how are you? Thanks for the question. I walk you through the transaction, and I try to answer your several questions here.

很好。謝謝。Jonathan Szwarc，你好嗎？謝謝你的提問。我會帶你梳理這筆交易，並嘗試在這裡回答你提出的幾個問題。

In this case, this liability management exercise, we identified an opportunity, a market opportunity to lower the cost of our debt. You will start seeing that, of course, during the full year of 2026. We structured, in this case, three bilateral loans with three different banks and coupled them with derivatives to synthetically maintain our debt in US dollars. Avoiding, of course, paying the cost of carry in Brazil was key for these transactions.

在這次負債管理操作中，我們辨識到一個機會，也就是市場上的機會，可以降低我們的債務成本。當然，你會在2026年全年開始看到這個效果。在此我們安排了三筆與三家不同銀行的雙邊貸款，並搭配衍生性金融商品，以合成方式維持我們的債務以美元計價。當然，避免在巴西承擔持有成本（cost of carry）是這些交易的關鍵。

We ultimately repaid our 2029 US dollar-denominated debt. In this case, the resulting cost of these transactions ended in an estimated pre-tax cost of 2.53% in an annual basis. That's the interest rate, which compares, in this case, with 6 1/8% coupon of the senior notes '29. On top of that, in January, we launched the tender offer and successfully repaid $135 of these notes.

最終我們償還了2029年到期的美元計價債務。在此情況下，這些交易的結果成本估計為年化稅前成本2.53%。這就是利率；相較之下，2029年到期的優先票據（senior notes '29）票息為6 1/8%。此外，在1月我們發起要約收購（tender offer），並成功償還了其中1.35億美元的票據。

This transaction, going to your second part of your question, enable us to capture an even larger tax shield, therefore, having advantages from a tax perspective as well. I hope that with this flow, your questions are answered.

這筆交易，回到你問題的第二部分，使我們得以取得更大的稅盾（tax shield），因此在稅務角度也具有優勢。希望透過以上說明，你的問題都已獲得解答。

Thanks, Mariano. I'm going to move on now to Alvaro Garcia from BTG Pactual. Alvaro asks a couple questions. The first one for you, Luis. On Brazil sales, Economia, are you seeing any interesting behavior from cohorts buying Economia, i.e., adding other items to their order or increased traffic?

謝謝，Mariano。接下來我會轉到 BTG Pactual 的 Alvaro Garcia。Alvaro 問了幾個問題。第一個是給你，Luis。關於巴西的 Economia 銷售，你們是否看到購買 Economia 的客群出現任何有趣的行為，例如在訂單中加購其他品項或來客量增加？

Thank you, Alvaro, for the question. Good morning. As I said, the situation in Brazil regarding volumes are directly related with the slowdown that we see in the consumption. This value platform, the Economia value platform, that is a national value platform, is giving us the chance to somehow shield or to protect our market share. For those who do not know about this, it offers a very attractive price point, and it gives the opportunity to our guests to build their own menu.

謝謝你，Alvaro，謝謝你的提問。早安。如我所說，巴西在銷量方面的情況，與我們看到的消費放緩直接相關。這個價值平台，也就是 Economia 價值平台（全國性的價值平台），讓我們有機會在某種程度上抵禦、或保護我們的市占率。對於不熟悉的人來說，它提供非常有吸引力的價格帶，並讓顧客有機會自行搭配他們的菜單。

It has very good margins. So far, the platform has very good results. Yes, we do have some add-ons. The value platform is still going on during the first quarter. Most importantly, what it did is that we were able with that kind of actions, even though the sector is down, we were able to maintain our market share, leading our nearest competitor by a factor of two.

它的利潤率非常好。到目前為止，這個平台的成效非常好。是的，我們確實看到一些加購（add-ons）。這個價值平台在第一季仍持續進行。更重要的是，它帶來的效果是：即使整個產業下滑，透過這類行動，我們仍能維持市占率，並以兩倍的差距領先我們最接近的競爭對手。

We were able to maintain that gap. This is going to position us very well when the operating environment improves, and we expect that to be around the second quarter and on into 2026.

我們得以維持這個差距。當營運環境改善時，這將使我們處於非常有利的位置；我們預期改善將從第二季開始並延續到2026年。

Great. Thanks, Luis. Alvaro has a follow question, and I have similar questions from Froy at JPMorgan and Melissa at BofA. I'll read the three, and then I'll bring it over to you, Mariano. I think this one's for you.

很好。謝謝，Luis。Alvaro 還有一個追問，而我也收到 JPMorgan 的 Froy 以及 BofA 的 Melissa 類似的問題。我會把這三個問題一起念，然後交給你，Mariano。我想這題是問你的。

Alvaro says, headcount reduction. Can you give more color on the headcount reduction, both financial impact and strategically why it makes sense for the organization? Froy at JPMorgan asked, Can you quantify the impact of the headcount reduction going forward in terms of SG&A reduction as a % of sales or any other metric that we can use to understand the impact?

Alvaro 說，人力編制縮減。你能否就人力縮減提供更多細節，包括財務影響，以及從策略角度為何這對組織是合理的？JPMorgan 的 Froy 問：你能否量化人力縮減對未來的影響，例如SG&A占銷售額的下降幅度或任何其他指標，讓我們能理解其影響？

And Melissa from Bank of America asks, "Can you provide some additional information on the restructuring charge, including drivers of the decision, areas impacted, and anticipated savings?" All those, I think, are the same question. Over to you, Mariano.

而美國銀行（Bank of America）的 Melissa 問：「你能否就重組費用提供更多資訊，包括決策的驅動因素、受影響的領域，以及預期節省金額？」我想這些其實都是同一個問題。交給你了，Mariano。

Thank you. Thanks, everybody, for the question. In this case, maintaining strong discipline over G&A expenses continues to be one of Arcos Dorados' top priorities and is aligned with Luis' message, when he assumed his position. We consistently pursue initiatives aimed at improving efficiency and optimizing our G&A structure, always supporting the needs of the business. In full year 2025, G&A, as a percentage of revenues, remained flat, excluding one-off items that affected 2024.

謝謝。也謝謝各位的提問。在此情況下，對一般及行政（G&A）費用維持嚴格紀律，仍是 Arcos Dorados 的首要優先事項之一，並且與 Luis 在上任時所傳達的訊息一致。我們持續推動旨在提升效率、並優化我們G&A架構的各項措施，同時始終支援業務需求。在2025年全年，排除影響2024年的一次性項目後，G&A占營收比重維持持平。

Notably, and this is relevant, during the fourth quarter of 2025, we delivered a 50 basis point improvement in G&A over revenues, also excluding those one-offs. But in line with our commitment to long-term shareholder value creation and enhanced cash generation, and supported by efficiency gains from technology investment, we implemented a G&A restructuring over the last few months that is already completed. The objective in this case was to preserve operational excellence while better aligning resources with the activities that are more critical to sustaining growth and strengthening our platform for the future.

值得注意的是，且這點很重要：在2025年第四季，我們的G&A占營收比重改善了50個基點，同樣排除那些一次性項目。但為了符合我們對長期股東價值創造與提升現金產生能力的承諾，並在科技投資帶來的效率提升支持下，我們在過去幾個月實施了一項G&A重組，目前已經完成。此舉的目標是在維持卓越營運的同時，更好地讓資源配置與那些對維持成長更關鍵的活動對齊，並強化我們面向未來的平台。

In terms of numbers, sorry, our ongoing cost base has been reduced by more than $10 million on an annualized basis, and in this case, positioning us to generate operating leverage in 2026. Of course, then there are other moving parts that affect the G&A, as you all know, like, FX movements, like share price movements.

就數字而言，抱歉，我們持續性的成本基礎以年化計算已降低超過1,000萬美元，而在此情況下，讓我們在2026年具備產生營運槓桿的條件。當然，接著還有其他會影響G&A的變動因素，各位都知道，例如外匯（FX）波動、股價波動等。

But in this case, our cost base case is $10 million less in the payroll line. This restructure has been made in the three divisions and at the corporate level.

但在這個情況下，我們的成本基礎在薪資項目上少了1,000萬美元。這次重組是在三個事業部以及公司層級進行的。

Okay, great. Thanks, Mariano. I'll move on to Melissa's, next question, which is related to, CapEx, and we have a similar question from an investor, Max Joseph. So I'll read first Melissa and then Max, and I'll turn it over to you. Why was CapEx for 2025 below initial guidance, despite higher number of openings? Is this FX related? And how does investment per unit and ROI for recent openings compare with previous vintages?

好的，很棒。謝謝你，Mariano。我接著問Melissa的下一個問題，與資本支出（CapEx）相關，我們也收到投資人Max Joseph的類似提問。所以我會先念Melissa的問題，再念Max的，然後交給你回答。為什麼2025年的CapEx低於最初指引，儘管開店數更高？這是否與外匯（FX）有關？而近期開店的單店投資額與投資報酬率（ROI）相較於以往批次（vintages）如何？

Max also asks about 2025 CapEx. Can you provide more detail on '25 CapEx outside of new restaurant openings and how much was allocated to restaurant modernizations, technology initiatives, maintenance, and other categories? So I'll stop there and then they both also asked about CapEx moving forward, but let's talk about '25 first. Over to you again.

Max也問到2025年的CapEx。你能否提供更多關於2025年CapEx（不含新餐廳開店）的細節，以及有多少分配到餐廳翻新、科技計畫、維護與其他類別？我先停在這裡；他們兩位也都問到未來的CapEx，但我們先談2025年。再交給你。

Thanks, Melissa and Max for the question. In 2025, we remain focused on optimizing capital spending.

謝謝Melissa和Max的提問。在2025年，我們仍專注於最佳化資本支出。

While fully executing our plan opening some modernization program. It's important to note that we did not obtain the savings by switching to cheaper restaurant formats. We maintain, even we exceeded the guidance, and we maintain the number of freestanding openings that we planned at the beginning of the year. In the second half of the year, we accelerated initiatives to be more efficient. With localized suppliers.

同時完整執行我們的開店計畫以及部分現代化（modernization）方案。需要強調的是，我們並不是透過改用更便宜的餐廳格式來取得節省。我們維持、甚至超過指引，並且維持年初規劃的獨立店（freestanding）開店數量。在下半年，我們加速推動提升效率的措施。採用在地供應商。

We do, we did right sizing, of the restaurants. So a lot of focus on the construction phase, coupled with effects movements that had some benefits on imported elements that go inside the restaurant, specifically at the kitchen level. But all those allowed to reduce the per unit cost without, as I mentioned before, compromising quality or scope. This area, it's important to note, has been a main focus for the entire finance and development teams during 2025. And the objective was to maximize return on investments, but maintaining the quality of our restaurant openings.

我們也做了餐廳規模的適度調整（right sizing）。因此我們在施工階段投入大量心力，再加上匯率波動，對餐廳內部部分進口項目帶來一些好處，特別是在廚房層面。但這些都讓我們能在不如我先前所說、犧牲品質或範疇的前提下，降低單店成本。需要指出的是，這個領域在2025年一直是整個財務與開發團隊的重點。目標是在維持餐廳開店品質的同時，最大化投資報酬。

So as a result of all these, we were able to surpass the plan, opening 102 restaurants instead of the or on top of the guidance that was 90 to 100, but with lower capital intensity, and we are very pleased with the results we obtained that contributed to increase and improve the free cash flow of the company.

因此，綜合以上，我們得以超越計畫，開出102家餐廳，超過原先90到100家的指引，同時資本強度更低；我們對取得的成果非常滿意，這也有助於提升並改善公司的自由現金流。

Then you were going to ask about 2026.

接著你要問2026年。

Yeah, so Melissa from Bank of America, what is the allocation of your 2026 CapEx budget across restaurant openings, reimaging technology, and other areas? And Max asked a similar question separately, are you planning to increase modernization rate to hit your year-end goal of experiencing the future of 90% puls

是的，來自美國銀行的Melissa問：你們2026年CapEx預算在餐廳開店、重塑（reimaging）、科技與其他領域的分配為何？Max也另外問了類似問題：你們是否計畫提高現代化（modernization）速度，以達成年底「體驗未來（experiencing the future）」達到90% puls的目標？

Perfect. Just as a reference, 2025, approximately 80% of the total CapEx was allocated to development CapEx, 20% to non-development CapEx that includes mainly technology. For 2026, given that we increase a bit, the guideline of openings, our expectation is, and also because we are going to finalize and modernize more restaurants. We are expecting that from the total guidance we gave you in January, approximately 85% will be allocated to development, and 15% will be allocated to technology and other type of investments.

很好。作為參考，2025年約有80%的總CapEx分配到開發性CapEx，20%分配到非開發性CapEx，主要包含科技。至於2026年，鑑於我們把開店指引提高一些，且我們也將完成並現代化更多餐廳，我們預期在1月提供的總指引中，約85%將分配到開發，15%將分配到科技及其他類型的投資。

Great. Thanks, Mariano. I'm going to move now to Julia Rizzo from Morgan Stanley. She has a couple questions. I'm going to start with one for Luis.

很好。謝謝你，Mariano。我現在轉到Morgan Stanley的Julia Rizzo。她有幾個問題。我先從一個要問Luis的開始。

Are there already signs of same-store sales recovery in the first quarter of '26 in Brazil and NOLAD? And when do you expect same-store sales to reach inflation levels according to the company's algorithms?

在巴西與NOLAD，2026年第一季是否已經看到同店銷售回升的跡象？依照公司的模型（algorithms），你們預期同店銷售何時能達到通膨水準？

Thank you. Thank you, Julia, for the question. I mean, our plan is designed to deliver comparable sales growth about in line with inflation level as the year progresses. We do have a strategic marketing plan that is very robust, not only in Brazil and NOLAD but in SLAD also. You saw that in the fourth quarter, for example.

謝謝。謝謝你，Julia，提問。我的意思是，我們的計畫設計是要在年度推進過程中，帶來大致與通膨水準一致的同店銷售成長。我們有一個非常強健的策略性行銷計畫，不僅在巴西與NOLAD，在SLAD也是如此。例如你在第四季就看到了。

We have in Brazil actions like I was telling just a few minutes ago about Economia that drives volume. But we also had the Stranger Things action that brings the love for the brand. We think that the situation in Brazil is going to last for a while. We are prepared for that. As I said, our challenge is to build a healthy comp sales.

在巴西，我們有一些行動，就像我幾分鐘前提到的Economia，能帶動來客量。但我們也有《怪奇物語》（Stranger Things）的活動，帶回大家對品牌的喜愛。我們認為巴西的情況還會持續一段時間。我們已為此做好準備。如我所說，我們的挑戰是建立健康的同店銷售。

In the case of NOLAD, we had a slightly different case because even though we did have a challenging and a highly competitive environment across most markets, comparable sales grew 1.7% with positive volume. This was supported by a slight shift in product mix and competitive pricing strategies. Overall, sales growth was driven more by volume than by average check.

至於NOLAD，情況稍有不同，因為即使我們在多數市場面臨具挑戰且高度競爭的環境，同店銷售仍成長1.7%，且來客量為正成長。這主要受益於產品組合的些微轉移以及具競爭力的定價策略。整體而言，銷售成長更多是由來客量帶動，而非平均客單價。

The highlight of the fourth quarter was Mexico and Puerto Rico. Looking ahead, we remain confident because Mexico is going to sustain the trend, and we believe that Panama and Costa Rica are taking the right actions to rebalance average check and guest traffic trends. We expect to see that bridging inflation or about in line inflation for the second semester. Dan?

第四季的亮點是墨西哥與波多黎各。展望未來，我們仍有信心，因為墨西哥將延續這個趨勢，而我們相信巴拿馬與哥斯大黎加正在採取正確行動，以重新平衡平均客單價與來客量的趨勢。我們預期在下半年會看到逐步追上通膨、或大致與通膨一致的表現。Dan？

Thanks, Luis. I'm going to go now to Julia's second question, and this one will be for you, Mariano. Can we explain NOLAD's margin fall despite the royalty rate being 100 basis points better? What should we expect for NOLAD margins in 2026?

謝謝你，Luis。我現在轉到Julia的第二個問題，這題要問你，Mariano。在權利金率改善100個基點的情況下，能否解釋NOLAD的利潤率為何下滑？我們對2026年NOLAD利潤率應有何預期？

Perfect. Thanks, Julia, for the question. Margins in NOLAD during the last quarter of last year were challenged due to sales growing below blended inflation. As we always mention, when we have sales growing below inflation, then you start having deleverage in several fixed cost lines. On top of that, we have seen some food and paper cost pressures during the last quarter.

好的。謝謝你，Julia，提問。NOLAD在去年第四季的利潤率面臨壓力，原因是銷售成長低於綜合通膨（blended inflation）。如我們一再提到，當銷售成長低於通膨時，數個固定成本項目就會開始出現去槓桿（deleverage）。此外，我們在去年第四季也看到食品與包材（food and paper）成本壓力。

Remember that during the full year of 2025, NOLAD did not experience food and paper pressures in the first half of the year, but started having some pressures on the second half of the year. The good news here is that we saw improvements in occupancy and other operating expenses, and we managed to keep payroll almost in line with prior year.

請記得，在2025年全年，NOLAD在上半年並未經歷食品與包材的成本壓力，但在下半年開始出現一些壓力。好消息是，我們看到租金占用成本（occupancy）與其他營運費用有所改善，並且我們成功讓薪資成本幾乎與去年持平。

If you recall in 2024, payroll line was under pressure in NOLAD due to increases in minimum wages in several markets such as Puerto Rico, Panama, Costa Rica, and Mexico. We are pleased to see that in 2025 through productivity gains, we saw leverage in this line. We are also very pleased with Mexico's results.

如果你回想2024年，NOLAD的薪資項目曾因多個市場的最低工資上調而承壓，例如波多黎各、巴拿馬、哥斯大黎加與墨西哥。我們很高興看到，2025年透過生產力提升，這個項目出現槓桿效益。我們也對墨西哥的結果非常滿意。

That is the division's largest market, where comp sales grew well above inflation, and we expect to generate leverage during 2026. Going back to the food and paper line, and as I mentioned when I was asked about Brazil, in the case of NOLAD, and let me add in the case of SLAD as well, we have seen very good signs during the first quarter of this year that, of course, is still ongoing.

那是該事業部最大的市場，在那裡同店銷售成長遠高於通膨，我們預期在 2026 年將產生營運槓桿效益。回到食品與包材成本項目，正如我在被問到巴西時提到的，就 NOLAD 而言，另外我也補充 SLAD 的情況，我們在今年第一季（當然目前仍在進行中）已看到非常好的跡象。

Early results are showing an improvement in food and paper costs in the three divisions and in the case of NOLAD, in particular in NOLAD. The fourth quarter was not great, we agree, but we are seeing some good news starting 2026, and we are very pleased how we have managed the payroll line. Remember that between payroll and food and paper are the two most important cost lines in our incomes in our P&L.

初步結果顯示，三個事業部的食品與包材成本都有所改善，而就 NOLAD 而言，尤其是在 NOLAD。第四季表現不算好，我們同意，但我們看到一些好消息從 2026 年初開始出現，而且我們對於薪資成本項目的管理成果非常滿意。請記得，在我們的損益表中，薪資與食品及包材是兩個最重要的成本項目。

Great. Thanks, Mariano. I'm going to move over to Thiago Bortoluci from Goldman Sachs. Thiago asks a question related to same-store sales in Brazil, at 2% same-store sales growth, I assume traffic in Brazil is at least mid-single digit negative. How has it evolved sequentially versus the third quarter?

很好。謝謝你，Mariano。我接著請高盛的 Thiago Bortoluci 提問。Thiago 的問題與巴西同店銷售有關：同店銷售成長 2%，我推測巴西的來客數至少是中個位數的負成長。相較於第三季，這個趨勢在序列上如何演變？

To which factors would you attribute this evolution? What are the drivers for an eventual inflection in 2026? I think Luis addressed this earlier. Thiago, I think you sent this while he was answering a similar question. So I'll, we'll try not to be repetitive.

你會把這樣的演變歸因於哪些因素？2026 年可能出現轉折的驅動因素是什麼？我想 Luis 先前已經回應過。Thiago，我想你是在他回答類似問題時送出這個問題的。所以我們會盡量避免重複。

Thiago's other question, which is a two parter, I think the first part will be for you, Mariano, and probably hooks on what you just mentioned around food and paper costs. The second part will be for you, Luis. The first part is. What is your base case for beef prices in Brazil in 2026?

Thiago 的另一個問題是兩個部分，我想第一部分給你，Mariano，可能會接續你剛提到的食品與包材成本。第二部分給你，Luis。第一部分是：你對 2026 年巴西牛肉價格的基本情境（base case）是什麼？

Okay. Thanks, Thiago. In Brazil, the main pressure, I will try not to be that repetitive, but the main pressure on food and paper last year came from beef inflation, which was up about 30% over the last 12 months. The good news is that we have seen two consecutive quarters of sequential improvement and that the trend has continued into early 2026. We feel confident in our ability to continue recovering gross margin in this respect.

好的。謝謝你，Thiago。在巴西，去年食品與包材成本的主要壓力——我會盡量不要太重複——主要來自牛肉通膨，過去 12 個月大約上漲 30%。好消息是，我們已連續兩季看到序列改善，而且這個趨勢延續到 2026 年初。在這方面，我們對持續修復毛利率的能力很有信心。

The recent appreciation of the real also helps, especially for our imported items. It's important to mention that our pricing strategy remains disciplined and aligned with inflation, with CPI. We are avoiding aggressive actions that could compromise long-term health of the business. As Luis mentioned, our new affordability platform is performing very well so far.

雷亞爾近期升值也有幫助，特別是對我們的進口品項。重要的是要提到，我們的定價策略仍維持紀律，並與通膨、與 CPI 保持一致。我們避免採取可能損害業務長期健康的激進作法。如 Luis 所提到，我們新的可負擔性平台目前表現非常好。

Thanks, Mariano. The second part, which is sort of a continuation of Thiago's question, and this one will go for you, Luis. How have you prepared your menu board for the next 12 months in the context of the costs?

謝謝你，Mariano。第二部分算是延續 Thiago 的問題，這題給你，Luis。在成本背景下，你們如何為未來 12 個月準備菜單看板（menu board）？

All right. Thank you, Thiago, for the question. Good morning. The good news about our menu board is that we're under one brand. We have all the categories.

好的。謝謝你，Thiago，這個問題。早安。關於我們菜單看板的好消息是，我們是在單一品牌之下運作。我們涵蓋所有品類。

We do have beef, and we have our core items, our core sandwiches. We have our value platform, and we do have our premium sandwiches. In beef, we are really well covered. We have the chicken category that with the launch of the McCrispy Chicken has reinforced, and is now an engine of growth. We have desserts.

我們有牛肉，也有我們的核心品項、核心三明治。我們有超值平台，也有高端三明治。在牛肉方面，我們的覆蓋非常完整。我們也有雞肉品類，隨著 McCrispy Chicken 的推出，這個品類得到強化，現在已成為成長引擎。我們也有甜點。

We are focused on trying to recoup the levels pre-pandemic that we had pre-pandemic. We have beverages, for example, and coffee that many of our main competitors around the region do not have the chance to talk about all the categories. Our menu board is very healthy.

我們專注於努力回到疫情前的水準。例如我們有飲料與咖啡，區域內許多主要競爭對手沒有機會像我們一樣談到所有品類。我們的菜單看板非常健康。

We have an opportunity to not only to increase our top line, but to improve our margins, trying to through pushing these other categories. I would say that, Thiago, it is important to say that, in the region 2025 was challenging and one of the great outputs of 2025 is, for example, we managed to shield our market share.

我們不僅有機會提升營收，也能透過推動這些其他品類來改善毛利率。Thiago，我想重要的是要說，在本區域 2025 年充滿挑戰，而 2025 年的一個重要成果是，例如我們成功守住了市占率。

Around the region, we gained 1 percentage point versus 2024, and we maintained the gap versus our main competitors two times more. I already talked about Brazil that had 2.2 times last year. We have the case of Colombia, Mexico, Costa Rica, and Panama, taking in consideration our internal research, we have more than two times in those countries in comparable footprints and more than three times in markets like Argentina, Uruguay, or Chile in comparable footprints, also.

在整個區域，我們相較 2024 年提升了 1 個百分點，並且維持與主要競爭對手之間兩倍以上的差距。我先前已談到巴西，去年是 2.2 倍。以我們的內部研究來看，在哥倫比亞、墨西哥、哥斯大黎加與巴拿馬，於可比店型（comparable footprints）下我們都超過兩倍；而在阿根廷、烏拉圭或智利等市場，在可比店型下也超過三倍。

Going back to the question that you had, just to give you a little bit more color, we've seen sequential improvement that is reflected in our market share in comparable sales and of course in margins. As we have mentioned in other calls, our target is to bring sustainable top-line growth and to improve operational efficiency.

回到你剛才的問題，補充一些細節，我們已看到序列改善，反映在我們的市占率、同店銷售，當然也反映在毛利率上。如同我們在其他電話會議中提到的，我們的目標是帶來可持續的營收成長，並提升營運效率。

Our focus is in every line of our P&L. This should drive profitability. This should generate free cash flow and of course, create shareholder value.

我們的重點放在損益表的每一個項目。這將推動獲利能力。這將產生自由現金流，當然也能創造股東價值。

Great. Thanks, Luis. We actually have no more questions in the queue, so we've reached the end of the Q&A session.

很好。謝謝你，Luis。目前隊列中已沒有更多問題，因此我們的問答環節到此結束。

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 May on our first quarter 2026 earnings webcast. And until then, stay safe and have a nice rest of your day.

再次感謝各位對 Arcos 的關注並參與今天的網路直播。我們期待在 5 月中旬的 2026 年第一季財報網路直播中再次與各位交流。在那之前，請注意安全，祝各位今天剩餘時間愉快。