<SEC-DOCUMENT>0000950103-23-001658.txt : 20230202
<SEC-HEADER>0000950103-23-001658.hdr.sgml : 20230202
<ACCEPTANCE-DATETIME>20230201182256
ACCESSION NUMBER:		0000950103-23-001658
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20230201
FILED AS OF DATE:		20230202
DATE AS OF CHANGE:		20230201

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35129
		FILM NUMBER:		23578165

	BUSINESS ADDRESS:	
		STREET 1:		DR. LUIS BONAVITA 1294, OFFICE 501
		STREET 2:		WTC FREE ZONE
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
		BUSINESS PHONE:		598 2626-3000

	MAIL ADDRESS:	
		STREET 1:		DR. LUIS BONAVITA 1294, OFFICE 501
		STREET 2:		WTC FREE ZONE
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp188144_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K<BR>
</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>REPORT OF FOREIGN
PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.85pt; text-align: center; text-indent: -6.85pt">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of February, 2023</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<HR SIZE="2" NOSHADE ALIGN="CENTER" STYLE="width: 21%; color: black">

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-35129</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Arcos Dorados Holdings Inc.</B></P>

<P STYLE="font: 28pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact name of registrant as specified in its
charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dr. Luis Bonavita 1294, Office 501 </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Montevideo, Uruguay, 11300 WTC Free Zone </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark whether the registrant files
or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="width: 14%">
</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(1):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Indicate by check mark if the registrant is submitting
the Form 6-K in paper as permitted by Regulation&nbsp;S-T&nbsp;Rule&nbsp;101(b)(7):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 40%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 29%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="width: 14%">
</TD>
    <TD STYLE="width: 15%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 28%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">X&nbsp;</P></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS HOLDINGS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>ITEM</B></FONT></TD>
    <TD STYLE="width: 91%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Press Release dated February&nbsp;1, 2023 titled &ldquo;Arcos Dorados Reports Strong Comparable Sales for the Fourth Quarter 2022 and Provides Guidance for 2023<FONT STYLE="text-transform: uppercase">&rdquo;</FONT></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Juan David Bastidas</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 38%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 6%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Date: February&nbsp;1, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Item 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

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  <TD STYLE="text-align: left; width: 50%; vertical-align: middle"><B><U>FOR IMMEDIATE RELEASE</U></B></TD>
  <TD STYLE="text-align: right; width: 50%"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 65.45pt; width: 65.45pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in; text-indent: 0in"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARCOS DORADOS REPORTS STRONG COMPARABLE SALES
FOR THE FOURTH QUARTER 2022 AND PROVIDES GUIDANCE FOR 2023</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Systemwide comparable sales<SUP>1</SUP> grew
35.7% in the fourth quarter of 2022 and<BR>
revenue surpassed $1.0 billion for the first time in a single quarter</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Adjusted EBITDA<SUP>1</SUP> in the fourth
quarter of 2022 surpassed<BR>
the previous quarterly record established in the fourth quarter of 2021</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Arcos Dorados opened 66 restaurants in 2022
and expects to open 75 to 80 restaurants<BR>
in 2023, with around 90% of openings in both years being free-standing units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Montevideo, Uruguay, February 1, 2023 &ndash; Arcos Dorados Holdings,
Inc. (NYSE: ARCO) (&ldquo;Arcos Dorados&rdquo; or the &ldquo;Company&rdquo;), Latin America&rsquo;s largest restaurant chain and the world&rsquo;s
largest independent McDonald&rsquo;s franchisee, today reported its systemwide comparable sales results for the fourth quarter and full
year ended December 31, 2022, ahead of its quarterly earnings announcement planned for March 15, 2023. The Company also provided guidance
for restaurant openings, modernizations and total capital expenditures for 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;The Three D&rsquo;s strategy of Digital, Delivery and Drive-thru,
combined with increasing on-premise restaurant traffic, kept sales growth strong throughout 2022 in all divisions. With expanding Digital
functionality and the largest free-standing restaurant portfolio in the industry, our guests are able to choose what, when, where and
how they want to enjoy their McDonald&rsquo;s experience. Our market research shows we gained significant market share, especially in
Delivery and Drive-thru, widening the gap with our nearest competitors across the region in 2022. Comparable sales rose from two to more
than three times blended inflation last year, in all divisions. This real sales growth helped generate operating leverage and higher Adjusted
EBITDA. Based on preliminary results, Adjusted EBITDA in US dollars in the fourth quarter surpassed the previous quarterly record established
in 2021,&rdquo; said Marcelo Rabach, Arcos Dorados&rsquo; Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;We executed our openings and modernization plans for 2022, exceeding
guidance for both while focusing openings on free-standing units. This structural competitive advantage was made stronger, as we opened
far more free-standing units than any other restaurant operator in the region. We have a robust openings pipeline for 2023 and continue
to believe we can open at least 1,000 McDonald&rsquo;s restaurants in our footprint over the next ten years.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP>excluding Venezuela. Adjusted EBITDA refers to unaudited,
estimated result as of the time of this press release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Systemwide Comparable Sales Growth</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: #FFE699">
    <TD STYLE="font-size: 11pt; border-top: Black 0.5pt solid; border-left: Black 0.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-size: 11pt; border-top: Black 0.5pt solid; border-right: black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center">Increase / (Decrease)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #FFE699">
    <TD STYLE="font-style: italic; border-left: Black 0.5pt solid; width: 30%">vs. the prior year period</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center; width: 14%">1Q22</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">2Q22</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">3Q22</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">4Q22</TD>
    <TD STYLE="font-size: 11pt; font-weight: bold; border-top: Black 0.5pt solid; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center; width: 14%">FY 2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 0.5pt solid">Brazil</TD>
    <TD STYLE="border-left: Black 0.5pt solid; text-align: center">39.0%</TD>
    <TD STYLE="text-align: center">37.4%</TD>
    <TD STYLE="text-align: center">21.8%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: center">21.9%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: center">28.8%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="border-left: Black 0.5pt solid">NOLAD&nbsp;</TD>
    <TD STYLE="border-left: Black 0.5pt solid; text-align: center">24.1%</TD>
    <TD STYLE="text-align: center">20.9%</TD>
    <TD STYLE="text-align: center">18.2%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: center">19.6%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: center">20.6%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-left: Black 0.5pt solid">SLAD, excl. Venezuela</TD>
    <TD STYLE="border-left: Black 0.5pt solid; text-align: center">64.3%</TD>
    <TD STYLE="text-align: center">98.8%</TD>
    <TD STYLE="text-align: center">67.8%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: center">70.7%</TD>
    <TD STYLE="border-right: Black 0.5pt solid; text-align: center">74.2%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid">Total, excl. Venezuela</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; border-left: Black 0.5pt solid; text-align: center">42.0%</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">47.9%</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">34.2%</TD>
    <TD STYLE="font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">35.7%</TD>
    <TD STYLE="font-weight: bold; border-right: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">39.4%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Venezuela is excluded due to distortions caused by its macroeconomic
volatility, including its current hyperinflationary environment and heavily regulated currency.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Systemwide comparable sales growth versus the prior year remained strong
in the fourth quarter and also improved sequentially.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Marketing campaigns, designed to generate excitement around the FIFA
World Cup, were launched early in the quarter, driving record October sales and profitability. The Company leveraged its Digital platform
to engage guests and leverage its competitive strengths in both Delivery and Drive-thru. Digital channels contributed 44% of sales in
the quarter, including 52% in Brazil, boosted by the highest ever quarterly Delivery sales since the introduction of the service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Profitability also remained strong, with preliminary results indicating
record US dollar Adjusted EBITDA. The Company offset a challenging comparison with the prior year, which included $9.2 million of non-recurring
items, and the impact of the final increase in the Company&rsquo;s royalty rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>2022 Actual and 2023 Guidance &ndash; Openings and Capital Expenditures</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Openings and Modernizations</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company opened 66 Experience of the Future (EOTF) restaurants in
2022, including 59 free-standing units. There were 40 openings in Brazil and a relatively even number of openings between NOLAD and SLAD.
The Company also modernized more than 110 existing restaurants to the EOTF format.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For 2023, the Company expects to open 75 to 80 EOTF restaurants and
modernize around 250 existing restaurants to the EOTF format. Similar to 2022, about 60% of gross openings in 2023 are expected to be
in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Capital Expenditures</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Total capital expenditures in 2022 were approximately $220 million,
including all openings, modernizations, optimizations and maintenance in the restaurant portfolio as well as the Company&rsquo;s investments
in its Digital platform and back-office systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For 2023, the Company expects total capital expenditures to be around
$350 million, which will be fully funded with cash on hand and cash generated from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="background-color: rgb(250,188,17); width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>McDonald&rsquo;s &ndash; Growth Support</U></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As previously disclosed, McDonald&rsquo;s agreed to continue providing
the Company with Growth Support, which is expected to lower the consolidated effective royalty rate to around 6.0% of sales in both 2023
and 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Investor Update Webcast</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">A webcast to discuss the information
contained in this press release will be held tomorrow, February 2, 2023, beginning at 7:30 a.m. EST. In order to access the webcast, members
of the investment community should follow this link </FONT><FONT STYLE="font-size: 11pt">Arcos
Dorados 2023 Investor Update</FONT><FONT STYLE="font-size: 10pt">. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A replay of the webcast will be available following the conclusion
of the event through March 15, 2023 in the investor section of the Company&rsquo;s website: www.arcosdorados.com/ir.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Investor Relations Contact</U></B></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Media Contact</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dan Schleiniger</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Grinberg</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VP of Investor Relations</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">VP of Corporate Communications</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arcos Dorados</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Arcos Dorados</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">daniel.schleiniger@mcd.com.uy</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">david.grinberg@mcd.com.uy</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 10%; vertical-align: middle">Follow us on:</TD>
  <TD STYLE="width: 90%"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Definitions</B>:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Systemwide comparable sales growth:</U> refers to the change,
measured in constant currency, in our Company-operated and franchised restaurant sales in one period from a comparable period for restaurants
that have been open for thirteen months or longer (year-over-year basis). While sales by our franchisees are not recorded as revenues
by us, we believe the information is important in understanding our financial performance because these sales are the basis on which we
calculate and record franchised revenues and are indicative of the financial health of our franchisee base.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Constant currency basis:</U> refers to amounts calculated using
the same exchange rate over the periods under comparison to remove the effects of currency fluctuations from this trend analysis. To better
discern underlying business trends, this release uses non-GAAP financial measures that segregate year-over-year growth into two categories:
(i) currency translation, (ii) constant currency growth. (i) Currency translation reflects the impact on growth of the appreciation or
depreciation of the local currencies in which we conduct our business against the US dollar (the currency in which our financial statements
are prepared). (ii) Constant currency growth reflects the underlying growth of the business excluding the effect from currency translation.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Excluding Venezuela basis:</U> due to the ongoing political and
macroeconomic uncertainty prevailing in Venezuela, and in order to provide greater clarity and visibility on the Company&rsquo;s financial
and operating overall performance, this release focuses on the results on an &ldquo;Excluding-Venezuela&rdquo; basis, which is non-GAAP
measure.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Adjusted EBITDA:</U> In addition to financial measures prepared
in accordance with the general accepted accounting principles (GAAP), within this press release and the accompanying tables, we use a
non-GAAP financial measure titled &lsquo;Adjusted EBITDA&rsquo;. We use Adjusted EBITDA to facilitate operating performance comparisons
from period to period.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Adjusted EBITDA is defined as our operating income plus depreciation
and amortization plus/minus the following losses/gains included within other operating income (expenses), net, and within general and
administrative expenses in our statement of income: gains from sale, equity method investments, or insurance recovery of property and
equipment; write-offs of property and equipment; impairment of long-lived assets and goodwill; and reorganization and optimization plan
expenses.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>We believe Adjusted EBITDA facilitates company-to-company operating
performance comparisons by backing out potential differences caused by variations such as capital structures (affecting net interest expense
and other financial charges), taxation (affecting income tax expense) and the age and book depreciation of facilities and equipment (affecting
relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><I>The Company is unable to present a quantitative reconciliation of
expected 2022 Adjusted EBITDA, which is a non-GAAP measure, because it has not yet completed the Audit for 2022 and therefore does not
have the final, audited figures to provide the reconciliation.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Arcos Dorados</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">Arcos Dorados is the world&rsquo;s largest independent McDonald&rsquo;s
franchisee, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own,
operate and grant franchises of McDonald&rsquo;s restaurants in 20 Latin American and Caribbean countries and territories with more than
2,300 restaurants, operated by the Company or by its sub-franchisees, that together employ over 90 thousand people (as of 12/31/2022).
The Company is also committed to the development of the communities in which it operates, to providing young people their first formal
job opportunities and to utilize its Recipe for the Future to achieve a positive environmental impact. Arcos Dorados is listed for trading
on the New York Stock Exchange (NYSE: ARCO). To learn more about the Company, please visit the Investors section of our website: www.arcosdorados.com/ir.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cautionary Statement on Forward-Looking Statements</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">This press release contains forward-looking statements. The forward-looking
statements contained herein include statements about the Company&rsquo;s business prospects, its ability to attract customers, its expectation
for revenue generation and its outlook and guidance for 2023 to 2024. These statements are subject to the general risks inherent in Arcos
Dorados' business. These expectations may or may not be realized. Some of these expectations may be based upon assumptions or judgments
that prove to be incorrect. In addition, Arcos Dorados' business and operations involve numerous risks and uncertainties, many of which
are beyond the control of Arcos Dorados, which could result in Arcos Dorados' expectations not being realized or otherwise materially
affect the financial condition, results of operations and cash flows of Arcos Dorados. Additional information relating to the uncertainties
affecting Arcos Dorados' business is contained in its filings with the Securities and Exchange Commission. The forward-looking statements
are made only as of the date hereof, and Arcos Dorados does not undertake any obligation to (and expressly disclaims any obligation to)
update any forward-looking statements to reflect events or circumstances after the date such statements were made, or to reflect the occurrence
of unanticipated events.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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