<SEC-DOCUMENT>0000950103-24-014292.txt : 20241001
<SEC-HEADER>0000950103-24-014292.hdr.sgml : 20241001
<ACCEPTANCE-DATETIME>20241001074847
ACCESSION NUMBER:		0000950103-24-014292
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20241001
FILED AS OF DATE:		20241001
DATE AS OF CHANGE:		20241001

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arcos Dorados Holdings Inc.
		CENTRAL INDEX KEY:			0001508478
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-EATING PLACES [5812]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35129
		FILM NUMBER:		241341336

	BUSINESS ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
		BUSINESS PHONE:		598 2626-3000

	MAIL ADDRESS:	
		STREET 1:		RIO NEGRO 1338, FIRST FLOOR
		CITY:			MONTEVIDEO
		STATE:			X3
		ZIP:			11300
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp218706_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 3pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin: 0"></P>



<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"><B>SECURITIES AND EXCHANGE COMMISSION&nbsp;</B></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</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>OR 15d-16 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"><FONT STYLE="font-size: 12pt">For the month of
October, 2024</FONT></P>

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


<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 20%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->




<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"><FONT STYLE="font-size: 12pt"><B>Commission File
Number: 001-35129</B></FONT></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: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Exact name of
registrant as specified in its charter)</B></FONT></P>

<P STYLE="font: 12pt 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"><FONT STYLE="font-size: 12pt"><B>R&iacute;o Negro
1338, First Floor</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Montevideo, Uruguay,
11100</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of principal
executive office)</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">Indicate by check
mark whether the registrant files or will file annual reports under cover of Form&nbsp;20-F or Form 40-F:</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 20-F</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;X</FONT></TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Form 40-F</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>


<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0pt; margin-bottom: 0pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 3pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>


<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARCOS DORADOS
HOLDINGS INC.</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE OF CONTENTS</B></FONT></P>

<P STYLE="font: 12pt 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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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 October 1, 2024 titled &ldquo;Arcos Dorados Exercises
    Renewal Option for its Master Franchise Agreement with McDonald&rsquo;s&rdquo;</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>SIGNATURE</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">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.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top"></FONT><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt"><B>Arcos Dorados Holdings Inc.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 10pt">Juan David Bastidas</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Legal Counsel</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 10pt">Date:
October 1, 2024</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
1</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></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="width: 1in"><IMG SRC="image_001.jpg" ALT=""></TD>
  <TD><P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F44"><B>ARCOS DORADOS EXERCISES RENEWAL OPTION FOR
ITS MASTER FRANCHISE AGREEMENT WITH MCDONALD&rsquo;S&nbsp;</B></P>
</TD>
  <TD STYLE="text-align: right; width: 1in"><IMG SRC="image_002.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Montevideo,
Uruguay, October 1, 2024 &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, notified McDonald&rsquo;s
(NYSE: MCD) that it will exercise its option to renew its Master Franchise Agreement (&ldquo;MFA&rdquo;) with McDonald&rsquo;s.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">As
previously disclosed, Arcos Dorados received a Renewal Notice from McDonald&rsquo;s, on August 1, 2024, to replace the parties&rsquo;
existing MFA with a new, 20-year MFA, to be effective as of January 1, 2025. On September 30, 2024, and in line with the current MFA&rsquo;s
renewal procedures, Arcos Dorados provided notice to McDonald&rsquo;s of its intention to exercise its Renewal Option. The parties are
now working to finalize the new MFA agreement.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Upon
signing, the new MFA agreement is expected to include a Renewal Option for a new, 20-year MFA, beginning January 1, 2045. Additionally,
the new agreement is expected to include a royalty of Gross Sales of 6.0% for the first ten years, 6.25% for the subsequent five years
and 6.5% for the final five years.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Arcos
Dorados and McDonald&rsquo;s share in the belief that the Company&rsquo;s 20 countries and territories present significant opportunities
for growth. In line with this view, the Company expects to open approximately 90 to 100 restaurants in 2025.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">Arcos
Dorados will communicate additional progress as appropriate and in line with the requirements of the US Securities and Exchange Commission.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1in">&nbsp;</TD>
    <TD STYLE="width: 4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Investor Relations Contact</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Media Contact</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dan Schleiniger </FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">David Grinberg </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VP of Investor Relations</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">VP of Corporate Communications</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcos Dorados</FONT></TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arcos Dorados</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #046F4E"><I>daniel.schleiniger@mcd.com.uy</I></FONT></TD>
    <TD><P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F4E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><I>david.grinberg@mcd.com.uy</I></FONT></P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F4E"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"></FONT></P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 1in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; vertical-align: bottom; width: 0.5in">Follow
us on: &#8239;&#8239;</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;<IMG SRC="image_003.jpg" ALT=""></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 1in; vertical-align: bottom"><IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="text-align: left; vertical-align: bottom"><P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F44"><B></B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C">About Arcos Dorados</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F44"><B></B></P>
</TD>
  <TD STYLE="text-align: right; width: 1in"><IMG SRC="image_004.jpg" ALT="">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt"></FONT>&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in; text-align: justify"></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 1in"><FONT STYLE="font-size: 10pt">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 almost 2,400 restaurants, operated by the Company or by its sub-franchisees, that together
employ more than 100 thousand people (as of 06/30/2024). 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 <FONT STYLE="color: #046F4E">Recipe for
the Future</FONT> 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: <FONT STYLE="color: #046F4E">www.arcosdorados.com/ir</FONT>.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 1in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 1in"><FONT STYLE="font-size: 10pt"></FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 42.5pt 0pt 34.55pt">&nbsp;</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: 1in; vertical-align: bottom"><IMG SRC="image_001.jpg" ALT=""></TD>
  <TD STYLE="text-align: left; vertical-align: bottom"><P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F44"><B></B></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C">Cautionary Statement on Forward-Looking
Statements</P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"></P>

<P STYLE="font: bold 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 47.9pt 0pt 0; color: #2C2C2C"></P>
<P STYLE="font: 14pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #046F44"><B></B></P>
</TD>
  <TD STYLE="text-align: right; width: 1in">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 1in"><FONT STYLE="font-size: 10pt">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, its outlook and guidance for 2025 and the renewal
of its Master Franchise Agreement with McDonald&rsquo;s. These statements are subject to the general risks inherent in Arcos Dorados&rsquo;
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&rsquo; business and operations involve numerous risks and uncertainties, many of which are
beyond the control of Arcos Dorados, which could result in Arcos Dorados&rsquo; 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&rsquo; 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.</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt">&nbsp;</P>
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">
<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0pt 44.65pt 0pt 34.55pt; text-align: justify"></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Options: Last -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <!-- Field: /Page -->

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  7 #H# 2(  A$! Q$!_\0
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MSO[W_F=U-HO#4K[_ )_+C_OZW^-.&HWO_/Y<?]_6_P :I TX5FZ]7^=_>_\
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;T(%%%=^!RNC@I2E3;=]-?^&)JUY54E+H?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>image_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  U #8# 2(  A$! Q$!_\0
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9/9GA;?#'+,[QQ-ZJI.!110!UM%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ; &@# 2(  A$! Q$!_\0
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M.K6.EZ1I\-W=72!P) S9R6&  1S\M</>?&OQ587<EK=Z1IT,\9P\;QR J?\
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MIV%O:Z@;>\N+Z]OD$32RIM"KN!/XX&/QKZ3_ .$.\,?]"YI'_@#%_P#$T?\
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(C(''M10!_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_004.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  U #4# 2(  A$! Q$!_\0
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5L4J4*4>6FK(Y)2E)WDPHHHK0D__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
