<SEC-DOCUMENT>0001027796-25-000050.txt : 20251016
<SEC-HEADER>0001027796-25-000050.hdr.sgml : 20251016
<ACCEPTANCE-DATETIME>20251016133424
ACCESSION NUMBER:		0001027796-25-000050
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251016
DATE AS OF CHANGE:		20251016

SUBJECT COMPANY:	

	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
		EIN:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-86210
		FILM NUMBER:		251397192

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PZENA INVESTMENT MANAGEMENT LLC
		CENTRAL INDEX KEY:			0001027796
		ORGANIZATION NAME:           	
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-355-1600

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE, 8TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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    <submissionType>SCHEDULE 13G/A</submissionType>
    <previousAccessionNumber>0001027796-25-000041</previousAccessionNumber>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001027796</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001508478</issuerCik>
        <issuerName>Arcos Dorados Holdings Inc.</issuerName>
        <issuerCusip>G0457F107</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>RIO NEGRO 1338, FIRST FLOOR</com:street1>
          <com:street2>RIO NEGRO 1338, FIRST FLOOR</com:street2>
          <com:city>MONTEVIDEO</com:city>
          <com:stateOrCountry>X3</com:stateOrCountry>
          <com:zipCode>11300</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PZENA INVESTMENT MANAGEMENT LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>7244265.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>11427294.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>11427294.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <classPercent>8.7</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
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      <item1>
        <issuerName>Arcos Dorados Holdings Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>RIO NEGRO 1338, FIRST FLOOR, RIO NEGRO 1338, FIRST FLOOR, MONTEVIDEO, URUGUAY, 11300.</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Pzena Investment Management, LLC</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>320 Park Avenue, 8th floor

New York, NY 10022</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Delaware</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
        <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>11,427,294</amountBeneficiallyOwned>
        <classPercent>8.7%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>7,244,265</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>11,427,294</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>N</notApplicableFlag>
        <ownershipMoreThan5PercentOnBehalfOfAnotherPerson>CLIENTS OF THE FILING INVESTMENT MANAGER HAVE THE RIGHT TO RECEIVE AND THE ULTIMATE POWER TO DIRECT THE RECEIPT OF DIVIDENDS FROM, OR THE PROCEEDS OF SALE OF THE SECURITIES REPORTED ON HEREINABOVE. NO INTEREST OF ANY ONE OF SUCH CLIENTS RELATES TO MORE THAN FIVE PERCENTOF THE CLASS.</ownershipMoreThan5PercentOnBehalfOfAnotherPerson>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under &amp;#167; 240.14a-11.

</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>PZENA INVESTMENT MANAGEMENT LLC</reportingPersonName>
      <signatureDetails>
        <signature>s/Steven Coffey</signature>
        <title>Chief Legal Risk Officer &amp; Chief Compliance Officer</title>
        <date>10/16/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
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</SEC-DOCUMENT>
