Core Insights - Arcos Dorados reported strong financial results for the fourth quarter and full year 2025, highlighting a resilient business model and operational excellence that contributed to long-term shareholder value creation [1][2]. Financial Performance - Full year systemwide comparable sales grew by 13.0%, aligning with blended inflation, with significant contributions from the South Latin American Division and Mexico [2][10]. - Adjusted EBITDA reached a record high of $575.2 million for the full year, with net income of $212.1 million [5][17]. - Total revenue for the fourth quarter was $1.3 billion, reflecting a 10.7% increase year-over-year, while full year revenue was $4.7 billion, up 4.7% [5][10]. Digital Sales and Loyalty Program - Digital sales accounted for 61% of systemwide sales in 2025, with a notable increase in the use of mobile apps, delivery, and self-order kiosks [3][11]. - The Loyalty Program had over 27 million registered members by the end of 2025, available in more than 90% of restaurants [3][12]. Expansion and Capital Expenditures - The company opened 102 new restaurants in 2025, exceeding its guidance, with total capital expenditures of $281.4 million [4][22]. - As of December 2025, 73% of the restaurant portfolio had been modernized, indicating a commitment to efficiency in growth investments [22]. Market Position and Brand Strength - The McDonald's brand remains strong in Latin America, serving over 4 million guests daily across more than 2,500 restaurants [5][39]. - The company aims to leverage its market share gains to support a new phase of profitable growth [6]. Tax Benefits and Financial Ratios - A net tax benefit of $33.8 million was recognized in Brazil during the fourth quarter, contributing positively to operating income [14][17]. - The net debt to Adjusted EBITDA leverage ratio was 1.2x at the end of the fourth quarter, compared to 1.1x at year-end 2024 [26]. Future Guidance - For 2026, Arcos Dorados plans to open 105 to 115 restaurants and projects capital expenditures between $275 million and $325 million [29][30].