Financial Data and Key Metrics Changes - Total revenue for Q4 2025 reached $1.3 billion, representing a growth of 10.7% year-over-year, supported by a 16% increase in system-wide comparable sales [4] - Adjusted EBITDA for Q4 totaled $172.7 million, up 17.2% year-over-year, with an 80 basis points expansion in the adjusted EBITDA margin [4][12] - For the full year 2025, total revenue grew by almost 5% in US dollars, with adjusted EBITDA being the highest in the company's history [5][12] Business Line Data and Key Metrics Changes - In Brazil, comparable sales growth showed modest sequential improvement despite a challenging consumption environment, with a significant market share advantage maintained [9][10] - SLAD's comparable sales increased by 49.5% year-over-year, driven by strong execution in Argentina and other markets [11] - NOLAD experienced a 1.7% growth in comparable sales, with Mexico being the main contributor [10] Market Data and Key Metrics Changes - Digital channel penetration reached 62% of total sales, with digital channel sales growing 18.7% year-over-year [8] - The loyalty program had 27.2 million registered members at year-end, covering over 90% of all restaurants in the footprint [9] - The Brazilian real's strength contributed to revenue growth in US dollars during the quarter [10] Company Strategy and Development Direction - The company focuses on optimizing current business performance, maximizing returns on capital investments, and preparing for future business trends [3] - A disciplined approach to pricing, cost control, and marketing relevance has been emphasized, alongside investments in high-return restaurant development and digital capabilities [4] - The company plans to open 105-115 new restaurants in 2026, with total capital expenditures between $275 million and $325 million [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business momentum entering 2026, anticipating a more normalized consumer environment and continued profitability trends [21] - The company is focused on building healthy comparable sales while managing costs and maintaining market share [35] - Early results in 2026 have shown strong performance, with expectations for higher gross margins throughout the year [20] Other Important Information - The company opened 102 new restaurants in 2025, modernizing 73% of its portfolio by year-end [6] - A cash dividend of $0.28 per share has been declared for 2026, up from $0.24 the previous year [20] - The company implemented a G&A restructuring that reduced the ongoing cost base by more than $10 million annually [45] Q&A Session Summary Question: Can you explain the higher taxes paid during the quarter? - The effective tax rate for 2025 was 37.7%, an improvement of almost 5 percentage points versus 2024, with no structural changes expected for 2026 [26][27] Question: What are the drivers of margin expansion in Brazil and SLAD? - Brazil saw a small improvement in gross margin, with payroll expenses improving due to productivity gains, while SLAD experienced leverage in payroll and occupancy expenses [28][29] Question: Given the recent depreciation of LatAm currencies, how does this affect your outlook? - The Brazilian real and Mexican peso have appreciated, positively impacting results, with expectations for continued favorable currency performance [32][33] Question: How should we think about Brazil's comp sales throughout 2026? - The company expects to build healthy comparable sales, focusing on a combination of pricing and mix to offset volume declines [34] Question: Can you provide more details on the headcount reduction? - The G&A restructuring aimed to improve efficiency, resulting in a reduction of over $10 million in the annual cost base [45] Question: Why was CapEx for 2025 below initial guidance despite higher openings? - The company optimized capital spending while maintaining the planned number of openings, benefiting from localized suppliers and reduced per unit costs [47][48] Question: Are there signs of same-store sales recovery in the first quarter of 2026? - The company plans to deliver comparable sales growth in line with inflation levels, supported by a robust marketing plan [51]