Core Insights - The company reported total revenue of $1.1 billion for Q2 2025, with system-wide comparable sales increasing by 12.1% in constant currency, surpassing blended inflation [3][9] - Adjusted EBITDA reached $110.1 million, growing over 7% with a margin expansion of approximately 40 basis points when excluding last year's labor contingency reduction in Brazil [3][10] - The company appointed Luis Raganato as CEO and outlined three strategic priorities focusing on organic operations, development, and long-term positioning [4][26] Financial Performance - NOLAD division revenue grew by 6.9% in constant currency, with comparable sales rising 1.8 times blended inflation; Mexico achieved 12.4% comparable sales growth [3][17] - SLAD division revenue rose by 37.8% in constant currency, with comparable sales up 1.4 times blended inflation and margin expanding by about 260 basis points [3][18] - Brazil's revenue increased by 2% in constant currency, maintaining market share despite a negative industry volume environment [3][16] Digital and Loyalty Programs - Digital sales penetration reached approximately 60% system-wide, with loyalty programs accounting for nearly 23% of total sales in six markets and 26% in Brazil [3][12] - The loyalty program now covers two-thirds of restaurants, with expectations to reach 90% by the end of 2025 [7][13] Expansion and Capital Expenditures - The company opened 20 new Experience of the Future (EOTF) restaurants in Q2 2025, totaling 32 in the first half of the year, with a full-year guidance of 90-100 openings [3][11] - Capital expenditures for Q2 2025 were $55.3 million, including $26.8 million for growth CapEx related to new restaurant construction [7][22] Market Position and Strategy - Brand preference increased to nearly twice that of the nearest competitor across the region, supported by marketing and digital initiatives [8][12] - The company maintains a disciplined approach to pricing and capital allocation, with a focus on maximizing returns on investments [4][66] Debt and Ratings - The net debt to adjusted EBITDA ratio stands at 1.4x, with S&P assigning an initial BBB- investment-grade rating, aligning the company's debt profile with full investment-grade status [3][21]