Lazard Asset Management discloses 16.4% Arcos Dorados (NYSE: ARCO) stake

Rhea-AI Filing Summary

Lazard Asset Management LLC filed a Schedule 13G reporting beneficial ownership of 21,471,672 Arcos Dorados Holdings Inc shares, representing 16.4% of the equity class as of 12/31/2025. Lazard reports sole power to vote and dispose of these shares, with no shared voting or dispositive power.

The firm certifies the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Arcos Dorados, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 240.14a-11.

Insights

Institutional ownership analyst

Lazard reports a sizable, passive 16.4% stake in Arcos Dorados.

Lazard Asset Management LLC discloses beneficial ownership of 21,471,672 Arcos Dorados shares, or 16.4% of the equity class, with sole voting and dispositive power. This confirms a large institutional position and centralized control over how these shares are voted and traded.

The filing uses the Schedule 13G framework and explicitly certifies that the position is held in the ordinary course of business and not for the purpose of changing or influencing control of the company, other than activities tied to nominations under Rule 240.14a-11. This language frames the stake as passive rather than activist.

Because the stake exceeds five percent, the disclosure provides clarity on major ownership of Arcos Dorados as of 12/31/2025. Actual future impact depends on whether this ownership level is maintained or adjusted in subsequent beneficial ownership filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Arcos Dorados Holdings Inc

(Name of Issuer)

Equity

(Title of Class of Securities)

G0457F107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G0457F107

1

Names of Reporting Persons

Lazard Asset Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

NEW YORK

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 21,471,672.30
6	Shared Voting Power 0.00
7	Sole Dispositive Power 21,471,672.30
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

21,471,672.30

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

16.4 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Arcos Dorados Holdings Inc
(b)	Address of issuer's principal executive offices: Rio Negro 1338, WTC Free Zone, Montevideo, UY-MO, 11100, UY
Item 2.
(a)	Name of person filing: Lazard Asset Management LLC
(b)	Address or principal business office or, if none, residence: 30 Rockefeller Plaza, New York, 10112, NY, United States
(c)	Citizenship: NEW YORK
(d)	Title of class of securities: Equity
(e)	CUSIP No.: G0457F107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 21,471,672
(b)	Percent of class: 16.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 21,471,672
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 21,471,672
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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 ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Lazard Asset Management LLC

Signature:	Mark Anderson
Name/Title:	Managing Director, General Counsel
Date:	02/17/2026

FAQ

What percentage of Arcos Dorados (ARCO) shares does Lazard Asset Management own?

Lazard Asset Management LLC reports beneficial ownership of 16.4% of Arcos Dorados’ equity class. This corresponds to 21,471,672 shares as of December 31, 2025, with sole voting and sole dispositive power over the reported shares.

How many Arcos Dorados (ARCO) shares are beneficially owned by Lazard Asset Management?

Lazard Asset Management LLC beneficially owns 21,471,672 Arcos Dorados shares. The firm reports sole voting power and sole dispositive power over all these shares, representing 16.4% of the equity class as of December 31, 2025.

Is Lazard Asset Management’s Arcos Dorados (ARCO) stake considered passive or controlling?

Lazard characterizes its Arcos Dorados position as held in the ordinary course of business. It certifies the shares were not acquired and are not held for the purpose of changing or influencing control of the issuer, aside from activities tied to Rule 240.14a-11 nominations.

Does Lazard Asset Management share voting power over its Arcos Dorados (ARCO) holdings?

No. Lazard Asset Management LLC reports sole voting power over 21,471,672 shares and zero shared voting power. It also reports sole dispositive power over the same number of shares, with no shared dispositive power reported in the Schedule 13G filing.

Why did Lazard Asset Management file a Schedule 13G for Arcos Dorados (ARCO)?

Lazard filed a Schedule 13G because it beneficially owns more than five percent of Arcos Dorados’ equity. The filing reports 21,471,672 shares (or 16.4% of the class) and certifies the holdings are in the ordinary course, without a control-seeking purpose.

As of what date is Lazard Asset Management’s Arcos Dorados (ARCO) ownership calculated?

The reported ownership figures are stated as of December 31, 2025. On that date, Lazard Asset Management LLC beneficially owned 21,471,672 shares of Arcos Dorados, representing 16.4% of the company’s equity class, with sole voting and dispositive power.