Lazard Asset Management takes 17.7% stake in Arcos Dorados (ARCO)

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc disclosure: Lazard Asset Management LLC reports beneficial ownership of 23,174,841 shares of common equity, representing 17.7% of the class as of 03/31/2026. The filer states sole voting and sole dispositive power over the same 23,174,841 shares.

Insights

Institutional Ownership Analyst

Large passive stake disclosed by Lazard at 17.7% of ARCO.

Lazard Asset Management reports holding 23,174,841 shares with sole voting and dispositive power as of 03/31/2026. A stake this size is visible to the market and may influence shareholder dynamics, depending on Lazard's voting posture.

Future filings or proxy materials may clarify whether this stake is active or passive; subsequent disclosures could show any changes in voting intentions or additional increases or decreases.

Corporate Governance Advisor

Single holder reports full voting control over a material block.

The filing lists sole voting authority for 23,174,841 shares, which equals 17.7% of the class. That concentration can matter for board votes or major corporate actions if the holder chooses to engage.

Watch for any proxy statements or Form 4/13D amendments that would disclose changes in intent, alliances, or plans related to governance actions.

Key Figures

Beneficial ownership: 23,174,841 shares Percent of class: 17.7% Sole voting power: 23,174,841 shares +4 more

7 metrics

Beneficial ownership 23,174,841 shares Amount beneficially owned as reported

Percent of class 17.7% Percent of class as reported

Sole voting power 23,174,841 shares Sole power to vote or direct the vote

Sole dispositive power 23,174,841 shares Sole power to dispose or direct disposition

Reporting date 03/31/2026 Ownership snapshot date shown on the filing

Signature date 05/15/2026 Date the Schedule 13G was signed

CUSIP G0457F107 Arcos Dorados security identifier

Key Terms

Schedule 13G, Beneficial ownership, Sole dispositive power

3 terms

Schedule 13G regulatory

"Item 1. (a) Name of issuer: Arcos Dorados Holdings Inc"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership regulatory

"Item 4. (a) Amount beneficially owned: 23,174,841"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

Sole dispositive power regulatory

"Item 4. (c)(iii) Sole power to dispose or to direct the disposition of: 23,174,841"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/15/2026 - 03:58 PM Learn about SEC filing dates

FAQ

What stake does Lazard Asset Management report in ARCO?

Lazard reports beneficial ownership of 23,174,841 shares, representing 17.7% of Arcos Dorados common equity as of 03/31/2026. The filing shows sole voting and sole dispositive power over those shares.

Does Lazard have voting control over its ARCO shares?

Yes. The filing states Lazard has sole voting power and sole dispositive power over 23,174,841 shares. Both voting and disposition powers are reported as the same share count in the disclosure.

What form was used to disclose Lazard's ownership in ARCO?

The ownership is disclosed on a Schedule 13G for Arcos Dorados, filed by Lazard Asset Management. The filing lists the security's CUSIP G0457F107 and an ownership snapshot dated 03/31/2026.

Who signed the Schedule 13G for Lazard and when?

The Schedule 13G is signed by Kyle DiGangi, Managing Director, Global CCO & Counsel, with an executed signature date of 05/15/2026, certifying the reported ownership figures.

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)

03/31/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 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 23,174,841.44
6	Shared Voting Power 0.00
7	Sole Dispositive Power 23,174,841.44
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

23,174,841.44

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)

17.7 %

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 Number(s): 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: 23,174,841
(b)	Percent of class: 17.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 23,174,841
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 23,174,841
	(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:	Kyle DiGangi
Name/Title:	Managing Director, Global CCO & Counsel
Date:	05/15/2026