Schedule 13G: Lazard Reports 14.99M ARCO Shares, 11.5% Ownership

Rhea-AI Filing Summary

Lazard Asset Management LLC filed a Schedule 13G reporting ownership of 14,987,284 shares of Arcos Dorados Holdings Inc (CUSIP G0457F107), representing 11.5% of the equity class. The filing shows sole voting power for 9,530,924 shares and sole dispositive power for all 14,987,284 shares. The reporting person is organized in New York with a principal office at 30 Rockefeller Plaza, New York, NY. The certification states the shares were not acquired to change or influence control of the issuer. The statement is signed by Mark Anderson, Managing Director, General Counsel.

Positive

• Material disclosure of stake: Lazard reports beneficial ownership of 14,987,284 shares (11.5%), providing transparency on major institutional holdings.
• Sole dispositive control: The filer has sole power to dispose of all 14,987,284 reported shares, clarifying trading authority.
• Certification of passive intent: The Schedule 13G certification states the shares were not acquired to change or influence control of the issuer.

Negative

• None.

Insights

Securities Analyst

TL;DR: A major institutional holder reports an 11.5% passive stake with sole dispositive control over nearly 15 million shares.

The filing discloses that Lazard Asset Management LLC beneficially owns 14,987,284 shares, equal to 11.5% of Arcos Dorados' equity class, with sole dispositive power and substantial sole voting power (9,530,924 shares). This Schedule 13G classification indicates the filer views the position as passive under the reporting rules and certifies no intent to influence control. For investors, the disclosure clarifies ownership concentration and voting alignment; it also updates public records of significant institutional stakes in the company.

Corporate Governance Expert

TL;DR: Institutional ownership of 11.5% is material for governance visibility but is reported as passive.

The document shows Lazard Asset Management LLC holds sole dispositive authority over 14,987,284 shares and sole voting power for 9,530,924 shares. As a Schedule 13G filing, the statement asserts non-control intent, which matters for governance signaling: the holder is large enough to be influential but has certified passive status. The filing provides transparency on who holds voting and disposition rights and updates the registry for shareholder engagement and board outreach considerations.

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)

06/30/2025

(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 9,530,924.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 14,987,284.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

14,987,284.00

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)

11.5 %

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 FIRST FLOOR MONTEVIDEO URUGUAY 11300
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: 14987284
(b)	Percent of class: 11.5 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 9530924
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 14987284
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
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 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:	08/14/2025

FAQ

How many Arcos Dorados (ARCO) shares does Lazard Asset Management own?

Lazard Asset Management LLC reports beneficial ownership of 14,987,284 shares of Arcos Dorados.

What percentage of ARCO does Lazard Asset Management hold?

The filing reports ownership equal to 11.5% of the class of equity securities.

How much voting power does Lazard have in ARCO?

Lazard reports sole voting power for 9,530,924 shares and shared voting power: 0.

Does Lazard intend to influence control of Arcos Dorados?

The Schedule 13G certification states the securities were not acquired to change or influence control of the issuer.

Who signed the Schedule 13G for Lazard Asset Management?

The filing is signed by Mark Anderson, Managing Director, General Counsel, dated 08/14/2025.