[SCHEDULE 13G] Arcos Dorados Holdings Inc. SEC Filing

Rhea-AI Filing Summary

Arcos Dorados (ARCO): Lazard Asset Management LLC filed a Schedule 13G reporting a significant passive stake. The firm disclosed beneficial ownership of 20,128,477 shares, representing 15.4% of the class as of 09/30/2025. Lazard reports sole voting and dispositive power over all 20,128,477 shares, with no shared power.

The filing classifies Lazard as an investment adviser (Type: IA) and includes the standard certification that the securities were acquired and are held in the ordinary course of business, not to change or influence control.

Insights

Equity ownership & disclosure analyst

Large passive 13G stake: 15.4% with sole voting/dispositive power.

Lazard Asset Management reported beneficial ownership of 20,128,477 ARCO shares, equal to 15.4% as of 09/30/2025. The firm has sole voting and sole dispositive power over the full amount, indicating centralized control of the position within its advisory mandates.

The Schedule 13G and accompanying certification indicate the position is held in the ordinary course, not to influence control. While sizeable, a 13G is a passive disclosure and does not, by itself, signal strategic actions. Actual market impact depends on future portfolio management decisions and client flows.

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)

09/30/2025

(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 20,128,477.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 20,128,477.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

20,128,477.00

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)

15.4 %

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: 20,128,477
(b)	Percent of class: 15.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 20,128,477
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 20,128,477
	(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 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:	11/14/2025

FAQ

What stake did Lazard Asset Management report in ARCO?

Lazard reported beneficial ownership of 20,128,477 shares, equal to 15.4% of Arcos Dorados’ class as of 09/30/2025.

Is Lazard’s ARCO position passive or active?

It was filed on Schedule 13G with a certification of ordinary-course ownership, indicating a passive position.

What voting and dispositive powers did Lazard report for ARCO?

Lazard disclosed sole voting power: 20,128,477; shared voting: 0; sole dispositive: 20,128,477; shared dispositive: 0.

What type of reporting person is Lazard in this filing?

Lazard Asset Management is classified as an Investment Adviser (IA).

What is the date of event for Lazard’s ARCO 13G?

The event date is 09/30/2025.

Does the filing state an intent to influence control at ARCO?

No. The certification states the securities were acquired and are held not for the purpose of changing or influencing control.