Arcos Dorados Holdings Inc

FORWARD-LOOKING STATEMENTS

This annual report contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Many of the forward-looking statements contained in this annual report can be identified by the use of forward-looking words such as “aim,” “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others.

•general economic, political, social, demographic and business conditions in Latin America and the Caribbean;

•fluctuations in inflation, interest rates and exchange rates in Latin America and the Caribbean;

•our ability to implement our growth strategy;

•the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors;

•unforeseen events, such as disruptions, natural disasters, adverse weather conditions, war, such as the Russia-Ukraine war and the conflict in the Middle East, pandemics and other catastrophic events, such as hurricanes and earthquakes;

•changes in consumer tastes and preferences, including changes resulting from concerns over nutritional or safety aspects of beef, poultry, french fries or other foods or the effects of pandemics or food-borne illnesses, such as COVID-19, bovine spongiform encephalopathy disease and avian influenza or “bird flu,” climate change, and changes in spending patterns and demographic trends, such as the extent to which consumers eat meals away from home;

•the availability, location and lease terms for restaurant development;

•our sub-franchisees, including their business and financial viability and the timely payment of our sub-franchisees’ obligations due to us and to McDonald’s;

•our ability to comply with the requirements of the MFAs, including McDonald’s standards;

•our decision to own and operate restaurants or to operate under franchise agreements;

•the availability of qualified restaurant personnel for us and for our sub-franchisees, and the ability to retain such personnel;

•changes in commodity costs, labor, supply, fuel, utilities, distribution and other operating costs;

•changes in labor laws;

•our ability, if necessary, to secure alternative distribution of supplies of food, equipment and other products to our restaurants at competitive rates and in adequate amounts, and the potential financial impact of any interruptions in such distribution;

•material changes in government regulation;

•material changes in tax legislation;

•climate change manifesting as physical or transition risks;

vi

•climate-related conditions, regulations, targets and weather events;

•changes in our liquidity or the availability of lines of credit and other sources of financing;