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    Jeronimo de Guzman

    Portfolio Manager and Principal at Inca Investments

    Jeronimo de Guzman is a Portfolio Manager and Principal at INCA Investments, where he specializes in Latin American equity markets and oversees investment strategies for the firm's portfolio. He has covered companies in key sectors across Latin America, though specific names and performance metrics are not published publicly; he is recognized for his role in helping drive fund returns and shaping research direction. Jeronimo began his career in investment analysis and steadily advanced to principal-level responsibility at INCA Investments since at least 2019, based in Miami. He holds relevant securities registrations as verified by the SEC's IAPD and brings a deep expertise in international investment management.

    Jeronimo de Guzman's questions to Arcos Dorados Holdings (ARCO) leadership

    Jeronimo de Guzman's questions to Arcos Dorados Holdings (ARCO) leadership • Q2 2025

    Question

    Jeronimo de Guzman from Inca Investments asked for more detail on beef cost pressures in Brazil and whether the company could still maintain stable margins for the full year, excluding one-offs.

    Answer

    CFO Mariano Tannenbaum confirmed that beef prices rose about 30% in the last year but that the company does not expect further significant cost pressures in the second half. He expressed confidence in maintaining a full-year 2025 EBITDA margin close to 2024's level (ex-one-offs), supported by cost efficiencies in payroll, occupancy, and other expenses.

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