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    Thiago Bortolucci

    Research Analyst at Goldman Sachs

    Thiago Bortolucci is an Equity Research Analyst at Goldman Sachs, delivering investment insights across the Latin American financial sector. He has covered leading companies and financial institutions as part of his research portfolio, generating an average return of 23.71% and maintaining a success rate of 40% on his stock recommendations. Bortolucci began his career at Morgan Stanley before joining Goldman Sachs, expanding his expertise in equity research with a primary focus on Latin American markets. He holds professional credentials appropriate for his analytical role, including securities industry registrations and licenses.

    Thiago Bortolucci's questions to Arcos Dorados Holdings (ARCO) leadership

    Thiago Bortolucci's questions to Arcos Dorados Holdings (ARCO) leadership • Q2 2025

    Question

    Thiago Bortolucci from Goldman Sachs asked about the balance between foot traffic, pricing, and profitability in Brazil, what initiatives might reignite same-store sales, and for preliminary demand trends in July for Brazil and Mexico.

    Answer

    CEO Luis Raganato acknowledged a challenging macro environment in Brazil where positive comparable sales were driven by higher average check rather than traffic volume. He highlighted the success of the 'Mekidojia' value campaign and the 'Mekifest' digital campaign in increasing visit frequency and identified sales. Raganato confirmed that Mexico's strong sales performance was continuing into the third quarter.

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