Good morning and thank you for joining Arcos Dorado's second quarter 2026 earnings webcast. With us today are Luis Raganato, our Chief Executive Officer, and Mariano Tannenbaum, our Chief Financial Officer. Today's webcast, which is being recorded, will consist of prepared remarks from our leadership team, which will be accompanied by a slide presentation that is also available in the investor section of our website, ir.arcosdorados.com. To better follow the presentation, please note that you can set your view to full screen on the webcast cloud presentation using the Q&A function on the bottom of the screen. After we conclude our opening remarks, we will answer your questions. Today's poll contains forward-looking statements and I refer you to the forward-looking statements section of our earnings released and recent findings with the SEC. Thank you for your time. Investors are encouraged to review the reconciliation of these non-GAAP financial results as compared with GAAP results, which can be found in today's earnings press release and conference call presentation, as well as the unaudited financial statements filed today with the SEC.

Thank you, Dan, and good morning. Before getting into the second quarter results, I would like to start with a few words about Venezuela. The earthquake at the end of June impacted the entire country in one way or another, including our hotels. But I am very proud of the local team's effort to support our people, suppliers, suffragettes, and the communities they serve. Working with local authorities and medical professionals in the hardest hit part of the country, they quickly converted one restaurant into a medical center and another into a shelter for people who lost their homes. When recovery efforts continue, we are beginning to see signs of progress. People are gradually returning to their daily routines. And other than the two locations I just mentioned, all other McDonald's restaurants are open in Venezuela. As always, we stand with our team and we provide them with the support they need until the situation on the ground normalizes. Just this past Monday, Colombia also experienced a significant earthquake. Our first priority has been the safety and well-being of our people. We are still working closely with the local management team as they assess the full impact of the earthquake on our people and restaurant operations. We now turn to the second quarter. The total revenue, adjusted EBITDA, and the income all rule strongly in U.S. dollars, despite challenging consumer dynamics and year-over-year comparisons in certain markets. This demonstrates that we have taken important steps to improve the resilience of the business model and monetize the market share advantage. Total revenue reached $1.3 billion, the highest ever quarterly revenue, and up more than 14% Thank you very much. The exclusive sponsorship of the FIFA World Cup allowed us to take full advantage of this important fashion point for guests across the region. We executed unique marketing campaigns and activations across all sales channels. These helped drive digital sales penetration and identify sales to their highest ever levels, and we measured continued market share gains throughout the region. In terms of inorganic growth, we opened 16 restaurants in the quarter, bringing the first half total to 35 restaurant openings. The organic growth drivers in the business continue to perform well in the second quarter, including the solid market share, digital sales, and US dollar revenue growth I just mentioned. Starting with market share, based on guest traffic, McDonald's restaurants in the ARCO Dorados footprint gained about half a point versus second quarter last year, and remained more than two times as much as our main competitors. Market share gains in the main markets are a testament to the quality of the local leadership teams who have implemented successful strategies in a wide range of consumer environments. Digital sales grew by more than 25% year-over-year and generated about 66% of total sales. This included very strong growth from Sephora kiosks, demonstrating the continued relevance of the on-premise experience, and delivery, especially in Brazil, where new aggregators are pushing industrial growth. Identified sales surpassed 28% of total sales in the period. with growing loyalty program membership helping us achieve the highest guest identification rate in our history. Active loyalty program members who within points tend to visit us five times as frequently as non-loyalty members. We expect this to turn into an important long-term value driver for the business still of those risks. The FIFA World Cup was a big success for the McDonald's brand in all of our markets. We took learnings from previous tournaments and began running regional campaigns about three months before the World Cup began. We used this period, which included the World Cup themed Mundialista sandwiches and Panini sticker books, to generate excitement in anticipation of the tournament. The anticipation turned into euphoria once the tournament began, as we remained engaged with guests through conversations and special offers on the digital platform. Regional campaigns combined with global FIFA World Cup campaigns drove significant traffic and premium sandwich sales growth, especially in Argentina, Brazil, Colombia and Mexico. Brand favorability metrics also reached all-time highs directly back to the market share gains we delivered. At an additional level, Brazil's com sales continued the strong rebound that began at the end of the first quarter. On our last call, we mentioned the proactive and assertive steps the Brazilian team took to reverse negative guest value trends after the end of Carnival. By quickly reconnecting with guests, they set the stage for a successful second quarter, which included an integrated FIFA World Cup campaign, strong delivered sales growth, a compelling value platform, and targeted digital campaigns such as Megifest. According to third-party research, the good news is that the key USA segment of the country's restaurant industry resumed volume growth in the first half of 2026, and we began to see that reflected in our nails, new restaurants, and an appreciated currency combined to drive U.S. dollar sales up more than 25%. Knowledge comparable sales performance in the quarter reflects a particularly demanding comparison base, even though we were able to generate modest case value growth. Three factors explain the year-over-year dynamic. First, last year's second quarter included a full holiday week period, compared with this year that included only part of the holiday in the second quarter. Second, the prior year quarter benefited from the Minecraft promotion, which generated exceptional results across several markets. And third, consumer spending remained under pressure across most markets. Slab sales growth was solid in the quarter, reflecting gas traffic growth in most markets and inflation-driven income sales growth in Argentina and Venezuela. Marketing campaigns focused mainly on the FIFA World Cup, driving important market share gains.

Over to you, Mariano. Thank you, Luis, and good morning, everyone. Similar to revenue, profitability in U.S. dollars, as well as profitability in margins, were resilient in the second quarter of 2026. Adjusted EBITDA totaled $126.8 million. This was more than 20% higher than last year in the second quarter, including a 70 basis point margin expansion when we exclude the transaction with the Mexican sub-franchisee from last year's result. In addition to benefiting from a stronger currency environment, we were very pleased to see continued improvement in both food and paper as well as G&E expenses. which more than offset modest pressure in payroll. Favorable food and paper costs in Brazil and NOLA drove a 70 basis the positive result we generated in the first quarter. Payroll expenses were higher as a percentage of revenue in all three divisions but mostly in NOLA due to hourly wages growing more than the average check. Pressure in Brazil and SLAT was much more modest. Occupancy and other operating expenses were almost flat, while G&A was lower as a percentage of revenue as a result of the restructuring we implemented late last year, and we expect this to continue through year end. We were also very pleased to deliver strong net income results this quarter. Earnings per share in the quarter doubled versus last year, supported by solid operating performance, better non-operating results and a lower effective tax rate. The net interest expense was lower compared to last year thanks to the continued optimization of our capital structure, as well as to income related to last year's tax credit. Over-effective tax rate reflects the early impact of initiatives designed to lower the company's consolidated effective tax rate over time to be more in line with the region's statutory rates. Brazil was the standout in terms of profitability in the quarter. Margin improved by 180 basis points, reflecting disciplined cost management, especially in food and paper and G&A. This, combined with solid revenue growth and stronger currencies, drove adjusted EBITDA up more than 40% in US dollar terms. Nola's margin pressure, excluding the income from last year's restaurant transaction, was 110 basis points. This was mainly due to reduced operating leverage, which more than offset better food and paper costs compared to the same period last year. In SLAD, adjusted EBITDA grew in line with revenue. Improvements in G&A were offset by slightly higher food and paper costs, as well as occupancy and other operating expenses versus the prior year end. We are working hard to generate value for our shareholders, and the major part of that is maintaining a healthy balance sheet and driving sustainable cash flow generation. In July, we completed the second liability management transaction of the year. As a result, this year we have completely repaid the 2029 senior notes. We are very proud to have issued the first sustainability link bond in the QSRI industry, which included ambitious targets associated with 1, 2 and 3. As we announced earlier this year, we are even prouder to have exceeded these commitments by the 2025 measurement date. Our balance sheet remains strong with healthy liquidity and sufficient cash generation to fund long-term growth while maintaining disciplined leverage. As adjusted EBITDA continued to grow over the trading 12 months, net leverage improved modestly to a very healthy 1.1 times at quarter end. Finally, the adjusted free cash flow generation of the last 12 months improved sequentially with strong net cash provided by operating activities combined with lower capital expenditures in the period. Of course, this is directly tied to our efforts to create more shareholder value. During the second quarter, we deployed $49.1 million in capital expenditures and helped bring the modernized restaurant experience to more than 77% of the portfolio. As the numbers show, freestanding units continue to account for the bulk of openings. So far this year, we have opened 35 restaurants and invested almost $86 million in capital expenditures, including openings, modernizations, maintenance, and non-development capex. We believe we can continue to raise the bar for expected returns on investment by developing and implementing initiatives to improve efficiency in all facets of our capital deployment. I will close by repeating some of the highlights from the second quarter. We delivered total revenue growth of more than 14% year over year. We generated the highest ever adjusted EBITDA, net income, and earnings per share for a second quarter. We have a QSR industry in Brazil that looks like it's starting to turn around. We improved our gross margin after a tough 2025, and we benefited from a streamlined GNA structure that is contributing to underlying margin expansion. Despite a mixed consumer environment across the region, we delivered solid results during the first half of the year. Looking ahead, we expect conditions to But we are confident in the strength of our plans, the agility of our operating model, and our continued financial discipline as we work to maximize fully our results and strengthen the foundation for future growth.

Luis? Thanks, Mariano. I will leave you with some final thoughts before opening the call to Q&A. The word we want you to remember today is resilience. As Mariano just mentioned, market conditions have not been ideal so far this year, but the business model is showing an ability to navigate tougher periods while still delivering strong results. We are confident in the plans for the second half of the year and are working on a plan for 2027 to continue building on this solid foundation. The leading market share and unmatched brand attributes are a testament to the enduring connection we have with QSR customers across the region. We saw both indicators improve in the second quarter and we intend to continue monetizing the connection with guests to increase the value of Arcos Dorados. The industry's leading digital platform is beginning to move into a new phase, and we are developing as many customer-facing capabilities as back-of-house tools to drive sales and generate efficiencies. In other words, we're making progress on the three pillars of focus I talked about one year ago. Today's business has been built on a foundation made up of a strong brand combined with the best restaurant experience in the region's QSL industry. Growth goes well beyond openings. We're working to generate growth across all aspects of the business. It can come from physical restaurants, digital channels, loyalty programs, cost efficiencies, improved ROIs or any other sources. In tomorrow's business, we expect to unlock significant value from the foundational work we have done so far. In the near future, we believe innovation and technology will further increase the gap between our digital platform and our competitors in the region. Please join us at the 2026 ARCO Dorados Investors Day on the morning of October 1st in New York, when we will discuss these three pillars and some of the specific initiatives we're working on to increase the value of ARCO Dorados. Thank you for joining today's call. Then back to you to open the call for questions. Thanks, Luis.

We will now begin the Q&A session. You can submit your questions to the Q&A function on the bottom of the screen. Please limit yourself to one or two questions so that I can read, understand, and convey them to our speakers. We will now pause briefly to compile your questions. Okay, we have a number of questions in the queue, and good morning everyone. Sorry for the technical issue that we have. were muted at some point. We will post the transcript of the call as quickly as possible so that you can catch anything that you might have missed. We're going to get started with Julia Rizzo from Morgan Stanley. She has a question for you, Liz. Can we comment on the sustainability of Brazil's same-store sales so far?

All right, good morning, everyone. Thank you very much for the question. And yes, during the second quarter, we experienced a rebound in sales. And that was mainly a result of the proactive and excellent plan that the local team implemented. That's why we do think that this is sustainable for the near future. They boosted the value platform, Economeki, that we've already talked about. You know that for less than four dollars you can make your own four-item combo. and they also targeted specific digital campaigns. So as you can see, the strategy is based on three main levers, the value platform, the digital campaigns, and of course, they put in place marketing activities around the world. So this generated positive concepts and volume in the world with sales that outperformed Thank you very much. Thank you. We have the right management in our markets, and we do have a solid marketing plan, and we are focusing on a competitive advantage that is the operational execution.

Thanks, Luis. I'm going to stay with you. We have a question from Alvaro from BTG, and he says, He's asking if we can comment on the market share dynamics in Brazil.

Okay, hello, Alvaro. Good morning. Market share among the players didn't shift materially for us. The most important takeaway, according to Crest, is that although the broader restaurant industry remains under pressure, the QS segment has resumed growth in this quarter, and we outperformed. So for us, that is a very good news.

Great. The next question, and sorry, I'm doing this a little bit out of order, but I'm just trying to stick to the same topic so we don't bounce around too much. Thiago Bortolucci from Goldman Sachs. He said, good morning. Question on prices in Brazil. He said, we're seeing McDonald's significantly more promotional on certain aggregators over the past few weeks. What does it mean in terms of pricing strategy, your assessment of demand elasticity, and price relativeness versus peers and substitutes?

All right, Thiago, hello. Thank you for the question. It's important to remark that we manage pricing by channel, occasion, and customer segments. targeted promotional activities. You will see more or less intensity depending on the moment of the year and depending on our needs. But that is part of a broader revenue management strategy. Our focus is to remain data-driven, using advanced pricing and elasticity, as you mentioned, to balance traffic affordability and, of course, profitability.

Thanks, Luis. Shifting now to Mariano, we have a few questions related to margins, typically results. and Eric Huang from Santander. And he says, Brazil's margin outlook, Brazil delivered another quarter of significant EBITDA margin expansion, benefiting from lower food and paper costs and strong operating leverage. As commodity and FX tailwinds normalize, what do you see as the main drivers of further margin expansion in Brazil over the next few years?

Perfect. Good morning, everybody, and thanks, Eric, for the question. I will start by highlighting a bit the performance of Brazil during this quarter. Of course, we're very pleased Brazil was the standard performer for ARCOS during this quarter. EBITDA margin expanded 180 basis points with an EBITDA margin of 14.6. EBITDA grew by $23 million, or 43%, The performance in Brazil was primarily driven by lower food and paper. The good news here is that this is the third quarter where we have seen improvements in food and paper costs after a tough 2025 where beef costs increased significantly. Thank you very much. A very disciplined, you know, cost management allowed us to have leverage on GNA as well. And all this, of course, supported by the appreciation of the Brazilian Rial. So this is what we have seen, and these are the trends we are seeing in Brazil so far this year. But looking forward, we will be focused on our long-term strategy, which is strong marketing campaigns, gaining market share, growing sales above inflation so we can leverage on fixed costs, of course, returns on investments. You know that Brazil is a market where we are deploying a relevant part of our total capex by opening new stores and then in terms of food and paper we and well of course we don't know what would happen with defects but in terms of food and paper we are the majority of the gains were not only related to beef we have you know cost and many other gains related to other items such as dairy and potatoes and on keeping every item under control. And on top of that, all the revenue management work that Luis already mentioned is bringing, of course, benefits to the gross margin line. So everything combined, we think that will provide and Margin Expansion in the future and we are very all the company as I already mentioned marketing supply chain finance operations development we're all focused on that and we are confident that we will achieve good results going forward. Perfect.

Let's stick with the theme, and we have a couple of questions related also to Brazil margins, maybe a little more specific to food and paper, Mariano. One is from Eric, one of, sorry, Eric already mentioned, one is from Melissa, from, from Mexico America, and the other one we have from Fernandez of JP Morgan. So Melissa asks, Can you discuss the drivers in sustainability margin expansion in Brazil, particularly given the investments you've made in pricing in the value segment? And Freud asks the related question, can you explain the composition of the margin uplift in Brazil between input costs and operational leverage? So some of the drivers of the margin expansion and so on.

Perfect. Part of them I already answered on Eric's question, but going specifically to food and paper, we delivered the third consecutive quarter of year-over-year food and paper improvement in Brazil. We are very pleased with that. As I mentioned, This is not only that beef costs are, we're having less pressures on beef costs. We are having improvements in dairy, potatoes. Of course, the effects is supporting the food and paper line on the imported goods. And last but not least, all the revenue management initiatives we're doing in Brazil are bringing benefits to the gross margin line. and we are very focused even though we are being promotional and we have a very effective promotional platform that Luis already mentioned Economeki in Brazil is doing extremely well we are very careful with keeping our margins and at the same time not being too aggressive with the pricing and this is Something which of course is not easy but we have a solid revenue management team that is focusing on not growing prices above inflation but also keeping the margins on all the offerings that we have on our menu specifically on the value platforms. Now going to a question regarding drivers of Brazil improvements. Again, I mentioned some of them, but are full on paper. In terms of costs, I will highlight the GMA efforts that we made. And again, sales growing above inflation with solid Thanks, Mariano.

When I come back to you now, Luis, I have another question from Julia Rizzo of Morgan Stanley, and she asks if we can provide any visibility on Novo Lab's same-store sales improvement.

Right, thank you. Thank you again, Julia, for the question. And even though we had a challenging comparison base during the second quarter of 2025, we had the full impact of Holy Week last year, and we had a very, very positive impact of the license Minecraft that it's We saw also in the market intense competitive environment and that the macroeconomic situation is challenging. But despite that, for this was key the strength of the brand and the effectiveness of our value These two factors helped us to maintain positive comparable traffic and reinforce our competitive position in key markets of the division. We were able to maintain the gap versus our main competitors in each market. Avracek, and across channels, sales growth was strongest in delivery and dessert centers. What we are seeing, what we do have for the second semester is solid marketing plan. We are adjusting some operational executions that we have opportunities. And what we are seeing in the beginning of the third quarter is that the trends are in line with our expectations.

Thanks, Luis. And now we have a couple of questions, one from Melissa Buena of Banco America and one from Fernandez of JP Morgan. And maybe a little bit of a double click on what we just discussed with respect to Mexico. So Melissa asks, can you provide some additional detail on Mexico, how much of the slowdown is attributable to the World Cup or other factors specific to the quarter? And are you seeing any recovery in third quarter to date? How are you thinking about driving traffic in a more challenging consumption environment? That's from Melissa. And Troy asked a somewhat related question. Can you share granularity on the same-store sales performance in Mexico for NOLA and how have the trends evolved into early third quarter? Okay.

Well, I will give you a bit more details on Mexico. Thank you very much for the question. In Mexico specifically, the economic environment remains pressured by high uncertainty, I would say, and this is really by external and internal factors. This level of uncertainty has put pressure on the families' disposable income, and this has affected several industries. This includes the retail sector as a whole. But despite this, The food service showed resilience in the country and we managed to outperform the industry with positive comparable volumes that even outperformed the QSR sector. The food service was resilient. The QSR outperformed the sector, the industry, and we were able to outperform the QSR sector. So that for us is very important because as a consequence, we were able to gain market share. Some of the main activities were the World Cup sponsorship. This was coupled with our value platform Para Todos that is very, very successful. It has been on the market for the last, I would say, year. plus the continued growth of our loyalty program. All combined helped us mitigate the environment headwinds, letting us grow the top line ourselves and help the brand perception remain strong and we remain optimistic about the performance in the market given that we do have a solid marketing plan for the rest of the year and because we have a strong operational execution that is demonstrated throughout the first semester. Mexico today has become one of the benchmark markets for some of the other alcohol drug markets. So what we're seeing in the first part of the quarter is that, as I said, for NOLA in general and for Mexico specifically now, the trends are in line with our expectations. Great, thanks, Luis.

I'll give you a breather, and we'll add you one to the money on and off. We have a question from Antonio, and he asks, what was the weighted average inflation slide? Assuming your same-store sales was above inflation given positive traffic and sales in line with inflation in Venezuela and Argentina, what limited margin gains, and what's the outlook for margin going forward in the division? Perfect. Thanks, Geronimo, for the question.

The weighted average inflation in SLAT was around 46%, 47%. So our sales were slightly below inflation, I would say in line with inflation. In SLAT, the EBITDA grew in the quarter around $3 million, or 6.6%. The margin remains stable. at around 10% during the quarter. In terms of composition of margins, I would say we're very pleased with G&A, which continues to reflect the benefits from the actions we took over the past year. We are encouraged by foreign paper trends in Chile, Colombia, and Uruguay. I'm talking about, of course, the SLA division. We had some headwinds in Argentina regarding food and paper. Overall, the company, food and paper, was very appreciative to the margin expansion we experienced. Argentina, I would say, was the one that had more headwinds. But we are confident that this is something tactical and that happened during the quarter. We're not expecting this to deteriorate further in the coming months. Of course, in Argentina, as the consumption environment is still tough, we are very prudent with price increases. And in terms of market share, Luis discussed that, we are very focused on maintaining market share and we are doing extremely well, but being very conservative in price increases. And that's maybe the reason why are more or less in line with what we had in the previous quarter of last year. And we are confident that in the second half of the year, SLAT will continue the growth story.

Thanks, Mariano. Come back to Luis now. A couple of related questions from Alvaro Garcia of BTGN for a minute and JP Morgan. Alvaro asks if we can comment on traffic trends in Argentina. And Freud similarly asks if we can provide some same-store sales performance granularity in Argentina in SLAD and how it's evolved into the third quarter.

All right. Thanks again for the question, Alvaro and Freud. Okay. In Argentina, The economic conditions were more challenging than we expected. Consumer spending remained under pressure contributing to a 3% decline in the overall retail sector. But despite those headwinds, we managed to deliver positive sales growth. and we managed to keep guest counts nearly flat. So that was very important for the country, for the market. In the second quarter, we had the opportunity, as you know, to leverage from the sponsorship of the World Cup. And this was the biggest event of the year for this market. The mechanic was different than other ones that had themed sandwiches by country. In this case, the mechanic was that we partnered with some of the most recognized players of the national team. And so the market launched three signature burgers that combined with a powerful communication strategy and real-time marketing actions became one of the most successful campaigns in our company's history. We had record high sales in May and all-time highs in market share and brand preference. So it was a very good quarter for the market. Those burgers sold and we're in the facing out process. So and what we are seeing in the beginning of the third quarter is that we're having and we are optimistic for what is going to happen for the rest of the year.

Well, on that topic, Luis, since you've already commented on kind of what we're seeing so far in NOLAD and SLAD in the third quarter, we have a question about that for Brazil from of JP Morgan. He says, out of the second quarter, Same-star sales momentum in Brazil permeated into early third quarter readings.

Okay, as I said before, the result of the second quarter was that It was a combined situation. We do not have a silver bullet. We had three main levers. The first one had to do with that we were able to boost the value platform, Economeki, that we targeted specific digital campaigns, and that we had actions, marketing actions around the world cap. We saw that the industry remained highly promotional. We focused on, as I said, was based on value, innovation, and relevant brand experiences. So we are seeing is something that was very important was that the local team Thank you very much. That important, the impact that it has in the market share, according to Chris, we've made the clear leader in market share with more than twice the guest traffic of our nearest competitor. And in addition, we were able to improve brand attributes like brand preference, top of mind awareness, and value perceptions. That was also very, very important. What we've seen in the first weeks is that the consumer disposable income remains limited. But the good news is that from third-party data, we have the numbers that indicate that QSR industry volumes are starting to turn positive. We're maintaining that momentum. And we're going to Thank you very much. Thank you very much.

Great. Thanks. I'm going to stick with you. There's one more from Alvaro Garcia from BTG. There's some speculation about McDonald's potentially changing their kitchen structure in the United States so as to increase competitiveness in chicken. Can you comment on whether this would make sense in your markets? Right.

Thank you again, Alvaro. for the question. It's true that there is ongoing conversations about possible innovation in the chicken category, but the idea is to use the already existing kitchen equipment. Having said that, when the time comes, we will evaluate where or how to implement it, if it makes sense for our business and for our region. Thanks, Luis.

Back to Mariano now, another question from Chavo Ortolucci from Goldman Sachs. One more from us. He says, now on capital allocation, could you give us the split between corporate openings and franchisees and a broad sense on what magnitude of improvement you've been able to capture on the average capex per store level?

Perfect. Thanks, Tiago. Company-operated restaurants represented more than 65% of openings in the first half of 2026 versus around 60%. on the first half of 2025. Therefore, the lower capex is not explained by a change of mix. In terms of cost reductions, I would say that it's between 15 to 20%. The only thing I would like to mention is Our main focus here is to increase return on investments. We're doing that by reducing costs, but also to improve the income and the sales of the new stores and the profitability of them. So we're looking at everything together, combined, and we're very pleased with the results we have seen so far.

Great. Thanks, Mariano. And we have one final one from Eric. It's kind of a broad question. I think you may have already touched on some of these points, Luis, but maybe it's a good one to wrap up with here. And two questions. He says, from his side, is traffic and market share sustainability the strongest guest traffic performance? How much of the traffic acceleration do you attribute to temporary factors such as FIFA-rated campaigns versus structural drivers? And how confident are you that market share gains can be sustained into the second half of 2026? I think it's more of a company-wide question.

The main objective of these platforms is to increase traffic and to shield our market share. And even though we saw more promotional activity in the industry and we implemented a more comprehensive plan, and this is where the World Cup activities have a role. They tend to strengthen the engagement with our guests, improving brand attributes, as I just mentioned, and they aim to increase average check and improve or shield our margins, as Mariano was mentioning. Having said that, in June, for example, we did have a negative impact in volume during the matches, for example. So that's why we started talking about the World Cup and the sponsorship and launching activities three months before with the anticipation activities that we put in place. So, even though we still see a challenging environment, we are confident that we're going to be able to keep our market shares and the trend that we're having in sales across the region regarding the management that we have in every market because we're going to be prudent with prices because we do have a solid marketing plan and even though we do have strong operational indicators, we do know that we have opportunities in some markets that we are addressing. So far, as I said, we are seeing a positive trend in the first weeks of the third quarter and those are in line with our expectations and we're going to talk more about that in our next call in November.

Thanks, Luis. And with no more questions in the queue, we've reached the end of the Q&A session. Thank you again for your interest in Arcos Dorados and for joining today's webcast. We look forward to seeing you at our investor day on October 1st.