Director Jose Alberto Velez Cadavid Phantom RSU Settlement and Share Transactions

This Form 4 filing reports transactions by Jose Alberto Velez Cadavid, a director of Arcos Dorados Holdings Inc. (ARCO). On April 30, 2026, 4,988 Phantom Restricted Stock Units vested and were automatically settled in cash at the closing price of the company's Class A common shares. The Phantom RSUs represent the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid since the grant date. The settlement occurred automatically without any instruction from the reporting person. Concurrently, the filing shows the acquisition and disposition of 4,988 Class A common shares at $8.92 per share, resulting in the director holding zero shares following these transactions. The filing was signed by Roman Ajzen as attorney-in-fact on behalf of the director on May 4, 2026.