MEAL3

International Meal Company Alimentação S.A., known in the market by the ticker MEAL3, is a food retail company founded in Brazil with operations also in the United States. The company began to take shape in 2006, when the Advent International fund started to consolidate food service businesses in Latin America, beginning with the acquisition of Grupo La Mansión in Mexico and the entry into airport food services in the Dominican Republic. In 2007, the creation of R.O.D.S.P.E. Empreendimentos e Participações S.A. marked the start of operations in Brazil with the acquisition of Grupo RA Catering, whose history dates back to 1968 and the development of catering and restaurant operations in large airports. From this core, the company went through various corporate changes and expansion moves, including the acquisition of the Viena and Frango Assado chains, which consolidated its role in the out-of-home meals segment in high-traffic locations.

In the following years, International Meal Company Alimentação expanded its international footprint through acquisitions and concessions at airports in the Dominican Republic, Panama and Colombia, as well as entering themed restaurant operations in the United States. The company also formed partnerships with major global franchisors such as CKE Restaurants (Carl’s Jr.) and Darden Restaurants (Red Lobster, Olive Garden and LongHorn Steakhouse), broadening its brand and format portfolio. From 2016 onward, it began divesting assets in Mexico, the Caribbean and later in Panama and Colombia, focusing on simplifying its corporate structure and concentrating on markets considered strategic. In 2017 and 2020, it carried out public equity offerings on B3, through secondary and primary offerings, strengthening its position as a publicly held company and funding stages of its reorganization and operational growth.

International Meal Company Alimentação’s business model centers on operating restaurants, snack bars and airline catering services with a strong presence in high-traffic locations such as highways, airports, shopping malls, hospitals and commercial centers. The company combines company-owned stores and franchised units in a hybrid platform that seeks to capture scale gains in logistics, production and management, while using franchising as a tool for expansion and increasing the reach of global brands such as KFC and Pizza Hut. The group manages different service formats, from fast food and quick casual to themed casual dining restaurants, serving multiple out-of-home consumption profiles. Revenue comes mainly from direct sales of meals, beverages and related products to end consumers, with a smaller share from fuel sales at highway service areas under the Frango Assado brand.

Among the main brands operated by the company in Brazil are Frango Assado, Pizza Hut, KFC, Viena, Brunella, Batata and RA Catering. Frango Assado is a chain with 23 units on highways in the State of São Paulo and connecting roads, combining restaurant, mini-market and, in many cases, gas stations, focused on serving travelers and road transportation. Pizza Hut and KFC form the core of IMC’s global fast food chains, with hundreds of stores distributed across several Brazilian states, operated both as company-owned and franchised units, generally located in shopping malls, high-traffic streets and delivery operations. The Viena, Brunella and Batata Inglesa brands complement the portfolio with buffet, coffee shop, confectionery, snack bar and stuffed potato specialty concepts, while RA Catering supplies meals to airlines and operates in Brazilian airports. In the United States, the company mainly operates the Margaritaville chain, focused on themed casual dining in tourist destinations and metropolitan centers, with a strong concentration in Florida.

International Meal Company Alimentação’s operating structure is organized into segments that reflect customer categories and business formats. Reportable segments include Frango Assado, Airports, PH, KFC & Others, and United States, to which, until 2023, the Caribbean operations were added, later discontinued. In 2024, consolidated net revenue reached just over R$ 2.2 billion, distributed among Frango Assado, Airports, PH, KFC & Others and United States, with a relatively balanced share between operations in Brazil and the North American market. The PH, KFC & Others segment concentrates operations in shopping malls and commercial centers in Brazil, while the Airports segment includes restaurants, coffee shops and catering in domestic terminals. The company does not rely on large concentrated contracts, as no individual customer accounted for more than 10% of net revenue in 2023 and 2024, underscoring the highly diversified nature of its customer base.

On the production side, IMC adopts a mixed model of centralized and decentralized production. In Brazil, the company operates a central kitchen in Louveira, in the State of São Paulo, with capacity of up to 740 tons per month in three shifts, used at a lower capacity level during 2024 and responsible for a significant share of the volume of food supplied to the Frango Assado network. In the other segments, such as airports, Pizza Hut, KFC and operations in the United States, production is predominantly carried out in the units themselves, with standardized processes and supplies provided by approved distributors. Restaurants supplied by the central kitchen are stocked by third-party refrigerated logistics companies, while airline catering operations have their own fleets of support and catering trucks at airports such as Brasília, Congonhas, Confins, Porto Alegre and Viracopos, which handle transportation and direct provisioning of aircraft.

International Meal Company Alimentação’s geographic footprint is concentrated in Brazil and in units in the United States, after a period of contraction in other Latin American and Caribbean countries. In Brazil, the company operates in multiple states, with emphasis on São Paulo and Rio de Janeiro, where Frango Assado, Viena, Brunella and Batata Inglesa are concentrated, along with a broad KFC and Pizza Hut network distributed across much of the country. The U.S. operation, structured mainly around the Margaritaville brand, is present in tourist cities and regions with intense leisure activity, with a concentration in the state of Florida. Successive divestments of assets in Mexico, the Dominican Republic, Puerto Rico, Panama and Colombia reflect a strategy of focusing on priority markets, simplifying the company’s international footprint.

IMC’s operations are subject to a significant regulatory framework, especially concerning health and sanitary issues. In Brazil, units that handle food must comply with sanitary surveillance rules established by the Brazilian Health Regulatory Agency (ANVISA) and local health authorities, including adherence to good practices defined in specific resolutions, maintenance of manuals and standardized operating procedures, sanitary licensing and obtaining operating permits. Non-compliance may result in penalties such as fines, product seizures, suspension of sales, cancellation of registrations and even closures of establishments, making compliance management a central element of operations. In addition, the business is subject to oversight by professional councils, such as nutrition councils, with respect to the practice of technical activities and the presence of qualified professionals in charge.

In terms of management and operational efficiency, International Meal Company Alimentação has established corporate areas to support operations, such as a Shared Services Center, Operations Control Center and a pricing intelligence department, which monitor indicators, standardize processes and analyze data to support decisions on store openings, menu definition and pricing strategies. The company has also advanced in digital transformation initiatives since 2021, incorporating proprietary and third-party channels for ordering and delivering meals, which integrates with the direct sales model and increases the reach of brands such as KFC, Pizza Hut and Frango Assado. Common shares issued by International Meal Company Alimentação S.A. are traded on B3 under the ticker MEAL3, giving the company visibility in the Brazilian capital market and subjecting it to the governance practices required of public companies, including transparency in the disclosure of financial and operating information.