MEAL3: quote, dividends and indicators for International Meal Company Alimentação

International Meal Company Alimentação S.A. is a Brazilian company in the food retail sector, with common shares traded on B3 under the ticker MEAL3. The company was structured from 2006 onward, when the private equity fund Advent International acquired Grupo La Mansión in Mexico and began consolidating food service operations in different countries. Also in 2006, it began providing food services at airports in the Dominican Republic, expanding its presence in high passenger-traffic locations. In 2007, it incorporated R.O.D.S.P.E. Empreendimentos e Participações S.A., a vehicle used for operations in Brazil, starting with the acquisition of Grupo RA Catering, a traditional food operator at airports whose origins date back to 1968 at Congonhas Airport in São Paulo. In the following years, the group incorporated local chains such as Viena and Frango Assado, changed its corporate name to Advent Food and Beverage Empreendimentos S.A. and later to International Meal Company Holdings S.A., consolidating a diversified portfolio of brands and formats.

Throughout the 2000s and early 2010s, International Meal Company Alimentação expanded its international presence through acquisitions and strategic partnerships. The company took over operations at airports in the Dominican Republic with its own brands and international franchises, entered the main airport in Panama with several food brands, and acquired the company Aeroservicios de La Costa in Colombia, which operated airline catering and airport food retail. In 2012, it entered into development agreements with CKE Restaurants for the Carl’s Jr. brand in Latin American markets and acquired the Colombian chain J&C Delicias, as well as the rights to the Batata Inglesa brand in Brazil. In 2013, it signed a contract with Darden Restaurants to develop Red Lobster, Olive Garden and LongHorn Steakhouse restaurants in several countries, including Brazil. Its presence in the United States was reinforced in 2014 with the acquisition of Margaritaville restaurants. From 2016 onward, however, there was a process of geographic rationalization, with the divestment of operations in Mexico, the Dominican Republic, Puerto Rico, Panama and, more recently, certain assets in Colombia and the Olive Garden operation in Brazil, concentrating the structure in markets considered more strategic and adjusting the portfolio of brands and concessions.

International Meal Company Alimentação’s current operations are organized into operating segments focused mainly on the Brazilian market and the North American market. In Brazil, the group operates different restaurant and food service formats under the brands Frango Assado, Pizza Hut, Viena, Batata Inglesa, Brunella and RA Catering, combining company-owned stores and franchises. Frango Assado operates 24 units at service stations on the main highways in the state of São Paulo and connecting roads, combining travel food services with the sale of fuel and convenience services. Pizza Hut, in turn, is operated under a master franchise model, with around 260 stores in 21 states, mostly in shopping malls and other high-traffic locations. Viena is present in São Paulo and Rio de Janeiro in different formats, such as buffet, express, café and full-service restaurant, while Batata Inglesa and Brunella operate in shopping malls, airports and hospitals, focusing on quick meals, snacks, desserts and specific products such as stuffed potatoes. RA Catering provides airline catering services at the Brasília, Congonhas, Confins, Porto Alegre and Viracopos airports, serving airlines and related operations.

In the United States, International Meal Company Alimentação focuses its operations mainly on the Margaritaville chain, positioned in the themed casual dining segment, with dozens of units in tourist cities and major centers, with a particular focus on the state of Florida. In addition to restaurants, over the years the group has developed expertise in operating concessions at airports, although a significant portion of these concessions has been divested in recent asset sale processes. The company reports its results broken down between Brazil and the United States, and consolidated net revenue, excluding divested operations, reached significant amounts in 2024 and 2025, with a relevant contribution from both the highway and fast food segment in Brazil and the casual dining and other food operations in the United States. The segments have their own cost structures, marketing models and competitive dynamics, which is why they are managed separately and evaluated on a segmented basis by management.

International Meal Company Alimentação’s business model combines company-owned units and franchises, with an operating platform that seeks process standardization, economies of scale and centralization of certain functions. In Brazil, a significant portion of the production destined for Frango Assado and other brands is supported by a central kitchen located in Louveira, in the state of São Paulo, which produces a large share of the volume sold in these operations, with installed capacity for hundreds of tons of food per month. This structure allows centralization of recipes, quality standardization and centralized negotiation with suppliers of inputs and logistics services. Other operations, such as many Pizza Hut stores and the units in the United States, use decentralized production in small in-store kitchens supplied by approved distributors and distribution centers. The company maintains food safety policies, staff training, inventory control and preventive maintenance, seeking to mitigate operational risks related to perishability, equipment failures and supply interruptions.

The company’s distribution logistics combine its own and outsourced fleets, especially to supply units of Frango Assado and other affiliated brands from the central kitchen. Delivery is carried out predominantly by companies specializing in refrigerated transport, which supply the stores with predetermined routes and frequencies to ensure freshness and compliance with health standards. In airline catering operations, the company uses dedicated fleets of support and high-loader vehicles at Brazilian airports, responsible for both internal logistics and aircraft supply. In restaurants and snack bars, the sales model is essentially direct, with in-person service and on-site consumption, complemented by digital channels and delivery apps, either proprietary or third-party, which expand reach without changing the direct-to-consumer nature of sales. The corporate management platform includes structures such as a shared services center, an operations control center and pricing intelligence areas, which monitor store performance and define menu strategies, margins, price positioning and support actions for both franchised and company-owned units.

International Meal Company Alimentação operates in fragmented and competitive food retail markets in both Brazil and the United States, with a presence on highways, in shopping malls, hospitals, airports and commercial centers. The sector is influenced by demographic and behavioral factors such as greater urban mobility, growth in out-of-home meal consumption, demand for convenience and the expansion of digital delivery channels. The company is positioned in several subsegments – from fast food and quick casual to casual dining and airline catering – and is not dependent on any individually significant customers, with no record of clients accounting for more than 10% of consolidated net revenue. Revenue is spread among end consumers and, in the case of catering, among different airlines. This diversification of channels and brands is a central feature of the company’s operating profile and influences the consolidated performance associated with the ticker MEAL3 on B3.

International Meal Company Alimentação’s activities are strongly affected by health regulations and the need for licensing at all levels of government. In Brazil, the company is subject to the National Health Surveillance System, in particular to Anvisa regulations and state and municipal health surveillance agencies, which require operating permits, adoption of good practice manuals, standardized operating procedures and, when applicable, registration or notification of the start of production of certain foods. Operations are also subject to inspections and a set of penalties in the event of non-compliance with the rules, ranging from warnings and fines to unit shutdowns. In addition to health-related requirements, the company is subject to professional regulations, such as the requirement to register with nutrition councils for certain activities, and to public procurement rules when it participates in concessions or contracts with the government. This regulatory environment, combined with the operational complexity of multiple brands and geographies, is one of the structural elements of risk and business management that underpins MEAL3 shares in the Brazilian market.