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 was structured beginning in 2006, when the Advent International fund started consolidating food service businesses in Latin America, beginning with the acquisition of Grupo La Mansión in Mexico and 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 goes back to 1968 and the development of catering and large-airport restaurant operations. From this core, the company went through various corporate changes and expansions, 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.

Over the following years, International Meal Company Alimentação expanded its international presence through acquisitions and concessions at airports in the Dominican Republic, Panama and Colombia, in addition to entering themed restaurant operations in the United States. The company also established partnerships with major global franchisors such as CKE Restaurants (Carl’s Jr.) and Darden Restaurants (Red Lobster, Olive Garden and LongHorn Steakhouse), expanding its portfolio of brands and formats. Starting in 2016, it began divesting assets in Mexico and 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 share offerings on B3, with secondary and primary operations, reinforcing its position as a publicly held company and financing stages of reorganization and operational growth.

International Meal Company Alimentação’s business model is centered 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 economies of scale in logistics, production and management, while using franchising as a mechanism for expansion and capillarity 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 the end consumer, with a smaller share from fuel sales at highway service‑area operations 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 routes, combining restaurant, mini‑market and, in many cases, gas station, focused on serving travelers and road transportation. Pizza Hut and KFC form the core of global fast food chains managed by IMC, with hundreds of stores distributed across several Brazilian states, operated both as company‑owned stores and as franchises, generally located in shopping malls, high‑traffic streets and delivery operations. The Viena, Brunella and Batata Inglesa brands complement the portfolio with buffet, café, pastry shop, snack bar concepts and a specialty in stuffed potatoes, 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. Reported segments include Frango Assado, Airports, PH, KFC & Others, and United States, to which were added, until 2023, operations in the Caribbean, which were later discontinued. In 2024, consolidated net revenue reached slightly more than R$ 2.2 billion, distributed among Frango Assado, Airports, PH, KFC & Others and United States, with a relatively balanced contribution between operations in Brazil and the U.S. market. The PH, KFC & Others segment concentrates operations in shopping malls and commercial centers in Brazil, while the Airports segment encompasses restaurants, cafés and catering in domestic terminals. The company does not depend on large concentrated contracts, as no single customer accounted for more than 10% of net revenue in 2023 and 2024, which underscores the highly fragmented nature of its consumer 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, operating at a lower occupancy 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. Supply to restaurants linked to the central kitchen is handled by outsourced refrigerated logistics companies, while airline catering operations have their own fleets of support and high‑loader vehicles at airports such as Brasília, Congonhas, Confins, Porto Alegre and Viracopos, responsible for transporting and directly supplying aircraft.

International Meal Company Alimentação’s geographic presence is concentrated in Brazil and units in the United States, after a period of retrenchment in other Latin American and Caribbean countries. In Brazil, the company operates in multiple states, with a focus on São Paulo and Rio de Janeiro, where operations of Frango Assado, Viena, Brunella and Batata Inglesa are concentrated, in addition to the extensive 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, concentrated in the state of Florida. The 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 regarding health and sanitary matters. In Brazil, units that handle food must comply with sanitary surveillance rules established by the National Health Surveillance Agency (ANVISA) and local health authorities, including adoption of good practices defined in specific resolutions, maintenance of manuals and standardized operating procedures, sanitary licensing and obtaining operating permits. Failure to comply may lead to penalties such as fines, product bans, suspension of sales, cancellation of registrations and even closure of establishments, which makes 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 exercise of technical activities and the work of qualified professionals.

In terms of management and operational efficiency, International Meal Company Alimentação has structured corporate areas to support operations, such as a Shared Services Center, an Operations Control Center and a pricing intelligence area, which monitor indicators, standardize processes and analyze data to support decisions on store openings, menu design and pricing strategies. The company has also advanced in digital transformation initiatives since 2021, incorporating proprietary and third‑party channels for meal ordering and delivery, which are integrated into the direct sales model and expand the reach of brands such as KFC, Pizza Hut and Frango Assado. The 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 publicly held companies, including transparency in the disclosure of financial and operating information.