SEDAR Interim Financial Statements

[
  {
    "companyName": "Pizza Pizza Royalty Corp.",
    "reportingPeriodEnd": "2025-09-30",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 1001000,
      "shortTermInvestments": 3000000,
      "receivableFromPizzaPizzaLimited": 3200000,
      "tradeAndOtherReceivables": 94000,
      "incomeTaxesReceivable": 29000,
      "totalCurrentAssets": 7324000,
      "derivativeFinancialInstruments": 0,
      "pizzaPizzaRightsAndMarks": 289377000,
      "pizza73RightsAndMarks": 80814000,
      "totalNonCurrentAssets": 370191000,
      "totalAssets": 377515000,
      "tradeAndOtherPayables": 507000,
      "payableToPizzaPizzaLimited": 914000,
      "dividendsPayable": 1908000,
      "borrowingsCurrent": 0,
      "totalCurrentLiabilities": 3329000,
      "borrowingsNonCurrent": 46714000,
      "derivativeFinancialInstrumentsLiability": 189000,
      "deferredTaxLiability": 25137000,
      "totalNonCurrentLiabilities": 72040000,
      "shareCapital": 242030000,
      "exchangeableShares": 99322000,
      "accumulatedOtherComprehensiveEarningsLoss": -151000,
      "deficit": -39055000,
      "totalShareholdersEquity": 302146000,
      "totalLiabilitiesAndEquity": 377515000,
      "cashPerShare": 0.0300,
      "workingCapitalPerShare": 0.1198
    },
    "incomeStatement": {
      "royaltyIncome": 30236000,
      "administrativeExpenses": -616000,
      "operatingEarnings": 29620000,
      "interestExpense": -1152000,
      "interestIncome": 166000,
      "earningsBeforeIncomeTaxes": 28634000,
      "currentTaxExpense": -5069000,
      "deferredTaxExpense": -216000,
      "netEarnings": 23349000,
      "weightedAverageSharesOutstanding": 33353588,
      "basicEarningsPerShare": 0.70,
      "dilutedEarningsPerShare": 0.70
    },
    "cashFlowStatement": {
      "netEarnings": 23349000,
      "amortizationDeferredFinancingFees": 41000,
      "nonCashSwapExpiry": 6000,
      "deferredTaxExpense": 216000,
      "changesInNonCashWorkingCapital": 311000,
      "cashProvidedByOperatingActivities": 23923000,
      "debtRefinancingFees": -320000,
      "dividendsPaid": -17171000,
      "distributionsOnExchangeableShares": -8212000,
      "cashUsedInFinancingActivities": -25703000,
      "proceedsFromRedemptionOfShortTermInvestments": 5000000,
      "investmentInShortTermInvestments": -3000000,
      "cashProvidedByInvestingActivities": 2000000,
      "netIncreaseInCash": 220000,
      "cashBeginning": 781000,
      "cashEnd": 1001000,
      "interestPaid": 1104000,
      "incomeTaxesPaid": 4928000
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Marketable Securities",
        "description": "Short-term investments",
        "ownershipPercentage": null,
        "value": 3000000,
        "notes": "Carried at fair value, considered Level 2."
      },
      {
        "type": "Intangible Assets",
        "description": "Pizza Pizza Rights and Marks",
        "ownershipPercentage": null,
        "value": 289377000,
        "notes": "Acquired through the Partnership, licensed to Pizza Pizza Limited for 99 years, royalty of 6% of system sales."
      },
      {
        "type": "Intangible Assets",
        "description": "Pizza 73 Rights and Marks",
        "ownershipPercentage": null,
        "value": 80814000,
        "notes": "Acquired through the Partnership, licensed to Pizza Pizza Limited for 99 years, royalty of 9% of system sales."
      },
      {
        "type": "Subsidiary",
        "description": "Pizza Pizza GP Inc.",
        "ownershipPercentage": 73.8,
        "value": null,
        "notes": "Holds 73.8% as at September 30, 2025."
      },
      {
        "type": "Subsidiary",
        "description": "Pizza Pizza Royalty Limited Partnership",
        "ownershipPercentage": 73.8,
        "value": null,
        "notes": "Holds 73.8% as at September 30, 2025."
      }
    ],
    "shareStructure": {
      "authorizedShares": null,
      "issuedShares": 24618392,
      "classesOfShares": ["Common", "Exchangeable"],
      "warrants": [],
      "options": [],
      "rightsConvertibleInstruments": "Exchangeable shares held by PPL, exchangeable into common shares. Equivalent to 8,735,196 shares as at September 30, 2025."
    },
    "managementCompensation": {
      "currency": "CAD",
      "periods": {
        "2025-09-30": {
          "directorCompensation": 184000
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Pizza Pizza Limited",
          "description": "Royalty income",
          "amount": 30236000,
          "period": "2025-09-30"
        },
        {
          "counterparty": "Pizza Pizza Limited",
          "description": "Distributions on Class B and Class D Exchangeable Shares",
          "amount": 8212000,
          "period": "2025-09-30"
        }
      ]
    },
    "subsequentEvents": []
  }
]