SIR Royalty Income Fund Announces Filing of SIR Corp. Fiscal 2025 Fourth Quarter and Year-End Results

Executive Summary

• SIR Royalty Income Fund disclosed Q4 2025 and full‑year fiscal 2025 results for its operating company, SIR Corp., including revenue growth, same‑store sales increase, and adjusted net earnings.
• Net (loss) income was $(19.3) M for Q4 2025 and $(26.6) M for FY 2025, driven by non‑cash amortization of partnership unit values; however, Adjusted Net Earnings were $7.2 M (Q4) and $9.8 M (FY), up from the prior year.
• The company refinanced its credit facility with a new $68.0 M agreement, drew $38.9 M to date, and reported cash of $12.5 M as of August 31 2025.

Key Details

• Revenue: Food & beverage revenue rose 10.8% YoY to $100.4 M in Q4 2025 (adjusted for the extra week: $94.1 M, +4.0%). Fiscal 2025 total revenue was $289.5 M, up 6.7% from $271.3 M in FY 2024.
• Same‑Store Sales (SSS): Consolidated SSS increased 9.4% YoY for Q4 2025; 2.1% increase for the full fiscal year. Detailed segment SSS growth: Jack Astor’s +7.4% (17‑week), Scaddabush +15.9%, Signature Restaurants +9.4%.
• Net (Loss) Income: $(19.3) M in Q4 2025 vs. $10.0 M profit in Q4 2024; $(26.6) M for FY 2025 vs. $35.1 M profit in FY 2024. Losses stem from amortized cost changes of Ordinary LP Units and Class A Units of the SIR Royalty Limited Partnership.
• Adjusted Net Earnings: $7.2 M (Q4 2025) vs. $6.1 M (Q4 2024); $9.8 M (FY 2025) vs. $7.7 M (FY 2024). Increases driven by higher earnings before interest, taxes and depreciation (EBITD) and lower other expenses, partially offset by higher interest expense.
• Liquidity & Capital Resources: Cash balance of $12.5 M as of Aug 31 2025 (up from $4.9 M a year earlier). Approximately $38.9 M drawn on the new $68.0 M credit facility.
• New Credit Agreement (May 15 2025): Three‑year facility for up to $68.0 M comprising:
• $5.0 M revolving term credit,
• $38.0 M revolving term loan (fully drawn at closing),
• $25.0 M non‑revolving term loan,
• Additional purchase‑card facility up to $1.5 M.
• Cyber Insurance Claim: Received $2.0 M payout for first‑party losses during Q4 2025 (including $0.2 M reimbursement of breach costs and $1.8 M business interruption).
• Restaurant Activity: Opened new Scaddabush location in Barrie (June 25 2025); temporary 30‑day closure of Jack Astor’s Barrie for renovation (Sept 1–Oct 1 2025) with launch of “Freida’s Beverage Kitchen.” Closed Duke’s Refresher (Sept 15 2025) due to economic conditions.
• Future Outlook: Management monitoring macro‑economic factors (inflation, interest rates, tariffs) and plans additional restaurant openings (e.g., new Jack Astor’s in Oshawa, Scaddabush in Windsor) with no guarantee of completion.

Notable Quotes

(No direct CEO/President quotes were included in the release.)