BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES RECORD THIRD QUARTER AND YEAR-TO-DATE FRANCHISE SALES AND OCTOBER 2025 CASH DISTRIBUTION OF $0.120 PER UNIT

Executive Summary

• Boston Pizza Royalties Income Fund reported record third‑quarter franchise sales of $248.9 M (up 4.3%) and year‑to‑date sales of $731.9 M (up 4.9%).
• Net and comprehensive income rose to $10.4 M for Q3 (vs. $9.4 M YoY) and $31.1 M YTD, driven by higher royalty and distribution income and fair‑value gains.
• Trustees declared an October 2025 cash distribution of $0.120 per unit (payable Nov 28, 2025), bringing total distributions to $478.2 M ($28.62 per unit) since inception.

Key Details

• Franchise Sales – Q3: $248.9 M (+4.3% YoY); YTD: $731.9 M (+4.9% YoY).
• Same‑Restaurant Sales (SRS) – Q3: +4.1%; YTD: +5.0%.
• Cash from Operating Activities – Q3: $10.6 M (+6.2% YoY); YTD: $29.8 M (+3.9% YoY).
• Distributable Cash – Q3: $8.5 M (+4.9% YoY); YTD: $23.8 M (+3.8% YoY).
• Distributable Cash per Unit – Q3: $0.400 (↑5.0% YoY); YTD: $1.118 (↑3.8% YoY).
• Payout Ratio – Q3: 88.8% (down slightly from 88.9% YoY); YTD: 93.5% (down from 93.8% YoY); trailing‑12‑month ratio 99.4%.
• Net & Comprehensive Income – Q3: $10.4 M (+10.6% YoY); YTD: $31.1 M (+22.9% YoY).
• Royalty Income – Q3: $9.957 M (↑8.6% YoY).
• Distribution Income – Q3: $3.275 M (↑4.5% YoY).
• Fair‑Value Gains – Q3: $6.602 M (down from prior period but offset by other items).
• Interest Expense on Debt & Financing Fees – Q3: $0.892 M (slightly higher YoY).
• Number of Restaurants in Royalty Pool – 372 (unchanged).

Distributions

• October 2025 distribution declared: $0.120 per unit, payable Nov 28, 2025 to unitholders of record Nov 21, 2025.
• Total distributions to date (including this payment): $478.2 M ($28.62 per unit), comprising 274 monthly and three special distributions.

Financial Tables (selected)

Outlook & Commentary

• Management highlighted continued growth despite macro‑economic uncertainty, emphasizing strategic promotions, operational agility, and strong brand loyalty.
• The Fund will monitor cash balances and distribution levels to maintain stable payouts.

Notable Quotes

“Boston Pizza delivered its third consecutive quarter of record Franchise Sales… we remain vigilant in monitoring the broader economic environment and are confident in our ability to adapt quickly as conditions evolve.” – Jordan Holm, President, Boston Pizza International Inc.