BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTS AND RECORD FRANCHISE SALES OF $976.3 MILLION FOR THE YEAR

Executive Summary

• Boston Pizza Royalties Income Fund reported record franchise sales of $976.3 M for FY 2025, up 4.8% YoY.
• Net and comprehensive income rose to $42.2 M for the year (up $10.3 M YoY) driven by higher fair‑value gains and royalty/distribution income.
• Distributable cash increased 4.1% YoY to $31.6 M; payout ratio was 101.9% for the year, reflecting a special cash distribution of $0.110 per unit paid on Dec 31 2025.

Key Details

• Franchise Sales – $244.4 M Q4 2025 (↑4.3% YoY); $976.3 M FY 2025 (↑4.8% YoY).
• Same‑Restaurant Sales (SRS) – 3.7% Q4, 4.7% FY 2025.
• Cash from Operations – $9.9 M Q4, $39.7 M FY 2025 (↑4.9% & ↑4.1%).
• Distributable Cash – $7.9 M Q4, $31.6 M FY 2025 (↑5.1% & ↑4.1%).
• Distributable Cash per Unit – $0.369 Q4, $1.487 FY 2025.
• Payout Ratio – 127.3% Q4, 101.9% FY 2025 (special distribution included). Ex‑cl. special: 97.5% Q4, 94.5% FY 2025.
• Net & Comprehensive Income – $11.1 M Q4, $42.2 M FY 2025 (↑$10.3 M YoY).
• Fair‑value gain on BP Canada LP: $27.9 M FY 2025 vs $11.7 M FY 2024.
• Royalty Income increase: +$2.4 M FY 2025.
• Distributions – Declared $12.6 M ($0.590 per Unit) for Q4; total FY 2025 declared $32.3 M ($1.520 per Unit). Paid $10.0 M ($0.470 per Unit) Q4; FY 2025 paid $32.2 M ($1.515 per Unit).
• January 2026 Distribution – Trustees declared $0.120 per Unit (payable Feb 27 2026).
• Number of Restaurants in Royalty Pool – 372 (unchanged YoY). No openings or closures in FY 2025.
• Financial Position (FY 2025) – Total assets $449.5 M; total liabilities $159.4 M; cash balance $3.9 M at year‑end.

Notable Quotes

“Boston Pizza delivered strong fourth quarter results to conclude a record‑setting year… We remain vigilant in monitoring evolving economic and political uncertainties and their potential impact on our restaurants.” – Jordan Holm, President, Boston Pizza International Inc.