Boston Pizza Royalties Income Fund (BPF.UN) Q3 2025 earnings summary

Executive summary

• Achieved record Franchise Sales of $248.9M for Q3 2025 and $731.9M year to date, up 4.3% and 4.9% year-over-year, driven by effective promotions and strong takeout/delivery performance.

• Same restaurant sales increased 4.1% for the quarter and 5.0% year to date, reflecting ongoing momentum and successful marketing initiatives.

• Net and comprehensive income rose to $10.4M for Q3 2025 (up $1M year-over-year) and $31.1M year to date (up $5.8M year-over-year).

• Distributable cash per unit was $0.40 for the quarter and $1.118 year to date, both up from 2024.

• Distributable cash was $8.5M for the quarter and $23.8M year to date, both increasing over the prior year.

Financial highlights

• Royalty Income was $10M for the quarter and $29.3M year to date, up from $9.5M and $27.9M in the prior year.

• Distribution Income was $3.3M for the quarter and $9.6M year to date, both higher than the previous year.

• Cash flows from operating activities were $10.6M for the quarter and $29.8M year to date.

• Basic and diluted earnings per unit were $0.49 for Q3 2025 and $1.46 year to date.

• Franchise sales in the royalty pool reached $248.9M for Q3 2025 and $731.9M year to date.

Outlook and guidance

• Fourth quarter started strong with new Game Day and holiday menu promotions targeting football fans and holiday gatherings.

• Ongoing focus on adapting to economic conditions, driving sales, and deepening guest loyalty.

• Management expects continued growth and strong positioning for 2025 and beyond.

• The supply chain is well positioned, with most raw materials sourced within Canada, mitigating tariff risks.

• Continued positive sales momentum and proactive strategies are expected to support growth through 2025 and beyond.