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Visual22 Oct 2025
Epiroc's cash spent on M&A
A&W Revenue Royalties Income Fund (AW-UN) investor relations material
A&W Revenue Royalties Income Fund Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary15 Oct, 2024
Executive summary
Food Services will acquire all Fund units, forming a new publicly traded company effective after October 17, 2024, with shares trading on TSX as AW from October 18, 2024.
Unitholders approved the transaction with 99.2% in favor; Ontario Supreme Court of Justice issued final approval.
Royalty income rose 0.3% in Q3 2024 and 0.9% year to date compared to 2023, driven by 10 net new restaurants added to the Royalty Pool in January 2024.
19 new restaurants opened in the first three quarters of 2024, with 20 more under construction, signaling expansion momentum.
This is the final reporting period for the Income Fund; future updates will be under the new company structure.
Financial highlights
Q3 2024 royalty income was CAD 13.74M on gross sales of CAD 458.1M, up from CAD 13.71M and CAD 456.8M in Q3 2023.
Distributable cash in Q3 2024 was CAD 9.0M, down from CAD 11.1M in Q3 2023, mainly due to CAD 2.5M in non-recurring transaction costs.
Excluding transaction costs, distributable cash in Q3 2024 would have been CAD 11.5M, slightly above Q3 2023.
Q3 2024 net income was CAD 9.53M, down from CAD 10.64M in Q3 2023.
Three monthly distributions totaling CAD 0.48 per unit were declared in Q3 2024, unchanged from Q3 2023.
Outlook and guidance
Focus on enhancing value and affordability to address consumer sensitivity amid inflation and economic uncertainty.
Continued emphasis on product innovation, with successful launches like the Masala veggie burger and Piri Piri lineup.
Nationwide marketing campaigns planned for new initiatives.
Pret A Manger rollout in Canada progressing, with franchisee interest and standalone concept testing underway.
Food Services expects to exceed the annual number of new restaurant openings compared to post-pandemic years.
How will A&W address the need for value?
What is the plan for Pret A Manger rollout?
What is the cash component of the deal?
Explain the decline in guest counts.
Assess the impact of the Transaction costs.
What are the conditions for the Transaction?
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Frequently asked questions
A&W Revenue Royalties Income Fund owns the A&W trademarks used by A&W Food Services of Canada Inc. in operating quick-service restaurants. The fund earns revenue based on a percentage of gross sales from franchised and corporate restaurants. The company is headquartered in North Vancouver, Canada, and its shares are listed on the TSX.
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