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Boston Pizza Royalties Income Fund
Boston Pizza Royalties Income Fund (BPF.UN) investor relations material
Boston Pizza Royalties Income Fund Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary13 Feb, 2026
Executive summary
Achieved record annual franchise sales of CAD 976.3M in 2025, up 4.8% YoY, and CAD 244.4M in Q4, up 4.3% YoY, demonstrating resilience amid trade tensions and macroeconomic uncertainties.
Same-restaurant sales (SRS) increased 4.7% for the year and 3.7% in Q4, driven by takeout, delivery, and successful promotional initiatives.
Net and comprehensive income rose to CAD 42.2M for the year (up from CAD 31.9M YoY) and CAD 11.1M for Q4 (up from CAD 6.6M YoY), mainly due to higher fair value gains and increased royalty/distribution income.
Distributable Cash increased 4.1% for the year and 5.1% for Q4, with per unit figures also up by the same percentages.
Financial highlights
Franchise sales from Royalty Pool restaurants reached CAD 244.4M in Q4 and CAD 976.3M for the year, both reflecting strong SRS performance.
Distributable Cash per unit was CAD 0.369 in Q4 and CAD 1.487 for the year, both up over 5% and 4% YoY, respectively.
Distributions declared for the year totaled CAD 32.3M (CAD 1.520 per unit), with CAD 12.6M (CAD 0.590 per unit) in Q4.
Cash flows from operating activities were CAD 39.7M for the year and CAD 9.9M for Q4, both up over the prior year.
Royalty income was CAD 9.8M in Q4 and CAD 39.1M for the year, both up from prior year.
Outlook and guidance
2026 to feature guest-favorite campaigns, including Pasta Tuesday and NFL promotions, and plans to leverage major sporting events like the Olympics and World Cup to drive traffic.
Focus remains on innovation, operational excellence, and supporting franchisees for sustainable growth.
Management remains vigilant regarding economic and political uncertainties, adapting strategies as needed.
Trustees will continue to monitor cash balances and distribution levels to ensure stable and sustainable distributions.
Payout ratio sustainability for 2026
2026 SRS drivers beyond prior year comps
How does BPI's independence affect Fund risk?
Payout ratio sustainability post-special distribution?
New restaurant growth strategy for 2026?
Impact of new core menu items on sales?
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Next Boston Pizza Royalties Income Fund earnings date
Q1 20268 May, 2026
Boston Pizza Royalties Income Fund
Next Boston Pizza Royalties Income Fund earnings date
Q1 20268 May, 2026
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Frequently asked questions
Boston Pizza Royalties Income Fund is a Canadian income trust that earns revenue through royalties based on the sales of Boston Pizza restaurants in Canada. The fund receives income from franchised restaurant operations and distributes it to unitholders. It does not operate the restaurants directly. Boston Pizza Royalties Income Fund is headquartered in Richmond, Canada, and its shares are listed on the TSX.
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