Boston Pizza Royalties Income Fund (BPF.UN) Q1 2025 earnings summary

Executive summary

• Franchise sales reached CAD 231.1 million in Q1 2025, up 4.1% year-over-year, marking a record high for the first quarter, driven by successful promotions and takeout/delivery momentum.

• Same restaurant sales increased 4.4% year-over-year, reversing a 1.0% decline in Q1 2024.

• Net and comprehensive income was CAD 6.3 million, down from CAD 8.5 million in Q1 2024, mainly due to a CAD 3.2 million increase in fair value loss and higher tax expense.

• Distributable cash was CAD 7.3 million, unchanged from Q1 2024, with distributable cash per unit at CAD 0.344.

• Trustees declared an April 2025 distribution of CAD 0.115 per unit, payable May 30, 2025.

Financial highlights

• Royalty income was CAD 9.2 million, up from CAD 8.9 million in Q1 2024.

• Cash flows from operating activities were CAD 9.3 million, up from CAD 9.1 million in Q1 2024.

• Payout ratio was 100.2%, up from 96.8% in Q1 2024.

• Distributions declared totaled CAD 4.9 million (CAD 0.230 per unit), with distributions paid at CAD 7.3 million (CAD 0.345 per unit).

• Total assets at March 31, 2025 were CAD 420.8 million, with total liabilities of CAD 139.1 million.

Outlook and guidance

• Ongoing focus on enhancing guest experience, supporting franchisees, and driving long-term growth through innovation and operational excellence.

• Second quarter initiatives include new playoff promotions, menu updates, and continued marketing around sports events.

• Vigilant monitoring of economic and trade landscape to adapt business as needed.