Boston Pizza Royalties Income Fund (BPF.UN) Q3 2026 earnings summary

Executive summary

• Record Q3 Franchise Sales of CAD 257.5M, up 3.4% YoY; Same Restaurant Sales (SRS) rose 3.9%, marking an eighth consecutive quarter of positive results.

• YTD Distributable Cash increased 1.7% to CAD 24.2M; Q3 net and comprehensive income fell to CAD 0.7M, primarily due to higher fair-value losses.

Financial highlights

• Total revenue was CAD 13.7M in Q3 and CAD 40.0M YTD, versus CAD 13.2M and CAD 38.9M in 2025.

• Royalty income was CAD 10.3M in Q3 and CAD 30.1M YTD; distribution income was CAD 3.4M and CAD 9.9M, respectively.

• Net and comprehensive income was CAD 0.7M in Q3 versus CAD 10.4M in 2025; YTD income was CAD 18.8M versus CAD 31.1M, mainly reflecting a CAD 13.0M increase in fair-value loss.

• Operating cash flow increased 1.3% to CAD 10.7M in Q3 and 3.1% to CAD 30.7M YTD.

• Distributable Cash was CAD 8.4M in Q3, down 0.9%, and CAD 24.2M YTD, up 1.7%; per Unit was CAD 0.396 and CAD 1.137, respectively.

Outlook and guidance

• Management expects positive sales momentum through the rest of 2026, supported by brand strength, supply-chain resilience, franchisee profitability, traffic and guest loyalty.

• A refreshed main menu and holiday feature menu, plus a CAD 10 promo card with CAD 50 gift card purchases in most regions, support guest experience and sales momentum.

• Trustees will monitor cash balances and distribution levels to support stable, sustainable distributions.