SIR Royalty Income Fund (SRV.UN) Investor presentation summary

Business and fund profile

• 56 restaurants, primarily in Ontario; 7 restaurant brands, with 6 included in the Royalty Pool; ~4,020 employees and FY2025 revenue of $289.5 million.

• Fund units listed as SRV.UN; 8,375,567 units outstanding and market capitalization of ~$128 million as of the presentation.

• Monthly distribution was $0.105 per unit, increased from $0.10 in January 2026; indicated current yield was ~8.2%.

Royalty structure and portfolio

• The Fund receives a 6% royalty on pooled restaurant revenue; effective May 10, 2026, SIR Corp. held a 16.82% residual interest in the royalty partnership.

• The Royalty Pool included 52 restaurants effective January 1, 2026, across Ontario, Quebec and Atlantic Canada.

• Jack Astor’s represented 60.0% of YTD 2026 pooled revenue, Scaddabush 32.9%, and Edna + Vita 7.1%.

Restaurant investment and growth

• 19 Jack Astor’s and Reds Square One locations were renovated since March 2022; the renovation program targets a more contemporary, immersive guest experience.

• New Scaddabush locations in Windsor and Aurora, plus a Jack Astor’s in Oshawa featuring Freida’s Beverage Kitchen, were expected to enter the Royalty Pool in January 2027.

• Development plans include three Scaddabush restaurants in Kanata, London and Dartmouth, and a Jack Astor’s + Freida’s location in Windsor.

• Scaddabush in Barrie entered the Royalty Pool in January 2026; Freida’s Beverage Kitchen launched at Jack Astor’s locations in Barrie, Oshawa and Richmond Hill.