SIR Royalty Income Fund (SRV.UN) Q1 2026 earnings summary

Executive summary

• Q1 2026 Pooled Revenue rose 1.9% YoY to $66.0M; consolidated same-store sales were flat, while net earnings increased to $1.36M from $1.04M.

• Net earnings per unit were $0.16 vs. $0.12 in Q1 2025; higher Pooled Revenue and a smaller fair-value decline on the SIR Loan contributed to the increase.

Financial highlights

• Royalty income to the Partnership increased to $3.96M from $3.88M; Partnership income allocated to the Fund rose to $2.63M from $2.51M.

• Pooled Revenue growth reflected the Barrie Scaddabush addition, partly offset by removal of a closed Jack Astor’s location from the Royalty Pool.

• The estimated fair value of the SIR Loan declined $0.25M in Q1 2026 vs. a $0.50M decline in Q1 2025; changes are recognized in earnings under IFRS 9.

Outlook and guidance

• Windsor Scaddabush and Oshawa Jack Astor’s + Freida’s are expected to enter the Royalty Pool effective Jan. 1, 2027.

• Four leased sites in Aurora, Kanata, London and Dartmouth are planned for Scaddabush development; openings and renovation plans may be adjusted to economic and market conditions.

• Growth plans include pursuing Scaddabush sites, expanding Jack Astor’s + Freida’s and investing in existing restaurants to improve sales and earnings.