SIR Royalty Income Fund (SRV.UN) Q3 2025 earnings summary

Executive summary

• Pooled Revenue grew 10.4% YoY and consolidated same-store sales (SSS) rose 3.3%; Scaddabush led brand growth with 7.8% SSS growth.

• Trustees approved a 5.3% increase to unitholder distributions during the quarter, citing solid Royalty Pool performance.

Financial highlights

• Q3 Pooled Revenue was $71.4 million, up 10.4% from $64.7 million; royalty income was $4.3 million versus $3.9 million.

• Partnership income allocated was $2.9 million versus $2.7 million; net earnings were $1.1 million versus $3.7 million.

• Q3 EPS was $0.13 basic and diluted, versus $0.45 basic and $0.43 diluted.

• YTD Pooled Revenue was $209.1 million versus $192.7 million; net earnings were $5.7 million versus $9.8 million.

• The Q3 earnings decline primarily reflected a $0.75 million decrease in estimated SIR Loan fair value, versus a $2.0 million increase in Q3 2024.

Outlook and guidance

• Consumer spending is being monitored amid inflation, interest rates, Canada-U.S. tariffs, minimum-wage changes and rising commodity costs.

• Oshawa Jack Astor’s and Windsor Scaddabush sites are planned; there is no assurance they will open or enter the Royalty Pool.

• Barrie Scaddabush, opened June 25, 2025, is expected to join the Royalty Pool Jan. 1, 2026; the closed Greenfield Park Jack Astor’s location is expected to exit on that date.

• Site openings and renovation plans will be reviewed and adjusted as needed; investment in existing restaurants and Scaddabush expansion remain priorities.