SIR Royalty Income Fund (SRV.UN) Q4 2025 earnings summary

Executive summary

• Q4 Pooled Revenue rose 17.4% YoY to $73.1M, with 8.0% same-store sales growth; FY2025 Pooled Revenue increased 10.7% to $282.2M.

• FY2025 net earnings declined to $8.5M from $12.0M, while Q4 net earnings increased to $2.8M from $2.2M.

Financial highlights

• Q4 royalty income increased to $4.4M from $3.7M; equity income rose to $2.8M from $2.6M.

• FY2025 royalty income was $16.9M versus $15.3M; equity income was $11.1M versus $10.7M.

• FY2025 net earnings per unit were $1.01 basic and diluted $1.01, versus $1.44 basic and $1.40 diluted in 2024.

• Q4 net earnings per unit were $0.33 basic and diluted, versus $0.26 in Q4 2024; higher revenue and a larger SIR Loan fair-value gain contributed.

Outlook and guidance

• Three Scaddabush locations are planned for Windsor, Aurora and Kanata; opening and Royalty Pool inclusion are not assured.

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

• Plans for openings and renovations will be reviewed and adjusted as needed; additional Scaddabush sites are being pursued under the Credit Agreement effective May 15, 2025.