Boston Pizza Royalties Income Fund (BPF.UN)

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES MAY 2026 DISTRIBUTIONJune 9, 2026 5:25 PM
PR Newswire (Canada) Toronto Stock Exchange: BPF.UNVANCOUVER, BC, June 9, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.124 per unit for May 2026.  The distribution will be paid on June 30, 2026 to unitholders of record at the close of business on June 21, 2026.  The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders.ABOUT USThe Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the May 2026 distribution which is payable on June 30, 2026, the Fund will have paid out 281 monthly distributions and four special distributions totaling $498.7 million or $29.59 per unit.  The Fund earns revenue based on the franchise system sales of the 372 Boston Pizza restaurants in the Fund's royalty pool.Boston Pizza is the premier casual dining brand in Canada.  The first Boston Pizza restaurant opened in Edmonton, Alberta in 1964 and over 60 years later Boston Pizza proudly remains a 100% Canadian company serving communities from coast-to-coast-to-coast. It boasts a vast network of local franchise owners who collectively operate the largest number of dining rooms, sports bars, and patios across the nation, complemented by robust takeout and delivery services.  Boston Pizza International Inc. has been recognized as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years, and has received awards from Great Place To Work in the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality, for Mental Wellness, for Women, for Giving Back, and with Most Trusted Executive Teams.The trustees of the Fund have approved the contents of this news release.SOURCE Boston Pizza Royalties Income Fund Original: BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES MAY 2026 DISTRIBUTION

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2026 FIRST QUARTER RESULTS AND APRIL 2026 CASH DISTRIBUTION OF $0.124 PER UNITMay 13, 2026 7:30 AM
PR Newswire (Canada) Toronto Stock Exchange: BPF.UNHIGHLIGHTSFranchise Sales1 of $238.4 million for the Period, representing an increase of 3.1% versus the same period one year ago.Same Restaurant Sales2 of 3.1% for the Period.Cash flows generated from operating activities of $9.6 million for the Period, representing an increase of 3.5% versus the same period one year ago.Distributable Cash3 and Distributable Cash per Unit4 increased 2.9% for the Period.Payout Ratio5 of 101.6% for the Period and 102.2% on a trailing 12-month basis.  Cash balance at the end of the Period was $3.8 million.On April 2, 2026, the Fund increased its monthly distribution rate to $0.124 per Unit starting with the March 2026 distribution from the previous monthly rate of $0.120 per Unit, being an increase of $0.004 per Unit, or 3.3%.On May 12, 2026, the trustees of the Fund declared a distribution for the period of April 1, 2026 to April 30, 2026 of $0.124 per Unit, which will be payable on May 29, 2026 to unitholders of the Fund ("Unitholders") of record on May 21, 2026.VANCOUVER, BC, May 13, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the first quarter period from January 1, 2026 to March 31, 2026 (the "Period").  A copy of this press release, the unaudited condensed consolidated interim financial statements and related management's discussion and analysis ("MD&A") of the Fund and BPI are available at www.sedarplus.ca and www.bpincomefund.com.  The Fund will host a conference call to discuss the results on May 13, 2026, at 8:30 am Pacific Time (11:30 am Eastern Time).  The call can be accessed by dialling 1-833-821-3078 or +1-647-846-2537.  A replay will be available until June 13, 2026, by dialling 1-855-669-9658 or +1-412-317-0088 and entering the access code: 7206100 followed by the # sign.  The replay will also be available at www.bpincomefund.com.  Capitalized terms used in this press release that are not otherwise defined have the meanings ascribed to them in the Fund's MD&A for the Period."We are pleased with our first quarter results, highlighted by strong total franchise sales and same restaurant sales," said Jordan Holm, President of BPI.  "Our results demonstrate the resilience of our brand and the continued loyalty of our guests, even amid an increasingly volatile global backdrop and accompanying economic uncertainties.  Moving forward, we remain committed to supporting our franchisees, continuing to serve our guests and positioning the business for long-term success."PERIOD RESULTSSRS, a key driver of distribution growth for Unitholders, was positive 3.1% for the Period compared to positive 4.4% reported in the first quarter of 2025.  SRS for the Period was principally due to increased guest traffic from sustained momentum in the take-out and delivery business and promotional initiatives. Franchise Sales of Boston Pizza restaurants in the Royalty Pool6 were $238.4 million for the Period compared to $231.1 million for the first quarter of 2025.  The $7.3 million increase in Franchise Sales for the Period was primarily due to positive SRS.The Fund's net and comprehensive income was $12.2 million for the Period compared to $6.3 million for the first quarter of 2025.  The increase in the Fund's net and comprehensive income for the Period compared to the first quarter of 2025 was primarily due to a $7.4 million increase in fair value gain and a $0.4 million increase in Royalty Income6 and Distribution Income7, partially offset by a $1.7 million increase in deferred income tax expense, a $0.2 million increase in net interest expense and a $0.1 million increase in current income tax expense.Cash generated from operating activities for the Period was $9.6 million compared to $9.3 million in the first quarter of 2025.  The increase of $0.3 million was primarily due to an increase in Royalty Income and Distribution Income of $0.4 million, partially offset by an increase in income taxes paid of $0.1 million.The Fund generated Distributable Cash of $7.5 million for the Period compared to $7.3 million for the first quarter of 2025.  The increase in Distributable Cash of $0.2 million or 2.9% was primarily due to an increase in cash flows generated from operating activities of $0.3 million, partially offset by higher interest paid on debt of $0.1 million.The Fund generated Distributable Cash per Unit of $0.354 for the Period compared to $0.344 per Unit for the first quarter of 2025.  The increase in Distributable Cash per Unit of $0.010 or 2.9% was primarily attributable to the increase in Distributable Cash outlined above.The Fund's Payout Ratio for the Period was 101.6% compared to 100.2% in the first quarter of 2025.  The increase in the Fund's Payout Ratio for the Period was due to distributions paid increasing by $0.3 million or 4.3%, partially offset by Distributable Cash increasing by $0.2 million or 2.9%.  Payout Ratio is calculated by dividing the amount of distributions paid during the applicable period by the Distributable Cash for that period.  The Fund's Payout Ratio fluctuates quarter-to-quarter depending upon the amount of distributions paid during a quarter and the amount of Distributable Cash generated during that quarter.  On a trailing 12-month basis, the Fund's Payout Ratio was 102.2% as of March 31, 2026.DISTRIBUTIONSDuring the Period, the Fund declared distributions on the Units in the aggregate amount of $5.1 million or $0.240 per Unit.  During the first quarter of 2025, the Fund declared distributions on the Units in the aggregate amount of $4.9 million or $0.230 per Unit.  During the Period, the Fund paid distributions on the Units in the aggregate amount of $7.7 million or $0.360 per Unit.  During the first quarter of 2025, the Fund paid distributions on the Units in the aggregate amount of $7.3 million or $0.345 per Unit.  The amount of distributions declared during the Period increased by $0.2 million or $0.010 per Unit due to the monthly distribution rate increasing from $0.115 per Unit to $0.120 per Unit commencing with the July 2025 distribution (the "2025 Distribution Increase").  The amount of distributions paid during the Period increased by $0.3 million or $0.015 per Unit due to the 2025 Distribution Increase.The Fund pays distributions on the Units in respect of any calendar month not later than the last business day of the immediately subsequent month.  Consequently, monthly distributions payable by the Fund on the Units in respect of the Period were the January 2026 distribution (which was paid on February 27, 2026), the February 2026 distribution (which was paid on March 31, 2026), and the March 2026 distribution (which was paid on April 30, 2026).  Similarly, the distributions payable by the Fund on the Units in respect of any other period are paid in the immediately subsequent month of such period.On April 2, 2026, the trustees of the Fund declared a distribution for the period of March 1, 2026 to March 31, 2026 of $0.124 per Unit, which was paid on April 30, 2026 to Unitholders of record on April 21, 2026.  This was an increase of $0.004 per Unit, or 3.3%, from the previous monthly distribution rate of $0.120 per Unit.  On an annualized basis, the new monthly distribution rate equates to $1.488 per Unit compared to $1.440 per Unit for the previous monthly distribution rate.On May 12, 2026, the trustees of the Fund declared a distribution for the period of April 1, 2026 to April 30, 2026 of $0.124 per Unit, which will be payable on May 29, 2026 to Unitholders of record on May 21, 2026.  Including the April 2026 distribution, which will be paid on May 29, 2026, the Fund will have paid out total distributions of $496.0 million or $29.46 per Unit, which includes 280 monthly distributions and four special distributions.FINANCIAL SUMMARYThe tables below set out selected information from the Fund's unaudited condensed consolidated interim financial statements together with other data and should be read in conjunction with the unaudited condensed consolidated interim financial statements and MD&A of the Fund for the three-month periods ended March 31, 2026 and March 31, 2025, and the Fund's audited annual consolidated financial statements for the year-ended December 31, 2025.For the periods ended March 31

Q1 2026Q1 2025(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items)Number of restaurants in Royalty Pool

372372Franchise Sales reported by restaurants in the Royalty Pool

238,361231,142




Royalty Income

9,5349,246Distribution Income

3,1453,036Total revenue

12,67912,282Administrative expenses

(382)(409)Interest expense on debt and financing fees

(927)(834)Interest expense on Class B Unit liability

(771)(730)Interest income

3047Profit before fair value gain (loss) and income taxes

10,62910,356Fair value gain (loss) on investment in BP Canada LP (defined below)

9,711(1,910)Fair value (loss) gain on Class B Unit liability

(4,327)851Fair value gain (loss) on Swaps

242(703)Current and deferred income tax expense

(4,066)(2,247)Net and comprehensive income

12,1896,347




Basic earnings per Unit

0.570.30Diluted earnings per Unit

0.570.21




Distributable Cash / Distributions / Payout Ratio



Cash flows generated from operating activities

9,5909,265BPI Class B Unit entitlement8

(1,123)(1,076)Interest paid on debt

(895)(830)Current income tax expense

(2,593)(2,506)Current income tax paid

2,5602,473Distributable Cash

7,5397,326Distributions paid

7,6607,341Payout Ratio

101.6 %100.2 %Distributable Cash per Unit

0.3540.344Distributions paid per Unit

0.3600.345




Other



Same Restaurant Sales

3.1 %4.4 %Number of restaurants opened

00Number of restaurants closed

20




Mar 31, 2026Dec 31, 2025Total assets

459,223449,451Total liabilities

162,095159,405





SUMMARY OF QUARTERLY RESULTS
    Q1 2026   Q4 2025 Q3 2025     Q2 2025(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items)



Number of restaurants in Royalty Pool372372372372Franchise Sales reported by restaurants in the Royalty Pool238,361244,374248,927251,812




Royalty Income9,5349,7759,95710,072Distribution Income3,1453,2203,2753,306Total revenue12,67912,99513,23213,378Administrative expenses(382)(367)(352)(412)Interest expense on debt and financing fees(927)(926)(892)(833)Interest expense on Class B Unit liability(771)(1,874)(1,123)(1,046)Interest income30444237Profit before fair value gain (loss) and income taxes10,6299,87210,90711,124Fair value gain on investment in BP Canada LP9,7118,9476,60214,294Fair value loss on Class B Unit liability(4,327)(3,987)(2,941)(6,369)Fair value gain (loss) on Swaps242290(546)94Current and deferred income tax expense(4,066)(4,052)(3,591)(4,825)Net and comprehensive income12,18911,07010,43114,318




Basic earnings per Unit0.570.520.490.67Diluted earnings per Unit0.570.520.490.67




Distributable Cash / Distributions / Payout Ratio



Cash flows generated from operating activities9,5909,88310,6119,939BPI Class B Unit entitlement(1,123)(1,168)(1,265)(1,171)Interest paid on debt(895)(893)(851)(818)Current income tax expense(2,593)(2,663)(2,734)(2,769)Current income tax paid2,5602,7002,7502,770Distributable Cash7,5397,8598,5117,951Distributions paid7,66010,0017,5547,341Payout Ratio101.6 %127.3 %88.8 %92.3 %Distributable Cash per Unit0.3540.3690.4000.374Distributions paid per Unit 0.3600.4700.3550.345




Other



Same Restaurant Sales3.1 %3.7 %4.1 %6.4 %Number of restaurants opened0000Number of restaurants closed2000SUMMARY OF QUARTERLY RESULTS (continued)
Q1 2025Q4 2024Q3 2024Q2 2024(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items)



Number of restaurants in Royalty Pool372372372372Franchise Sales reported by restaurants in the Royalty Pool231,142234,215238,613236,792




Royalty Income9,2469,3699,5449,472Distribution Income3,0363,0773,1353,111Total revenue12,28212,44612,67912,583Administrative expenses(409)(401)(379)(497)Interest expense on debt and financing fees(834)(870)(887)(932)Interest expense on Class B Unit liability (730)(1,681)(1,033)(1,063)Interest income47687169Profit before fair value (loss) gain and income taxes10,3569,56210,45110,160Fair value (loss) gain on investment in BP Canada LP(1,910)(382)8,5111,473Fair value gain (loss) on Class B Unit liability 851170(3,792)(656)Fair value loss on Swaps(703)(200)(1,923)(672)Current and deferred income tax expense(2,247)(2,593)(3,863)(2,841)Net and comprehensive income6,3476,5579,3847,464




Basic earnings per Unit0.300.310.440.35Diluted earnings per Unit0.210.280.440.33




Distributable Cash / Distributions / Payout Ratio



Cash flows generated from operating activities9,2659,4199,9909,613BPI Class B Unit entitlement(1,076)(1,097)(1,195)(1,095)Interest paid on debt(830)(840)(758)(871)Current income tax expense(2,506)(2,523)(2,584)(2,521)Current income tax paid2,4732,5202,6602,370Distributable Cash7,3267,4798,1137,496Distributions paid7,3418,8527,2147,213Payout Ratio100.2 %118.4 %88.9 %96.2 %Distributable Cash per Unit0.3440.3510.3810.352Distributions paid per Unit0.3450.4160.3390.339




Other



Same Restaurant Sales4.4 %3.4 %(0.6 %)1.7 %Number of restaurants opened0201Number of restaurants closed0010SHORT-TERM OUTLOOK The success of the Fund, BPI, Boston Pizza Canada Limited Partnership ("BP Canada LP"), and Boston Pizza restaurants, including the amount of Franchise Sales, Royalty Income, Distribution Income, and Distributable Cash available for distribution to Unitholders, depends on both consumer demand and restaurant-level operations.  Consumer demand is driven by consumer confidence and discretionary spending, both of which are influenced by macroeconomic factors such as inflation and interest rates, wage growth and unemployment levels, recession risks, competition within the restaurant industry, evolving consumer preferences, changes in taxation and major geopolitical developments, including tariffs.  Success at the restaurant-level is driven by operational focus, quality and efficiency, which are influenced by operating expertise, the adequacy of labour resources, supply chain availability, input costs and other operational factors.The heightened trade tensions between Canada and the United States of America, including the imposition of tariffs and counter-tariffs, have created uncertainty and concern for Canada's macroeconomic outlook.  During the Period, other global developments and mounting international tensions, including the ongoing conflict in the Middle East, also posed additional uncertainty.  While the conflict has not yet resulted in material increases to input costs for Boston Pizza Restaurants, prolonged or intensified disruptions to energy markets and global supply chains arising from such conflict could increase fuel, transportation and input costs and reduce the availability of certain goods for Boston Pizza Restaurants in the future, while also dampening consumer demand, confidence and discretionary spending and increasing unemployment rates.  These dynamics could contribute to broader economic contractions or recessionary conditions that directly and adversely affect the performance of consumer-facing industries like casual dining.However, Boston Pizza's supply chain is currently well positioned to weather the volatility caused by trade tensions and threats of tariffs and counter-tariffs as the overwhelming majority of raw materials purchased by Boston Pizza restaurants in the day-to-day operation of their businesses are sourced within Canada and not subject to counter-tariffs.  In addition, the trade tensions with the United States of America may result in Canadian consumers spending less on travel to the United States of America and more on supporting Canadian brands like Boston Pizza.  Conversely, any degradation of consumer demand, confidence or discretionary spending, or increases in unemployment rates and recessionary fears may result in reduced guest visitation, average guest cheque amounts, Franchise Sales, Royalty Income, Distribution Income, the Fund's Distributable Cash available for distribution to Unitholders, and profitability of Boston Pizza restaurants, all of which would increase the risk of Boston Pizza restaurants closing.Despite these obstacles, Boston Pizza restaurants have consistently generated strong Franchise Sales by providing guests with quality, value and convenience, both on-premises and off-premises.  BPI, BP Canada LP and Boston Pizza restaurants have a proven track record of adapting to evolving economic conditions and overcoming operational challenges.  Building on this foundation, BPI's management remains proactive and agile, implementing strategies to drive sales, optimize supply chains and deepen guest loyalty, while protecting profitability of Boston Pizza restaurants.  These strengths, together with the brand's broad national footprint and trusted position among Canadian consumers, provide a solid platform for sustained growth and continued positive sales momentum throughout 2026.The trustees of the Fund will continue to closely monitor the Fund's available cash balances and distribution levels to maintain a stable and sustainable return for the Unitholders.BPI DISCLOSURESThe financial information relating to BPI (the "BPI Financial Information") contained in this press release has been derived from the financial statements and management's discussion and analysis of BPI (the "BPI Disclosures"), which have been filed by the Fund on behalf of BPI pursuant to an undertaking dated July 9, 2002 provided by BPI to the various securities commissions in Canada.  BPI's senior management prepares the BPI Disclosures and provides them to the Fund for filing.  The auditors of BPI report to the sole shareholder of BPI, and not to the trustees or Unitholders of the Fund.  The Fund does not own, control, or consolidate BPI and therefore, the Fund's disclosure controls and procedures and its internal controls over financial reporting do not encompass BPI or BPI's internal controls over financial reporting.  The BPI Disclosures are the responsibility of BPI and its directors and officers and not the Fund and its trustees and officers.  The Fund provides no assurances as to its accuracy or completeness.  The Fund disclaims any and all liability for the BPI Financial Information.Forward Looking InformationCertain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, BP Canada LP, Boston Pizza Canada Holdings Inc., Boston Pizza Canada Holdings Partnership, Boston Pizza restaurants, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or its trustees expect or anticipate will or may occur in the future, including such things as, our expectation of an increasingly complex economic environment in the quarters ahead, the potential impact on Boston Pizza restaurants in Canada and adapting the business accordingly, our continued focus on enhancing guest experiences, supporting our franchisees, and driving sustainable long-term growth through innovation and operational excellence, the success of BPI, BP Canada LP and Boston Pizza restaurants, and the amount of Franchise Sales, Royalty Income, Distribution Income and Distributable Cash available for distribution to Unitholders, depending on both consumer demand and restaurant-level operations, consumer demand being driven by consumer confidence and discretionary spending, both of which are influenced by macroeconomic factors such as inflation and interest rates, wage growth and unemployment levels, recession risks, competition within the restaurant industry, evolving consumer preferences, changes in taxation and major geopolitical developments, including tariffs and tensions in the Middle East, restaurant-level success being impacted by supply chain disruptions, labour availability, rising input costs and other operational factors, increased input costs and decreased availability of goods for Boston Pizza restaurants due to heightened trade tensions, geopolitical developments in the Middle East and associated uncertainty, dampening consumer demand, confidence and discretionary spending, and increasing unemployment rates, Boston Pizza's supply chain being well positioned to weather the volatility caused by trade tensions and threats of tariffs and counter-tariffs as an overwhelming majority of raw materials purchased by Boston Pizza restaurants in the day-to-day operation of their businesses are sourced within Canada and not subject to counter-tariffs, trade tensions with the United States of America resulting in Canadian consumers spending less on travel to the United States of America and more on supporting Canadian brands like Boston Pizza, the impact of broader economic contractions or recessionary conditions on consumer-facing industries, BPI's management remaining proactive and agile and implementing strategies to drive sales, optimize supply chains and deepen guest loyalty, while protecting profitability of Boston Pizza restaurants, which will provide a solid platform for sustained growth and continued positive sales momentum in 2026, the trustees continuing to closely monitor the Fund's available cash balances and distribution levels to maintain a stable and sustainable return for the Unitholders, and other such matters are forward-looking information.  When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology.  The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: the Fund maintaining the same distribution policy, expectations related to future general economic conditions and geopolitical developments, expectations related to guest traffic and average guest cheques, expectations related to the resiliency of the Boston Pizza system, the impact of and response to changing competitive landscapes and guest behaviours, strategies and efforts to strive for profitability of BPI, BP Canada LP and Boston Pizza restaurants, ability to maintain a stable supply chain, ability to attract and retain qualified employees, key personnel and qualified franchisees and operators, and Boston Pizza restaurants maintaining operational excellence.  Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others): competition, demographic trends, business and economic conditions, interest rates and inflationary pressures, legislation and regulation, reliance on operating revenues, financial reporting and accounting controls, policies and practices, the results of operations and financial condition of BPI, BP Canada LP and the Fund, labour availability, cost and efficiency, extreme weather events, as well as those factors discussed under the heading "Risks and Risk Management" in the most recent Annual Information Form of the Fund.  This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release.  Except as required by law, neither the Fund nor BPI assumes any obligation to update previously disclosed forward-looking information.  For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks and Uncertainties" and "Note Regarding Forward-Looking Information" sections included in the most recent Annual Information Form of the Fund available on the Fund's profile on SEDAR+ at www.sedarplus.ca and on the Fund's website at www.bpincomefund.com.The trustees of the Fund have approved the contents of this news release.® Boston Pizza Royalties Limited Partnership.  All Boston Pizza registered Canadian trademarks and unregistered Canadian trademarks containing the words "Boston", "BP", and/or "Pizza" are trademarks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc. The Boston Pizza roundel is a trademark of Boston Pizza Royalties Limited Partnership, used under license.  © Boston Pizza International Inc. 2026.Notes – Non-GAAP, Specified Financial Measures and Other Information"Franchise Sales" is the basis upon which Royalty Income and Distribution Income are payable, and means the gross revenue: (i) of the corporate Boston Pizza restaurants in Canada owned by BPI that are in the Royalty Pool; and (ii) reported to BP Canada LP by franchised Boston Pizza restaurants in Canada that are in the Royalty Pool, without audit or other form of independent assurance, and in the case of both (i) and (ii), after deducting revenue from the sale of liquor, beer, wine and revenue from BP Canada LP approved national promotions and discounts and excluding applicable sales and similar taxes. Nevertheless, BP Canada LP periodically conducts audits of the Franchise Sales reported to it by its franchisees, and the Franchise Sales reported herein include results from sales audits of earlier periods. Franchise Sales is reported on a quarterly basis in the Fund's financial statements."Same Restaurant Sales" or "SRS" is a supplementary financial measure under National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") and therefore may not be comparable to similar measures presented by other issuers.  The Fund defines SRS as the change in Franchise Sales of Boston Pizza restaurants as compared to the Franchise Sales for the same period in the previous year (where restaurants were open for a minimum of 24 months).  The Fund believes that SRS provides investors meaningful information regarding the performance of Boston Pizza restaurants."Distributable Cash" is a non-GAAP financial measure under NI 52-112.  Distributable Cash is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers.  The Fund defines Distributable Cash to be, in respect of any particular period, the Fund's cash flows generated from operating activities for that period (being the most comparable financial measure in the Fund's primary financial statements) minus (a) BPI's entitlement in respect of its Class B general partner units ("Class B Units") of Boston Pizza Royalties Limited Partnership ("Royalties LP") in respect of the period (see note 8 below), minus (b) interest paid on debt during the period, minus (c) principal repayments on debt that are contractually required to be made during the period, minus (d) the current income tax expense in respect of the period, plus (e) current income tax paid during the period (the sum of (d) and (e) being "SIFT Tax on Units").  Management believes that Distributable Cash provides investors with useful information about the amount of cash the Fund has generated and has available for distribution on the Units in respect of any period.  The tables in the "Financial Highlights" section of this press release provide a reconciliation from this non-GAAP financial measure to cash flows generated from operating activities, which is the most directly comparable IFRS measure.  Current income tax expense in respect of any period is prepared using reasonable and supportable assumptions (including that the base rate of specified investment flow-through tax will not increase throughout the calendar year and that certain expenses of the Fund will continue to be deductible for income tax purposes), all of which reflect the Fund's planned courses of action given management's judgment about the most probable set of economic conditions.  There is a risk that the federal government of Canada could increase the base rate of SIFT Tax on Units or that applicable taxation authorities could assess the Fund on the basis that certain expenses of the Fund are not deductible.  Investors are cautioned that if either of these possibilities occurs, then the actual results for this component of Distributable Cash may vary, perhaps materially, from the amounts used in the reconciliation."Distributable Cash per Unit" is a non-GAAP ratio under NI 52-112.  Distributable Cash per Unit is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers.  The Fund defines Distributable Cash per Unit for any period as the Distributable Cash generated in that period divided by the weighted average number of Units outstanding during that period.  Management believes that Distributable Cash per Unit provides investors with useful information regarding the amount of cash per Unit that the Fund has generated and has available for distribution in respect of any period."Payout Ratio" is a non-GAAP ratio under NI 52-112.  Payout Ratio is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers.  The Fund defines Payout Ratio for any period as the aggregate distributions paid by the Fund during that period divided by the Distributable Cash generated in that period.  Management believes that Payout Ratio provides investors with useful information regarding the extent to which the Fund distributes cash generated on Units.Royalties LP licenses BPI the right to use various Boston Pizza trademarks in return for BPI paying Boston Pizza Royalties Limited Partnership a royalty equal to 4% of Franchise Sales of Boston Pizza restaurants (the "Royalty Income") in the Fund's royalty pool (the "Royalty Pool")."Distribution Income" is income received indirectly by the Fund on Class 1 LP Units and Class 2 LP Units of BP Canada LP.  See the "Overview – Purpose of the Fund / Sources of Revenue" section of the Fund's MD&A for the Period for more details."BPI Class B Unit entitlement" is a supplementary financial measure under NI 52-112 and therefore may not be comparable to similar measures presented by other issuers.  The BPI Class B Unit entitlement is the interest expense on Class B Units in respect of a period plus management's estimate of how much cash BPI would be entitled to receive pursuant to the limited partnership agreement governing Royalties LP (a copy of which is available on www.sedarplus.ca) on its Class B Units if Royalties LP fully distributed any residual cash generated in respect of that period after the Fund pays interest on debt, principal repayments on debt and SIFT Tax on Units in respect of that period.  Management believes that the BPI Class B Unit entitlement is an important component in calculating Distributable Cash since it represents the amount of residual cash generated that BPI would be entitled to receive and therefore would not be available for distribution to Unitholders.  Management prepares such estimate using reasonable and supportable assumptions that reflect the Fund's planned courses of action given management's judgment about the most probable set of economic conditions. SOURCE Boston Pizza Royalties Income Fund Original: BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2026 FIRST QUARTER RESULTS AND APRIL 2026 CASH DISTRIBUTION OF $0.124 PER UNIT

BOSTON PIZZA ROYALTIES INCOME FUND AND BOSTON PIZZA INTERNATIONAL INC. TO ANNOUNCE 2026 FIRST QUARTER RESULTS ON MAY 13THApril 28, 2026 6:16 PM
PR Newswire (Canada)

The Toronto Stock Exchange: BPF.UNVANCOUVER, BC, April 28, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) and Boston Pizza International Inc. ("BPI") announced today that they will issue 2026 first quarter results via news release and on the Fund's website at www.bpincomefund.com on the morning of May 13, 2026.The Fund will host a conference call with BPI's President, Jordan Holm and Chief Financial Officer, Michael Harbinson to discuss the results for the first quarter which ended on March 31, 2026. The call will take place on Wednesday, May 13, 2026 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time).To participate in this conference call, please dial the following toll-free number approximately ten minutes prior to the commencement of the call:                       1-833-821-3078 or 1-647-846-2537A replay will be available until June 13, 2026 on the Fund's website or by dialing:                       1-855-669-9658 or 1-412-317-0088                  
                       and enter the access code: 7206100 followed by # sign.ABOUT USThe Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the March 2026 distribution which is payable on April 30, 2026, the Fund will have paid out 279 monthly distributions and four special distributions totaling $493.4 million or $29.34 per unit.  The Fund earns revenue based on the franchise system sales of the 372 Boston Pizza restaurants in the Fund's royalty pool.Boston Pizza is the premier casual dining brand in Canada.The first Boston Pizza restaurant opened in Edmonton, Alberta in 1964 and over 60 years later Boston Pizza proudly remains a 100% Canadian company serving communities from coast-to-coast-to-coast. It boasts a vast network of local franchise owners who collectively operate the largest number of dining rooms, sports bars, and patios across the nation, complemented by robust takeout and delivery services.  Boston Pizza International Inc. has been recognized as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years, and has received awards from Great Place To Work in the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality, for Mental Wellness, for Women, for Giving Back, and with Most Trusted Executive Teams.The trustees of the Fund have approved the contents of this news release.TM Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.



SOURCE Boston Pizza Royalties Income Fund

Original: BOSTON PIZZA ROYALTIES INCOME FUND AND BOSTON PIZZA INTERNATIONAL INC. TO ANNOUNCE 2026 FIRST QUARTER RESULTS ON MAY 13TH

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 3.3% INCREASE TO MONTHLY CASH DISTRIBUTIONS TO UNITHOLDERSApril 2, 2026 5:37 PM
PR Newswire (Canada)

Toronto Stock Exchange: BPF.UNVANCOUVER, BC, April 2, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of the Fund ("Unitholders") of $0.124 per unit for March 2026. The distribution will be paid on April 30, 2026 to unitholders of record at the close of business on April 21, 2026. This is an increase of $0.004 per unit, or 3.3%, from the previous monthly distribution rate of $0.120 per unit. On an annualized basis, the new monthly distribution rate equates to $1.488 per unit compared to $1.440 per unit for the previous monthly distribution rate."We are very pleased to announce a 3.3% increase to our monthly cash distribution, raising it to $0.124 per unit, the highest rate in the Fund's history," said Marc Guay, Chair of the Board of Trustees. "This increase reflects the strong financial performance of the Boston Pizza system and the continued growth of the Fund's cash balance.  Boston Pizza's recent results demonstrate the resilience and strength of the business, and we remain committed to delivering stable, sustainable and growing cash distributions to our Unitholders, while continuing to prudently monitor the Fund's cash position in the context of evolving economic uncertainties."The trustees of the Fund will continue to closely monitor the Fund's available cash balances and distribution levels to maintain a stable and sustainable return for the Unitholders.ABOUT USThe Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the March 2026 distribution which is payable on April 30, 2026, the Fund will have paid out 279 monthly distributions and four special distributions totaling $493.4 million or $29.34 per unit. The Fund earns revenue based on the franchise system sales of the 372 Boston Pizza restaurants in the Fund's royalty pool.Boston Pizza is the premier casual dining brand in Canada. The first Boston Pizza restaurant opened in Edmonton, Alberta in 1964 and over 60 years later Boston Pizza proudly remains a 100% Canadian company serving communities from coast-to-coast-to-coast. It boasts a vast network of local franchise owners who collectively operate the largest number of dining rooms, sports bars, and patios across the nation, complemented by robust takeout and delivery services. Boston Pizza International Inc. has been recognized as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years, and has received awards from Great Place To Work in the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality, for Mental Wellness, for Women, for Giving Back, and with Most Trusted Executive Teams.The trustees of the Fund have approved the contents of this news release.www.bpincomefund.com SOURCE Boston Pizza Royalties Income Fund

Original: BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 3.3% INCREASE TO MONTHLY CASH DISTRIBUTIONS TO UNITHOLDERS

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES FEBRUARY 2026 DISTRIBUTIONMarch 9, 2026 6:00 PM
PR Newswire (Canada)

Toronto Stock Exchange: BPF.UNVANCOUVER, BC, March 9, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.120 per unit for February 2026.  The distribution will be paid on March 31, 2026 to unitholders of record at the close of business on March 21, 2026.  The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders.ABOUT USThe Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the February 2026 distribution which is payable on March 31, 2026, the Fund will have paid out 278 monthly distributions and four special distributions totaling $490.8 million or $29.21 per unit.  The Fund earns revenue based on the franchise system sales of the 372 Boston Pizza restaurants in the Fund's royalty pool.Boston Pizza is the premier casual dining brand in Canada.  The first Boston Pizza restaurant opened in Edmonton, Alberta in 1964 and over 60 years later Boston Pizza proudly remains a 100% Canadian company serving communities from coast-to-coast-to-coast. It boasts a vast network of local franchise owners who collectively operate the largest number of dining rooms, sports bars, and patios across the nation, complemented by robust takeout and delivery services.  Boston Pizza International Inc. has been recognized as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years, and has received awards from Great Place To Work in the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality, for Mental Wellness, for Women, for Giving Back, and with Most Trusted Executive Teams.The trustees of the Fund have approved the contents of this news release.www.bpincomefund.comSOURCE Boston Pizza Royalties Income Fund

Original: BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES FEBRUARY 2026 DISTRIBUTION

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTS AND RECORD FRANCHISE SALES OF $976.3 MILLION FOR THE YEARFebruary 13, 2026 7:30 AM
PR Newswire (Canada)

Toronto Stock Exchange: BPF.UNHIGHLIGHTSFourth quarter and annual Franchise Sales[1] of $244.4 million for the Period and $976.3 million for the Year, representing increases of 4.3% and 4.8%, respectively, versus the same periods one year ago.Same Restaurant Sales[2] of 3.7% for the Period and 4.7% for the Year.Cash flows generated from operating activities of $9.9 million for the Period and $39.7 million for the Year, representing increases of 4.9% and 4.1%, respectively, versus the same periods one year ago.Distributable Cash[3] increased 5.1% for the Period and increased 4.1% for the Year, and Distributable Cash per Unit[4] increased 5.1% for the Period and increased 4.1% for the Year.Payout Ratio[5] of 127.3% for the Period and 101.9% for the Year, reflecting a special cash distribution to unitholders of the Fund ("Unitholders") of $0.110 per Unit paid on December 31, 2025, driven by the Fund's strong results for the Year. Excluding the special distribution, Payout Ratios would have been 97.5% for the Period and 94.5% for the Year. The Fund's cash balance at the end of the Year was $3.9 million.On February 10, 2026, the Trustees declared a distribution for the period of January 1, 2026 to January 31, 2026 of $0.120 per Unit, which will be payable on February 27, 2026 to Unitholders of record on February 21, 2026.VANCOUVER, BC, Feb. 13, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") and Boston Pizza International Inc. ("BPI") reported financial results today for the fourth quarter period from October 1, 2025 to December 31, 2025 (the "Period") and January 1, 2025 to December 31, 2025 (the "Year").  A copy of this press release, the audited annual consolidated financial statements and related management's discussion and analysis ("MD&A") of the Fund and BPI are available at www.sedarplus.ca and www.bpincomefund.com.  The Fund will host a conference call to discuss the results on February 13, 2026 at 8:30 am Pacific Time (11:30 am Eastern Time).  The call can be accessed by dialling 1-833-821-3078 or +1-647-846-2537.  A replay will be available until March 13, 2026 by dialling 1-855-669-9658 or +1-412-317-0088 and entering the access code: 2685876 followed by the # sign.  The replay will also be available at www.bpincomefund.com.  Capitalized terms used in this press release that are not otherwise defined have the meanings ascribed to them in the Fund's MD&A for the Period and the Year."Boston Pizza delivered strong fourth quarter results to conclude a record setting year, with our restaurants achieving the highest annual franchise sales in the brand's history," said Jordan Holm, President of BPI.  "Strategic promotions and disciplined execution helped us successfully navigate macroeconomic challenges throughout the year while driving record-breaking performance.  As we enter 2026, we remain vigilant in monitoring evolving economic and political uncertainties and their potential impact on our restaurants, adapting our strategies as needed.  We are encouraged by the sustained momentum in our business and remain committed to enhancing guest experiences, supporting our franchisees and driving long-term growth through innovation and operational excellence."PERIOD AND YEAR RESULTSSRS, a key driver of distribution growth for Unitholders, was 3.7% for the Period compared to 3.4% reported in the fourth quarter of 2024.  SRS for the Period was principally due to continued momentum in take-out and delivery and effective promotional initiatives.  SRS was 4.7% for the Year compared to 0.9% reported in 2024.  For the Year, SRS was principally due to continued momentum in take-out and delivery, effective promotional initiatives and favourable comparisons to a softer performance in the prior year.  Sporting playoffs (baseball for the Period and both baseball and hockey for the Year) also positively impacted SRS.Franchise Sales of Boston Pizza restaurants in the Royalty Pool were $244.4 million for the Period compared to $234.2 million for the fourth quarter of 2024.  The $10.2 million increase in Franchise Sales for the Period was primarily due to positive SRS.  Franchise Sales of Boston Pizza restaurants in the Royalty Pool were $976.3 million for the Year compared to $931.7 million in 2024.  The $44.6 million increase in Franchise Sales for the Year was primarily due to positive SRS.The Fund's net and comprehensive income was $11.1 million for the Period compared to $6.6 million for the fourth quarter of 2024.  The $4.5 million increase in the Fund's net and comprehensive income for the Period compared to the fourth quarter of 2024 was primarily due to a $5.7 million increase in fair value gain and a $0.6 million increase in Royalty Income6 and Distribution Income7, partially offset by a $1.5 million increase in income tax expense and a $0.3 million increase in net interest expense.  The Fund's net and comprehensive income was $42.2 million for the Year compared to $31.9 million in 2024.  The $10.3 million increase in the Fund's net and comprehensive income for the Year compared to 2024 was primarily due to a $10.7 million increase in fair value gain, a $2.4 million increase in Royalty Income and Distribution Income and a $0.2 million decrease in administrative expenses, partially offset by a $2.6 million increase in income tax expense and a $0.3 million increase in net interest expense.Cash generated from operating activities for the Period was $9.9 million compared to $9.4 million in the fourth quarter of 2024.  The increase of $0.5 million was primarily due to an increase in Royalty Income and Distribution Income of $0.6 million and an increase in changes in working capital of $0.1 million, partially offset by an increase in income taxes paid of $0.2 million.  Cash generated from operating activities for the Year was $39.7 million compared to $38.1 million in 2024.  The increase of $1.6 million was primarily due to an increase in Royalty Income and Distribution Income of $2.4 million and a decrease in administrative expenses of $0.2 million, partially offset by an increase in income taxes paid of $0.7 million, a decrease in changes in working capital of $0.2 million and a decrease in interest received of $0.1 million.The Fund generated Distributable Cash of $7.9 million for the Period compared to $7.5 million for the fourth quarter of 2024.  The increase in Distributable Cash of $0.4 million or 5.1% was primarily due to an increase in cash flows generated from operating activities of $0.5 million, partially offset by a $0.1 million increase in BPI Class B Unit entitlement8.  The Fund generated Distributable Cash of $31.6 million for the Year compared to $30.4 million for the same period in 2024.  The increase in Distributable Cash of $1.2 million or 4.1% was primarily due to an increase in cash flows generated from operating activities of $1.6 million, partially offset by higher Class B Unit entitlement of $0.2 million and a $0.1 million increase in interest paid on debt.The Fund generated Distributable Cash per Unit of $0.369 for the Period compared to $0.351 per Unit for the same period in 2024.  The increase in Distributable Cash per Unit of $0.018 or 5.1% was primarily attributable to the increase in Distributable Cash outlined above.  The Fund generated Distributable Cash per Unit of $1.487 for the Year compared to $1.429 per Unit in 2024.  The increase in Distributable Cash per Unit of $0.058 or 4.1% was primarily attributable to the increase in Distributable Cash outlined above.The Fund's Payout Ratio for the Period was 127.3% compared to 118.4% in the fourth quarter of 2024.  The increase in the Fund's Payout Ratio for the Period was due to distributions paid increasing by $1.1 million or 13.0%, partially offset by Distributable Cash increasing by $0.4 million or 5.1%.  For the Year, the Fund's Payout Ratio was 101.9% compared to 99.9% in 2024.  The increase in the Fund's Payout Ratio for the Year was due to distributions paid increasing by $1.9 million or 6.2%, partially offset by Distributable Cash increasing by $1.2 million or 4.1%.  The increase in distributions paid for the Period and the Year were due to increases in the monthly distribution rate and the Net Higher Special Distribution outlined below, which were enabled by the strong financial performance of the Fund.  Excluding the special cash distribution to Unitholders of $0.110 per Unit paid to Unitholders on December 31, 2025, the Payout Ratio for the Period and Year would have been 97.5% and 94.5%, respectively.  Payout Ratio is calculated by dividing the amount of distributions paid during the applicable period by the Distributable Cash for that period.  The Fund's Payout Ratio fluctuates quarter-to-quarter depending upon the amount of distributions paid during a quarter and the amount of Distributable Cash generated during that quarter.DISTRIBUTIONSDuring the Period, the Fund declared distributions on the Units in the aggregate amount of $12.6 million or $0.590 per Unit.  During the fourth quarter of 2024, the Fund declared distributions on the Units in the aggregate amount of $11.3 million or $0.531 per Unit.  During the Period, the Fund paid distributions on the Units in the aggregate amount of $10.0 million or $0.470 per Unit.  During the fourth quarter of 2024, the Fund paid distributions on the Units in the aggregate amount of $8.9 million or $0.416 per Unit.  The amount of distributions declared and paid during the Period increased by $1.3 million and $1.1 million, respectively, or $0.059 per Unit and $0.054 per Unit, respectively, due to: (a) the monthly distribution rate increasing from $0.113 per Unit to $0.115 per Unit commencing with the November 2024 distribution (the "2024 Distribution Increase") and further increasing from $0.115 per Unit to $0.120 per Unit commencing with the July 2025 distribution (the "2025 Distribution Increase"); and (b) the special cash distribution to Unitholders of $0.110 per Unit that was declared on December 8, 2025 and paid to Unitholders on December 31, 2025 being $0.035 per Unit greater than the special cash distribution to Unitholders of $0.075 per Unit that was declared on December 6, 2024 and paid to Unitholders on December 31, 2024 (the "Net Higher Special Distribution").  During the Year, the Fund declared distributions on the Units in the aggregate amount of $32.3 million or $1.520 per Unit.  In 2024, the Fund declared distributions on the Units in the aggregate amount of $30.5 million or $1.435 per Unit.  During the Year, the Fund paid distributions on the Units in the aggregate amount of $32.2 million or $1.515 per Unit.  In 2024, the Fund paid distributions on the Units in the aggregate amount of $30.4 million or $1.427 per Unit.  The amount of distributions declared during the Year increased by $1.8 million or $0.085 per Unit due to the 2024 Distribution Increase, the 2025 Distribution Increase and the Net Higher Special Distribution.  The amount of distributions paid during the Year increased by $1.9 million or $0.088 per Unit due to the monthly distribution rate increasing from $0.107 per Unit to $0.113 per Unit commencing with the January 2024 distribution (i.e. meaning that the December 2023 distribution, which was paid on January 31, 2024, was only $0.107 per Unit), the 2024 Distribution Increase, the 2025 Distribution Increase and the Net Higher Special Distribution.The Fund pays distributions on the Units in respect of any calendar month not later than the last business day of the immediately subsequent month.  Consequently, monthly distributions payable by the Fund on the Units in respect of the Period were the October 2025 distribution (which was paid on November 28, 2025), the November 2025 distribution (which was paid on December 31, 2025) and the December 2025 distribution (which was paid on January 30, 2026).  Similarly, the distributions payable by the Fund on the Units in respect of any other period are paid in the immediately subsequent month of such period.On February 10, 2026, the Trustees declared a distribution for the period of January 1, 2026 to January 31, 2026 of $0.120 per Unit, which will be payable on February 27, 2026 to Unitholders of record on February 21, 2026.  Including the January 2026 distribution, which will be paid on February 27, 2026, the Fund will have paid out total distributions of $488.2 million or $29.09 per Unit, which includes 277 monthly distributions and four special distributions.FINANCIAL SUMMARYThe tables below set out selected information from the Fund's audited annual consolidated financial statements together with other data and should be read in conjunction with the audited annual consolidated financial statements and MD&A of the Fund for the years ended December 31, 2025, 2024 and 2023.For the years ended December 31
202520242023(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items)Number of restaurants in Royalty Pool
372372377Franchise Sales reported by restaurants in the Royalty Pool
976,255931,652925,655




Royalty Income
39,05037,26637,026Distribution Income
12,83712,24212,167Total revenue
51,88749,50849,193Administrative expenses
(1,540)(1,713)(1,489)Interest expense on debt and financing fees
(3,485)(3,517)(3,370)Interest expense on Class B Unit liability
(4,773)(4,506)(3,990)Interest income
170274276Profit before fair value gain (loss) and income taxes
42,25940,04640,620Fair value gain on investment in BP Canada LP
27,93311,7301,364Fair value loss on Class B Unit liability
(12,446)(5,226)(608)Fair value loss on Swaps
(865)(2,607)(1,436)Current and deferred income tax expense
(14,715)(12,071)(10,374)Net and comprehensive income
42,16631,87229,566




Basic earnings per Unit
1.981.501.38Diluted earnings per Unit
1.981.501.34




Distributable Cash / Distributions / Payout Ratio



Cash flows generated from operating activities
39,69838,12237,926BPI Class B Unit entitlement
(4,680)(4,459)(3,865)Interest paid on debt
(3,392)(3,277)(3,404)Current income tax expense
(10,672)(9,993)(9,949)Current income tax paid
10,69310,0129,961Distributable Cash
31,64730,40530,669Distributions paid
32,23730,36527,172Payout Ratio
101.9 %99.9 %88.6 %Distributable Cash per Unit
1.4871.4291.432Distributions paid per Unit
1.5151.4271.269




Other



Same Restaurant Sales
4.7 %0.9 %8.7 %Number of restaurants opened
041Number of restaurants closed
046


As at December 31202520242023Total assets
449,451422,888413,055Total liabilities
159,405142,665134,169SUMMARY OF QUARTERLY RESULTS
    Q4 2025   Q3 2025 Q2 2025     Q1 2025(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items)



Number of restaurants in Royalty Pool372372372372Franchise Sales reported by restaurants in the Royalty Pool244,374248,927251,812231,142




Royalty Income9,7759,95710,0729,246Distribution Income3,2203,2753,3063,036Total revenue12,99513,23213,37812,282Administrative expenses(367)(352)(412)(409)Interest expense on debt and financing fees(926)(892)(833)(834)Interest expense on Class B Unit liability(1,874)(1,123)(1,046)(730)Interest income44423747Profit before fair value gain (loss) and income taxes9,87210,90711,12410,356Fair value gain (loss) on investment in BP Canada LP8,9476,60214,294(1,910)Fair value (loss) gain on Class B Unit liability(3,987)(2,941)(6,369)851Fair value gain (loss) on Swaps290(546)94(703)Current and deferred income tax expense(4,052)(3,591)(4,825)(2,247)Net and comprehensive income11,07010,43114,3186,347




Basic earnings per Unit0.520.490.670.30Diluted earnings per Unit0.520.490.670.21




Distributable Cash / Distributions / Payout Ratio



Cash flows generated from operating activities9,88310,6119,9399,265BPI Class B Unit entitlement(1,168)(1,265)(1,171)(1,076)Interest paid on debt(893)(851)(818)(830)Current income tax expense(2,663)(2,734)(2,769)(2,506)Current income tax paid2,7002,7502,7702,473Distributable Cash7,8598,5117,9517,326Distributions paid10,0017,5547,3417,341Payout Ratio127.3 %88.8 %92.3 %100.2 %Distributable Cash per Unit0.3690.4000.3740.344Distributions paid per Unit 0.4700.3550.3450.345




Other



Same Restaurant Sales3.7 %4.1 %6.4 %4.4 %Number of restaurants opened0000Number of restaurants closed0000SUMMARY OF QUARTERLY RESULTS (continued)
Q4 2024Q3 2024Q2 2024     Q1 2024(in thousands of dollars – except restaurants, SRS, Payout Ratio and per Unit items)



Number of restaurants in Royalty Pool372372372372Franchise Sales reported by restaurants in the Royalty Pool234,215238,613236,792222,032




Royalty Income9,3699,5449,4728,881Distribution Income3,0773,1353,1112,919Total revenue12,44612,67912,58311,800Administrative expenses(401)(379)(497)(436)Interest expense on debt and financing fees(870)(887)(932)(828)Interest expense on Class B Unit liability (1,681)(1,033)(1,063)(729)Interest income68716966Profit before fair value (loss) gain and income taxes9,56210,45110,1609,873Fair value (loss) gain on investment in BP Canada LP(382)8,5111,4732,128Fair value gain (loss) on Class B Unit liability 170(3,792)(656)(948)Fair value (loss) gain on Swaps(200)(1,923)(672)188Current and deferred income tax expense(2,593)(3,863)(2,841)(2,774)Net and comprehensive income6,5579,3847,4648,467




Basic earnings per Unit0.310.440.350.40Diluted earnings per Unit0.280.440.330.37




Distributable Cash / Distributions / Payout Ratio



Cash flows generated from operating activities9,4199,9909,6139,100BPI Class B Unit entitlement(1,097)(1,195)(1,095)(1,072)Interest paid on debt(840)(758)(871)(808)Current income tax expense(2,523)(2,584)(2,521)(2,365)Current income tax paid2,5202,6602,3702,462Distributable Cash7,4798,1137,4967,317Distributions paid8,8527,2147,2137,086Payout Ratio118.4 %88.9 %96.2 %96.8 %Distributable Cash per Unit0.3510.3810.3520.344Distributions paid per Unit0.4160.3390.3390.333




Other



Same Restaurant Sales3.4 %(0.6 %)1.7 %(1.0 %)Number of restaurants opened2011Number of restaurants closed0103SHORT-TERM OUTLOOKThe success of the Fund, BPI, Boston Pizza Canada Limited Partnership ("BP Canada LP") and Boston Pizza restaurants, including the amount of Franchise Sales, Royalty Income, Distribution Income and Distributable Cash available for distribution to Unitholders, depends on both consumer demand and restaurant-level operations. Consumer demand is driven by consumer confidence and discretionary spending, both of which are influenced by macroeconomic factors such as inflation and interest rates, wage growth and unemployment levels, recession risks, competition within the restaurant industry, evolving consumer preferences, changes in taxation and major geopolitical developments, including tariffs.  Success at the restaurant-level is driven by operational focus, quality and efficiency, which are influenced by operating expertise, the adequacy of labour resources, supply chain availability, input costs and other operational factors.The heightened trade tensions between Canada and the United States of America, including the imposition of tariffs and counter-tariffs, have created uncertainty and concern for Canada's macroeconomic outlook.  The effects of these heightened trade tensions and associated uncertainty have the potential to increase input costs and decrease availability of goods for Boston Pizza restaurants, together with dampening consumer demand, confidence and discretionary spending, and increasing unemployment rates.  These dynamics can contribute to broader economic contractions or recessionary conditions that directly adversely affect the performance of consumer-facing industries like casual dining.Boston Pizza's supply chain is currently well positioned to weather the volatility caused by trade tensions, tariffs and counter-tariffs, as the overwhelming majority of raw materials purchased by Boston Pizza restaurants in the day-to-day operation of their businesses are sourced within Canada and not subject to counter-tariffs.  In addition, the trade tensions with the United States of America have resulted in Canadian consumers spending less on travel to the United States of America and more on supporting Canadian brands like Boston Pizza.  Conversely, any degradation of consumer demand, confidence or discretionary spending, or increases in unemployment rates and recessionary fears may result in reduced guest visitation, average guest cheque amounts, Franchise Sales, Royalty Income, Distribution Income, the Fund's Distributable Cash available for distribution to Unitholders and profitability of Boston Pizza restaurants, all of which would increase the risk of Boston Pizza restaurants closing.Despite these obstacles, Boston Pizza restaurants have consistently generated strong Franchise Sales by providing guests with quality, value and convenience, both on-premises and off-premises.  BPI, BP Canada LP and Boston Pizza restaurants have a proven track record of adapting to evolving economic conditions and overcoming operational challenges.  Building on this foundation, BPI's management remains proactive and agile, implementing strategies to drive sales, optimize supply chains and deepen guest loyalty, while protecting profitability of Boston Pizza restaurants.  These strengths, together with the brand's broad national footprint and trusted position among Canadian consumers, provide a solid platform for sustained growth and continued positive sales momentum throughout 2026 and beyond.The Trustees will continue to closely monitor the Fund's available cash balances and distribution levels, based on their goal of stable and sustainable distribution flow to Unitholders.BPI DISCLOSURESThe financial information relating to BPI (the "BPI Financial Information") contained in this press release has been derived from the financial statements and MD&A of BPI (the "BPI Disclosures"), which have been filed by the Fund on behalf of BPI pursuant to an undertaking dated July 9, 2002 provided by BPI to the various securities commissions in Canada.  BPI's senior management prepares the BPI Disclosures and provides them to the Fund for filing.  The auditors of BPI report to the sole shareholder of BPI, and not to the Trustees or Unitholders of the Fund.  The Fund does not own, control or consolidate BPI and therefore, the Fund's disclosure controls and procedures and its internal controls over financial reporting do not encompass BPI or BPI's internal controls over financial reporting.  The BPI Disclosures are the responsibility of BPI and its directors and officers and not the Fund and its Trustees and officers.  The Fund provides no assurances as to its accuracy or completeness.  The Fund disclaims any and all liability for the BPI Financial Information.Forward-Looking InformationCertain information in this press release constitutes "forward-looking information" that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Fund, Boston Pizza Holdings Trust, Boston Pizza Royalties Limited Partnership, Boston Pizza Holdings Limited Partnership, Boston Pizza Holdings GP Inc., Boston Pizza GP Inc., BPI, BP Canada LP, Boston Pizza Canada Holdings Inc., Boston Pizza Canada Holdings Partnership, Boston Pizza restaurants or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.  All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Fund or its Trustees expect or anticipate will or may occur in the future, including such things as, the expected timing of payment of the distribution to unitholders of the Fund, our continued vigilance in monitoring the evolving economic and political uncertainties and their potential impact on our restaurants, adapting our strategies as needed, our commitment to enhancing guest experiences, supporting franchisees and driving long-term growth through innovation and operational excellence, the success of BPI, BP Canada LP and Boston Pizza restaurants and the amount of Franchise Sales, Royalty Income, Distribution Income and Distributable Cash available for distribution to Unitholders, depending on both consumer demand and restaurant-level operations, consumer demand being driven by consumer confidence and discretionary spending, both of which are influenced by macroeconomic factors such as inflation and interest rates, wage growth and unemployment levels, recession risks, competition within the restaurant industry, evolving consumer preferences, changes in taxation and major geopolitical developments, including tariffs, success at the restaurant-level being driven by operational focus, quality and efficiency, which are influenced by operating expertise, the adequacy of labour resources, supply chain availability, input costs and other operational factors, increased input costs and decreased availability of goods for Boston Pizza restaurants due to heightened trade tensions and associated uncertainty, dampening consumer demand, confidence and discretionary spending and increasing unemployment rates, Boston Pizza's supply chain being well positioned to weather the volatility caused by trade tensions and threats of tariffs and counter-tariffs as an overwhelming majority of raw materials purchased by Boston Pizza restaurants in the day-to-day operation of their businesses are sourced within Canada and not subject to counter-tariffs, trade tensions with the United States of America resulting in Canadian consumers spending less on travel to the United States of America and more on supporting Canadian brands like Boston Pizza, the impact of broader economic contractions or recessionary conditions on consumer-facing industries, any degradation of consumer demand, confidence or discretionary spending or increases in unemployment rates and recessionary fears resulting in reduced guest visitation, average guest cheque amounts, Franchise Sales, Royalty Income, Distribution Income, the Fund's Distributable Cash available for distribution to Unitholders and profitability of Boston Pizza restaurants, resulting in increased risk of Boston Pizza restaurants closing, BPI's management remaining proactive and agile, implementing strategies to drive sales, optimize supply chains and deepen guest loyalty, while protecting profitability of Boston Pizza restaurants, which will provide a solid platform for sustained growth and continued positive sales momentum throughout 2026 and beyond, the Trustees remaining cautious and continuing to closely monitor the Fund's available cash balances and distribution levels based on the Trustees' goal of stable and sustainable distribution flow to Unitholders, and other such matters are forward-looking information.  When used in this press release, forward-looking information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan", "should", "continue" and other similar terminology.  The material factors and assumptions used to develop the forward-looking information contained in this press release include the following: the Fund maintaining the same distribution policy, expectations related to future general economic conditions and geopolitical developments, expectations related to guest traffic and average guest cheques, expectations related to the resiliency of the Boston Pizza system, the impact of and response to changing competitive landscapes and guest behaviours, strategies and efforts to strive for profitability of BPI, BP Canada LP and Boston Pizza restaurants, ability to maintain a stable supply chain, including the ability to continuously source raw materials within Canada, ability to attract and retain qualified employees, key personnel and qualified franchisees and operators, and Boston Pizza restaurants maintaining operational excellence.  Risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievement expressed or implied by the forward-looking information contained herein, relate to (among others): competition, demographic trends, business and economic conditions, interest rates and inflationary pressures, legislation and regulation, reliance on operating revenues, financial reporting and accounting controls, policies and practices, the results of operations and financial condition of BPI, BP Canada LP and the Fund, labour availability, cost and efficiency, extreme weather events, as well as those factors discussed under the heading "Risks and Uncertainties" in the most recent Annual Information Form of the Fund.  This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this press release.  Except as required by law, neither the Fund nor BPI assumes any obligation to update previously disclosed forward-looking information.  For a complete list of the risks associated with forward-looking information and the Fund's business, please refer to the "Risks & Risk Management" and "Note Regarding Forward-Looking Information" sections of the Fund's MD&A for the Period and Year, a copy of which is available at www.sedarplus.ca and www.bpincomefund.com.The Trustees have approved the contents of this news release.www.bpincomefund.com ® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trademarks and unregistered Canadian trademarks containing the words "Boston", "BP", and/or "Pizza" are trademarks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc. The Boston Pizza roundel is a trademark of Boston Pizza Royalties Limited Partnership, used under license. © Boston Pizza International Inc. 2026.Notes – Non-GAAP, Specified Financial Measures and Other Information"Franchise Sales" is the basis upon which Royalty Income and Distribution Income are payable, and means the gross revenue: (i) of the corporate Boston Pizza restaurants in Canada owned by BPI that are in the Royalty Pool; and (ii) reported to BP Canada LP by franchised Boston Pizza restaurants in Canada that are in the Royalty Pool, without audit or other form of independent assurance, and in the case of both (i) and (ii), after deducting revenue from the sale of liquor, beer, wine and revenue from BP Canada LP approved national promotions and discounts and excluding applicable sales and similar taxes. Nevertheless, BP Canada LP periodically conducts audits of the Franchise Sales reported to it by its franchisees, and the Franchise Sales reported herein include results from sales audits of earlier periods.  Franchise Sales is reported on a quarterly basis in the Fund's financial statements."Same Restaurant Sales" or "SRS" is a supplementary financial measure under National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") and therefore may not be comparable to similar measures presented by other issuers.  The Fund defines SRS as the change in Franchise Sales of Boston Pizza restaurants as compared to the Franchise Sales for the same period in the previous year (where restaurants were open for a minimum of 24 months).  The Fund believes that SRS provides investors meaningful information regarding the performance of Boston Pizza restaurants."Distributable Cash" is a non-GAAP financial measure under NI 52-112.  Distributable Cash is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers.  The Fund defines Distributable Cash to be, in respect of any particular period, the Fund's cash flows generated from operating activities for that period (being the most comparable financial measure in the Fund's primary financial statements) minus (a) BPI's entitlement in respect of its Class B general partner units ("Class B Units") of Boston Pizza Royalties Limited Partnership ("Royalties LP") in respect of the period (see note 8 below), minus (b) interest paid on debt during the period, minus (c) principal repayments on debt that are contractually required to be made during the period, minus (d) the current income tax expense in respect of the period, plus (e) current income tax paid during the period (the sum of (d) and (e) being "SIFT Tax on Units").  Management believes that Distributable Cash provides investors with useful information about the amount of cash the Fund has generated and has available for distribution on the Units in respect of any period.  The tables in the "Financial Highlights" section of this press release provide a reconciliation from this non-GAAP financial measure to cash flows generated from operating activities, which is the most directly comparable IFRS measure.  Current income tax expense in respect of any period is prepared using reasonable and supportable assumptions (including that the base rate of specified investment flow-through tax will not increase throughout the calendar year and that certain expenses of the Fund will continue to be deductible for income tax purposes), all of which reflect the Fund's planned courses of action given management's judgment about the most probable set of economic conditions.  There is a risk that the federal government of Canada could increase the base rate of SIFT Tax on Units or that applicable taxation authorities could assess the Fund on the basis that certain expenses of the Fund are not deductible.  Investors are cautioned that if either of these possibilities occurs, then the actual results for this component of Distributable Cash may vary, perhaps materially, from the amounts used in the reconciliation."Distributable Cash per Unit" is a non-GAAP ratio under NI 52-112.  Distributable Cash per Unit is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers.  The Fund defines Distributable Cash per Unit for any period as the Distributable Cash generated in that period divided by the weighted average number of Units outstanding during that period.  Management believes that Distributable Cash per Unit provides investors with useful information regarding the amount of cash per Unit that the Fund has generated and has available for distribution in respect of any period."Payout Ratio" is a non-GAAP ratio under NI 52-112.  Payout Ratio is not a standardized financial measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers.  The Fund defines Payout Ratio for any period as the aggregate distributions paid by the Fund during that period divided by the Distributable Cash generated in that period.  Management believes that Payout Ratio provides investors with useful information regarding the extent to which the Fund distributes cash generated on Units.Royalties LP licenses BPI the right to use various Boston Pizza trademarks in return for BPI paying Boston Pizza Royalties Limited Partnership a royalty equal to 4% of Franchise Sales of Boston Pizza restaurants (the "Royalty Income") in the Fund's royalty pool (the "Royalty Pool")."Distribution Income" is income received indirectly by the Fund on Class 1 LP Units and Class 2 LP Units of BP Canada LP.  See the "Overview – Purpose of the Fund / Sources of Revenue" section of the Fund's MD&A for the Period and the Year for more details."BPI Class B Unit entitlement" is a supplementary financial measure under NI 52-112 and therefore may not be comparable to similar measures presented by other issuers.  The BPI Class B Unit entitlement is the interest expense on Class B Units in respect of a period plus management's estimate of how much cash BPI would be entitled to receive pursuant to the limited partnership agreement governing Royalties LP (a copy of which is available on www.sedarplus.ca) on its Class B Units if Royalties LP fully distributed any residual cash generated in respect of that period after the Fund pays interest on debt, principal repayments on debt and SIFT Tax on Units in respect of that period.  Management believes that the BPI Class B Unit entitlement is an important component in calculating Distributable Cash since it represents the amount of residual cash generated that BPI would be entitled to receive and therefore would not be available for distribution to Unitholders.  Management prepares such estimate using reasonable and supportable assumptions that reflect the Fund's planned courses of action given management's judgment about the most probable set of economic conditions.



SOURCE Boston Pizza Royalties Income Fund

Original: BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES 2025 FOURTH QUARTER AND ANNUAL RESULTS AND RECORD FRANCHISE SALES OF $976.3 MILLION FOR THE YEAR

BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES JANUARY 2026 DISTRIBUTIONFebruary 10, 2026 5:56 PM
PR Newswire (Canada)

Toronto Stock Exchange: BPF.UNVANCOUVER, BC, Feb. 10, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) announced today a cash distribution to unitholders of $0.120 per unit for January 2026.  The distribution will be paid on February 27, 2026 to unitholders of record at the close of business on February 21, 2026.  The Fund periodically reviews distribution levels based on its policy of stable and sustainable distribution flow to unitholders.ABOUT USThe Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the January 2026 distribution which is payable on February 27, 2026, the Fund will have paid out 277 monthly distributions and four special distributions totaling $488.2 million or $29.09 per unit.  The Fund earns revenue based on the franchise system sales of the 372 Boston Pizza restaurants in the Fund's royalty pool.Boston Pizza is the premier casual dining brand in Canada.  The first Boston Pizza restaurant opened in Edmonton, Alberta in 1964 and over 60 years later Boston Pizza proudly remains a 100% Canadian company serving communities from coast-to-coast-to-coast. It boasts a vast network of local franchise owners who collectively operate the largest number of dining rooms, sports bars, and patios across the nation, complemented by robust takeout and delivery services.  Boston Pizza International Inc. has been recognized as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years, and has received awards from Great Place To Work in the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality, for Mental Wellness, for Women, for Giving Back, and with Most Trusted Executive Teams.The trustees of the Fund have approved the contents of this news release.TM Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.SOURCE Boston Pizza Royalties Income Fund

Original: BOSTON PIZZA ROYALTIES INCOME FUND ANNOUNCES JANUARY 2026 DISTRIBUTION

BOSTON PIZZA ROYALTIES INCOME FUND AND BOSTON PIZZA INTERNATIONAL INC. TO ANNOUNCE 2025 FOURTH QUARTER AND ANNUAL RESULTS ON FEBRUARY 13THJanuary 29, 2026 5:58 PM
PR Newswire (Canada)

The Toronto Stock Exchange: BPF.UNVANCOUVER, BC, Jan. 29, 2026 /CNW/ - Boston Pizza Royalties Income Fund (the "Fund") (TSX: BPF.UN) and Boston Pizza International Inc. ("BPI") announced today that they will issue 2025 fourth quarter and annual results via news release and on the Fund's website at www.bpincomefund.com on the morning of February 13, 2026.The Fund will host a conference call with BPI's President, Jordan Holm and Chief Financial Officer, Michael Harbinson to discuss the results for the fourth quarter and year which ended on December 31, 2025. The call will take place on Friday, February 13, 2026 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time).To participate in this conference call, please dial the following toll-free number approximately ten minutes prior to the commencement of the call:                       1-833-821-3078 or 1-647-846-2537A replay will be available until March 13, 2026 on the Fund's website or by dialing:                       1-855-669-9658 or 1-412-317-0088     
                       and enter the access code: 2685876 followed by # sign.ABOUT USThe Fund is a limited purpose open ended trust with an excellent track record for investors since its IPO in 2002.  Including the December 2025 distribution which is payable on January 30, 2026, the Fund will have paid out 276 monthly distributions and four special distributions totaling $485.7 million or $28.97 per unit.  The Fund earns revenue based on the franchise system sales of the 372 Boston Pizza restaurants in the Fund's royalty pool.Boston Pizza is the premier casual dining brand in Canada.  The first Boston Pizza restaurant opened in Edmonton, Alberta in 1964 and over 60 years later Boston Pizza proudly remains a 100% Canadian company serving communities from coast-to-coast-to-coast. It boasts a vast network of local franchise owners who collectively operate the largest number of dining rooms, sports bars, and patios across the nation, complemented by robust takeout and delivery services.  Boston Pizza International Inc. has been recognized as a Franchisees' Choice Designation winner and a Platinum Member of Canada's 50 Best Managed Companies for many years, and has received awards from Great Place To Work in the categories of Best Workplaces: in Canada – 100-999 Employees, in British Columbia, in Retail & Hospitality, for Mental Wellness, for Women, for Giving Back, and with Most Trusted Executive Teams.The trustees of the Fund have approved the contents of this news release.® Boston Pizza Royalties Limited Partnership. All Boston Pizza registered Canadian trade-marks and unregistered Canadian trade-marks containing the words "Boston", "BP", and/or "Pizza" are trade-marks owned by the Boston Pizza Royalties Limited Partnership and licensed by the Boston Pizza Royalties Limited Partnership to Boston Pizza International Inc.SOURCE Boston Pizza Royalties Income Fund

Original: BOSTON PIZZA ROYALTIES INCOME FUND AND BOSTON PIZZA INTERNATIONAL INC. TO ANNOUNCE 2025 FOURTH QUARTER AND ANNUAL RESULTS ON FEBRUARY 13TH