Boston Pizza Royalties Income Fund (BPF.UN) Q2 2026 earnings summary

Executive summary

• Achieved record franchise sales of CAD 256.5 million for Q2 2026 (up 1.9% year-over-year) and CAD 494.9 million year to date (up 2.5% year-over-year).

• Same restaurant sales (SRS) grew 2.3% in Q2 and 2.7% year to date, driven by takeout, delivery, promotions, and sports events including the FIFA World Cup.

• Guest traffic and menu pricing both contributed to SRS growth, with Q2 seeing a slightly higher impact from menu pricing.

• Net and comprehensive income was CAD 5.9 million for Q2 2026 (down from CAD 14.3 million in Q2 2025), mainly due to increased fair value loss.

• Distributable cash increased 3.4% for Q2 and 3.2% year to date, with per unit distributable cash also up by the same percentages.

Financial highlights

• Royalty income was CAD 10.3 million for Q2 and CAD 19.8 million year to date, both up year-over-year.

• Distribution income reached CAD 3.4 million for Q2 and CAD 6.5 million year to date, both slightly higher year-over-year.

• Cash flows from operating activities were CAD 10.4 million for Q2 2026 (up 4.7% year-over-year) and CAD 20 million year to date (up 4.1%).

• Distributable cash for Q2 2026 was CAD 8.2 million, up 3.4% year-over-year; year to date distributable cash was CAD 15.8 million, up 3.2%.

• Aggregate distributions declared for Q2 2026 were CAD 7.9 million (CAD 0.372 per unit), up from CAD 7.3 million (CAD 0.345 per unit) in Q2 2025.

Outlook and guidance

• Summer initiatives include Live & Local music events and a football season promotion with a new feature menu.

• BP Kids Cards promotion to run in Q3, supporting guest engagement and charitable giving.

• Management remains focused on guest experience, franchisee support, and long-term growth amid evolving economic and geopolitical conditions.

• Brand expects continued positive sales momentum through 2026, leveraging operational agility and supply chain resilience.

• Trustees will monitor cash balances and distribution levels to maintain stable returns for unitholders.