Boston Pizza Royalties Income Fund

Hello. This is the chorus call conference operator. Thank you for standing by. Welcome to Boston Pizza's third quarter 2025 conference call. As a reminder, all participants are in listen only mode and the conference is being recorded on November 10th, 2025. After the presentation, there will be a question and answer session. Participants on the call may also post their questions via email to Boston Pizza's Investor Relations Department at investorrelationsatbostonpizza.com. Should you need assistance during the conference, you may reach an operator by pressing star then zero on your phone. At this time, I would like to turn the conference over to Michael Harbinson, Chief Financial Officer. Please go ahead.

Thank you, and welcome to the call, everyone. Today we'll be discussing the 2025 third quarter results for both Boston Pizza Royalties Income Fund, or the fund, and for Boston Pizza International, or BPI. For complete details on our financial results, please see our third quarter materials filed earlier today on CDAR Plus, or visit the fund's website at bpincomefund.com. Should you require additional information after the call, you can reach out to our investor relations email, address at investorrelationsatbostonpizza.com. The fund is a limited purpose open-ended trust established under the laws of British Columbia to acquire indirectly certain trademarks and trade names used by BPI in its Boston Pizza restaurants in Canada. BPI pays royalty income and distribution income to the fund based on franchise revenues of royalty pool restaurants. For a complete description of the fund and its business, please see the annual information form dated March the 28th, 2025, which was filed on CDAR+. Before I turn the call over to Jordan Holm, President of BPI, I would like to note that certain information in the following discussion may constitute forward-looking information. For a more complete definition of forward-looking information and the associated risks, please refer to the fund's management discussion and analysis issued earlier today. Forward-looking information is provided as of the date of this call and, except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. And with that, I will now turn the call over to Jordan.

Jordan? Thank you, Michael, and welcome, everyone, to Boston Pizza's third quarter investor conference call. Today, I'll be discussing our third quarter results and share a brief outlook Michael will summarize our key financial highlights, and as usual, we'll leave time for your questions at the end of today's call. Boston Pizza delivered its third consecutive quarter of record franchise sales, continuing the strong performance seen throughout the year. These results show that our current promotions remain effective in driving guest engagement, and that our takeout and delivery business continues to contribute meaningfully to sales. The fund posted franchise sales from restaurants in the Royalty pool, $248.9 million for the quarter and $731.9 million year to date, representing increases of 4.3% and 4.9% respectively versus the same periods one year ago. Same restaurant sales was 4.1% for the quarter and 5.0% year to date. Same restaurant sales for the quarter and year to date was principally due to the continued momentum in takeout and delivery, Effective promotional initiatives and favorable comparisons to a softer performance in the same period in the prior year. From a marketing standpoint, the third quarter of 2025 included a summer promotion in partnership with Live Nation, launching a national giveaway of over 400 concert tickets alongside a refreshed main menu. Our popular Kids Cards promotion made a return in the third quarter as well with families receiving a card for five free kids meals in exchange for a $5 donation to the Boston Pizza Foundation. This promotion raised over $1 million in total for local charities. Near the end of the quarter, the Kids Eat Free promotion engaged families further by offering one free kids meal per child with each qualifying purchase. With the transition into the fall season, we introduced a holiday-inspired menu alongside a game day menu for football fans, offering new eats and drinks designed to spark inspiration for the holiday and for football enthusiasts. Our ongoing lunch and late night promotions will also continue into the fourth quarter, with guests responding positively to all areas of our promotions. In terms of restaurant development, 16 Boston Pizza restaurants were renovated during the quarter, and 31 restaurants were renovated year-to-date. We have several exciting initiatives underway for the fourth quarter of 2025 to maintain strong sales growth and guest engagement, which I'll share later in the call. But first, let's hear from Michael about the fund's financial performance.