Boston Pizza Royalties Income Fund

Hello, this is the Chorus Call Conference Operator. Thank you for standing by. Welcome to Boston Pizza's first quarter conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded on May 13, 2026. After the presentation, there will be a question and answer session. Participants on the call may also pose their questions via email to Boston Pizza's Investor Relations Department at InvestorRelations at BostonPizza.com. Should you need assistance during the conference, you may reach an operator by pressing star then zero on your telephone. At this time, I would like to turn the conference over to Michael Harpenson, Chief Financial Officer. Please go ahead.

Very good, and thank you. Welcome to the call. Today, we'll be discussing the 2026 first quarter results for both Boston Pizza Royalties Income Fund, or the fund, as well as Boston Pizza International, or BPI. For complete details on our financial results, please see our first 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 at the address of investorrelationsatbostonpizza.com. The fund is a limited-purpose, open-ended trust established under the laws of British Columbia. Its purpose is to acquire, indirectly, certain trademarks and trade names used by BPI and its Boston Pizza restaurants in Canada. BPI pays royalty income and distribution income to the fund based on franchise revenue of royalty pool restaurants. For a complete description of the fund and its business, please see the annual information form dated February the 12th, 2026, which was filed on cdarplus.ca. 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 first quarter investor conference call. Today, I'll be discussing our first quarter results for 2026, and I'll also 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 strong franchise sales and same restaurant sales results for the first quarter. Our promotional initiatives continue to captivate guests in 2026, driving guest enthusiasm and positive feedback across our restaurants nationwide. Our continued performance, in spite of continued trade tensions and increasingly uncertain global backdrop, demonstrates the resilience and strength of our business and the Boston Pizza brand. The fund posted franchise sales from restaurants in the royalty pool of $238.4 million for the first quarter, representing an increase of 3.1% versus the same period one year ago. Same restaurant sales was 3.1% for the first quarter and was principally due to increased guest traffic from sustained momentum in the takeout delivery business and promotional initiatives. From a marketing perspective, we kicked off the first quarter with Boston Pizza's popular pasta Tuesday all month long promotion throughout the month of January, where guests enjoyed pastas every day of the week starting at just $11.99 with gourmet pastas available for $15.99. To boost guest engagement even further, we partnered with Pepsi to give guests the chance to win exciting NFL prizes, which included a trip to a regular season football game. On Valentine's Day, 2026, we celebrated one of Boston Pizza's most longstanding and beloved traditions through our heart-shaped pizzas. For every pizza sold on February 14th, a dollar was donated to support local charities across our communities. And with the support of our guests, This meaningful campaign raised approximately $650,000 for the Boston Pizza Foundation and local charities. In terms of restaurant development, no new restaurants opened during the first quarter and two restaurants closed, and 11 have undergone restaurant renovations during the first quarter. We have a collection of upcoming initiatives lined up for the second quarter of 2026 designed to boost sales and drive guest engagement. I'll share the details with you shortly after we first hear from Michael about the fund's financial performance.