Pizza Pizza Royalty Corp.

Ladies and gentlemen, thank you for standing by and welcome to the Pizza Pizza Royalty Corps earnings call for the third quarter of 2025. During the presentation, all participants will be in a listen only mode. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star and then the number one on your telephone keypad. As a reminder, this conference is being recorded on November 5th, 2025. I will now turn the call over to Christine Da Silva, CFO.

Thank you. Good morning, everyone, and welcome to Pizza Pizza Royalty Corp's earnings call for the third quarter ended September 30th, 2025. Joining me on the call today is Pizza Pizza Limited's Chief Operating Officer, Philip Goudreau. Just a quick note, our discussion today will contain forward-looking statements that may involve risks relating to future events. Actual events may differ materially from the projections discussed today. All forward-looking statements should be considered in conjunction with the cautionary language in our earnings press release and the risk factors included in our annual information form. Please refer to the earnings press release and the MDMA in the investor relations section of our website for a reconciliation and other disclosures related to non-IFRS financial measures mentioned on this call. As a reminder, analysts are welcome to ask questions after the prepared remarks portfolio managers, media, and shareholders can contact us after the call. With that, I'd like to turn the call over to Philip to introduce himself and provide a business update.

Thank you, Christine, and good morning, everyone. As Christine mentioned, my name is Philip Goudreau. I'm the Chief Operating Officer at Pizza Pizza Limited. And I'm standing in today for Paul Goddard, our Chief Executive Officer, who is signing on being on today's holy call as always, but due to a delayed and diverted flight overseas, I will still be in the sky during our call today. So he's unable to join. Paul sends his regrets for not being here today. I've been with Pizza Pizza Limited for 14 years in various senior roles, including Senior Vice President of Operations and Development at West, leading the Pizza WHU brand since 2011. And in 2019, I was promoted to the Chief Operating Officer at Pizza Pizza Limited, working closely alongside Paul Goddard for many years, along with Christine De Silva, our Chief Financial Officer, and the rest of our elite senior management team. Like Paul and Christine, I'm also an executive management representative at Pizza Pizza Limited at each of the Pizza Pizza Worldly Board meetings. I'd like to start this call off by stating how proud we are of our network of franchisees, our partners, and our entire team and staff at Pizza Pizza for their unwavering support and resilience working tirelessly in this ultra-competitive environment. Working together, we remain laser focused on improving speed and quality of service and delivering craveable new offerings that will continue to differentiate our brand and drive growth. This quarter, our brand reported a combined game store sales growth of 0.1%, with pizza pizza restaurants reporting 0.3% growth and pizza signature restaurants reporting a decline of 1.1%. For the second consecutive quarter, we're happy to see growth in Pizza Pizza's organic delivery channel, which has helped increase our average check. However, at both brands, we saw an overall decrease in transactions as we faced heightened competition and we saw the impact of reduced consumer spending, mainly in earlier in the quarter in July. The trend is impacting much of the QSR industry, but since we can't control the macroeconomic environment, we're staying proactive and focused on our fundamentals. We're sharpening our value messaging, optimizing partnerships and promotions, and continuing to invest in digital and loyalty to drive customer frequency and retention. The third quarter is always a busy quarter for our nontraditional locations and special events partnerships. As a reminder, our non-traditional sales typically account for 10% of our total sales, and it has been exciting to see the special events and non-traditional locations active again this summer. We saw Pizza Pizza and Pizza 23 brands come alive in communities across Canada via our best-in-class sponsorships and marketing program. In addition to record sales at critical events like the CME in Toronto and the Calgary Stampede in Calgary, team innovated our product offerings. Both this year, we introduced a deep fried pizza on a stick. This fun promotion drove national media attention and helped double our sales at the CME versus previous years. At PizzaZenia 3, We employed a layered approach to Sampu this year to leverage our strong brand position with the key annual cultural event in Calgary. The partnership that we brought to life in restaurants, on the festival grounds, and across social media channels. Our digital presence partnering with content creators highlighted our food innovation And as a brand, we developed something that was a lot of fun, the Pony Express, where we had a real cowboy on a real horse delivering the saddlebags, delivering pizzas and calvary. This media campaign garnered over 1 million social impressions and brought the event to life in our stores through a stampede special combo in partnership with our partners at Coca-Cola. Speaking of brand building promotions and engagement, we also build our brand engagement through exciting menu innovations. As interest in fried chicken items continue to grow, we introduced our new chicken tenders at Pizza Pizza and new wing flavors at Pizza 73. The chicken tender offering posed an opportunity to deliver more individual stackable options within our existing chicken assortment, and it also provided an opportunity to speak to our well-known and loved assortment of dips. Additionally, at Pizza 73, we leaned into our brand's best-in-class 100% fresh wings with two new delicious flavors. We continue to see success promoting our key value offerings as Canadians look for ways to save on food without compromising quality. This quarter, we continue to promote our differentiating 18-inch XXL two-topper pizza deal. At $19.99, this is one of Canada's best deals on pizza and has become a cornerstone of our menu from coast to coast. We continue to support this deal with broadcast, out-of-home, and digital, and have seen a significant shift in our serving of customers trade up to the higher and larger size. To further solidify our value credentials this quarter, while staying relevant and topical, we brought back early on in the quarter a reverse tariff discount, supported the deal with a new TV and digital video. This offer was once again a hit and helped support not only the value messaging, but our credibility as being truly Canadian, authentically Canadian, because we truly are. All of our promotions and activations will not be successful from the time of placing your order to receiving your pizza, if not for our way of ordering channels from placing an in-store order to calling and ordering online or in-house developed website apps and order-taking platforms that really support the business 24 hours a day, seven days a week for both brands. And with the rollout of our visual delivery tracking feature, a similar interface that we would see on third-party platforms, we're able to improve our customer experience, and the average speed of delivery this year is significantly better than a year ago. As we look towards rebuilding our loyalty program and improving our customer experience, we are currently redesigning and enhancing our web and app extensions for customers. These enhancements will not just improve the speed and simplicity of ordering, they will improve our loyalty functionality and data-driven insights. We'll continue to further distance ourselves from the competition with our ongoing tech advantage with more customer-focused capabilities as time goes on. Please stay tuned for future updates earlier next year. Before I turn things over to Christine, just wanted to discuss our restaurant network growth. We entered the second quarter with a total of 811 locations in Canada. We're really excited for achieving the 800-location milestone. 706 of our Pizza Pizza sites and 105 are Pizza 73s. We opened four traditional and 10 non-traditional Pizza Pizza locations during the quarter. Meanwhile, at Pizza 73, we opened up two traditional locations. We also close one traditional and three non-traditional pizzas and one traditional pizza 73. While our growth has been a little slower than in the past, we're also being a lot more discerning about where we grow and how we grow. That said, we do expect to pick up the pace of growth in the last quarter of this year as we still expect to grow our traditional business, our traditional network by 2 to 3%. While we continue our restaurant development, we also continue exciting one of those same programs and refresh programs with our traditional core business. We have over 95% of our traditional pizza, pizza stores having the new look. Our restaurant features have a refresh on the interior and exterior and significant upgrades made in regards to equipment, such as more efficient ovens, digital menu boards, and further in-store technology. As I close off here, we are now in our busiest quarter of the year, and we'll see us continue to leverage our brand assets, our strengths, as we implement new and timely promotions backed by our core product propositions, ongoing menu innovations, conveniently located restaurants, and an award-winning tech platform, and a fully staffed and led customer contact center. We look forward to closing off the year in strong, fine form. Thank you for listening, and now I'll hand things over to Christine DeSilva, our Chief Financial Officer, and she'll provide an update on our details on our financials.