Record Annual Franchise Sales
Boston Pizza Restaurants achieved the highest annual total franchise sales in brand history: $976.3 million for FY2025, up 4.8% versus FY2024 ($931.7 million).
Strong Quarterly and Same-Restaurant Sales Momentum
Royalty Pool franchise sales for Q4 were $244.4 million (up 4.3% vs Q4 2024). Same-restaurant sales (SRS) were 3.7% for Q4 and 4.7% for the year, driven by takeout/delivery momentum, promotions, and playoff-related traffic.
Increases in Royalty and Distribution Income
Royalty income rose to $9.8 million in Q4 ($39.1 million for the year) from $9.4 million Q4 2024 ($37.3 million for the year). Distribution income was $3.2 million in Q4 ($12.8 million for the year) versus $3.1 million Q4 2024 ($12.2 million).
Higher Net and Comprehensive Income
Fund net and comprehensive income increased to $11.1 million in Q4 2025 (from $6.6 million in Q4 2024) and $42.2 million for the year (from $31.9 million in 2024). Q4 increase driven primarily by a $5.7 million fair value gain.
Growth in Distributable Cash and Per-Unit Metrics
Distributable cash rose to $7.9 million in Q4 (up 5.1% vs Q4 2024) and $31.6 million for the year (up 4.1% vs 2024). Distributable cash per unit increased to $0.369 in Q4 (+5.1%) and $1.487 for the year (+4.1%).
Operating Cash Flow Improvement
Cash flows from operating activities increased to $9.9 million in Q4 (from $9.4 million) and $39.7 million for the year (from $38.1 million), supporting distributable cash growth.
Capital Investment and Brand Enhancements
Forty restaurant renovations completed in 2025 (9 in Q4), up from 28 in the prior year, with continued franchisee engagement and audiovisual and guest-facing upgrades planned.
Successful Marketing and Menu Innovations
Game day and holiday promotions (e.g., Pepperoni Stinger Pizza, Stuffed Crust Mozza Sticks) and gift-card incentives drove guest engagement; new items became core menu offerings and promotions were supported by TV, digital and social media.
Return of Growth Pipeline for 2026
While no new restaurants opened in 2025, the company has projects underway (notably in BC and Ontario) and a renewed pipeline of development opportunities, indicating expected openings in 2026.
Special and Ongoing Distributions
A special cash distribution of $0.11 per unit was declared and paid in Dec 2025 in recognition of record franchise sales; trustees approved a monthly cash distribution of $0.12 per unit for Jan 2026 to be paid in Feb 2026.