"We ended the year with strong fourth quarter performance, highlighted by Pooled Revenue growth of 17.4% compared to Q4 last year and same store sales growth of 8.0%. Guest traffic increased at our restaurants, particularly in Toronto, supported by the postseason run of the Toronto Blue Jays, and we continue to benefit from the popularity of our Scaddabush brand," said Peter Fowler, CEO of SIR Corp. "Supported by the solid performance of the Royalty Pooled Restaurants, the Fund Trustees approved a special year-end cash distribution to unitholders in December 2025, as excess distributable cash was available, and subsequently approved a 5% increase to monthly unitholder distributions in January 2026."
"We remain focused on growing the Royalty Pool. In January 2026, the new Scaddabush location in Barrie was added, meaning that all 14 Scaddabush locations are now part of the Royalty Pool. And in January 2027, the new Jack Astor's restaurant in Oshawa, which includes the Freida's Beverage Kitchen concept, is expected to be added to the Royalty Pool," continued Mr. Fowler. "With three new Scaddabush restaurants currently planned, and the recent successful addition of the Freida's concept to our Jack Astor's locations in Barrie and Oshawa, we believe that we are well positioned to drive further value for Fund unitholders going forward."
Q4 2025 Summary
Pooled Revenue totaled $73.1 million, an increase of 17.4% compared to $62.3 million for the three months ended December 31, 2024 ("Q4 2024").
Royalty income in the SIR Royalty Limited Partnership (the "Partnership") increased to $4.4 million, from $3.7 million in Q4 2024.
Equity income from the Partnership, which represents the Fund's pro rata share of the residual distributions of the Partnership, increased to $2.8 million, from $2.6 million in Q4 2024.
The Royalty Pooled Restaurants (the "Royalty Pool") generated consolidated same store sales ("SSS")(1) growth of 8.0%.
Net earnings were $2.8 million compared to $2.2 million in Q4 2024.
Distributable cash(2) totaled $2.5 million, or $0.30 (basic and diluted) per Fund Unit, and cash distributed to unitholders totaled $2.8 million, representing a payout ratio(2) of 111.3%. The payout ratio(2) since the Fund's inception in 2004, up to and including Q4 2025, is 100.1%, in line with the Fund's target payout ratio(2) of 100% per annum.
On October 1, 2025, the Jack Astor's® location in Barrie, Ontario re-opened after being closed for 30 days for a major renovation and to train personnel on an entirely new service package, including new food and beverage menus. This re-opening included the unveiling of Freida's Beverage KitchenTM ("Freida's"), the new concept from SIR Corp ("SIR"). SIR has revamped the menu so that every dish is designed for sharing, including a new pizza category, making each meal at Jack Astor's and Freida's an event to mix, match, and indulge together. SIR has developed Freida's as a place where the art of cocktail creation is crafted and celebrated through iconic categories of Margaritas, Classics, Dirty Sodas and more.
On December 3, 2025, SIR opened a new Jack Astor's + Freida's location in Oshawa, Ontario. This new restaurant is expected to be added to the Royalty Pool effective January 1, 2027.
On December 10, 2025, the Fund declared a special year-end cash distribution of $0.035 per Fund unit, which was paid on December 31, 2025 to unitholders of record as at December 19, 2025.
2025 Summary
Pooled Revenue totaled $282.2 million, an increase of 10.7% compared to $255.0 for the year ended December 31, 2024 ("2024").
Royalty income in the Partnership increased to $16.9 million from $15.3 million in 2024.
Equity income from the Partnership increased to $11.1 million from $10.7 million in 2024.
The Royalty Pooled Restaurants had SSS(1) growth of 2.8%.
Net earnings were $8.5 million compared to $12.0 million in 2024.
Distributable cash(2) totaled $10.0 million, or $1.19 per Fund Unit (basic and diluted), and cash distributed to unitholders totaled $10.1 million, representing a payout ratio(2) of 101.3%.
SIR opened two new restaurants: a Scaddabush Italian Kitchen & Bar® ("Scaddabush") in Barrie, Ontario and the Jack Astor's + Freida's in Oshawa, Ontario noted above. SIR also closed the Jack Astor's location in the Greenfield Park neighbourhood of Longueuil, Quebec, and the Duke's Refresher® + Bar location at the corner of Queen Street East and Broadview Avenue in Toronto.
Subsequent Events
Effective January 1, 2026, the new Scaddabush location in Barrie, Ontario was added to the Royalty Pooled Restaurants, and the closed Jack Astor's location in Longueuil, Quebec was removed. The Royalty Pool currently consists of 52 restaurants, including: 35 Jack Astor's restaurants, 14 Scaddabush locations, Reds Square One®, The Loose Moose Tap + Grill® and Edna + Vita®.
On January 7, 2026, the Fund announced that its Board of Trustees approved a 5% increase to monthly unitholder cash distributions, resulting in an increase in the Fund's monthly cash distribution from $0.10 per Fund unit to $0.105 per Fund unit. The increase was effective for the distribution paid on January 30, 2026 to unitholders of record as at January 16, 2026.
2025 Financial Results Summary
($000s except restaurants and per Unit amounts) (audited)
Three-month period ended
12-month period ended
Dec. 31,
2025
Dec. 31,
2024
Dec. 31,
2025
Dec. 31,
2024
Royalty Pooled Restaurants
52
49
52
49
Pooled Revenue generated by SIR Corp.
73,123
62,271
282,245
254,958
Royalty income to Partnership, 6% of Pooled Revenue
4,388
3,729
16,935
15,297
Partnership income allocated to Fund
2,792
2,612
11,096
10,662
Change in estimated fair value of the SIR Loan
1,000
750
1,500
5,500
Net earnings
