SIR Royalty Income Fund · TSX:SRV.UN
SIR Royalty Income Fund — Investor Presentation (April 2026)
21 slides from SIR Royalty Income Fund's investor presentation, April 2026
Slide 1: SIR Royalty Income Fund Investor Presentation – April 2026
SIR Royalty Income Fund Investor Presentation – April 2026
Slide 2: Forward-Looking Information / Non-IFRS Measures
Forward-Looking Information / Non-IFRS Measures Certain statements contained in this report, or incorporated herein by reference, including the information set forth as to the future financial or operating performance of the SIR Royalty Income Fund (the “Fund”) or SIR Corp. (“SIR”), that are not cur
Slide 3: Overview
Overview SIR Royalty Income Fund (TSX: SRV.UN) SIR Corp. (“SIR”) is a leading Canadian operator of • IPO: October 2004 casual and fine dining restaurants • Market capitalization: ~ $131 million • 55 restaurants, primarily in Ontario • Recent close: $15.48 (April 10, 2026) • 7 restaurant brands / 6 b
Slide 4: Sources of Fund Income
Fund Unitholders Sources of Fund Income Monthly Distributions Interest Income SIR Royalty from SIR Loan Income Fund Distribution Income Restaurant Operations 6% Royalty on SIR Royalty Pooled Revenue Limited Partnership The above illustration is for descriptive purposes only and is qualified in its e
Slide 5: Board of Trustees
Board of Trustees Name & Domicile Principal Occupation Stephen Dewis ¹ ³ Corporate Director / Former Partner at Ernst & Young LLP Ontario, Canada Michael Fisher ¹ ² ³ Corporate Director / Former Global Head of Trading for Fixed Income, Ontario, Canada Currencies and Commodities, BMO Capital Markets
Slide 6: Experienced Management Team with Strong Alignment of Interests
Experienced Management Team with Strong Alignment of Interests Peter Fowler, CEO Paul Bognar, President & COO • Director of SIR Corp. since 1992 • Joined SIR Corp. in 2012 • CEO since 2004 and the largest shareholder of SIR Corp. • Head of Marketing, Human Resources, Finance, IT and – Helped create
Slide 7: Benefits of SIR Corporate Ownership Model
Benefits of SIR Corporate Ownership Model • Ability to implement consistent, best practices across restaurant network Control • Coordination of roll-out of new restaurant locations and food & beverage offerings • Leverage supplier relationships and delivery logistics • Unlike franchises, changes can
Slide 8: Brand Diversification High-Traffic Locations
Brand Diversification High-Traffic Locations Square One, Mississauga Scarborough Town Centre Front Street, Toronto Toronto Airport Sherway Gardens Vaughan Richmond Hill Whitby Diverse portfolio of brands enables SIR to locate more than one brand at prime, high-traffic locations 7
Slide 9: 52 Royalty Pooled Restaurants (effective Jan. 1, 2026)
52 Royalty Pooled Restaurants (effective Jan. 1, 2026) Locations in Ontario: 29 1 1 14 1 Greater Quebec Montreal 3 Nova Scotia Ottawa Ontario Halifax 2 Kingston Barrie Greater Newfoundland Toronto 1 St. John’s London 8
Slide 10: Investing in Existing Restaurants
Investing in Existing Restaurants Jack Astor’s renovation program implements a refreshing, more contemporary and immersive guest- facing experience SIR’s new Freida’s Beverage Kitchen concept unveiled at Jack Astor’s locations in Barrie and Oshawa, ON 18 Jack Astor’s renovated since pandemic restric
Slide 11: Investing in Existing Restaurants
Investing in Existing Restaurants Cumulative Renovations & Enhancements Completed 120 100 80 60 40 20 0 20 26 30 32 32 35 40 43 47 50 54 60 68 74 78 78 79 84 94 97 98 0 10
Slide 12: Investing in New Restaurants
Investing in New Restaurants • Three new Scaddabush restaurants added to Royalty Pool in January 2025 • “Edna + Vita”, a new Italian-themed, fine-dining restaurant added to Royalty Pool in January 2025 • New Scaddabush in Barrie, Ontario added to Royalty Pool in January 2026 • New Jack Astor’s in Os
Slide 13: Investing in New Restaurants
Investing in New Restaurants # of Royalty Pooled Restaurants 60 50 40 30 20 10 34 34 36 38 39 45 45 46 47 49 53 55 57 57 57 57 58 56 51 51 49 52 52 0 12
Slide 14: Historical Pooled Revenue
Historical Pooled Revenue 300,000 300,114 284,333 283,034 282,245 278,035 267,601 266,015 250,000 257,878 254,958 240,679 234,667 ($ millions) 215,822 200,000 209,187 COVID-19 199,647 194,143 Pandemic 175,030 150,000 163,353 149,529 136,937 130,246 120,013 100,000 50,000 0 2005 2006 2007 2008 2009 2
Slide 15: Cumulative Cash Distributions & Adjustments Since Inception
Cumulative Cash Distributions & Adjustments Since Inception Distributions suspended from April 2020 to July 2021 due to Special distributions ⁴ ⁵ ⁶ 7 180.0 5.3% increase pandemic to distributions 16.7% reduction to 160.0 distributions ³ 165.7 5% increase 155.6 140.0 8% increase to distributions 146.
Slide 16: Q4 2025 Financial Review
Q4 2025 Financial Review (Three months ended December 31) Pooled Revenue ($ millions) Net Earnings ($ millions) 1 Same Store Sales (“SSS”) 8.0% 4.0 80 2.8 73.1 3.0 2.2 70 2.0 62.3 The increase in consolidated SSS in Q4 1.0 60 2025 reflects SSS growth of 8.7% at Jack 0.0 Astor’s, 6.0% at Scaddabush a
Slide 17: 2025 Financial Review
2025 Financial Review (12 months ended December 31) Pooled Revenue ($ millions) Net Earnings ($ millions) 1 Same Store Sales 12.0 2.8% 14.0 300 282.2 12.0 8.5 10.0 255.0 8.0 250 6.0 4.0 The increase in consolidated SSS in 2.0 2025 reflects SSS growth of 1.5% at 0.0 200 Jack Astor’s, 5.9% at Scaddabu
Slide 18: 61.5% of Royalty Pooled Revenue in 2025
61.5% of Royalty Pooled Revenue in 2025 Pooled Revenue 38 37 37 37 36 40 # of restaurants in Royalty Pool $200,000 35 30 $189,497 $150,000 $179,747 $177,384 $176,068 25 ($000s) 20 $100,000 $104,713 15 $50,000 10 5 $- 0 2021 2022 2023 2024 2025 Same Store Sales 71.6% 17.9% 5.4% -5.7% 1.5% 2021 2022 2
Slide 19: 30.6% of Royalty Pooled Revenue in 2025
30.6% of Royalty Pooled Revenue in 2025 Pooled Revenue 100,000 13 14 # of restaurants in Royalty Pool 90,000 13 12 80,000 10 10 11 9 9 $86,048 10 ($000s) 70,000 9 60,000 8 50,000 $63,726 7 $57,400 6 40,000 5 30,000 $45,580 4 20,000 3 $26,966 2 10,000 1 0 0 2021 2022 2023 2024 2025 Same Store Sales 6
Slide 20: 7.9% of Royalty Pooled Revenue in 2025
7.9% of Royalty Pooled Revenue in 2025 Pooled Revenue 4 4 30,000 4 # of restaurants in Royalty Pool 25,000 3 3 3 20,000 2 $20,129 ($000s) 15,000 $19,117 2 10,000 $14,693 $13,848 1 5,000 $4,229 0 0 2021 2022 2023 2024 2025 Same Store Sales 251.3% -12.8% 16.4% 12.4% 4.8% 2021 2022 2023 2024 2025 19
Slide 21: Outlook
Outlook • SIR remains focused on quality, continuous innovation and service excellence • Corporate ownership model enables rapid implementation of performance- enhancing initiatives • Distribution increases in July 2025 and January 2026, as well as special year- end distribution in December 2025, re
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