SIR Royalty Income Fund · TSX:SRV.UN
SIR Royalty Income Fund — Investor Presentation (September 2026)
21 slides from SIR Royalty Income Fund's investor presentation, Sep 1, 2026
Slide 1: SIR Royalty Income Fund
SIR Royalty Income Fund Investor Presentation – September 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: ~ $128 million • 56 restaurants, primarily in Ontario • Recent close: $15.33 (September 1, 2026) • 7 restaurant brands /
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 Steven Pelton, President & COO • Director of SIR Corp. since 1992 • Joined SIR Corp. in July 2026 • CEO since 2004 and the largest shareholder of SIR Corp. • Head of Marketing, Human Resources, Finance, IT and – Helped
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 Renovation program implements a refreshing, more contemporary and immersive guest-facing experience SIR’s new complementary Freida’s Beverage Kitchen concept unveiled at select Jack Astor’s locations in Barrie, Oshawa and Richmond Hill, ON 19 Jack Astor’s renovated
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 99 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, ON added to Royalty Pool in January 2026 • New Jack Astor’s in Oshawa,
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: Q2 2026 Financial Review
Q2 2026 Financial Review (Three months ended June 30) Pooled Revenue ($ millions) Net Earnings ($ millions) 1 Same Store Sales (“SSS”) 90 4.0% 4.0 3.5 77.5 2.9 80 3.0 72.9 2.0 70 1.0 Consolidated SSS growth of 4.0% in Q2 2026 reflects SSS growth of 2.5% at Jack 60 0.0 Astor’s, 5.7% at Scaddabush and
Slide 17: YTD 2026 Financial Review
YTD 2026 Financial Review (six months ended June 30) Pooled Revenue ($ millions) Net Earnings ($ millions) 1 Same Store Sales 2.2% 6.0 160 5.0 4.6 4.3 143.5 137.7 4.0 140 3.0 2.0 Consolidated SSS growth of 2.2% in 120 1.0 YTD 2026 reflects SSS growth of 0.6% 0.0 at Jack Astor’s, 4.1% at Scaddabush 1
Slide 18: Jack Astor's: Pooled Revenue and Same Store Sales
60.0% of Royalty Pooled Revenue in YTD 2026 (six months ended June 30) Pooled Revenue 37 37 37 36 40 35 # of restaurants in Royalty Pool $200,000 35 30 $189,497 $150,000 $179,747 $177,384 $176,068 25 ($000s) 20 $100,000 15 $50,000 $86,106 10 5 $- 0 2022 2023 2024 2025 YTD 2026 Same Store Sales 71.6%
Slide 19: Scaddabush: Pooled Revenue and Same Store Sales
32.9% of Royalty Pooled Revenue in YTD 2026 (six months ended June 30) Pooled Revenue 100,000 14 15 # of restaurants in Royalty Pool 13 14 90,000 13 80,000 10 12 10 11 ($000s) 70,000 9 $86,048 10 60,000 9 8 50,000 $63,726 7 40,000 $57,400 6 30,000 $45,580 47,214 5 4 20,000 3 2 10,000 1 0 0 2022 2023
Slide 20: Signature Restaurants: Pooled Revenue and Same Store Sales
7.1% of Royalty Pooled Revenue in YTD 2026 (six months ended June 30) Pooled Revenue 4 30,000 4 # of restaurants in Royalty Pool 25,000 3 3 3 3 20,000 2 ($000s) $20,129 15,000 $19,117 2 10,000 $14,693 $13,848 $10,152 1 5,000 0 0 2022 2023 2024 2025 YTD 2026 Same Store Sales 251.3% 16.4% 12.4% 4.8% 7
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 the special year-end distribution in December 2025,
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