The following is a summary of the A&W Revenue Royalties Income Fund (AWRRF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 royalty income increased slightly to $13.74 million from $13.71 million in Q3 2023, despite a decrease in guest count being partially offset by a rise in average check size.

• Dispersible cash generated in Q3 2024 was $9 million, compared to $11.1 million in Q3 2023, affected by non-recurring costs of $2.5 million related to a major transaction.

• Year-to-date royalty income for 2024 rose to $38.26 million, driven by 10 new restaurants added to the Royalty Pool.

Business Progress:

• Transaction approved where Food Services will acquire all units of the Fund and form a new publicly traded company, symbol AW, on TSX starting October 18, 2024.

• The company released unaudited interim financial statements and detailed presentations on their upcoming transformation on their website.

Opportunities:

• Transaction expected to leverage strategic growth opportunities for the new combined company, as indicated by the overwhelming unitholder approval (99.2% in favor).

Risks:

• Economic pressures such as increased interest rates and inflation caused a decrease in guest counts, indicating a potential continued impact on consumer discretionary spending.

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