Marc Guay

Well, welcome, everybody. Good morning. Welcome to the 2026 Annual General and Special Meeting of Unitholders of Boston Pizza Royalties Income Fund. My name is Marc Guay, and I am a trustee of the Fund. I would like to call the 2026 Annual General and Special Meeting of the Unitholders of Boston Pizza Royalties Income Fund to order.

As a trustee of the fund, I will act as Chair of this meeting. Jonathan Jeske of Boston Pizza International Inc. will act as Secretary of the meeting. Also Yanni Yu of Computershare Investor Services will act as scrutineer for this meeting.

I would like to welcome and thank you for taking the time to attend this meeting. Before proceeding with the formal business of the meeting, I would like to introduce the other trustee of Boston Pizza Royalties Income Fund, who is in attendance, Shelley Williams, Trustee. I would also like to note that Paulina Hiebert, Trustee is unable to attend today’s meeting due to medical reasons. On behalf of the fund, we extend our best wishes to Paulina and look forward to her return.

In addition, I would like to introduce the following representative of Boston Pizza International, who is participating in today’s meeting: Mr. Jordan Holm, President of BPI and Boston Pizza GP. I have before me an affidavit from [ Michael Kim ] of Computershare attesting that the notice calling this meeting together with the management information circular were mailed to registered shareholders and intermediaries in accordance with the National Instrument 54-101.

Therefore, I conclude that the meeting has been properly called. With your consent, I will not read the formal notice of meeting that was sent to unitholders. — your

A washout spring has done more damage to Britain’s supermarket tills than any World Cup win, according to the boss of Tesco, after the country’s biggest retailer saw UK sales growth more than halve over a quarter blighted by rain and the fallout from the Middle East conflict.

Ken Murphy, chief executive of Tesco, said the grey, wet conditions that dominated much of this spring, set against a long run of sunshine a year earlier, had weighed on shopping habits far more heavily than either the football or the Iran war, even if the latter had created “ongoing uncertainty for many households”.

“The biggest impact on the market would be the weather,” Murphy said, with sunshine encouraging households to “eat together more, celebrate more and spend more on groceries”. On the tournament itself, he was warmer still: “It will be fantastic for the country if [England and Scotland] did well. It would give the country a real lift.”

There were, at least, flashes of the feel-good factor in the numbers. Sales through Tesco’s Whoosh rapid-delivery service jumped 40% around the England-Croatia game on Wednesday night, and climbed even faster in Scotland around Sunday’s win over Haiti. Sales of Irn-Bru, the fizzy drink beloved north of the border, rose by 50%, while canned cocktails surged 185% before the Haiti match. “The weather effect is the big difference,” Murphy insisted.

The retailer’s caution chimes with the wider read on the tournament. Football fans are expected to deliver a £267.7m boost to retail sales ahead of England’s second World Cup match on Tuesday evening, with close to £70m forecast to be spent in pubs and other venues, according to research from GlobalData for VoucherCodes. Industry forecasters have separately pencilled in a far larger windfall across the whole competition, with analysis published by The Grocer pointing to a record £2.9bn boost for UK retailers over the course of the tournament.

Yet the lessons of recent tournaments temper the optimism. Data from Euro 2024, in which England reached the final, suggests the overall sales uplift for supermarkets during a major championship is likely to be marginal. The market research firm Circana said cost-of-living pressures, heavy discounting and more time spent at home meant households were unlikely to spend “much more” than usual on food and drink. It is a pattern Business Matters has tracked before, with pubs, bookmakers and takeaways tipped to capture the lion’s share of the World Cup spend.

Tesco said comparable sales rose 1.8% to £13.4bn in the three months to the end of May, well below both the 4.2% logged in the previous quarter and the 2.3% growth City analysts had pencilled in. The figures were flattered by an 8.9% rise in online sales, with group sales up 1% to £16.8bn.

Murphy said consumer confidence remained low amid worries over the Middle East conflict, which has pushed up petrol prices and threatens to feed through to household energy bills later this year, though he stressed this had not yet translated into any significant change in shopping behaviour.

The chief executive added that growth had also been dampened by slowing grocery inflation, as the price of commodities such as coffee and cocoa eased and many food producers put measures in place to shield themselves from the earlier surge in energy costs. He said he did not expect grocery inflation to climb to the 9% levels suggested by some industry bodies, and that pump prices were “falling as we speak” amid hopes of a lasting peace deal between the US and Iran. The sensitivity of the basket to the seasons is well established, with a record May heatwave having lifted UK retail sales by 3.7% only weeks earlier.

Tesco said it had extended its pledge to match German discounter Aldi on leading lines to more than 2,000 of its smaller Express stores and had launched 520 new products, leaving it “well placed to build on our progress to date”. The renewed emphasis on price echoes the discounting battle the chain flagged heading into Christmas, as household budgets stayed under strain.

Not every corner of the business held up. Sales at Tesco’s Booker wholesale arm fell 3.2%, with takings from independent retailers and catering businesses sliding amid tough conditions on the high street.

Tesco, which holds its annual shareholder meeting later on Thursday, said it still expected to meet profit forecasts for the year, with analysts looking for around £3.25bn. Even so, the shares fell 2.4% in early trading. In April, the retailer warned of a possible dip in annual profits, which would mark the first fall since 2023. Reuters reported that the group’s Irish arm grew like-for-like sales by 3.3% to €967m over the same period, a reminder that the wider group is still expanding.

In the year to 28 February, profits rose 8.5% to £2.4bn as sales grew 4.3% to £66.6bn, including strong growth in the UK.

Paul Jones

Harvard alumni and former New York Times journalist. Editor of Business Matters for over 15 years, the UKs largest business magazine. I am also head of Capital Business Media’s automotive division working for clients such as Red Bull Racing, Honda, Aston Martin and Infiniti.

Apple is poised for one of its most consequential fall product launches in years, with the iPhone 18 Pro, iPhone 18 Pro Max, and the company’s long-anticipated first foldable iPhone all expected to go on sale in September 2026 — a trifecta of hardware that insiders and analysts say signals a fundamental shift in Apple’s smartphone strategy.

The launch cycle was effectively set in motion on June 8 at Apple’s Worldwide Developers Conference, where the company unveiled iOS 27 and released its first developer beta. The public beta is expected to go live in July, aligning with last year’s schedule and keeping the iPhone release timetable firmly on track.

A September Keynote — With a Twist

The special event keynote, where the new devices will be unveiled, is tentatively set for Wednesday, September 9, to avoid the Labor Day holiday on September 7. Apple rarely holds a keynote the day after a holiday, as it requires flying press and special guests to Cupertino.

If the announcement happens on Wednesday, September 9, pre-orders would begin on September 11, and new models would arrive on Friday, September 18. That timeline would represent a near-exact repeat of the previous year’s cadence, offering consumers and investors a predictable window for Apple’s biggest revenue quarter.

There is a caveat: if there are production hurdles with the foldable phone, possibly called the iPhone Ultra, that model may be announced alongside the iPhone 18 Pro and Pro Max but held back from going on sale by a few weeks — a strategy Apple employed with the Face ID-equipped iPhone X in 2017.

A Split Lineup Unlike Any Before

Perhaps the most significant strategic departure is not the hardware itself, but who gets it and when. Rather than launching the entire iPhone 18 lineup at once, Apple is reportedly planning to release only its premium models in September 2026 — the iPhone 18 Pro, iPhone 18 Pro Max, a new foldable iPhone, and potentially an updated iPhone Air — while the standard iPhone 18 and iPhone 18e would follow in spring 2027.

If accurate, this would mark the biggest change to Apple’s iPhone launch schedule since the lineup expanded beyond a single annual release. The move would effectively ensure that every device introduced at the September event starts at $999 or more, concentrating Apple’s flagship push squarely on the premium segment during the critical holiday shopping season.

The strategy reflects Apple’s shift toward premium positioning in its primary launch window and its focus on maximizing the debut impact of its first foldable device.

The A20 Chip and Under-Display Face ID

On the hardware side, the iPhone 18 Pro and Pro Max are expected to arrive with several meaningful upgrades. The anticipated launch will feature Apple’s new 2nm A20 chip, promising roughly 15% faster performance compared to the A19 Pro, along with improved efficiency for Apple Intelligence features, Apple’s new C2 modem, and a shift to under-display Face ID technology that will shrink the Dynamic Island for the first time.

Screen sizes are expected to remain unchanged at 6.3 inches for the Pro and 6.9 inches for the Pro Max.

The most talked-about camera upgrade is a variable aperture system on the Pro Max — a first for any iPhone. Where every previous iPhone camera has operated with a fixed aperture and relied on software to compensate for varying light conditions, the variable aperture mechanism would allow real hardware control over depth of field and low-light performance.

iOS 27 beta updates have also pointed to significant Siri AI upgrades and a further-refined Dynamic Island design.

New Colors, Familiar Frame

A Macworld source confirmed in April 2026 that there will be a new Dark Cherry color for the 2026 iPhone Pro, replacing the iPhone 17 Pro’s Cosmic Orange option. Other shades are said to include Light Blue, Dark Gray, and Silver.

The titanium frame and triple-lens camera layout will carry over from the iPhone 17 Pro. This is not a redesign year — it is an internals year.

Apple’s First Foldable iPhone

Alongside the Pro lineup, Apple’s first foldable iPhone is expected to debut in September with the iPhone 18 Pro and Pro Max. It is said to be a book-style foldable with a wide 4:3 aspect ratio, diverging from the more square design associated with Samsung’s Galaxy Z Fold line.

Samsung Display has secured an exclusive deal to produce the foldable OLED panels, and Apple has reportedly finalized its design ahead of mass production. The device is widely expected to carry a price tag above $2,000.

Whether the folding model launches simultaneously with the Pro devices or follows weeks later will be revealed at the keynote. Industry analysts caution that first-generation foldable devices typically see more meaningful refinements in follow-up releases, a dynamic that early adopters will need to weigh.

iOS 27 and the Road to General Release

The iOS 27 software will move from developer and public betas to general release around the Monday following the keynote. If the keynote takes place on September 9, the software is expected to land on September 14 or 15, making it available to any iPhone 11 or later.

First reviews of the new iPhones are expected to appear on or around September 15 or 16, with Apple likely sending early review units out to a small number of media on the day of the keynote to allow time for in-depth testing.

What It Means for Consumers

For buyers who typically choose the base iPhone model, the message from Apple this fall is straightforward: wait until spring 2027. For buyers on an iPhone 15 or older, or those who want the Pro model, September 2026 represents a genuine generational leap — the 2nm chip, the C2 modem, and under-display Face ID together constitute the most substantive hardware advance in several years.

Apple has not confirmed any details about the iPhone 18 lineup. The company is expected to make official announcements at its September special event.