Sustained Momentum with a Third Year of Diversified Growth and Solid Financial Strength

Fourth Quarter Highlights

• Organic growth of 16.1% year-over-year in Broadcast and Recurring Commercial Music Revenues;
• Revenues increased 14.8% to $96.0 million in the fourth quarter of 2025 from $83.7 million in the fourth quarter of 2024;
• Net income totaled $7.7 million, or $0.11 per share, in the fourth quarter of 2025 compared to a Net loss of $46.3 million, or $0.67 per share, in the same period in 2024;
• Adjusted EBITDA⁽¹⁾ grew 19.0% to $35.0 million in the fourth quarter of 2025 from $29.4 million in the fourth quarter of 2024. Adjusted EBITDA⁽¹⁾ by segment was $28.1 million, or 43.6% of revenues for Broadcasting and Commercial Music, $8.6 million or 27.3% of revenues for Radio, and $(1.7) million for Corporate;
• Adjusted Net income⁽¹⁾ improved to $18.6 million, or $0.27 per share, in the fourth quarter of 2025 from $15.4 million, or $0.22 per share, in the same period in 2024;
• Cash flow from operating activities decreased 10.3% to $39.7 million, or $0.58 per share⁽¹⁾, in the fourth quarter of 2025 from $44.3 million, or $0.64 per share⁽¹⁾, in the fourth quarter of 2024;
• Adjusted free cash flow⁽¹⁾ rose 17.8% to $18.4 million, or $0.27 per share, in the fourth quarter of 2025 from $15.6 million, or $0.23 per share, in the same period in 2024;
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio decreased to 2.28x compared to 2.76x last year; and
• Repurchased and cancelled 275,000 shares for a total of $2.3 million in the fourth quarter of 2025 compared to 57,600 shares for a total of $0.4 million in the same period in 2024.

Full Year Highlights

• Organic growth of 12.3% year-over-year in Broadcast and Recurring Commercial Music Revenues;
• Revenues increased 12.0% to $386.9 million in 2025 from $345.4 million in 2024;
• Net income totaled $36.4 million, or $0.53 per share, in 2025 compared to a Net loss of $13.7 million, or $0.20 per share, in the same period last year;
• Adjusted EBITDA⁽¹⁾ improved 13.0% to $142.2 million in 2025 from $125.9 million in 2024. Adjusted EBITDA⁽¹⁾ by segment was $107.6 million or 42.3% of revenues for Broadcasting and Commercial Music, $42.1 million or 31.8% of revenues for Radio, and $(7.5) million for Corporate;
• Adjusted Net income⁽¹⁾ increased to $72.7 million, or $1.05 per share, in 2025 compared to $60.3 million, or $0.87 per share, in the same period last year;
• Cash flow from operating activities decreased 11.4% to $105.0 million, or $1.53 per share⁽¹⁾, in 2025 from $118.5 million, or $1.72 per share⁽¹⁾, in 2024;
• Adjusted free cash flow⁽¹⁾ rose 3.5% to $83.6 million, or $1.21 per share, in 2025 from $80.8 million, or $1.17 per share, in the same period last year; and
• Repurchased and cancelled 1,186,800 shares for a total of $9.1 million in 2025 compared to 557,500 shares for a total of $2.9 million in 2024.

Montreal, June 10, 2025 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), an industry leader in music and video content distribution, business services, and advertising solutions, announced today its financial results for the fourth quarter and fiscal year ended March 31, 2025.

Read the full press release

Contact Information

Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
(514) 664-1244, ext. 2362
mpeloquin@stingray.com