Adjusted EBITDA for the Broadcasting and Commercial Music Division up by 40.6% in the fourth
quarter.

Fourth Quarter Highlights

• Organic growth of 3.3% year-over-year in Broadcast and Recurring Commercial Music Revenues(1),including 7.6% in the United States;
• Revenues increased 8.7% to $78.9 million from $72.6 million;
• Adjusted EBITDA(2) increased 26.4% to $26.6 million from $21.0 million. Adjusted EBITDA(2) by segment was $20.4 million or 40.8% of revenues for Broadcasting and Commercial Music, $7.7 million or 26.6% of revenues for Radio and $(1.5) million for Corporate;
• Net income was $4.4 million ($0.06 per share) compared to $4.5 million ($0.06 per share);
• Adjusted Net income(2) increased 24.5% to $14.7 million ($0.21 per share) from $11.8 million ($0.17 per share);
• Cash flow from operating activities increased 24.5% to $27.6 million ($0.40 per share) from $22.1 million ($0.31 per share);
• Adjusted free cash flow(2) increased 26.0% to $14.9 million ($0.21 per share) from $11.8 million ($0.17 per share);
• Net debt to Pro Forma Adjusted EBITDA(2) ratio of 3.19x, compared to 3.16x; and
• 53,300 shares were repurchased and cancelled for a total of $0.3 million compared to 80,200 shares for a total of $0.6 million.

Full Year Highlights

• Organic growth of 7.5% year-over-year in Broadcast and Recurring Commercial Music Revenues(1), including 17.9% in the United States;
• Revenues increased 14.6% to $323.9 million from $282.6 million;
• Adjusted EBITDA(2) increased 15.0% to $114.1 million from $99.3 million. Adjusted EBITDA(2) by segment was $76.7 million or 39.3% of revenues for Broadcasting and Commercial Music, $42.9 million or 33.3% of revenues for Radio and $(5.5) million for Corporate;
• Net income was $30.1 million ($0.43 per share) compared with $33.3 million ($0.47 per share);
• Adjusted Net income(2) of $55.2 million ($0.79 per share) compared with $56.4 million ($0.79 per share);
• Cash flow from operating activities increased 3.9% to $86.9 million ($1.25 per share) from $83.7 million ($1.17 per share);
• Adjusted free cash flow(2) increased 11.8% to $63.7 million ($0.90 per share) from $56.9 million ($0.80 per share);
• 786,100 shares repurchased and cancelled for a total of $4.4 million compared to 2,106,000 shares for a total of $15.0 million.

Montreal, June 6, 2023 – Stingray Group Inc. (TSX: RAY.A; RAY.B) (the “Corporation”; “Stingray”), a leading
distributor of audio and video music brands in the world, today announced its financial results for the fourth quarter
and fiscal year ended March 31, 2023.

Read the full press release