Adjusted EBITDA up 10.7% and significant improvement to the Net debt to EBITDA Ratio

• Organic growth of 9.4% year-over-year in Broadcast and Recurring Commercial Music Revenues;
• Revenues improved 6.0% to $83.7 million from $78.9 million;
• Strong performance of the Radio Division with a revenue growth of 4.7% compared to last year, outperforming peers in the Canadian market;
• Adjusted EBITDA⁽¹⁾ increased 10.7% to $29.4 million from $26.6 million. Adjusted EBITDA(1) by segment was $22.7 million, or 42.5% of revenues, for Broadcasting and Commercial Music, $8.2 million, or 27.1% of revenues, for Radio and $(1.5) million for Corporate;
• Net loss totaled $46.3 million due to a one-time non-cash impairment of $56.1 million of the goodwill related to the Radio segment ($0.67 per share) compared to Net income of $4.4 million ($0.06 per share);
• Adjusted Net income⁽¹⁾ rose to $15.4 million ($0.22 per share) from $14.7 million ($0.21 per share);
• Cash flow from operating activities grew 60.7% to $44.3 million ($0.64 per share(1)) from $27.6 million ($0.40 per share(1));
• Adjusted free cash flow⁽¹⁾ increased 2.4% to $15.3 million ($0.22 per share) from $14.9 million ($0.21 per share);
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio of 2.76x compared to 3.19x last year;
• 784,423 streaming subscribers, down 3.9% over Q4 2023; and
• Repurchased and cancelled 57,600 shares for a total of $0.4 million compared to 53,300 shares for a total of $0.3 million.

Montreal, June 4, 2024 – 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, 2024.

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Contact Information

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