Exceeds expectations with strong adjusted EBITDA¹ and reaches record revenues

• Revenues increased 7.9% to $108.2 million in the third quarter of 2025 from $100.3 million in the third quarter of 2024;
• Organic growth of 3.5% year-over-year in Broadcast and Recurring Commercial Music Revenues largely driven by FAST channel sales;
• Adjusted EBITDA⁽¹⁾ improved 9.0% to $42.1 million in the third quarter of 2025 from $38.6 million in the third quarter of 2024. Adjusted EBITDA by segment was $31.6 million or 43.7% of revenues for Broadcasting and Commercial Music, $12.5 million or 34.8% of revenues for Radio, and $(2.0) million for Corporate;
• Net income totaled $15.7 million, or $0.23 per share⁽¹⁾, in the third quarter of 2025 compared to $9.1 million, or $0.13 per share⁽¹⁾, in the third quarter of 2024;
• Adjusted Net income⁽¹⁾ amounted to $23.4 million, or $0.34 per share⁽¹⁾, in the third quarter of 2025 compared to $18.5 million, or $0.27 per share⁽¹⁾, in the same period last year;
• Cash flow from operating activities increased 14.5% to $35.4 million, or $0.51 per share⁽¹⁾, in the third quarter of 2025 from $30.9 million, or $0.45 per share(1), in the third quarter of 2024;
• Adjusted free cash flow⁽¹⁾ decreased 10.9% to $28.6 million, or $0.42 per share(1), in the third quarter of 2025 from $32.1 million, or $0.47 per share⁽¹⁾, in the third quarter of 2024;
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio dropped at 2.54x in the third quarter of 2025 compared to 2.99x in the same period in 2024; and
• Repurchased and cancelled 271,200 shares for a total of $2.0 million in the third quarter of 2025 compared to 372,400 shares for a total of $1.9 million in the third quarter of 2024.

Montreal, February 4, 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 third quarter of fiscal 2025 ended December 31, 2024

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Contact Information

Mathieu Péloquin
Senior Vice-President, Marketing and Communications
Stingray
(514) 664-1244, ext. 2362
[email protected]