Broadcast and Commercial Music Revenues Achieve Fourth Consecutive Quarter of Double-Digit Organic Growth

• Organic growth of 15.6% year-over-year in Broadcast and Recurring Commercial Music Revenues largely driven by FAST channel sales;
• Revenues increased 13.4% to $93.6 million in the second quarter of fiscal 2025 from $82.5 million in the second quarter of 2024;
• Adjusted EBITDA⁽¹⁾ grew 15.2% to $34.0 million in the second quarter of 2025 from $29.5 million in the second quarter of 2024. Adjusted EBITDA by segment was $25.0 million or 41.0% of revenues for Broadcasting and Commercial Music, $11.0 million or 33.7% of revenues for Radio, and $(2.0) million for Corporate;
• Net income decreased to $5.8 million, or $0.08 per share, in the second quarter of 2025 from $9.4 million, or $0.14 per share, in the second quarter of 2024;
• Adjusted Net income⁽¹⁾ improved to $16.7 million, or $0.24 per share, in the second quarter of 2025 from $14.6 million, or $0.21 per share, in the same period of 2024;
• Cash flow from operating activities totaled $19.2 million, or $0.28 per share, in the second quarter of 2025 compared to $19.1 million, or $0.28 per share, in the second quarter of 2024;
• Adjusted free cash flow⁽¹⁾ reached $21.1 million, or $0.31 per share, in the second quarter of 2025 compared to $14.6 million, or $0.21 per share, in the same period of 2024;
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio attained 2.72x in the second quarter of 2025 compared to 3.19x in the second quarter of 2024; and
• Repurchased and cancelled 333,400 shares for a total of $2.5 million in the second quarter of 2025 compared to 119,800 shares for a total of $0.6 million in the second quarter of 2024.

First quarter highlights

• • Revenues increased 12.8% to $89.1 million in the first quarter of fiscal 2025 from $79.0 million in the first quarter of 2024;
  • Adjusted EBITDA⁽¹⁾ improved 9.9% to $31.1 million in the first quarter of 2025 from $28.3 million in the first quarter of 2024.

Adjusted EBITDA⁽¹⁾ by segment was $23.0 million or 40.4% of revenues for Broadcasting and Commercial Music, $9.9 million or 30.8% of revenues for Radio, and $(1.8) million for Corporate;

• Net income totaled $7.3 million, or $0.11 per share, in the first quarter of 2025 compared to $14.1 million, or $0.20 per share, in the first quarter of 2024;
• Adjusted net income⁽¹⁾ increased 17.2% to $13.9 million, or $0.20 per share, in the first quarter of 2025 from $11.9 million, or $0.17 per share, in the same period of 2024;
• Cash flow from operating activities amounted to $10.8 million, or $0.16 per share, in the first quarter of 2025 compared to $24.3 million, or $0.35 per share, in the first quarter of 2024;
• Adjusted free cash flow⁽¹⁾ reached $15.5 million, or $0.22 per share, in the first quarter of 2025 compared to $18.5 million, or $0.27 per share, in the same period last year;
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio attained 2.77x in the first quarter of 2025 compared to 3.28x in the first quarter of 2024; and
• Repurchased and cancelled 307,200 shares for a total of $2.3 million in the first quarter of 2025.

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

Fourth quarter highlights

• 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.