Stingray Group Inc.: Stingray Reports Second Quarter Results for Fiscal 2026

• Organic growth increased 16.7% year-over-year in Broadcast and Recurring Commercial Music Revenues;
• Revenues grew 21.0% to $113.3 million in the second quarter of 2026 from $93.6 million in the second quarter of 2025;
• Adjusted EBITDA⁽¹⁾ improved 16.3% to $39.5 million in the second quarter of 2026 from $34.0 million in the same period in 2025. Adjusted EBITDA⁽¹⁾ by segment was $31.2 million or 38.5% of revenues for Broadcasting and Commercial Music, $10.2 million or 31.5% of revenues for Radio, and $(1.9) million for Corporate;
• Net income rose 102.5% to $11.8 million, or $0.17 per diluted share, in the second quarter of 2026 from $5.8 million, or $0.08 per diluted share, in the second quarter of 2025;
• Adjusted Net income⁽¹⁾ increased 30.8% to $21.9 million, or $0.32 per diluted share, in the second quarter of 2026 from $16.7 million, or $0.24 per diluted share, in the same period of 2025;
• Cash flow from operating activities grew to $24.3 million, or $0.35 per diluted share, in the second quarter of 2026 compared to $19.2 million, or $0.28 per diluted share, in the second quarter of 2025;
• Adjusted free cash flow⁽¹⁾ improved to $28.4 million, or $0.41 per diluted share, in the second quarter of 2026 compared to $21.1 million, or $0.31 per diluted share, in the same period of 2025;
• Net debt to Pro Forma Adjusted EBITDA⁽¹⁾ ratio decreased to 2.13x at the end of the second quarter of 2026 from 2.72x at the end of the second quarter of 2025;
• Repurchased and cancelled 311,500 shares for a total of $3.1 million in the second quarter of 2026;
• Quarterly dividend increased 13.33% to $0.085 per share; and
• On November 10, 2025, the Corporation secured an additional US$150 million term loan under its existing credit facility to finance the acquisition of TuneIn Holdings, Inc., and extended the facility's maturity date by one year to November 2029.
  

MONTREAL, Nov. 11, 2025 (GLOBE NEWSWIRE) -- 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 second quarter of fiscal 2026 ended September 30, 2025.

Financial Highlights
(in thousands of Canadian dollars, except per
share data)

Three months ended
September 30

Six months ended
September 30

2026

2025

%

2026

2025

%

Revenues

113,262

93,585

21.0

208,899

182,655

14.4

Adjusted EBITDA⁽¹⁾

39,520

33,994

16.3

73,176

65,064

12.5

Net income

11,772

5,813

102.5

28,555

13,108

117.8

Per share - diluted, a pioneer in live audio streaming and ad monetization. The transaction is valued at up to US$175 million, based on TuneIn's forecasted sales of US$110 million and adjusted EBITDA of US$30 million for the twelve month period ending December 31, 2025. The Corporation will pay US$150 million at closing and up to US$25 million 12 months following the closing. To finance this transaction, Stingray secured an additional US$150 million term loan under its existing credit facility and extended the maturity by one year.

On October 30, 2025, the Corporation announced the acquisition of DMI, a U.S.-based leader in music branding and in-store audio advertising. This strategic acquisition expands Stingray's retail media network by approximately 8,500 locations in the United States, bringing the total to 33,500 locations in North America and solidifying its position as a key player in the industry.

On October 14, 2025, the Corporation joined forces with Just For Laughs, the world's leading comedy brand, in a strategic partnership to develop and expand Free Ad-Supported Streaming TV (FAST) channels featuring premium comedy content across global markets with an emphasis on audio entertainment.

On October 9, 2025, the Corporation announced the expansion of its partnership with Roku. Seven of Stingray's popular FAST channels are now available to Roku users in the UK, offering a diverse range of free, ad-supported content. The newly launched channels provide viewers with a curated selection of music and ambient experiences to suit any mood or occasion.

On October 2, 2025, the Corporation partnered with TELUS, a world-leading communications technology company, to launch seven new, free ad-supported streaming television (FAST) channels on TELUS TV+ and Stream+. This strategic expansion enhances the entertainment experience for viewers across Canada, offering a diverse and expertly curated selection of music and lifestyle channels that cater to every mood and occasion, from cinematic soundscapes to serene wellness content.

On September 24, 2025, the Corporation announced that the Toronto Stock Exchange ("TSX") has approved the renewal of its normal course issuer bid ("NCIB"), authorizing Stingray to repurchase up to an aggregate 3,710,428 subordinate voting shares and variable subordinate voting shares (collectively, "Subordinate Shares"), representing approximately 10% of the "public float" (as defined in the TSX Company Manual) of Subordinate Shares as at September 15, 2025.

On September 8, 2025, the Corporation announced the launch of an advanced karaoke experience for BYD vehicles. This launch marks the debut of Stingray Karaoke's new scoring mode, now fully integrated with the recently acquired Singing Machine's next-generation microphones featuring the revolutionary Perfect Pitch technology to deliver unparalleled accuracy in vocal performance evaluation.

On September 4, 2025, the Corporation announced that its Loupe Art service has launched as a premier partner on LG Electronics' new LG Gallery+ service. This integration provides LG TV owners with access to a curated collection of high-resolution, original artworks from a diverse, global roster of contemporary artists.

On August 21, 2025, the Corporation announced the launch of 29 free ad-supported FAST channels on Amazon Fire TV Channels in the United States, significantly expanding Stingray's content offering on the popular free ad-supported streaming service.

On August 19, 2025, the Corporation announced the launch of six new free ad-supported streaming television (FAST) channels on The Roku Channel in the United States and Canada. This latest expansion brings a diverse range of curated music and video experiences to millions of viewers, available at no cost.

On August 18, 2025, the Corporation announced the launch of a suite of free ad-supported streaming television (FAST) channels as part of Hisense Channels available on Hisense Smart TVs. This expansion brings both audio music channels and immersive video experiences to all smart TV users of Hisense and Hisense Google, offering a diverse range of entertainment options to suit various tastes and preferences.

On August 11, 2025, the Corporation announced the launch of several new channels on LG Channels, expanding its entertainment offerings in Brazil and Mexico.

On August 4, 2025, The Corporation announced the acquisition of all assets of The Singing Machine Company to bolster its In-Car Karaoke offering with integrated microphones.

On July 24, 2025, the Corporation announced the launch of six new free ad-supported streaming television (FAST) channels on WatchFree+, VIZIO's free streaming service. This expansion increases Stingray's offering on the platform, providing VIZIO customers with an even wider array of curated music experiences.

On July 7, 2025, the Corporation announced that The Honourable Jean Charest, former Premier of Québec and Deputy Prime Minister of Canada, has been nominated for election to its Board of Directors at Stingray's upcoming Annual General Meeting (AGM), to be held on August 6, 2025. Mr. Charest is one of Canada's best known political figures.

Conference Call
The Corporation will hold a conference call on November 12, 10:00 AM (ET), to review its financial results. Interested parties can join the call by dialing 1-800-717-1738 (toll free) or 289-514-5100 (Toronto) or 1-646-517-3975 (New York). A rebroadcast of the conference call will be available until midnight, December 12, 2025, by dialing 289-819-1325 or 1-888-660-6264 and entering passcode 19607.

About Stingray
Stingray (TSX: RAY.A; RAY.B), a global music, media, and technology company, is an industry leader in TV broadcasting, streaming, radio, business services, and advertising. Stingray provides an array of global music, digital, and advertising services to enterprise brands worldwide, including audio and video channels, 97 radio stations, subscription video-on-demand content, FAST channels, karaoke products and music apps, and in-car and on-board infotainment content.
Stingray Business, a division of Stingray, provides commercial solutions in music, in-store advertising, digital signage, and AI-driven consumer insights and feedback. Stingray Advertising is North America's largest retail audio advertising network, delivering digital audio messaging to more than 33,500 major retail locations. Stingray has close to 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit www.stingray.com

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities law. Such forward-looking information includes, but is not limited to, information with respect to Stingray's goals, beliefs, plans, expectations, anticipations, estimates and intentions. Forward-looking information is identified by the use of terms and phrases such as "may", "would", "should", "could", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", and "continue", or the negative of these terms and similar terminology, including references to assumptions. Please note, however, that not all forward-looking information contains these terms and phrases.
Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Stingray's control. These risks and uncertainties could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors identified in Stingray's Annual Information Form for the year ended March 31, 2025, which is available on SEDAR+ at www.sedarplus.ca.
Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that Stingray anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on Stingray's business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and Stingray does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Non-IFRS Measures
The Corporation believes that Adjusted EBITDA and Adjusted EBITDA margin are important measures when analyzing its operating profitability without being influenced by financing decisions, non-cash items and income tax strategies. Comparison with peers is also easier as companies rarely have the same capital and financing structure. The Corporation believes that Adjusted Net income and Adjusted Net income per share are important measures as they show stable results from its operation which allows users of the financial statements to better assess the trend in the profitability of the business. The Corporation believes that Adjusted free cash flow and Adjusted free cash flow per share are important measures when assessing the amount of cash generated after accounting for capital expenditures and non-core charges. It demonstrates cash available to make business acquisitions, pay dividends and reduce debt. The Corporation believes that Net debt and Net debt to Pro Forma Adjusted EBITDA are important to analyze the company's debt repayment capacity on an annualized basis, taking into consideration the annualized adjusted EBITDA of acquisitions made during the last twelve months.

Each of these non-IFRS financial measures is not an earnings or cash flow measure recognized by International Financial Reporting Standards (IFRS) and does not have a standardized meaning prescribed by IFRS. This method of calculating such financial measures may differ from the methods used by other issuers and, accordingly, our definition of these non-IFRS financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows.

Reconciliation of Net income to Adjusted EBITDA, Adjusted Net income, LTM Adjusted EBITDA and Pro Forma Adjusted EBITDA

	3 months					6 months
(in thousands of Canadian dollars)	Sept. 30, 2025 Q2 2026		Sept. 30, 2024 Q2 2025			Sept. 30, 2025 YTD 2026		Sept. 30, 2024 YTD 2025
Net income	11,772		5,813			28,555		13,108
Net finance expense (income)	9,282		12,162			6,528		21,261
Change in fair value of investments	(15	)	29			22		(13	)
Income taxes	3,906		2,457			9,798		5,980
Depreciation and write-off of property and equipment	1,982		1,970			3,847		4,045
Depreciation of right-of-use assets	1,092		1,137			2,240		2,227
Amortization of intangible assets	4,205		4,199			8,763		8,370
Share-based compensation	177		106			(93	)	236
Performance and deferred share unit expense	4,214		1,763			8,346		2,599
Share of results of investments in associates	73		1,827			373		3,879
Loss on disposal of an investment	-		-			450		-
Acquisition, legal, restructuring and other expenses	2,832		2,531			4,347		3,372
Adjusted EBITDA	39,520		33,994			73,176		65,064
Adjusted EBITDA margin	34.9%		36.3%			35.0%		35.6%
Net income	11,772		5,813			28,555		13,108
Adjusted for:
Unrealized loss (gain) of derivative instruments	2,350		4,434			(2,185	)	5,487
Amortization of intangible assets	4,205		4,199			8,763		8,370
Change in fair value of investments	(15	)	29			22		(13	)
Share-based compensation	177		106			(93	)	236
Performance and deferred share unit expense	4,214		1,763			8,346		2,599
Share of results of investments in associates	73		1,827			373		3,879
Loss on disposal of an investment	-		-			450		-
Acquisition, legal, restructuring and other expenses	2,832		2,531			4,347		3,372
Income taxes related to above noted adjustments	(3,724	)	(3,973	)		(5,383	)	(6,376	)
Adjusted Net income	21,884		16,729			43,195		30,662
Average number of shares outstanding (diluted)	68,628		69,022			68,625		69,094
Adjusted Net income per share diluted (diluted)	0.32		0.24			0.63		0.44

(in thousands of Canadian dollars)	September 30, 2025	September 30, 2024	March 31, 2025
LTM Adjusted EBITDA	150,311	133,135	142,199
Permanent cost-saving initiatives	489	1,476	1,046
Adjusted EBITDA for the months prior to the business
acquisition of The Coda Collection which are not already reflected in the results	-	449	150
Pro Forma Adjusted EBITDA	150,800	135,060	143,395

Reconciliation of Cash Flow From Operating Activities to Adjusted Free Cash Flow

	3 months					6 months
(in thousands of Canadian dollars)	Sept. 30, 2025 Q2 2026		Sept. 30, 2024 Q2 2025			Sept. 30, 2025 YTD 2026		Sept. 30, 2024 YTD 2025
Cash flow from operating activities	24,329		19,183			43,316		29,933
Add / Less:
Acquisition of property and equipment	(2,171	)	(1,886	)		(4,324	)	(3,372	)
Acquisition of intangible assets other than internally developed
intangible assets	(262	)	(205	)		(598	)	(649	)
Addition to internally developed intangible assets	(1,307	)	(1,268	)		(2,701	)	(2,550	)
Interest paid	(4,830	)	(6,356	)		(9,785	)	(12,335	)
Repayment of lease liabilities	(1,415	)	(1,324	)		(2,282	)	(2,316	)
Net change in non-cash operating working capital items	9,709		9,848			19,464		22,681
Unrealized loss (gain) on foreign exchange	1,511		580			(243	)	1,801
Acquisition, legal, restructuring and other expenses	2,832		2,531			4,347		3,372
Adjusted free cash flow	28,396		21,103			47,194		36,565

Calculation of Net Debt and Net Debt to Pro Forma Adjusted EBITDA Ratio

(in thousands of Canadian dollars)	September 30, 2025		September 30, 2024		March 31, 2025
Credit facilities	336,273		350,500		341,365
Subordinated debt	-		25,583		-
Cash and cash equivalents	(15,145	)	(8,593	)	(13,984	)
Net debt	321,128		367,490		327,381
Net debt to Pro Forma Adjusted EBITDA	2.13		2.72		2.28

Note to readers: Consolidated financial statements and Management's Discussion & Analysis of Operating Results and Financial Position are available on the Corporation's website at www.corporate.stingray.com and on SEDAR+ at www.sedarplus.ca.

Contact Information
Mathieu Péloquin, CPA
Senior Vice-President, Marketing and Communications
Stingray
[phone], ext. 2362
[e-mail]

© 2025 GlobeNewswire (Europe)

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