SEDAR Interim Financial Statements

Fiscal 2026 For the six-month period ended September 30, 2025 Second Quarter Report Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 2 TABLE OF CONTENTS Overview 3 Key performance indicators 3 Financial and business highlights 3 Selected consolidated financial information 6 Supplemental information on Non-IFRS measures 7 Financial results for the periods ended September 30, 2025 and 2024 11 Business segment performance 14 Liquidity and capital resources for the periods ended September 30, 2025 and 2024 21 Unaudited interim consolidated financial statements 26 BASIS OF PREPARATION AND FORWARD-LOOKING STATEMENTS The following is the Management’s Discussion and Analysis (“MD&A”) of the results of operations and financial position of Stingray Group Inc., (“Stingray” or “the Corporation”), and should be read in conjunction with the Corporation’s unaudited interim consolidated financial statements and accompanying notes for three- month and six-month periods ended September 30, 2025 and 2024, and with the most recent audited consolidated financial statements and MD&A for the year ended March 31, 2025. This MD&A reflects information available to the Corporation as at November 11, 2025. Additional information relating to the Corporation is also available on SEDAR+ at www.sedarplus.ca. The auditors of the Corporation have not performed a review of the interim financial report for the three-month and six-month periods ended September 30, 2025 and 2024. This MD&A contains forward-looking information within the meaning of applicable Canadian securities laws. This forward-looking information includes, but is not limited to, statements with respect to management’s expectations regarding the future growth, results of operations, performance and business prospects of the Corporation. This forward-looking information relates to, among other things, our objectives and the strategies to achieve these objectives, as well as information with respect to our beliefs, plans, expectations, anticipations, estimations and intentions, and may also include other statements that are predictive in nature, or that depend upon or refer to future events or conditions. Statements with the words “could”, “expect”, “may”, “will”, “anticipate”, “assume”, “intend”, “plan”, “believes”, “estimates”, “guidance”, “foresee”, “continue” and similar expressions are intended to identify statements containing forward-looking information, although not all forward-looking statements included such words. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events. Although management believes the expectations reflected in such forward-looking statements are reasonable, forward-looking statements are based on the opinions, assumptions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include but are not limited to the risk factors disclosed in the Annual Information Form for the year ended March 31, 2025 available on SEDAR+. In addition, if any of the assump --- tions or estimates made by management prove to be incorrect, actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A. Such assumptions include, but are not limited to, the following: our ability to generate sufficient revenue while controlling our costs and expenses; our ability to manage our growth effectively; the absence of material adverse changes in our industry or the global economy; trends in our industry and markets; the absence of any changes in law, administrative policy or regulatory requirements applicable to our business, including any change to our licences with the CRTC; minimal changes to the distribution of the pay audio services by Pay-TV providers in light of recent CRTC policy decisions; our ability to manage risks related to international expansion; our ability to maintain good business relationships with our clients, agents and partners; our ability to expand our sales and distribution infrastructure and our marketing; our ability to develop products and technologies that keep pace with the continuing changes in technology, evolving industry standards, new product introductions by competitors and changing client preferences and requirements; our ability to protect our technology and intellectual property rights; our ability to manage and integrate acquisitions; our ability to retain key personnel; and our ability to raise sufficient debt or equity financing to support our business growth. Accordingly, prospective purchasers are cautioned not to place undue reliance on such statements. All of the forward-looking information in this MD&A is qualified by these cautionary statements. Statements containing forward-looking information contained herein are made only as of the date of this MD&A. The Corporation expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumption underlying them, whether as a result of new information, future events or otherwise, except as required by law. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 3 OVERVIEW 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 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 solutions, 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 over 1,000 employees worldwide and reaches 540 million consumers in 160 countries. For more information, visit www.stingray.com. KEY PERFORMANCE INDICATORS For the three-month period ended September 30, 2025 (“Q2 2026”): $113.3 M ? 21.0% from Q2 2025 Revenues $11.8 M ? 102.5% from Q2 2025 Net income Or $0.17 per share diluted $24.3 M ? 26.8% from Q2 2025 Cash flow from operating activities Or $0.35 per share diluted(1) $39.5 M ? 16.3% from Q2 2025 Adjusted EBITDA --- (1) $21.9 M ? 30.8% from Q2 2025 Adjusted Net income(1) Or $0.32 per share diluted(1) $28.4M ? 34.6% from Q2 2025 Adjusted free cash flow(1) Or $0.41 per share diluted(1) FINANCIAL AND BUSINESS HIGHLIGHTS Highlights of the second quarter ended September 30, 2025: Compared to the quarter ended September 30, 2024 (“Q2 2025”): • Revenues increased 21.0% to $113.3 million from $93.6 million; • Adjusted EBITDA(1) increased 16.3% to $39.5 million from $34.0 million. Adjusted EBITDA 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 increased to $11.8 million ($0.17 per share diluted) from $5.8 million ($0.08 per share diluted); • Adjusted Net income(1) increased to $21.9 million ($0.32 per share diluted) from $16.7 million ($0.24 per share diluted); • Cash flow from operating activities increased 26.8% to $24.3 million ($0.35 per share diluted) compared to $19.2 million ($0.28 per share diluted); • Adjusted free cash flow(1) increased to $28.4 million ($0.41 per share diluted) compared to $21.1 million ($0.31 per share diluted); • Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.13x, compared with 2.72x and; • 311,500 shares repurchased and cancelled for a total of $3.1 million, compared with 333,400 shares repurchased and cancelled for a total of $2.5 million. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 4 Additional business highlights for the second quarter and subsequent events: • On November 11, 2025, the Corporation announced it has entered into an agreement to acquire TuneIn Holdings, Inc., a pioneer in live audio streaming and ad monetization. This acquisition significantly expands Stingray's global digital audio footprint, accelerates its growth in streaming services and bolsters its advertising offering by incorporating TuneIn’s comprehensive ad platform, which delivers targeted audio, video, and display advertising solutions. • On November 11, 2025, the Corporation declared a dividend of $0.085 per subordinate voting share, variable subordinate voting share and multiple voting share. The dividend will be payable on or around December 15, 2025, to shareholders on record as of November 28, 2025. • On November 10, 2025, the Corporation secured an additional US$150 million term loan under its existing credit facility for the purpose of financing the acquisition of TuneIn Holdings, Inc. Additionally, the maturity date of the credit facility was extended by one year to November 10, 2029. • On October 30, 2025, the Corporation announced 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 o --- n LG Channels, expanding its entertainment offerings in Brazil and Mexico. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 5 • 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 Annual General Meeting (AGM), to be held on August 6, 2025. Mr. Charest is one of Canada’s best known political figures. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 6 SELECTED CONSOLIDATED FINANCIAL INFORMATION 3 months 6 months Sept. 30, 2025 Q2 2026 Sept. 30, 2024 Q2 2025 Sept. 30, 2025 YTD 2026 Sept. 30, 2024 YTD 2025 (in thousands of Canadian dollars, except per share diluted amounts) $ % of revenues $ % of revenues $ % of revenues $ % of revenues Revenues 113,262 100.0 % 93,585 100.0 % 208,899 100.0 % 182,655 100.0 % Operating expenses 78,133 69.0 % 61,460 65.7 % 143,976 68.9 % 120,426 65.9 % Depreciation, amortization and write-off 7,279 6.4 % 7,306 7.8 % 14,850 7.1 % 14,642 8.0 % Net finance expense (income)(1) 9,282 8.2 % 12,162 13.0 % 6,528 3.1 % 21,261 11.6 % Change in fair value of investments (15) 0.0 % 29 0.0 % 22 0.0 % (13) 0.0 % Share of results of investments in associates 73 0.1 % 1,827 2.0 % 373 0.2 % 3,879 2.1 % Loss on disposal of an investment – 0.0 % – 0.0 % 450 0.2 % – 0.0 % Acquisition, legal, restructuring and other expenses 2,832 2.5 % 2,531 2.7 % 4,347 2.1 % 3,372 1.8 % Income before income taxes 15,678 13.8 % 8,270 8.8 % 38,353 18.3 % 19,088 10.6 % Income taxes 3,906 3.4 % 2,457 2.6 % 9,798 4.7 % 5,980 3.4 % Net income 11,772 10.4 % 5,813 6.2 % 28,555 13.7 % 13,108 7.2 % Adjusted EBITDA(2) 39,520 34.9 % 33.994 36.3 % 73,176 35.0 % 65,064 35.6 % Adjusted Net income(2) 21,884 19.3 % 16,729 17.9 % 43,195 20.7 % 30,662 16.8 % Cash flow from operating activities 24,329 21.5 % 19,183 20.5 % 43,316 20.7 % 29,933 16.4 % Adjusted free cash flow(2) 28,396 25.1 % 21,103 22.5 % 47,194 22.6 % 36,565 20.0 % Net debt(2) 321,128 – 367,490 – 321,128 – 367,490 – Net debt to Pro Forma Adjusted EBITDA(2) 2.13x – 2.72x – 2.13x – 2.72x – Net income per share basic and diluted 0.17 – 0.08 – 0.42 – 0.19 – Adjusted Net income per share basic(2) 0.32 – 0.24 – 0.64 – 0.45 – Adjusted Net income per share diluted(2) 0.32 – 0.24 – 0.63 – 0.44 – Cash flow from operating activities per share basic(2) 0.36 – 0.28 – 0.64 – 0.44 – Cash flow from operating activities per share diluted(2) 0.35 – 0.28 – 0.63 – 0.43 – Adjusted free cashflow per share basic(2) 0.42 – 0.31 – 0.70 – 0.53 – Adjusted free cashflow per share diluted(2) 0.41 – 0.31 – 0.69 – 0.53 – Revenues by segment Broadcasting and Commercial Music 80,856 71.4 % 60,895 65.1 % 142,276 68.1 % 117,740 64.5 % Radio 32,406 28.6 % 32,690 34.9 % 66,623 31.9 % 64,915 35.5 % Revenues 113,262 100.0 % 93,585 100.0 % 208,899 100.0 % 182,655 100.0 % Revenues by geography Canada 51,471 45.4 % 48,942 52.3 % --- 101,006 48.4 % 97,956 53.6 % United States 51,942 45.9 % 32,889 35.1 % 87,095 41.7 % 60,841 33.3 % Other Countries 9,849 8.7 % 11,754 12.6 % 20,798 9.9 % 23,858 13.1 % Revenues 113,262 100.0 % 93,585 100.0 % 208,899 100.0 % 182,655 100.0 % Notes: (1) Interest paid during the Q2 2026 was $4.8 million (Q2 2025; $6.4 million). Interest paid for YTD Q2 2026 was $9.8 million (YTD Q2 2025; $12.3 million). (2) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 7 SUPPLEMENTAL INFORMATION ON NON-IFRS MEASURES The Corporation uses non-IFRS measures and ratios to provide investors with supplemental metrics to assess and measure its operating performance and financial position, as applicable, from one period to the next. The Corporation believes that those measures are important supplemental metrics because they eliminate items that have less bearing on its core business performance and could potentially distort the analysis of trends in its performance and financial position. The Corporation also uses non-IFRS measures to facilitate financial performance comparisons from period to period, to prepare annual budgets and forecasts and to determine components of management compensation. The Corporation believes these non-GAAP financial measures, in addition to the financial measures prepared in accordance with IFRS, enable investors to evaluate the Corporation’s results, underlying performance and future prospects in a manner similar to management. Each of the below 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. Our 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. Adjusted EBITDA The Corporation believes that Adjusted EBITDA provides investors with useful information because it is a common industry measure and it is also a key metric of the Corporation's financial performance without the variation caused by the impacts of the elements itemized below. Further, it provides an indication of the Corporation's ability to seize growth opportunities in a cost-effective manner as well as finance its ongoing operations and service its long-term debt. Adjusted EBITDA is defined as earnings before Net finance expense (income), income taxes, depreciation, amortization, share-based compensation, performance and deferred share --- unit expense, change in fair value of investments, impairment of goodwill, share of results of investments in associates, loss (gain) on disposal of an investment, other income and acquisition, legal, restructuring and other expenses. The Corporation believes that Adjusted EBITDA is an important measure when analyzing its profitability without being influenced by financing decisions, non-cash items and income tax strategies. The Corporation also presents such non-IFRS measure because it believes such non-IFRS measure is frequently used by securities analysts, investors and other interested parties as measures of financial performance. Adjusted EBITDA margin Adjusted EBITDA margin ratio is a non-IFRS ratio used by management to analyze the profitability of the Corporation and facilitate period- to-period comparisons. This ratio is calculated by dividing the amount of Adjusted EBITDA for a given period by the amount of revenue for the same period. The Corporation believes that Adjusted EBITDA margin is an important measure when analyzing its profitability without being influenced by financing decisions, non-cash items and income tax strategies. The Corporation also presents such non-IFRS ratio because it believes such non-IFRS ratio is frequently used by securities analysts, investors and other interested parties as measures of financial performance. Adjusted free cash flow Adjusted free cash flow is a non-IFRS measure used by management to assess the amount of cash generated after accounting for capital expenditures and cash outflows that support our operations. It is a useful measure because it demonstrates cash available to make business acquisitions, pay dividends and reduce debt. Furthermore, this non-IFRS measure is a useful indicator of the Corporation’s financial strength and liquidity. Adjusted free cash flow is calculated by taking the net cash generated from our operating activities, subtracting capital expenditures, interest paid, repayment of lease liabilities, net change in non-cash operating working capital items and unrealized losses or gains on foreign exchange, and excluding acquisition, legal, restructuring and other expenses. Refer to section “Non- IFRS measures reconciliations” of this MD&A for a reconciliation of this measure to the most directly comparable measure under IFRS. Adjusted free cash flow per share diluted Adjusted free cash flow per share diluted is calculated by dividing the amount of Adjusted free cash flow for a given period by the weighted average number of diluted shares. This non-IFRS measure is useful because it provides an indication of the Corporation’s financial strength and liquidity on a per share diluted basis and facilitates the comparison across reporting periods. Cash flow from operating activities per share diluted Cash flow from operating activities per share diluted is calculated by dividing Cash flow from operating activities for a given period by the weighted average number of diluted shares. Adjusted Net income Adjusted Net income is a non-IFRS measure used by management to assess performance of the Corporation as it provides meaningful performance results and facilitates period-to-period comparisons. The Corporation believes Adjusted Net income is useful to investors because it helps identify underlying trends in our business that could otherwise be masked by certain write-offs, charges, income or recoveries that can vary from period to period. The Corporation believes that Adjust --- ed Net income is an important measure as it shows stable results which allows users of the financial statements to better assess the trend in the profitability of the business. It is calculated Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 8 by excluding from the Net income unrealized gains or losses on derivative financial instruments, amortization from intangible assets, gains or losses from the change in fair value of investments, share-based compensation, performance and deferred share unit expense, impairment of goodwill, share of results of investments in associates, loss (gain) on disposal of an investment, other income and acquisition, legal, restructuring and other expenses, as well as the tax impact of these adjustments. Refer to section “Non-IFRS measures reconciliations” of this MD&A for a reconciliation of this measure to the most directly comparable measure under IFRS. Adjusted Net income per share diluted Adjusted Net income per share diluted is a non-IFRS ratio used by management to assess financial performance results of the Corporation on a per share diluted basis and because the Corporation believes it facilitates period-to-period comparisons. Adjusted Net income per share diluted is calculated by dividing the amount of Adjusted Net Income for a given period by the weighted average number of diluted shares. LTM Adjusted EBITDA Last twelve months (LTM) Adjusted EBITDA is a non-IFRS measure representing the Adjusted EBITDA of a given quarterly period, plus the Adjusted EBITDA of the three quarters immediately preceding such referenced period. Management believes that LTM Adjusted EBITDA is a useful measure to evaluate the Corporation’s financial performance during the immediately preceding twelve-month time period. Pro Forma Adjusted EBITDA Pro Forma Adjusted EBITDA is a non-IFRS measure representing LTM Adjusted EBITDA adjusted to include Adjusted EBITDA from acquisitions for the months prior to such acquisitions, as well as estimated revenue and cost saving synergies from such acquisitions. Furthermore, Pro Forma Adjusted EBITDA includes the impact on a 12-month basis of these significant cost efficiencies, restructuring measures, and new sales hires in the fastest growing divisions. Management believes that Pro Forma Adjusted EBITDA provides investors with useful financial metrics to assess and evaluate the Corporation’s financial performance from period-to-period by adjusting for the impact of acquisitions and cost saving initiatives assuming they occurred at the beginning of the fiscal year, as well as certain events that are otherwise non-recurring. The Corporation also presents such non-IFRS measure because it believes such non-IFRS measure is frequently used by securities analysts, investors and other interested parties as a measure of financial performance. Adjustments to arrive to Pro Forma Adjusted EBITDA are based on estimates and assumptions made by management that are inherently uncertain, although considered reasonable by management, and subject to significant business, economic and competitive uncertainties and contingencies, all of which are difficult to predict and many of which are beyond our control. Adjusted EBITDA from acquisitions for the months prior to such acquisitions are based on the internal books and records available to management and has been determined using the definition used by the Corporation. The amounts exclude certain non-recurring charges --- that have been or will be incurred in connection with such acquisitions, including professional fees to complete the acquisitions. The cost efficiency and restructuring measures are based on certain estimates and assumptions and should not be regarded as a representation by the Corporation or any other person that the Corporation will achieve such results. Pro Forma Adjusted EBITDA is presented for informational purposes only and does not purport to represent the Corporation’s results had the acquisitions been made by the Corporation at the beginning of the period presented nor is such measure meant to project the results for any future date or period. As a result, readers should exercise caution in interpreting this financial measure and should not place undue reliance thereon. Net debt Net debt is a non-IFRS measure calculated as the Corporation’s credit facilities, including the current portion of credit facilities, and subordinated debt less the Corporation’s cash and cash equivalents. It is used by management to monitor the amount of debt at a particular date after taking into account cash and cash equivalents and as an indicator of the Corporation’s overall financial position. Net debt to Pro Forma Adjusted EBITDA ratio Net debt to Pro Forma Adjusted EBITDA is a non-IFRS ratio calculated as Net debt divided by Pro Forma Adjusted EBITDA. The Corporation believes that Net debt to Pro Forma Adjusted EBITDA is an important measure when analyzing the Corporation’s debt repayment capacity on an annualized basis, taking into consideration the annualized Adjusted EBITDA, synergies of acquisitions and permanent cost-saving initiatives made during the last twelve months. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 9 NON-IFRS MEASURES RECONCILIATIONS Adjusted EBITDA, Pro Forma Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income, Adjusted Net income per share diluted, Adjusted free cash flow, Adjusted free cash flow per share diluted, Net debt and Net debt to Pro Forma Adjusted EBITDA ratio are non-IFRS measures. The following tables show the reconciliation of Net income to Adjusted EBITDA, to Adjusted Net income, LTM Adjusted EBITDA and to 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 Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 10 The following table shows the 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 The following table shows the 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 Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 11 FINANCIAL RESULTS FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 CONSOLIDATED PERFORMANCE Revenues Revenues are detailed as follows: 3 months 6 months (in thousands of Canadian dollars) Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Revenues by geography Canada 51,471 48,942 5.2 101,006 97,956 3.1 United States 51,942 32,889 57.9 87,095 60,841 43.2 Other Countries 9,849 11,754 (16.2) 20,798 23,858 (12.8) Revenues 113,262 93,585 21.0 208,899 182,655 14.4 Global Revenues in Q2 2026 increased $19.7 million or 21.0% to $113.3 million, from $93.6 million for Q2 2025. The increase was mainly due to an increase in equipment sales related to the acquisition of The Singing Machine and to an increase in FAST channel revenues. Cumulative revenues for Fiscal 2026 increased $26.2 million or 14.4% to $208.9 million, from $182.7 million for cumulative Fiscal 2025. The increase was mainly due to an increase in FAST channel revenues and to an increase in equipment sales related to the acquisition of The Singing Machine. Canada Revenues in Canada in Q2 2026 increa --- sed $2.6 million or 5.2% to $51.5 million, from $48.9 million for Q2 2025. The increase was largely due to an increase in equipment and installation sales related to digital signage. Cumulative revenues in Canada for Fiscal 2026 increased $3.0 million or 3.1% to $101.0 million, from $98.0 million for cumulative Fiscal 2025. The increase was mainly due to an increase in equipment and installation sales related to digital signage and to an increase in radio revenues. United States Revenues in the United States in Q2 2026 increased $19.0 million or 57.9% to $51.9 million, from $32.9 million for Q2 2025. Cumulative revenues in the United States for Fiscal 2026 increased $26.3 million or 43.2% to $87.1 million, from $60.8 million for cumulative Fiscal 2025. Both increases were mainly due to an increase in FAST channel revenues and to an increase in equipment sales related to the acquisition of The Singing Machine. Other Countries Revenues in Other countries in Q2 2026 decreased $1.9 million or 16.2% to $9.8 million, from $11.7 million for Q2 2025. The decrease was primarily due to a decrease in subscriptions revenues. Cumulative revenues in Other countries for Fiscal 2026 decreased $3.1 million or 12.8% to $20.8 million, from $23.9 million for cumulative Fiscal 2025. The decrease was mainly due to a decrease in subscriptions revenues and to a decrease in audio channel revenues. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 12 Operating expenses Operating expenses in Q2 2026 increased $16.6 million or 27.1% to $78.1 million, from $61.5 million for Q2 2025. Cumulative operating expenses for Fiscal 2026 increased $23.6 million or 19.6% to $144.0 million, from $120.4 million for cumulative Fiscal 2025. Both increases were largely due to a higher cost of sales related to higher revenues and to higher performance and deferred share units expense related to an increase in the share price. Adjusted EBITDA(1) Adjusted EBITDA in Q2 2026 increased $5.5 million or 16.3% to $39.5 million from $34.0 million for Q2 2025. Adjusted EBITDA margin was 34.9% compared to 36.3% for Q2 2025. The increases of Adjusted EBITDA and Adjusted EBITDA margin were mainly driven by revenues growth, partially offset by higher operating expenses mostly due to higher cost of sales. Cumulative Adjusted EBITDA for Fiscal 2026 increased $8.1 million or 12.5% to $73.2 million from $65.1 million for cumulative Fiscal 2025. Adjusted EBITDA margin was 35.0% compared to 35.6% for cumulative Fiscal 2025. The increase of Adjusted EBITDA was mainly due to higher revenues, partially offset by higher operating expenses mostly due to higher cost of sales. The decrease of Adjusted EBITDA margin was mostly due to a lower gross margin on improved sales related to the acquisition of The Singing Machine. Depreciation, amortization and write off Depreciation, amortization and write off in Q2 2026 remained stable at $7.3 million compared to Q2 2025. Cumulative depreciation, amortization and write off for Fiscal 2026 increased $0.3 million or 1.4% to $14.9 million, from $14.6 million for cumulative Fiscal 2025. The increase was mainly due to more intangible assets to amortize compared to the prior period. Net finance expense Net finance expense for Q2 2026 was $9.3 million, compared to $12.2 million for Q2 2025. The decrease was mainly due to a lower unrealized loss on the fair value of derivative financial instruments and to a lower interest expense. Cumul --- ative Net finance expense for Fiscal 2026 decreased $14.8 million or 69.3% to $6.5 million, from $21.3 million for cumulative Fiscal 2025. The decrease was mainly due to an unrealized gain on the fair value of derivative financial instruments, to a lower interest expense, to a decrease in the fair value of contingent considerations, and to a lower foreign exchange loss. Acquisition, legal, restructuring and other expenses 3 months 6 months (in thousands of Canadian dollars) Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Broadcast and Commercial Music Acquisition 74 577 (87.3) 385 577 (33.4) Legal 2,115 587 260.9 2,184 1,032 111.8 Restructuring and other 538 466 15.2 875 862 1.4 Radio Restructuring and other 105 901 (88.2) 903 901 0.3 Acquisition, legal, restructuring and other expenses 2,832 2,531 11.9 4,347 3,372 28.9 The increases in acquisition, legal, restructuring and other expenses in Q2 2026 and in Fiscal 2026 were mostly due to higher legal fees related to a patent dispute. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 13 Income taxes The income tax expense recognized in comprehensive income was $3.9 million for Q2 2026 compared to $2.5 million for Q2 2025. The effective tax rate for Q2 2026 was 24.9% compared to 29.7% for Q2 2025. The income tax expense recognized in comprehensive income was $9.8 million for cumulative Fiscal 2026 compared to $6.0 million for cumulative Fiscal 2025. The effective tax rate for cumulative Fiscal 2026 was 25.6% compared to 31.3% for cumulative Fiscal 2025. Both variances in the effective tax rates were mainly due to the variance in permanent differences. Net income and Net income per share diluted Net income in Q2 2026 was $11.8 million ($0.17 per share diluted) compared to $5.8 million ($0.08 per share diluted) for Q2 2025. The increase was mainly due to higher operating results and to an unrealized gain on the fair value on derivatives instruments, partially offset by higher performance and deferred share unit expense. Cumulative Net income for Fiscal 2026 was $28.6 million ($0.42 per share diluted) compared to $13.1 million ($0.19 per share diluted) for cumulative Fiscal 2025. The increase was mainly due to higher operating results, to an unrealized gain on the fair value on derivatives instruments, to a loss in the share of results of investments in associates in the comparative period and to a lower interest expense, partially offset by higher performance and deferred share unit expense. Adjusted Net income(1) and Adjusted Net income per share diluted(1) Adjusted Net income in Q2 2026 was $21.9 million ($0.32 per share diluted), compared to $16.7 million ($0.24 per share diluted) for Q2 2025. The increase was mainly due to higher operating results and lower interest expense, partially offset by higher income tax expense. Cum --- ulative Adjusted Net income for Fiscal 2026 was $43.2 million ($0.63 per share diluted), compared to $30.7 million ($0.44 per share diluted) for cumulative Fiscal 2025. The increase was mainly due to higher operating results, to lower interest expense and to a positive foreign exchange impact, partially offset by higher income tax expense. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 14 BUSINESS SEGMENT PERFORMANCE BROADCASTING AND COMMERCIAL MUSIC 3 months 6 months (in thousands of Canadian dollars) Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Revenues 80,856 60,895 32.8 142,276 117,740 20.8 Operating expenses 49,695 35,922 38.3 86,682 69,816 24.2 Adjusted EBITDA(1) 31,161 24,973 24.8 55,594 47,924 16.0 Adjusted EBITDA margin(1) 38.5% 41.0% (6.0) 39.1% 40.7% (4.0) Revenues In Q2 2026, Broadcasting and Commercial Music revenues increased $20.0 million or 32.8% to $80.9 million, from $60.9 million for Q2 2025. Cumulative Broadcasting and Commercial Music revenues for Fiscal 2026 increased $24.6 million or 20.8% to $142.3 million from $117.7 million for cumulative Fiscal 2025. Both increases were primarily due to an increase in FAST channel revenues and to an increase in equipment sales related to the acquisition of The Singing Machine. Adjusted EBITDA(1) In Q2 2026, Broadcasting and Commercial Music Adjusted EBITDA increased $6.2 million or 24.8% to $31.2 million from $25.0 million for Q2 2025. Cumulative Broadcasting and Commercial Music Adjusted EBITDA for Fiscal 2026 increased $7.7 million or 16.0% to $55.6 million from $47.9 million for cumulative Fiscal 2025. Both increases were largely due to higher revenues. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 15 RADIO 3 months 6 months (in thousands of Canadian dollars) Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Revenues 32,406 32,690 (0.9) 66,623 64,915 2.6 Operating expenses 22,183 21,672 2.4 45,361 43,966 3.2 Adjusted EBITDA(1) 10,223 11,018 (7.2) 21,262 20,949 1.5 Adjusted EBITDA margin(1) 31.5% 33.7% (6.4) 31.9% 32.3% (1.1) Revenues Radio revenues are derived from the sale of advertising airtime, which is subject to the seasonal fluctuatio --- ns of the Canadian radio industry. Accordingly, the third quarter results tend to be the strongest. In Q2 2026, Radio revenues decreased $0.3 million or 0.9% to $32.4 million from $32.7 million for Q2 2025. Cumulative Radio revenues for Fiscal 2026 increased $1.7 million or 2.6% to $66.6 million from $64.9 million for cumulative Fiscal 2025. Both variances were due to higher digital revenues, mostly offset by lower national airtime sales. Adjusted EBITDA(1) In Q2 2026, Radio Adjusted EBITDA decreased $0.8 million or 7.2% to $10.2 million from $11.0 million for Q2 2025. Cumulative Radio Adjusted EBITDA for Fiscal 2026 increased $0.3 million or 1.5% to $21.3 million from $20.9 million for cumulative Fiscal 2025. In both cases, EBITDA was negatively affected by the higher proportion of digital revenues, which comes with a higher cost of sale. Control over fixed costs increases helped minimize these overall cost increases. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 16 CORPORATE 3 months 6 months (in thousands of Canadian dollars) Q2 2026 Q2 2025 % Change YTD 2026 YTD 2025 % Change Operating expenses 6,255 3,866 61.8 11,933 6,644 79.6 Adjust: Share-based compensation (177) (106) 67.0 93 (236) (139.4) Performance and deferred share unit expense (4,214) (1,763) 139.0 (8,346) (2,599) 221.1 Adjusted EBITDA(1) (1,864) (1,997) (6.7) (3,680) (3,809) (3.4) Adjusted EBITDA(1) Corporate Adjusted EBITDA represents the head office operating expenses less the share-based compensation and performance and deferred share unit expense. Both decreases in negative Adjusted EBITDA are related to lower professional services compared to corresponding periods. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 17 Quarterly results Revenues fluctuated over the last eight quarters from $100.3 million in the third quarter of Fiscal 2024 to $113.3 million in the second quarter of Fiscal 2026. These fluctuations, largely driven by the cyclical nature of the Corporation’s business, were also influenced by several other factors. The decrease in Q4 2024 was mostly due to normal business seasonality. The increase in Q1 2025 was mostly due to higher --- Radio revenues, and to an increase in equipment and installation sales related to digital signage. The increase in Q2 2025 was mainly due to higher FAST channel revenues and to an increase in equipment and installation sales related to digital signage. The increase in Q3 2025 was primarily due to normal business seasonality and to higher FAST channel revenues. The decrease in Q4 2025 was mainly due to normal business seasonality. The slight decrease in Q1 2026 is due to a decrease in subscriptions revenues, largely offset by an increase in FAST channel revenues. The increase in Q2 2026 was mostly due to an increase in equipment and installation sales related to digital signage and to the acquisition of The Singing Machine, to an increase in FAST channel revenues and to higher retail media advertising revenues. Adjusted EBITDA(1) fluctuated over the last eight quarters from $38.6 million in the third quarter of Fiscal 2024 to $39.5 million in the second quarter of Fiscal 2026. The decrease in Q4 2024 was mainly due to normal business seasonality. The increase in Q1 2025 was due to higher gross margin from higher revenues. The increase in Q2 2025 was largely due to higher revenues. The increase in Q3 2025 and the decrease in Q4 2025 were mainly due to normal business seasonality. The decrease in Q1 2026 was mainly due to a decrease in gross margin related to product mix and to higher operating expenses mostly due to higher salaries. The increase in Q2 2026 was largely due to higher revenues. Net income (loss) fluctuated over the last eight quarters from a Net income of $9.1 million in the third quarter of Fiscal 2024 to a Net income of $11.8 million in the second quarter of Fiscal 2026. In Q4 2024, the decrease was largely due to the impairment of goodwill in the Radio segment. In Q1 2025, the increase was largely due to the impairment of goodwill in the Radio segment in the previous quarter. In Q2 2025, the decrease was mainly due to a higher loss on the fair value of derivative financial instruments and to higher restructuring and other expenses, partially offset by higher operating results. In Q3 2025, the increase was mostly due to higher operating results. In Q4 2025, the decrease was mostly due to lower revenues related to normal business seasonality and to higher performance and deferred share units expense due to an increase in the share price, partially offset by a lower loss on the fair value of derivative financial instruments and by lower income tax expense. In Q1 2026, the increase was mainly due to an unrealized gain on the fair value of derivative financial instruments, to a foreign exchange gain and to a decrease in the fair value of contingent considerations, partially offset by higher income tax expense. The decrease in Q2 2026 was mainly due to an unrealized loss on the fair value of derivative instruments and to a foreign exchange loss partially offset by higher operating results. Note: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Recon --- ciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 18 Summary of Consolidated Quarterly Results 3 months (in thousands of Canadian dollars, except per share diluted amounts) Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 FY2026 FY2026 FY2025 FY2025 FY2025 FY2025 FY2024 FY2024 Revenues by segment Broadcasting and Commercial Music 80,856 61,420 64,585 72,218 60,895 56,845 53,409 65,647 Radio 32,406 34,217 31,423 36,010 32,690 32,225 30,256 34,631 Total revenues 113,262 95,637 96,008 108,228 93,585 89,070 83,665 100,278 Revenues by geography Canada 51,471 49,535 46,793 54,184 48,942 49,014 45,581 51,002 United States 51,942 35,153 38,013 42,316 32,889 27,952 26,224 37,099 Other countries 9,849 10,949 11,202 11,728 11,754 12,104 11,860 12,177 Total revenues 113,262 95,637 96,008 108,228 93,585 89,070 83,665 100,278 Adjusted EBITDA(1) 39,520 33,656 35,027 42,108 33,994 31,070 29,423 38,648 LTM Adjusted EBITDA(1) 150,311 144,785 142,199 136,595 133,135 128,659 125,855 123,005 Net income 11,772 16,783 7,655 15,677 5,813 7,295 (46,318) 9,070 Net income per share basic 0.17 0.25 0.11 0.23 0.08 0.11 (0.67) 0.13 Net income per share diluted 0.17 0.24 0.11 0.23 0.08 0.11 (0.67) 0.13 Adjusted Net income(1) 21,884 21,311 18,568 23,424 16,729 13,933 15,382 18,483 Adjusted Net income per share basic(1) 0.32 0.31 0.27 0.34 0.24 0.20 0.22 0.27 Adjusted Net income per share diluted(1) 0.32 0.31 0.27 0.34 0.24 0.20 0.22 0.27 Cash flow from operations 24,329 18,987 39,720 35,387 19,183 10,750 44,263 30,902 Adjusted free Cash Flow(1) 28,396 18,797 18,411 28,636 21,103 15,462 15,624 32,146 Quarterly dividend 0.075 0.075 0.075 0.075 0.075 0.075 0.075 0.075 Notes: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 19 Reconciliation of Quarterly Non-IFRS Measures Adjusted EBITDA, Pro Forma Adjusted EBITDA, LTM Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net income, Adjusted Net income per share diluted, Adjusted free cash flow, Adjusted free cash flow per share diluted, Net debt and Net debt to Pro Forma Adjusted EBITDA ratio are non-IFRS measures that the Corporation uses to assess its financial performance. Refer to “Supplemental information on Non-IFRS Measures” on page 7. The following tables show the reconciliation of Net income to Adjusted EBITDA, to Adjusted Net income, to LTM Adjusted EBITDA and to Pro Forma Adjusted EBITDA: 3 months (in thousands of Canadian dollars) Sept. 30, 2025 June 30, 2025 March. 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 FY 2026 FY2026 FY2025 FY2025 FY2025 FY2025 FY2024 FY2024 Net income (loss) 11,772 16,783 7,655 15,677 5,813 7,295 (46,318) 9,07 --- 0 Impairment on Goodwill – – – – – – 56,119 – Net finance expense (income) 9,282 (2,754) 9,516 11,639 12,162 9,099 3,736 15,159 Change in fair value of investments (15) 37 2 (43) 29 (42) (106) 103 Income taxes 3,906 5,892 977 4,025 2,457 3,523 3,639 3,186 Depreciation and write-off of property and equipment 1,982 1,865 1,941 2,104 1,970 2,075 1,183 2,401 Depreciation of right-of-use assets 1,092 1,148 1,020 850 1,137 1,090 1,192 1,074 Amortization of intangible assets 4,205 4,558 5,115 5,098 4,199 4,171 4,124 4,003 Share-based compensation 177 (270) 111 62 106 130 93 121 Performance and deferred share unit expense (income) 4,214 4,132 5,640 1,942 1,763 836 4,711 2,747 Share of results of investments in associates 73 300 (210) (288) 1,827 2,052 (354) 509 Acquisition, legal, restructuring and other expenses 2,832 1,515 4,129 1,042 2,531 841 1,404 275 Loss (gain) on disposal of an investment – 450 (845) – – – – – Other income – – (24) – – – – – Adjusted EBITDA 39,520 33,656 35,027 42,108 33,994 31,070 29,423 38,648 Adjusted EBITDA margin 34.9% 35.2% 36.5% 38.9% 36.3% 34.9% 35.2% 38.5% Net income (loss) 11,772 16,783 7,655 15,677 5,813 7,295 (46,318) 9,070 Adjusted for: Impairment on Goodwill – – – – – – 56,119 – Unrealized loss (gain) on derivative financial instruments 2,350 (4,535) 1,010 2,770 4,434 1,053 (2,252) 5,056 Amortization of intangible assets 4,205 4,558 5,115 5,098 4,199 4,171 4,124 4,003 Change in fair value of investments (15) 37 2 (43) 29 (42) (106) 103 Share-based compensation 177 (270) 111 62 106 130 93 121 Performance and deferred share unit expense 4,214 4,132 5,640 1,942 1,763 836 4,711 2,747 Acquisition, legal, restructuring and other expenses 2,832 1,515 4,129 1,042 2,531 841 1,404 275 Share of results of investments in associates 73 300 (210) (288) 1,827 2,052 (354) 509 Loss (gain) on disposal of an investment – 450 (845) – – – – – Other Income – – (24) – – – – – Income taxes related to above noted adjustments (3,724) (1,659) (4,015) (2,836) (3,973) (2,403) (2,039) (3,401) Adjusted Net income 21,884 21,311 18,568 23,424 16,729 13,933 15,382 18,483 Average number of shares outstanding (diluted) 68,628 68,758 68,807 68,742 69,022 69,209 68,811 69,068 Adjusted Net income per share diluted 0.32 0.31 0.27 0.34 0.24 0.20 0.22 0.27 Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 20 3 months (in thousands of Canadian dollars) Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 FY2026 FY2026 FY2025 FY2025 FY2025 FY2025 FY2024 FY2024 LTM Adjusted EBITDA 150,311 144,785 142,199 136,595 133,135 128,659 125,855 123,005 Permanent cost-saving initiatives 489 773 1,046 1,332 1,476 2,309 2,758 4,459 Adjusted EBITDA for the months prior to the business acquisition of The Coda Collection which are not already reflected in the results – – 150 299 449 – – – Pro Forma Adjusted EBITDA 150,800 145,558 143,395 138,226 135,060 130,968 128,613 127,464 The following table shows the reconciliation of Cash flow from operating activities to Adjusted free cash flow: 3 months (in thousands of Canadian dollars) Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 FY 2026 FY2026 FY2025 FY 2025 FY 2025 FY2025 FY2024 FY2024 Cash flow from operating activities 24,329 18,987 39,720 35,387 19,183 10,750 44,263 30,902 Acquisition of property and equipment (2,171) (2,153) (2,057) (1,765) (1,88 --- 6) (1,486) (2,351) (1,742) Acquisition of intangible assets other than internally developed intangible assets (262) (336) (1,183) (848) (205) (444) (355) (256) Addition to internally developed intangible assets (1,307) (1,394) (1,371) (1,263) (1,268) (1,282) (1,148) (1,279) Interest paid (4,830) (4,955) (5,287) (6,159) (6,356) (5,979) (6,641) (6,620) Repayment of lease liabilities (1,415) (867) (954) (1,025) (1,324) (992) (929) (997) Net change in non-cash operating working capital items 9,709 9,755 (17,094) 1,076 9,848 12,833 (17,661) 9,500 Unrealized loss (gain) on foreign exchange 1,511 (1,755) 2,508 2,191 580 1,221 (958) 2,363 Acquisition, legal, restructuring and other expenses 2,832 1,515 4,129 1,042 2,531 841 1,404 275 Adjusted free cash flow 28,396 18,797 18,411 28,636 21,103 15,462 15,624 32,146 Average number of shares outstanding (diluted) 68,628 68,758 68,807 68,742 69,022 69,209 68,811 69,068 Adjusted free cash flow per share diluted (diluted) 0.41 0.27 0.27 0.42 0.31 0.22 0.23 0.47 The following table shows the calculation of Net debt and of Net debt to Pro Forma Adjusted EBITDA ratio: 3 months (in thousands of Canadian dollars) Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 Dec. 31, 2023 FY 2026 FY2026 FY2025 FY 2025 FY 2025 FY2025 FY2024 FY2024 Credit facilities 336,273 337,416 341,365 370,826 350,500 345,854 338,712 362,902 Subordinated debt – – – – 25,583 25,581 25,579 25,577 Cash and cash equivalents (15,145) (11,495) (13,984) (19,253) (8,593) (9,184) (9,606) (6,991) Net debt 321,128 325,921 327,381 351,573 367,490 362,251 354,685 381,488 Net debt to Pro Forma Adjusted EBITDA 2.13 2.24 2.28 2.54 2.72 2.77 2.76 2.99 Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 21 LIQUIDITY AND CAPITAL RESOURCES FOR THE PERIODS ENDED SEPTEMBER 30, 2025 AND 2024 3 months 6 months (in thousands of Canadian dollars) Q2 2026 Q2 2025 YTD 2026 YTD 2025 Operating activities 24,329 19,183 43,316 29,933 Financing activities (16,350) (14,426) (34,329) (22,004) Investing activities (4,419) (5,390) (7,820) (9,005) Effect of foreign exchange difference on cash and cash equivalents 90 32 (6) 53 Net change in cash 3,650 (601) 1,161 (1,023) Cash – beginning of period 11,495 9,184 13,984 9,606 Cash – end of period 15,145 8,583 15,145 8,583 Adjusted free cash flow(1) 28,396 21,103 47,194 36,565 Operating Activities Cash flow generated from operating activities amounted to $24.3 million for Q2 2026 compared to $19.2 million for Q2 2025. The increase was largely due to higher operating results. Cash flow generated from operating activities amounted to $43.3 million for cumulative Fiscal 2026 compared to $29.9 million for cumulative Fiscal 2025. The Increase was mostly due to higher operating results, to a lower negative change in non-cash operating items and to a positive foreign exchange impact. Financing Activities Net cash flow used in financing activities amounted to $16.3 million for Q2 2026 compared to $14.4 million for Q2 2025. Net cash flow used in financing activities amounted to $34.3 million for cumulative Fiscal 2026 compared to $22.0 million for cumulative Fiscal 2025. Both increases were mainly due to repayments of credit facility, partially offset by proceeds from the exercise of stock options. Investing Activities Net cash flow used in investing activities amounted to $4.4 million for Q2 2026 compared to $5.4 million for Q2 2025. Net cash flow --- used in investing activities amounted to $7.8 million for cumulative Fiscal 2026 compared to $9.0 million for cumulative Fiscal 2025. Both decreases were mostly due to the acquisition of The Coda Collection in the comparative period. Adjusted free cash flow(1) Adjusted free cash flow generated in Q2 2026 amounted to $28.4 million compared to $21.1 million for Q2 2025. Adjusted free cash flow generated in cumulative Fiscal 2026 amounted to $47.2 million compared to $36.6 million for cumulative Fiscal 2025. Both increases were largely due to higher operating results and to lower interest paid. Notes: (1) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 22 CONSOLIDATED FINANCIAL POSITION AND CAPITAL RESOURCES The following table shows the main variances that have occurred in the consolidated financial position of the Corporation for the six-month period ending September 30, 2025: (in thousands of Canadian dollars) Sept. 30, 2025 March 31, 2025 Variance Significant contributions Trade and other receivables 94,723 82,574 12,149 ? Revenue growth Intangible assets 49,261 53,827 (4,566) ? Amortization of intangible assets Goodwill 312,335 309,690 2,645 ? Acquisition of The Singing Machine and foreign exchange differences Accounts payables and accrued liabilities 105,583 84,532 21,051 ? Timing of payments to suppliers and operating expenses increase Other liabilities 18,331 27,243 (8,912) ? Payments of CRTC tangible benefits, lower derivative financial instruments liability and lower contingent consideration liability Credit facilities 336,273 341,365 (5,092) ? Refer to the graph on next page Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 23 Capital Resources Our principal sources of liquidity are our net cash provided by operating activities and borrowings available under our revolving facility. Our principal uses of cash are to repay our debt, finance our acquisitions and capital expenditures, pay dividends, repurchase shares and provide for working capital. We expect that cash generated from operations and borrowings available under our current credit facility will be sufficient to meet our liquidity needs in the foreseeable future. The credit facility consists of a $500.0 million revolving credit facility maturing in December 2028. The Credit facility bears interest at (a) the bank’s prime rate (4.70% and 6.45% as at September 30, 2025 and 2024) plus an applicable margin based on a financial covenant or US base rate if denominated in US dollars (7.75% and 9.00% as at September 30, 2025 and 2024) plus an applicable margin based on a financial covenant, or (b) the CORRA rate (2.56% and 4.62% as at September 30, 2025 and 2024) plus an applicable margin based on a financial covenant, or (c) SOFR (4.32% and 5.35% as at September 30, 2025 and 2024) plus an --- applicable margin based on a financial covenant, or (d) EURIBOR rate 1.87% and 3.59% as at September 30, 2025 and 2024) plus an applicable margin based on a financial covenant, at the Corporation’s option. As of September 30, 2025, the Corporation had cash and cash equivalents of $15.1 million and credit facility of $336.3 million. The credit facility consists of a $500.0 million revolving credit facility, of which $162.1 million was available. The following table summarizes the impact on the Net debt(2) that occurred in the six-month period ended September 30, 2025 including related ratios: Notes: (1) In millions of Canadian dollars (2) This is a non-IFRS measure and is not a standardized financial measure. Our 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. Refer to “Supplemental Information on Non-IFRS Measures” on page 7 for more information on each non-IFRS measure and for reconciliations to the most directly comparable IFRS financial measure, refer to “Non-IFRS Measures Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. $327.4 $0.7 $9.8 $6.2 $10.2 $(33.2) $321.1 As at March 31, 2025 Business acquisitions outlays, balance payable and contingent consideration payments Interests payments Share repurchases Dividend payments Remaining net change of revolving facility and cash As at September 30, 2025 Movement in Net debt(1)(2) Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 24 SOCAN and Re:Sound legal proceedings In May 2017, the Corporation, together with its Canadian Broadcast Distribution Undertaking customers (together, the “Objectors”), presented an affirmative case before the Copyright Board of Canada to seek a reduction in the prescribed rates and terms for the Pay Audio Services Tariff for the 2007-2016 period. SOCAN and Re:Sound (together, the “Collectives”) opposed that case. On May 28, 2021, the Copyright Board of Canada released a final decision relating to the Pay Audio Services Tariff. The decision and certified tariff were in line with the Objectors' expectations. By way of settlement, the Corporation has recovered the entirety of the anticipated refund from SOCAN. The Corporation continues to work with the other Objectors to collect from Re:Sound pursuant to the decision of the Copyright Board. Contractual Obligations The Corporation is committed under the terms of contractual obligations with various expiration dates, primarily the rental of office space, financial obligations under its credit agreement, broadcast licences and commitments for copyright royalties. There have been no material changes to these obligations since March 31, 2025. Transactions Between Related Parties The key management personnel of the Corporation are the Chief Executive Officer, Interim Interim Interim Chief Financial Officer and certain other key employees of the Corporation. There have been no material changes to the nature or importance of the transactions between related parties since March 31, 2025. Off-Balance Sheet Arrangements The Corporation therefore has no off-balance sheet arrangements, except for the operating leases with terms of twelve months or less, leases of low-value assets or leases that are not in scope of IFRS 16, that have, or are reasonably likely to have --- , a current or future material effect on its consolidated financial position, financial performance, liquidity, capital expenditures or capital resources. Disclosure of Outstanding Share Data Issued and outstanding shares and outstanding stock options consisted of: November 6, 2025 September 30, 2025 Issued and outstanding shares: Subordinate voting shares 53,822,833 53,958,416 Subordinate voting shares held in trust through employee share purchase plan (47,637) (43,920) Variable subordinate voting shares 1,190,760 1,195,677 Multiple voting shares 12,941,498 12,941,498 67,907,454 68,051,671 Outstanding stock options: Stock options 2,384,231 2,384,231 The Corporation has a stock option plan to attract and retain employees, directors, officers and consultants. The plan provides for the granting of options to purchase subordinate voting shares. Under this plan,10% of all multiple voting shares, subordinate voting shares and variable subordinate voting shares issued and outstanding on a non-diluted basis is reserved for issuance. During the first six months of Fiscal 2026, 640,986 options were exercised, no options were cancelled nor granted to eligible employees. Second Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 25 Financial Risk Factors The Corporation is exposed to a variety of financial risks: credit risk, liquidity risk and market risk (including currency risk and interest risk). The interim consolidated financial statements and management discussion and analysis do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the annual financial statements as at March 31, 2025. The Corporation is not aware of any significant changes to the financial risk factors from those disclosed at that time. Risk Factors For a detailed description of risk factors associated with the Corporation, please refer to the “Risk Factors” section of the Corporation’s Annual Information Form dated June 4, 2025. The Corporation is not aware of any significant changes to the Corporation’s risk factors from those disclosed at that time. Future Accounting Changes For information on future accounting changes, please refer to the unaudited interim consolidated financial statements. Evaluation of Disclosure Controls and Procedures Internal control over financial reporting ("ICFR") is a process designed to provide reasonable, but not absolute, assurance regarding the reliability of financial reporting and of the preparation of financial statements for external purposes in accordance with IFRS. The President and Chief Executive Officer (“CEO”) and the Interim Interim Interim Chief Financial Officer (“CFO”), together with Management, are responsible for establishing and maintaining adequate disclosure controls and procedures ("DC&P") and ICFR, as defined in National Instrument 52-109. The Corporation’s internal control framework is based on the criteria published in the updated version released in May 2013 of the report Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“2013 COSO Framework”). The DC&P have been designed to provide reasonable assurance that material information relating to the Corporation is made known to the CEO and CFO by others, and that information required to be disclosed by the Corporation in its annual filings, interim filings or other reports fil --- ed or submitted by the Corporation under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation. As at September 30, 2025, an evaluation was carried out, under the supervision of the CEO and the CFO, of the design and operating effectiveness of the Corporation’s DC&P. Based on this evaluation, the CEO and the CFO concluded that the Corporation’s DC&P were appropriately designed and were operating effectively as at September 30, 2025. As at September 30, 2025, an evaluation was carried out, under the supervision of the CEO and the CFO, of the effectiveness of the ICFR based on the 2013 COSO Framework. Based on this evaluation, they have concluded that the Corporation’s ICFR were effective as at September 30, 2025. There have been no changes in the Corporation’s internal control over financial reporting that occurred during the period that have materially affected, or are likely to materially affect, the Corporation’s ICFR. The Corporation has accordingly availed itself of provision 3.3(1)(b) of Regulation 52-109 which permits exclusion of this acquisition in the design and operating effectiveness assessment of its ICFR for a maximum period of 365 days from the date of acquisition. Subsequent Events Refer to “Additional business highlights for the second quarter and subsequent events” on page 4. Additional Information Additional information about the Corporation is available on our website at www.stingray.com and on the SEDAR+ website at www.sedarplus.ca. Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 26 Consolidated Statements of Comprehensive Income Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts) 3 months 6 months September 30, September 30, September 30, September 30, (Unaudited) Note 2025 2024 2025 2024 Revenues 5 $ 113,262 $ 93,585 $ 208,899 $ 182,655 Operating expenses 78,133 61,460 143,976 120,426 Depreciation, amortization and write-off 7,279 7,306 14,850 14,642 Net finance expense (income) 6 9,282 12,162 6,528 21,261 Change in fair value of investments (15) 29 22 (13) Share of results of investments in associates 73 1,827 373 3,879 Acquisition, legal, restructuring and other expenses 7 2,832 2,531 4,347 3,372 Loss on disposal of an investment — — 450 — Income before income taxes 15,678 8,270 38,353 19,088 Income taxes 3,906 2,457 9,798 5,980 Net income $ 11,772 $ 5,813 $ 28,555 $ 13,108 Net income per share — Basic $ 0.17 $ 0.08 $ 0.42 $ 0.19 Net income per share — Diluted $ 0.17 $ 0.08 $ 0.42 $ 0.19 Weighted average number of shares — Basic 67,815,331 69,276,233 67,887,253 69,298,775 Weighted average number of shares — Diluted 68,627,536 69,348,732 68,624,702 69,391,740 Comprehensive income Net income $ 11,772 $ 5,813 $ 28,555 $ 13,108 Other comprehensive income Items that may be reclassified to profit and loss Exchange differences on translation of foreign operations 2,842 1,286 902 2,082 Total other comprehensive gain 2,842 1,286 902 2,082 Total comprehensive income $ 14,614 $ 7,099 $ 29,457 $ 15,190 Net income is entirely attributable to Shareholders. The accompanying notes are an integral part of these interim consolidated financial statements. Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 27 Consolidated Statements of Financial Position September 30, 2025 and March 31, 2025 (In --- thousands of Canadian dollars) (Unaudited) Note September 30, 2025 March 31, 2025 Assets Current assets Cash and cash equivalents $ 15,145 $ 13,984 Trade and other receivables 94,723 82,574 Income taxes receivable 647 773 Inventories 8,934 2,496 Prepaid expenses and deposits 22,520 13,597 141,969 113,424 Non-current assets Property and equipment 8 36,150 35,389 Right-of-use assets on leases 8 20,001 16,561 Intangible assets, excluding broadcast licences 8 49,261 53,827 Broadcast licences 8 273,017 273,017 Goodwill 8 312,381 309,690 Investments 4,840 5,807 Other non-current assets 3,621 3,599 Deferred tax assets 7,245 5,344 Total assets $ 848,485 $ 816,658 Liabilities and Equity Current liabilities Accounts payable and accrued liabilities 105,583 84,532 Dividend payable — 5,108 Deferred revenues 7,227 6,846 Current portion of lease liabilities 10 4,490 3,918 Current portion of other liabilities 11 2,535 8,238 Income taxes payable 7,819 4,545 127,654 113,187 Non-current liabilities Credit facility 9 336,273 341,365 Deferred revenues 39 184 Lease liabilities 10 17,602 14,879 Other liabilities 11 15,796 19,005 Deferred tax liabilities 62,259 61,204 Total liabilities 559,623 549,824 Shareholders’ equity Share capital 12 293,273 292,273 Contributed surplus 5,134 5,672 Deficit (22,090) (42,754) Accumulated other comprehensive income (loss) 12,545 11,643 Total equity 288,862 266,834 Subsequent events (note 15) Total liabilities and equity $ 848,485 $ 816,658 The accompanying notes are an integral part of these interim consolidated financial statements. Approved by the Board of Directors, (Signed) Eric Boyko, Director (Signed) Karinne Bouchard, Director Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 28 Consolidated Statements of Changes in Equity Six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, except number of shares) (Unaudited) Share Capital Accumulated other comprehensive income (loss) Number Amount Contributed surplus Deficit Cumulative Translation Account Defined Benefit Plans Total shareholders’ equity Balance at March 31, 2024 68,757,564 $ 294,782 $ 6,393 $ (55,924) $ 870 $ 2,462 $ 248,583 Issuance of shares upon exercise of options (note 12) 146,627 784 (105) — — — 679 Dividends — — — (5,111) — — (5,111) Repurchase and cancellation of shares (640,600) (3,449) — (1,397) — — (4,846) Share-based compensation — — 123 — — — 123 Employee share purchase plan (note 12) (12,244) (115) 115 — — — — Net income — — — 13,108 — — 13,108 Other comprehensive income — — — — 2,082 — 2,082 Balance at September 30, 2024 68,251,347 $ 292,002 $ 6,526 $ (49,324) $ 2,952 $ 2,462 $ 254,618 Balance at March 31, 2025 68,092,723 292,273 5,672 (42,754) 8,577 3,066 266,834 Issuance of shares upon exercise of options (note 12) 640,986 4,667 (841) — — — 3,826 Dividends — — — (5,072) — — (5,072) Repurchase and cancellation of shares (note 12) (653,500) (3,394) — (2,819) — — (6,213) Share-based compensation — — 30 — — — 30 Employee share purchase plan (note 12) (28,538) (273) 273 — — — — Net income — — — 28,555 — — 28,555 Other comprehensive income — — — — 902 — 902 Balance at September 30, 2025 68,051,671 $ 293,273 $ 5,134 $ (22,090) $ 9,479 $ 3,066 $ 288,862 The accompanying notes are an integral part of these interim consolidated financial statements. Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 29 Consolidated Statements of Cash Flows Th --- ree-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars) 3 months 6 months (Unaudited) Note September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Operating activities: Net income $ 11,772 $ 5,813 $ 28,555 $ 13,108 Adjustments for: Depreciation, amortization and write-off 7,275 7,254 14,797 14,590 Loss on disposal of PPE 4 — 53 — Loss on disposal of leases — 52 — 52 Loss on disposal of an investment — — 450 — Share-based compensation, PSU and DSU expenses 4,391 1,869 8,253 2,835 Interest expense and standby fees 6 4,566 6,088 9,182 11,988 Change in fair value of derivative financial instruments 6 2,350 4,434 (2,185) 5,635 Change in fair value of investments (15) 29 22 (13) Share of results of joint ventures (5) (17) (19) (15) Share of results of investments in associates 73 1,827 373 3,879 Change in fair value of contingent consideration 6 422 185 (1,199) 390 Accretion expense 6 136 181 337 401 Interest expense on lease liabilities 6,10 345 324 662 658 Income tax expense 3,906 2,457 9,798 5,980 Income taxes paid (1,182) (1,465) (6,299) (6,874) 34,038 29,031 62,780 52,614 Net change in non-cash operating items 13 (9,709) (9,848) (19,464) (22,681) 24,329 19,183 43,316 29,933 Financing activities: Increase (decrease) of credit facility (1,263) 4,565 (5,332) 11,626 Payment of dividends (5,086) (5,126) (10,180) (10,268) Shares repurchased and cancelled 12 (3,143) (2,532) (6,213) (4,846) Proceeds from the exercise of stock options 3,495 324 3,826 679 Shares purchased under the employee share purchase plan (139) (73) (273) (115) Interest paid (4,830) (6,356) (9,785) (12,335) Repayment of lease liabilities (1,415) (1,324) (2,282) (2,316) Repayment of other liabilities (3,969) (3,904) (4,090) (4,281) Unwind of interest rate contract — — — (148) (16,350) (14,426) (34,329) (22,004) Investing activities: Business acquisition, net of cash acquired 3 (651) (1,885) (651) (1,885) Acquisition of investment (28) — (37) 31 Acquisition of investment in joint venture — (345) — (779) Disposal of non-core assets — 198 491 198 Acquisition of property and equipment (2,171) (1,885) (4,324) (3,371) 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) (4,419) (5,390) (7,820) (9,005) Effect of foreign exchange difference on cash and cash equivalents 90 32 (6) 53 Net decrease in cash and cash equivalents 3,650 (601) 1,161 (1,023) Cash and cash equivalents, beginning of period 11,495 9,184 13,984 9,606 Cash and cash equivalents, end of period $ 15,145 $ 8,583 $ 15,145 $ 8,583 The accompanying notes are an integral part of these interim consolidated financial statements. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 30 1. BUSINESS DESCRIPTION AND BASIS OF CONSOLIDATION Stingray Group Inc. (the “Corporation”) is incorporated under the Canada Business Corporations Act. The Corporation is domiciled in Canada, and its registered office is located at 730 Wellington, Montréal, Québec, H3C 1T4. The Corporation is a provider of multi-platform music services. It broadcasts high quality music and video content on several platforms including radio --- stations, premium television channels, digital TV, satellite TV, IPTV, the Internet, mobile devices and game consoles. A portion of the Corporation’s revenues is derived from the sale of advertising airtime, which is subject to the seasonal fluctuations of the Canadian radio industry. Accordingly, the third quarter results tend to be the strongest in a fiscal year. These interim consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiaries, Stingray Music USA Inc. (and its subsidiary Pop Radio LLC), 2144286 Ontario Inc., 4445694 Canada Inc., Pay Audio Services Limited Partnership, Music Choice Europe Limited, Stingray Digital International Ltd., Stingray Europe B.V., Transmedia Communications SA, SBA Music PTY Ltd., Stingray Music, S.A. de C.V., DJ Matic NV and Stingray Radio Inc. and all these entities’ wholly owned subsidiaries. The auditors of the Corporation have not performed a review of the interim financial report for the three-month and six-month periods ended September 30, 2025 and 2024. 2. SIGNIFICANT CHANGES AND HIGHLIGHTS On September 24, 2025, the Corporation announced that the Toronto Stock Exchange had approved its normal course issuer bid, authorizing the Corporation 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 of Subordinate Shares as at September 15, 2025. Refer to note 12 for more information. On August 1st, 2025, the Corporation acquired The Singing Machine Company, a business specialized in consumer karaoke products and hardware for total consideration of US$500 ($696). It resulted in the recognition of goodwill and intangible assets (note 8). Refer to note 3 for more information on the acquisition. 3. BUSINESS ACQUISITIONS FISCAL 2026 The Singing Machine Company On August 1st, 2025, the Corporation acquired The Singing Machine Company, a business specialized in consumer karaoke products and hardware, for total consideration of US$500 ($696). As a result of the acquisition, goodwill of $1,215 was recognized related to the operating synergies expected to be achieved from integrating the acquired business into the Corporation’s existing business. The goodwill will be deductible for tax purposes. The fair value of acquired trade and other receivables was US$849 ($1,182), which represented the gross contractual amount. Had the acquisition occurred at the beginning of the fiscal year, revenues related to this acquired business would have been approximately $10,289 and net income would have been $1,129. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 31 Preliminary Assets acquired: Cash and cash equivalents 45 Trade and other receivables 1,182 Prepaids expenses and deposits 39 Inventory 7,607 Property and equipment 309 Right-of-use assets on leases 19 Intangible assets 1,398 Goodwill 1,215 11,814 Liabilities assumed: Accounts payable and accrued liabilities 11,108 Current portion of lease liabilities 10 11,118 Net assets acquired at fair value $ 696 Consideration given: Cash $ 696 As of the reporting date, the Corporation has not completed the purchase price allocation over the identifiable net --- assets and goodwill as information to confirm the fair value of certain assets and liabilities remains to be obtained. FISCAL 2025 Loupe Art On December 23, 2024, the Corporation acquired Loupe, Inc., a company operating a visual art streaming service on smart TVs and digital signage, for total consideration of US$1,558 ($2,240). As a result of the acquisition, goodwill of $95 was recognized related to the operating synergies expected to be achieved from integrating the acquired business into the Corporation’s existing business. The goodwill will not be deductible for tax purposes. The fair value of acquired trade receivables was US$47 ($68), which represented the gross contractual amount. The contingent consideration arrangement requires the Corporation to pay, in cash, to the former owners, an amount not exceeding US$1,637 ($2,353) over the next three years ending in December 2027, based on recurring monthly revenues targets. The fair value of the contingent consideration was determined using an income approach based on the estimated amount and timing of projected cash flows. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 32 Preliminary Assets acquired: Cash and cash equivalents 303 Trade and other receivables 68 Other current assets 335 Intangible assets 2,526 Goodwill 95 3,327 Liabilities assumed: Accounts payable and accrued liabilities 593 Deferred revenues 349 Deferred tax liabilities 145 1,087 Net assets acquired at fair value $ 2,240 Consideration given: Cash 908 Balance payable on business acquisition 589 Contingent consideration 743 $ 2,240 As of the reporting date, the Corporation has not completed the purchase price allocation over the identifiable net assets and goodwill as information to confirm the fair value of certain assets and liabilities remains to be obtained. The Coda Collection On July 1st, 2024, the Corporation purchased all the assets necessary to operate The Coda Collection, a music-focused streaming platform that offers concert films, documentaries, and episodic series for total consideration of US$2,106 ($2,847). As a result of the acquisition, goodwill of $510 was recognized related to the operating synergies expected to be achieved from integrating the acquired business into the Corporation’s existing business. The goodwill will be deductible for tax purposes. The asset purchase arrangement requires the Corporation to pay, in cash, to the former owners, an amount not exceeding US$7,500 ($10,141) over the next four years ending in September 2028, based on a revenue target. The fair value of the contingent consideration was determined using an income approach based on the estimated amount and timing of projected cash flows. Final Assets acquired: Intangible assets 2,337 Goodwill 510 2,847 Net assets acquired at fair value $ 2,847 Consideration given: Cash 1,885 Contingent consideration 962 $ 2,847 Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 33 4. SEGMENT INFORMATION OPERATING SEGMENTS The Corporation’s operating segments are aggregated in t --- wo segments: Broadcasting and commercial music and Radio. The operating segments reflect how the Corporation manages its operations, resources and assets and how it measures its performance. Both operating segments’ financial results are reviewed by the Chief operating decision maker (“CDOM”) to make decisions about resources to be allocated to the segment and assesses its performance based on adjusted earnings before interest, taxes, depreciation and amortization (thereafter “Adjusted EBITDA”), and for which distinct financial information is available. Adjusted EBITDA excludes from income before income taxes the following expenses: share-based compensation, performance and deferred share unit expenses, depreciation, amortization and write-off, net finance expense (income), change in fair value of investments and acquisition, legal, restructuring and other expenses. There are no inter-segment revenues for the periods. The Broadcasting and commercial music segment specializes in the broadcast of music and videos on multiple platforms and digital signage experiences and generates revenues from subscriptions or contracts. The Radio segment operates several radio stations across Canada and generates revenues from advertising. Corporate and eliminations is a non-operating segment comprising corporate and administrative functions that provide support and governance to the Corporation’s operating business units. The following tables present financial information by segment for the three-month and six-month periods ended September 30, 2025 and 2024. Broadcasting and commercial music Radio Corporate and eliminations Consolidated Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Three-month periods Revenues $ 80,856 $ 60,895 $ 32,406 $ 32,690 $ — $ — $ 113,262 $ 93,585 Operating expenses (excluding Share-based compensation and PSU and DSU expenses) 49,695 35,922 22,183 21,672 1,864 1,997 73,742 59,591 Adjusted EBITDA $ 31,161 $ 24,973 $ 10,223 $ 11,018 (1,864) (1,997) 39,520 33,994 Share-based compensation — — — — 177 106 177 106 PSU and DSU expenses — — — — 4,214 1,763 4,214 1,763 Depreciation, amortization and write-off 5,583 5,580 1,696 1,726 — — 7,279 7,306 Net finance expense (income) 5,096 7,930 4,186 4,232 — — 9,282 12,162 Change in fair value of investments (15) 29 — — — — (15) 29 Share of results on investments in associates 73 1,827 — — — — 73 1,827 Acquisition, legal, restructuring and other expenses 2,363 1,283 469 1,248 — — 2,832 2,531 Income before income taxes 15,678 8,270 Income taxes 3,031 1,452 875 1,005 — — 3,906 2,457 Net income $ 11,772 $ 5,813 Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 34 Broadcasting and commercial music Radio Corporate and eliminations Consolidated Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Six-month periods Revenues $ 142,276 $ 117,740 $ 66,623 $ 64,915 $ — $ — $ 208,899 $ 182,655 Operating expenses (excluding Share-based compensation and PSU and DSU expenses) 86,682 69,816 45,361 43,966 3,680 3,809 135,723 117,591 Adjusted EBITDA $ 55,594 $ 47,924 $ 21,262 $ 20,949 (3,680) (3,809) 73,176 65,064 Share-based compensation — — — — (93) 236 (93) 236 PSU and DSU expenses — — — — 8,346 2,599 8,346 2,599 Depreciation, amortization and write- --- off 11,351 11,157 3,499 3,485 — — 14,850 14,642 Net finance expense (income) (1,814) 12,791 8,342 8,470 — — 6,528 21,261 Change in fair value of investments 22 (13) — — — — 22 (13) Share of results on investments in associates 373 3,879 — — — — 373 3,879 Loss on disposition 450 — — — — — 450 — Acquisition, legal, restructuring and other expenses 3,196 1,830 1,151 1,542 — — 4,347 3,372 Income before income taxes 38,353 19,088 Income taxes 7,867 4,000 1,931 1,980 — — 9,798 5,980 Net income $ 28,555 $ 13,108 During the six-month period ended September 30, 2025 the Corporation received tax credits related to its research and development and multimedia activities of $803 (2024 - $909) which were recorded as a reduction of operating expenses. Broadcasting and commercial music Radio Corporate and eliminations Consolidated September 30 2025 March 31 2025 September 30 2025 March 31, 2025 September 30 2025 March 31 2025 September 30 2025 March 31 2025 Total assets $ 303,477 $ 274,941 $ 545,008 $ 541,717 $ — $ — $ 848,485 $ 816,658 Total liabilities(1) $ 116,961 $ 88,133 $ 98,494 $ 101,104 $ 344,168 $ 360,587 $ 559,623 $ 549,824 (1) Total liabilities include operating liabilities and the Credit facility Broadcasting and commercial music Radio Consolidated Three-month periods Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Acquisition of property and equipment $ 1,160 $ 704 $ 866 $ 832 $ 2,026 $ 1,536 Addition to right-of-use assets on leases $ 155 $ 617 $ 3,965 $ 25 $ 4,120 $ 642 Acquisition of intangible assets $ 3,226 $ 4,195 $ — $ — $ 3,226 $ 4,195 Acquisition of broadcast licences $ — $ — $ — $ 21 $ — $ 21 Goodwill recorded on business acquisitions $ 1,215 $ 510 $ — $ — $ 1,215 $ 510 Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 35 Broadcasting and commercial music Radio Consolidated Six-month periods Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Acquisition of property and equipment $ 2,970 $ 1,514 $ 1,612 $ 1,355 $ 4,582 $ 2,869 Addition to right-of-use assets on leases $ 155 $ 1,320 $ 5,146 $ 53 $ 5,301 $ 1,373 Acquisition of intangible assets $ 4,968 $ 5,948 $ — $ — $ 4,968 $ 5,948 Acquisition of broadcast licences — $ — $ — $ 21 $ — $ 21 Goodwill recorded on business acquisitions $ 1,215 $ 510 $ — $ — $ 1,215 $ 510 Acquisition of property and equipment, right-of-use assets on leases, intangible assets, broadcast licences and goodwill, include those acquired through business acquisitions, whether they were paid or not, and none are related to the Corporate segment. As at September 30, 2025, approximately 73% (76% as at September 30, 2024) of the Corporation’s non-current assets are located in Canada. 5. REVENUES DISAGGREGATION OF REVENUES The following table presents the Corporation’s revenues disaggregated by reportable segments, primary geographical markets and products. Reportable segments(3) Broadcasting and commercial music Radio Total revenues Three-month periods Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Geography Canada $ 19,065 $ 16,252 $ 32,406 $ 32,690 $ 51,471 $ 48,942 United States 51,942 32,889 — — 51,942 32,889 Other countries 9,849 11,754 — — 9,849 11,754 80,856 60,895 32,406 32,690 113,262 93,585 Products Advertising(1) 29,245 18,480 32,406 32,690 61,651 51,170 Subscriptions(2) 32,2 --- 23 33,776 — — 32,223 33,776 Equipment and labor(1) 19,388 8,639 — — 19,388 8,639 $ 80,856 $ 60,895 $ 32,406 $ 32,690 $ 113,262 $ 93,585 (1) Generally recognized at a point in time (2) Generally recognized over time (3) No revenues are generated from the Corporate Segment Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 36 Reportable segments(3) Broadcasting and commercial music Radio Total revenues Six-month periods Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Geography Canada $ 34,383 $ 33,041 $ 66,623 $ 64,915 $ 101,006 $ 97,956 United States 87,095 60,841 — — 87,095 60,841 Other countries 20,798 23,858 — — 20,798 23,858 142,276 117,740 66,623 64,915 208,899 182,655 Products Advertising (1) 52,154 34,815 66,623 64,915 118,777 99,730 Subscriptions (2) 66,208 67,702 — — 66,208 67,702 Equipment and labor (1) 23,914 15,223 — — 23,914 15,223 $ 142,276 $ 117,740 $ 66,623 $ 64,915 $ 208,899 $ 182,655 (1) Generally recognized at a point in time (2) Generally recognized over time (3) No revenues are generated from the Corporate Segment 6. NET FINANCE EXPENSE (INCOME) 3 months 6 months September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Interest expense and standby fees $ 4,566 $ 6,088 $ 9,182 $ 11,988 Unrealized loss (gain) on derivative financial instruments 2,350 4,434 (2,185) 5,487 Realized loss on derivative financial instruments — — — 148 Change in fair value of contingent consideration 422 185 (1,199) 390 Accretion expense 136 181 337 401 Interest expense on lease liabilities (note 10) 345 324 662 658 Foreign exchange loss (gain) 1,463 950 (269) 2,189 $ 9,282 $ 12,162 $ 6,528 $ 21,261 7. ACQUISITION, LEGAL, RESTRUCTURING AND OTHER EXPENSES 3 months 6 months September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Acquisition $ 74 $ 577 $ 385 $ 577 Legal 2,115 587 2,184 1,032 Restructuring and other expenses 643 1,367 1,778 1,763 $ 2,832 $ 2,531 $ 4,347 $ 3,372 Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 37 8. PROPERTY AND EQUIPMENT, RIGHT-OF-USE-ASSETS ON LEASES, INTANGIBLE ASSETS, BROADCAST LICENCES AND GOODWILL Property and equipment Right-of-use assets on leases Intangible assets Broadcast licences Goodwill Year ended March 31, 2025 Net book amount as at March 31, 2024 $ 37,408 $ 19,934 $ 58,052 $ 272,996 $ 304,604 Additions 7,406 1,958 13,808 21 605 Disposals and write-off (1,350) (978) (818) — — Depreciation of property and equipment (7,887) — — — — Depreciation of right-of-use assets on leases — (4,310) — — — Amortization of intangible assets — — (18,583) — — Foreign exchange differences (188) (43) 1,368 — 4,481 Net book amount as at March 31, 2025 $ 35,389 $ 16,561 $ 53,827 $ 273,017 $ 309,690 Six-month period ended September 30, 2025 Net book amount as at March 31, 2025 $ 35,389 $ 16,561 $ 53,827 $ 273,017 $ 309,690 Additions 4,273 5,301 3,570 — — Additions through business acquisitions 309 — 1,398 — 1,215 Gain/(loss) on disposals (53) (2) — — — Disposals and write-off (22) — (53) — — Reassessment of the leases term — --- 351 — — — Depreciation of property and equipment (3,793) — — — — Depreciation of right-of-use assets on leases — (2,237) — — — Amortization of intangible assets — — (8,765) — — Foreign exchange differences 47 27 (716) — 1,476 Net book amount as at September 30, 2025 $ 36,150 $ 20,001 $ 49,261 $ 273,017 $ 312,381 9. CREDIT FACILITY The credit facility consists of a $500,000 revolving credit facility maturing in December 2028. The credit facility may be drawn in Canadian dollars in the form of prime rate loans or CORRA loans, in US dollars in the form of US base rate loans or SOFR loans, in Euro in the form of EURIBOR loans, in British Pounds in the form of SONIA loans and in Australian dollars in the form of BBSY loans. The credit facility bears interest at (a) the bank’s prime rate (4.70% and 6.45% as at September 30, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or US base rate if denominated in US dollars (7.75% and 9.00% as at September 30, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (b) CORRA (2.56% and 4.62% as at September 30, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (c) SOFR (4.32% and 5.35% as at September 30, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (d) EURIBOR (1.87% and 3.59% as at September 30, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, at the Corporation’s option. In addition, the Corporation incurs standby fees based on a financial covenant, on the unused portion of the credit facility (0.34% as at September 30, 2025 and 0.37% as at September 30, 2024). The credit facility is secured by guarantees from subsidiaries and first ranking lien on universality of all assets, tangible and intangible, present and future. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 38 The table below is a summary of the credit facility: September 30, 2025 Total available Drawn Letter of credit Net available Committed credit facility Revolving facility $ 500,000 $ 337,174 $ 750 $ 162,076 Less: unamortized deferred financing fees (901) Balance, end of period $ 336,273 Current portion $ — Non-current portion $ 336,273 March 31, 2025 Total available Drawn Letter of credit Net available Committed credit facility Revolving facility $ 500,000 $ 342,507 $ 1,150 $ 156,343 Less: unamortized deferred financing fees (1,142) Balance, end of period 341,365 Current portion $ — Non-current portion $ 341,365 As at September 30, 2025 and March 31, 2025, a letter of credit amounting to $750 and $1,150 respectively reduced the availability on the revolving facility. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 39 10. LEASE LIABILITIES The following table presents a summary of the activity related to the lease liabilities of the Corporation for the three-month and six-month periods ended September 30, 2025: 3 months 6 months September 30, 2025 September 30, 2024 September 30, 2025 --- September 30, 2024 Lease liabilities, beginning of period $ 19,361 $ 22,092 $ 18,797 $ 22,406 Additions 4,108 642 5,548 1,373 Payment of lease liabilities, including related interest (1,760) (1,648) (2,944) (2,974) Reassessment of the lease term — — — (2) Disposal — (87) — (87) Interest expense on lease liabilities (note 6) 345 324 662 658 Foreign exchange differences 38 (33) 29 (84) Lease liabilities, end of period $ 22,092 $ 21,290 $ 22,092 $ 21,290 Lease liabilities included in the Consolidated statements of financial position September 30, 2025 March 31, 2025 Current portion $ 4,490 $ 3,918 Non-current portion $ 17,602 $ 14,879 $ 22,092 $ 18,797 The following table presents the maturity analysis of contractual undiscounted cashflows related to the lease liabilities of the Corporation as of September 30, 2025: Less than one year $ 4,200 One to five years 16,783 More than five years 7,166 Total undiscounted lease liabilities as at September 30, 2025 $ 28,149 11. OTHER LIABILITIES September 30, 2025 March 31, 2025 CRTC tangible benefits $ 32 $ 4,052 Contingent consideration 3,798 4,997 Balance payable on business acquisitions 168 174 Accrued pension benefit liability 2,426 2,540 Derivative financial instruments (note 14) 7,895 10,039 Performance share unit payable 2,621 4,075 Other 1,391 1,366 18,331 27,243 Current portion (2,535) (8,238) $ 15,796 $ 19,005 Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 40 12. SHARE CAPITAL Authorized: Unlimited number of subordinate voting shares, participating, without par value Unlimited number of variable subordinate voting shares, participating, without par value Unlimited number of multiple voting shares (10 votes per share), participating, without par value Unlimited number of special shares, participating, without par value Unlimited number of preferred shares issuable in one or more series, non-participating, without par value Issued and outstanding: The movements in share capital were as follows: Transactions for the six-month period ended September 30, 2025 During the six-month period ended September 30, 2025, 640,986 stock options were exercised and consequently, the Corporation issued 640,986 subordinate voting shares. The proceeds amounted to $3,826. An amount of $841 of contributed surplus related to those stock options was transferred to the subordinate voting shares’ account balance. The average share price on the date of exercise was $10.03. On August 5, 2025, the Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share and multiple voting share. The dividend was paid on September 15, 2025 to shareholders on record as of August 29, 2025. Number of shares Carrying amount Year ended March 31, 2025 Subordinate voting shares and variable subordinate voting shares As at March 31, 2024 50,816,066 $ 276,556 Exercise of stock options 538,354 3,875 Class exchange MVS to SVS 5,000,000 350 NCC plan of arrangement expiry – cancelled shares (7,549) (39) Repurchased and cancelled (1,186,800) (6,276) Purchased and held in trust through employee share purchase plan (8,846) (69) As at March 31, 2025 55,151,225 $ 274,397 Multiple voting shares As at March 31, 2024 17,941,498 18,226 Class exchange MVS to SVS (5,000,000) (3 --- 50) As at March 31, 2025 12,941,498 $ 17,876 68,092,723 $ 292,273 Six-month period ended September 30, 2025 Subordinate voting shares and variable subordinate voting shares As at March 31, 2025 55,151,225 $ 274,397 Exercise of stock options 640,986 4,667 Repurchased and cancelled (653,500) (3,394) Purchased and held in trust through employee share purchase plan (28,538) (273) As at September 30, 2025 55,110,173 $ 275,397 Multiple voting shares As at September 30, 2025 and March 31, 2025 12,941,498 $ 17,876 68,051,671 293,273 Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 41 On March 25, 2025, the Corporation declared a dividend of $0.075 per subordinate voting share, variable subordinate voting share, multiple voting share and subscription receipts. A dividend payable of $5,108 was accrued in the consolidated statement of financial position as at March 31, 2025. The dividend paid on June 13, 2025 was $5,094 which resulted in an adjustment of $14 in the consolidated statement of changes in equity for the three-month period ended June 30, 2025. Shares repurchase program On September 24, 2025, the Toronto Stock Exchange (the "TSX") approved the renewal of its share repurchase program, effective September 27, 2025 and allowed the Corporation to repurchase up to an aggregate 3,710,428 subordinate voting shares and variable subordinate voting shares (collectively, the “Subordinate Shares”), representing approximately 10% of the Subordinate Shares issued and outstanding as at September 15, 2025. In accordance with TSX requirements, the Corporation is entitled to purchase, on any trading day, up to a total of 5,918 Subordinate Shares, representing 25% of the net average daily trading volume of the Subordinate Shares. When making such repurchases, the number of Subordinate Shares in circulation is reduced and the proportionate interest of all remaining shareholders in the Corporation’s share capital is increased on a pro rata basis. All shares repurchased under the share repurchase program will be cancelled upon repurchase. The share repurchase period will end no later than September 26, 2026. The following table summarizes the Corporation's share repurchase activities during the six-month periods ended September 30, 2025 and September 30, 2024: 2025 2024 Subordinate voting shares repurchased for cancellation (unit) 653,500 640,600 Average price per share $ 9.5071 $ 7.5644 Total repurchase cost $ 6,213 $ 4,846 Repurchase resulting in a reduction of: Share capital $ 3,394 $ 3,449 Deficit(1) $ 2,819 $ 1,397 (1)The excess of net repurchase price over the average book value of the Subordinate voting shares. 13. SUPPLEMENTAL CASH FLOW INFORMATION 3 months 6 months September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Trade and other receivables $ (10,998) $ (11,062) $ (10,924) $ (12,068) Inventories 2,128 (583) 1,190 (1,447) Prepaid expenses and deposits (5,315) 1,131 (8,872) 1,327 Other non-current assets (99) 7 197 3 Accounts payable and accrued liabilities 2,426 2,997 1,299 (5,528) Deferred revenues 1,679 (1,742) 240 (2,606) Income taxes payable (384) (402) (999) (953) Other liabilities 854 (194) (1,595) (1,409) $ (9,709) $ (9,848) $ (19,464) $ (22,681) Notes to Interim Consolidated Financial --- Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 42 The following table summarizes the Corporation’s additions not affecting cash and cash equivalents for the three-month and six-month periods ended September 30, 2025 and 2024: 3 months 6 months September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Additions to property and equipment $ (145) $ (350) $ 258 $ (503) Additions to intangible assets, excluding broadcast licences and intangible assets acquired through business acquisitions 1,657 2,722 1,596 2,749 $ 1,512 $ 2,372 $ 1,854 $ 2,246 14. FINANCIAL INSTRUMENTS FINANCIAL RISK FACTORS The Corporation is exposed to a variety of financial risks: credit risk, liquidity risk and market risk (including currency risk and interest risk). The interim consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the annual financial statements as at March 31, 2025. The Corporation is not aware of any significant changes to the Corporation’s risk factors from those disclosed at that time. FAIR VALUES The Corporation has determined that the carrying amount of cash and cash equivalents, trade and other receivables, accounts payable and accrued liabilities and current portion of other liabilities excluding the contingent consideration is a reasonable approximation of their fair value due to the short-term maturity of those instruments. As such, information on their fair values is not presented below. The fair value of the credit facility approximates their carrying value as they bear interest at prime or banker’s acceptance rates plus a credit spread, which approximate current rates that could be obtained for debts with similar terms and credit risk. The fair value of derivative financial instruments is determined using an evaluation of the estimated market value, adjusted for the credit quality of the counterparty. The carrying amount of CRTC tangible benefits and balance payable on business acquisitions is a reasonable approximation of their fair value as they are discounted using the effective interest rate, which approximate current rates that could be obtained with similar terms and credit risk. Balance payable on business acquisitions is carried at amortized cost and its fair value is categorized under level 2 and measured based upon discounted future cash flows using a discount rate, adjusted for the Company’s own credit risk, that reflects current market conditions for instruments with similar terms and risks. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 43 The carrying and fair value of financial assets and liabilities, including their level in the fair value hierarchy, consist of the following: As at September 30, 2025 Carrying value Fair value Level 1 Level 2 Level 3 Financial assets measured at amortized cost Cash and cash equivalents $ 15,145 Trade and other receivables 89,965 Financial assets measured at fair value Investments $ 1,895 $ 1,895 $ — $ — $ 1,895 D --- erivative financial instruments 41 41 — 41 — Financial liabilities measured at amortized cost Credit facility $ 336,273 Accounts payable and accrued liabilities 101,493 CRTC tangible benefits 32 Accrued pension benefit liability 2,426 Performance share unit payable 2,621 Balance payable on business acquisitions 168 167 — 167 — Financial liabilities measured at fair value Contingent consideration $ 3,798 $ 3,798 $ — $ — $ 3,798 Derivative financial instruments 7,895 7,895 — 7,895 — As at March 31, 2025 Carrying value Fair value Level 1 Level 2 Level 3 Financial assets measured at amortized cost Cash and cash equivalents $ 13,984 Trade and other receivables 78,396 Financial assets measured at fair value Investments $ 1,880 $ 1,880 $ — $ — $ 1,880 Financial liabilities measured at amortized cost Credit facility $ 341,365 Accounts payable and accrued liabilities 77,815 CRTC tangible benefits 4,052 Accrued pension benefit liability 2,540 Performance share unit payable 4,075 Balance payable on business acquisitions 174 177 — $ 177 — Financial liabilities measured at fair value Contingent consideration $ 4,997 $ 4,997 $ — $ — $ 4,997 Derivative financial instruments 10,039 10,039 — 10,039 — Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 44 Fair value measurement (Level 3): Investments Contingent consideration Six-month period ended September 30, 2024 Opening amount as at March 31, 2024 $ 2,014 $ 1,708 Additions through business acquisition — 963 Disposals (229) — Change in fair value, including foreign exchange differences 1 390 Settlements — (33) Balance as at September 30, 2024 $ 1,786 $ 3,028 Six-month period ended September 30, 2025 Opening amount as at March 31, 2025 $ 1,880 $ 4,997 Additions through business acquisition 37 — Change in fair value, including foreign exchange differences (22) (1,199) Balance as at September 30, 2025 $ 1,895 $ 3,798 There were no changes in the valuation techniques for the contingent consideration, investments and investments in associates during the six-month periods ended September 30, 2025 and 2024. INVESTMENTS The Corporation has equity instruments in private entities at fair value that are estimated using a market comparison technique. The valuation model is based on market multiples derived from quoted price of companies comparable to the investments and the expected EBITDA on the investments. All equity instruments in private entities are classified as financial assets at fair value through profit and loss. CONTINGENT CONSIDERATION The contingent consideration related to business combinations is payable based on the achievement of targets for growth in revenues for a period from the date of the acquisition and upon renewal of client contracts. The fair value measurement of the contingent consideration is determined using unobservable (Level 3) inputs. These inputs include (i) the estimated amount and timing of projected cash flows; and (ii) the risk-adjusted discount rate used to present value the cash flows, which is based on the risk associated with the revenue targets being met. The contingent consideration is classified as a financial liability and is included in other liabilities (note 11). The change in fair value is recognized in net finance expense (income) (no --- te 6). Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 45 DERIVATIVE FINANCIAL INSTRUMENTS The Corporation uses derivative financial instruments to manage its interest rate risk on its credit facility. The table below summarizes the interest rate contracts effective as at September 30, 2025 and March 31, 2025: Maturity Currency Fixed interest rate Initial nominal value Mark-to-market assets (liabilities) as at September 30, 2025 Mark-to-market assets (liabilities) as at March 31, 2025 Swaps September 27, 2030 CAD 3.36% 140,000 (5,589) (5,966) September 29, 2028 CAD 3.30% 30,000 (1,058) (1,257) $ 170,000 $ (6,647) $ (7,223) To manage its currency risk, the Corporation entered into foreign exchange forward contracts during the year ended March 31, 2025. The table below summarizes the contracts effective as at September 30, 2025 and March 31, 2025: Maturity Type Contract exchange rate Contractual amount Mark-to-market assets (liabilities) as at September 30, 2025 Mark-to-market assets (liabilities) as at March 31, 2025 Foreign exchange forward contracts 0 to 12 months USD Sale 1.3372 – 1.3721 $ 24,000 $ (585) $ (1,821) 13 to 24 months USD Sale 1.3292 – 1.3836 24,000 (255) (848) $ 48,000 $ (840) $ (2,669) Maturity Type Contract exchange rate Contractual amount Mark-to-market assets (liabilities) as at September 30, 2025 Mark-to-market assets (liabilities) as at March 31, 2025 Options 0 to 12 months Target Redemption forward USD Sale 1.3865 – 1.4000 $ 500 - 21,000 $ (367) $ — 15. SUBSEQUENT EVENTS Dividend On November 11, 2025, the Corporation declared a dividend of $0.085 per subordinate voting share, variable subordinate voting share and multiple voting share. The dividend will be payable on or around December 15, 2025, to shareholders on record as of November 28, 2025. TuneIn On November 11, 2025, the Corporation announced that it had entered into a definitive agreement with TuneIn Holdings, Inc., pursuant to which the Corporation will acquire all the outstanding shares for total consideration of US$175,000. TuneIn is a U.S. based company specializing in streaming radio stations, audio news, music and podcast. Completion of the acquisition is expected to occur by the end of the third quarter of Fiscal 2026 and is subject to the satisfaction of customary closing conditions, including the approval of the transaction under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976. Notes to Interim Consolidated Financial Statements Three-month and six-month periods ended September 30, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Second Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 46 Amended and Restated Credit Agreement On November 10, 2025, the Corporation secured an additional US$150,000 term loan under its existing credit facility for the purpose of financing the acquisition of TuneIn Holdings, Inc. Additionally, the maturity date of the credit facility was extended by one year to November 10, 2029. DMI Music and Media Network On October 30, 2025, the Corporation concluded the acquisition of all the shares of DMI, a U.S. based company specialized in music branding and in-store audio advertising, for total consideration of --- US$12,000. The Corporation is in the process of determining the fair value of the assets acquired and liabilities assumed. Therefore, the initial accounting for the business combination is incomplete at the time of the issuance of these financial statements. 16. BASIS OF PREPARATION a) Statement of compliance: These interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) on a basis consistent with those accounting policies followed by the Corporation in the most recent audited consolidated annual financial statements. These interim consolidated financial statements have been prepared on a form in accordance with IAS 34 “Interim Financial Reporting”. Accordingly, certain information, in particular the accompanying notes, normally included in the consolidated annual financial statements prepared in accordance with IFRS, has been omitted or condensed. Income taxes in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss. These interim consolidated financial statements should be read in conjunction with the consolidated annual financial statements and the note thereto for the year ended March 31, 2025. The interim consolidated financial statements were authorized for issue by the Board of Directors on November 11, 2025. b) Use of estimates and judgements: The preparation of consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. In preparing these interim consolidated financial statements, the significant judgments made by management in applying the Corporation’s accounting policies and the key sources of information were the same as the ones applied to the audited consolidated financial statements for the year ended March 31, 2025. c) Functional and presentation currency: These interim consolidated financial statements are presented in Canadian dollars, which is the Corporation’s functional currency. All financial information presented in Canadian dollars has been rounded to the nearest thousand. stingray.com