SEDAR Interim Financial Statements

Fiscal 2026 For the nine-month period ended December 31, 2025 Third Quarter Report Third 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 Non-IFRS measures reconciliations 9 Financial results for the periods ended December 31, 2025 and 2024 11 Business segment performance 14 Liquidity for the periods ended December 31, 2025 and 2024 21 Unaudited interim consolidated 26 financial statements 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 nine-month periods ended December 31, 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 February 10, 2026. 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 nine-month periods ended December 31, 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 t --- he assumptions 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 3 OVERVIEW Stingray Group Inc. (TSX: RAY.A; RAY.B), the world’s leading connected streaming media company, delivers the best curated audio and video content to consumers worldwide. As a pioneer in multiplatform streaming and distribution, Stingray’s vast digital content portfolio includes thousands of live audio and radio stations, premium music channels, concerts and music documentaries, karaoke products, as well as ambience and wellness channels. Its offering is distributed via connected TVs, smart speakers, mobile, connected cars and retail. Reaching hundreds of millions of consumers every month, Stingray's products offer an unparalleled advertising reach, enabling brands to connect with an engaged audience across the world. Home to globally renowned brands such as TuneIn, Singing Machine, Stingray Karaoke and Qello Concerts, Stingray is powered by a worldwide team of more than 1,000 employees. For more information, visit www.stingray.com. KEY PERFORMANCE INDICATORS For the three-month period ended December 31, 2025 (“Q3 2026”): $124.8 M ▲ 15.4% from Q3 2025 Revenues $7.5 M ▼ 52.2% from Q3 2025 Net income Or $0.11 per share diluted $38.0 M ▲ 7.4% from Q3 2025 Cash flow from operating activities Or $0.55 per share diluted(1) $44.5 M ▲ 5.7% from Q3 2025 Adjusted E --- BITDA(1) $26.3 M ▲ 12.2% from Q3 2025 Adjusted Net income(1) Or $0.38 per share diluted(1) $34.8 M ▲ 21.5% from Q3 2025 Adjusted free cash flow(1) Or $0.50 per share diluted(1) FINANCIAL AND BUSINESS HIGHLIGHTS Highlights of the third quarter ended December 31, 2025: Compared to the quarter ended December 31, 2024 (“Q3 2025”): • Revenues increased 15.4% to $124.8 million from $108.2 million; • Adjusted EBITDA(1) increased 5.7% to $44.5 million from $42.1 million. Adjusted EBITDA by segment was $33.0 million or 37.5% of revenues for Broadcasting and Commercial Music, $13.2 million or 36.00% of revenues for Radio and $(1.7) million for Corporate; • Net income was $7.5 million ($0.11 per share diluted(1)) compared with $15.7 million ($0.23 per share diluted(1)); • Adjusted Net income(1) increased to $26.3 million ($0.38 per share diluted(1)) compared with $23.4 million ($0.34 per share diluted(1)); • Cash flow from operating activities increased 7.4% to $38.0 million ($0.55 per share diluted(1)) compared to $35.4 million ($0.51 per share diluted(1)); • Adjusted free cash flow(1) increased 21.5% to $34.8 million ($0.50 per share diluted(1)) compared to $28.6 million ($0.42 per share diluted(1)); • Net debt to Pro Forma Adjusted EBITDA(1) ratio of 2.49x, compared with 2.54x and; • 303,700 shares repurchased and cancelled for a total of $3.8 million, compared with 271,200 shares repurchased and cancelled for a total of $2.0 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 4 Additional business highlights for the third quarter and subsequent events: • On February 10, 2026, 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 March 13, 2026, to shareholders on record as of February 27, 2026. • On February 4, 2026, the Corporation announced a collaboration with Nissan, one of the world’s largest automakers, to bring TuneIn’s expansive catalog of radio stations and podcasts to select Nissan and INFINITI vehicles in the United States. TuneIn will provide drivers with fast access to live sports, breaking news, curated music, millions of podcasts and tens of thousands of radio stations. Drivers will be able to access TuneIn through Nissan and INFINITI vehicles equipped with Google. • On February 2, 2026, the Corporation announced an agreement with Experience Hendrix, L.L.C to release an extensive collection of concert films and documentaries from the iconic guitarist Jimi Hendrix. In celebration of Black History Month, the complete collection is now streaming on The Coda Collection. The titles will also be progressively released on Qello Concerts in the coming months, bringing the unforgettable performances of a music legend to fans around the world. • On Ja --- nuary 6, 2026, the Corporation announced a partnership with 3 Screen Solutions (3SS), a global leader in powering entertainment experiences across devices and vehicles. This collaboration will integrate Stingray’s popular karaoke service into the next generation of in-car entertainment systems. As part of 3SS’ 3Ready Content Bundle, Stingray Karaoke will be available to automakers as a pre-integrated solution, enabling faster deployment of engaging, passenger- centric entertainment. • On December 22, 2025, the Corporation announced a partnership with one of the world’s leading premium automotive brands, Mercedes-Benz to bring its Stingray Music and Stingray Karaoke applications to all vehicles equipped with the latest generation of infotainment system MBUX. The applications will be natively pre-installed in the vehicle’s “Music & Audio” section and are expected to launch in the first half of 2026. • On December 19, 2025, the Corporation announced that it has closed its previously announced acquisition of TuneIn Holdings, Inc. after all conditions precedent to closing the Transaction were satisfied. • On December 10, 2025, the Corporation announced the launch of a co-branded music, podcast and radio solution for automakers worldwide. The service will debut as BYD Audio by Stingray in a unique partnership with BYD, a world- leading manufacturer of new energy vehicles. This launch is one of several automotive OEM deals underway and further strengthens Stingray’s position as the premier provider for an unparalleled in-car entertainment experience, as BYD now integrates Stingray’s full suite of music products, including Stingray Karaoke with microphone, and Calm Radio, which delivers a relaxing sanctuary for drivers. • On December 9, 2025, the Corporation announced the launch of Stingray Cityscapes and EarthDay 365 on LG Channels in the United States. This exciting expansion provides viewers with dedicated spaces to explore and appreciate the wonders of the planet and the beauty of urban landscapes, directly from their LG smart TVs. • On December 8, 2025, the Corporation announced the launch of five free ad-supported streaming television (FAST) music channels on Prime Video in the United States. This expansion brings a curated selection of Stingray’s popular music audio channels to more customers, offering a diverse range of genres to suit every taste. The five newly launched channels include: Stingray Hot Country, Stingray Remember the 80s, Stingray Smooth Jazz, Stingray The Spa, and Stingray Easy Listening. • On November 26, 2025, the Corporation announced that its wholly-owned subsidiary, Stingray Radio, has entered into an agreement to acquire the assets of CHUP-FM (branded as C97.7) in Calgary, Alberta, from Rawlco Radio, subject to approval from the Canadian Radio-television and Telecommunications Commission (the “CRTC”), which is anticipated in the second quarter of Fiscal 2027. • 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 5 • 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 6 SELECTED CONSOLIDATED FINANCIAL INFORMATION 3 months 9 months Dec. 31, 2025 Q3 2026 Dec. 31, 2024 Q3 2025 Dec. 31, 2025 YTD 2026 Dec. 31, 2024 YTD 2025 (in thousands of Canadian dollars, except per share diluted amounts) $ % of revenues $ % of revenues $ % of revenues $ % of revenues Revenues 124,843 100.0 % 108,228 100.0 % 333,742 100.0 % 290,883 100.0 % Operating expenses 94,474 75.7 % 68,124 62.8 % 238,450 71.4 % 188,550 64.8 % Depreciation, amortization and write-off 8,272 6.6 % 8,052 7.3 % 23,122 6.9 % 22,694 7.8 % Net finance expense 341 0.3 % 11,639 10.7 % 6,869 2.1 % 32,900 11.3 % Change in fair value of investments 10 0.0 % (43) 0.0 % 32 0.0 % (56) 0.0 % Share of results of investments in associates 189 0.2 % (288) (0.3) % 562 0.2 % 3,591 1.2 % Loss on disposal of investments 815 0.7 % – – % 1,265 0.4 % – – % Acquisition, legal, restructuring and other expenses 9,372 7.4 % 1,042 1.0 % 13,719 4.1 % 4,414 1.5 % Income before income taxes 11,370 9.1 % 19,702 18.2 % 49,723 14.9 % 38,790 13.4 % Income taxes 3,876 3.1 % 4,025 3.7 % 13,674 4.1 % 10,005 3.5 % Net income 7,494 6.0 % 15,677 14.5 % 36,049 10.8 % 28,785 9.9 % Adjusted EBITDA(2) 44,519 35.7 % 42,108 38.9 % 117,695 35.3 % 107,172 36.8 % Adjusted Net income(2) 26,284 21.1 % 23,424 21.6 % 69,479 20.8 % 54,086 18.6 % Cash flow from operating activities 38,017 30.5 % 35,387 32.7 % 81,333 24.4 % 65,320 22.5 % Adjusted free cash flow(2) 34,796 27.9 % 28,636 26.5 % 81,991 24.6 % 65,201 25.4 % Net debt(2) 502,326 – 351,573 – 502,326 – 351,573 – Net debt to Pro Forma Adjusted EBITDA(2) 2.49x – 2.54x – 2.49x – 2.54x – Net income --- per share basic 0.11 – 0.23 – 0.53 – 0.42 – Net income per share diluted 0.11 – 0.23 – 0.52 – 0.42 – Adjusted Net income per share basic (2) 0.39 – 0.34 – 1.02 – 0.79 – Adjusted Net income per share diluted(2) 0.38 – 0.34 - 1.01 – 0.78 – Cash flow from operating activities per share basic(2) 0.56 – 0.52 – 1.20 – 0.96 – Cash flow from operating activities per share diluted(2) 0.55 0.51 – 1.18 – 0.95 – Adjusted free cashflow per share basic(2) 0.51 – 0.42 – 1.21 – 0.95 – Adjusted free cashflow per share diluted(2) 0.50 – 0.42 – 1.19 – 0.95 – Revenues by segment Broadcasting and Commercial Music 88,117 70.6 % 72,218 66.7 % 230,393 69.0 % 189,958 65.3 % Radio 36,726 29.4 % 36,010 33.3 % 103,349 31.0 % 100,925 34.7 % Revenues 124,843 100.0 % 108,228 100.0 % 333,742 100.0 % 290,883 100.0 % Revenues by geography Canada 53,592 42.9 % 54,184 50.1 % 154,598 46.3 % 152,140 52.3 % United States 60,308 48.3 % 42,316 39.1 % 147,403 44.2 % 103,157 35.5 % Other Countries 10,943 8.8 % 11,728 10.8 % 31,741 9.5 % 35,586 12.2 % Revenues 124,843 100.0 % 108,228 100.0 % 333,742 100.0 % 290,883 100.0 % Notes: (1) Interest paid during the Q3 2026 was $4.9 million (Q3 2025; $6.2 million). Interest paid for YTD Q3 2026 was $14.7 million (YTD Q3 2025, $18.5 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. Third 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 Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 8 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 Adjusted 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 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 otherwis --- e 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. Third 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 9 months (in thousands of Canadian dollars) Dec. 31, 2025 Q3 2026 Dec. 31, 2024 Q3 2025 Dec. 31, 2025 YTD 2026 Dec. 31, 2024 YTD 2025 Net income 7,494 15,677 36,049 28,785 Net finance expense 341 11,639 6,869 32,900 Change in fair value of investments 10 (43) 32 (56) Income taxes 3,876 4,025 13,674 10,005 Depreciation and write-off of property and equipment 1 --- ,936 2,104 5,783 6,149 Depreciation of right-of-use assets 1,583 850 3,823 3,077 Amortization of intangible assets 4,753 5,098 13,516 13,468 Share-based compensation 195 62 102 298 Performance and deferred share unit expense 13,955 1,942 22,301 4,541 Share of results of investments in associates 189 (288) 562 3,591 Loss on disposal of investments 815 – 1,265 – Acquisition, legal, restructuring and other expenses 9,372 1,042 13,719 4,414 Adjusted EBITDA 44,519 42,108 117,695 107,172 Adjusted EBITDA margin 35.7% 38.9% 35.3% 36.8% Net income 7,494 15,677 36,049 28,785 Adjusted for: Unrealized loss (gain) on derivative instruments (3,028) 2,770 (5,213) 8,257 Amortization of intangible assets 4,753 5,098 13,516 13,468 Change in fair value of investments 10 (43) 32 (56) Share-based compensation 195 62 102 298 Performance and deferred share unit expense 13,955 1,942 22,301 4,541 Share of results of investments in associates 189 (288) 562 3,591 Loss on disposal of investments 815 – 1,265 – Acquisition, legal, restructuring and other expenses 9,372 1,042 13,719 4,414 Income taxes related to above noted adjustments (7,471) (2,836) (12,854) (9,212) Adjusted Net income 26,284 23,424 69,479 54,086 Average number of shares outstanding (diluted) 69,032 68,742 68,757 68,978 Adjusted Net income per share (diluted) 0.38 0.34 1.01 0.78 (in thousands of Canadian dollars) December 31, 2025 December 31, 2024 March 31, 2025 LTM Adjusted EBITDA 152,721 136,595 142,199 Adjusted EBITDA for the months prior to the business acquisition which are not already reflected in the results 44,414 299 150 Cost synergies from the acquisition of TuneIn 3,585 – – Permanent cost-saving initiatives 643 1,332 1,046 Pro Forma Adjusted EBITDA 201,363 138,226 143,395 Third 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 9 months (in thousands of Canadian dollars) Dec. 31, 2025 Q3 2026 Dec. 31, 2024 Q3 2025 Dec. 31, 2025 YTD 2026 Dec. 31, 2024 YTD 2025 Cash flow from operating activities 38,017 35,387 81,333 65,320 Add / Less : Acquisition of property and equipment (1,297) (1,765) (5,621) (5,137) Acquisition of intangible assets other than internally developed intangible assets (554) (848) (1,152) (1,497) Addition to internally developed intangible assets (1,658) (1,263) (4,359) (3,813) Interest paid (4,895) (6,159) (14,680) (18,494) Repayment of lease liabilities (1,095) (1,025) (3,377) (3,341) Net change in non-cash operating working capital items (2,032) 1,076 17,432 23,757 Unrealized loss (gains) on foreign exchange (1,062) 2,191 (1,304) 3,992 Acquisition, legal, restructuring and other expenses 9,372 1,042 13,719 4,414 Adjusted free cash flow 34,796 28,636 81,991 65,201 Average number of shares outstanding (diluted) 69,032 68,742 68,757 68,978 Adjusted free cash flow per share (diluted) 0.50 0.42 1.19 0.95 The following table shows the calculation of Net debt and Net debt to Pro Forma Adjusted EBITDA ratio: (in thousands of Canadian dollars) December 31, 2025 December 31, 2024 March 31, 2025 Credit facilities 519,658 370,826 341,365 Cash and cash equivalents (17,332) (19,253) (13,984) Net debt 502,326 351,573 327,381 Net debt to Pro Forma Adjusted EBITDA 2.49 2.54 2.28 Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 11 FINANCIAL RESULTS FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024 --- CONSOLIDATED PERFORMANCE Revenues Revenues are detailed as follows: 3 months 9 months (in thousands of Canadian dollars) Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Revenues by geography Canada 53,592 54,184 (1.1) 154,598 152,140 1.6 United States 60,308 42,316 42.5 147,403 103,157 42.9 Other Countries 10,943 11,728 (6.7) 31,741 35,586 (10.8) Revenues 124,843 108,228 15.4 333,742 290,883 14.7 Global Revenues in Q3 2026 increased $16.6 million or 15.4% to $124.8 million, from $108.2 million for Q3 2025. The increase was largely due to an increase in advertising revenues related to the acquisition of TuneIn, to an increase in equipment sales related to the acquisition of The Singing Machine and to higher FAST channel revenues. Cumulative revenues for Fiscal 2026 increased $42.9 million or 14.7% to $333.7 million, from $290.9 million for cumulative Fiscal 2025. The increase was largely due to higher FAST channel revenues, to an increase in equipment sales related to the acquisition of The Singing Machine and to an increase in advertising revenues related to the acquisition of TuneIn. Canada Revenues in Canada in Q3 2026 decreased $0.6 million or 1.1% to $53.6 million, from $54.2 million for Q3 2025. The decrease was mainly due to a decrease in equipment and installation sales related to digital signage, partially offset by higher revenues in the Radio segment. Cumulative revenues in Canada for Fiscal 2026 increased $2.5 million or 1.6% to $154.6 million, from $152.1 million for cumulative Fiscal 2025. The increase was largely due to higher revenues in the Radio segment. United States Revenues in the United States in Q3 2026 increased $18.0 million or 42.5% to $60.3 million, from $42.3 million for Q3 2025. The increase was largely due to an increase in advertising revenues related to the acquisition of TuneIn and to an increase in equipment sales related to the acquisition of The Singing Machine. Cumulative revenues in the United States for Fiscal 2026 increased $44.2 million or 42.9% to $147.4 million, from $103.2 million for cumulative Fiscal 2025. The increase was largely due to higher FAST channel revenues, to an increase in equipment sales related to the acquisition of The Singing Machine and to an increase in advertising revenues related to the acquisition of TuneIn. Other Countries Revenues in Other countries in Q3 2026 decreased $0.8 million or 6.7% to $10.9 million, from $11.7 million for Q3 2025. The decrease was mainly due to a decrease in subscription revenues, partially offset by higher FAST channel revenues. Cumulative revenues in Other countries for Fiscal 2026 decreased $3.8 million or 10.8% to $31.7 million, from $35.6 million for cumulative Fiscal 2025. The decrease was mainly due to a decrease in subscription revenues and to a decrease in equipment and installation sales related to digital signage, partially offset by a positive foreign exchange impact. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 12 Operating expenses Operating expenses in Q3 2026 increased $26.4 million or 38.7% to $94,5 million, from $68.1 million for Q3 2025. The increase was mainly due to higher operating costs related to higher revenues and to higher variable expenses mainly resulting from the acquisitions of TuneIn, The Singing Machine and DMI. Cumulative operating expenses for Fiscal 2026 increased $49.9 million or 26.5% to $238.5 million, from $188.6 million for cumulative Fiscal 2025. The increas --- e was primarily attributable to higher operating costs associated with increased revenues and to higher variable expenses mainly resulting from the acquisitions of TuneIn, The Singing Machine and DMI and higher salaries. Adjusted EBITDA(1) Adjusted EBITDA in Q3 2026 increased $2.4 million or 5.7% to $44.5 million from $42.1 million for Q3 2025. Adjusted EBITDA margin was 35.7% compared to 38.9% for Q3 2025. Cumulative Adjusted EBITDA for Fiscal 2026 increased $10.5 million or 9.8% to $117.7 million from $107.2 million for cumulative Fiscal 2025. Adjusted EBITDA margin was 35.3% compared to 36.8% in Fiscal 2025. Both increases of Adjusted EBITDA were mainly driven by revenue growth and the impact of the acquisitions of TuneIn, The Singing Machine and DMI. Both decreases in Adjusted EBITDA margin were mostly due to a lower gross margin on improved sales related to the acquisitions of The Singing Machine and TuneIn. Depreciation, amortization and write off Depreciation, amortization and write off in Q3 2026 increased 0.2 million or 2.7% to $8.3 million from $8.1 million for Q3 2025. Cumulative depreciation, amortization and write off for Fiscal 2026 increased $0.4 million or 1.9% to $23.1 million, from $22.7 million for cumulative Fiscal 2025. Both increases were mostly due to a loss on disposals of property and equipment related to the closing of Lloydminster’s television stations. Net finance expense Net finance expense in Q3 2026 decreased $11.3 million or 97.1% to $0.3 million, compared to $11.6 million for Q3 2025. The decrease was mainly due to an unrealized gain compared to an unrealized loss in the comparative period on the fair value of derivative financial instruments, to a foreign exchange gain compared to a foreign exchange loss in the comparative period and a decrease in the fair value of contingent considerations. Cumulative Net finance expense for Fiscal 2026 decreased $26.0 million or 79.1% to $6.9 million, from $32.9 million for cumulative Fiscal 2025. The decrease was mainly due to an unrealized gain compared to an unrealized loss in the comparative period on the fair value of derivative financial instruments, to a foreign exchange gain compared to a foreign exchange loss in the comparative period, to a lower interest expense and to decrease on the fair value of contingent considerations. Acquisition, legal, restructuring and other expenses 3 months 9 months (in thousands of Canadian dollars) Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Broadcast and Commercial Music Acquisition 3,337 650 413.3 3,722 1,227 203.3 Legal 4,305 1,028 318.8 6,489 2,059 215.2 Restructuring and other 1,713 (512) (434.6) 2,588 2,237 637.3 Radio Restructuring and other 17 (124) (113.7) 920 777 18.5 Acquisition, legal, restructuring and other expenses 9,372 1,042 799.4 13,719 4,414 210.8 The increases in acquisition, legal, restructuring and other expenses in Q3 2026 and in Fiscal 2026 were mostly due to higher legal fees related to a patent dispute, to professional services related to the acquisition of TuneIn, The Singing Machine and DMI and to severance costs and other fees related to the closing of two television stations in Lloydminster. 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. Third 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 Q3 2026 compared to $4.0 million for Q3 2025. The effective tax rate for Q3 2026 was 34.1% compared to 20.4% for Q3 2025. The variance of the income tax rate is due to the variance in permanent differences. The income tax expense recognized in comprehensive income was $13.7 million for cumulative Fiscal 2026 compared to $10.0 million for cumulative Fiscal 2025. The effective tax rate for cumulative Fiscal 2026 was 27.5% compared to 25.8% for cumulative Fiscal 2025. The variance of the income tax rate is due to the variance in permanent differences. Net income and Net income per share diluted(1) Net income in Q3 2026 was $7.5 million ($0.11 per share diluted) compared to $15.7 million ($0.23 per share diluted) for Q3 2025. The decrease was mainly due to a higher performance and deferred share units expense related to an increase of the share price and to higher acquisition, legal, restructuring and other expenses, partially offset by an unrealized gain on the fair value of derivative financial instruments and by a foreign exchange gain. Cumulative Net income for Fiscal 2026 was $36.0 million ($0.52 per share diluted) compared to $28.8 million ($0.42 per share diluted) for cumulative Fiscal 2025. The increase was mainly due to an unrealized gain on the fair value of derivative financial instruments and to higher operating results, partially offset by a higher performance and deferred share units expense related to an increase of the share price. Adjusted Net income(1) and Adjusted Net income per share diluted(1) Adjusted Net income in Q3 2026 was $26.3 million ($0.38 per share diluted), compared to $23.4 million ($0.34 per share diluted) for Q3 2025. The increase was mainly driven by a foreign exchange gain and by higher operating results, partially offset by a higher income tax expense. Cumulative Adjusted Net income for Fiscal 2026 was $69.5 million ($1.01 per share diluted), compared to $54.1 million ($0.78 per share diluted) for cumulative Fiscal 2025. The increase was mainly due to higher operating results, to a foreign exchange gain, to lower interest expense and to a decrease on the fair value of contingent considerations, partially offset by a 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 14 BUSINESS SEGMENT PERFORMANCE BROADCASTING AND COM --- MERCIAL MUSIC 3 months 9 months (in thousands of Canadian dollars) Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Revenues 88,117 72,218 22.0 230,393 189,958 21.3 Operating expenses 55,087 40,629 35.6 141,769 110,445 28.4 Adjusted EBITDA(1) 33,030 31,589 4.6 88,624 79,513 11.5 Adjusted EBITDA margin(1) 37.5% 43.7% (14.2) 38.5% 41.9% (8.1) Revenues In Q3 2026, Broadcasting and Commercial Music revenues increased $15.9 million or 22.0% to $88.1 million, from $72.2 million for Q3 2025. The increase was largely due to an increase in advertising revenues related to the acquisition of TuneIn, to an increase in equipment sales related to the acquisition of The Singing Machine and to higher FAST channel revenues. Cumulative Broadcasting and Commercial Music revenues for Fiscal 2026 increased $40.4 million or 21.3% to $230.4 million from $190.0 million for cumulative Fiscal 2025. The increase was largely due to higher FAST channel revenues, to an increase in equipment sales related to the acquisition of The Singing Machine and to an increase in advertising revenues related to the acquisition of TuneIn. Adjusted EBITDA(1) In Q3 2026, Broadcasting and Commercial Music Adjusted EBITDA increased $1.4 million or 4.6% to $33.0 million from $31.6 million for Q3 2025. Cumulative Broadcasting and Commercial Music Adjusted EBITDA for Fiscal 2026 increased $9.1 million or 11.5% to $88.6 million from $79.5 million for cumulative Fiscal 2025. Both increases were primarily due to higher revenues and the impact of the acquisitions of TuneIn, The Singing Machine and DMI. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 15 RADIO 3 months 9 months (in thousands of Canadian dollars) Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Revenues 36,726 36,010 2.0 103,349 100,925 2.4 Operating expenses 23,491 23,465 0.1 68,852 67,431 2.1 Adjusted EBITDA(1) 13,235 12,545 5.5 34,497 33,494 3.0 Adjusted EBITDA margin(1) 36.0% 34.8% 3.4 33.4% 33.2% 0.6 Revenues Radio revenues are 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 Q3 2026, Radio revenues increased $0.7 million or 2.0% to $36.7 million from $36.0 million for Q3 2025. Cumulative Radio revenues for Fiscal 2026 increased $2.4 million or 2.4% to $103.3 million from $100.9 million for cumulative Fiscal 2025. Both increases were mostly due to an increase in digital advertising revenues, partially offset by lower airtime sales. Adjusted EBITDA(1) In Q3 2026, Radio Adjusted EBITDA increased $0.7 million or 5.5% to $13.2 million from $12.5 million in Q3 2025. Cumulative Radio Adjusted EBITDA for Fiscal 2026 increased $1.0 million or 3.0% to $34.5 million from $33.5 million for cumulative Fiscal 2025. Both increases in Adjusted EBITDA were due to higher revenues. For Q3, reported margins improved due to higher revenues. Cumulative margins for F2026 are in line with the prior year. 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 th --- e 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 16 CORPORATE 3 months 9 months (in thousands of Canadian dollars) Q3 2026 Q3 2025 % Change YTD 2026 YTD 2025 % Change Operating expenses 15,896 4,030 294.4 27,829 10,674 160.7 Adjust: Share-based compensation (195) (62) 214.5 (102) (298) (66.1) Performance and deferred share unit expense (13,955) (1,942) 618.6 (22,301) (4,541) 391.1 Adjusted EBITDA(1) (1,746) (2,026) (13.8) (5,426) (5,835) (7.0) Adjusted EBITDA(1) Corporate Adjusted EBITDA represents the head office operating expenses less the share-based compensation and performance and deferred share unit expense. In Q3 2026 and for cumulative Fiscal 2026, both decreases in negative Adjusted EBITDA are related to lower fees for professional services. 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. Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 17 Quarterly results Revenues fluctuated over the last eight quarters from $83.7 million in the fourth quarter of Fiscal 2024 to $124.8 million in the third 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 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. The increase in Q3 2026 was mostly due to normal business seasonality and to higher advertising revenues related to the acquisition of TuneIn, partially offset by lower equipment and installation sales related to digital signage. Adjusted EBITDA(1) fluctuated over the last eight quarters from $28.3 million in the fourth quarter of Fiscal 2024 to $44.5 million in the third quarter of Fiscal 2026. 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. The increase in Q3 2026 was mostly due to normal business seasonality and to the acquisition of TuneIn. Net income (loss) fluctuated over the last eight quarters from a Net loss of $46.3 million in the fourth quarter of Fiscal 2024 to a Net income of $7.5 million in the third quarter of Fiscal 2026. 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. The decrease in Q3 2026 was mainly due to a higher performance and deferred share units expense due to an increase in the share price and to higher acquisition and legal fees, partially offset by an unrealized gain on the fair value of derivative financial instruments and 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 Reconciliations” on page 9 and “Reconciliation of Quarterly Non-IFRS Measures” on page 19. Third 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) Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 FY2026 FY2026 FY2026 FY2025 FY2025 FY2025 FY2025 FY2024 Revenues by segment Broadcasting and Commercial Music 88,117 80,856 61,420 64,585 72,218 60,895 56,845 53,409 Radio 36,726 32,406 34,217 31,423 36,010 32,690 32,225 30,256 Total revenues 124,843 113,262 95,637 96,008 108,228 93,585 89,070 83,665 Revenues by geography Canada 53,592 51,471 49,535 46,793 54,184 48,942 49,014 45,581 United States 60,308 51,942 35,153 38,013 42,316 32,889 27,952 26,224 Other countries 10,943 9,849 10,949 11,202 11,728 11,754 12,104 11,860 Total revenues 124,843 113,262 95 --- ,637 96,008 108,228 93,585 89,070 83,665 Adjusted EBITDA(1) 44,519 39,520 33,656 35,027 42,108 33,994 31,070 29,423 LTM Adjusted EBITDA(1) 152,721 150,311 144,785 142,199 136,595 133,135 128,659 125,855 Net income (loss) 7,494 11,772 16,783 7,655 15,677 5,813 7,295 (46,318) Net income (loss) per share basic and diluted 0.11 0.17 0.25 0.11 0.23 0.08 0.11 (0.67) Adjusted Net income(1) 26,284 21,884 21,311 18,568 23,424 16,729 13,933 15,382 Adjusted Net income per share basic(1) 0.39 0.32 0.31 0.27 0.34 0.24 0.20 0.22 Adjusted Net income per share diluted(1) 0.38 0.32 0.31 0.27 0.34 0.24 0.20 0.22 Cash flow from operations 38,017 24,329 18,987 39,720 35,387 19,183 10,750 44,263 Adjusted free Cash Flow(1) 34,796 28,396 18,797 18,411 28,636 21,103 15,462 15,624 Quarterly dividend 0.085 0.085 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. Third 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) Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March. 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 FY 2026 FY 2026 FY2026 FY2025 FY2025 FY2025 FY2025 FY2024 Net income (loss) 7,494 11,772 16,783 7,655 15,677 5,813 7,295 (46,318) Impairment on Goodwill – – – – – – – 56,119 Net finance expense (income) 341 9,282 (2,754) 9,516 11,639 12,162 9,099 3,736 Change in fair value of investments 10 (15) 37 2 (43) 29 (42) (106) Income taxes 3,876 3,906 5,892 977 4,025 2,457 3,523 3,639 Depreciation and write-off of property and equipment 1,936 1,982 1,865 1,941 2,104 1,970 2,075 1,183 Depreciation of right-of-use assets 1,583 1,092 1,148 1,020 850 1,137 1,090 1,192 Amortization of intangible assets 4,753 4,205 4,558 5,115 5,098 4,199 4,171 4,124 Share-based compensation 195 177 (270) 111 62 106 130 93 Performance and deferred share unit expense 13,955 4,214 4,132 5,640 1,942 1,763 836 4,711 Share of results of investments in associates 189 73 300 (210) (288) 1,827 2,052 (354) Acquisition, legal, restructuring and other expenses 9,372 2,832 1,515 4,129 1,042 2,531 841 1,404 Loss (gain) on disposal of an investment 815 – 450 (845) – – – – Other income – – – (24) – – – – Adjusted EBITDA 44,519 39,520 33,656 35,027 42,108 33,994 31,070 29,423 --- Adjusted EBITDA margin 35.7% 34.9% 35.2% 36.5% 38.9% 36.3% 34.9% 35.2% Net income (loss) 7,494 11,772 16,783 7,655 15,677 5,813 7,295 (46,318) Adjusted for: Impairment on Goodwill – – – – – – – 56,119 Unrealized loss (gain) on derivative financial instruments (3,028) 2,350 (4,535) 1,010 2,770 4,434 1,053 (2,252) Amortization of intangible assets 4,753 4,205 4,558 5,115 5,098 4,199 4,171 4,124 Change in fair value of investments 10 (15) 37 2 (43) 29 (42) (106) Share-based compensation 195 177 (270) 111 62 106 130 93 Performance and deferred share unit expense 13,955 4,214 4,132 5,640 1,942 1,763 836 4,711 Acquisition, legal, restructuring and other expenses 9,372 2,832 1,515 4,129 1,042 2,531 841 1,404 Share of results of investments in associates 189 73 300 (210) (288) 1,827 2,052 (354) Loss (gain) on disposal of an investment 815 – 450 (845) – – – – Other Income – – – (24) – – – – Income taxes related to above noted adjustments (7,471) (3,724) (1,659) (4,015) (2,836) (3,973) (2,403) (2,039) Adjusted Net income 26,284 21,884 21,311 18,568 23,424 16,729 13,933 15,382 Average number of shares outstanding (diluted) 69,032 68,628 68,758 68,807 68,742 69,022 69,209 68,811 Adjusted Net income per share diluted 0.38 0.32 0.31 0.27 0.34 0.24 0.20 0.22 Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 20 3 months (in thousands of Canadian dollars) Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 FY2026 FY2026 FY2026 FY2025 FY2025 FY2025 FY2025 FY2024 LTM Adjusted EBITDA 152,721 150,311 144,785 142,199 136,595 133,135 128,659 125,855 Permanent cost-saving initiatives 643 489 773 1,046 1,332 1,476 2,309 2,758 Cost synergies from the acquisition of TuneIn 3,585 – – – – – – – Adjusted EBITDA for the months prior to the business acquisitions which are not already reflected in the results 44,414 – – 150 299 449 – – Pro Forma Adjusted EBITDA 201,363 150,800 145,558 143,395 138,226 135,060 130,968 128,613 The following table shows the reconciliation of Cash flow from operating activities to Adjusted free cash flow: 3 months (in thousands of Canadian dollars) Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 FY2026 FY 2026 FY2026 FY2025 FY 2025 FY 2025 FY2025 FY2024 Cash flow from operating activities 38,017 24,329 18,987 39,720 35,387 19,183 10,750 44,263 Acquisition of property and equipment (1,297) (2,171) (2,153) (2,057) (1,765) (1,886) (1,486) (2,351) Acquisition of intangible assets other than internally developed intangible assets (554) (262) (336) (1,183) (848) (205) (444) (355) Addition to internally developed intangible assets (1,658) (1,307) (1,394) (1,371) (1,263) (1,268) (1,282) (1,148) Interest paid (4,895) (4,830) (4,955) (5,287) (6,159) (6,356) (5,979) (6,641) Repayment of lease liabilities (1,095) (1,415) (867) (954) (1,025) (1,324) (992) (929) Net change in non-cash operating working capital items (2,032) 9,709 9,755 (17,094) 1,076 9,848 12,833 (17,661) Unrealized loss (gain) on foreign exchange (1,062) 1,511 (1,755) 2,508 2,191 580 1,221 (958) Acquisition, legal, restructuring and other expenses 9,372 2,832 1,515 4,129 1,042 2,531 841 1,404 Adjusted free cash flow 34,796 28,396 18,797 18,411 28,636 21,103 15,462 15,624 Average number of shares outstanding (diluted) 69,032 68,628 68,758 68,807 68,742 69,022 69,209 68,811 Adjusted free cash flow per share (diluted) 0.50 --- 0.41 0.27 0.27 0.42 0.31 0.22 0.23 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) Dec. 31, 2025 Sept. 30, 2025 June 30, 2025 March 31, 2025 Dec. 31, 2024 Sept. 30, 2024 June 30, 2024 March 31, 2024 FY2026 FY 2026 FY2026 FY2025 FY 2025 FY 2025 FY2025 FY2024 Credit facilities 519,658 336,273 337,416 341,365 370,826 350,500 345,854 338,712 Subordinated debt – – – – – 25,583 25,581 25,579 Cash and cash equivalents (17,332) (15,145) (11,495) (13,984) (19,253) (8,593) (9,184) (9,606) Net debt 502,326 321,128 325,921 327,381 351,573 367,490 362,251 354,685 Net debt to Pro Forma Adjusted EBITDA 2.49 2.13 2.24 2.28 2.54 2.72 2.77 2.76 Third Quarter Report 2026 | Stingray Group Inc. | Management’s Discussion and Analysis 21 LIQUIDITY AND CAPITAL RESOURCES FOR THE PERIODS ENDED DECEMBER 31, 2025 AND 2024 3 months 9 months (in thousands of Canadian dollars) Q3 2026 Q3 2025 YTD 2026 YTD 2025 Operating activities 38,017 35,387 81,333 65,320 Financing activities 169,326 (19,759) 134,997 (41,763) Investing activities (205,052) (5,164) (212,872) (14,169) Effect of foreign exchange difference on cash and cash equivalents (104) 206 (110) 259 Net change in cash 2,187 10,670 3,348 9,647 Cash – beginning of period 15,145 8,583 13,984 9,606 Cash – end of period 17,332 19,253 17,332 19,253 Adjusted free cash flow(1) 34,796 28,636 81,991 65,201 Operating Activities Cash flow generated from operating activities amounted to $38.0 million for Q3 2026 compared to $35.4 million for Q3 2025. The increase was mainly due to a foreign exchange gain, to a positive net change in non-cash operating items, partially offset by higher acquisition, legal, restructuring and other expenses. Cash flow generated from operating activities amounted to $81.3 million for cumulative Fiscal 2026 compared to $65.3 million for cumulative Fiscal 2025. The increase was mainly due to higher operating results, to a lower negative change in non-cash operating items and to a foreign exchange gain, partially offset by higher acquisition, legal, restructuring and other expenses. Financing Activities Net cash flow provided by financing activities amounted to $169.3 million for Q3 2026 compared to net cash flow used in financing activities of $19.8 million for Q3 2025. Net cash flow provided by financing activities amounted to $135.0 million for cumulative Fiscal 2026 compared to net cash flow used in financing activities of $41.8 million for cumulative Fiscal 2025. Both variances were driven mainly by borrowings under the credit facility in connection with the acquisition of TuneIn. Investing Activities Net cash flow used in investing activities amounted to $205.1 million for Q3 2026 compared to $5.2 million for Q3 2025. Net cash flow used in investing activities amounted to $212.9 million for cumulative Fiscal 2026 compared to $14.2 million for cumulative Fiscal 2025. Both increases were primarily attributable to the acquisition of TuneIn. Adjusted free cash flow(1) Adjusted free cash flow generated in Q3 2026 amounted to $34.8 million compared to $28.6 million for Q3 2025. The increase was mainly due to higher operating results and to lower income taxes and interest paid. Adjusted free cash flow generated in cumulative Fiscal 2026 amounted to $82.0 million compared to $65.2 million for cumulative Fiscal 2025. The increase was mostly due to higher operating results and to lower interest and inc --- ome taxes paid. 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. Third 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 nine-month period ending December 31, 2025: (in thousands of Canadian dollars) Dec. 31, 2025 March 31, 2025 Variance Significant contributions Trade and other receivables 150,276 82,574 67,702 ▲ Acquisition of TuneIn and consistent with revenue growth Intangible assets 279,580 53,827 225,753 ▲ Acquisition of TuneIn and DMI Goodwill 332,781 309,690 23,091 ▲ Acquisitions of TuneIn, DMI and The Singing Machine Accounts payables and accrued liabilities 170,135 84,532 85,603 ▲ Acquisition of TuneIn and timing of payments to suppliers Other liabilities 69,071 27,243 41,828 ▲ Additions of contingent consideration for the acquisitions of TuneIn and DMI and balance payable on the acquisition of TuneIn Credit facilities 519,658 341,365 178,293 ▲ Refer to the graph on next page Third 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. The Corporation expects 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 facilities consist of a $500,000 revolving credit facility and a US$150,000 term loan, both maturing in November 2029, of which $183.6 million was available as at December 31, 2025. The credit facilities bear interest at (a) the bank’s prime rate (4.45% and 5.45% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or US base rate if denominated in US dollars (7.25% and 8.00% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (b) CORRA (2.60% and 3.62% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (c) SOFR (4.02% and 4.67% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (d) EURIBOR (1.90% and 3.00% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, at the Corporation’s option. As of December 31, 2025, the Corporation had cash and cash equivalents of $17.3 million and credit facilities of $519.7 million. The following table summarizes the impact on the Net debt that occurred in the --- nine-month period ended December 31, 2025: 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 $202.5 $14.7 $10.0 $16.0 $(68.3) $502.3 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 December 31, 2025 Movement in Net debt(1)(2) Third 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, 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 has no off-balance sheet arrangements, except for the operating leases with terms of 12 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: February 5, 2026 December 31, 2025 Issued and outstanding shares: Subordinate voting shares 53,891,928 53,971,016 Subordinate voting shares held in trust through employee share purchase plan (4,628) (54,645) Variable subordinate voting shares 1,206,638 1,200,722 Multiple voting shares 12,941,498 12,941,498 68,035,436 68,058, --- 591 Outstanding stock options: Stock options 2,062,886 2,062,886 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 nine months of Fiscal 2026, 962,331 options were exercised, 99,680 were cancelled and no options were granted to eligible employees. Third 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 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 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 filed or submitted by the Corporation under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation. As at December 31, 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 December 31, 2025. As at December 31, 2025, an evaluation was carried out, under the supervision of the CEO and the CFO, of the effect --- iveness 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 December 31, 2025. There have been no changes in the Corporation’s internal control, except for the acquisition of TuneIn, 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 third 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. Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 26 Consolidated Statements of Comprehensive Income Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, except per share amounts) 3 months 9 months December 31, December 31, December 31, December 31, (Unaudited) Note 2025 2024 2025 2024 Revenues 5 $ 124,843 $ 108,228 $ 333,742 $ 290,883 Operating expenses 94,474 68,124 238,450 188,550 Depreciation, amortization and write-off 8,272 8,052 23,122 22,694 Net finance expense (income) 6 341 11,639 6,869 32,900 Change in fair value of investments 10 (43) 32 (56) Share of results of investments in associates 189 (288) 562 3,591 Acquisition, legal, restructuring and other expenses 7 9,372 1,042 13,719 4,414 Loss on disposal of investments 815 — 1,265 — Income before income taxes 11,370 19,702 49,723 38,790 Income taxes 3,876 4,025 13,674 10,005 Net income $ 7,494 $ 15,677 $ 36,049 $ 28,785 Net income per share — Basic $ 0.11 $ 0.23 $ 0.53 $ 0.42 Net income per share — Diluted 0.11 0.23 0.52 0.42 Weighted average number of shares — Basic 68,031,671 68,106,721 67,935,568 68,373,964 Weighted average number of shares — Diluted 69,031,690 68,742,426 68,757,211 69,977,870 Comprehensive income Net income $ 7,494 $ 15,677 $ 36,049 $ 28,785 Other comprehensive income Items that may be reclassified to profit and loss Exchange differences on translation of foreign operations (3,433) 2,538 (2,531) 4,620 Total other comprehensive gain (loss) (3,433) 2,538 (2,531) 4,620 Total comprehensive income $ 4,061 $ 18,215 $ 33,518 $ 33,405 Net income is entirely attributable to shareholders. The accompanying notes are an integral part of these interim consolidated financial statements. Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 27 Consolidated Statements of Financial Position December 31, 2025 and March 31, 2025 (In thousands of Canadian dollars) (Unaudited) Note December 31, 2025 March 31, 2025 Assets Current assets Cash and cash equivalents $ 17,332 $ 13,984 Trade and other receivables 150,276 82,574 Income taxes receivable 658 773 Inventories 5,046 2,496 Prepaid expenses and deposits 18,167 13,597 191,479 113,424 Non-current assets Property and equipment 8 34,909 35,389 Right-of-use assets on leases 8 21,785 16,561 Intangible assets, excluding broadcast licences 8 279,580 53,827 Broadcast licences 8 273,017 273,017 Goodwill 8 332,781 309,690 Investments 4,941 5,807 Other non-current as --- sets 3,664 3,599 Deferred tax assets 9,486 5,344 Total assets $ 1,151,642 $ 816,658 Liabilities and Equity Current liabilities Credit facilities 9 20,565 — Accounts payable and accrued liabilities 170,135 84,532 Dividend payable — 5,108 Deferred revenues 8,402 6,846 Current portion of lease liabilities 10 5,227 3,918 Current portion of other liabilities 11 51,325 8,238 Income taxes payable 13,060 4,545 268,714 113,187 Non-current liabilities Credit facilities 9 499,093 341,365 Deferred revenues 34 184 Lease liabilities 10 18,733 14,879 Other liabilities 11 17,746 19,005 Deferred tax liabilities 62,153 61,204 Total liabilities 866,473 549,824 Shareholders’ equity Share capital 12 293,765 292,273 Contributed surplus 4,887 5,672 Deficit (22,595) (42,754) Accumulated other comprehensive income 9,112 11,643 Total equity 285,169 266,834 Subsequent event (note 15) Total liabilities and equity $ 1,151,642 $ 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 Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 28 Consolidated Statements of Changes in Equity Nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, except number of share capital) (Unaudited) Share Capital Accumulated other comprehensive income (loss) Number Amount Contributed surplus Retained earnings (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) 201,527 1,288 (273) — — — 1,015 Dividends — — — (10,215) — — (10,215) Shares returned to treasury and cancelled (note 12) (7,549) (39) — 39 — — — Repurchase and cancellation of shares (note 12) (911,800) (4,851) — (2,020) — — (6,871) Share-based compensation — — 140 — — — 140 Employee share purchase plan (note 12) (23,224) (198) 198 — — — — Net income — — — 28,785 — — 28,785 Other comprehensive income (loss) — — — — 4,620 — 4,620 Balance at December 31, 2024 68,016,518 $ 290,982 $ 6,458 $ (39,335) $ 5,490 $ 2,462 $ 266,057 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) 962,331 6,885 (1,246) — — — 5,639 Dividends — — — (10,851) — — (10,851) Repurchase and cancellation of shares (note 12) (957,200) (4,978) — (5,039) — — (10,017) Share-based compensation — — 46 — — — 46 Employee share purchase plan (note 12) (39,263) (415) 415 — — — — Net income — — — 36,049 — — 36,049 Other comprehensive income (loss) — — — — (2,531) — (2,531) Balance at December 31, 2025 68,058,591 $ 293,765 $ 4,887 $ (22,595) $ 6,046 $ 3,066 $ 285,169 The accompanying notes are an integral part of these interim consolidated financial statements. Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 29 Consolidated Statements of Cash Flows Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars) 3 months 9 months (Unaudited) Note December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Operating activities: Net income $ 7,494 $ 15,677 $ 36,049 $ 28,785 Adjustments for: Depreciation, amortization and write-off 8,272 8,052 23,122 22,694 Loss on disposal of investments 815 — 1,265 — Share- --- based compensation, PSU and DSU expenses 14,150 2,004 22,403 4,839 Interest expense and standby fees 6 4,938 5,663 14,120 17,651 Change in fair value of derivative financial instruments 6 (3,028) 2,770 (5,213) 8,405 Change in fair value of investments 10 (43) 32 (56) Share of results of joint ventures (9) (5) (28) (20) Equity loss (gain) on associates 189 (288) 562 3,591 Change in fair value of contingent consideration 6 (1,051) 462 (2,250) 852 Accretion expense 6 171 189 508 590 Interest expense on lease liabilities 6,10 360 311 1,022 969 Income tax expense 3,876 4,025 13,674 10,005 Income taxes paid (202) (2,354) (6,501) (9,228) 35,985 36,463 98,765 89,077 Net change in non-cash operating items 13 2,032 (1,076) (17,432) (23,757) 38,017 35,387 81,333 65,320 Financing activities: Increase of credit facilities 184,130 20,825 178,798 32,451 Decrease of subordinated debt — (25,600) — (25,600) Payment of dividends (5,779) (5,104) (15,959) (15,372) Shares repurchased and cancelled 12 (3,804) (2,025) (10,017) (6,871) Proceeds from the exercise of stock options 1,813 336 5,639 1,015 Shares purchased under the employee share purchase plan (142) (84) (415) (199) Interest paid (4,895) (6,159) (14,680) (18,494) Deferred financing fees (902) (593) (902) (593) Repayment of lease liabilities (1,095) (1,025) (3,377) (3,341) Repayment of other liabilities — (330) (4,090) (4,611) Unwind of interest rate swaps 14 — — — (148) 169,326 (19,759) 134,997 (41,763) Investing activities: Business acquisitions, net of cash acquired 3 (201,831) (605) (202,482) (2,489) Acquisition of investments (18) (25) (55) 6 Disposal of non-core assets 330 — 821 198 Acquisition of investments in associates (24) — (24) — Acquisition of investments in joint ventures — (658) — (1,437) Acquisition of property and equipment (1,297) (1,765) (5,621) (5,137) Acquisition of intangible assets other than internally developed intangible assets (554) (848) (1,152) (1,497) Addition to internally developed intangible assets (1,658) (1,263) (4,359) (3,813) (205,052) (5,164) (212,872) (14,169) Effect of foreign exchange difference on cash and cash equivalents (104) 206 (110) 259 Net increase in cash and cash equivalents 2,187 10,670 3,348 9,647 Cash and cash equivalents, beginning of period 15,145 8,583 13,984 9,606 Cash and cash equivalents, end of period $ 17,332 $ 19,253 $ 17,332 $ 19,253 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third 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. 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 subsidiaries Disc Marketing LLC, Loupe Inc., Pop Radio LLC, The Signing Machine (HK) Ltd and TuneIn Inc.), 2144286 Ontario Inc., 4445694 Canada Inc., Pay Audio Services LP, Music Choice Europe Limited (and its subsidiary Stingray Digital International Ltd), 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 nine-month periods ended December 31, 2025 and 2024. 2. SIGNIFICANT CHANGES AND HIGHLIGHTS On December 19, 2025, the Corporation acquired TuneIn Holdings, Inc. (“TuneIn”) a platform for live audio streaming for total consideration of US$193,334 ($266,674). It resulted in the recognition of goodwill (note 3 and 8), intangible assets (note 3 and 8), balance payable on business acquisition and contingent consideration (notes 3 and 11). On November 10, 2025, the Corporation secured an additional US$150,000 ($205,651) term loan under its existing credit facility to finance the acquisition of TuneIn. The maturity date of the credit facility was extended to November 10, 2029. On October 30, 2025, the Corporation acquired DMI, a business operating in music branding and in-store audio advertising, for total consideration of US$11,129 ($15,586). It resulted in the recognition of goodwill (note 3 and 8), intangible assets (note 3 and 8) and contingent consideration (notes 3 and 11). 3. BUSINESS ACQUISITIONS FISCAL 2026 TuneIn Inc On December 19th, 2025, the Corporation acquired all the outstanding shares of TuneIn Holdings, Inc. (“TuneIn”) for total consideration of US$193,334 ($266,674). TuneIn is a provider of various audio content distributed across multiple platforms worldwide. As a result of the acquisition, goodwill of $18,798 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. TuneIn holds tax losses carryforwards that are expected to be available to offset future taxable income. The fair value of the value of acquired trade and other receivables was US$29,481 ($40,511), which represented the gross contractual amount. The contingent consideration arrangement requires the Corporation to pay, in cash, to the former owners, an amount of up to US$25,000 ($34,484). Had the acquisition occurred at the beginning of the fiscal year, revenues related to this acquired business would have been approximately $129,254 and net income would have been $6,586. Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 31 Preliminary Assets acquired: Cash and cash equivalents $ 26,991 Trade and other receivables 40,511 Prepaids expenses and deposits 4,295 71,797 Investment 345 Property and equipment 258 Right-of-use assets on leases 2,193 Intangible assets 222,940 Goodwill 18,798 316,331 Liabilities assumed: Accounts payable 4,574 Accrued liabilities 40,452 Current portion of lease liabilities 597 Deferred revenues 2,443 Income taxes payable 23 Lease liabilities 1,568 49,657 Net assets acquired at fair value $ 266,674 Consideration given: Cash $ 217,620 Balance payable --- 9,042 Holdback 6,897 Contingent consideration 33,115 $ 266,674 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. DMI On October 30th, 2025, the Corporation acquired all the membership interests of Disc Marketing, LLC (“DMI”), a U.S. based leader in music branding and in-store audio advertising, for total consideration of US$11,129 ($15,586). As a result of the acquisition, goodwill of $3,098 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$730 ($1,022), 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 $11,598 and net loss would have been $307. Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 32 Preliminary Assets acquired: Cash and cash equivalents $ 338 Trade and other receivables 1,022 Prepaids expenses and deposits 32 Other non-current assets 15 Intangible assets 11,905 Goodwill 3,098 16,410 Liabilities assumed: Accounts payable and accrued liabilities 824 Net assets acquired at fair value $ 15,586 Consideration given: Cash $ 11,540 Contingent consideration 4,046 $ 15,586 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 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. The results of the business acquisition of The Signing Machine Company for the period ending December 31, 2025, are included in results since the date of the acquisition. Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 33 Preliminary Adjustment Final Assets acquired: Cash and cash equivalents $ 45 $ 45 Trade and other receivables 1,182 (44) 1,138 Prepaids expenses and deposits 39 39 Inventory 7,607 7,607 Property and equipment 309 309 Right-of-use assets on leases 19 19 Intangible assets 1,398 1,398 Goodwill 1,215 44 1,259 11,814 11,814 Liabilities assumed: Accounts payable and accrued liabilities 11,108 11,108 Current portion of lease liabilities 10 10 11,118 11,1 --- 18 Net assets acquired at fair value $ 696 $ 696 Consideration given: Cash $ 696 $ 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 nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 34 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 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 contingent consideration 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. Preliminary 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 nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 35 4. SEGMENT INFORMATION OPERATING SEGMENTS The Corporation’s operating segments are aggregated in two segments: B --- roadcasting 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 advertising, 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 provides support and governance to the Corporation’s operating business units. The following tables present financial information by segment for the three-month and nine-month periods ended December 31, 2025 and 2024. Broadcasting and commercial music Radio Corporate and eliminations Consolidated Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Three-month periods Revenues $ 88,117 $ 72,218 $ 36,726 $ 36,010 $ — $ — $ 124,843 $ 108,228 Operating expenses (excluding Share-based compensation and PSU and DSU expenses) 55,087 40,629 23,491 23,465 1,746 2,026 80,324 66,120 Adjusted EBITDA $ 33,030 $ 31,589 $ 13,235 $ 12,545 (1,746) (2,026) 44,519 42,108 Share-based compensation — — — — 195 62 195 62 PSU and DSU expenses — — — — 13,955 1,942 13,955 1,942 Depreciation, amortization and write-off 6,123 6,323 2,149 1,729 — — 8,272 8,052 Net finance expense (income) (3,842) 7,438 4,183 4,201 — — 341 11,639 Acquisition, legal, restructuring and other 9,010 704 362 338 — — 9,372 1,042 Change in fair value of investments 10 (43) — — — — 10 (43) Share of results on investments in associates 189 (288) — — — — 189 (288) Loss on disposition 815 — — — — — 815 — Income before income taxes 20,725 17,455 6,541 6,277 (15,896) (4,030) 11,370 19,702 Income taxes 2,268 2,412 1,608 1,613 — — 3,876 4,025 Net income $ 7,494 $ 15,677 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 36 Broadcasting and commercial music Radio Corporate and eliminations Consolidated Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Nine-month periods Revenues $ 230,393 $ 189,958 $ 103,349 $ 100,925 $ — $ — $ 333,742 $ 290,883 Operating expenses (excluding Share-based compensation and PSU and DSU expenses) 141,769 110,445 68,852 67,431 5,426 5,835 216,047 183,711 Adjusted EBITDA $ 88,624 $ 79,513 $ 34,497 $ 33,494 (5,426) (5,835) 117,695 107,172 Share-based compensation — — — — 102 298 102 298 PSU and DS --- U expenses — — — — 22,301 4,541 22,301 4,541 Depreciation, amortization and write-off 17,474 17,480 5,648 5,214 — — 23,122 22,694 Net finance expense (income) (5,656) 20,229 12,525 12,671 — — 6,869 32,900 Acquisition, legal, restructuring and other 12,206 2,534 1,513 1,880 — — 13,719 4,414 Change in fair value of investments 32 (56) — — — — 32 (56) Share of results on investments in associates 562 3,591 — — — — 562 3,591 Loss on disposition 1,265 — — — — — 1,265 — Income before income taxes 62,741 35,735 14,811 13,729 (27,829) (10,674) 49,723 38,790 Income taxes 10,135 6,412 3,539 3,593 — — 13,674 10,005 Net income $ 36,049 $ 28,785 During the nine-month period ended December 31, 2025 the Corporation received tax credits related to its research and development and multimedia activities of $1,414 (2024 – $1,398) which were recorded as a reduction of operating expenses. Broadcasting and commercial music Radio Corporate and eliminations(1) Consolidated December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2025 December 31, 2025 March 31, 2024 Total assets $ 606,396 $ 274,941 $ 545,246 $ 541,717 $ — $ — $ 1,151,642 $ 816,658 Total liabilities $ 239,661 $ 88,133 $ 102,183 $ 101,104 $ 524,629 $ 360,587 $ 866,473 $ 549,824 (1) Total liabilities include operating liabilities and the credit facilities Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 37 Broadcasting and commercial music Radio Consolidated Three-month periods Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Acquisition of property and equipment $ 664 $ 901 $ 1,238 $ 885 $ 1,902 $ 1,786 Addition to right-of-use assets on leases $ 2,281 $ — $ 712 $ 15 $ 2,993 $ 15 Acquisition of intangible assets $ 235,432 $ 5,230 $ — $ — $ 235,432 $ 5,230 Goodwill recorded on business acquisitions $ 21,699 $ 95 $ — $ — $ 21,699 $ 95 Broadcasting and commercial music Radio Consolidated Nine-month periods Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Acquisition of property and equipment $ 3,634 $ 2,415 $ 2,850 $ 2,240 $ 6,484 $ 4,655 Addition to right-of-use assets on leases $ 2,436 $ 1,320 $ 5,858 $ 68 $ 8,294 $ 1,388 Acquisition of intangible assets $ 240,400 $ 11,178 $ — $ — $ 240,400 $ 11,178 Acquisition of broadcast licences $ — $ — $ — $ 21 $ — $ 21 Goodwill recorded on business acquisitions $ 22,958 $ 605 $ — $ — $ 22,958 $ 605 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 and eliminations segment. As at December 31, 2025, approximately 54% (2024 – 74%) of the Corporation’s non-current assets are located in Canada and approximately 33% (2024 – 9%) are located in the United States. Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 38 5. REVENUES DISAGGREGATION OF REVENUES The following table presents the Corporation’s revenues disaggregated by reportable segments, primary geographical markets, and pr --- oducts. Reportable segments(3) Broadcasting and commercial music Radio Total revenues Three-month periods Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Geography Canada $ 16,866 $ 18,174 $ 36,726 $ 36,010 $ 53,592 $ 54,184 United States 60,308 42,316 — — 60,308 42,316 Other countries 10,943 11,728 — — 10,943 11,728 88,117 72,218 36,726 36,010 124,843 108,228 Products Advertising (1) 39,692 29,923 36,726 36,010 76,418 65,933 Subscriptions (2) 34,801 34,339 — — 34,801 34,339 Equipment and labor (1) 13,624 7,956 — — 13,624 7,956 $ 88,117 $ 72,218 $ 36,726 $ 36,010 $ 124,843 $ 108,228 (1) Generally recognized at a point in time (2) Generally recognized over time (3) No revenues are generated from the Corporate Segment Reportable segments(3) Broadcasting and commercial music Radio Total revenues Nine-month periods Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Geography Canada $ 51,249 $ 51,215 $ 103,349 $ 100,925 $ 154,598 $ 152,140 United States 147,403 103,157 — — 147,403 103,157 Other countries 31,741 35,586 — — 31,741 35,586 230,393 189,958 103,349 100,925 333,742 290,883 Products Advertising (1) 91,846 64,738 103,349 100,925 195,195 165,663 Subscriptions (2) 101,009 102,041 — — 101,009 102,041 Equipment and labor (1) 37,538 23,179 — — 37,538 23,179 $ 230,393 189,958 103,349 100,925 333,742 $ 290,883 (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 nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 39 6. NET FINANCE EXPENSE (INCOME) 3 months 9 months December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Interest expense and standby fees $ 4,938 $ 5,663 $ 14,120 $ 17,651 Unrealized loss (gain) on derivatives instruments (3,028) 2,770 (5,213) 8,257 Realized loss on derivatives instruments — — — 148 Change in fair value of contingent consideration (1,051) 462 (2,250) 852 Accretion expense 171 189 508 590 Interest expense on lease liabilities (note 10) 360 311 1,022 969 Foreign exchange loss (gain) (1,049) 2,244 (1,318) 4,433 $ 341 $ 11,639 $ 6,869 $ 32,900 7. ACQUISITION, LEGAL, RESTRUCTURING AND OTHER EXPENSES 3 months 9 months December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Acquisition $ 3,337 $ 650 $ 3,722 $ 1,227 Legal 4,305 1,028 6,489 2,060 Restructuring and other expenses 1,730 (636) 3,508 1,127 $ 9,372 $ 1,042 $ 13,719 $ 4,414 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 40 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 Nine-month period ended December 31, 2025 Net book amount as at March 31, 2025 $ 35,389 $ 16,561 $ 53,827 $ 273,017 $ 309,690 Additions 5,918 6,101 5,603 — — Additions through business acquisitions (note 3) 567 2,193 236,243 — 23,155 Gain (loss) on disposals (479) (1) — — — Disposals and write-off (791) — (56) — — Reassessment of the leases term — 341 — — — Depreciation of property and equipment (5,681) — — — — Depreciation of right-of-use assets on leases — (3,390) — — — Amortization of intangible assets — — (13,571) — — Foreign exchange differences (14) (20) (2,466) — (64) Net book amount as at December 31, 2025 $ 34,909 $ 21,785 $ 279,580 $ 273,017 $ 332,781 9. CREDIT FACILITIES The credit facilities consist of a $500,000 revolving credit facility and a US$150,000 ($205,651) term loan, both maturing on November 10, 2029. The credit facilities 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 facilities bear interest at (a) the bank’s prime rate (4.45% and 5.45% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or US base rate if denominated in US dollars (7.25% and 8.00% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (b) CORRA (2.60% and 3.62% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (c) SOFR (4.02% and 4.67% as at December 31, 2025 and 2024, respectively) plus an applicable margin based on a financial covenant, or (d) EURIBOR (1.90% and 3.00% as at December 31, 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 facilities (0.37% as at December 31, 2025, and 2024). The credit facilities are secured by guarantees from subsidiaries and first ranking line on universality of all assets, tangible and intangible, present and future. Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 41 The table below is a summary of the credit facilities: December 31, 2025 Total available Drawn Letter of credit Net available Committed credit facilities Revolving facility $ 500,000 $ 315,654 $ 750 $ 183,596 Term Loan 205,651 205,651 — — Total committed credit facilities 705,651 521,305 750 183,596 Less: unamortized deferred financing fees 1,647 Balance, end of period $ 519,658 Current portion $ 20,565 Non-current portion $ 499,093 March 31, 2025 Total available Drawn Letter of credit Net available Committed credit facilities 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 December 31, 2025, and March 31, 2025, a letter of credit amounting to $750 and $1,150 reduced --- the availability on the revolving facility. 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 nine-month periods ended December 31, 2025 and 2024: 3 months 9 months December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Lease liabilities, beginning of period $ 22,092 $ 21,290 $ 18,797 $ 22,406 Additions 3,018 15 8,566 1,388 Payment of lease liabilities, including related interest (1,455) (1,336) (4,399) (4,310) Reassessment of the lease term — — — (2) Disposal (8) (996) (8) (1,083) Interest expense on lease liabilities (note 6) 360 311 1,022 969 Foreign exchange differences (47) 20 (18) (64) Lease liabilities, end of period $ 23,960 $ 19,304 $ 23,960 $ 19,304 Lease liabilities included in the interim consolidated statements of financial position December 31, 2025 March 31, 2025 Current portion $ 5,227 $ 3,918 Non-current portion 18,733 14,879 $ 23,960 $ 18,797 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 42 The following table presents the maturity analysis of contractual undiscounted cashflows related to the lease liabilities of the Corporation as of December 31, 2025: Less than one year $ 2,713 One to five years 17,522 More than five years 7,332 Total undiscounted lease liabilities as at December 31, 2025 $ 27,567 11. OTHER LIABILITIES Note December 31, 2025 March 31, 2025 CRTC tangible benefits $ 29 $ 4,052 Contingent consideration 40,078 4,997 Balance payable on business acquisitions 15,843 174 Accrued pension benefit liability 2,370 2,540 Derivative financial instruments 14 4,971 10,039 Performance share unit payable 4,402 4,075 Other 1,378 1,366 69,071 27,243 Current portion (51,325) (8,238) $ 17,746 $ 19,005 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 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 43 Issued and outstanding: The movements in share capital were as follows: Transactions for the nine-month period ended December 31, 2025 During the nine-month period ended December 31, 2025, 962,331 stock options were exercised and consequently, the Corporation issued 962,331 subordinate voting shares. The proceeds amounted to $5,639. An amount of $1,246 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 $11.69. 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 was paid on December 15, 2025 to --- shareholders on record as of November 28, 2025. 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. 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. 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) (350) As at March 31, 2025 12,941,498 17,876 68,092,723 $ 292,273 Nine-month period ended December 31, 2025 Subordinate voting shares and variable subordinate voting shares As at March 31, 2025 55,151,225 $ 274,397 Exercise of stock options 962,331 6,885 Repurchased and cancelled (957,200) (4,978) Purchased and held in trust through employee share purchase plan (39,263) (415) As at December 31, 2025 55,117,093 $ 275,889 Multiple voting shares As at March 31, 2025 and December 31, 2025 12,941,498 $ 17,876 68,058,591 $ 293,765 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 44 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 nine-month periods ended December 31, 2025 and December 31, 2024 2025 2024 Subordinate voting shares repurchased for cancellation (unit) 957,200 911,800 Average price per share $ 1 --- 0.4649 $ 7.5358 Total repurchase cost $ 10,017 $ 6,871 Repurchase resulting in a reduction of: Share capital $ 4,978 $ 4,851 Retained earnings (deficit) (1) $ 5,039 $ 2,020 (1) The excess of net repurchase price over the average book value of the Subordinate voting shares. 13. SUPPLEMENTAL CASH FLOW INFORMATION 3 months 9 months December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Trade and other receivables $ (13,978) $ (8,195) $ (24,902) $ (20,263) Inventories 3,895 3,331 5,086 1,884 Prepaid expenses and deposits 8,678 (1,586) (194) (259) Other non-current assets (641) 815 (444) 818 Accounts payable and accrued liabilities 6,317 5,272 7,616 (256) Deferred revenues (1,274) 317 (1,034) (2,289) Income taxes payable (804) (1,067) (1,803) (2,020) Other liabilities (161) 37 (1,756) (1,372) $ 2,032 $ (1,076) $ (17,432) $ (23,757) The following table summarizes the Corporation’s additions not affecting cash and cash equivalents for the three-month and nine-month periods ended December 31, 2025 and 2024: 3 months 9 months December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Additions to property and equipment $ 348 $ 21 $ 297 $ (482) Additions to intangible assets, excluding broadcast licences and intangible assets acquired through business acquisitions (179) 3,119 92 5,868 $ 169 $ 3,140 $ 389 $ 5,386 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 45 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 facilities 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 disc --- ounted 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 nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 46 The carrying and fair value of financial assets and liabilities, including their level in the fair value hierarchy, consist of the following: As at December 31, 2025 Carrying value Fair value Level 1 Level 2 Level 3 Financial assets measured at amortized cost Cash and cash equivalents $ 17,332 Trade and other receivables 146,198 Financial assets measured at fair value Investments $ 2,245 $ 2,245 $ — $ — $ 2,245 Derivative financial instruments 66 66 — 66 — Financial liabilities measured at amortized cost Credit facilities $ 519,658 Accounts payable and accrued liabilities 166,273 CRTC tangible benefits 29 Accrued pension benefit liability 2,370 Performance share unit payable 4,402 Balance payable on business acquisitions 15,843 576 — 576 — Financial liabilities measured at fair value Contingent consideration $ 40,078 $ 40,078 $ — $ — $ 40,078 Derivative financial instruments 4,971 4,971 — 4,971 — 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 facilities $ 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 nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 47 Fair value measurement (Level 3): Investments Contingent consideration Nine-month period ended December 31, 2024 Opening amount as at March 31, 2024 $ 2,014 $ 1,708 Additions through business acquisition — 1,706 Disposals (204) — Change in fair value, including foreign exchange differences 44 852 Settlements — (33) Balance as at December 31, 2024 $ 1,854 $ 4,233 Nine-month period ended December 31, 2025 Opening amount as at March 31, 2025 $ 1,880 $ 4,997 Additions 54 — Additions through business acquisition 343 37,161 Change in fair value, including foreign exchange differences (32) (2,080) Balance as at December 31, 2025 $ 2,245 $ 40,078 There were no changes in the valuation techniques for the contingent consideration, investments, and investments in associates during the nine-month periods ended December 31, 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, upon renewal of client contracts or upon certain transition and integration conditions being met during a one-year period following the closing date of the transaction. 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 and the Company's own credit risk. 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) (note 6). Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 48 DERIVATIVE FINANCIAL INSTRUMENTS The table below summarizes the interest rate contracts effective as at December 31, 2025 and March 31, 2025: Maturity Currency Fixed interest rate (when applicable) Initial nominal value Mark-to-market assets (liabilities) as at December 31, 2025 Mark-to-market assets (liabilities) as at March 31, 2025 Swaps September 27, 2030 CAD 3.36% 140,000 (3,718) (5,966) September 29, 2028 CAD 3.30% 30,000 (880) (1,257) $ 170,000 $ (4,598) $ (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 December 31, 2025 and March 31, 2025: Maturity Type Contract exchange rate Contractual amount Mark-to-market assets (liabilities) as at December 31, 2025 Mark-to-market assets (liabilities) as at March 31, 2025 Foreign exchange forward contracts 0 to 12 months USD Sale 1.3372 – 1.3635 $ 24,000 $ (246) $ (1,821) 13 to 24 months USD Sale 1.3292 – 1.3836 24,000 (36) (848) $ 48,000 $ (282) $ (2,669) Maturity Type Contract exchange rate Contractual amount Mark-to-market assets (liabilities) as at December 31, 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 $ 54 $ — 15. SUBSEQUENT EVENT Dividend On February 10, 2026, 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 March 13, 2026, to shareholders on record as of February 27, 2026. 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 p --- articular 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 Notes to Interim Consolidated Financial Statements Three-month and nine-month periods ended December 31, 2025 and 2024 (In thousands of Canadian dollars, unless otherwise stated) (Unaudited) Third Quarter Report 2026 | Stingray Group Inc. | Interim Consolidated Financial Statements 49 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 February 10, 2026. 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