Reservoir Media, Inc.. · NASDAQ:RSVR
Reservoir Media, Inc — Investor Presentation (August 2026)
29 slides from Reservoir Media, Inc's investor presentation, Aug 18, 2026
Slide 1: Investor Presentation August 2026
I N V E ST OR P R E S EN TATI ON A ug u st 2 0 26
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” for purposes of the safe harbor provisions under the U.S. Private securities litigation reform act of 1995, as amended. These forward-looking statements are generally identified by words such as “anticipate,” “believe
Slide 3: Disclaimer
Disclaimer 3 Industry and Market Data The information in this presentation also includes information provided by third parties. None of Reservoir, its affiliates or any third parties that provide information to Reservoir or its affiliates, such as market research firms, guarantee the accuracy, compl
Slide 4: First U.S.-Based Publicly Traded Independent Music Company
First U.S.-Based Publicly Traded Independent Music Company • NASDAQ: RSVR $9.89 (6/30/26) • Market Cap: $651M (6/30/26) • Fiscal Year End: Mar 31st • Shares Outstanding: 66M • Offices in NYC (HQ), LA, Nashville, London, Toronto, Abu Dhabi, Cairo, & Mumbai KEY FACTS 4 Leading, diversified music publi
Slide 5: Compelling Investment Highlights
Compelling Investment Highlights Evergreen Catalog & Contemporary Hits • 150K+ copyrights and 36K+ masters • 130+ active songwriters and frontline artists • 86% of publishing & 97% of recording gross profit is Life of Copyright3 Growing Industry, Supported By Powerful Secular Tailwinds • Supported b
Slide 6: Music industry ecosystem: publishing and recorded music
Music 101 MUSIC PUBLISHING SONGWRITERS PUBLISHER ARTISTS PERFORMING RIGHTS FOREIGN SUB-PUBLISHERS RECORD LABELS ORGANIZATIONS DIGITAL SERVICES THIRD PARTIES The YouTube • CATALOG • FUTURES RECORDED MUSIC CONSUMERS PLATFORMS RECORD LABEL ARTISTS The YouTube 6
Slide 7: History of Growth
History of Growth 2007 - 2020 2022 2023 8 j é g 3 x Z & fi ALITAMPOS! 2 JD 3 Nok LEE BEN HARPER JONIMITCRELL OAK FELDER JAMIE HARTHAN ma a =a Tpey, >] 2 revertmusc RY ye 2 hse FeveRe SHAPIRO py yi} -E BIG LIFE 2 ram & P&P SONGS ARADEHENT eee TOMMY BOY g "2 recone imi 8 st z g ‘Chrysalis Cc iS =. fh
Slide 8: Music Publishing Segment Overview
Digital 56% Performance 21% Synch 16% Mechanical 4% Other 4% Legacy: • Joni Mitchell • Miles Davis • The Isley Brothers • John Denver • Billy Strayhorn • Commodores Active Songwriters: • Offset (Migos) • Ali Tamposi • 2 Chainz • Oak Felder • Jamie Hartman CATALOG EXAMPLES No Musical Composition Acco
Slide 9: Music Publishing Top 10 Songs by NPS
“Yeah!” Usher 0.6%, (2004) “Take Me Home, Country Roads” John Denver 1.4%, (1971) “Ring of Fire” Johnny Cash 1 1.6%, (1963) 5 9 2 6 10 3 7 4 8 “Sing Sing Sing” Benny Goodman 0.6%, (1936) “Lady Marmalade” Labelle 0.8%, (1974) “Bring Me To Life” Evanescence 0.8%, (2003) “Gimme More” Britney Spears 0.6
Slide 10: Recorded Music Segment Overview
REVENUE MIX2 Digital 69% Physical 12% Neighboring Rights 9% Synch 10% 1 Based on 80% of LTM Net Label Share (N LS) as of 12-31-25 2 Trailing twelve-month revenue ended 06-30-26 No Master Recording Accounts for > 4% OF NET LABEL SHARE1 100% OWNERSHIP Across 90% of Masters1 36K+ SOUND RECORDING COPYRI
Slide 11: Recorded Music Top 10 Tracks by NLS
481 Recordings Account For 80%of LTM NLS2 with No Track Accounting For More Than 4% of LTM NLS Recorded Music Top 10 Tracks by NLS1 1 LTM Net Label Share (NLS) as of 12-31-25 2 Excluding Album/Compilation sales 11 “Gangsta’s Paradise” Coolio 3.5%, (1995) 1 5 9 2 6 10 3 7 4 8 “All Apologies” Sinéad O
Slide 12: Growth Drivers
Growth Drivers 12 STRONG SECULAR TAILWINDS VALUE ENHANCEMENT INITIATIVES PROVEN M&A PLATFORM & NEW SIGNINGS
Slide 13: Music Industry: Strong Growth Forecasted
1 Wall Street Research (based on Net Revenue) Music Industry: Strong Growth Forecasted RECORDED PUBLISHING LIVE MUSIC 13 INDUSTRY Recorded Publishing Live Music $74B $30B $10B $35B 2024 40% 13% 47% $141B $55B $19B $67B CAGR 6.0% 5.8% 6.1% 6.2% 2035 39% 13% 48%
Slide 14: Value Enhancement Initiatives
VALUE ENHANCEMENT SYNCHRONIZATION Placement of musical compositions into television, film, advertisements, gaming platforms, and toys DIGITAL LICENSING Digital licensing partnerships with content platforms and in-home fitness brands SETTLEMENTS Representation on industry boards advocating for creato
Slide 15: Top Synch Highlights
Top Synch Highlights1 Value Enhancement Examples Totaling $2.0M IN LICENSING 15 1 LTM as of 06-30-26 “Bring Me To Life” – Evanescence “One of These Things First” – Nick Drake “Gimme More” – Britney Spears “Thank God I’m a Country Boy” – John Denver “Jump Around” – House of Pain
Slide 16: Proven M&A Platform
$995M CAPITAL DEPLOYED since inception1 1 As of 6-30-26 100+ M&A TARGETS IN CURRENT PIPELINE AS OF 6-30-26 Totaling $1B+ Proven M&A Platform 79 OFFERS MADE 43% 45 DEALS INTO EXCLUSIVITY 57% 42 DEALS CLOSED 93% 185 New Deals Considered In FY2025 16
Slide 17: Proven M&A Platform: Bought-Down Multiples
Note: Reflects transactions of at least $9.5M in value that are more than 12 months old as of 03-31-26 and did not contain predominantly young assets expected to decay at the time of closing Proven M&A Platform 15.5x WEIGHTED AVERAGE ENTRY MULTIPLE 3.9x WEIGHTED AVERAGE REDUCTION IN MULTIPLE VALUE E
Slide 18: New Roster Signings
Advance funds to established songwriters who are then under exclusive contract to create music with the benefit of long-term ownership. NOTABLE SIGNINGS $214M CAPITAL DEPLOYED1 3 YEAR TYPICAL TERM CONTRACT • Joe Walsh • Ali Tamposi • Kings of Leon • Steph Jones • Killer Mike • Oak Felder • Offset •
Slide 19: Futures Based Investments Lead to High IRR
FUTURES BASED INVESTMENTS LEAD TO HIGH IRR Date Advances Recouped (FY2026) NPS/NLS (FY2026) Multiple (FY2026) IRR 2017 $ 20.3 75% $ 0.6 8.6 x 28.7% 2016 $ 14.2 60% $ 0.5 11.3 x 13.6% 2019 $ 12.4 83% $ 0.2 12.1 x 16.9% 2012 $ 10.4 85% $ 0.2 6.3 x 29.3% 2018 $ 8.9 100% N/A N/A 1.0% 2014 $ 6.6 64% $ 0.
Slide 20: Financials
Financials 20
Slide 21: Q1 Fiscal Year 2027 Results
$25 $27 $12 $15 Q1'FY26 Q1'FY27 Publishing Recorded Music & Other REVENUE ($M) $14 $16 Q1'FY26 Q1'FY27 ADJUSTED EBITDA ($M) Q1 Fiscal Year 2027 Results 12% total revenue growth year-over-year • Music Publishing revenue rose 6% year-over-year • Recorded Music revenue increased 35% year-over-year Expa
Slide 22: Strong Growth Track Record & Forecast
Strong Growth Track Record & Forecast – Issued Fiscal Year 2027 Outlook ($ in millions) Current Fiscal 2027 Outlook Growth (at mid-point) REVENUE $186 - $191 7% ADJUSTED EBITDA $75 - $79 5% $96 $107 $117 $49 $52 $59 FY2024 FY2025 FY2026 Publishing Recorded Music & Other $145 $159 $176 REVENUE • Stre
Slide 23: Improving Profitability
23 Note: Excludes the effect of any non-cash stock-based compensation expense related to the current stock incentive plan. $89 $101 $114 FY2024 FY2025 FY2026 GROSS PROFIT $56 $66 $74 FY2024 FY2025 FY2026 ADJUSTED EBITDA Improving Profitability $MM $MM
Slide 24: Solid Balance Sheet & Strong FCF Generator
$53 $68 $66 FY2024 FY2025 FY2026 $MM ADJUSTED FREE CASH FLOW1 1 Operating cash flows, excluding the impact of artist advance additions 2 Total Debt is gross debt, less deferred financing costs 3 Net Debt is gross debt, less deferred financing costs, less cash (after de-SPAC) BALANCE SHEET METRICS as
Slide 25: Appendix
Appendix 25
Slide 26: Income Statement Highlights
FISCAL YEAR END: March 31($ in M) 2022A 2023A 2024A 2025A 2026A Publishing Revenue $77 $84 $96 $108 $117 Recorded & Other Revenue $31 $38 $49 $52 $59 Total Revenue $108 $122 $145 $159 $176 Percentage Growth YoY 35% 13% 18% 10% 11% Net Publisher Share $42 $45 $54 $62 $68 Net Label Share & Other $22 $
Slide 27: Cash Flow & Balance Sheet Highlights
FISCAL YEAR END: March 31 ($ in M) 2022A 2023A 2024A 2025A 2026A Cash Flow Highlights Adj. EBITDA $41 $46 $56 $66 $74 Recoupments 13 13 14 22 17 Interest, W/C Changes & Other (14) (5) (17) (20) (25) Adj. FCF $40 $54 $53 $68 $66 Acquisitions (197) (72) (50) (97) (102) Advances & Other Investing (28)
Slide 28: Consolidated EBITDA Reconciliation
FISCAL YEAR END: March 31 ($ in M) 2022A 2023A 2024A 2025A 2026A Net Income $13.1 $2.8 $0.8 $7.7 $7.8 Adjustments Depreciation & Amortization 19.0 22.1 25.0 26.3 30.8 Income Tax Expense 4.3 5.6 0.3 2.1 3.3 Interest Expense 10.9 14.8 21.1 21.9 26.5 EBITDA $47.3 $45.2 $47.2 $58.1 $68.4 Operating Adjus
Slide 29: PR and IR Contacts
PR Contact Suzanne Arrabito Reservoir sa@reservoir-media.com | 212-675-0541 29 IR Contact Jackie Marcus Alpha IR Group RSVR@alpha-ir.com | 312-445-2870
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