Reservoir Media, Inc.. · NASDAQ:RSVR
Reservoir Media, Inc — Investor Presentation (August 2026)
29 slides from Reservoir Media, Inc's investor presentation, August 2026
Slide 1: Investor Presentation August 2026
I N V E S T O R P R E S E N TA T I O N A ug u st 2 0 26
Slide 2: Disclaimer
Disclaimer Forward Looking Statements Financial Information; Non-GAAP Financial Measures This presentation contains “forward-looking statements” for purposes of the safe harbor provisions under the U.S. This presentation contains unaudited financial information of Reservoir. The unaudited financial
Slide 3: Disclaimer
Disclaimer Industry and Market Data Trademarks, Service Marks and Trade Names The information in this presentation also includes information provided by third parties. None of Reservoir, its Reservoir and its affiliates own or have rights to various trademarks, service marks and trade names that the
Slide 4: First U.S.-Based Publicly Traded Independent Music Company
First U.S.-Based Publicly Traded Independent Music Company KEY FACTS • NASDAQ: RSVR $9.89 (6/30/26) Leading, diversified music publishing and recorded music business • Market Cap: $651M (6/30/26) • Vast collection of iconic hits across genre, geography, and time period • Fiscal Year End: Mar 31st •
Slide 5: Compelling Investment Highlights
Compelling Investment Highlights Leading Independent Music Competitive Advantages & Growing Industry, Supported Company With Proven Platform Value Enhancement Capabilities By Powerful Secular Tailwinds • $1.2B of invested capital since inception1 • Value enhancement efforts lead to • Supported by ri
Slide 6: Music 101
Music 101 MUSIC PUBLISHING PERFORMING RIGHTS DIGITAL SERVICES THIRD PARTIES FOREIGN SUB-PUBLISHERS RECORD LABELS ORGANIZATIONS The YouTube SONGWRITERS PUBLISHER ARTISTS • CATALOG • FUTURES RECORDED MUSIC CONSUMERS PLATFORMS RECORD LABEL ARTISTS The YouTube 6
Slide 7: History of Growth
History of Growth 2021 RSVR Nasdaq Listed 2 g ra 2 4 fi Oe ALITAMPOS! 5 NICK LEE fe BEN HARPER JONIMITCHELL — OAK FELDER JAMIE HARTMAN MIGOS ; Toma 3 mal SIG LIFE res m EMUSIC REVERE MUS BIG LIFE 2 SHAPIRO 5 am CRPESIES MANAGEMENT id 4 3 BERNSTEIN etl = g ™ AAS J 4 "2p Q “He . FS 3 { Chrysalis a 4 S
Slide 8: Music Publishing Segment Overview
Music Publishing Segment Overview CATALOG EXAMPLES 150K+ 86% No Musical Composition Accounts for Legacy: Active Songwriters: • Joni Mitchell • Offset (Migos) COPYRIGHTS (i.e., Ownership Of > 2% OF REVENUE OF CATALOG Retained for Life of • • • Miles Davis The Isley Brothers John Denver • • • Ali Tamp
Slide 9: Music Publishing Top Songs by NPS
Music Publishing Top 10 Songs by NPS1 1 2 3 4 “Ring of Fire” “Take Me Home, “Espresso” “Lady Johnny Cash Country Roads” Sabrina Marmalade” 1.6%, (1963) John Denver Carpenter Labelle 1.4%, (1971) 1.0%, (2024) 0.8%, (1974) 5 6 7 8 “Bring Me To “Conga” “Austin” “Yeah!” Life” Miami Sound Dasha Usher Eva
Slide 10: Recorded Music Segment Overview
Recorded Music Segment Overview CATALOG EXAMPLES No Master Recording 36K+ Accounts for 100% Legacy: Active Recording Artists: > 4% • De La Soul • Laura Marling SOUND RECORDING • Sinéad O’Connor • Bodega COPYRIGHTS OWNERSHIP • Naughty by Nature • Nadia Reid OF NET Across 90% of Masters1 • Generation
Slide 11: Recorded Music Top Tracks by NLS
Recorded Music Top 10 Tracks by NLS1 1 2 3 4 “Jump Around” “Gangsta’s “Can’t You See” “What It’s Like” House of Pain Paradise” The Marshall Everlast 4.0%, (1992) Coolio Tucker Band 1.4%, (1998) 3.5%, (1995) 1.4%, (1973) 5 6 7 8 “Nothing “Missing” “All Apologies” “I’d Love to Compares 2 U” Everything
Slide 12: Growth Drivers
Growth Drivers STRONG SECULAR VALUE ENHANCEMENT TAILWINDS INITIATIVES PROVEN M&A PLATFORM & NEW SIGNINGS 12
Slide 13: Music Industry: Strong Growth Forecasted
Music Industry: Strong Growth Forecasted 2024 2035 40% 39% 47% 48% 13% 13% CAGR INDUSTRY $74B $141B 6.0% Recorded $30B $55B 5.8% Publishing $10B $19B 6.1% Live Music $35B $67B 6.2% RECORDED PUBLISHING LIVE MUSIC 13 1 Wall Street Research (based on Net Revenue)
Slide 14: Value Enhancement Initiatives
Value Enhancement Initiatives VALUE ENHANCEMENT Placement of musical compositions into television, film, advertisements, gaming platforms, and SYNCHRONIZATION toys Digital licensing partnerships with content platforms and in-home fitness brands DIGITAL LICENSING Representation on industry boards adv
Slide 15: Value Enhancement Examples
Value Enhancement Examples Top Synch Highlights 1 “Jump Around” “Thank God I’m a “Bring Me To Life” – House of Pain Country Boy” – – Evanescence John Denver “One of These Things “Gimme More” – First” – Nick Drake Britney Spears Totaling $2.0M IN LICENSING 15 1 LTM as of 06-30-26
Slide 16: Proven M&A Platform
Proven M&A Platform 185 New Deals Considered In FY2025 79 OFFERS MADE $995M 43% CAPITAL DEPLOYED since inception1 45 DEALS INTO EXCLUSIVITY 57% 100+ M&A TARGETS IN CURRENT PIPELINE AS OF 6-30-26 42 DEALS CLOSED Totaling 93% $1B+ 16 1 As of 6-30-26
Slide 17: Proven M&A Platform: Bought-Down Multiples
Proven M&A Platform VALUE ENHANCEMENT LEADS TO BOUGHT-DOWN MULTIPLES NPS/NLS Multiple NPS/NLS Multiple Date Purchase Price (At Close) (At Close) (FY2026) (FY2026) 15.5x 2021 $ 101.3 $ 5.5 18.3 x $ 10.4 9.7 x 2020 $ 74.9 $ 4.1 18.1 x $ 4.4 17.2 x 2020 $ 63.2 $ 3.7 17.0 x $ 4.2 15.0 x 2019 14.4 x 5.1
Slide 18: New Roster Signings
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 3 YEAR • Joe Walsh • Kings of Leon • Ali Tamposi • Steph Jones CAPITAL DEPLOYED1 TYPICAL TERM CONTRACT • Killer Mike • O
Slide 19: New Roster Signings: Futures Investments Lead to High IRR
New Roster Signings FUTURES BASED INVESTMENTS LEAD TO HIGH IRR Recouped NPS/NLS Multiple Date Advances IRR (FY2026) (FY2026) (FY2026) 9.9x 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% 6.3 x EFFECTIVE CURRENT 2012 $ 10.4 85% $ 0.2 29.3% MULTI
Slide 20: Financials
Financials 20 |
Slide 21: Q1 Fiscal Year 2027 Results
Q1 Fiscal Year 2027 Results 12% total revenue Adj. EBITDA year-over- Expanded label operations, signed deals with frontline growth year-over-year year growth of 13% for creators, and grew Reservoir’s Latin American market the quarter presence with strategic deals: • Music Publishing revenue rose 6%
Slide 22: Strong Growth Track Record & Forecast – Fiscal Year 2027 Outlook
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% REVENUE CORE DRIVERS $145 $159 $176 • Strength & Diversity of Catalog • Strong Execution in Futures Business $
Slide 23: Improving Profitability
Improving Profitability GROSS PROFIT ADJUSTED EBITDA $MM $MM $89 $101 $114 $56 $66 $74 FY2024 FY2025 FY2026 FY2024 FY2025 FY2026 23 Note: Excludes the effect of any non-cash stock-based compensation expense related to the current stock incentive plan.
Slide 24: Solid Balance Sheet & Strong FCF Generator
Solid Balance Sheet & Strong FCF Generator ADJUSTED FREE CASH FLOW1 BALANCE SHEET METRICS as of 6-30-26 $MM TOTAL DEBT2: $462M CASH: $14M $68 $66 $448M $53 NET DEBT3: AVAILABLE DEBT: $85M (after de-SPAC) FY2024 FY2025 FY2026 1 Operating cash flows, excluding the impact of artist advance additions 2
Slide 25: Appendix
Appendix 25
Slide 26: Income Statement Highlights
Income Statement Highlights FISCAL YEAR END: March 31($ 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 $68 N
Slide 27: Cash Flow & Balance Sheet Highlights
Cash Flow & Balance Sheet Highlights FISCAL YEAR END: March 31 ($ 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 $66 Acquisitions (197) (72) (50) (97) (
Slide 28: Consolidated EBITDA Reconciliation
Consolidated EBITDA Reconciliation FISCAL YEAR END: March 31 ($ 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.
Slide 29: IR Contact / PR Contact
IR Contact PR Contact Jackie Marcus Suzanne Arrabito Alpha IR Group Reservoir RSVR@alpha-ir.com | 312-445-2870 sa@reservoir-media.com | 212-675-0541 29
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