Reservoir Media, Inc.. · NASDAQ:RSVR
Reservoir Media, Inc — Investor Presentation (August 2025)
32 slides from Reservoir Media, Inc's investor presentation, Aug 19, 2025
Slide 1: Investor Presentation August 2025
I NVES TOR PR ESENTATI ON August 2025
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 $7.67 (at 6/30/25) • Market Cap: $502M (at 6/30/25) • Fiscal Year End: Mar 31st • Shares Outstanding: 65M • Offices in NYC (HQ), LA, Nashville, London, Toronto, Abu Dhabi & Mumbai KEY FACTS 4 Leading, diversified music publish
Slide 5: Compelling Investment Highlights
1 As of 6-30-25 2 Wall Street Research 3 Based on 80% of LTM as of 12/31/24 Net Publisher Share (NPS) and Net Label Share (NLS) Compelling Investment Highlights Leading Independent Music Company With Proven Platform • $1B+ of invested capital since inception1 • $876M of that amount in acquisitions o
Slide 6: Music industry ecosystem
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 2021 2007 - 2020 RSVR 2023 2024 2025 Nasdaq List g r 8 $145M Be zou arcs SLD JOE WALSH 2 F 8 NICK LEE 8 PARE HARTI Ge SONIMITCHELL OAK FELDER beret WY = " ie fa 5 MUSIC REVERS WSK ai SHAPIRO TOMMY BOY < a & PAP SONGS 44 BERNSTEIN RECORDS m 3 BIG LIFE ‘Til =@¢. bc) : g MANAGEMENT Mw
Slide 8: Music Publishing Segment Overview
Digital 56% Performance 19% Synch 18% Mechanical 3% Other 4% Legacy: • Joni Mitchell • 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 Accounts for > 2%
Slide 9: Music Publishing Top 10 Songs by NPS
“Yeah!” Usher 0.7%, (2004) “Take Me Home, Country Roads” John Denver 0.8%, (1971) “Ring of Fire” Johnny Cash 1 0.9%, (1963) 5 9 2 6 10 3 7 4 8 “Shout” The Isley Brothers 1.0%, (1974) “Disco Inferno” The Trammps 0.7%, (1976) “Lady Marmalade” Labelle 1.2%, (1974) “Bring Me To Life” Evanescence 0.7%, (
Slide 10: Recorded Music Segment Overview
REVENUE MIX2 Digital 72% Physical 13% Neighboring Rights 9% Synch 6% 1 Based on 80% of LTM Net Label Share (NLS) as of 12-31-24 2 Trailing twelve-month revenue ended 06-30-25 No Master Recording Accounts for > 4% OF NET LABEL SHARE1 100% OWNERSHIP Across 90% of Masters1 36K+ SOUND RECORDING COPYRIGH
Slide 11: Recorded Music Top 10 Tracks by NLS
385 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 12-31-24 2 Excluding Album/Compilation sales 11 “Gangsta’s Paradise” Coolio 3.9%, (1995) 1 5 9 2 6 10 3 7 4 8 “For The Love of You” Th
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: Value Enhancement Examples & Industry Advocacy
“Non, je ne regrette rien” – Edith Piaf “Mama Said Knock You Out” – LL Cool J “Take me Home, Country Roads” – John Denver “Ring of Fire” – Johnny Cash “All Apologies” – Sinéad O’Connor Top Synch Highlights1 Industry Advocate & Leader $18M GENERATED IN SETTLEMENT PAYMENTS Over the Past Five Years (FY
Slide 16: Proven M&A Platform
$876M CAPITAL DEPLOYED since inception1 1 As of 6-30-25 100+ M&A TARGETS IN CURRENT PIPELINE AS OF 6-30-25 Totaling $1B+ Proven M&A Platform 107 OFFERS MADE 43% 66 DEALS INTO EXCLUSIVITY 62% 61 DEALS CLOSED 92% 249 New Deals Considered In FY2024 16
Slide 17: Proven M&A Platform: Bought-Down Multiples
Note: Reflects transactions of +$7M in value that are at least 12 months old as of 03-31-25 and did not contain predominantly young assets expected to decay at closing Proven M&A Platform 15.5x WEIGHTED AVERAGE ENTRY MULTIPLE 4.4x WEIGHTED AVERAGE REDUCTION IN MULTIPLE VALUE ENHANCEMENT LEADS TO BOU
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 $198M 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 (FY2025) NPS/NLS (FY2025) Multiple (FY2025) IRR 2017 $ 20.3 65% $ 0.7 10.0 x 29.2% 2016 $ 14.2 57% $ 0.5 12.2 x 12.5% 2019 $ 12.4 78% $ 0.3 10.1 x 21.7% 2012 $ 9.3 91% $ 0.3 3.4 x 29.9% 2018 $ 8.9 100% $ 0.1 0.0 x 1.0% 2014 $ 6.6 62%
Slide 20: Financials
Financials 20
Slide 21: Q1 Fiscal Year 2026 Results
$24 $25 $10 $12 Q1'FY25 Q1'FY26 Publishing Recorded Music & Other REVENUE ($M) $13 $14 Q1'FY25 Q1'FY26 ADJUSTED EBITDA ($M) Q1 Fiscal Year 2026 Results 8% total revenue growth year-over-year • Music Publishing revenue rose 4% year-over-year • Recorded Music revenue increased 8% year-over-year Streng
Slide 22: Strong Growth Track Record & Forecast – Maintains Fiscal Year 2026 Outlook
Strong Growth Track Record & Forecast – Maintains Fiscal Year 2026 Outlook ($ in millions) Current Fiscal 2026 Outlook Growth (at mid-point) REVENUE $164 - $169 5% ADJUSTED EBITDA $68 - $72 6% $84 $96 $107 $38 $49 $52 FY2023 FY2024 FY2025 Publishing Recorded Music & Other $122 $145 $159 REVENUE • St
Slide 23: Improving Profitability
23 Note: Excludes the effect of any non-cash stock-based compensation expense related to the current stock incentive plan. $74 $89 $101 FY2023 FY2024 FY2025 GROSS PROFIT $46 $56 $66 FY2023 FY2024 FY2025 ADJUSTED EBITDA Improving Profitability $MM $MM
Slide 24: Solid Balance Sheet & Strong FCF Generator
$54 $53 $68 FY2023 FY2024 FY2025 $MM ADJUSTED FREE CASH FLOW1 1 Operating cash flows, less advances 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 of 6-30-25 TOTAL DEBT2 : $387M CAS
Slide 25: Appendix
Appendix 25
Slide 26: Music Publishing
Music Publishing 101 IP RIGHTS: • Songs owned by publisher or songwriter • Catalog = previously released songs • Futures = songwriters under active contract who are writing new songs PROTECTED ASPECT OF WORK: • Notes & lyrics RESPONSIBILITY OF PUBLISHER: Monetization & Exploitation • Catalog: identi
Slide 27: Recorded Music
Recorded Music 101 IP RIGHTS: • Collection of master recordings owned by a record label or performing artist PROTECTED ASPECT OF WORK: • Sound recording of a composition RESPONSIBILITY OF RECORD LABEL: Monetization & exploitation • Identify songs and work with producers and artists to create, market
Slide 28: RSVR Financial Model
RSVR Financial Model 101 INFRASTRUCTURE PROVIDES SUBSTANTIAL OPERATING LEVERAGE, ALLOWING US TO ACQUIRE THE GROSS PROFIT CONTRIBUTION OF ADDITIONAL CATALOGS WITHOUT INCREMENTAL EXPENSE 28 REVENUE MUSIC PUBLISHING RECORDED MUSIC Revenue / Gross Royalties LESS: Writer Royalties Net Publisher Share (NP
Slide 29: Income Statement Highlights
FISCAL YEAR END: March 31($ in M) 2021A 2022A 2023A 2024A 2025A Publishing Revenue $66 $77 $84 $96 $108 Recorded & Other Revenue $14 $31 $38 $49 $52 Total Revenue $80 $108 $122 $145 $159 Percentage Growth YoY 29% 35% 13% 18% 10% Net Publisher Share $37 $42 $45 $54 $62 Net Label Share & Other $10 $22
Slide 30: Cash Flow & Balance Sheet Highlights
FISCAL YEAR END: March 31 ($ in M) 2021A 2022A 2023A 2024A 2025A Cash Flow Highlights Adj. EBITDA $32 $41 $46 $56 $66 Recoupments 13 13 13 14 22 Interest, W/C Changes & Other (9) (14) (5) (17) (20) Cash From Operating (Adj. FCF) $35 $40 $54 $53 $68 Acquisitions (119) (197) (72) (50) (97) Advances &
Slide 31: Consolidated EBITDA Reconciliation
FISCAL YEAR END: March 31 ($ in M) 2021A 2022A 2023A 2024A 2025A Net Income $ 9.3 $13.1 $2.8 $0.8 $7.7 Adjustments Depreciation & Amortization 14.1 19.0 22.1 25.0 26.3 Income Tax Expense / (Benefit) 2.1 4.3 5.6 0.3 2.1 Interest Expense 9.0 10.9 14.8 21.1 21.9 EBITDA $ 34.5 $47.3 $45.2 $47.2 $58.1 Op
Slide 32: PR and IR Contacts
PR Contact Suzanne Arrabito Reservoir sa@reservoir-media.com | 212-675-0541 32 IR Contact Jackie Marcus Alpha IR Group RSVR@alpha-ir.com | 312-445-2870
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