Reservoir Media (RSVR) investor relations material

Executive summary

• Achieved total revenue of $45.6 million in Q3 FY26, up 8% year-over-year, driven by strong growth in Music Publishing and Recorded Music segments, supported by acquisitions and digital revenue growth.

• Net income declined to $2.2 million from $5.3 million year-over-year, mainly due to higher interest expense and losses on fair value of swaps.

• Adjusted EBITDA for the quarter rose 11% year-over-year to $19.2 million, reflecting higher revenues and improved operating leverage.

• Expanded catalog through acquisitions, including Bertie Higgins and the Miles Davis catalog, and signed new deals with Gladys Knight, T.I., and emerging artists.

• Entered new joint ventures and extended partnerships in India and Jamaica, expanding global reach and presence in high-growth markets.

Financial highlights

• Q3 revenue reached $45.6 million, up 8% year-over-year; total revenue for the nine months ended December 31, 2025, was $128.2 million, up 9% year-over-year.

• OIBDA was $18.1 million and adjusted EBITDA was $19.2 million, both up 11% year-over-year.

• Operating income for the quarter was $10.3 million, up 8% year-over-year; operating margin remained steady at 23%.

• Cash flows from operating activities increased by $5.1 million year-over-year to $38.2 million for the nine months.

• Net income for the nine-month period was $3.8 million, down 25% from the prior year.

Outlook and guidance

• Raised full-year FY26 revenue guidance to $170–$173 million, implying 8% growth at the midpoint.

• Increased adjusted EBITDA guidance to $71.5–$73.5 million, signaling over 10% growth at the midpoint.

• Management expects continued robust M&A activity in Q4 and cited a strong, diversified pipeline and disciplined deal sourcing.

• Management expects primary sources of liquidity to be sufficient to support operations over the next twelve months.

• No material impact is expected from recent U.S. tax legislation changes.