Reservoir Media (RSVR) Investor Presentation summary

Company overview and key facts

• Operates as a leading, diversified independent music publishing and recorded music business with a global presence and a vast catalog of iconic hits across genres and eras.

• Focuses on acquiring catalogs, investing in frontline songwriters and artists, and building portfolio diversification.

• Recognized with multiple industry awards and led by a highly experienced, female-founded executive team.

• As of March 31, 2025: market cap $498M, 65M shares outstanding, offices in major global cities.

• Revenue mix: 68% music publishing, 28% recorded music, 4% other.

Investment highlights and growth strategy

• Over $1B invested since inception, with $868M in catalog and company acquisitions and $195M in futures spend.

• Competitive advantages include a creative team, value enhancement initiatives, and a strong M&A platform with 100+ potential targets worth $1B+.

• Catalog includes 150K+ copyrights and 36K+ masters, with 85% of publishing and 97% of recording gross profit as life-of-copyright.

• Music industry projected to grow over 7% annually through 2030, driven by digital, streaming, and emerging markets.

• Significant operating leverage as the business scales, with most acquired gross profit expected to fall to adjusted EBITDA.

Segment overviews and catalog strength

• Music publishing: 150K+ copyrights, 42% ex-USA, 94% of catalog with retention date over 10 years, diversified by genre, geography, and revenue stream.

• Top publishing songs include works by The Isley Brothers, Labelle, Britney Spears, John Denver, and Usher; no single song accounts for more than 2% of LTM NPS.

• Recorded music: 36K+ sound recording copyrights, 100% ownership across 90% of masters, top tracks include "Jump Around" (House of Pain), "Gangsta's Paradise" (Coolio), and "Nothing Compares 2 U" (Sinéad O'Connor).

• 385 recordings account for 80% of LTM NLS, with no track exceeding 4% of LTM NLS.