Form 8-K

8-K — Reservoir Media, Inc.

Accession: 0001104659-26-074884

Filed: 2026-06-17

Period: 2026-06-17

CIK: 0001824403

SIC: 7900 (SERVICES-AMUSEMENT & RECREATION SERVICES)

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2618101d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2618101d1_ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

June 17, 2026

RESERVOIR MEDIA, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-39795

83-3584204

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

200 Varick Street

Suite 801

New York, New York

10014

(Address of principal executive offices)

(Zip Code)

(212) 675-0541

(Registrant’s telephone number, including

area code)

N/A

(Former name or former address, if changed since

last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of

the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which

registered

Common stock, $0.0001 par value per share

RSVR

The Nasdaq Stock Market LLC

Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per share

RSVRW

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2

of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 7.01

Regulation FD Disclosure.

On June 17, 2026, Reservoir

Media, Inc., a Delaware corporation (the “Company”), made available an investor presentation on its website

at https://investors.reservoir-media.com/. A copy of the investor presentation is attached as Exhibit 99.1

to this Current Report on Form 8-K and is incorporated by reference herein.

The information contained in

this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section

18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities

of Section 18 of the Exchange Act, nor shall it be deemed incorporated by reference in any filing by the Company with the U.S. Securities

and Exchange Commission under the Securities Act of 1933, as amended, or the Exchange Act, unless the Company expressly sets forth by

specific reference in such filing that such information is to be considered “filed” or incorporated by reference therein.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

Exhibit

No.

Description

99.1

Investor Presentation, dated June 17, 2026

104

The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned

hereunto duly authorized.

RESERVOIR MEDIA, INC.

Date:

June 17, 2026

By:

/s/ Golnar Khosrowshahi

Name:

Golnar Khosrowshahi

Title:

Chief Executive Officer

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2618101d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

I N V E ST OR P R E S EN TATI ON

J un e 2 02 6

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,” continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,”

“seem,” “seek,” “future,” “outlook,” “model,” “target,” “goal,” “plan,” “possible,” “potential,” “predict,” “project,”

“should,” “strive,” “would,” “will” or words of similar meaning that predict or indicate future events or trends or that

are not statements of historical facts. These forward-looking statements may include, among other things,

statements about future financial condition and results of operations, plans, objectives, strategies, beliefs,

expectations and intentions with respect to, among other things, future opportunities for Reservoir’s business,

growth initiatives and market opportunities, competitive landscape, prospective performance, revenues, products,

pricing, operating expenses, market trends, liquidity, cash flows and uses of cash and capital expenditures. Such

forward-looking statements are based upon the current beliefs and expectations of Reservoir’s management and

are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies.

Actual results, performance or achievements may differ materially, and potentially adversely, from any forward-looking statements and the assumptions on which these forward-looking statements are based. There can be no

assurance that the information contained in this presentation is reflective of future results, performance and/or

achievements to any degree. These forward-looking statements are provided for illustrative purposes only, and

you are cautioned not to place undue reliance on these forward-looking statements as a guarantee, assurance or

prediction of future results, performance and/or achievements as these forward-looking statements are based on

estimates and assumptions, whether or not identified in this presentation, that are inherently subject to various

significant risks, uncertainties, contingencies and other factors, many of which are difficult to predict and generally

beyond the control of Reservoir. There may be additional risks and other factors that Reservoir does not currently

know or that Reservoir currently believes are immaterial that could also cause actual results, performance or

achievements of Reservoir to differ from those contained in these forward-looking statements. Consequently, there

can be no assurance that the actual results, performance and achievements anticipated in this presentation will be

realized or, even if substantially realized, that they will have the expected consequences to, or effects on,

Reservoir. Additional information concerning these and other factors that may impact the business, prospects,

financial condition and/or results of operations discussed in this presentation can be found in Reservoir’s periodic

reports or other filings with the SEC, which are available publicly on the sec’s website at www.sec.gov.

All information set forth in this presentation speaks only as of the date hereof or the date of such information, as

applicable, and Reservoir expressly disclaims any intention or obligation to update any forward -looking statements

as a result of developments occurring after the date of this presentation. These forward-looking statements should

not be relied upon as representing Reservoir’s assessments as of any date subsequent to the date of this

presentation and, accordingly, undue reliance should not be placed upon these forward-looking statements.

Financial Information; Non-GAAP Financial Measures

This presentation contains unaudited financial information of Reservoir. The unaudited financial information has been

prepared on the same basis as Reservoir’s audited financial statements and, in the opinion of Reservoir’s

management, reflects all adjustments necessary for the fair presentation of the unaudited financial information.

However, the unaudited financial information contained in this presentation is preliminary and may be subject to

change. Accordingly, such financial information may be adjusted or may be presented differently in periodic reports or

other filings filed by Reservoir with the SEC, and such differences may be material. In addition, past performance is

not a guarantee or indication of future financial condition and/or results of operations and should not be relied upon for

such reason.

This presentation also includes certain financial information, such as EBITDA or Adjusted EBITDA, that has not been

prepared in accordance with united states generally accepted accounting principles (“GAAP”). Reservoir’s

management uses these non-GAAP financial measures to evaluate Reservoir’s operations, measure its performance

and make strategic decisions. Reservoir believes that the use of these non-GAAP financial measures provides useful

information to investors and others in understanding Reservoir’s results of operations and trends in the same manner

as Reservoir’s management and in evaluating Reservoir’s financial measures as compared to the financial measures

of other similar companies, many of which present similar non-GAAP financial measures. However, these non-GAAP

financial measures are subject to inherent limitations as they reflect the exercise of judgments by Reservoir’s

management about which items are excluded or included in determining these non-GAAP financial measures and,

therefore, should not be considered as a substitute for net income, operating income or any other operating

performance measures calculated in accordance with GAAP. Using such non-GAAP financial measures in isolation to

analyze Reservoir’s business would have material limitations because the calculations are based on the subjective

determination of Reservoir’s management regarding the nature and classification of events and circumstances that

you may find significant. In addition, although other companies in Reservoir’s industry may report measures titled

EBITDA or Adjusted EBITDA or similar measures, such non-GAAP financial measures may be calculated differently

from how Reservoir calculates such non-GAAP financial measures, which reduces their overall usefulness as

comparative measures. Because of these limitations, you should consider such non-GAAP financial measures

alongside other financial performance measures and other financial results presented in accordance with GAAP. You

should review Reservoir’s audited and unaudited consolidated financial statements contained in its periodic reports or

other filings with the SEC.

Disclaimer

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, completeness, timeliness or availability of any information or are responsible for any

errors or omissions (negligent or otherwise), regardless of the cause, or the results obtained from the use of such

information. While such information is believed to be reliable for the purposes of this Presentation, neither

Reservoir nor any of its subsidiaries, stockholders, partners, members, affiliates, directors, officers, employees,

advisers, representatives or agents makes any representation or warranty with respect to the accuracy of such

information.

No Offer or Solicitation

This presentation is for informational purposes only and is neither an offer to sell or purchase, nor a solicitation of

an offer to sell, purchase or subscribe for, nor a recommendation or advice regarding, any securities in any

jurisdiction. This Presentation has not been approved or recommended by the U.S. Securities and Exchange

Commission (the “SEC”) or any other federal or state securities commission or securities regulatory authority or

other regulatory body or authority, nor has any of these bodies or authorities passed upon the merits of, or the

accuracy and adequacy of, any of the information contained in this presentation. Any representation to the

contrary is a criminal offense.

Trademarks, Service Marks and Trade Names

Reservoir and its affiliates own or have rights to various trademarks, service marks and trade names that they use in

connection with the operation of its business. This presentation also contains trademarks, service marks and trade

names of third parties, which are the property of their respective owners. The use or display of third parties’

trademarks, service marks, trade names or products in this Presentation is not intended to imply a relationship with

Reservoir or any of its affiliates, or an endorsement or sponsorship by or of Reservoir or any of its affiliates. Solely

for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without

the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that Reservoir, its affiliates

or any third parties whose trademarks, service marks or trade names, as the case may be, are referenced herein

will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor in these

trademarks, service marks and trade names.

Additional information with respect to Reservoir may be found in its filings with the SEC available at the SEC’s

website at www.sec.gov and on Reservoir’s website at www.reservoir-media.com.

First U.S.-Based Publicly Traded Independent Music

Company

• NASDAQ: RSVR $9.79 (3/31/26)

• Market Cap: $642M (3/31/26)

• Fiscal Year End: Mar 31st

• Shares Outstanding: 66M

• Offices in NYC (HQ), LA,

Nashville, London, Toronto, Abu

Dhabi & Mumbai

KEY FACTS

Leading, diversified music publishing and recorded music business

• Vast collection of iconic hits across genre, geography, and time period

• Focused on acquiring catalogs with hit songs and building portfolio diversification

• Investing in frontline songwriters and artists with potential for success

• Network of joint venture, administration and distribution partners worldwide

Highly accomplished, respected and award-winning platform

• Two-time winner of Music Week Awards’ Independent Publisher of the Year

• Two-time winner of Music Business Worldwide’s The A&R Awards’ Publisher of the Year

• 18 Songwriters Hall of Fame inductions

First female founded and led publicly traded music company

in the U.S., led by Golnar Khosrowshahi

• Fast Company’s Most Creative People In Business

• Music Week’s International Woman of the Year

• Billboard’s Women In Music Executive of the Year

• Supported by a highly experienced team of music professionals with decades of experience at

major music companies such as Universal, Warner, and Sony

1 Trailing twelve-month revenue ended 03-31-26

REVENUE1

Music

Publishing

67%

Recorded

Music

29% Other

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 by rise of digital, streaming,

emerging markets, and expansion of

emerging music monetization platforms

• Music industry projected to grow 6% per

year through 20352

Competitive Advantages &

Value Enhancement Capabilities

• Value enhancement efforts lead to

industry outgrowth

• Experienced creative team with stellar

reputation among artists and key players in

the music industry

Leading Independent Music

Company With Proven Platform

• $1.2B of invested capital since inception1

• $980M of that amount in acquisitions of

catalogs and companies

• $210M of that amount in futures spend with

enhanced risk/return profile vs. traditional

catalog music

Proven M&A Platform

• Strong track record, trusted partner to artist

community and caretaker of legacy assets

• Deal pipeline includes 100+ potential

targets worth $1B+ as of 3-31-26

1 As of 3-31-2026

2 Wall Street Research

3 Based on 80% of LTM as of 06/30/25 Net Publisher Share (NPS) and Net Label Share (NLS)

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

History of Growth

Digital

55%

Performance

21%

Synch

16%

Mechanical

Other

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

Accounts for

> 2%

OF REVENUE

86%

OF CATALOG

Retained for Life of

Copyright1

USA

54%

Ex-USA

46%

DIVERSIFIED BY….

2020s

12%

2010s

21%

2000s

29%

1990s

16%

1980s

1970s

1960s

Pre-1960s

Pop

20%

Country

16%

Hip Hop

15%

R&B

11%

Film/TV

14%

Rock

12%

Electronic 5%

Other

1 Based on 80% of LTM Net Publisher Share (NPS) as of 12-31-25

2 Trailing twelve-month revenue ended 03-31-26

GEOGRAPHY2 MIX2 GENRE1 RELEASE DATE1

150K+

COPYRIGHTS

(I.E. Ownership Of

Musical Composition)

Music Publishing Segment Overview

“Yeah!”

Usher

0.6%, (2004)

“Take Me Home,

Country Roads”

John Denver

1.4%, (1971)

“Ring of Fire”

Johnny Cash 1

1.6%, (1963)

“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%, (2007)

1 LTM Net Publisher Share (NPS) as of 12-31-25

1,052 Songs Account For

80%of LTM NPS

with No Song Accounting For More Than 2% of LTM NPS

Music Publishing Top 10 Songs by NPS1

“Espresso”

Sabrina

Carpenter

1.0%, (2024)

“Conga”

Miami Sound

Machine

0.8%, (1985)

“Austin”

Dasha

0.7%, (2024)

REVENUE MIX2

Digital 71%

Physical 12%

Neighboring Rights 9%

Synch 8%

1 Based on 80% of LTM Net Label Share (N LS) as of 12-31-25

2 Trailing twelve-month revenue ended 03-31-26

No Master Recording

Accounts for

> 4%

OF NET

LABEL SHARE1

100%

OWNERSHIP

Across 90% of Masters1

36K+

SOUND RECORDING

COPYRIGHTS

(I.E. “Master” Recordings)

Recorded Music Segment Overview

Legacy:

• De La Soul

• Sinéad O’Connor

• Naughty by Nature

• Generation X (Billy Idol)

• The Delfonics

Active Recording Artists:

• Laura Marling

• Bodega

• Nadia Reid

• Liz Lawrence

• Marika Hackman

EX-USA

46%

USA 54%

GEOGRAPHY2

CATALOG EXAMPLES

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

“Gangsta’s

Paradise”

Coolio

3.5%, (1995)

“All Apologies”

Sinéad O’Connor

0.7%, (1994)

“Feel Me

Flow”

Naughty by

Nature

0.5%, (1995)

“Jump Around”

House of Pain

4.0%, (1992)

“Missing”

Everything But

The Girl

1.2%, (1994)

“What It’s Like”

Everlast

1.4%, (1998)

“Nothing

Compares 2 U”

Sinéad O’Connor

1.3%, (1990)

“I’d Love to

Change the

World”

Ten Years After

0.7%, (1971)

“Hip Hop

Hooray”

Naughty by

Nature

0.5%, (1992)

“Can’t You See”

The Marshall

Tucker Band

1.4%, (1973)

Growth Drivers

STRONG SECULAR

TAILWINDS

VALUE ENHANCEMENT

INITIATIVES

PROVEN M&A PLATFORM & NEW SIGNINGS

1 Wall Street Research (based on Net Revenue)

Music Industry: Strong Growth Forecasted

RECORDED PUBLISHING LIVE MUSIC

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%

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 creators generates settlements from past

infringement and enables collaboration on mechanisms for future licensing

SAMPLING, COVERS, INTERPOLATIONS, REMIXES Extract additional value from high-quality catalogs with proactive pitching

EDUCATIONAL INITIATIVES Development of interactive university courses to enhance brand exposure

Value Enhancement Initiatives

Top Synch Highlights1

Value Enhancement Examples

Totaling $2.0M IN LICENSING

1 LTM as of 03-31-26

“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

$980M

CAPITAL DEPLOYED

since inception1

1 As of 3-31-26

100+

M&A TARGETS IN CURRENT PIPELINE AS OF 3-31-26

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

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 ENHANCEMENT LEADS TO BOUGHT-DOWN MULTIPLES

Date Purchase Price NPS/NLS

(At Close)

Multiple

(At Close)

NPS/NLS

(FY2026)

Multiple

(FY2026)

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 $ 51.7 $ 3.6 14.4 x $ 10.1 5.1 x

2014 $ 47.2 $ 4.5 10.4 x $ 7.0 6.8 x

2018 $ 30.8 $ 2.5 12.4 x $ 4.0 7.7 x

2024 $ 24.9 $ 1.9 13.3 x $ 1.6 15.9 x

2024 $ 21.8 $ 1.5 15.0 x $ 1.6 13.9 x

2025 $ 20.2 $ 2.0 10.1 x $ 1.5 13.4 x

2020 $ 16.9 $ 1.3 13.4 x $ 1.3 13.4 x

2021 $ 16.9 $ 1.0 17.7 x $ 1.4 12.3 x

2021 $ 13.7 $ 0.8 18.1 x $ 1.0 13.2 x

2012 $ 11.9 $ 1.1 11.1 x $ 1.1 11.2 x

2024 $ 11.8 $ 0.9 13.2 x $ 0.9 13.3 x

2023 $ 11.0 $ 0.8 14.3 x $ 1.1 9.7 x

2023 $ 10.0 $ 0.5 18.7 x $ 0.8 13.1 x

2021 $ 9.5 $ 0.6 16.1 x $ 1.0 9.6 x 17

Advance funds to established songwriters who are then under exclusive contract to create music with the benefit of long-term ownership.

NOTABLE SIGNINGS

$210M

CAPITAL DEPLOYED1

3 YEAR

TYPICAL TERM CONTRACT

• Joe Walsh • Ali Tamposi

• Kings of Leon • Steph Jones

• Killer Mike • Oak Felder

• Offset • Jamie Hartman

18.6%

WEIGHTED AVERAGE IRR2

1 As of 3-31-26

2 Based on significant writer signings, which include investments of greater than $2.15M and as of 03-31-25

New Roster Signings

PARTNERED WITH SONGWRITERS

BEHIND HITS BY TODAY’S BIGGEST

ARTISTS INCLUDING

• Justin Bieber • Ariana Grande

• Ed Sheeran • Sabrina Carpenter

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% $ 0.4 6.8 x 52.1%

2011 $ 6.5 100% N/A N/A 0.8%

2019 $ 4.8 53% $ 0.1 18.2 x 12.4%

2018 $ 3.3 100% $ 0.3 0.0 x 33.8%

2020 $ 3.0 38% $ 0.1 28.8 x 3.1%

2020 $ 2.8 58% $ 0.1 20.0 x -1.1%

2020 $ 2.7 100% N/A N/A 7.8%

2024 $ 2.5 16% $ 0.0 101.4 x 2.3%

2021 $ 2.5 52% $ 0.1 23.3 x 6.9%

2016 $ 2.4 100% N/A N/A 22.3%

2015 $2.3 90% $0.2 4.1x 17.5%

2023 $2.2 71% $0.6 4.5x 20.0%

As of 03-31-26, writer and artist signings with more than

$2.15M invested

IRRs based on actual performance to date and projected

performance through end of deal as applicable

9.9x

EFFECTIVE CURRENT

MULTIPLE

18.6%

IRR

ON SIGNIFICANT

WRITER SIGNINGS

New Roster Signings

Financials

$28 $31

$14 $17

Q4'FY25 Q4'FY26

Publishing Recorded Music & Other

REVENUE ($M)

$18 $21

Q4'FY25 Q4'FY26

ADJUSTED EBITDA ($M)

Q4 Fiscal Year 2026 Results

15% total revenue

growth year-over-year

• Music Publishing revenue

rose 11% year-over-year

• Recorded Music revenue

increased 27% year-over-year

Issued financial

outlook for fiscal year

2027, including 7%

growth for Revenue

and 5% growth for

Adjusted EBITDA

Continued to sign active, multi-genre

songwriters and artists, while further

executing Emerging Markets strategy:

• Announced new publishing deals with country/pop

songwriter Allison Veltz Cruz, multi-genre

songwriter-producer Britten Newbill, U.K. singer-songwriter Benjamin Francis Leftwich,

and Nashville singer-songwriter Sam Tinnesz

• Reservoir subsidiary PopArabia acquired MENA

label and digital distribution company Viral Wave

Adj. EBITDA year-over-year growth of 16% for

the quarter

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

• Strength & Diversity of

Catalog

• Value Enhancement

Success

CORE DRIVERS

• Strong Execution in

Futures Business

• Opportunistic, Accretive

M&A

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

$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 of 3-31-26

TOTAL DEBT2

: $456M

CASH: $26M

NET DEBT3

: $430M

AVAILABLE DEBT: $91M

Solid Balance Sheet & Strong FCF Generator

Appendix

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 $29 $35 $39 $45

Gross Profit $64 $74 $89 $101 $114

Gross Margin 59% 61% 62% 64% 65%

Adj. EBITDA $41 $46 $56 $66 $74

Adj. EBITDA Margin 38% 38% 38% 41% 42%

Note: Excludes the effect of any non-cash stock-based compensation expense related to the current option plan

Income Statement 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) (23) (17) (22) (19)

Adj. Cash Used for Investing ($225) ($95) ($67) ($119) ($121)

Balance Sheet Highlights

Ending Cash $18 $15 $18 $21 $26

Ending Debt $276 $312 $331 $388 $456

Net Debt $258 $297 $313 $367 $430

Note: Advances moved from Operating to Investing cash flows for illustrative purposes

Cash Flow & Balance Sheet Highlights

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 Adjustments

Loss on Debt Extinguishment 0.0 0.9 0.0 0.0 0.0

Exchange (Gain) / Loss (0.3) (0.3) 0.1 (0.6) (0.2)

(Gain) Loss on Fair Value of IR Swaps (8.6) (2.8) 1.1 4.2 0.4

Non-cash Share-based Compensation 2.9 3.2 3.4 4.4 4.3

Transaction Costs 0.0 0.0 0.0 0.0 0.3

Recoupable legal fee write-off 0.0 0.0 2.7 0.0 0.0

Other expense (income), net 0.0 0.0 1.1 (0.3) 0.5

Adjusted EBITDA $41.3 $46.3 $55.6 $65.7 $73.6

Consolidated EBITDA Reconciliation

PR Contact

Suzanne Arrabito

Reservoir

sa@reservoir-media.com | 212-675-0541

IR Contact

Jackie Marcus

Alpha IR Group

RSVR@alpha-ir.com | 312-445-2870

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