Reservoir Media (RSVR) investor relations material

Executive summary

• Revenue grew 12% year-over-year to $45.4 million in Q2 FY26, driven by strong digital, sync, and catalog acquisition performance in both Music Publishing and Recorded Music segments.

• Net income increased to $2.2 million ($0.03 per share) from $0.2 million in the prior year, with operating income up 6% to $10.7 million.

• Adjusted EBITDA rose 10% to $19.4 million, reflecting higher revenues partially offset by increased administrative and interest expenses.

• Strategic acquisitions included the Miles Davis catalog and new deals in the MENA region, supporting global diversification and catalog expansion.

• Cash flow from operations for the six months ended September 30, 2025, was $25.3 million, up $3.4 million year-over-year, supporting ongoing catalog acquisitions and debt service.

Financial highlights

• Q2 revenue reached $45.4 million, up 7% organically and 12% including acquisitions year-over-year; total revenue for the six months was $82.6 million, up 10%.

• OIBDA rose 10% to $18.2 million; adjusted EBITDA for the quarter was $19.4 million and for the six months $33.3 million, both up 10% year-over-year.

• Net income for the quarter was $2.2 million, and for the six months $1.6 million, compared to a net loss of $0.3 million in the prior year period.

• Gross margin was 64% for the quarter, with operating income margin at 24%.

• Interest expense increased to $6.7 million due to higher debt and rates.

Outlook and guidance

• FY26 revenue guidance raised to $167–$170 million, with adjusted EBITDA guidance increased to $70–$72 million, signaling 8% growth at midpoint.

• Management confident in achieving full-year goals, supported by a robust $1B+ deal pipeline and sufficient liquidity for the next twelve months.

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