Reservoir Media (RSVR) Investor presentation summary

Company overview and strategy

• Operates as a leading, diversified independent music publishing and recorded music business with a vast catalog spanning genres and eras.

• Focuses on acquiring hit song catalogs, investing in frontline songwriters and artists, and building a global portfolio.

• Recognized for industry leadership, with multiple awards and a highly experienced team from major music companies.

• Offices in major global cities and a market cap of $651M as of June 30, 2026.

• Revenue mix: 66% music publishing, 30% recorded music, 4% other.

Investment highlights and growth drivers

• Deployed $1.2B in capital since inception, with $995M in catalog and company acquisitions and $214M in futures spend.

• Value enhancement initiatives drive industry outperformance and profitability.

• Supported by secular tailwinds such as digital, streaming, and emerging markets; music industry projected to grow 6% annually through 2035.

• Maintains a robust M&A pipeline with 100+ targets worth over $1B as of June 2026.

• Catalog includes 150K+ copyrights and 36K+ masters, with high gross profit retention for both publishing and recording segments.

Segment performance and catalog details

• Music publishing: 150K+ copyrights, no single composition >2% of revenue, 86% of catalog retained for life of copyright.

• Top publishing songs include classics like "Ring of Fire" and contemporary hits like "Espresso"; 1,052 songs account for 80% of NPS.

• Recorded music: 36K+ sound recording copyrights, 100% ownership across 90% of masters, no single master >4% of NLS.

• Top tracks include "Jump Around" and "Gangsta's Paradise"; 481 recordings account for 80% of NLS.