Reservoir Media, Inc. Q3 FY2026 earnings call

• Golnar noted 5% organic growth in the third fiscal quarter, with Music Publishing up 12% and Recorded Music up 8% year-over-year, driven by acquisitions, digital revenue growth, and music streaming. • Congratulated Reservoir's roster for contributing to 10 Grammy wins across various genres. • Highlighted key acquisitions like Bertie Higgins' publishing and recorded music rights, and the Miles Davis catalog launch for his centennial year with multiple initiatives. • Entered partnerships with Gladys Knight, TI, Say She She, Allison Veltz Cruz, Britten Newbill; extended Divine deal and formed joint venture with Abood Music and Cordel Skatta Burrell. • Emphasized emerging markets strategy with favorable acquisition multiples and streaming growth outpacing U.S. and Europe.

Music Publishing revenue increased 12% year-over-year to $30.1 million. Recorded Music revenue increased by 8% year-over-year to $12.9 million. Music Publishing contributed approximately 66% of total revenue ($30.1 million / $45.6 million), while Recorded Music contributed approximately 28% ($12.9 million / $45.6 million).

• Raised full-year revenue guidance range from $167 million - $170 million to $170 million - $173 million. • Increased adjusted EBITDA guidance range from $70 million - $72 million to $71.5 million - $73.5 million. • Anticipates continuing M&A activity in Q4 at the same elevated clip as prior quarters.

• Uncertainty that actual results may differ materially from forward-looking statements. • Uncertainty surrounding the CRB (Copyright Royalty Board) process and its potential impact.

Q: Given the step-up in debt and robust quarter for catalog acquisition, any comment on Q4 deal activity?

A: Yes, we are on track with continued M&A for this quarter and anticipate continuing at the same clip.

Q: Favorable acquisition multiples, any change to weighted average multiples?

A: That's correct, there is no material change to the weighted average multiples we've paid historically.

Q: Comment on activist investors amended 13D filing?

A: No, I don't have any information to share; we're focused on growing the business and delivering value.

Q: Fourth quarter implied revenues down sequentially, any unusual onetime events?

A: No unusual onetime events, just normal comps year-over-year with no unusual items expected.

Q: G&A trending, how to look at go-forward?

A: Some ups and downs in G&A are driven by a small other segment related to our management business, but otherwise, it's normal with inflationary pressures.

Q: ROIs on deals international vs domestic?

A: More favorable acquisition multiples are seen in some emerging markets, though Latin pricing is more mature.

Q: Macro tailwinds/headwinds for '27?

A: There's uncertainty around the CRB process, but tailwinds exist from subscription number increases, emerging markets expansion, and price increases across streaming platforms.