Reservoir Media, Inc.

Previous wording

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts, and are intended to be covered by the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “predict,” “project,” “target,” “goal,” “intend,” “continue,” “could,” “may,” “might,” “shall,” “should,” “will,” “would,” “plan,” “possible,” “potential,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. In addition, any statements that refer to expectations, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current expectations, projections and beliefs based on information currently available. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause its actual business, financial condition, results of operations, performance and/or achievements to be materially different from any future business, financial condition, results of operations, performance and/or achievements expressed or implied by these forward-looking statements. Because some of these risks and uncertainties cannot be predicted or quantified, you should not rely on our forward-looking statements as predictions of future events. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 28, 2026 and the Company’s other filings with the SEC. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website atwww.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. You should read this Quarterly Report with the understanding that actual…

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Current wording

This Quarterly Report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are not historical facts, and are intended to be covered by the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included in this Quarterly Report including, without limitation, statements in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations” regarding the Company’s financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as “expect,” “believe,” “anticipate,” “predict,” “project,” “target,” “goal,” “intend,” “continue,” “could,” “may,” “might,” “shall,” “should,” “will,” “would,” “plan,” “possible,” “potential,” “estimate,” “seek” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. In addition, any statements that refer to expectations, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management’s current expectations, projections and beliefs based on information currently available. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause its actual business, financial condition, results of operations, performance and/or achievements to be materially different from any future business, financial condition, results of operations, performance and/or achievements expressed or implied by these forward-looking statements. Because some of these risks and uncertainties cannot be predicted or quantified, you should not rely on our forward-looking statements as predictions of future events. Factors that might cause or contribute to such a discrepancy include, but are not limited to, the Special Committee’s evaluation of the previously disclosed proposals to acquire the Company’s outstanding equity, the outcome of such evaluation and any related uncertainty and disruption of the Company’s business as a result of the proposals or any potential transaction relating thereto, as well as those described under “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K (the “Annual Report”) filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 28, 2026 and the Company’s other filings with the SEC. The Company’s securities filings can be accessed on the EDGAR section of the SEC’s website atwww.sec.…

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Previous wording

Our recorded music business is operated by our label teams based in London and New York City, which release music from our labels Chrysalis Records, Tommy Boy Music, New State and Reservoir Recordings. We primarily manage Catalog recorded music, but we have a small roster of current artists for whom we release new music. We also own income participation interests in recordings by The Isley Brothers, The Commodores, Wisin and Yandel, Alabama and others. Our core Catalog includes recordings under the Chrysalis Records label by artists such as Sinéad O’Connor, The Specials, Generation X and The Waterboys, and De La Soul, recordings under the Tommy Boy label by artists such as Coolio, House of Pain, Naughty By Nature and Queen Latifah, plus select catalog artists on Fool’s Gold Records, which we also distribute.

Current wording

Our recorded music business is operated by our label teams based in London and New York City, which release music from our labels Chrysalis Records, Tommy Boy Music, New State and Reservoir Recordings. We primarily manage Catalog recorded music, but we have a small roster of current artists for whom we release new music. We also own income participation interests in recordings by The Isley Brothers, The Commodores, Wisin and Yandel, Alabama and others. Our core Catalog includes recordings under the Chrysalis Records label by artists such as Sinéad O’Connor, The Specials, Generation X, The Waterboys and De La Soul, recordings under the Tommy Boy label by artists such as Coolio, House of Pain, Naughty By Nature and Queen Latifah, plus select catalog artists on Fool’s Gold Records, which we also distribute.

Previous wording

Our Current Artist and Catalog recorded music distribution is handled by a mix of direct deals, such as with Amazon, Apple, TikTok and YouTube, plus a network of distribution partners, including MERLIN, AMPED and Proper. Chrysalis Records’ current frontline releases are distributed through Secretly Distribution.

Current wording

Our Current Artist recorded music distribution is handled by a mix of direct deals, such as with Amazon, Apple, TikTok and YouTube, plus a network of distribution partners, including MERLIN, AMPED and Proper.

Previous wording

Total revenues increased by $4,318 thousand, or 12%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, driven by a 35% increase in Recorded Music revenues and a 6% increase in Music Publishing revenues. Music Publishing revenues represented 64% and 67% of total revenues for the three months ended June 30, 2026 and the three months ended June 30, 2025, respectively. Recorded Music revenues represented 34% and 28% of total revenues for the three months ended June 30, 2026 and the three months ended June 30, 2025, respectively. U.S. and international revenues represented 54% and 46%, respectively, of total revenues for the three months ended June 30, 2026. U.S. and international revenues represented 57% and 43%, respectively, of total revenues for the three months ended June 30, 2025. The shift in geographic mix is primarily attributable to the acquisition of ViralWave Content Consultancy DWC-LLC (“Viral Wave”) (the “Viral Wave Acquisition”).

Current wording

Total revenues increased by $4,475 thousand, or 10%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, driven by an 18% increase in Recorded Music revenues and an 8% increase in Music Publishing revenues. Music Publishing revenues represented 67% and 68% of total revenues for the three months ended September 30, 2026 and the three months ended September 30, 2025, respectively. Recorded Music revenues represented 31% and 29% of total revenues for the three months ended September 30, 2026 and the three months ended September 30, 2025, respectively. U.S. and international revenues represented 52% and 48%, respectively, of total revenues for the three months ended September 30, 2026. U.S. and international revenues represented 54% and 46%, respectively, of total revenues for the three months ended September 30, 2025. The shift in geographic mix is primarily attributable to the acquisition of ViralWave Content Consultancy DWC-LLC (“Viral Wave”) (the “Viral Wave Acquisition”).

Previous wording

Total digital revenues increased by $2,866 thousand, or 13%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services. Total digital revenues represented 61% and 60% of total revenues for the three months ended June 30, 2026 and the three months ended June 30, 2025, respectively.

Current wording

Total digital revenues increased by $4,366 thousand, or 18%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services. Total digital revenues represented 58% and 55% of total revenues for the three months ended September 30, 2026 and the three months ended September 30, 2025, respectively.

Previous wording

On a geographic basis, U.S. Music Publishing revenues represented 57% of total Music Publishing revenues for the three months ended June 30, 2026 and the three months ended June 30, 2025. International Music Publishing revenues represented 43% of total Music Publishing revenues for the three months ended June 30, 2026 and the three months ended June 30, 2025.

Current wording

On a geographic basis, U.S. Music Publishing revenues represented 50% of total Music Publishing revenues for the three months ended September 30, 2026 compared to 51% for the three months ended September 30, 2025. International Music Publishing revenues represented 50% of total Music Publishing revenues for the three months ended September 30, 2026 compared to 49% for the three months ended September 30, 2025.

Previous wording

On a geographic basis, U.S. Recorded Music revenues represented 46% of total Recorded Music revenues for the three months ended June 30, 2026 compared to 52% for the three months ended June 30, 2025. International Recorded Music revenues represented 54% of total Recorded Music revenues for the three months ended June 30, 2026 compared to 48% for the three months ended June 30, 2025. The shift in geographic mix is primarily attributable to the Viral Wave Acquisition.

Current wording

On a geographic basis, U.S. Recorded Music revenues represented 54% of total Recorded Music revenues for the three months ended September 30, 2026 compared to 55% for the three months ended September 30, 2025. International Recorded Music revenues represented 46% of total Recorded Music revenues for the three months ended September 30, 2026 compared to 45% for the three months ended September 30, 2025. The shift in geographic mix is primarily attributable to the Viral Wave Acquisition.

Previous wording

Music Publishing revenues increased by $1,579 thousand, or 6%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase in Music Publishing revenues was due to a $1,045 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services and an $836 thousand increase in performance revenue driven by the performance of hit songs. These increases were partially offset by a $132 thousand decrease in synchronization revenue driven by the timing of licenses and a $128 thousand decrease in other revenue.

Current wording

Music Publishing revenues increased by $3,952 thousand, or 7%, during the six months ended September 30, 2026 compared to the six months ended September 30, 2025. This increase in Music Publishing revenues was due to a $2,582 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, an $884 thousand increase in performance revenue driven by the performance of hit songs and a $483 thousand increase in synchronization revenue driven by the timing of licenses.

Previous wording

Recorded Music revenues increased by $3,656 thousand, or 35%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase in Recorded Music revenues was mainly due to a $1,821 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, a $1,182 thousand increase in synchronization revenue driven by the timing of licenses, and a $579 thousand increase in physical due to timing of release schedules.

Current wording

Recorded Music revenues increased by $6,025 thousand, or 26%, during the six months ended September 30, 2026 compared to the six months ended September 30, 2025. This increase in Recorded Music revenues was mainly due to a $4,650 thousand increase in digital revenue, primarily due to the acquisition of additional music catalogs and continued growth at music streaming services, a $665 thousand increase in physical revenue due to timing of release schedules and a $519 thousand increase in neighboring rights revenue, primarily driven by the acquisition of additional music catalogs and new affiliations.

Previous wording

Cost of revenue increased by $1,595 thousand, or 12%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily as a result of an increase in revenues. Cost of revenue as a percentage of revenues increased to 36% for the three months ended June 30, 2026 from 35% for the three months ended June 30, 2025, reflecting an increase in cost of revenue as a percentage of revenue in the Recorded Music segment.

Current wording

Cost of revenue increased by $1,218 thousand, or 7%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily as a result of an increase in revenues. Cost of revenue as a percentage of revenues was 36% for the three months ended September 30, 2026 and 2025.

Previous wording

Artist royalties and other recorded music costs for the Recorded Music segment increased by $1,557 thousand, or 56%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Artist royalties and other recorded music costs as a percentage of Recorded Music revenues increased to 31% for the three months ended June 30, 2026 from 26% for the three months ended June 30, 2025, driven primarily by the change in the mix of revenue by type to a higher percentage of physical sales, as well as the addition of revenues from Viral Wave, both of which carry higher costs.

Current wording

Artist royalties and other recorded music costs for the Recorded Music segment increased by $215 thousand, or 6%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Artist royalties and other recorded music costs as a percentage of Recorded Music revenues decreased to 24% for the three months ended September 30, 2026 from 27% for the three months ended September 30, 2025, driven primarily by the acquisition of recorded music assets that carry low royalty costs, partially offset by the addition of revenues from Viral Wave, which carry higher costs.

Previous wording

Writer royalties and other publishing costs for the Music Publishing segment increased by $38 thousand during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 40% for the three months ended June 30, 2026 from 42% for the three months ended June 30, 2025, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.

Current wording

Writer royalties and other publishing costs for the Music Publishing segment increased by $1,041 thousand, or 4%, during the six months ended September 30, 2026 compared to the six months ended September 30, 2025. Writer royalties and other publishing costs as a percentage of Music Publishing revenues decreased to 41% for the six months ended September 30, 2026 from 42% for the six months ended September 30, 2025, driven primarily by the change in the mix of revenue by type and songwriting clients with their specific contractual royalty rates being applied to the revenues.

Previous wording

Amortization and depreciation expense increased by $982 thousand, or 13%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to the acquisition of additional music catalogs.

Current wording

Amortization and depreciation expense increased by $895 thousand, or 12%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily due to the acquisition of additional music catalogs.

Previous wording

Total administration expenses increased by $1,809 thousand, or 16%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, driven primarily by increases in administration expenses in the Music Publishing and Recorded Music segments, partially offset by a decrease in other administration expenses. The increase also reflects $201 thousand of professional fees incurred in connection with structuring associated with certain strategic growth initiatives, the Viral Wave Acquisition and by the Special Committee (the “Transaction costs”). Expressed as a percentage of revenues, administration expenses increased to 31% for the three months ended June 30, 2026 from 30% for the three months ended June 30, 2025.

Current wording

Total administration expenses increased by $785 thousand, or 7%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, driven primarily by increases in administration expenses in the Music Publishing and Recorded Music segments. The increase also reflects $200 thousand of professional fees incurred in connection with structuring associated with certain strategic growth initiatives, the Viral Wave Acquisition and by the Special Committee (the “Transaction costs”). Expressed as a percentage of revenues, administration expenses were 23% for the three months ended September 30, 2026 and 2025.

Previous wording

Recorded Music administration expenses increased by $843 thousand, or 30%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Expressed as a percentage of revenue, Recorded Music administration expenses decreased to 26% for the three months ended June 30, 2026 from 27% for the three months ended June 30, 2025, primarily due to taking advantage of operating leverage on the Recorded Music platform.

Current wording

Recorded Music administration expenses increased by $459 thousand, or 16%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Expressed as a percentage of revenue, Recorded Music administration expenses were 22% for the three months ended September 30, 2026 and 2025.

Previous wording

Music Publishing administration expenses increased by $1,334 thousand, or 19%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Expressed as a percentage of revenues, Music Publishing administration expenses increased to 31% for the three months ended June 30, 2026 from 28% for the three months ended June 30, 2025, primarily as a result of an increase in share-based compensation and professional fees incurred in connection with structuring associated with certain strategic growth initiatives.

Current wording

Music Publishing administration expenses increased by $1,664 thousand, or 12%, during the six months ended September 30, 2026 compared to the six months ended September 30, 2025. Expressed as a percentage of revenues, Music Publishing administration expenses increased to 25% for the six months ended September 30, 2026 from 24% for the six months ended September 30, 2025, primarily as a result of an increase in share-based compensation and professional fees incurred in connection with structuring associated with certain strategic growth initiatives.

Previous wording

Other administration expenses decreased by $369 thousand, or 26%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to selling expenses associated with our artist management business, consisting mostly of manager compensation.

Current wording

Other administration expenses decreased by $372 thousand, or 14%, during the six months ended September 30, 2026 compared to the six months ended September 30, 2025, primarily due to lower selling expenses associated with our artist management business, consisting mostly of manager compensation.

Previous wording

Operating income decreased by $68 thousand, or 1%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily driven by an increase in administration expenses and amortization and depreciation, partially offset by an increase in revenues. Operating income margin (operating income expressed as a percentage of revenues) decreased to 13% during the three months ended June 30, 2026 from 15% during the three months ended June 30, 2025 primarily due to an increase in administration expenses as a percentage of revenue.

Current wording

Operating income increased by $1,508 thousand, or 9%, during the six months ended September 30, 2026 compared to the six months ended September 30, 2025, primarily driven by an increase in revenues, partially offset by increases in administration expenses and amortization and depreciation. Operating income margin (operating income expressed as a percentage of revenues) decreased to 19% during the six months ended September 30, 2026 from 20% during the six months ended September 30, 2025 primarily due to an increase in administration expenses as a percentage of revenue.

Previous wording

Interest expense increased by $609 thousand, or 10%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings.

Current wording

Interest expense increased by $295 thousand, or 4%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, driven primarily by increased debt balances due to use of funds in acquisitions of music catalogs and writer signings.

Previous wording

(Loss) gain on foreign exchange was $(44) thousand during the three months ended June 30, 2026 compared to $1,095 thousand during the three months ended June 30, 2025. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.

Current wording

Gain (loss) on foreign exchange was $26 thousand during the three months ended September 30, 2026 compared to $(387) thousand during the three months ended September 30, 2025. This change was due to fluctuations in the two foreign currencies we are directly exposed to, namely British pound sterling and euro.

Previous wording

Gain (loss) on fair value of swaps was $926 thousand for the three months ended June 30, 2026 compared to $(997) thousand for the three months ended June 30, 2025. This change was due to marking to market our interest rate swap hedges.

Current wording

Gain (loss) on fair value of swaps was $1,100 thousand for the three months ended September 30, 2026 compared to $(316) thousand for the three months ended September 30, 2025. This change was due to marking to market our interest rate swap hedges.

Previous wording

Income tax benefit was $239 thousand during the three months ended June 30, 2026 compared to $271 thousand during the three months ended June 30, 2025. The effective income tax rate during the three months ended June 30, 2026 was 32.0% compared to 29.6% during the three months ended June 30, 2025. Income tax benefit during the three months ended June 30, 2026 reflects excess tax benefits related to share-based compensation. The change in effective income tax rate during these periods also reflects the amount and mix of income (loss) from multiple tax jurisdictions.

Current wording

Income tax expense was $1,428 thousand during the three months ended September 30, 2026 compared to $947 thousand during the three months ended September 30, 2025. The effective income tax rate during the three months ended September 30, 2026 was 23.6% compared to 30.1% during the three months ended September 30, 2025. The change in the effective income tax rate during these periods primarily reflects a decrease in non-deductible executive compensation. The change in the effective income tax rate during these periods also reflects the amount and mix of income (loss) from multiple tax jurisdictions.

Previous wording

Net loss was $508 thousand during the three months ended June 30, 2026 compared to $644 thousand during the three months ended June 30, 2025. This change was driven primarily by the change in gain (loss) on fair value of swaps, partially offset by the change in (loss) gain on foreign exchange and an increase in interest expense.

Current wording

Net income was $4,125 thousand during the six months ended September 30, 2026 compared to $1,560 thousand during the six months ended September 30, 2025. This increase was driven primarily by the increase in operating income and the change in gain (loss) on fair value of swaps, partially offset by increases in interest expense and income tax expense, as well as the change in gain (loss) on foreign exchange.

Previous wording

OIBDA increased by $913 thousand, or 7%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, driven by increases in Music Publishing OIBDA and Recorded Music OIBDA, partially offset by a $549 thousand decrease in Other OIBDA associated with our artist management business. Expressed as a percentage of revenue, OIBDA Margin decreased to 33% for the three months ended June 30, 2026 from 34% for the three months ended June 30, 2025.

Current wording

OIBDA increased by $2,471 thousand, or 14%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, driven by increases in Music Publishing OIBDA and Recorded Music OIBDA, partially offset by a $264 thousand decrease in Other OIBDA associated with our artist management business. Expressed as a percentage of revenue, OIBDA Margin increased to 42% for the three months ended September 30, 2026 from 40% for the three months ended September 30, 2025.

Previous wording

Music Publishing OIBDA increased by $207 thousand, or 3%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Expressed as a percentage of revenue, Music Publishing OIBDA Margin decreased to 29% for the three months ended June 30, 2026 from 30% for the three months ended June 30, 2025. The increase in Music Publishing OIBDA primarily reflects an increase in revenues, partially offset by an increase in administration expenses. The decrease in OIBDA Margin primarily reflects an increase in administration expenses as a percentage of revenues, partially offset by a decrease in cost of revenue as a percentage of revenue.

Current wording

Music Publishing OIBDA increased by $1,040 thousand, or 9%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Expressed as a percentage of revenue, Music Publishing OIBDA Margin was 37% for the three months ended September 30, 2026 and 2025. The increase in Music Publishing OIBDA primarily reflects an increase in revenues, partially offset by an increase in administration expenses.

Previous wording

Recorded Music OIBDA increased by $1,256 thousand, or 26% during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Expressed as a percentage of revenue, Recorded Music OIBDA Margin decreased to 43% for the three months ended June 30, 2026 from 46% for the three months ended June 30, 2025. The increase in Recorded Music OIBDA primarily reflects an increase in revenues. The decrease in OIBDA Margin primarily reflects an increase in cost of revenue as a percentage of revenues, partially offset by a decrease in administration expenses as a percentage of revenues.

Current wording

Recorded Music OIBDA increased by $1,694 thousand, or 26%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Expressed as a percentage of revenue, Recorded Music OIBDA Margin increased to 54% for the three months ended September 30, 2026 from 51% for the three months ended September 30, 2025. The increase in Recorded Music OIBDA primarily reflects an increase in revenues. The increase in OIBDA Margin primarily reflects the decrease in cost of revenue as a percentage of revenues.

Previous wording

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA

Current wording

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Previous wording

The following table reconciles net loss to Adjusted EBITDA (in thousands):

Current wording

The following table reconciles net income to Adjusted EBITDA (in thousands):

Previous wording

Adjusted EBITDA increased by $1,800 thousand, or 13%, during the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.

Current wording

Adjusted EBITDA increased by $2,724 thousand, or 14%, during the three months ended September 30, 2026 compared to the three months ended September 30, 2025, primarily as a result of an increase in revenues, partially offset by an increase in administration expenses.

Previous wording

As of June 30, 2026, we had $462,152 thousand of debt (net of $2,677 thousand of deferred financing costs) and $13,660 thousand of cash and cash equivalents.

Current wording

As of September 30, 2026, we had $458,598 thousand of debt (net of $2,231 thousand of deferred financing costs) and $24,778 thousand of cash and cash equivalents.

Previous wording

Cash (used for) provided by operating activities was $(1,407) thousand for the three months ended June 30, 2026 compared to $6,014 thousand for the three months ended June 30, 2025. The primary driver of the $7,421 thousand change in cash (used for) provided by operating activities during the three months ended June 30, 2026 compared to the three months ended June 30, 2025 was an increase in cash used for working capital. The increase in cash used for working capital was due primarily to the timing of collections of accounts receivable and royalty payments to artists, as well as the timing of royalty advance recoupments, partially offset by the timing of payments of accounts payable.

Current wording

Cash provided by operating activities was $21,563 thousand for the six months ended September 30, 2026 compared to $25,305 thousand for the six months ended September 30, 2025. The primary drivers of the $3,742 thousand decrease in cash provided by operating activities during the six months ended September 30, 2026 compared to the six months ended September 30, 2025 were a change in cash used for working capital and an increase in interest payments, partially offset by a decrease in income tax payments. The change in cash used for working capital was due primarily to the timing of royalty payments to creators and payments of accounts payable, partially offset by the timing of royalty advance recoupments.

Previous wording

Cash used for investing activities was $19,788 thousand for the three months ended June 30, 2026 compared to $9,659 thousand for the three months ended June 30, 2025. The increase in cash used in investing activities was primarily due to an increase in acquisitions of music catalogs and the Viral Wave Acquisition, partially offset by a decrease in investments in equity affiliates.

Current wording

Cash used for investing activities was $27,944 thousand for the six months ended September 30, 2026 compared to $50,018 thousand for the six months ended September 30, 2025. The decrease in cash used for investing activities was primarily due to a decrease in acquisitions of music catalogs and a decrease in investments in equity affiliates, partially offset by the Viral Wave Acquisition.

Previous wording

Cash provided by (used for) financing activities was $3,945 thousand for the three months ended June 30, 2026 compared to $(2,509) thousand for the three months ended June 30, 2025. The change in cash provided by (used for) financing activities primarily reflects an increase in borrowings from the secured line of credit and the nonrecurrence of the payment of deferred financing costs. These factors were partially offset by an increase in taxes paid related to the net share settlement of restricted stock units.

Current wording

Cash (used for) provided by financing activities was $(55) thousand for the six months ended September 30, 2026 compared to $31,491 thousand for the six months ended September 30, 2025. The change in cash (used for) provided by financing activities primarily reflects a decrease in borrowings from the secured line of credit, partially offset by the nonrecurrence of the payment of deferred financing costs.

Previous wording

As of June 30, 2026, our outstanding debt consisted of $464,828 thousand borrowed under the Senior Credit Facility. As of June 30, 2026, remaining borrowing availability under the Senior Credit Facility was $85,172 thousand.

Current wording

As of September 30, 2026, our outstanding debt consisted of $460,828 thousand borrowed under the Senior Credit Facility. As of September 30, 2026, remaining borrowing availability under the Senior Credit Facility was $89,172 thousand.

Previous wording

The Senior Credit Facility contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants contained in the Senior Credit Facility limit the ability our, RHI’s, RMM’s and certain of its subsidiaries ability to, among other things, incur debt or liens, merge or consolidate with others, make investments, make cash dividends, redeem or repurchase capital stock, dispose of assets, enter into transactions with affiliates or enter into certain restrictive agreements.

Current wording

The Senior Credit Facility contains customary representations and warranties and customary affirmative and negative covenants. The negative covenants contained in the Senior Credit Facility limit the ability of the Company, RHI, RMM and certain of RMM’s subsidiaries to, among other things, incur debt or liens, merge or consolidate with others, make investments, make cash dividends, redeem or repurchase capital stock, dispose of assets, enter into transactions with affiliates or enter into certain restrictive agreements.

Previous wording

Our ability to pay dividends to Reservoir Media, Inc.’s shareholders is restricted by covenants in the Senior Credit Facility. We did not pay any dividends to Reservoir Media, Inc.’s shareholders during the three months ended June 30, 2026.

Current wording

Our ability to pay dividends to Reservoir Media, Inc.’s shareholders is restricted by covenants in the Senior Credit Facility. We did not pay any dividends to Reservoir Media, Inc.’s shareholders during the six months ended September 30, 2026.