Vail Resorts, Inc. · NYSE:MTN
Vail Resorts — Investor Day (March 2026)
124 slides from Vail Resorts's investor day presentation, Mar 17, 2026
Slide 1: Investors' Conference
INVESTORS’ CONFERENCE March 17-18, 2026 1
Slide 2: Cautionary Statement Regarding Forward Looking Statements
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS Certain statements discussed in this presentation, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding our expected fiscal 2026
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES We use the terms Resort Reported EBITDA, Total Reported EBITDA, Free Cash Flow, Resort Reported EBITDA Margin, Pro Forma Resort Reported EBITDA Margin, Net Debt, Net Debt to Resort Reported EBITDA Ratio, which are not financial measures under accounting principles general
Slide 4: Meet Our Leadership Team
MEET OUR LEADERSHIP TEAM ROB KATZ CELESTE BURGOYNE JULIE DECECCO Chairperson & Chief Executive Vice President General Counsel & Executive Officer & Chief Revenue Officer Chief Public Affairs 35 years with Vail Resorts 20 years with Lululemon, Officer 2 months with Vail Resorts 9 years with Vail Reso
Slide 5: Today's Agenda
TODAY’S AGENDA 01 OVERVIEW 02 DRIVE LIFT REVENUE 03 ANCILLARY GROWTH 04 DIFFERENTIATE THE GUEST EXPERIENCE 05 RESOURCE EFFICIENCY TRANSFORMATION 06 NETWORK EXPANSION 07 FINANCIALS INVESTORS’ CONFERENCE 2026 5
Slide 6: The ski industry has attractive fundamentals
01 Minimal supply growth The ski 02 Strong demand for experiences industry has attractive Passionate, high-end fundamentals 03 customer base INVESTORS’ CONFERENCE 2026 6
Slide 7: Vail Resorts is the industry leader delivering stability and long-term growth
GLOBAL INDUSTRY LEADER WITH 42 INTEGRATED RESORTS DIFFERENTIATED AND SCALABLE BUSINESS MODEL 2 MILLION+ PRE-COMMITTED GUESTS Vail Resorts is STRONG FREE CASH FLOW FOR the industry leader REINVESTMENT & RETURNS delivering stability and long-term LONG-TERM TRANSFORMATIONAL growth GROWTH OPPORTUNITIES
Slide 8: Business Model
World-Class Resorts Reinvest in Owned & OUR DIFFERENTIATED Experience & Shareholder Operated Network BUSINESS MODEL Returns DRIVES LONG-TERM SHAREHOLDER VALUE Strong Free Cash Flow BUSINESS Unified Data & Technology Generation MODEL Resource Stable Efficiency Revenue Transformation Growth Differenti
Slide 9: Portfolio of Irreplaceable World-Class Mountain Resorts
VAIL HAS A PORTFOLIO OF IRREPLACEABLE WORLD-CLASS MOUNTAIN RESORTS LEADING DESTINATION RESORTS LEADING REGIONAL RESORTS metropolitan areas Network enhanced by leading regional resorts and local N.A. INDUSTRY SKIER VISITS1 BRAND AWARENESS2 favorites near major metropolitan areas #1 #1 TAHOE HEAVENLY,
Slide 10: Global Network of Destination Resorts Linked to Regional Resorts
… AND A GLOBAL NETWORK OF DESTINATION RESORTS LINKED TO REGIONAL, LOCAL RESORTS AND MAJOR MARKETS PACIFIC MIDWEST NORTHEAST NORTHWEST Chicago New York City Seattle Detroit Boston Vancouver Minneapolis St. Louis MID-ATLANTIC TAHOE Kansas City Washington San Francisco Cleveland D.C. Columbus Baltimore
Slide 11: Business Model Was Resilient in a Challenging Weather Year
OUR BUSINESS MODEL WAS RESILIENT IN A CHALLENGING WEATHER YEAR Financial results demonstrate resilience FY26 Metrics & Guidance1 created by our purpose-built model % Change vs. Prior Year STD Resort • Despite record-low snowfall in our largest Rockies STD N.A. Resort Reported region, Resort Revenue
Slide 12: Strategic Advantage Comes From Our Purpose-Built Model
OUR STRATEGIC ADVANTAGE COMES FROM OUR PURPOSE-BUILT MODEL IRREPLACEABLE INTEGRATED NETWORK INSIGHT-DRIVEN DATA EXCEPTIONAL ASSETS Owned & operated model Deep bench of TALENT World-class resorts enables holistic approach enterprise-wide guest Ability to attract and across North America, to drive pas
Slide 13: Focusing on Highest-Impact Opportunities Within Long-Term Growth Strategies
FOCUSING ON HIGHEST-IMPACT OPPORTUNITIES WITHIN OUR LONG-TERM GROWTH STRATEGIES 1 2 3 4 5 DRIVE LIFT GROW TRANSFORM DIFFERENTIATE NETWORK REVENUE ANCILLARY RESOURCE THE GUEST EXPANSION REVENUE EFFICIENCY EXPERIENCE Holistically drive Unlock gear as Deliver and Utilize technology Enhance the pass and
Slide 14: Drive Lift Revenue
DRIVE LIFT REVENUE gi & ; if av
Slide 15: Visitation Is a Key Driver of Revenue Growth
VISITATION IS A KEY DRIVER OF REVENUE GROWTH FOR OUR MODEL Incremental visits drive revenue, operating leverage, loyalty and guest lifetime value INCREASED VISITATION DRIVES: 1 Greater lift revenue 2 Incremental ancillary revenue including gear, ski school and food & beverage 3 Strong conversion to
Slide 16: Industry Guest Flows Highlight Opportunity to Gain Visitation Share
INDUSTRY GUEST FLOWS HIGHLIGHT THE OPPORTUNITY TO GAIN VISITATION SHARE The ski industry has considerable PRIOR FOLLOWING guest movement each year, YEAR YEAR creating a large pool of guests we VAIL VAIL can capture through: RESORTS RESORTS • Increasing retention of existing guests who would otherwis
Slide 17: Well Positioned to Attract, Convert & Retain More Guests
WE ARE WELL POSITIONED TO ATTRACT, CONVERT & RETAIN MORE GUESTS Our strategic advantages of data, network and talent optimally position us to capture increased share during season-to-season turnover by: 1 Optimizing lift ticket and 2 Sophisticated, guest- 3 Differentiating the experience pass produc
Slide 18: Lift Tickets
LIFT TICKETS
Slide 19: Lift Ticket Visitation Drove Industry Growth Last Year
LIFT TICKET VISITATION DROVE INDUSTRY GROWTH LAST YEAR After significant industry pass U.S. Industry Skier Visits1 visitation growth over the last 5 years, (in millions) growth last year came from lift tickets 60.8 • Last year, industry lift ticket 55.3 57.0 56.1 56.9 visitation grew for the first t
Slide 20: Opportunities to Drive Lift Ticket Visitation
OPPORTUNITIES TO DRIVE FY25 N.A. Lift Ticket Visit Mix 1,2 LIFT TICKET VISITATION (non-pass) Window Tickets Passholder Optimizing product and pricing strategies and Benefit 9% marketing approach to invigorate lift ticket demand 19% Other Tickets2 8% FY25 N.A. Total Skier Visit Mix 1 Group and Wholes
Slide 21: A Broad Product Mix Shifts Reference Price
A BROAD PRODUCT MIX FY26 Vail Mountain SHIFTS REFERENCE PRICE Adult Window Price vs. Effective Ticket Price1,2,3 (ETP) • We offer an extensive range of price points with meaningful discounts below -$138 -$222 the window price $356 -39% -62% • Window price anchors perception, but most guests buy lowe
Slide 22: Value Gap Between Lift Tickets and Passes Has Widened
Vail Mountain 1-Day Window Price vs. Epic 1-Day Pass1, 2 THE VALUE GAP BETWEEN Window Price (1-Day Peak Holiday) LIFT TICKETS AND PASSES Epic Day Pass 1-Day HAS WIDENED $356 -52% -67% effective effective Strategic adjustments to pass and lift $229 discount discount ticket pricing have widened the va
Slide 23: Lift Ticket Options at Vail Mountain
Lift Ticket Options at Vail Mountain NEW ONE EPIC 1- EPIC ONE MONTH WINDOW NEW PRODUCTS DAY FRIEND AHEAD WEEK TICKET PASS1 TICKETS2 AHEAD INTRODUCED THIS (SALT) SEASON AIM TO BRIDGE HOLIDAYS THE PRICING GAP $154 $178 $249 $319 $356 Epic Friend tickets and One Month PEAK DAYS Ahead, or Super Advanced
Slide 24: Epic Friend Tickets
EPIC FRIEND TICKETS Revamped passholder benefit tickets to bring friends & family at a 50% discount WHY WE DID IT EARLY RESULTS • Prior benefit tickets were inconsistent, confusing, and saw declining usage – even though they provided strong conversion rates into passes SEASON-TO-DATE EPIC FRIEND TIC
Slide 25: Super Advanced Lift Tickets (SALT)
SUPER ADVANCED LIFT TICKETS (SALT): ONE-MONTH ADVANCE PURCHASE SALT bridges the gap between 7-day advance lift ticket product and Epic Day Pass WHY WE DID IT EARLY RESULTS • Fills the value gap between passes purchased ahead of the season and lift tickets purchased last-minute • Creates a clear call
Slide 26: Strategic Off-Peak Pricing
STRATEGIC OFF-PEAK PRICING Resort-specific adjustments to incentivize incremental off-peak visitation WHY WE DID IT EARLY RESULTS • Creates compelling value to drive incremental off-peak visitation, taking advantage of under-utilized mountain capacity RESORTS THAT REDUCED OFF-PEAK PRICING SAW STRONG
Slide 27: Targeted Pricing Strategies to Drive Lift Ticket Visitation
FY26 PRICE TARGETED PRICING LIFT TICKETS CHANGE Y/Y STRATEGIES TO DRIVE LIFT TICKET VISITATION Peak Holiday1 +6% to +12% • New products and pricing supports overall Peak2 +2% to +7% pricing strategy to incentivize: Varies: Off-Peak • Advance commitment -12% to +4% • Higher frequency Epic Friend3 -25
Slide 28: Pass
PASS
Slide 29: Significant Epic Pass Growth Provides a Strong Foundation
SIGNIFICANT EPIC PASS GROWTH PROVIDES A STRONG FOUNDATION Epic Pass Revenue1,2 ($ millions) $1,024M • We have grown Epic Pass to comprise over $1B in revenue +15% CAGR • From its launch in FY08 through FY25, Epic Pass has grown: • From 26% to 65% of total lift revenue • From 35% to 75% of total $78M
Slide 30: Advance Commitment Drives Higher Loyalty & Guest Lifetime Value
ADVANCE COMMITMENT DRIVES HIGHER LOYALTY & GUEST LIFETIME VALUE Higher Return Higher Higher Guest Rates1 Frequency2 Satisfaction Score3 ~30% Higher ~2x Higher ~3x Higher Lift Ticket Pass Guest Lift Ticket Pass Guest Lift Ticket Pass Guest Guest Guest Guest 1. Return rates reflect total FY25 return r
Slide 31: Price Reset in FY22 Drove Significant Growth in Pass Revenue
PRICE RESET IN FY22 DROVE SIGNIFICANT GROWTH IN PASS REVENUE Epic Pass Units Epic Pass Revenue1 ($M) (in millions) 2.4 2.4 $984 $1,024 2.2 2.3 2.3 $944 $863 $795 $654 1.4 +10% +9% CAGR CAGR FY21 FY22 FY23 FY24 FY25 FY26E2 FY21 FY22 FY23 FY24 FY25 FY26E2 From FY22 to FY26, revenue CAGR of +7% outpace
Slide 32: Pass Units Flat, Days Sold Declined 3% Over Two Years
WHILE PASS UNITS HAVE BEEN RELATIVELY FLAT, DAYS SOLD HAVE DECLINED 3% OVER THE North American Epic Pass Days Sold1 PAST TWO YEARS • Days sold measures how many days of access are sold, calculated by assigning a number of days to each pass unit: • Unlimited passes: Each unit equates to 8 days sold (
Slide 33: Price Increases Disproportionately Impacted Young Adults
PRICE INCREASES HAVE DISPROPORTIONATELY IMPACTED YOUNG ADULTS Days Sold by Age Cohort1 a• Young Adults responded favorably to the FY22 price reset, growing +48% days +45% +5% sold vs. prior year b• However, Young Adults Adult (31+) a b declined from FY22 to FY26 +48% -17% as prices increased, while
Slide 34: Strategic Changes to Our Pass Products
ADDRESSING AREAS OF OPPORTUNITY WITH STRATEGIC CHANGES TO OUR PASS PRODUCTS We are optimizing our entire portfolio of products to directly address the biggest opportunities for growth: • Lowering pricing for guests 30 & under • Adjusting the pricing structure of Epic Day Passes to incentivize increa
Slide 35: Young Adult & Teen Pass Pricing
YOUNG ADULT & TEEN PASS PRICING Creating a more accessible pathway for the next generation of skiers and riders BACKGROUND CHANGES MADE • Young adults had significant growth • Introduced a 20% young adult discount for post the FY22 pass price reset, but days Epic and Epic Local passes for guests age
Slide 36: Strategic Pricing Adjustments on Young Adult Epic and Epic Local Passes
STRATEGIC PRICING ADJUSTMENTS ON Epic Pass Pricing at Launch1,2 YOUNG ADULT EPIC AND EPIC LOCAL PASSES FY26 Pricing FY27 Pricing $1,051 $1,089 $1,051 Regaining and retaining lost units among 30 & under guests will grow revenue and $869 +4% guest lifetime value -17% $537 $555 • Introduced two new age
Slide 37: Epic Day Passes: Differentiated Approach to Incent Higher Frequency
EPIC DAY PASSES: DIFFERENTIATED APPROACH TO INCENT HIGHER FREQUENCY Price increases of 12-17% on 1-to-2-day passes, while 6-to-7-day pass prices are down 2-3% YoY Epic Day Pass Price by Year1 -3% -2% FY26 FY27 0% $821 $796 +4% $726 $711 $623 $623 +8% $513 $534 +12% $429 $397 +17% $305 $272 $163 $139
Slide 38: Epic Day Pass Value Increases With More Days Purchased
EPIC DAY PASS VALUE INCREASES WITH MORE DAYS PURCHASED Price per day becomes a meaningfully better value as number of days increases, incentivizing trade-up Epic Day Pass1 Price Per Day 165 Prior pricing (FY26) 160 New pricing (FY27) 155 150 145 140 135 130 125 120 0 1 Day 2 Day 3 Day 4 Day 5 Day 6
Slide 39: Lift Taxes
LIFT TAXES Separately charging for applicable taxes of multi-resort pass products in relevant taxable jurisdictions HISTORICAL APPROACH UPDATED APPROACH • For multi-resort passes, guests previously • Guests will be separately charged a paid tax which was collected as part of the blended tax rate of
Slide 40: Pass Changes Aim to Grow and Optimize Revenue
2026/2027 PRICE PASSES PASS CHANGES AIM TO GROW CHANGE Y/Y1 AND OPTIMIZE REVENUE Epic Unlimited +3.6% • Strategically addressing areas of opportunity identified through Epic Local +3.3% our data-driven optimization Epic Young Adult -17% • Blended price increase across all products ~3-4% before tax,
Slide 41: Marketing Strategy & Evolution
MARKETING STRATEGY & EVOLUTION
Slide 42: Evolved Marketing Strategy to Better Reach and Engage Guests
FROM E-MAIL LED Data-driven marketing primarily through highly efficient email channel Evaluated all facets of our marketing to drive changes in messaging, channels and investment TO FULL CHANNEL We have evolved Data-driven marketing meeting our entire marketing guests where they are: online, social
Slide 43: Marketing Investment
Marketing Investment FY26 ACTIONS DETAILS Increasing and • Historically focused on e-mail which was reallocating investment low cost and highly efficient; however, into areas that are driving effectiveness declined over time incremental return • Paid media spend was well below industry Increased pai
Slide 44: Marketing Investments Drove Improved FY26 Fall Pass Results
Units1,2 Sales1,2 MARKETING INVESTMENTS DROVE +2 pt +5 pt improvement IMPROVED FY26 FALL improvement driven from strength in PASS RESULTS highest-tier products -3% +1% • Increased and reallocated paid media spend built and captured demand -1% during key selling periods +6% • Investment evaluated usi
Slide 45: Marketing Channels
FY26 ACTIONS DETAILS Marketing Channels Diversified marketing • Shift to a full-funnel strategy, increasing upper-funnel spend, compared to Increasing top-of-funnel channels historical focus on e-mail spend and expanding into • Expansion of top-of-funnel tactics Driving resort digital and social awa
Slide 46: Influencer Partnerships, New Social Platforms & Social-First Content
INVESTMENT IN INFLUENCER PARTNERSHIPS, NEW SOCIAL PLATFORMS & SOCIAL-FIRST CONTENT IS DRIVING FULL FUNNEL IMPACT ACTIONS EARLY IMPACT Launched Epic Pass on TikTok and refreshed our Epic Pass social channels SOCIAL Instagram and Facebook are delivering strong year- MEDIA strategy to increase over-yea
Slide 47: Marketing Messaging
Marketing FY26 ACTIONS DETAILS Messaging • Evolution from historical focus on call- Tapping into guest More emotion- to-action and transactional messaging, emotional connections based messaging which has decreased in effectiveness with resorts positioned at and engagement over time the forefront • O
Slide 48: Broad Approach to Improve Relevance With Gen Z Skiers & Riders
BROAD APPROACH TO IMPROVE RELEVANCE WITH GEN Z SKIERS & RIDERS INVESTORS’ CONFERENCE 2026 48
Slide 49: Ancillary Growth
ANCILLARY GROWTH
Slide 50: Gear
GEAR
Slide 51: Gear Is an Attractive Market Poised for Accelerated Growth
01 Gear is required for all guests GEAR IS AN ATTRACTIVE 02 The current rental experience is challenging for both owners MARKET and renters POISED FOR 03 We are uniquely positioned to capture the rental opportunity ACCELERATED GROWTH 04 An improved gear and rental experience is a key lever to drivin
Slide 52: Rental Revenue Has Shown Steady Growth
Rental revenue has shown steady Vail Resorts Rental Revenue1 growth with $M strong foundation +4% CAGR for future growth $142 $128 $125 $124 $103 $96 $78 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Rental revenue has runway for differentiated future growth through a reimagined, differentiated rental experien
Slide 53: Gear Is a Transformational Growth Opportunity
Gear is a transformational growth We are reimagining the entire rental experience to capture incremental demand opportunity and create long-term guest loyalty Opportunity focused at 16 largest destination and regional resorts that generate $93 million in rental revenue1 Currently only capturing ~10%
Slide 54: Gear Industry Remains a High-Friction Experience
THE GEAR INDUSTRY REMAINS A HIGH-FRICTION EXPERIENCE RENTER PAIN POINTS OWNER PAIN POINTS ✓ Quality of gear ✓ High purchase cost ✓ Time in store ✓ Transportation hassles ✓ Pick-up/drop-off logistics ✓ Gear maintenance ✓ Boot fit ✓ Gear not tailored to conditions INVESTORS’ CONFERENCE 2026 54
Slide 55: My Epic Gear Delivered Critical Improvements to Rental Experience
My Epic Gear delivered critical improvements to the TOP INSIGHTS rental experience ✓ Guests prefer the newest, most comfortable, top-tier equipment My Epic Gear delivered a premium, seamless rental experience in FY25- FY26, driving higher guest ✓ Demand for a personalized, streamlined digital satisf
Slide 56: Why Vail Resorts
WHY VAIL RESORTS 1 2 3 4 Owned and operated Scaled operational Robust guest data Established infrastructure of model with an expertise across logistics, foundation that rental locations, distribution integrated digital infrastructure and vendors, improves personalization, centers, fleet and digital
Slide 57: The Gear Business Has Attractive Economics
THE GEAR BUSINESS HAS ATTRACTIVE ECONOMICS Gear Unit Economics1, 2, 3 $68 revenue per unit • Attractive unit economics on existing Variable Labor business Variable • Fleet capital cost is a relatively small Expenses Fleet component of cost, reflecting durable assets Depreciation and efficient utiliz
Slide 58: The New Rental Experience
THE NEW A modern rental experience for everyone ✓ Ability to pick your own gear or have gear recommended for you ✓ Broader access to premium, latest- generation gear, including better-fitting boots ✓ Unified, personalized digital experience on web and app from pre-arrival through post- trip, includi
Slide 59: One Brand. One Platform. A Better Gear Experience
ONE BRAND. ONE PLATFORM. A BETTER GEAR EXPERIENCE FOR EVERY GUEST. Modernizing the traditional rental experience by integrating the best of My Epic Gear: premium gear, seamless service, and digital convenience OFFERING DIGITAL EXPERIENCE LOGISITICS BRANDING TODAY Limited categories, Basic web and se
Slide 60: Elevated Gear Transforms the Guest Experience
ELEVATED GEAR TRANSFORMS THE GUEST EXPERIENCE WITH A SIGNIFICANT GROWTH OPPORTUNITY THAT DRIVES LOYALTY We are uniquely ✓ Gear is an attractive, positioned to redefine the gear industry underpenetrated market standard, driving ✓ High friction for renters and owners stronger retention, loyalty and li
Slide 61: Ski & Ride School
SKI & RIDE SCHOOL
Slide 62: Ski & Ride School Is a Large, High-Margin Business
Vail Resorts Ski & Ride School is Ski & Ride School Revenue2 a large, high- $M margin business +6% CAGR $292 with strong growth $268 $287 potential $204 $213 $179 $137 FY19 FY20 FY21 FY22 FY23 FY24 FY25 • Demonstrated • Opportunity to • Industry’s largest consistent revenue increase capture in priva
Slide 63: Opportunity to Grow Capture of Kids
OPPORTUNITY TO GROW VAIL RESORTS KIDS SKI & RIDE SCHOOL CAPTURE OF KIDS CAPTURE BY AGE3,4 Capture Visits Ski & Ride School is a clear guest differentiator • Ski & Ride School guests deliver 12 pts higher guest experience scores1 vs. those who do not take ski school • Return rates2 are 13 pts higher
Slide 64: Building a High-End, Differentiated Ski & Ride School Experience
BUILDING A HIGH-END, DIFFERENTIATED SKI & RIDE SCHOOL EXPERIENCE TO SUPPORT THE GUEST JOURNEY ENHANCING THE BROADENING ACCESS CAPTURE CHILD & PARENT THROUGH LOCAL THE GUEST JOURNEY EXPERIENCE PROGRAMS THROUGH THE APP More personalized, Programs aimed at Digital guidance before, fun programming bring
Slide 65: Food & Beverage
FOOD & BEVERAGE
Slide 66: Food & Beverage Revenue Has Stabilized
FOOD & BEVERAGE Vail Resorts REVENUE HAS Dining Revenue1 ($M) STABILIZED +1% CAGR DINING REVENUE • Dining revenue has been stable HAS REBOUNDED $179 $180 $186 $187 over the past three years despite AND REMAINED visitation declines, though capture remains below pre- STABLE $137 $139 pandemic levels $
Slide 67: Revenue Opportunity to Grow Capture and Enhance Guest Experience
REVENUE OPPORTUNITY Vail Resorts Dining Capture1 TO GROW CAPTURE AND ENHANCE THE GUEST EXPERIENCE -9 pts 61% 62% • Dining capture is nine points below 52% pre-pandemic levels 49% 50% • We see near-term recapture opportunity to address the biggest 35% guest friction points 27% ✓ Capacity constraints
Slide 68: Advancing the Dining Foundation to Capture Additional Value
We are addressing dining friction to restore and drive Advancing the guest capture by unlocking elevating dining into an dining foundation experiential extension of the ski experience to capture GUEST INSIGHT additional value OPPORTUNITIES ACTIONS Food and ✓ Higher-quality, more focused food experie
Slide 69: Differentiate the Guest Experience
DIFFERENTIATE THE GUEST EXPERIENCE
Slide 70: Owned and Operated Model and Reinvestment Differentiate the Guest Experience
OUR OWNED AND OPERATED MODEL AND CONSISTENT REINVESTMENT ENABLES US TO DIFFERENTIATE THE GUEST EXPERIENCE TECHNOLOGY TALENT Investments focused on Investments in wages, integrating and enhancing benefits and tech-enabled the guest experience recruiting and assessment to strengthen and elevate our ta
Slide 71: Investments Driving a Strong Guest Experience Across the Network
OUR INVESTMENTS ARE Destination Resorts1 Net Promoter Scores2 by Guest Type DRIVING A STRONG GUEST EXPERIENCE ACROSS THE FY24 STD FY25 STD FY26 STD NETWORK • Delivered record-high guest satisfaction scores season-to-date (STD) +26% • Despite challenging weather in +47% Colorado and Utah, STD scores
Slide 72: Technology Investments Scale Across the Network
TECHNOLOGY INVESTMENTS SCALE ACROSS THE NETWORK TO ENHANCE THE GUEST EXPERIENCE AND DRIVE EFFICIENCY MY EPIC APP RESOURCE EFFICIENCY Add in-app commerce Leverage scale of the network and modernize payment to support integrated options enterprise infrastructure Use AI & automation to Improve user exp
Slide 73: App Vision: Central Hub for Every Step of Guest Journey
APP VISION: THE CENTRAL HUB FOR EVERY STEP OF THE GUEST JOURNEY The My Epic app will be the central commerce hub – seamlessly connecting resort, lift, ski school, gear, and dining into one intuitive guest journey My Epic App: ✓ Unified commerce Mobile Pass ✓ AI-enabled ✓ Phone used for lift assistan
Slide 74: Increased Engagement and Mountain Access Through My Epic App
WE HAVE INCREASED ENGAGEMENT AND Mobile Pass Adoption - Pass/Ticket Count2 MOUNTAIN ACCESS (in millions) THROUGH THE MY EPIC APP 1.0 Mobile app users have more than doubled1 ~2x since FY22 with over 2 million guests using the app last year 0.5 Mobile Pass adoption has also doubled since launch provi
Slide 75: Technology Roadmap Integrates More Native Commerce Into My Epic App
OUR TECHNOLOGY ROADMAP INTEGRATES MORE NATIVE COMMERCE INTO THE MY EPIC APP • Pass and Lift Ticket sales in app FY27 • Digital payments: Integrating Apple and Google Pay into web and app • Ancillary: Ski & ride school and FY28+ gear rental reservation booking and management in app INVESTORS’ CONFERE
Slide 76: Integrating Ancillary Businesses Into the My Epic App
INTEGRATING ANCILLARY BUSINESSES INTO THE MY EPIC APP MY EPIC GEAR SKI & RIDE SCHOOL An end-to-end ski An end-to-end ski rental journey in-app school journey in-app • Integration of app and • Digital booking and web experience reservation management • Digital booking and • Digital check-in and reser
Slide 77: Reinventing the Entire Gear Rental Journey
WE ARE REINVENTING THE ENTIRE GEAR RENTAL JOURNEY… RESERVATION BOOKING GEAR SELECTION LOGISTICS MANAGEMENT Paper-based check-in PREVIOUS Booking is completed Time-consuming, with stagnant, pre- via Call-in manual in-person selected gear web or phone pickup and drop-off categories Seamless options fo
Slide 78: Digitizing the Ski & Ride School Experience
…AND DIGITIZING THE SKI & RIDE SCHOOL EXPERIENCE Digitizing ski school removes friction, builds confidence, and turns first lessons into lifelong guests BOOKING & ITINERARY CHECK-IN & ARRIVAL IN LESSON POST LESSON Multi-step, paper- PREVIOUS Booking is completed Parents pick up kids based check-in K
Slide 79: Strategic On-Mountain Investments at Destination Resorts
WE PRIORITIZE STRATEGIC ON-MOUNTAIN INVESTMENTS AT OUR DESTINATION RESORTS THAT DRIVE THE GUEST EXPERIENCE SUSTAINABILITY LIFTS SNOWMAKING DINING & EFFICIENCY Expands capacity Extends the season, Elevates the dining Drives energy and improves improves terrain experience to drive efficiency, improves
Slide 80: ~$2B Invested Over Last 10 Years
~$2B INVESTED OVER LAST 10 YEARS, ANCHORED IN OUR PREMIER DESTINATION RESORTS Over $700 million invested at our 6 largest destination resorts, which excludes real estate-related capital CAPITAL RESORT INVESTED SINCE REPRESENTATIVE MIX OF TRANSFORMATIONAL INVESTMENTS CY161 Whistler $211M Lift upgrade
Slide 81: Park City Mountain Investments
PARK CITY MOUNTAIN INVESTMENTS In parallel with the Canyons Village real estate development, we’ve continued to invest in elevating the on-mountain experience Investments: • Sunrise Gondola (2025/26) • New parking garage and arrival experience (phase 1 2025/26) (completion 2026/27) • Red Pine area b
Slide 82: Whistler Showcase T-Bar Lift Replacement
WHISTLER SHOWCASE T-BAR LIFT REPLACEMENT Increasing accessibility to 215 high- alpine acres throughout the season Upgrade will increase operating days and double uphill capacity INVESTORS’ CONFERENCE 2026 82
Slide 83: Additional Calendar Year 2026 Resort Capital Investments
ADDITIONAL CALENDAR YEAR 2026 RESORT CAPITAL INVESTMENTS INVESTMENTS PROJECT • Seven Springs Blitzen triple lift upgrade to improve access, reliability, Lifts and reduce congestion • Remodels across key resorts to elevate dining experiences Dining • Enhancements to improve flow, capacity, and create
Slide 84: Talent
TALENT
Slide 85: Our Frontline Talent Is a Strategic Advantage
OUR FRONTLINE TALENT IS A STRATEGIC ADVANTAGE $175M of frontline talent investments in FY22 and continued investment into wages, hiring and systems have resulted in a better experience for both employees and guests HIGH TALENT DATA-DRIVEN HIGHER ENHANCED FRONTLINE INVESTMENT HIRING RETENTION OUTCOME
Slide 86: Elevating Talent Quality Through Expanded Pipeline
ELEVATING OUR TALENT QUALITY THROUGH AN EXPANDED PIPELINE AND DATA-DRIVEN SELECTION • Employee and technology investments have significantly expanded our applicant pool, allowing for greater selectivity and quality of hires • From FY22 to FY261, our applicant pool has expanded by 75%, allowing us to
Slide 87: Strong Frontline Leader Effectiveness Driving Employee Engagement
STRONG FRONTLINE LEADER EFFECTIVENESS IS DRIVING HIGH EMPLOYEE ENGAGEMENT AND INCREASED GUEST SATISFACTION • Seasonal employee engagement scores remained consistently elevated, driven by frontline manager effectiveness • Despite challenging weather this season, EMPLOYEE ENGAGEMENT achieved record hi
Slide 88: High Staff Retention Delivers Better Guest Experience
HIGH STAFF RETENTION DELIVERS A BETTER GUEST EXPERIENCE, WHILE REDUCING COSTS • Seasonal frontline staff return rates at record highs the last two years, driving lower staffing and training costs EMPLOYEE RETURN RATE • High staff engagement and retention +17 POINTS reinforce a strong guest experienc
Slide 89: Resource Efficiency Transformation
RESOURCE EFFICIENCY TRANSFORMATION
Slide 90: Resource Efficiency Transformation Is Exceeding Expectations
Resource efficiency transformation is Vail Resorts’ Resource Efficiency exceeding expectations Transformation Plan with incremental Annual efficiencies ($M) opportunities identified One-time costs In-Year Efficiencies Net of One-Time Costs $136 • On pace to deliver $106M of efficiencies in FY27, exc
Slide 91: Initial Stage of Resource Efficiency Transformation
01 Scaled Operations Optimized operational management and Initial stage launched centralized Centers of of resource Excellence, enabling scalable tools and operational best practices across the efficiency network transformation 02 Global Shared Services exceeded Established a scalable, consolidated
Slide 92: Scaled Operations
EXAMPLE Scaled 01 Operations • Implemented standardized management labor model by combining similar, connected guest-impacting operations and experiences: • Base experience • Lift experience • Snow surfaces • Deployed network-wide operational technology solutions: • Asset management for maintenance
Slide 93: Global Shared Services
EXAMPLE Global Shared Services • Consolidated and streamlined transaction HR, Finance, IT and Guest Services work with best-in-class 02 global shared services providers to support scalable operations INVESTORS’ CONFERENCE 2026 93
Slide 94: Workforce Management
EXAMPLE Workforce Management • Established frontline labor standards to drive consistent, demand-based staffing for hourly roles and optimize staffing levels • Enhanced employee flexibility and ownership of their schedules 03 INVESTORS’ CONFERENCE 2026 94
Slide 95: Unlocking Next Step of Efficiency Transformation
UNLOCKING NEXT STEP OF EFFICIENCY TRANSFORMATION THROUGH SCALED OPERATIONS AND TECHNOLOGY WE’VE IDENTIFIED AN ADDITIONAL $30M IN INCREMENTAL EFFICIENCIES IN FY28 LEVERAGING OUR SCALE TECHNOLOGY EFFICIENCY • Continued opportunities to • AI-driven product and software advance initiatives from the deve
Slide 96: Network Expansion
NETWORK EXPANSION
Slide 97: Strategically Built Out a Guest-Centric Resort Network
# of RESORTS FY02 5 • 4 Colorado resorts We have • 1 Tahoe resort strategically built out a guest- FY12 7 • Expanded Tahoe regional presence centric resort • Added Park City destination network • Established urban strategy • Expanded into Australia FY16 12 • Added Whistler Blackcomb • Expanded urban
Slide 98: Strategic and Disciplined Acquisition Approach
STRATEGIC AND DISCIPLINED ACQUISITION APPROACH Target high impact destination resorts and regional ski areas that enhance network for guests Acquisition approach targets resorts that meet specific criteria to drive value creation: • Location • Resort brand • Network connectivity • Guest experience •
Slide 99: Capturing Demand Across World's Largest Ski Markets
CAPTURING DEMAND ACROSS THE WORLD’S LARGEST SKI MARKETS Central Europe ~195 Million Skier Visits China ~17 Million Skier Visits Japan ~30 Million Skier Visits North America ~70 Million Skier Visits Australia ~2 Million South America Skier Visits ~5 Million Skier Visits 1. Skier visits based on 5-yea
Slide 100: Opportunities Across North America, Europe, and Asia
OPPORTUNITIES REMAIN ACROSS NORTH AMERICA, EUROPE, AND ASIA TO ENHANCE NETWORK VALUE FOR GUESTS NORTH AMERICA EUROPE ASIA • Second largest ski market • Largest ski market in the world • Third largest global ski market • High-end destination skiers and • Strong local and destination demand • Strong d
Slide 101: Methodically Building a Guest-Centric Resort Network
METHODICALLY BUILDING A GUEST-CENTRIC RESORT NETWORK 5 YEARS AGO (FY21) TODAY (FY26) INVESTORS’ CONFERENCE 2026 101
Slide 102: Foundation for Long-Term Value Creation in Europe
LAYING THE FOUNDATION FOR LONG-TERM VALUE CREATION IN EUROPE Strong destination and local demand 1 2 3 4 5 Business model with Large, incremental Invested into unique Partnerships have Long-term growth advance new market Swiss resorts poised expanded our through network commitment and opportunity fo
Slide 103: Financial
FINANCIAL
Slide 104: Proven Growth Model With Downside Protection
PROVEN GROWTH MODEL WITH DOWNSIDE PROTECTION Business model has historically delivered Resort Reported EBITDA ($M) strong growth • Accretive acquisition strategy expanded Resort Reported EBITDA $837 $835 $825 $844 $760 $707 Stability during post-COVID period $593 $617 $545 $503 • FY22 pass price res
Slide 105: Demonstrated Margin Expansion and Resilience
DEMONSTRATED MARGIN EXPANSION AND RESILIENCE Historical margins Resort Reported EBITDA Margin Current Margin • Expansion driven by operating leverage Track record of historical margin expansion Stable margins on of the business & corporate lower revenue growth centralization synergies 31.4% 30.7% Cu
Slide 106: FY26 Resilient Performance Despite Record-Low Snowfall
FY26 RESILIENT PERFORMANCE DESPITE RECORD-LOW SNOWFALL Network Overview FY12 FY25 Results demonstrate resilience from purpose-built model # of Resorts 6 42 despite record-low snowfall in our largest region % of visits in Pass2 49% 75% • Rockies snowfall through the end of February is 38% below FY12,
Slide 107: Business Model Generates Strong Free Cash Flow Growth
OUR BUSINESS MODEL GENERATES STRONG FREE CASH FLOW GROWTH WITH HIGH CONVERSION Free Cash Flow Conversion Free Cash Flow1 ($M) vs. Peer Average1,2 $530 MTN Peer Average $467 $453 $444 $403 $422 $379 $310 $327 $304 $243 54% 43% FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26E FY25 1. Free cash
Slide 108: Long Track Record of Balanced Capital Allocation Priorities
LONG TRACK RECORD OF STRATEGIC AND BALANCED CAPITAL ALLOCATION PRIORITIES Our business model generates strong free cash flow which, over the last 10 years, has enabled us to: REINVEST IN OUR $1.9 BILLION RESORTS of capital investments1 EXPAND THE $1.6 BILLION NETWORK of acquisitions of new mountain
Slide 109: Reinvest in Our Resorts to Enhance Guest Experience
REINVEST IN OUR RESORTS TO ENHANCE GUEST EXPERIENCE AND COMPETITIVE ADVANTAGE Over the past decade, we’ve consistently reinvested in our business to elevate the guest experience Capital Investments Over Last Ten Years1 ($M) CY20-22 Average $195M/year Maintenance Discretionary $319 COVID Impacted $24
Slide 110: Maintain Balance Sheet Flexibility for Accretive Acquisitions
MAINTAIN BALANCE SHEET FLEXIBILITY TO POSITION US FOR FUTURE ACCRETIVE ACQUISITIONS Strong track record of high return M&A due to network benefits and synergies Vail Resorts Cash Purchase Price for Acquisitions Over Last 10 Years1 ($M) $554 $421 $335 $117 $156 $107 $20 $0 FY16 FY17 FY18 FY19 FY20 FY
Slide 111: Return Excess Cash via Stable Dividends and Share Repurchases
RETURN EXCESS CASH TO SHAREHOLDERS VIA STABLE DIVIDENDS AND OPPORTUNISTIC SHARE REPURCHASES Over past four years, we have increased share repurchases, while maintaining a stable dividend Capital Returned to Shareholders Over Last 10 Years1 ($M) $814 Dividends $598 $596 Share repurchases Dividend Yie
Slide 112: Long-Term Growth Algorithm
OUR LONG-TERM GROWTH ALGORITHM LEVERAGES KEY DRIVERS AND INVESTS IN NEW OPPORTUNITIES REVENUE RESORT EBITDA FREE CASH FLOW Low volume growth Margin expansion Capital investments from operating grow with inflation Pricing above leverage inflation High conversion to Resource efficiency free cash flow
Slide 113: Translates to Long-Term Growth and Value Creation
TRANSLATES TO LONG-TERM GROWTH AND VALUE CREATION Expect long-term growth (FY28-FY30) before acquisitions and new business opportunities REVENUE +3-5% EBITDA +5-7% FREE CASH FLOW1 +7-9% INVESTORS’ CONFERENCE 2026 1. Free cash flow defined as Resort EBITDA less capital expenditures and cash paid for
Slide 114: Vail Resorts Is the Industry Leader Delivering Stability and Long-Term Growth
Vail Resorts Is GLOBAL INDUSTRY LEADER WITH the industry leader 42 INTEGRATED RESORTS delivering stability and long-term growth DIFFERENTIATED AND SCALABLE BUSINESS MODEL 2 MILLION+ PRE-COMMITTED GUESTS STRONG FREE CASH FLOW FOR REINVESTMENT & RETURNS LONG-TERM TRANSFORMATIONAL GROWTH OPPORTUNITIES
Slide 115: Our Mission
OUR MISSION EXPERIENCE ne OF A LIFETIME ae
Slide 116: Appendix
Appendix
Slide 117: Epic Pass Launched in 2008 Achieving Steady Growth
EPIC PASS LAUNCHED IN 2008 ACHIEVING STEADY GROWTH AND OVER $1B OF LIFT REVENUE Epic Pass Revenue1 ($M) $121M2 $944M $984M $863M $795M $654M $482M $465M $412M $350M $177M $217M $264M $94M $101M $120M $135M $147M $78M FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY2
Slide 118: Epic Pass Has Grown to Nearly 70% of Lift Revenue
EPIC PASS HAS GROWN TO REPRESENT NEARLY 70% OF LIFT REVENUE… Vail Resorts Lift Revenue Mix1 Lift Ticket Pass 39% 39% 39% 34% 35% 53% 53% 49% 60% 62% 60% 60% 60% 57% 66% 65% 65% 74% 61% 61% 61% 66% 65% 47% 47% 51% 40% 38% 40% 40% 40% 43% 34% 35% 35% 26% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY
Slide 119: Almost 75% of Visits in a Subscription Model
…AND ALMOST 75% OF VISITS IN A SUBSCRIPTION MODEL Vail Resorts Visitation Mix1 Lift Ticket Pass 29% 27% 25% 25% 31% 45% 42% 40% 52% 51% 51% 49% 49% 48% 47% 54% 55% 65% 71% 73% 75% 75% 69% 55% 58% 60% 48% 49% 49% 51% 51% 52% 53% 46% 45% 35% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Slide 120: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA (In thousands) (Unaudited) Fiscal Year Ended July 31, 2015 2016 2017 2018 2019 20202 20212 2022 20233 20243 2025 Net income attributable to Vail
Slide 121: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of net income attributable to Vail Resorts, Inc. to Total Reported EBITDA for fiscal 2026 guidance1 (In thousands) (Unaudited) Fiscal 2026 Guidance for the Year Ending July 31, 2026 Low End Range Midpoint High End Rang
Slide 122: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of Resort Reported EBITDA to Free Cash Flow (In thousands) (In thousands) (Unaudited) (Unaudited) Fiscal 2026 Guidance Fiscal Year Ended July 31, for the Year Ending July 31, 2026 1 2025 2024 2023 2022 2021 2020 2019 2
Slide 123: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of Resort EBITDA Margin (In thousands) (Unaudited) Fiscal Year Ended July 31, 2025 2024 2019 2018 2017 2016 2015 Resort Revenue $ 2,963,912 $ 2,880,487 $ 2,270,863 $ 2,007,565 $ 1,890,300 $ 1,579,158 $ 1,358,582 1 Acqu
Slide 124: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of Long-Term Debt, Net to Net Debt. (In thousands) (Unaudited) Fiscal Year Ended July 31, 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Long-Term Debt, Net $ 2,594,765 $ 2,721,597 $ 2,750,675 $ 2,670,300 $ 2,7