Vail Resorts, Inc. · NYSE:MTN
Vail Resorts — Q3 2025 Earnings Presentation
120 slides from Vail Resorts's earnings presentation, Jun 5, 2025
Slide 1: Investors' Conference
INVESTORS’ CONFERENCE MARCH 19-20, 2025 Whistler Blackcomb Resort, British Columbia
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 regulations which could increase our operating costs and adversely affect our ability to market our forward-looking statements within the
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: Agenda
AGENDA Opening Remarks | Kirsten Lynch, Chief Executive Officer Grow the Subscription Model | Kirsten Lynch, Chief Executive Officer Unlock Ancillary | Greg Sullivan, Executive Vice President, Retail/Rental & Hospitality Transform Resource Efficiency | Lynanne Kunkel, Chief Human Resources & Chief T
Slide 5: Vail Resorts Management Team
VAIL RESORTS MANAGEMENT TEAM Collective Ski Industry Experience of over 90 years Kirsten Lynch, Chief Bill Rock, President, Angela Korch, Executive Officer Mountain Division Executive Vice 14 years with Vail Resorts, Prior 14 years with Vail Resorts, President & Chief Experience PepsiCo, Kraft, Ford
Slide 6: Our Mission: Experience of a Lifetime
INVESTORS’ CONFERENCE 2025 OUR MISSION: EXPERIENCE OF A LIFETIME Breckenridge Ski Resort, Colorado
Slide 7: Our Guests Are Passionate and So Are We
OUR GUESTS ARE PASSIONATE AND SO ARE WE We listen to our guests and are proud of the progress we have made OPPORTUNITY PROGRESS Reducing Friction in the • Over last 10 years, invested nearly $2B in capital 1 • Award winning technology innovations Guest Experience • Investments yielding strong mounta
Slide 8: Vail Resorts Is the Industry Leader Delivering Stability and Long-Term Growth
VAIL RESORTS IS THE INDUSTRY LEADER DELIVERING STABILITY AND LONG-TERM GROWTH ◆ Strong demand for experiences with a passionate guest ATTRACTIVE INDUSTRY base, while supply growth is constrained ◆ Global network of 42 owned & operated mountain resorts INDUSTRY LEADER with top brands and over 2 milli
Slide 9: Attractive Industry Fundamentals
ATTRACTIVE INDUSTRY FUNDAMENTALS Irreplaceable Assets ◆ No new ski resorts of scale built in over 40 years ◆ Future growth in skiing and riding will happen at existing resorts Demand ◆ Strong demand for experiences vs. goods Passionate Guest Base ◆ Loyal local guests as well as high- Vail Mountain,
Slide 10: Vail Resorts' Differentiated Business Model Drives Shareholder Value
VAIL RESORTS’ DIFFERENTIATED BUSINESS MODEL DRIVES SHAREHOLDER VALUE World-Class Owned & Loyalty Resorts Operated & Lifetime Integrated Value Network Reinvest in Experience & Vail Resorts Data & Shareholder Business Model Technology Returns Strong Free Differentiated Cash Flow Guest Generation Advan
Slide 11: Irreplaceable World-Class Mountain Resorts
IRREPLACEABLE WORLD-CLASS MOUNTAIN RESORTS... Leading Destination Mountain Resorts Leading Regional Mountain Resorts North American Brand Network Enhanced by Leading Regional Resorts and Local Mountain Resort Industry Awareness2 Favorites near Major Metropolitan Areas Skier Visits1 #1 #1 Tahoe – Hea
Slide 12: Global Network of Destination Resorts Linked to Regional, Local Resorts and Major Markets
...CREATING 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 D.C. San Francisco Cleveland Baltimore Colu
Slide 13: Our Global Network Is Owned and Operated, Integrated
OUR GLOBAL NETWORK IS OWNED AND OPERATED, INTEGRATED TO CREATE STRATEGIC ADVANTAGES Owned and Operated Model Enables: Park City Mountain, Utah ◆ Ancillary Revenue – revenue benefits of owning and operating the end-to-end guest vacation ◆ Guest Experience – unified technology and operational expertis
Slide 14: Integrated Model Creates an Enterprise Data and Technology Ecosystem
OWNED AND OPERATED, INTEGRATED MODEL CREATES AN ENTERPRISE DATA AND TECHNOLOGY ECOSYSTEM DATA TECHNOLOGY ◆ Integrated Enterprise Infrastructure ◆ Over 25 million marketable guests in database 1 ◆ Proprietary sales and fulfillment systems ◆ Targeted and personalized marketing ◆ Integrated marketing a
Slide 15: Focused on Delivering an Outstanding Guest Experience
FOCUSED ON DELIVERING AN OUTSTANDING GUEST EXPERIENCE Destination Resorts (excluding Park City Mountain)1 Net Promoter Scores2 by Guest Type ◆ Rigorous standards of FY23 STD FY24 STD FY25 STD measurement for Net Promoter Score and Guest +6% Satisfaction +14% ◆ Park City Mountain guest experience was
Slide 16: Advance Commitment Is Our Core Strategy
ADVANCE COMMITMENT IS OUR CORE STRATEGY, GENERATING RECURRING AND PREDICTABLE REVENUE ◆ 2+ million Epic Pass holders ◆ 74% of visits committed in advance1 ◆ Almost $1 billion in Epic Pass revenue, 64% of Total Lift Revenue2 ◆ Creating stability, loyalty and utilizing excess capacity off peak 1. Repr
Slide 17: Advance Commitment Stability Drives Strong Free Cash Flow Generation
THE ADVANCE COMMITMENT STABILITY DRIVES STRONG FREE CASH FLOW GENERATION Differentiated Business Model Maximizes Revenue Flow-Through to Cash Flow 10-Year Compound Annual Growth Rate (CAGR FY15-FY25E1) RESORT REPORTED RESORT REVENUE FREE CASH FLOW2 EBITDA +8% +9% +10% 1. FY25E based on midpoin t of
Slide 18: Results Demonstrate the Strength of the Business Model
RESULTS DEMONSTRATE THE STRENGTH OF THE BUSINESS MODEL FY24 Financial Results1 Resort Reported EBITDA % Change vs. Prior Year $ Millions +9% CAGR 837 835 825 859 U.S. Visits Adj. EBITDA1 707 Snowfall2 0% 593 617 545 -10% 503 453 -28% 349 FY25E4 3 FY17 FY18 FY24 FY23 FY22 FY21 FY16 FY19 FY20 FY15 Fin
Slide 19: Stable Results Enable Consistent Investment and Shareholder Returns
STABLE RESULTS ENABLE CONSISTENT INVESTMENT IN GUEST EXPERIENCE AND SHAREHOLDER RETURNS GUEST EXPERIENCE Keystone Resort, Colorado SHAREHOLDER RETURNS INVESTMENTS ◆ Nearly $2 Billion of Capital ◆ $1.9 Billion in Dividends invested over last 10 Years1 over last 10 Years1 ◆ Investments in Talent ◆ 5%
Slide 20: Long-Term Growth Algorithm
LONG-TERM GROWTH ALGORITHM LEVERAGES PRIOR DRIVERS AND INVESTS IN NEW OPPORTUNITIES GROWTH LEVER LONG-TERM ALGORITHM Volume LOW growth Industry Lift Pricing ABOVE inflation from investments Ancillary Yield ADDITIONAL capture opportunity Margin Expansion HIGH flow through and Resource Transformation
Slide 21: Long-Term Growth Strategies
LONG-TERM GROWTH STRATEGIES Grow the Subscription Model Unlock Ancillary Transform Resource Efficiency Differentiate the Guest Experience Expand the Resort Network Whistler Blackcomb, Canada INVESTORS’ CONFERENCE 2025
Slide 22: Grow the Subscription Model
INVESTORS’ CONFERENCE 2025 GROW THE SUBSCRIPTION MODEL Crested Butte Mountain Resort, Colorado
Slide 23: Subscription Model Is Critical to Create Stability Given Weather Volatility
SUBSCRIPTION MODEL IS CRITICAL IN THE INDUSTRY TO CREATE STABILITY GIVEN WEATHER VOLATILITY U.S. Ski Industry Yearly Snowfall1 Snowfall in inches % change in Snowfall vs. Prior Year 250 60% 200 40% 20% 150 0% 100 -20% 50 -40% 0 -60% FY11 FY12 FY13 FY09 FY08 FY10 FY22 FY21 FY23 FY24 FY15 FY16 FY19 FY
Slide 24: ...And to Create Loyalty in Low Growth Industry
…AND TO CREATE LOYALTY IN LOW GROWTH INDUSTRY Total North American Ski Industry Visitation1 Millions of Skier Visits +0.5% CAGR 81 86 80 75 78 75 71 73 73 69 68 Park City Resort, Utah FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1. Sou rce : NSAA / Kottke da ta via RRC Associate s for US d
Slide 25: ...And to Utilize Excess Capacity
…AND TO UTILIZE EXCESS CAPACITY Example: FY24 Vail Mountain ◆ In FY24, only 5% of days at Vail Mountain were 95% of days are under 90% of the peak visitation day 100% above 90% of the peak day1 visitation levels Visitation Level (as % of busiest day) ◆ A subscription model spreads visits throughout
Slide 26: Epic Pass Creates a Subscription Model as Our Core Strategy
EPIC PASS CREATES A SUBSCRIPTION MODEL AS OUR CORE STRATEGY SUBSCRIPTION MODEL BUSINESS MODEL BENEFIT Non-Refundable season purchase1 Create Financial Stability – mitigate weather and macroeconomic uncertainty Decision before season starts in exchange for value Increase Loyalty – high renewal and gu
Slide 27: Epic Pass Launched in 2008 Achieving Steady Growth
EPIC PASS LAUNCHED IN 2008 ACHIEVING STEADY GROWTH AND NOW ALMOST $1B OF LIFT REVENUE Epic Pass Revenue1 $USD in millions +16% CAGR $121M 2 $944M $971M $863M $795M $654M $482M $465M $412M $350M $264M $177M $217M $78M $94M $101M $120M $135M $147M FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Slide 28: Epic Pass Represents Over 60% of Lift Revenue
EPIC PASS REPRESENTS OVER 60% OF LIFT REVENUE… Vail Resorts Lift Revenue Mix1 Lift Ticket Pass 39% 39% 39% 34% 36% 53% 53% 49% 60% 62% 60% 60% 60% 57% 66% 65% 65% 74% 61% 61% 61% 66% 64% 47% 47% 51% 40% 38% 40% 40% 40% 43% 34% 35% 35% 26% FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 F
Slide 29: ...And 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% 26% 31% 45% 42% 40% 52% 51% 51% 49% 49% 48% 47% 54% 55% 65% 71% 73% 75% 74% 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 30: The U.S. Ski Industry Has Followed This Model
THE U.S. SKI INDUSTRY HAS FOLLOWED THIS MODEL TO CREATE MORE STABILITY FOR THE ENTIRE INDUSTRY U.S. Ski Industry Visitation Mix1 Lift Ticket Pass 35% 33% 41% 39% 48% 46% 58% 56% 56% 54% 65% 66% 64% 62% 64% 62% 69% 65% 67% 59% 61% 52% 54% 42% 44% 44% 46% 35% 34% 36% 38% 36% 38% 31% FY08 FY09 FY10 FY1
Slide 31: Since the Epic Pass Price Reset in FY22, Trajectory Change
SINCE THE EPIC PASS PRICE RESET IN FY22, ACHIEVED A TRAJECTORY CHANGE IN UNITS AND REVENUE GROWTH Epic Pass Units Epic Pass Revenue1,2 in millions $ USD in millions +13% CAGR +10% CAGR 2.4 2.3 2.3 $944M $971M 2.1 $863M $795M 1.4 $654M FY21 FY22 FY23 FY24 FY253 FY211 FY22 FY23 FY24 FY25E3 FY25 Pass u
Slide 32: Pass Pricing Has Consistently Outpaced Inflation
PASS PRICING HAS CONSISTENTLY OUTPACED INFLATION DUE TO REINVESTMENTS IN THE GUEST EXPERIENCE Epic Pass Launch Price1 ◆ Historically Epic Pass price +4% CAGR $ USD ◆ In FY22 reset pass prices, based on +8% CAGR extensive new price elasticity data, to -20% achieve optimal price to shift guests +4% CA
Slide 33: Advance Commitment Is Delivering Financial Stability During Volatility
ADVANCE COMMITMENT IS DELIVERING FINANCIAL STABILITY FOR VAIL RESORTS DURING VOLATILITY FY09 Vail Resorts1,2 FY12 Vail Resorts1,2 FY24 Vail Resorts1,2 Global Financial Crisis Record Low Snow Low Snow and Post-Covid Ski Industry Normalization Visits EBITDA Visits Adj. EBITDA2 Visits Adj. EBITDA2 0% -
Slide 34: Increasing Loyalty
INCREASING LOYALTY Guest Return is Strongest with Advance Commitment and Strengthens Over Time as a Passholder Remains in the Network FY24 Return Rate1 Lift Ticket Frequency Unlimited Frequency Unlimited Pass Pass Pass Pass Year 1 Year 1 Multi-Year Multi-Year Heavenly Mountain Resort, California Ren
Slide 35: Ultimately Loyalty Is Driving Lifetime Value
ULTIMATELY LOYALTY IS DRIVING LIFETIME VALUE Higher Higher Higher Decreasing Customer Return Rates1 Frequency2 Net Promoter Score3 Acquisition Cost (CAC)4 ~2x Higher ~3x Higher ~1.5x Higher Number of New Guests Acquired CAC Lift Ticket Guest Pass Guest Lift Ticket Pass Guest Lift Ticket Pass Guest 2
Slide 36: Utilizing Excess Capacity
UTILIZING EXCESS CAPACITY Advance Commitment Spreads Visitation to Off-Peak Periods Skier Visit Growth Peak Days vs. Off-Peak Days % Change, FY15-FY241,2 ~3x more growth Total visits Peak (holiday Off-Peak (non-holiday Vail Mountain, Colorado & weekend) Monday - Friday) 1. Same-sto re visits for the
Slide 37: Epic Pass Growth Potential
EPIC PASS GROWTH POTENTIAL 1. Lift Ticket Guests 2. Destination Markets 3. East Region Keystone Resort, Colorado INVESTORS’ CONFERENCE 2025
Slide 38: 1. Lift Ticket Guests
1. LIFT TICKET GUESTS Opportunity to Migrate Lift Ticket Guests into Advance Commitment FY24 Lift Revenue Mix1,2,3,4 Majority of Lift Ticket business is “addressable” to transition to a Pass: Advance Lift Tickets 18% ◆ Advance Lift Tickets ◆ Window Lift Tickets Window Tickets ◆ Pass Holder Benefit
Slide 39: 2. Destination Markets
2. DESTINATION MARKETS Opportunity to Continue to Convert Destination Guests to Advance Commitment Top Ten Destination Markets1 ◆ Significant Addressable Market remains in Destination markets ◆ Epic Pass penetration in top Destination markets has more than tripled since FY184 FY24 Industry FY18 Vail
Slide 40: 3. East Region
3. EAST REGION Opportunity to Grow Pass Penetration in the East U.S. Ski Industry Vail Resorts Building Pass Penetration Lower in East1 Pass Penetration Growing Steadily in East Awareness is Key 67% 67% Skier Visit Mix2 % Pass Awareness5 62% 58% 97% Lift Ticket Pass 49% 41% 68% 43% 23% Pacific Mount
Slide 41: Why Can Epic Pass Achieve the Growth Potential?
WHY CAN EPIC PASS ACHIEVE THE GROWTH POTENTIAL? 1. Brand Strength 2. Data 3. Value Breckenridge Ski Resort, Colorado INVESTORS’ CONFERENCE 2025
Slide 42: Brand Strength
BRAND STRENGTH Epic is Strong and has Improved Consistently 2024 Brand Perception vs. Prior Year1 2024 2023 Is a brand I am proud to recommend ◆ Representative among all skiers +1 pt to others and snowboarders in the United Cares about delivering an exceptional +2 pts States Passholder experience Th
Slide 43: Data
DATA Breadth and Depth of Data Enables Marketing Efficiency and Effectiveness Data-driven marketing Resorts Visited Demographics ◆ Database with over 25 million marketable guests powers Net Promotor Score Household Size personalized communication1 Days Skied Location ◆ Breadth and depth of guest be
Slide 44: Value
VALUE Strategic Pricing Offers Variety and Incents Advance Commitment Mountain Resort One Day Advance Peak Lift Ticket1 and One Day Epic Day Pass2 Price Examples DESTINATION REGIONAL LOCAL $295 $289 Lift Ticket Pass $269 $265 $207 $239 $215 $175 $129 $135 $99 $115 $99 $79 $62 Stowe Okemo Seven Sprin
Slide 45: Our Vision Is to Achieve >75% of Lift Revenue Committed in Advance
OUR VISION IS TO ACHIEVE >75% OF LIFT REVENUE COMMITTED IN ADVANCE Lift Revenue Mix2,3 Leveraging Strengths for Continued Growth ◆ 42 World-Class Owned & Operated Resorts and a Strong Lift Ticket Network of Partner Resorts Pass ◆ Investment in the Guest Experience, including Digital <25% Innovation
Slide 46: Unlock Ancillary
INVESTORS’ CONFERENCE 2025 UNLOCK ANCILLARY Stowe Mountain Resort, Vermont
Slide 47: Over 2 Million Pre-Committed Guests, Opportunity to Unlock Ancillary
WITH OVER 2 MILLION PRE-COMMITTED GUESTS, OPPORTUNITY TO UNLOCK ANCILLARY FOR GROWTH ◆ High Margin business $287M ◆ No meaningful competition on-mountain in North America Ski & Ride ◆ Only 6% of guests have taken Ski School2 School Revenue1 ◆ Business model is ripe for digital innovation ◆ All parti
Slide 48: Uniquely Positioned to Innovate and Grow Ancillary Businesses
WE ARE UNIQUELY POSITIONED TO INNOVATE AND GROW OUR ANCILLARY BUSINESSES NETWORK SCALE ANCILLARY SCALE ◆ 42 Owned and Operated, Integrated ◆ 200+ Retail, Rental, and Tuning Locations 2 Mountain Resorts ◆ One of the Largest Gear Buyers in Industry ◆ 25+ Million Guests in the database 1 ◆ World-Class
Slide 49: Ski and Ride School
INVESTORS’ CONFERENCE 2025 SKI AND RIDE SCHOOL Park City Mountain, Utah
Slide 50: Ski & Ride School Is a Large and Growing Business
VAIL RESORTS SKI & RIDE SCHOOL IS A LARGE AND GROWING BUSINESS Vail Resorts North American Ski & Ride School Lesson Revenue +7% CAGR $287 $268 $204 $213 $179 $137 FY19 FY20 FY21 FY22 FY23 FY24 Northstar California Resort, California INVESTORS’ CONFERENCE 2025
Slide 51: Ski & Ride Capture Growing and Outperforming Industry
...WITH SKI & RIDE CAPTURE GROWING AND OUTPERFORMING INDUSTRY CAPTURE U.S. Ski Industry vs. Vail Resorts Ski & Ride School Lesson Capture1 ◆ Vail Resorts' Lesson 6.2% Capture has grown 11% 5.6% 5.8% 5.1% 5.4% 5.1% over the last 3 years ◆ Vail Resorts' Ski & Ride School Lesson Capture is higher than
Slide 52: Majority of Ski & Ride School Is Kids
MAJORITY OF SKI & RIDE SCHOOL IS KIDS, AND KIDS ARE THE NEXT GENERATION OF SKIERS AND RIDERS U.S. Ski Industry Vail Resorts FY24 Adult vs. Kid Mix 1 Age When Start Skiing or Snowboarding2 4% 2% Under 18 Under 18 Adults 18-24 25-34 9% 35-44 45+ 45% 15% 55% 71% 1. Refers to Vail Re sor ts’ 37 Nor th A
Slide 53: Big Opportunity Remains for Growth with Kids
ALTHOUGH KIDS ARE MAJORITY OF SKI & RIDE SCHOOL, BIG OPPORTUNITY REMAINS FOR GROWTH Vail Resorts Kids Ski & Ride School Capture by Age1,2 Capture Visits ◆ Kids capture rate declines with age ◆ 56% capture of Kids Under 6 ◆ 13% capture of Kids 7-14 ◆ Significant opportunity to grow capture with Kids
Slide 54: Owned & Operated Mountains Capture Destination, Regional & Local Markets
42 OWNED & OPERATED MOUNTAINS CAPTURE DESTINATION, REGIONAL & LOCAL MARKETS Vail Resorts Examples ◆ Top destination resorts connected to Ski & Ride School Child Group Lesson Prices1 regional and local ski areas $359 ◆ Our diverse portfolio attracts different $285 guests to Ski & Ride School at diffe
Slide 55: Introducing My Epic Pro for Ski & Ride School
OPPORTUNITY EXISTS TO INNOVATE THE EXPERIENCE… INTRODUCING MY EPIC PRO FOR SKI & RIDE SCHOOL ® Seamless. Connected. Next Level. INVESTORS’ CONFERENCE 2025
Slide 56: The Vision for My Epic Pro
THE VISION FOR MY EPIC PRO IS TO TRANSFORM SKI & RIDE SCHOOL THROUGH TECHNOLOGY ◆ Seamless arrival with Direct-to- Lesson Digital Check In ◆ Parents stay connected with real- time Ski & Ride School updates and Direct to Lesson In-Lesson photos during the lesson Digital Check-In Updates & Photos ◆ Tr
Slide 57: Direct-to-Lesson Digital Check-In
DIRECT-TO-LESSON DIGITAL CHECK-IN For Winter 2025/2026, Check-In will be Fully Digitized Beaver Creek Resort, Colorado My Epic Pro will allow guests to: ◆ Complete pre-lesson requirements and check-in digitally all within the My Epic App ◆ Go Direct to Lesson (direct to meeting instructor) ◆ Avoid l
Slide 58: Stay Connected and Share in the Experience
STAY CONNECTED AND SHARE IN THE EXPERIENCE For Winter 2025/2026, Parents will Receive Real-Time Updates & Photos Throughout the Lesson Keystone Ski Resort, Colorado My Epic Pro will allow guests to receive: ◆ Real-time automated notifications of child's day, including new runs and terrain they have
Slide 59: Track Progress and Unlock Next-Level Adventure
TRACK PROGRESS AND UNLOCK NEXT-LEVEL ADVENTURE For Winter 2025/2026, Guests Can Track Milestones and Progress Keystone Ski Resort, Colorado My Epic Pro will allow guests to: ◆ Track level ◆ Track skill progression ◆ Track achievements ◆ Track what skills are in progress and come next INVESTORS’ CONF
Slide 60: My Epic Pro Value Creation
MY EPIC PRO FOR SKI & RIDE SCHOOL VALUE CREATION Opportunity for Significant Growth ◆ Increase capture of Vail Resorts Destination Kids to Ski & Ride School, particularly older kids ◆ Increase frequency among existing Ski & Ride School guests by improving the experience ◆ Attract New Guests to Vail
Slide 61: Launching Winter 2025/2026
LAUNCHING WINTER 2025/2026 AT VAIL MOUNTAIN, BEAVER CREEK, BRECKENRIDGE, AND KEYSTONE ® Winter 2025-2026 INVESTORS’ CONFERENCE 2025
Slide 62: Gear
INVESTORS’ CONFERENCE 2025 GEAR Breckenridge Ski Resort, Colorado
Slide 63: Gear Is Essential to the Skiing and Snowboarding Experience
GEAR IS ESSENTIAL TO THE SKIING AND SNOWBOARDING EXPERIENCE Stevens Pass Ski Resort, Washington ◆ All guests need gear to participate in the sport ◆ Approximately 12-13 million people ski and snowboard in North America each year1 ◆ On average, across all guests, they ski and snowboard only 4-6 days
Slide 64: The Gear Industry Has Not Innovated in Decades
THE GEAR INDUSTRY HAS NOT INNOVATED IN DECADES Skier and Snowboarder Dissatisfiers with Gear Options 1 Cost to purchase 75% OWNERS Transporting gear 64% New technology makes equipment obsolete 59% Time in store and pick-up/drop-off logistics 90% RENTERS Cost of renting equipment 80% Boot fit 73% 1.
Slide 65: Vail Resorts Is Uniquely Positioned to Innovate
VAIL RESORTS IS UNIQUELY POSITIONED TO INNOVATE Infrastructure Beaver Creek Resort, Colorado ◆ Over 200 retail, rental, and tuning locations 1 ◆ 6 distribution centers ◆ Rental delivery business ◆ Gear valet services ◆ Breadth and depth of gear manufacturer partnerships Data ◆ Vail Resorts guest dat
Slide 66: My Epic Gear
MY EPIC GEAR YOUR GEAR. AT YOUR FINGERTIPS. IN MY EPIC APP. ◆ Book and manage your gear whenever, wherever When & Where You ◆ 60+ models, skis, boots, Want It snowboards, choose or get The Way You Want It Day by Day recommendations ◆ Swap gear in the App for a powder day or to try something new ◆ Ac
Slide 67: Launched Winter 2024/2025: A Gear Subscription Model
LAUNCHED WINTER 2024/2025: A GEAR SUBSCRIPTION MODEL FOR ALL GEAR NEEDS AT YOUR FIINGERTIPS IN THE THE LATEST GEAR DELIVERED OR SLOPESIDE MY EPIC APP ◆ 13 leading gear brands ◆ Complimentary in-resort ◆ Choose specific skis or board ◆ 40+ ski models gear delivery for the season or for the day ◆ 19 s
Slide 68: Launched Winter 2024/2025 at 12 Resorts and Limited Memberships
LAUNCHED WINTER 2024/2025 AT 12 RESORTS AND LIMITED MEMBERSHIPS My Epic Gear Launched this season at: ◆ Rockies: Vail, Beaver Creek, Breckenridge, Keystone, Crested Butte, and Park City ◆ West: Whistler Blackcomb, Heavenly, and Northstar ◆ East: Stowe, Okemo, and Mount Snow High Guest Coverage at La
Slide 69: Delivered Strong Guest Experience
DELIVERED STRONG GUEST EXPERIENCE Year One Destination My Epic Gear Member Experience Results1 85% ◆ Guest Experience scores are strong with both owners and renters 68% ◆ Year One Launch Destination My Epic Gear Members indicate experiences are better than owning and better than renting ◆ Destinatio
Slide 70: Highly Incremental
HIGHLY INCREMENTAL Year One My Epic Gear Member Adoption1 ◆ Majority of Year 1 adoption from Destination guests, achieving strong Migration from Vail Resorts Rental resonance with highly valuable guests 28% ◆ Meaningful capture of gear owners, expanding addressable market beyond renter audiences 72%
Slide 71: My Epic Gear Has Potential to Transform the Gear Industry
MY EPIC GEAR HAS THE POTENTIAL TO TRANSFORM THE GEAR INDUSTRY AND DRIVE STRONG VALUE CREATION ◆ Pioneering new subscription model that increases capture of owners, renters, and new guests, while creating retention within Vail Resorts Revenue Mountain Resorts ◆ Future geographic expansion and additio
Slide 72: Transform Resource Efficiency
INVESTORS’ CONFERENCE 2025 TRANSFORM RESOURCE EFFICIENCY Keystone Ski Resort, Colorado
Slide 73: Vail Resorts Is Uniquely Positioned to Transform Resource Efficiency
VAIL RESORTS IS UNIQUELY POSITIONED TO TRANSFORM RESOURCE EFFICIENCY Over the last 10 years, Vail Resorts has grown rapidly and captured acquisition synergies in corporate support functions and technology integration NETWORK SCALE TECHNOLOGY ECOSYSTEM DATA AND ANALYTICS ◆ Grew from 10 to 42 Owned ◆
Slide 74: Ability to Drive Further Margin Expansion
ABILITY TO DRIVE FURTHER MARGIN EXPANSION THROUGH RESOURCE EFFICIENCY PLAN Historical Margin Expansion driven by: Historical Margin Expansion Current Margin ◆ Operating leverage of the business Resort Reported EBITDA Margin ◆ Corporate centralization and synergies 31.4% 30.7% 31.1% 28.7% 29.7% 29.3%
Slide 75: Resource Efficiency Plan Will Deliver $100M in Annualized Efficiencies
RESOURCE EFFICIENCY TRANSFORMATION PLAN WILL DELIVER $100M IN ANNUALIZED EFFICIENCIES1 Creating Organizational Effectiveness and Scale for Operating Leverage as the Company Expands and Grows Globally Vail Resorts’ Two Year Resource Efficiency Transformation Plan Savings before one-time costs in FY25
Slide 76: Resource Efficiency Plan Comprised of Three Main Pillars
RESOURCE EFFICIENCY TRANSFORMATION PLAN COMPRISED OF THREE MAIN PILLARS EXPANDED WORKFORCE SCALED OPERATIONS GLOBAL SHARED SERVICES MANAGEMENT Estimated $45M Opportunity Estimated $30M Opportunity Estimated $25M Opportunity ◆ Capture non-guest facing ◆ Consolidate North American ◆ Expand labor stand
Slide 77: Scaled Operations
SCALED OPERATIONS Rapid Resort Network Growth over the Last 10 Years Provides Opportunity to Leverage Best Practices Across Network to Drive Further Synergies Launching New Operations Tools And Support Vail Mountain, Colorado ◆ Enhance guest experience ◆ Reduce the administrative burden on frontline
Slide 78: Scaled Operations Case Study: Enterprise Asset Management
SCALED OPERATIONS CASE STUDY: ENTERPRISE ASSET MANAGEMENT OPPORTUNITY TRANSFORMATION IMPACT Large asset base with Data-driven centralized asset Enhanced decision-making opportunity to further unify resort systems with decentralized through better tools, cost management, streamline execution, enablin
Slide 79: Global Shared Services
GLOBAL SHARED SERVICES High Volume Recurring Processes Provide Opportunity to Consolidate and Outsource to Create a Scalable Model for Future Global Growth Utilize Best-in-Class Global Shared Services ◆ Creating a scalable model that can support global expansion Invest In Systems, Automation and Sel
Slide 80: Global Shared Services Case Study: Central Support Functions
GLOBAL SHARED SERVICES CASE STUDY: CENTRAL SUPPORT FUNCTIONS OPPORTUNITY TRANSFORMATION IMPACT Optimize internal business Transition to best-in-class Simplified access to information, services and call centers that global shared services efficient service delivery, and are geographically dispersed p
Slide 81: Workforce Management
WORKFORCE MANAGEMENT Implementation of Workforce Management Technology Across All North American Resorts Enables Improved Experience and Optimized Efficiency Improved Employee Experience Vail Mountain, Colorado ◆ Focus manager time on employee and guest experience ◆ Enhanced employee flexibility and
Slide 82: Workforce Management Case Study: Expansion
WORKFORCE MANAGEMENT CASE STUDY: EXPANSION OPPORTUNITY TRANSFORMATION IMPACT Potential to evolve from manual, Further leverage technology Data-driven labor standards with independent scheduling process to automate scheduling based automated scheduling and informed by guest flows, history, on best pr
Slide 83: Differentiate the Guest Experience
INVESTORS’ CONFERENCE 2025 DIFFERENTIATE THE GUEST EXPERIENCE Beaver Creek Resort, Colorado
Slide 84: Our Owned and Operated Model Enables a Differentiated Guest Experience
OUR OWNED AND OPERATED MODEL ENABLES A DIFFERENTIATED GUEST EXPERIENCE ON-MOUNTAIN INVESTMENTS TALENT TECHNOLOGY Almost $2 Billion invested in Investments in wages, Over $100 Million technology our resorts over last 10 years1 benefits, and development in investments over the last 10 employees who de
Slide 85: Largest Investments Focused on Destination Resorts
LARGEST INVESTMENTS FOCUSED ON DESTINATION RESORTS Over Last 10 Years, Invested Almost $2 Billion, with nearly $800 Million at our 6 Largest Destination Resorts1 Capital Invested Resort Representative Mix of Transformational Investments Since CY151 Whistler Blackcomb $200M 8 upgraded Lifts to increa
Slide 86: Lift Investments Increase Capacity and Guest Experience
LIFT INVESTMENTS INCREASE CAPACITY AND GUEST EXPERIENCE Setting the Industry Standard in Lift Equipment and Investment Whistler Blackcomb, Canada Over Invested in lifts, including new-builds, $500 upgrades and maintenance, since 20151 Million New or upgraded lifts over the last 10 56 years2 Lift lin
Slide 87: Snowmaking Investments Have Extended the Length of the Season
SNOWMAKING INVESTMENTS HAVE EXTENDED THE LENGTH OF THE SEASON Over $100M Invested in Improved Snowmaking Capabilities since 20151, Extending our Season more than the Industry Average2 U.S. Ski Industry vs. Vail Resorts Snowmaking investments provide Rockies Region - Length of Season material benefit
Slide 88: Park City Mountain – Transforming the Canyons
PARK CITY MOUNTAIN – TRANSFORMING THE CANYONS BASE VILLAGE EXPERIENCE Canyons Village Redevelopment Projects ◆ Red Pine Area Improvements ◆ Canyons Village Re-imagination ◆ New Sunrise Gondola ◆ 2034 Olympic Venue Visioning ◆ Parking Garage and arrival experience Existing Existing Canyons Village Pa
Slide 89: Vail Mountain – Creating a New Fourth Base Area
VAIL MOUNTAIN – CREATING A NEW FOURTH BASE AREA West Lionshead Expansion Project Highlights ◆ 12.6 acres west of Lionshead Village ◆ New base area lift access New Lift ◆ Luxury lodging ◆ Premium retail ◆ Parking ◆ Workforce housing NEW West Lionshead Base Village Existing Existing Existing Golden Pe
Slide 90: Frontline Talent Is a Strategic Advantage
FRONTLINE TALENT IS A STRATEGIC ADVANTAGE Company Mission is to create an Experience of a Lifetime for our Employees, so that they can in turn Create the Experience of a Lifetime for our Guests HIGH DATA DRIVEN HIGH INVESTMENTS FRONTLINE OUTCOMES HIRING RETENTION ENGAGEMENT Stevens Pass, Washington
Slide 91: Talent Investment Has Resulted in Record Employee Engagement and Retention
TALENT INVESTMENT HAS RESULTED IN RECORD EMPLOYEE ENGAGEMENT AND RETENTION Vail Resorts Vail Resorts Frontline Employee Engagement Results 1 Frontline Talent Return Rate2 +8 pts +18 pts Global External Benchmark1 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 1. Averag e o f seasonal employee engag ement s
Slide 92: We Have a Competitive Advantage in Technology
WE HAVE A COMPETITIVE ADVANTAGE IN TECHNOLOGY INVESTMENT IN ENTERPRISE ENABLES NETWORK SCALE TECHNOLOGY ECOSYSTEM ◆ Integrated enterprise ◆ Guest experience infrastructure investments ◆ Proprietary sales and ◆ Operations best practices fulfillment systems ◆ Talent development ◆ Integrated marketing
Slide 93: Our Technology Innovation Drives a Differentiated Guest Experience
OUR TECHNOLOGY INNOVATION DRIVES A DIFFERENTIATED GUEST EXPERIENCE My Epic App: An Indispensable, One-Stop for the Guest Experience Mobile Pass My Epic Lift Line Wait My Epic Gear My Epic Pro Hands-free direct- Assistant Times Your Gear. At Your Seamless. to-lift access AI-enabled Predictive and rea
Slide 94: Our Vision Is to Create Loyalty Through Guest Technology Ecosystem
OUR VISION IS TO CREATE LOYALTY THROUGH OUR GUEST TECHNOLOGY ECOSYSTEM ◆ Seamless Access & Convenience: Optimized digital processes minimize wait times, enabling guests to maximize their time on the mountain ◆ Driving Engagement: Key functionality increases app adoption and creates a powerful channe
Slide 95: Expand the Resort Network
INVESTORS’ CONFERENCE 2025 EXPAND THE RESORT NETWORK Crans-Montana Ski Resort, Switzerland
Slide 96: Proven Acquisition Track Record
PROVEN ACQUISITION TRACK RECORD Disciplined Build-out of Guest-Centered Resort Network Foundation1 FY12 FY16 FY20 FY24 5 7 12 37 42 RESORTS RESORTS RESORTS RESORTS RESORTS ◆ 4 Colorado Resorts ◆ Expanded Tahoe ◆ Added Park City ◆ Added Whistler ◆ Expanded Into Europe ◆ 1 Tahoe Resort Regional Presen
Slide 97: Highly Disciplined Acquisition Approach
HIGHLY DISCIPLINED ACQUISITION APPROACH Target High Impact Destination Resorts and Regional Ski Areas that Enhance Network for Guests Andermatt Sedrun, Switzerland Resort targets must meet specific criteria to drive value creation ◆ Location – accessibility and climate ◆ Brand ◆ Network connectivity
Slide 98: Building a Global Guest-Centric Mountain Resort Network
BUILDING A GLOBAL GUEST-CENTRIC MOUNTAIN RESORT NETWORK1,2 Japan Central Europe ~30 Million ~195 Million Skier Visits Skier Visits North America ~70 Million China Skier Visits ~17 Million Skier Visits Australia South America ~2 Million ~5 Million Skier Visits Skier Visits 1. Skier visits ba sed on p
Slide 99: Opportunities Remain Across North America, Europe and Asia
OPPORTUNITIES REMAIN ACROSS NORTH AMERICA, EUROPE AND ASIA TO ENHANCE VALUE FOR GUESTS NORTH AMERICA EUROPE ASIA ◆ Second largest ski market ◆ Largest ski market ◆ Third largest ski market ◆ High-end destination skiers and ◆ Compelling local participation and ◆ Draws international destination skiers
Slide 100: North America Opportunity
NORTH AMERICA OPPORTUNITY Increase Network Strength and Expand Skier Reach in Targeted Geographies Seven Springs Ski Resort, Pennsylvania Second largest ski ◆ Opportunistic approach market in the world with to destination resorts high-end destination ◆ Highly attractive but skiers and vertically lim
Slide 101: European Opportunity
EUROPEAN OPPORTUNITY Methodically Building a Guest-Centric Resort Network Largest ski market in ◆ Business model provides the world with strong stability and cash flow for demand for destination reinvestment visitation and local ◆ Incremental addressable SKI ARLBERG participation market to fuel grow
Slide 102: Andermatt-Sedrun: Building a Luxury Destination Resort
ANDERMATT-SEDRUN: BUILDING A LUXURY DESTINATION RESORT PAST FUTURE ◆ Strategic location less than 90 minutes from Zurich, ◆ CHF 1.5B invested + CHF 500M1 in development plans Lucerne, and Lugano to create experience of a lifetime for guests ◆ Military base was a large driver of economic activity for
Slide 103: Crans Montana: Returning to Historic Premier Position
CRANS MONTANA: RETURNING TO HISTORIC PREMIER POSITION PAST FUTURE ◆ Iconic Swiss resort near Geneva and less than ◆ Driving significant growth through transforming four hours from both Milan and Zurich operational excellence and improving on-mountain, ◆ Vertically integrated with established high-en
Slide 104: Asia Opportunity
ASIA OPPORTUNITY Strategic Existing Network Connections to Japan; Compelling Growth in Asia Japan is the third largest ski market in the world with strong network connections ◆ Strong visitation from Australia skiers where Vail Resorts has 3 owned and operated resorts ◆ Close proximity to rapidly gr
Slide 105: Capital Allocation
INVESTORS’ CONFERENCE 2025 CAPITAL ALLOCATION Park City Mountain, Utah
Slide 106: Business Model Generates Strong Free Cash Flow Growth with High Conversion
BUSINESS MODEL GENERATES STRONG FREE CASH FLOW GROWTH WITH HIGH CONVERSION Business Generates Strong Vail Resorts Free Cash Flow Conversion Free Cash Flow1 vs. Peer Average ($ In Millions) ($ In Millions) 530 478 MTN FCF Conversion Rate1 Peer Average FCF Conversion Rate3 467 444 422 403 379 310 304
Slide 107: Long Track Record of Strategic and Balanced Capital Allocation Priorities
LONG TRACK RECORD OF STRATEGIC AND BALANCED CAPITAL ALLOCATION PRIORITIES Business model generates strong free cash flow which, over the last 10 years1, has enabled us to: RETURN CAPITAL TO RE-INVEST IN OUR RESORTS EXPAND THE NETWORK SHAREHOLDERS $1.9 Billion in dividends $1.9 billion $1.8 Billion o
Slide 108: Reinvestment in Our Resorts Strengthens Guest Experience
REINVESTMENT IN OUR RESORTS STRENGTHENS GUEST EXPERIENCE AND COMPETITIVE ADVANTAGE Vail Resort Capital Investments Over Last Ten Years1 ($ In Millions) CY20-22 Average $195M / year $319 Maintenance Discretionary $243 - 248 $209 $218 $194 COVID Impacted $173 $131 $140 $140 $130 $126 CY15 CY16 CY17 CY
Slide 109: Return Excess Cash to Shareholders via Dividends and Repurchases
RETURN EXCESS CASH TO SHAREHOLDERS VIA STABLE DIVIDENDS AND OPPORTUNISTIC SHARE REPURCHASES Vail Resorts Capital Returned to Shareholders Over Last Ten Years1 ($ In Millions) $814 Dividends Share repurchases Dividend Yield3 $474 $473 COVID-IMPACTED $346 $301 $259 $230 $158 $146 5.2% $76 4.7% 3.4% 2.
Slide 110: Maintain Balance Sheet Flexibility to Grow Through Accretive Acquisitions
MAINTAIN BALANCE SHEET FLEXIBILITY TO CONTINUE TO GROW THROUGH 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 $554 $421 $307 $335 $156 $117 $107 $20 FY15 FY16 FY17 FY18 FY19 FY2
Slide 111: Future Growth Levers to Drive Loyalty and Shareholder Returns
FUTURE GROWTH LEVERS TO DRIVE LOYALTY AND SHAREHOLDER RETURNS GROWTH LEVER LONG-TERM ALGORITHM Volume LOW volume growth industry; MTN growth from loyalty and frequency Lift Pricing ABOVE inflation from consistent reinvestment in the experience Ancillary Yield ADDITIONAL capture from capturing greate
Slide 112: Vail Resorts Is the Industry Leader Delivering Stability and Long-Term Growth
VAIL RESORTS IS THE INDUSTRY LEADER DELIVERING STABILITY AND LONG-TERM GROWTH ATTRACTIVE INDUSTRY INDUSTRY LEADER DIFFERENTIATED BUSINESS MODEL LONG-TERM GROWTH OPPORTUNITIES Whistler Blackcomb, British Columbia INVESTORS’ CONFERENCE 2025
Slide 113: Our Mission: Experience of a Lifetime
INVESTORS’ INVESTOR CONFERENCE 2025 OUR MISSION: EXPERERIENCE OF A LIFETIME Whistler Blackcomb, British Columbia
Slide 114: Appendix
INVESTORS’ INVESTOR CONFERENCE 2025 APPENDIX Whistler Blackcomb, British Columbia
Slide 115: 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. (calculated in accordance with U.S. GAAP ) to Total Reported EBITDA. (In thousands) (Unaudited) Fiscal Year Ended July 31, 2024 2023 2022 20212 20202 2019 2018 2017 2016
Slide 116: 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. (calculated in accordance with U.S. GAAP ) to Total Reported EBITDA for fiscal 2025 guidance 1. (In thousands) (Unaudited) Fiscal 2025 Guidance for the Year Ending July
Slide 117: 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) (Unaudited) (In thousands) Fiscal 2025 Guidance (Unaudited) for the Year Ending Fiscal Year Ended July 31, July 31, 2025 1 2024 2023 2022 2021 2020 2019 2018
Slide 118: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of Resort Reported EBITDA excluding the impact of acquisitions, as these impacts are not comparable to the prior year periods. (In thousands) (Unaudited) Fiscal Year Ended July 31, 2024 2023 2012 2011 Resort Reported E
Slide 119: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES Presented below is a reconciliation of Resort EBITDA Margin. (In thousands) (In thousands) (Unaudited) (Unaudited) Fiscal 2025 Guidance Fiscal Year Ended July 31, for the Year Ending July 31, 2025 1 2019 2018 2017 2016 2015 2014 2013 Resort Revenue $ 2,9
Slide 120: 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, 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 Long-Term Debt, Net $ 2,721,597 $ 2,750,675 $ 2,670,300 $ 2,736,175 $ 2,387,12