Vail Resorts Reports Certain Ski Season Metrics For The Season-To-Date Period Ended January 4, 2026, Visits Down 20%

Vail Resorts, Inc. has reported certain ski season metrics from the beginning of the ski season through January 4, 2026 compared to the same prior year period through January 5, 2025. The reported ski season metrics are for the Company's North American destination mountain resorts and regional ski areas, excluding the results of the Australian and European resorts and ski areas. The data mentioned in this release is interim period data and is subject to fiscal quarter end review and adjustments.

• Season-to-date total skier visits were down 20.0% compared to the prior year period.Season-to-date total lift revenue, including an allocated portion of season pass revenue for each applicable period, was down 1.8% compared to the prior year period.
• Season-to-date ski school revenue was down 14.9% and dining revenue was down 15.9% compared to the prior year period. Retail/rental revenue for North American resort and ski area store locations was down 6.0% compared to the prior year period.

Commenting on the ski season-to-date, Rob Katz, Chief Executive Officer said, "We experienced one of the worst early season snowfalls in the western U.S. in over 30 years, which limited our ability to open terrain and negatively impacted visitation and ancillary spending for both local and destination guests during the period. Snowfall at our western U.S. resorts for November and December was approximately 50% below the historical 30-year average. In the Rockies, snowfall was down nearly 60% versus the historical 30-year average, resulting in approximately 11% of terrain being opened in December. Conditions in Tahoe were near historic lows through mid-December while Whistler also had a slower start to the season, though both improved with significant snowstorms over the holiday period, which enabled us to greatly expand terrain. Early season conditions at our eastern U.S. ski areas were strong, which provided a partial offset to the broader weather headwinds and highlights the benefit of our geographically diverse network of resorts. Following the holiday period, conditions across our resorts in the Rockies have improved, although conditions remain near historic lows for this time of the season."

Katz continued, "Given the impact from conditions, we now expect our full year Resort Reported EBITDA to be just below the low end of the guidance range issued on September 29, 2025, assuming that performance in the Rockies returns to normal by President's weekend. To the extent that performance improvements in the Rockies lag, due to weaker than expected conditions, there could be further downside to our guidance. Our guidance also assumes (1) normal weather conditions, outside of the Rockies, for the remainder of the 2025/2026 ski season and the 2026 Australian ski season, (2) typical passholder usage for the remainder of the season, (3) continuation of the current economic environment, and (4) the foreign currency exchange rates as of our original fiscal 2026 guidance issued September 29, 2025."

"The recent weather variability has reinforced our commitment to our advance commitment strategy and the investments we have made in our resorts and our employees to deliver on the guest experience. I'm proud of the team's resilience, and exceptional execution that delivered strong guest satisfaction scores season to date, despite the significant weather challenges."

Basis of Presentation

The reported ski season metrics include growth for season pass revenue based on estimated fiscal 2026 North American season pass revenue compared to fiscal 2025 North American season pass revenue. The metrics include all North American destination mountain resorts and regional ski areas and are adjusted to eliminate the impact of foreign currency by applying current period exchange rates to the prior period for Whistler Blackcomb's results.