Vail Resorts (MTN) investor relations material

Executive summary

• Fiscal Q3 2026 net income attributable to shareholders was $314.4 million, down significantly year-over-year due to historically adverse weather, especially in the Rockies, which led to sharp declines in visitation and revenue.

• Total net revenue for Q3 was $1.21 billion, down 7% year-over-year, with Mountain and Lodging segments both experiencing declines, partially offset by increased pass product sales and cost discipline.

• Despite challenges, guest experience and employee engagement reached record highs, and operational execution remained strong with full staffing.

• Strategic initiatives in marketing, lift ticket products, and pass portfolio optimization showed positive early results, helping to mitigate industry-wide declines.

• The company remains focused on long-term growth through investments in guest experience, technology, and operational efficiency.

Financial highlights

• Resort net revenue for Q3 fell 7% to $1.21 billion, with total lift revenue down 5% and visitation down 15%.

• Resort Reported EBITDA for Q3 was $586.4 million, a 9.5% decrease year-over-year, with cost discipline and portfolio diversity partially offsetting weather impacts.

• Net income guidance for FY26 is $128M–$162M; Resort Reported EBITDA guidance is $735M–$755M.

• Net debt as of April 30, 2026, was $2.65 billion, or 3.5x trailing twelve months Total Reported EBITDA.

• Cash flow from operations was $582.7 million for the nine months, down $141.9 million year-over-year.

Outlook and guidance

• FY26 Resort EBITDA midpoint is at the bottom of the prior range, reflecting continued weather challenges through March and April.

• Pass product sales for the upcoming 2026/2027 season are down 10% in units and 5% in sales dollars through May 26, 2026, compared to the prior year.

• Stable demand is expected for North American summer operations, with strong early momentum in Australia (Epic Australia Pass units up 26%).

• Management expects visitation to recover fully if weather normalizes, based on historical patterns.

• Capital expenditures for calendar 2026 are expected to be $234–239 million, focused on resort upgrades, technology, and sustainability.