VAIL RESORTS $MTN Q4’26 EARNINGS HIGHLIGHTS 🔹 Revenue: $278.1M (Est. $270M) 🟢; vs $271.3M LY 🔹 EPS: -$5.34 (Est. -$5.27) 🔴; vs -$4.99 LY 🔹 Total EBITDA: -$121.9M (Est. -$129M) 🟢 🔹 Net Income: -$190.2M (Est. -$188M) 🔴 FY27 Guide: 🔹 Net Income: $158M-$233M (Est. $223M) 🟡 🔹 Total EBITDA: $795M-$861M (Est. $834M) 🟡 🔹 Resort EBITDA: $805M-$865M 🔹 Resort EBITDA Margin: ~26.9% at midpoint Key Updates: 🔸 Q4 net loss $190.2M vs $182.4M LY; Total Reported EBITDA -$121.9M vs -$124.8M 🔸 FY26: net income $147.5M vs $280.0M; Resort Reported EBITDA $745.7M vs $844.1M, incl. $11M one-time costs; skier visits -13.4% 🔸 FY27 Resort Reported EBITDA guide includes ~$14M of one-time costs 🔸 Pass sales through Sept 18 for the 2026/2027 season: units -12%, days sold -10%, dollars -6% 🔸 Calendar 2026 core capital plan reaffirmed at ~$215M-$220M 🔸 Quarterly dividend $2.22/share