Vail Resorts reports ski visits down 20% YoY; full-year EBITDA guidance cut to below low end

VAIL RESORTS INC

Season-to-date skier visits down 20.0% YoY; lift revenue down 1.8%.
Ski school revenue down 14.9%, dining down 15.9%, retail/rental down 6.0%.
CEO: western U.S. snowfall ~50% below 30-year avg; Rockies terrain only 11% open in Dec.
Full-year Resort Reported EBITDA now expected just below low end of prior guidance range (issued Sep 29, 2025).
Further downside risk if Rockies conditions don't improve by President's weekend.

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