Vail Resorts : 2024 Investors Conference Presentation

INVESTORS' CONFERENCE

MARCH 20-21, 2024

CAUTION ON FORWARD LOOKING STATEMENTS

Certain statements discussed in this presentation, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including the statements regarding our expected fiscal 2024 financial and operating performance (including the assumptions related thereto); our expectations regarding our liquidity; our expectations regarding the Crans-Montana acquisition; our expectations regarding our pricing strategy; our expectations related to our season pass sales and products; our expectations regarding My Epic App and My Epic Gear; our expectations regarding resource efficiency; our expectations related to customer demand and lift ticket sales for the remainder of the 2023/2024 North American ski season; our expectations for the 2024/2025 ski season and 2025 winter season; our expectations regarding our ancillary lines of business; the payment of dividends; our calendar year 2024 capital plans and expectations related thereto, including expected capital investments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to the economy generally, and our business and results of operations, including the ultimate amount of refunds that we would be required to refund to our pass product holders for qualifying circumstances under our Epic Coverage program; prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; risks associated with the effects of high or prolonged inflation, rising interest rates and financial institution disruptions; unfavorable weather conditions or the impact of natural disasters or other unexpected events; the willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or public health emergencies, and the cost and availability of travel options and changing consumer preferences, discretionary spending habits or willingness to travel; risks related to travel and airline disruptions, and other adverse impacts on the ability of our guests to travel; risks related to interruptions or disruptions of our information technology systems, data security or cyberattacks; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; our ability to acquire, develop and implement relevant technology offerings for customers and partners; the seasonality of our business combined with adverse events that may occur during our peak operating periods; competition in our mountain and lodging businesses or with other recreational and leisure activities; risks related to the high fixed cost structure of our business; our ability to fund resort capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks related to federal, state, local and foreign government laws, rules and regulations, including environmental and health and safety laws and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products, properties and services effectively; potential failure to adapt to technological developments or industry trends regarding information technology; our ability to successfully launch and promote adoption of new products, technology, services and programs; risks related to our workforce, including increased labor costs, loss of key personnel and our ability to maintain adequate staffing, including hiring and retaining a sufficient seasonal workforce; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; risks related to scrutiny and changing expectations regarding our environmental, social and governance practices and reporting; our ability to successfully integrate acquired businesses, including their integration into our internal controls and infrastructure; our ability to successfully navigate new markets, including Europe; or that acquired businesses may fail to perform in accordance with expectations; risks associated with international operations; fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars and the Swiss franc, as compared to the U.S. dollar; changes in tax laws, regulations or interpretations, or adverse determinations by taxing authorities; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; adverse consequences of current or future litigation and legal claims; changes in accounting judgments and estimates, accounting principles, policies or guidelines; and other risks detailed in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2024, which was filed on September 28, 2023.

All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.

NON-GAAP FINANCIAL MEASURES

We use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA margin, Free Cash Flow, and Free Cash Flow Yield Per Share ("FCF Yield Per Share"), which are not financial measures under accounting principles generally accepted in the United States of America ("GAAP") and may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP.

Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company's performance. The Company believes that Reported EBITDA is an indicative measurement of the Company's operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company defines Reported EBITDA as segment net revenue less segment operating expense, plus or minus segment equity investment income or loss, plus gain on litigation settlement, and for the Real Estate segment, plus gain on sale of real property. The Company defines Resort EBITDA margin as Resort Reported EBITDA divided by Resort net revenue, and as further adjusted in certain historical periods for recent acquisitions. The Company believes Resort EBITDA margin is an important measurement of operating performance. The Company defines Free Cash Flow as Resort Reported EBITDA less capital expenditures less cash paid for interest. The Company defines FCF Yield Per Share as Free Cash Flow per diluted share outstanding during the applicable reporting period divided by the Company's stock price as of the end of the applicable reporting period. The Company believes Free Cash Flow and FCF Yield Per Share are important measurements of operating performance.

Additional information, including a reconciliation of non-GAAP measures referred to in this presentation, is provided in the tables at the conclusion of this presentation as well as in our earnings release, as applicable, issued on March 11, 2024, which is available at www.vailresorts.com.

THE NEXT PHASE OF GROWTH

Focused on 5 Strategies for Long Term Sustainable Growth

1. Grow the Subscription Model
2. Unlock Ancillary
3. Transform Resource Efficiency
4. Differentiate the Guest Experience
5. Expand the Resort Network

INDUSTRY FUNDAMENTALS

Attractive supply and demand trends within the ski industry

Mountain resorts are irreplaceable

• No new mountain resorts of scale in over 40 years
• Lack of new supply is unique within Travel & Leisure Industry

Passionate guest base

• Loyal, committed, high frequency local guests
• High-endvacation travelers from North America and International

Strong demand for experiences

• Consumers continue to show affinity for experiences and outdoor travel