Financial Data and Key Metrics Changes - Resort net revenue increased by 4% year over year, driven by improved visitation at Australian resorts due to favorable weather and the introduction of the Epic Australia four-day pass [14] - Fiscal first quarter resort reported EBITDA was flat year over year, reflecting benefits from the Resource Efficiency Transformation Plan offset by inflation and increased marketing spend [14] - The company expects to deliver approximately $75 million in cumulative efficiencies from the Resource Efficiency Transformation Plan, with one-time operating expenses of approximately $14 million for fiscal year 2026 [14][18] Business Line Data and Key Metrics Changes - North American pass product selling period saw units down by 2% but sales dollars up by 3%, with an acceleration in pass sales trends noted [15][16] - Approximately 2.3 million guests are committed to the company's resorts for the upcoming season, expected to generate around $1 billion in revenue [17] - The company has grown pass units by 55% over the past five years, indicating increased guest commitment and financial stability [17] Market Data and Key Metrics Changes - The company faced a slow start in the Rockies and Tahoe resorts due to challenging early season conditions, while strength was noted in the Northeast and typical patterns at Whistler Blackcomb and in Switzerland [12] - Snowfall was down almost 60% compared to the prior year at Western North American resorts, impacting local pass sales [16] Company Strategy and Development Direction - The company is focusing on driving lift ticket visitation as a critical entry point for guests to join the pass program, with new strategies like Epic Friends Tickets and advanced discount offerings [5][6] - Dynamic pricing strategies are being implemented to drive off-peak visitation and enhance competitiveness at certain resorts [7] - The company is modernizing its marketing approach to engage younger consumers through social media and digital channels [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategies being implemented to drive growth, despite early season challenges [12] - The company is focused on delivering an exceptional guest experience and optimizing products and pricing to support overall guest experience for fiscal year 2027 [12][24] - Management reiterated guidance for net income and resort-reported EBITDA for fiscal year 2026, factoring in expected growth from price increases and efficiencies [18][19] Other Important Information - The company announced a core capital investment plan of $215-$220 million for fiscal year 2026, focusing on enhancing guest experience and technology investments [20][22] - The company is committed to sustainability initiatives through investments in low-energy snowmaking and waste reduction projects [24] Q&A Session Summary Question: How do you expect the new initiatives to play out between price and volume? - Management indicated that the initiatives aim to make lift tickets more accessible and competitive, with expectations of increased volume despite price reductions [26][27] Question: What is the impact of weather on pass sales? - Management noted that while pass sales improved, they were impacted by challenging weather conditions, particularly at the end of the selling period [30][31] Question: How do you view third-party benefits to the pass? - Management stated that while third-party benefits are considered, the primary focus remains on pricing and access to resorts [34] Question: What are the expectations for ancillary spend from first-time visitors? - Management indicated it is too early to assess the impact of new initiatives on ancillary spend but expects first-time visitors to behave similarly to existing destination guests [61] Question: Will there be changes to the pass structure in the future? - Management confirmed that while all options are considered, there are no immediate plans to extend deadlines for pass purchases [37] Question: How do technology investments impact returns? - Management highlighted that technology investments improve guest experience and conversion rates, making it easier to track returns compared to physical infrastructure investments [41]

Vail Resorts reported a wider loss and fewer sales of its passes for this year's ski season in its fiscal first quarter as it implements a turnaround plan to draw skiers back to its mountains. ...

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Financial Performance - For the three months ended October 31, 2025, the net loss attributable to Vail Resorts, Inc. was $186.8 million, compared to a net loss of $173.3 million for the same period in 2024, representing a year-over-year increase in loss of approximately 7.9%[92] - Resort Reported EBITDA for the three months ended October 31, 2025, was $(139.7) million, slightly improved from $(139.7) million in 2024, indicating a stable performance despite seasonal challenges[92] - The Mountain Reported EBITDA for the three months ended October 31, 2025, was $(142.6) million, a 1.0% improvement from $(144.1) million in 2024, attributed to increased visitation and resource efficiency[94] - The Real Estate segment reported EBITDA of $11.5 million for the three months ended October 31, 2025, down from $15.1 million in 2024, reflecting fluctuations in real estate sales timing[92] - The Lodging segment reported EBITDA of $2.9 million for the three months ended October 31, 2025, a decrease from $4.4 million in 2024, highlighting challenges in the lodging operations[92] Revenue and Sales - Mountain segment net revenue increased by 6.9% to $185.2 million for the three months ended October 31, 2025, up from $173.3 million in 2024, driven by a 22.8% increase in lift revenue[94] - Total skier visits for the Mountain segment increased by 34.9% to 739,000 in the three months ended October 31, 2025, compared to 548,000 in the same period in 2024[94] - Ski school revenue increased by $1.0 million or 15.3%, driven by improved visitation at Australian resorts and increased lesson pricing[99] - Other revenue rose by $1.3 million or 1.6%, primarily due to increased summer activities and sightseeing revenue from higher pricing[100] - Lodging segment total net revenue decreased by $1.2 million or 1.4%, with owned hotel rooms revenue increasing by 1.3% while managed condominium rooms revenue decreased by 17.2%[104][106] - Real Estate segment net revenue increased by $17,000 or 27.0%, while Real Estate Reported EBITDA decreased by $3.6 million or 23.9%[109] Operating Expenses and Cash Flow - Operating expenses increased by $9.4 million or 2.9%, mainly due to higher variable expenses linked to increased revenue in Australia[101] - Net cash provided by operating activities increased by $33.2 million to $315.9 million, driven by decreased income tax payments and increased product sales[114] - Cash and cash equivalents as of October 31, 2025, totaled $581.5 million, with an additional $507.7 million available under the Vail Holdings Credit Agreement, ensuring sufficient liquidity for operations[91] - Cash and cash equivalents rose to $581.5 million as of October 31, 2025, compared to $403.8 million in the prior year[117] - The company anticipates continued significant operating cash flows from its Mountain and Lodging segments for at least the next 12 months[117] Debt and Liquidity - Total long-term debt increased from $2.8 billion as of October 31, 2024, to $3.2 billion as of October 31, 2025, with net debt rising from $2.4 billion to $2.6 billion[121] - The company has approximately $1.0 billion of variable-rate debt outstanding, with a 100-basis point change in borrowing rates affecting annual interest payments by approximately $9.5 million[124] - The company expects to meet liquidity needs through existing cash, operating cash flows, and borrowings under credit agreements if necessary[121] - The company amended the Whistler Credit Agreement to extend the maturity date to September 24, 2030, and reduced the total size of the credit facility from C$300.0 million to C$250.0 million[122] - The company was in compliance with all restrictive financial covenants in its debt instruments as of October 31, 2025[129] Shareholder Returns - A cash dividend of $2.22 per share was approved, payable on January 12, 2026, with $79.8 million paid in dividends during the three months ended October 31, 2025[125] - The company repurchased 114,800 shares during the three months ended October 31, 2024, at an average cost of $174.21, totaling approximately $20.0 million[126] - The company has repurchased a total of 11,060,183 shares at a cost of approximately $1,399.4 million since the inception of the share repurchase program[126] Risks and Challenges - The company experienced inflationary pressures and one-time operating expenses of $3.6 million in the Mountain segment for the three months ended October 31, 2025, impacting overall profitability[97] - Risks related to high fixed cost structure and reliance on government permits for operational improvements were highlighted[136] - The company faces risks associated with labor disruptions and increased labor costs impacting operational efficiency[136] - There are risks related to the integration of acquired businesses and their performance in new markets, including Europe[136] - The company is subject to various risks from changes in tax laws and regulations that could adversely affect financial results[136] Foreign Currency Exposure - Foreign currency translation adjustments for the three months ended October 31, 2025, resulted in losses of $8,396 thousand, compared to losses of $3,854 thousand in the same period of 2024[140] - Foreign currency loss on intercompany loans for the three months ended October 31, 2025, was $79 thousand, down from $264 thousand in the same period of 2024[140] - The company is exposed to currency translation risk due to fluctuations in the Canadian dollar, Australian dollar, and Swiss franc compared to the U.S. dollar[138] - The company does not currently enter into hedging arrangements to minimize the impact of foreign currency fluctuations on operations[138]

Exhibit 99.1 Vail Resorts Contacts: Investor Relations: Connie Wang, InvestorRelations@vailresorts.com Media: Sara Olson, News@vailresorts.com Vail Resorts Reports First Quarter Fiscal 2026 and Season Pass Sales Results, Reaffirms Guidance and Announces 2026 Capital Plan BROOMFIELD, Colo. - December 10, 2025 - Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2026 ended October 31, 2025, provided North American season pass sales results for the 2025/2026 ski season, reaff ...

Core Insights - Vail Resorts, Inc. reported a net loss of $186.8 million for Q1 fiscal 2026, compared to a loss of $173.3 million in the same period last year, indicating a decline in profitability [6][29] - The company reaffirmed its fiscal 2026 guidance, projecting net income between $201 million and $276 million and Resort Reported EBITDA between $842 million and $898 million [6][14] - North American season pass sales for the 2025/2026 ski season showed a 2% decrease in units sold but a 3% increase in sales dollars, attributed to a 7% price increase [8][10] First Quarter Operating Results - Resort net revenue increased by $10.7 million, or 4%, driven by improved visitation at Australian ski resorts due to favorable weather [7] - Resort Reported EBITDA loss remained flat at $139.7 million compared to the prior year [6] - Mountain Reported EBITDA increased by $1.5 million, while Lodging Reported EBITDA decreased by $1.5 million due to decreased demand for summer group lodging [7] Season Pass Sales - North American pass product sales through December 5, 2025, decreased approximately 2% in units but increased approximately 3% in sales dollars compared to the previous year [8] - The decline in units was primarily driven by decreases in Colorado, Utah, and Tahoe local markets, while destination markets saw only slight declines [8] Fiscal Year 2026 Guidance - The company reaffirmed its fiscal 2026 guidance, assuming normal weather conditions and a continuation of the current economic environment [11] - The guidance reflects expectations for the North American ski season, which has just begun, with the primary earnings period still ahead [11] Liquidity and Return of Capital - As of October 31, 2025, the company's total liquidity was approximately $1.5 billion, with net debt at 3.0 times trailing twelve months Total Reported EBITDA [15][33] - The company declared a quarterly cash dividend of $2.22 per share, payable on January 12, 2026 [15] Capital Investments - Vail Resorts plans to invest approximately $215 million to $220 million in core capital for calendar year 2026, with total capital spending expected to be between $234 million and $239 million [6][13] - Significant investments will focus on enhancing guest experiences, including upgrades to lift systems and dining facilities across various resorts [17][18]

Core Insights - Vail Resorts, Inc. is expected to report a quarterly loss of $5.17 per share for the first quarter, compared to a loss of $4.61 per share in the same period last year [1] - The consensus estimate for Vail Resorts' quarterly revenue is $277.59 million, an increase from $260.27 million a year earlier [1] - Celeste Burgoyne has been appointed as the chief revenue officer of Vail Resorts [1] Stock Performance - Vail Resorts shares increased by 1.1%, closing at $145.46 [2] Analyst Ratings - Deutsche Bank analyst Chris Woronka maintained a Hold rating and raised the price target from $159 to $162 [3] - Morgan Stanley analyst Megan Alexander maintained an Equal-Weight rating and increased the price target from $146 to $153 [3] - Mizuho analyst Ben Chaiken maintained an Outperform rating but reduced the price target from $216 to $195 [3] - Truist Securities analyst Patrick Scholes maintained a Buy rating and lowered the price target from $244 to $237 [3] - Barclays analyst Brandt Montour maintained an Underweight rating and cut the price target from $152 to $145 [3]

Core Insights - Vail Resorts, Inc. (MTN) is set to report its first-quarter fiscal 2026 results on December 10, with adjusted earnings having missed the Zacks Consensus Estimate by 7% in the last quarter, although it delivered better-than-expected earnings in three of the last four quarters with an average surprise of 3.3% [1] Financial Estimates - The Zacks Consensus Estimate for the fiscal first-quarter loss per share remains stable at $5.23, compared to an adjusted loss per share of $4.61 in the prior-year quarter [2] - The consensus for net revenues is $271.3 million, indicating a 4.2% increase from the previous year's figure of $260.3 million [2] Revenue Drivers - Several operational and financial factors are expected to positively influence Vail Resorts' revenue performance, including normalized weather conditions in Australia, which had previously faced disruptions [3] - Price increases for season passes and lift tickets are anticipated to offset softer pass unit sales, contributing positively to lift revenues [3] - Stronger ancillary capture from on-mountain spending, such as dining and rentals, is also expected to support overall top-line growth [4] - The Resource Efficiency Transformation Plan is projected to yield $38 million in incremental efficiencies, allowing for reinvestment in marketing and service improvements [5] - New products like Epic Friend Tickets are likely to stimulate lift ticket purchases and enhance early-season lift revenues [6] Revenue Projections - Mountain and Lodging net revenues are predicted to grow year over year by 0.9% to $174.8 million and 10.9% to $96.4 million, respectively [7] Challenges - Season-pass units are running about 3% lower due to fewer new buyers and weaker renewal rates, which is expected to reduce skier visits and pressure revenues [8] - Ongoing cost inflation, particularly in labor and operating expenses, is anticipated to offset gains from pricing actions and efficiency efforts [8] - The shift in marketing strategies may take time to influence demand, potentially limiting near-term visitation benefits [10]

Core Insights - Vail Resorts has introduced a new discount program offering an average of over 30% off lift tickets at 12 of its top destination resorts for guests who purchase tickets four or more weeks in advance [1][6] - The initiative aims to make skiing and snowboarding more accessible, particularly for guests who may not plan their trips until winter [1][4] - The new discount allows significant savings, with potential reductions of over $100 per lift ticket depending on the day and resort [1][6] Discount Program Details - The discount is applicable at major resorts including Vail Mountain, Beaver Creek, Breckenridge, and Whistler Blackcomb, among others [1][6] - The first eligible day for the new savings is January 5, 2026, and lift tickets can be purchased on the websites of all 37 North American resorts [1][6] - Guests with a lift ticket this season can apply up to $175 of their ticket cost towards an Epic Pass for the next season [3][5] Previous Initiatives - The announcement follows the introduction of Epic Friend Tickets, which offer friends of season pass holders half off lift tickets [2] - Vail Resorts previously launched Epic 1-7 Day Passes, providing up to 65% off lift tickets for occasional skiers [3] Commitment to Guest Experience - The company is focused on enhancing the overall guest experience, including simplifying trip bookings and improving on-mountain services [4] - Planned enhancements include unique events, better dining options, and investments in new lifts and real-time lift-wait transparency [4]

Core Viewpoint - Vail Resorts (MTN) is expected to report a quarterly loss of -$5.23 per share, a decline of 13.5% year-over-year, while revenues are forecasted to increase by 4.2% to $271.27 million [1] Financial Projections - The consensus EPS estimate has been revised 0.1% lower over the last 30 days, indicating a reevaluation of initial estimates by analysts [2] - Analysts predict 'Net Revenue- Lodging net revenue' at $90.03 million, reflecting a year-over-year increase of 3.6% [5] - 'Net Revenue- Mountain net revenue' is expected to reach $180.75 million, indicating a 4.3% increase from the previous year [5] - 'Net Revenue- Mountain net revenue- Dining' is projected at $21.68 million, a 5.1% increase year-over-year [6] - 'Net Revenue- Mountain net revenue- Retail/rental' is estimated at $30.25 million, showing a 2.5% increase from the prior year [6] - 'Net Revenue- Mountain net revenue- Other' is expected to be $78.09 million, reflecting a 2.9% increase [7] - 'Net Revenue- Lodging net revenue- Managed condominium rooms' is projected at $11.86 million, a 1.3% increase year-over-year [7] - 'Net Revenue- Resort net revenue' is expected to be $266.08 million, indicating a 2.3% increase [7] - 'Net Revenue- Mountain net revenue- Ski school' is forecasted at $7.51 million, a 9.8% increase [8] - 'Net Revenue- Mountain net revenue- Lift' is expected to reach $44.42 million, a 9.9% increase from the prior year [8] - The consensus estimate for 'Lodging - Managed condominium statistics - RevPAR' is $53.74, compared to $53.07 from the previous year [8] - 'Lodging - Owned hotel statistics - RevPAR' is estimated at $182.71, up from $178.87 in the same quarter last year [9] - 'Mountain - ETP' is projected to reach $75.71, compared to $73.76 from the previous year [9] Market Performance - Vail Resorts shares have decreased by 2% over the past month, contrasting with the Zacks S&P 500 composite's increase of 1.3% [9]