INVESTORS' CONFERENCE MARCH 19-20, 2025 Whistler Blackcomb Resort, British Columbia CAUTIONARY STATEMENT REGARDING 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 2025 financial and operating performance (including the assumptions related thereto) and performance in future years; our expectation ...

Group 1: Kohl's Corporation - Kohl's continues to experience revenue declines in apparel, footwear, and legacy homes despite sales gains from in-store initiatives like Sephora and Home Décor [2] - Structural risks to Kohl's store footprint are significant, with adjusted debt/EBITDAR ending 2023 at 3.6x, above the company's target of ~2.5x, and projected leverage may exceed 4x through 2024–26 [3] - Analyst forecasts fiscal year 2025 EPS at 56 cents and fiscal year 2026 EPS at 53 cents, both above Street estimates, while maintaining an Underweight rating with a price forecast of $8 [4] Group 2: Vail Resorts, Inc. - Vail Resorts may be nearing a turning point in revenue and earnings, aided by the return of former CEO Katz and unique growth drivers [5] - Key advantages include a premium resort portfolio, upfront revenue from the Epic Pass strategy, and a resilient customer base of high-income, frequent skiers [5] - Projected fiscal year 2025 adjusted EBITDA is $866 million and fiscal year 2026 at $908 million, both slightly above Street estimates, with a Neutral rating and price forecast of $167 [6] Group 3: Foot Locker, Inc. - Foot Locker faces challenges from inconsistent same-store sales, increased promotions, and brand allocation changes, particularly with Nike [7] - Dick's Sporting Goods aims to revamp Foot Locker through a $2.4 billion acquisition to create a larger global retail sports platform and enhance omni-channel capabilities [7] - Analyst models fiscal year 2025 EPS for Foot Locker at $1.10, ahead of the Street's $1.00, with a projected rise to $1.65 for fiscal year 2026, maintaining a Neutral rating and price forecast of $24 [8]

Financial Data and Key Metrics Changes - The company's resort net revenue, excluding Cremontana, remained consistent with the prior year despite a 7% decline in visitation [17] - Resort reported EBITDA year to date achieved a 3% growth, driven by a 4% increase in season pass revenue and increased ancillary spend per guest [19] - The updated fiscal guidance for net income attributable to Vail Resorts is projected to be between $264 million and $298 million, with resort reported EBITDA expected to be between $831 million and $851 million [22] Business Line Data and Key Metrics Changes - Ancillary spend per destination guest visit was strong across ski school and dining businesses, although overall revenue in ancillary business was impacted by lower visitation [18] - The company achieved record frontline return rates and strong employee engagement scores across mountain resorts during the winter season [20] Market Data and Key Metrics Changes - North American visitation reflects improved conditions in the second quarter relative to the prior year, offset by a decline in visitation from selling fewer pass units this season [19] - Pass product sales through May 27, 2025, decreased approximately 1% in units but increased approximately 2% in sales dollars compared to the prior year [28] Company Strategy and Development Direction - The company aims to enhance guest and employee experience while driving financial success, focusing on guest engagement and loyalty as top priorities [14][16] - The resource efficiency transformation plan is expected to deliver approximately $100 million in annualized cost efficiencies by the end of fiscal year 2026 [21] - The company remains committed to balancing share repurchases and dividends while prioritizing investments that enhance guest and employee experience [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of macroeconomic volatility on guest behavior and ticket sales, emphasizing the importance of advanced commitment strategies [28][60] - The company is optimistic about maintaining trends in season pass sales, assuming a relatively stable macroeconomic environment [101] Other Important Information - The company declared a quarterly cash dividend of $2.22 per share, payable on July 9, 2025 [24] - The company repurchased approximately 200,000 shares at an average price of approximately $161 per share, totaling $30 million [25] Q&A Session Summary Question: What are the key levers for improving customer experience and revenue growth? - Management highlighted the need to build on existing investments in guest experience and innovate marketing efforts to connect with guests more effectively [35][37] Question: How does the company view the pricing strategy for lift ticket sales? - Management stated that while weather volatility is a factor, the focus remains on advanced commitment products and exploring pricing and product strategy adjustments [39][41] Question: What is the company's approach to labor and seasonal hiring? - Management emphasized the importance of employee experience and the need to support unionized employees while maintaining high retention rates [56][58] Question: How does the company plan to address the decline in lift ticket sales? - Management acknowledged the need for new approaches to drive lift ticket sales, particularly during off-peak periods, while maintaining the value of season passes [47][48] Question: What is the company's strategy regarding European partnerships and acquisitions? - Management expressed a preference for owning and operating resorts but remains open to partnerships that enhance the guest experience [72][74] Question: How does the company plan to innovate in ancillary revenue streams? - Management confirmed that enhancing offerings like Epic Gear and ski school remains a priority, alongside improved marketing strategies [108][110]

BROOMFIELD, Colo., June 5, 2025 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the third quarter of fiscal 2025 ended April 30, 2025, updated fiscal 2025 guidance, and provided early season pass sales results.Highlights Net income attributable to Vail Resorts, Inc. was $392.8 million for the third quarter of fiscal 2025 compared to $362.0 million in the same period in the prior year. Resort Reported EBITDA was $647.7 million for the third quarter of fiscal 2025, which included $4. ...

Core Viewpoint - Vail Resorts has appointed Rob Katz as the new CEO, succeeding Kirsten Lynch, and reaffirmed its 2025 guidance, indicating a potential turning point for revenue and earnings as the company nears the end of industry normalization challenges [1][2]. Group 1: Leadership Changes - Rob Katz, who previously served as CEO from 2006 to 2021, has returned to lead Vail Resorts, which may signal a strategic shift towards growth and operational efficiency [1][2]. - The appointment of Katz is seen as a response to the urgency for renewed revenue momentum, as evidenced by a 10% increase in stock price following the announcement [4]. Group 2: Financial Outlook - Analysts believe that Vail Resorts is positioned to experience an inflection point in both revenue and earnings, with expectations of double-digit EBITDA growth driven by Katz's leadership [3]. - The company aims to recapture approximately 250 basis points of EBITDA margin compared to FY19 through improved operating leverage [3]. Group 3: Market Reaction - Following the announcement, Vail Resorts' shares rose by 12%, reaching $169.66, reflecting positive market sentiment regarding the leadership change [5]. - JP Morgan upgraded the stock from Underweight to Neutral with a price forecast of $167, while BofA Securities raised its price forecast from $160 to $175, maintaining a Neutral rating [7].

Shares of Vail Resorts Inc (NYSE:MTN) are up 14.7% at $173.80 at last glance, after Rob Katz -- Vail's CEO from 2006 to 2021 and the mastermind behind Epic Pass -- was tapped to reclaim the position, replacing Kirsten Lynch. In response, J.P. Morgan upgraded the ski resort name to "neutral" from "underweight," while BofA Global Research lifted its price target to $175 from $160. Today's pop has MTN trading at its highest levels since January, though the stock is still down 7.2% year-to-date. The shares are ...

Rob Katz to return as CEOCompany reaffirms fiscal 2025 guidance and pass sales trends provided in the April metrics releaseBROOMFIELD, Colo., May 27, 2025 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today announced that Rob Katz, current Executive Chairperson and former Chief Executive Officer, has been appointed CEO of the Company. Katz, age 58, succeeds Kirsten Lynch, who has stepped down as CEO and as a director of the Board. Lynch will remain in an advisory role to the Company for an interim period t ...

Core Insights - Vail Resorts has announced the addition of Sölden, Austria, to the 2025/26 Epic Pass lineup, enhancing the skiing experience with its premium offerings and reliable snow conditions [1][5] - The Epic Pass provides access to 34 resorts across ten ski areas in Europe and 37 iconic North American mountain resorts, allowing flexibility for skiers and riders [6] Group 1: Sölden's Features and Offerings - Sölden is recognized for its high-altitude skiing, featuring two glaciers and advanced snowmaking technology, ensuring a world-class skiing experience from autumn through spring [1][2] - Unique attractions at Sölden include the 007 ELEMENTS James Bond experience, the ice Q gourmet restaurant, and the BIG3 Rally across the three highest peaks [2][3] - The resort hosts significant events such as the FIS Alpine Ski World Cup Opening and the Electric Mountain Festival, enhancing its appeal as a premier alpine destination [3] Group 2: Epic Pass Details - The Epic Pass is priced at $1,051 for adults and $537 for children, offering five days of access to Sölden, with promotional offers available until May 26 [4][8] - The pass allows skiers to purchase now and decide later on their skiing destinations, providing a flexible option for winter sports enthusiasts [6] - Recent additions to the Epic Pass lineup include other Austrian ski areas, further expanding the network of resorts available to pass holders [5]

•         Ski and ride Silvretta Montafon in Austria with Epic Pass•         Epic Passes are on sale now at the lowest price of the year ($1,051) through May 26BROOMFIELD, Colo., May 23, 2025 /PRNewswire/ -- Vail Resorts today announced that Austrian skiing will be even more Epic with Silvretta Montafon joining the 2025/26 Epic Pass lineup. Located in the Austrian state of Vorarlberg, Silvretta Montafon offers a unique combination of sporty terrain, high-alpine scenery and reliable snow conditions. The ski ...

Core Insights - Vail Resorts, Inc. (MTN) is expanding its Epic Pass portfolio by adding two Austrian ski destinations, Mayrhofen and Hintertux, starting from the 2025/26 winter season, enhancing its commitment to the Austrian market and the value proposition for skiers globally [1][2] Expansion and Offerings - The addition of Mayrhofen and Hintertux significantly enhances the Epic Pass' European offerings, featuring over 120 miles of slopes suitable for various skill levels, including Austria's steepest slope, Harakiri, with a 78% gradient [2] - Epic Pass holders will enjoy five consecutive days of access at both new resorts, with early purchasers receiving incentives such as two Buddy Tickets offering up to 45% savings on lift tickets and six "Ski With a Friend" passes [3] Financial Strategy - The expansion aligns with Vail Resorts' long-term growth strategy by increasing product attractiveness and customer engagement, with a $49 down payment option to encourage early commitment and boost advance sales [3][4] - The company aims to realize $100 million in annualized savings by the end of fiscal 2026 through its two-year resource efficiency transformation plan [8] Market Position and Performance - The Epic Pass provides access to over 80 resorts globally, including major names like Whistler Blackcomb and Vail Mountain, positioning it strongly in the multi-resort ski pass market [4] - Despite a 20.7% decline in stock price over the past six months, compared to the industry's 11.8% fall, the company remains optimistic about customer retention and international appeal from the recent additions [7][4]