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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |                      |  |               |               |          |               |   |               |  |  |  |  |  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|----------------------|--|---------------|---------------|----------|---------------|---|---------------|--|--|--|--|--|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  | Fiscal 2023 Guidance |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  | (In thousands)       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  | For the Year Ending  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  | July 31, 2023 (6)    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |                      |  | Low End       |               | High End |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |                      |  | Range         |               | Range    |
| Net income attributable to Vail Resorts, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |                      |  | $             | 251,000  |          |               | $ | 283,000  |  |
| Net income attributable to noncontrolling interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |  |  |                      |  | 21,000   |               |          | 15,000   |   |
| Net income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |                      |  | 272,000  |               |          | 298,000  |   |
| Provision for income taxes (1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |  |  |                      |  | 92,000   |               |          | 100,000  |   |
| Income before income taxes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |                      |  | 364,000  |               |          | 398,000  |   |
| Depreciation and amortization                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |  |  |                      |  | 270,000  |               |          | 266,000  |   |
| Interest expense, net                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |                      |  | 154,000  |               |          | 150,000  |   |
| Other (2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |  |  |                      |  | 47,000   |               |          | 39,000   |   |
| Total Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |                      |  | $             | 835,000  |          |               | $ | 853,000  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |                      |  |               |               |          |
| Mountain Reported EBITDA (3)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |  |  |                      |  | $             | 827,000  |          |               | $ | 842,000  |  |
| Lodging Reported EBITDA (4)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |                      |  | 9,000    |               |          | 12,000   |   |
| Resort Reported EBITDA (5)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |  |  |                      |  | 837,000  |               |          | 853,000  |   |
| Real Estate Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  |  |                      |  | (2,000)       |               |          | —  |   |
| Total Reported EBITDA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |  |  |                      |  | $             | 835,000  |          |               | $ | 853,000  |  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |  |  |                      |  |               |               |          |
| (1) The provision for income taxes may be impacted by excess tax benefits primarily resulting from vesting and exercises of equity awards. Our estimated provision for income taxes does not include the impact, if any, of unknown future exercises of employee equity awards, which could have a material impact given that a significant portion of our awards are in-the-money.                                                                                                                                                                                                                                                                                                                                                            |
| (2) Our guidance includes certain forward looking known changes in the fair value of the contingent consideration based solely on the passage of time and resulting impact on present value. Guidance excludes any forward looking change based upon, among other things, financial projections including long-term growth rates for Park City, which such change may be material. Separately, the intercompany loan associated with the Whistler Blackcomb transaction requires foreign currency remeasurement to Canadian dollars, the functional currency of Whistler Blackcomb. Our guidance excludes any forward looking change related to foreign currency gains or losses on the intercompany loans, which such change may be material. |
| (3) Mountain Reported EBITDA also includes approximately $21 million of stock-based compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (4) Lodging Reported EBITDA also includes approximately $4 million of stock-based compensation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| (5) The Company provides Reported EBITDA ranges for the Mountain and Lodging segments, as well as for the two combined. The low and high of the expected ranges provided for the Mountain and Lodging segments, while possible, do not sum to the high or low end of the Resort Reported EBITDA range provided because we do not expect or assume that we will hit the low or high end of both ranges.                                                                                                                                                                                                                                                                                                                                         |
| (6) Guidance estimates are predicated on an exchange rate of $0.75 between the Canadian dollar and U.S. dollar, related to the operations of Whistler Blackcomb in Canada; an exchange rate of $0.67 between the Australian dollar and U.S. dollar, related to the operations of our Australian ski areas; and an exchange rate of $1.10 between the Swiss Franc and U.S. dollar, related to the operations of Andermatt-Sedrun in Switzerland.                                                                                                                                                                                                                                                                                        |

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|                                                                 |                              |                 |                             |                 |      |                 |                 |  |   |                 |  |  |   |                 |  |  |  |  |  |  |  |  |  |
|-----------------------------------------------------------------|------------------------------|-----------------|-----------------------------|-----------------|------|-----------------|-----------------|--|---|-----------------|--|--|---|-----------------|--|--|--|--|--|--|--|--|--|
|                                                            | Three Months Ended April 30, |                 | Nine Months Ended April 30, |
|                                                            | 2023                         |                 | 2022                        |                 | 2023 |                 | 2022            |
| Net revenue:                                                |                              |                 |                             |                 |      |                 |                 |
| Mountain and Lodging services and other                         | $                            | 1,054,134  |                             |                 | $    | 1,020,544  |                 |  | $ | 2,166,357  |  |  | $ | 1,912,704  |  |
| Mountain and Lodging retail and dining                          | 184,142                 |                 |                             | 155,992    |      |                 | 445,272    |  |   | 345,448    |  |
| Resort net revenue                                              | 1,238,276               |                 |                             | 1,176,536  |      |                 | 2,611,629  |  |   | 2,258,152  |  |
| Real Estate                                                     | 155                     |                 |                             | 129        |      |                 | 7,967      |  |   | 624        |  |
| Total net revenue                                               | 1,238,431               |                 |                             | 1,176,665  |      |                 | 2,619,596  |  |   | 2,258,776  |  |
| Segment operating expense:                                  |                              |                 |                             |                 |      |                 |                 |
| Mountain and Lodging operating expense                          | 462,613                 |                 |                             | 417,422    |      |                 | 1,212,115  |  |   | 965,483    |  |
| Mountain and Lodging retail and dining cost of products sold    | 63,575                  |                 |                             | 57,174     |      |                 | 174,091    |  |   | 135,118    |  |
| General and administrative                                      | 88,860                  |                 |                             | 91,764     |      |                 | 304,275    |  |   | 260,259    |  |
| Resort operating expense                                        | 615,048                 |                 |                             | 566,360    |      |                 | 1,690,481  |  |   | 1,360,860  |  |
| Real Estate operating expense                                   | 1,679                   |                 |                             | 1,609      |      |                 | 9,371      |  |   | 4,590      |  |
| Total segment operating expense                                 | 616,727                 |                 |                             | 567,969    |      |                 | 1,699,852  |  |   | 1,365,450  |  |
| Other operating (expense) income:                           |                              |                 |                             |                 |      |                 |                 |
| Depreciation and amortization                                   | (69,097)                     |                 |                             | (65,655)        |      |                 | (199,700)       |  |   | (189,214)       |  |
| Gain on sale of real property                                   | 88                      |                 |                             | 189        |      |                 | 845        |  |   | 1,151      |  |
|                                                                 |                              |                 |                             |                 |      |                 |                 |
| Change in estimated fair value of contingent consideration      | (45,900)                     |                 |                             | (2,800)         |      |                 | (47,636)        |  |   | (21,580)        |  |
| (Loss) gain on disposal of fixed assets and other, net          | (6,269)                      |                 |                             | (51)            |      |                 | (8,055)         |  |   | 16,163     |  |
| Income from operations                                          | 500,526                 |                 |                             | 540,379    |      |                 | 665,198    |  |   | 699,846    |  |
| Mountain equity investment income, net                          | 94                      |                 |                             | 363        |      |                 | 482        |  |   | 2,695      |  |
| Investment income and other, net                                | 7,740                   |                 |                             | 224        |      |                 | 17,734     |  |   | 980        |  |
| Foreign currency loss on intercompany loans                     | (1,766)                      |                 |                             | (1,040)         |      |                 | (5,563)         |  |   | (3,079)         |  |
| Interest expense, net                                           | (39,139)                     |                 |                             | (35,132)        |      |                 | (112,811)       |  |   | (112,043)       |  |
| Income before provision for income taxes                        | 467,455                 |                 |                             | 504,794    |      |                 | 565,040    |  |   | 588,399    |  |
| Provision for income taxes                                      | (124,289)                    |                 |                             | (118,211)       |      |                 | (145,315)       |  |   | (110,407)       |  |
| Net income                                                      | 343,166                 |                 |                             | 386,583    |      |                 | 419,725    |  |   | 477,992    |  |
| Net income attributable to noncontrolling interests             | (18,160)                     |                 |                             | (14,033)        |      |                 | (23,011)        |  |   | (21,383)        |  |
| Net income attributable to Vail Resorts, Inc.                   | $                            | 325,006    |                             |                 | $    | 372,550    |                 |  | $ | 396,714    |  |  | $ | 456,609    |  |
| Per share amounts:                                          |                              |                 |                             |                 |      |                 |                 |
| Basic net income per share attributable to Vail Resorts, Inc.   | $                            | 8.20       |                             |                 | $    | 9.18       |                 |  | $ | 9.90       |  |  | $ | 11.27      |  |
| Diluted net income per share attributable to Vail Resorts, Inc. | $                            | 8.18       |                             |                 | $    | 9.16       |                 |  | $ | 9.87       |  |  | $ | 11.20      |  |
| Cash dividends declared per share                               | $                            | 2.06       |                             |                 | $    | 1.91       |                 |  | $ | 5.88       |  |  | $ | 3.67       |  |
| Weighted average shares outstanding:                        |                              |                 |                             |                 |      |                 |                 |
| Basic                                                           | 39,620                  |                 |                             | 40,568     |      |                 | 40,082     |  |   | 40,518     |  |
| Diluted                                                         | 39,724                  |                 |                             | 40,678     |      |                 | 40,180     |  |   | 40,784     |  |

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|                                                                                                         |                              |               |                             |               |      |               |               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------|------------------------------|---------------|-----------------------------|---------------|------|---------------|---------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
| Vail Resorts, Inc.Consolidated Condensed Statements of Operations - Other Data(In thousands)(Unaudited) |
|                                                                                                         | Three Months Ended April 30, |               | Nine Months Ended April 30, |
|                                                                                                         | 2023                         |               | 2022                        |               | 2023 |               | 2022          |
| Other Data:                                                                                         |                              |               |                             |               |      |               |               |
| Mountain Reported EBITDA                                                                                | $                            | 606,926  |                             |               | $    | 596,000  |               |  | $ | 913,644  |  |  | $ | 873,529  |  |
| Lodging Reported EBITDA                                                                                 | 16,396                  |               |                             | 14,539   |      |               | 7,986    |  |   | 26,458   |  |
| Resort Reported EBITDA                                                                                  | 623,322                 |               |                             | 610,539  |      |               | 921,630  |  |   | 899,987  |  |
| Real Estate Reported EBITDA                                                                             | (1,436)                      |               |                             | (1,291)       |      |               | (559)         |  |   | (2,815)       |  |
| Total Reported EBITDA                                                                                   | $                            | 621,886  |                             |               | $    | 609,248  |               |  | $ | 921,071  |  |  | $ | 897,172  |  |
| Mountain stock-based compensation                                                                       | $                            | 4,881    |                             |               | $    | 5,084    |               |  | $ | 15,960   |  |  | $ | 15,867   |  |
| Lodging stock-based compensation                                                                        | 947                     |               |                             | 879      |      |               | 2,957    |  |   | 2,856    |  |
| Resort stock-based compensation                                                                         | 5,828                   |               |                             | 5,963    |      |               | 18,917   |  |   | 18,723   |  |
| Real Estate stock-based compensation                                                                    | 45                      |               |                             | 66       |      |               | 145      |  |   | 210      |  |
| Total stock-based compensation                                                                          | $                            | 5,873    |                             |               | $    | 6,029    |               |  | $ | 19,062   |  |  | $ | 18,933   |  |
|                                                                                                         |                              |               |                             |               |      |               |               |
|                                                                                                         |

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|                                        |                              |               |                    |                 |                             |               |                    |   |           |                 |            |   |                 |  |  |            |                 |  |  |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------|------------------------------|---------------|--------------------|-----------------|-----------------------------|---------------|--------------------|---|-----------|-----------------|------------|---|-----------------|--|--|------------|-----------------|--|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                   | Three Months Ended April 30, |               | PercentageIncrease |                 | Nine Months Ended April 30, |               | PercentageIncrease |
|                                   | 2023                         |               | 2022               |                 | (Decrease)                  |               | 2023               |   | 2022      |                 | (Decrease) |
| Net Mountain revenue:              |                              |               |                    |                 |                             |               |                    |   |           |                 |            |
| Lift                                   | $                            | 710,052  |                    |                 | $                           | 714,708  |                    |   | (0.7)     | %               |            | $ | 1,362,195  |  |  | $          | 1,250,619  |  |  | 8.9  | % |
| Ski school                             | 145,134                 |               |                    | 120,897    |                             |               | 20.0          | % |           | 277,512    |            |   | 214,442    |  |  | 29.4  | %               |
| Dining                                 | 101,683                 |               |                    | 79,826     |                             |               | 27.4          | % |           | 206,953    |            |   | 146,395    |  |  | 41.4  | %               |
| Retail/rental                      | 135,008                 |               |                    | 126,497    |                             |               | 6.7           | % |           | 335,284    |            |   | 281,704    |  |  | 19.0  | %               |
| Other                                  | 52,853                  |               |                    | 42,707     |                             |               | 23.8          | % |           | 177,945    |            |   | 135,150    |  |  | 31.7  | %               |
| Total Mountain net revenue             | 1,144,730               |               |                    | 1,084,635  |                             |               | 5.5           | % |           | 2,359,889  |            |   | 2,028,310  |  |  | 16.3  | %               |
| Mountain operating expense:        |                              |               |                    |                 |                             |               |                    |   |           |                 |            |
| Labor and labor-related benefits       | 242,275                 |               |                    | 209,729    |                             |               | 15.5          | % |           | 627,857    |            |   | 468,848    |  |  | 33.9  | %               |
| Retail cost of sales                   | 36,551                  |               |                    | 34,940     |                             |               | 4.6           | % |           | 105,489    |            |   | 85,851     |  |  | 22.9  | %               |
| Resort related fees                    | 53,454                  |               |                    | 49,426     |                             |               | 8.1           | % |           | 100,635    |            |   | 89,419     |  |  | 12.5  | %               |
| General and administrative             | 73,791                  |               |                    | 77,000     |                             |               | (4.2)              | % |           | 254,445    |            |   | 219,262    |  |  | 16.0  | %               |
| Other                                  | 131,827                 |               |                    | 117,903    |                             |               | 11.8          | % |           | 358,301    |            |   | 294,096    |  |  | 21.8  | %               |
| Total Mountain operating expense       | 537,898                 |               |                    | 488,998    |                             |               | 10.0          | % |           | 1,446,727  |            |   | 1,157,476  |  |  | 25.0  | %               |
| Mountain equity investment income, net | 94                      |               |                    | 363        |                             |               | (74.1)             | % |           | 482        |            |   | 2,695      |  |  | (82.1)     | %               |
| Mountain Reported EBITDA               | $                            | 606,926  |                    |                 | $                           | 596,000  |                    |   | 1.8  | %               |            | $ | 913,644    |  |  | $          | 873,529    |  |  | 4.6  | % |
|                                        |                              |               |                    |                 |                             |               |                    |   |           |                 |            |
| Total skier visits                     | 9,242                   |               |                    | 8,702      |                             |               | 6.2           | % |           | 18,543     |            |   | 16,279     |  |  | 13.9  | %               |
| ETP                                    | $                            | 76.83    |                    |                 | $                           | 82.13    |                    |   | (6.5)     | %               |            | $ | 73.46      |  |  | $          | 76.82      |  |  | (4.4)     | % |
|                                        |                              |               |                    |                 |                             |               |                    |   |           |                 |            |
|                                        |

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|                                                                |                              |              |                    |               |                             |              |                    |   |             |               |            |             |               |  |            |            |              |  |  |           |   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|----------------------------------------------------------------|------------------------------|--------------|--------------------|---------------|-----------------------------|--------------|--------------------|---|-------------|---------------|------------|-------------|---------------|--|------------|------------|--------------|--|--|-----------|---|--|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                           | Three Months Ended April 30, |              | PercentageIncrease |               | Nine Months Ended April 30, |              | PercentageIncrease |
|                                                           | 2023                         |              | 2022               |               | (Decrease)                  |              | 2023               |   | 2022        |               | (Decrease) |
| Lodging net revenue:                                       |                              |              |                    |               |                             |              |                    |   |             |               |            |
| Owned hotel rooms                                              | $                            | 15,091  |                    |               | $                           | 18,295  |                    |   | (17.5)      | %             |            | $           | 52,135   |  |            | $          | 53,362  |  |  | (2.3)     | % |
| Managed condominium rooms                                      | 38,409                  |              |                    | 37,494   |                             |              | 2.4           | % |             | 82,604   |            |             | 83,703   |  |            | (1.3)      | %            |
| Dining                                                         | 15,422                  |              |                    | 14,646   |                             |              | 5.3           | % |             | 45,435   |            |             | 33,296   |  |            | 36.5  | %            |
| Transportation                                                 | 6,924                   |              |                    | 6,862    |                             |              | 0.9           | % |             | 14,272   |            |             | 14,421   |  |            | (1.0)      | %            |
| Golf                                                           | —                 |              |                    | —  |                             |              | nm                 |   | 6,072  |               |            | 5,138  |               |  | 18.2  | %          |
| Other                                                          | 12,380                  |              |                    | 9,925    |                             |              | 24.7          | % |             | 37,235   |            |             | 31,641   |  |            | 17.7  | %            |
|                                                                | 88,226                  |              |                    | 87,222   |                             |              | 1.2           | % |             | 237,753  |            |             | 221,561  |  |            | 7.3   | %            |
| Payroll cost reimbursements                                    | 5,320                   |              |                    | 4,679    |                             |              | 13.7          | % |             | 13,987   |            |             | 8,281    |  |            | 68.9  | %            |
| Total Lodging net revenue                                      | 93,546                  |              |                    | 91,901   |                             |              | 1.8           | % |             | 251,740  |            |             | 229,842  |  |            | 9.5   | %            |
| Lodging operating expense:                                 |                              |              |                    |               |                             |              |                    |   |             |               |            |
| Labor and labor-related benefits                               | 35,482                  |              |                    | 35,187   |                             |              | 0.8           | % |             | 111,894  |            |             | 92,925   |  |            | 20.4  | %            |
| General and administrative                                     | 15,069                  |              |                    | 14,764   |                             |              | 2.1           | % |             | 49,830   |            |             | 40,997   |  |            | 21.5  | %            |
| Other                                                          | 21,279                  |              |                    | 22,732   |                             |              | (6.4)              | % |             | 68,043   |            |             | 61,181   |  |            | 11.2  | %            |
|                                                                | 71,830                  |              |                    | 72,683   |                             |              | (1.2)              | % |             | 229,767  |            |             | 195,103  |  |            | 17.8  | %            |
| Reimbursed payroll costs                                       | 5,320                   |              |                    | 4,679    |                             |              | 13.7          | % |             | 13,987   |            |             | 8,281    |  |            | 68.9  | %            |
| Total Lodging operating expense                                | 77,150                  |              |                    | 77,362   |                             |              | (0.3)              | % |             | 243,754  |            |             | 203,384  |  |            | 19.8  | %            |
| Lodging Reported EBITDA                                        | $                            | 16,396  |                    |               | $                           | 14,539  |                    |   | 12.8   | %             |            | $           | 7,986    |  |            | $          | 26,458  |  |  | (69.8)    | % |
|                                                                |                              |              |                    |               |                             |              |                    |   |             |               |            |
| Owned hotel statistics:                                    |                              |              |                    |               |                             |              |                    |   |             |               |            |
| ADR                                                            | $                            | 357.18  |                    |               | $                           | 330.52  |                    |   | 8.1    | %             |            | $           | 313.59   |  |            | $          | 307.80  |  |  | 1.9  | % |
| RevPAR                                                         | $                            | 170.35  |                    |               | $                           | 173.30  |                    |   | (1.7)       | %             |            | $           | 156.55   |  |            | $          | 167.90  |  |  | (6.8)     | % |
| Managed condominium statistics:                            |                              |              |                    |               |                             |              |                    |   |             |               |            |
| ADR                                                            | $                            | 514.61  |                    |               | $                           | 508.24  |                    |   | 1.3    | %             |            | $           | 450.98   |  |            | $          | 443.10  |  |  | 1.8  | % |
| RevPAR                                                         | $                            | 218.79  |                    |               | $                           | 215.48  |                    |   | 1.5    | %             |            | $           | 146.33   |  |            | $          | 142.55  |  |  | 2.7  | % |
| Owned hotel and managed condominium statistics (combined): |                              |              |                    |               |                             |              |                    |   |             |               |            |
| ADR                                                            | $                            | 478.35  |                    |               | $                           | 458.99  |                    |   | 4.2    | %             |            | $           | 407.07   |  |            | $          | 399.21  |  |  | 2.0  | % |
| RevPAR                                                         | $                            | 208.59  |                    |               | $                           | 205.50  |                    |   | 1.5    | %             |            | $           | 148.72   |  |            | $          | 148.14  |  |  | 0.4  | % |
|                                                                |                              |              |                    |               |                             |              |                    |   |             |               |            |
|                                                                |

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|                                                     |                 |                 |      |                 |   |                 |  |  |  |  |  |
|-----------------------------------------------------|-----------------|-----------------|------|-----------------|---|-----------------|--|--|--|--|--|
|                                                | As of April 30, |
|                                                | 2023            |                 | 2022 |
| Real estate held for sale and investment            | $               | 90,078     |      |                 | $ | 95,519     |  |
| Total Vail Resorts, Inc. stockholders’ equity | $               | 1,273,918  |      |                 | $ | 1,829,317  |  |
| Long-term debt, net                                 | $               | 2,773,747  |      |                 | $ | 2,687,488  |  |
| Long-term debt due within one year                  | 68,970     |                 |      | 63,736     |   |
| Total debt                                          | 2,842,717  |                 |      | 2,751,224  |   |
| Less: cash and cash equivalents                 | 896,089    |                 |      | 1,401,168  |   |
| Net debt                                            | $               | 1,946,628  |      |                 | $ | 1,350,056  |  |

|                                                        |                                |               |                                |               |      |               |               |  |   |               |  |  |   |               |  |  |  |  |  |  |  |  |  |
|--------------------------------------------------------|--------------------------------|---------------|--------------------------------|---------------|------|---------------|---------------|--|---|---------------|--|--|---|---------------|--|--|--|--|--|--|--|--|--|
|                                                        | (In thousands)(Unaudited) |               | (In thousands)(Unaudited) |
|                                                   | Three Months Ended April 30,   |               | Nine Months Ended April 30,    |
|                                                   | 2023                           |               | 2022                           |               | 2023 |               | 2022          |
| Net income attributable to Vail Resorts, Inc.          | $                              | 325,006  |                                |               | $    | 372,550  |               |  | $ | 396,714  |  |  | $ | 456,609  |  |
| Net income attributable to noncontrolling interests    | 18,160                    |               |                                | 14,033   |      |               | 23,011   |  |   | 21,383   |  |
| Net income                                             | 343,166                   |               |                                | 386,583  |      |               | 419,725  |  |   | 477,992  |  |
| Provision for income taxes                             | 124,289                   |               |                                | 118,211  |      |               | 145,315  |  |   | 110,407  |  |
| Income before provision for income taxes               | 467,455                   |               |                                | 504,794  |      |               | 565,040  |  |   | 588,399  |  |
| Depreciation and amortization                          | 69,097                    |               |                                | 65,655   |      |               | 199,700  |  |   | 189,214  |  |
|                                                        |                                |               |                                |               |      |               |               |
| Loss (gain) on disposal of fixed assets and other, net | 6,269                     |               |                                | 51       |      |               | 8,055    |  |   | (16,163)      |  |
| Change in fair value of contingent consideration       | 45,900                    |               |                                | 2,800    |      |               | 47,636   |  |   | 21,580   |  |
| Investment income and other, net                       | (7,740)                        |               |                                | (224)         |      |               | (17,734)      |  |   | (980)         |  |
| Foreign currency loss on intercompany loans            | 1,766                     |               |                                | 1,040    |      |               | 5,563    |  |   | 3,079    |  |
| Interest expense, net                                  | 39,139                    |               |                                | 35,132   |      |               | 112,811  |  |   | 112,043  |  |
| Total Reported EBITDA                                  | $                              | 621,886  |                                |               | $    | 609,248  |               |  | $ | 921,071  |  |  | $ | 897,172  |  |
|                                                        |                                |               |                                |               |      |               |               |
| Mountain Reported EBITDA                               | $                              | 606,926  |                                |               | $    | 596,000  |               |  | $ | 913,644  |  |  | $ | 873,529  |  |
| Lodging Reported EBITDA                                | 16,396                    |               |                                | 14,539   |      |               | 7,986    |  |   | 26,458   |  |
| Resort Reported EBITDA*                                | 623,322                   |               |                                | 610,539  |      |               | 921,630  |  |   | 899,987  |  |
| Real Estate Reported EBITDA                            | (1,436)                        |               |                                | (1,291)       |      |               | (559)         |  |   | (2,815)       |  |
| Total Reported EBITDA                                  | $                              | 621,886  |                                |               | $    | 609,248  |               |  | $ | 921,071  |  |  | $ | 897,172  |  |
|                                                        |                                |               |                                |               |      |               |               |
| * Resort represents the sum of Mountain and Lodging    |                                |               |                                |               |
|                                                        |

----

|                                                     |                                |               |  |  |  |  |  |  |  |
|-----------------------------------------------------|--------------------------------|---------------|--|--|--|--|--|--|--|
|                                                     | (In thousands)(Unaudited) |               |  |  |  |
|                                                | Twelve Months Ended            |               |  |  |  |
|                                                | April 30, 2023                 |               |  |  |  |
| Net income attributable to Vail Resorts, Inc.       | $                              | 288,028  |  |  |  |  |  |
| Net income attributable to noncontrolling interests | 22,042                    |               |  |  |  |  |
| Net income                                          | 310,070                   |               |  |  |  |  |
| Provision for income taxes                          | 123,732                   |               |  |  |  |  |
| Income before provision for income taxes            | 433,802                   |               |  |  |  |  |
| Depreciation and amortization                       | 262,877                   |               |  |  |  |  |
| Gain on disposal of fixed assets and other, net     | (19,774)                       |               |  |  |  |  |
|                                                     |                                |               |  |  |  |
| Change in fair value of contingent consideration    | 46,336                    |               |  |  |  |  |
| Investment income and other, net                    | (20,472)                       |               |  |  |  |  |
| Foreign currency loss on intercompany loans         | 5,166                     |               |  |  |  |  |
| Interest expense, net                               | 148,951                   |               |  |  |  |  |
| Total Reported EBITDA                               | $                              | 856,886  |  |  |  |  |  |
|                                                     |                                |               |  |  |  |
| Mountain Reported EBITDA                            | $                              | 851,282  |  |  |  |  |  |
| Lodging Reported EBITDA                             | 7,275                     |               |  |  |  |  |
| Resort Reported EBITDA*                             | 858,557                   |               |  |  |  |  |
| Real Estate Reported EBITDA                         | (1,671)                        |               |  |  |  |  |
| Total Reported EBITDA                               | $                              | 856,886  |  |  |  |  |  |
|                                                     |                                |               |  |  |  |
| * Resort represents the sum of Mountain and Lodging |                                |               |  |  |  |
|                                                     |                                |               |  |  |

|                                     |                           |                 |  |  |  |
|-------------------------------------|---------------------------|-----------------|--|--|--|
|                                     | (In thousands)(Unaudited) |
|                                     | As of April 30, 2023      |
| Long-term debt, net                 | $                         | 2,773,747  |  |
| Long-term debt due within one year  | 68,970               |                 |
| Total debt                          | 2,842,717            |                 |
| Less: cash and cash equivalents | 896,089              |                 |
| Net debt                            | $                         | 1,946,628  |  |
| Net debt to Total Reported EBITDA   | 2.3x                      |

----

|                                                                                                                                 |                                |         |                                |               |      |         |             |  |   |             |  |  |   |         |  |  |  |  |  |  |  |  |  |  |  |  |  |
|---------------------------------------------------------------------------------------------------------------------------------|--------------------------------|---------|--------------------------------|---------------|------|---------|-------------|--|---|-------------|--|--|---|---------|--|--|--|--|--|--|--|--|--|--|--|--|--|
|                                                                                                                                 | (In thousands)(Unaudited) |         | (In thousands)(Unaudited) |               |      |         |             |
|                                                                                                                                 | Three Months Ended April 30,   |         | Nine Months Ended April 30,    |               |      |
|                                                                                                                                 | 2023                           |         | 2022                           |               | 2023 |         | 2022        |  |   |             |  |
| Real Estate Reported EBITDA                                                                                                     | $                              | (1,436) |                                |               | $    | (1,291) |             |  | $ | (559)       |  |  | $ | (2,815) |  |  |  |  |  |
| Non-cash Real Estate cost of sales                                                                                              | —                   |         |                                | —  |      |         | 5,138  |  |   | 227    |  |  |   |         |  |
| Non-cash Real Estate stock-based compensation                                                                                   | 45                        |         |                                | 66       |      |         | 145    |  |   | 210    |  |  |   |         |  |
| Change in real estate deposits and recovery of previously incurred project costs/land basis less investments in real estate | (284)                          |         |                                | (196)         |      |         | (180)       |  |   | 692    |  |  |   |         |  |
| Net Real Estate Cash Flow                                                                                                       | $                              | (1,675) |                                |               | $    | (1,421) |             |  | $ | 4,544  |  |  | $ | (1,686) |  |  |  |  |  |

|                                                       |                                |   |  |  |  |
|-------------------------------------------------------|--------------------------------|---|--|--|--|
|                                                       | (In thousands)(Unaudited) |
|                                                       | Fiscal 2023 Guidance (2)       |
| Resort net revenue (1)                                | 2,890,000                 |   |
| Resort Reported EBITDA (1)                            | 845,000                   |   |
| Resort EBITDA margin (1)                              | 29.2                      | % |
|                                                       |                                |
| (1) Resort represents the sum of Mountain and Lodging |
| (2) Represents the mid-point of Guidance              |