VAIL RESORTS INC

Vail Resorts, Inc., together with its subsidiaries, is referred to throughout this document as we, us, our or the Company. Vail Resorts, Inc., a Delaware corporation, was organized as a holding company in 1997 and operates through various subsidiaries. Our operations are grouped into three reportable segments: Mountain, Lodging and Real Estate, which represented approximately 89%, 11% and 0%, respectively, of our net revenue for our fiscal year ended July 31, 2025 ( Fiscal 2025 ). Our Mountain segment operates 42 world-class destination mountain resorts and regional ski areas (collectively, our Resorts ). Additionally, the Mountain segment includes ancillary services, primarily including ski school, dining and retail/rental operations. In the Lodging segment, we own and/or manage a collection of luxury hotels and condominiums under our RockResorts brand, other strategic lodging properties and a large number of condominiums located in proximity to our North American mountain resorts, National Park Service ( NPS ) concessioner properties including the Grand Teton Lodge Company ( GTLC ), which operates destination resorts in Grand Teton National Park, a Colorado resort ground transportation company and mountain resort golf courses. We refer to Resort as the combination of the Mountain and Lodging segments. Our Real Estate segment owns, develops and sells real estate in and around our resort communities. For financial information and other information about the Company’s segments and geographic areas, see Item 7.