Tear Sheet: Alterra Mountain Co.

This report does not constitute a rating action. S&P Global Ratings expects revenue growth of approximately 3%-5% in 2026, primarily driven by 1%-3% growth in skier visitation and modest price increases for Alterra?s Ikon passes. In addition, we expect the S&P Global Ratings-adjusted EBITDA margin will remain stable at about 26%-27% assuming normal weather conditions across Alterra?s portfolio of mountain resorts. We expect a significant portion of Alterra?s lift revenue to come from advance commitment pass products and continued modest growth of Ikon pass sales. We also expect Alterra will modestly increase the IKON pass price per unit by the mid-single-digit percentage area for next season. Although we typically assume normal weather patterns, lower-than-expected snowfall or high temperatures during the

...July 25, 2025 This report does not constitute a rating action. We forecast Alterra Mountain Co. will maintain leverage in the 5.0x-5.5x area through 2026. S&P Global Ratings expects revenue growth of approximately 3%-5% in 2026, primarily driven by 1%-3% growth in skier visitation and modest price increases for Alterra's Ikon passes. In addition, we expect the S&P Global Ratings-adjusted EBITDA margin will remain stable at about 26%-27% assuming normal weather conditions across Alterra's portfolio of mountain resorts. We expect a significant portion of Alterra's lift revenue to come from advance commitment pass products and continued modest growth of Ikon pass sales. We also expect Alterra will modestly increase the IKON pass price per unit by the mid-single-digit percentage area for next season. Although we typically assume normal weather patterns, lower-than-expected snowfall or high temperatures during the 2025-2026 ski season could result in margin underperformance and higher-than-expected...

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