This report does not constitute a rating action. Alterra Mountain Co.’s skier visitation could increase 15%-20% in the 2026-2027 season, assuming a return to normal weather conditions, particularly across the Rockies and West. This follows an approximate 20% decline in the 2025-2026 ski season due to record-low snowfall. We expect fiscal 2027 revenue to increase modestly in the low-single-digit percents, as higher Ikon pass prices and ancillary revenue growth offset fewer season pass sales. We believe that sales of Ikon passes, which are sold ahead of the season, could be trending below the same time last year. The company could offset some of the decline with incremental ticket sales, if snow conditions are more favorable. Consolidated revenue declined about 1%
