M Update Morgan Stanley & Co. LLC Stephen W Grambling Equity Analyst Stephen.Grambling@morganstanley.com +1 212 761-1010 Molly Baum Equity Analyst June 23, 2026 02:26 PM GMT Vail Resorts Inc | North America Management Meeting Takeaways We hosted meetings w/ MTN CFO Angela Korch and VP, IR Connie Wang. Bottom-line, management believes new strategies are already driving share gains despite soft season-to-date pass sales, which they believe reflect delayed commitment vs. broader impairment to skier intent. Key ...