Callaway Golf Company · NYSE:CALY
Callaway Golf — Topgolf Callaway Brands — Q3 2025 Earnings Presentation
27 slides from Callaway Golf's earnings presentation, Nov 6, 2025
Slide 1: Third Quarter 2025 Earnings Conference Call
Third Quarter 2025 Earnings Conference Call November 6, 2025
Slide 2: Important Notices
IMPORTANT NOTICES Forward-looking Statements. During the presentation, any comments made about future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company’s financial outlook (including, among others, Company, Topgolf and cor
Slide 3: Q3 2025 Highlights
Q3 Revenue from the ongoing business (excluding Jack Wolfskin) grew 3% year-over-year. Q3 Net Revenue and Adjusted EBITDA both exceeded guidance. Q3 2025 Highlights Q3 Topgolf same venue sales inflected to positive growth. Company liquidity remains strong, increasing $391 million year-over- year to
Slide 4: Q3 2025 Financial Results
Q3 2025 FINANCIAL RESULTS Q3 NON-GAAP RESULTS1 ($ in millions, except per share data) Change (%) Excl. Q3 2025 Q3 2024 Change (%) Jack Wolfskin Net Revenues $ 934.0 $ 1,012.9 (8)% +3% Net (Loss) Income $ (9.2) $ 4.3 n/m n/m Diluted (Loss) Earnings Per Share $ (0.05) $ 0.02 n/m n/m Adjusted EBITDA $
Slide 5: Segment Highlights
SEGMENT HIGHLIGHTS GOLF EQUIPMENT Chrome Tour Triple Diamond golf ball named Elyte Triple Diamond Xander Schauffele captured 10th career driver ranked #1 in Golf PGA TOUR title at longest ball in Digest’s test of “spin Baycurrent Classic in MyGolfSpy’s independent consistency”2 Japan testing1 ACTIVE
Slide 6: Recent Brand Highlights
RECENT BRAND HIGHLIGHTS Sunday Funday and Half-Off Mon- Launched Odyssey Square to Square Momentum In Thurs Continue To Drive Strong Walk- TRI-HOT Putter TravisMathew Outerwear in Traffic 6
Slide 7: Same Venue Sales: Q3 Inflected to Positive Growth
SAME VENUE SALES: Q3 INFLECTED TO POSITIVE GROWTH Q1 Q2 Q3 Q4 FY Total1 ’25 vs ’24 -12% -6% +1% ’24 vs ’23 -7% -8% -11% -8% -9% Total Stacked -19% -14% -10% Same Venue Visits4 1-2 Bay2 Q1 Q2 Q3 ’25 vs ’24 -12% -5% +2% Total ’24 vs ’23 -5% -8% -9% -10% -8% ’25 vs ’24 -8% +6% +17% Total Stacked -17% -
Slide 8: Topgolf Continues to Lead in Fun While Improving Value Perception
TOPGOLF CONTINUES TO LEAD IN FUN WHILE IMPROVING VALUE PERCEPTION Topgolf Change Driver Ranking vs. June Fun #1 N/C External research Atmosphere #1 N/C shows Topgolf continues to win in Fun, Food & Drink #1 N/C Food & Drink and Atmosphere and is improving in Price and Value #14 +2 Value perception P
Slide 9: Raising Total Company 2025 Revenue and Adjusted EBITDA Walk
RAISING TOTAL COMPANY 2025 REVENUE AND ADJUSTED EBITDA WALK Raising 2025 revenue guidance range to $3,900 - $3,940M from $3,800 - $3,920M $20 $3,920 • Topgolf revenue increased $40M due to $40 improved SVS outlook $3,860 • Core revenue increased $20M primarily driven by improved performance in Golf
Slide 10: Q4 2025 Total Company Revenue and Adjusted EBITDA Walk
Q4 2025 TOTAL COMPANY REVENUE AND ADJUSTED EBITDA WALK Q4 Total Revenue Guidance Range: $763- $803 • Topgolf: $924 • ~$20M from the move to a retail calendar and sale of WGT • Partly offset by revenue from new venues $783 ($115) ($10) ($16) • Core (excl. Jack Wolfskin): • Equipment launch timing and
Slide 11: 2025 Total Company Outlook
2025 TOTAL COMPANY OUTLOOK FULL YEAR 20251 Q4 20251 Q4 2024 Current FY 2025 Prior FY 2025 FY 2024 Q4 2025 Q4 2024 ($ in millions) ($ in millions) Results (Excl. Guidance Guidance Results Guidance Results Jack Wolfskin) Consolidated Net Revenue $3.90 - $3.940B $3.80 - $3.92B $4.24B Net Revenue $763 -
Slide 12: Full Year 2025 Key Metrics & Raised Outlook
FULL YEAR 2025 KEY METRICS & RAISED OUTLOOK Previous 2025 Topgolf Non-Topgolf 3 Total ($ in millions, except for EPS)1 Outlook (at midpoint) (at midpoint) (at midpoint) (at midpoint) Adjusted EBITDA $300 $200 $500 $460 Non-GAAP Depreciation & Amortization $258 $260 Non-GAAP Topgolf D&A $207 $207 $20
Slide 13: Q3 2025 Key Metrics
Q3 2025 KEY METRICS ($ in millions)1 Topgolf Non-Topgolf Total Non-GAAP Operating Income $31 $4 $35 Non-GAAP Depreciation and Amortization $52 $12 $64 Non-Cash Lease Amortization Expense2 $3 $0 $3 Non-Cash Stock Comp Expense -$2 $6 $4 Other Income $0 $9 $9 Adjusted Segment EBITDA $84 $31 $114 Less:
Slide 14: Improving Balance Sheet and Liquidity Metrics
IMPROVING BALANCE SHEET AND LIQUIDITY METRICS Nine months Metric1 As of September As of September Metric1 Nine months ended ended September 30, ($ in millions) 30, 2025 30, 2024 ($ in millions) September 30, 2025 2024 Cash and Cash Equivalents $866 $442 Gross Capital Expenditures2 $211 $227 Inventor
Slide 15: Appendix
APPENDIX
Slide 16: Net Debt Leverage, Adjusted for REIT Financing
NET DEBT LEVERAGE, ADJUSTED FOR REIT FINANCING ($ in millions) September 30, 2025 September 30, 2024 Total Principal – Long term debt & ABL credit facilities $1,529.4 $1,541.3 Deemed landlord financing obligations $1,255.3 $1,148.3 Topgolf venue financing liabilities $306.6 $291.2 Equipment financin
Slide 17: 2024 Topgolf US Venue EBITDAR to Total Adj. EBITDA Walk
2024 TOPGOLF US VENUE EBITDAR TO TOTAL ADJ. EBITDA WALK Notes: • Corporate overhead: includes Executive Team, Finance/Accounting, Supply Chain, Tech, Legal & HR. • Venue overhead: Construction team, National Directors of Operations, call center, venue training, marketing & event sales teams. $1,809
Slide 18: Jack Wolfskin Contribution to Financial Results
JACK WOLFSKIN CONTRIBUTION TO FINANCIAL RESULTS ($ in millions) Remove Prev Guidance 2024 2025 Full Year Revenue1 $355 $96 Full Year Adj. EBITDA1 $(8) $(13) 1. Topgolf Callaway Brands completed the sale of Jack Wolfskin on May 31, 2025. See appendix for calculation methodology of Adjusted EBITDA and
Slide 19: Definitions of Certain Financial Measures
DEFINITIONS OF CERTAIN FINANCIAL MEASURES Adjusted EBITDA Less Venue Financing Cash Interest - a non-GAAP measure calculated as Adjusted EBITDA less Venue Financing Cash Interest obligations. Adjusted EBITDA Margin - a non-GAAP measure calculated as Adjusted EBITDA divided by revenue. Available Liqu
Slide 20: Segment Operating Income
SEGMENT OPERATING INCOME Supplemental Financial Information ($ in millions, except percentages) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change Topgolf $ 31.1 $ 28.3 9.9 % $74.6 $87.3 (14.5) % % of segment revenue 6.6 % 6.2 % 40 bps 5.5
Slide 21: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Supplemental Financial Information ($ in millions, except percentages) (Unaudited) Three Months Ended September 30, 2025 2024 Non-Cash Non-Cash Acquisition Acquisition related Non-Recurring Non- related Non-Recurring Non- GAAP Amortization Items(1) GAAP GAAP Amortization Item
Slide 22: Non-GAAP Reconciliation
NON-GAAP RECONCILIATION Supplemental Financial Information ($ in millions, except percentages) (Unaudited) Nine Months Ended September 30, 2025 2024 Non-Cash Non-Cash Acquisition Acquisition related Non-Recurring Non- related Non-Recurring Non- GAAP amortization Items(1) GAAP GAAP amortization Items
Slide 23: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Supplemental Financial Information ($ in millions, except percentages) (Unaudited) 2025 Trailing Twelve Month Adjusted EBITDA 2024 Trailing Twelve Month Adjusted EBITDA Quarter Ended Quarter Ended December 31, March 31, June 30, September 30, December 31, March 31, Jun
Slide 24: Topgolf Adjusted EBITDA Reconciliation
TOPGOLF ADJUSTED EBITDA RECONCILIATION Supplemental Financial Information ($ in millions, except percentages) (Unaudited) Twelve Months Ended Three Months Ended September 30, Nine Months Ended September 30, December 31, 2025 2024 2025 2024 2024 Topgolf Segment operating income(1): $ 31.1 $ 28.3 $ 74
Slide 25: Jack Wolfskin Adjusted EBITDA Reconciliation
JACK WOLFSKIN ADJUSTED EBITDA RECONCILIATION Supplemental Financial Information ($ in millions, except percentages) (Unaudited) Twelve Months Three Months Ended September 30, Nine Months Ended September 30, Ended December 31, 2025 2024 2025 2024 2024 Active Lifestyle Segment operating income $ 13.7
Slide 26: Non-GAAP Results from On-Going Business
NON-GAAP RESULTS FROM ON-GOING BUSINESS Supplemental Financial Information ($ in millions, except percentages) (Unaudited) Non-GAAP Consolidated Topgolf Callaway Brands Jack Wolfskin Non-GAAP Ongoing Business Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended Three Months Ende
Slide 27: Thank You!
THANK YOU!
Topgolf Callaway Brands — Q3 2025 Earnings Presentation on 6ix