Callaway Golf Company · NYSE:CALY
Callaway Golf — Q2 2026 Earnings Presentation
18 slides from Callaway Golf's earnings presentation, Aug 4, 2026
Slide 1: Second Quarter 2026 Earnings Conference Call
Callaway Golf Company Second Quarter 2026 Earnings Conference Call August 4, 2026 1
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, revenues, the Non-GAAP P
Slide 3: Quarterly Highlights
QUARTERLY HIGHLIGHTS Q2 Net Sales increased 2%, Non-GAAP Net Income from Continuing Ops increased 90% and Adjusted EBITDA increased 36% year-over-year. Q2 Non-GAAP Gross Margin increased 460 basis points year-over-year. Repurchased $84M of common shares YTD through June, with $120M remaining on our
Slide 4: Second Quarter 2026 Financial Results
SECOND QUARTER 2026 FINANCIAL RESULTS Q2 2026 RESULTS1 ($ in millions, except per share data) Q2 2026 Q2 2025 Change (%) Net Sales $ 612.2 $ 600.4 ▲ 2% Non-GAAP Net Income (Loss) From $ 73.8 $ 38.9 ▲ 90% Continuing Operations Non-GAAP Diluted Earnings (Loss) Per $ 0.39 $ 0.20 ▲ 95% Share From Contin
Slide 5: Second Quarter 2026 Segment Financial Results
SECOND QUARTER 2026 SEGMENT FINANCIAL RESULTS Q2 2026 NET SALES ($ in millions) Q2 2026 Q2 2025 Change (%) Golf Equipment $ 430.3 $ 411.8 ▲ 4% Golf Club $ 316.5 $ 312.7 ▲ 1% Golf Ball $ 113.8 $ 99.1 ▲ 15% Apparel, Gear and Other $ 181.9 $ 188.6 ▼ (4)% Apparel $ 105.2 $ 104.3 ▲ 1% Gear and Other $ 76
Slide 6: Second Quarter 2026 Regional Results
SECOND QUARTER 2026 REGIONAL RESULTS Q2 2026 NET SALES Constant Currency ($ in millions) Q2 2026 Q2 2025 Change (%) vs. 20251 United States $ 414.7 $ 401.1 ▲ 3% ▲ 3% Europe $ 64.8 $ 64.6 -- % ▼ (1)% Asia $ 90.3 $ 91.9 ▼ (2)% ▲ 6% Rest of World $ 42.4 $ 42.8 ▼ (1)% ▼ (4)% Note: Consolidated numbers r
Slide 7: The Game of Golf Remains Strong in 2026
THE GAME OF GOLF REMAINS STRONG IN 2026 Healthy Golf Market Fundamentals U.S. rounds played through Q2 were up ~4% U.S. estimated golf equipment sell through was up low to mid-single digits in Q2 and year-to-date Japan's market was up low-to-mid single digits in Q2 UK and European markets estimated
Slide 8: Recent Brand Highlights
RECENT BRAND HIGHLIGHTS U.S. golf ball market share in June was up 250 bps year-over-year hitting a new record, with green grass now just over 24% share. Callaway is launching the Quantum Mini Spinner, a compact top-of-the- bag solution designed to deliver more spin, control, and confidence when att
Slide 9: Callaway Golf Ball Market Share
CALLAWAY GOLF BALL MARKET SHARE Annual US Golf Ball Market Share1 22% 20% 21% 21% 20% 18% 16% 17% 17% 14% 14% 11% 9% 8% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (through June) 1. Golf Datatech 9
Slide 10: 2026 Outlook
2026 OUTLOOK FULL YEAR 2026 Q3 2026 Current FY Prevoius FY FY 2025 Q3 2026 Q3 2025 ($ in millions) 2026 Guidance 2026 Guidance Results2 ($ in millions) Guidance Results2 Consolidated Net Sales $2,045 to $2,070 $2,015 to $2,070 $2,060 Consolidated Net Sales $415 to $435 $463 Adjusted EBITDA from $246
Slide 11: Updated Full Year 2026 Guidance Walk
UPDATED FULL YEAR 2026 GUIDANCE WALK 2026 Net Sales Guidance Range v of $2,045 – 2,070M (Midpoint) $15 $5 $2,058 $2,043 ($5) Net Sales increased $15M at the midpoint due to flow through of strong demand and continued v momentum in ball business. 2H raise covers ~$5M of 2H FX headwind. Prev Guidance
Slide 12: Net Debt Leverage
NET DEBT LEVERAGE NET DEBT & LEVERAGE ($ in millions) June 30, 2026 June 30, 2025 Total Principal – Long term debt & ABL credit facilities $ 50.8 $ 1,491.4 Equipment financing lease liabilities 23.0 0.7 Less: Unrestricted cash (278.1) (683.5) Total Net Debt 1 $ (204.3) $ 808.6 Trailing twelve month
Slide 13: Capital Allocation Strategy
CAPITAL ALLOCATION STRATEGY Reinvest in the business to unlock high ROl embedded growth Maintain a healthy balance sheet by prudently managing leverage Expect to end 2026 with a net cash leverage position Return capital to shareholders through buybacks $200 million repurchase authorization ($120 mil
Slide 14: Appendix
Appendix . NOTHING®BEATS THIS
Slide 15: Segment Operating Income
SEGMENT OPERATING INCOME Supplemental Financial Information ($ in millions, except percentages) (Unaudited) (in millions, except percentages) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Change 2026 2025 Change Golf Equipment $ 100.3 $ 76.2 31.6% 217.9 178.0 22.4% % of segment net
Slide 16: Quarter-to-Date Non-GAAP Reconciliation
QUARTER-TO-DATE NON-GAAP RECONCILIATION Supplemental Financial Information Three Months Ended June 30, ($ in millions) 2026 2025 Non-Cash (Loss) From Non-Cash Acquisition-related Non-Recurring Equity Method Non- Acquisition-related Non-Recurring Non- GAAP Amortization Items(1) Investments GAAP GAAP
Slide 17: Full Year Non-GAAP Reconciliation
FULL YEAR NON-GAAP RECONCILIATION Supplemental Financial Information Six Months Ended June 30, ($ in millions) 2026 2025 Non-Cash Non-Cash Acquisition- Non- (Loss) from Acquisition- related Recurring Tax Valuation Equity Method Non- related Non-Recurring Non- GAAP Amortization Items(1) Allowance Inv
Slide 18: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Supplemental Financial Information ($ in millions) 2026 Trailing Twelve Month Adjusted EBITDA 2025 Trailing Twelve Month Adjusted EBITDA Quarter Ended Quarter Ended September 30, December 31, March 31, June 30, September 30, December 31, March 31, June 30, 2025 2025 20
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