Callaway Golf Company · NYSE:CALY
Callaway Golf — Q4 2025 Earnings Presentation
21 slides from Callaway Golf's earnings presentation, Feb 12, 2026
Slide 1: Fourth Quarter 2025 Earnings Conference Call
Callaway Golf Company Fourth Quarter 2025 Earnings Conference Call February 12, 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: Highlights
HIGHLIGHTS Company returns to its roots as a leading pure play golf equipment company after selling Jack Wolfskin and a 60% stake in the Topgolf businesses. Immediately following the close of the Topgolf transaction on January 1, 2026, the Company was in a net cash position with approximately $680 m
Slide 4: Recent Brand Highlights: Exciting New Product Lineup
RECENT BRAND HIGHLIGHTS Exciting New Product Lineup • Callaway Quantum Family of Drivers, Fairway Woods, Irons, and Hybrids • Quantum Driver introducing a revolutionary Tri-Force Face • Quantum Fairway Woods and Hybrids are purpose-built for speed, launch, and versatility • Quantum Irons delivering
Slide 5: Returning to Our Roots as a Pure Play Golf Company
RETURNING TO OUR ROOTS AS A PURE PLAY GOLF COMPANY Proven Track Record In Golf • #1 Golf Club share in 9 of the last 12 years • #2 in Golf Ball share • Leader in technology and innovation • Iconic brands in Callaway and Odyssey • Highly complementary golf apparel, gear & accessories Source: Datatech
Slide 6: The Game of Golf Is as Healthy as It Has Ever Been
THE GAME OF GOLF IS AS HEALTHY AS IT HAS EVER BEEN Strong Golf Market Fundamentals • Rounds played up 1.2% in 2025 • Golf’s US reach is now more than 136 million, or approximately 2 out of every 5 Americans • Participation in off-course golf is now estimated to be 38 million, an increase of 63% sinc
Slide 7: Topgolf Sale to Drive Significant Shareholder Value
TOPGOLF SALE TO DRIVE SIGNIFICANT SHAREHOLDER VALUE CALY closed the sale of a 60% majority equity interest in Topgolf Resulting in ~$800M in cash proceeds No operating role No exposure to Topgolf leases No capital call at Topgolf or future debt payments obligations • 40% minority stake provides CALY
Slide 8: Net Cash Position Following Sale of Topgolf
NET CASH POSITION FOLLOWING SALE OF TOPGOLF Upon Closing the Topgolf Transaction CALY repaid $1B of Board authorized a new $200M outstanding borrowings stock buyback program Resulting In Gross debt of ~$480M1 Cash of ~$680M1 Anticipate cash repayment of $258M in convertible notes upon maturity in Ma
Slide 9: Capital Allocation Strategy
CAPITAL ALLOCATION STRATEGY CAPITAL ALLOCATION PRIORITIES 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 to zero net leverage position Return capital to shareholders through buybacks $200
Slide 10: Fourth Quarter and Full Year 2025 Financial Results
FOURTH QUARTER AND FULL YEAR 2025 FINANCIAL RESULTS Q4 NON-GAAP RESULTS1 ($ in millions, except per share data) Q4 2025 Q4 2024 Change (%) Net Sales 367.5 371.4 (1)% Net Income (Loss) From Continuing (46.5) (100.0) 54% Operations Diluted Earnings (Loss) Per Share From (0.25) (0.54) 54% Continuing Op
Slide 11: Fourth Quarter and Full Year 2025 Segment Financial Results
FOURTH QUARTER AND FULL YEAR 2025 SEGMENT FINANCIAL RESULTS Q4 NET SALES BY SEGMENT ($ in millions) Q4 2025 Q4 2024 Change (%) Golf Equipment 213.9 224.9 (5)% Golf Club 166.1 178.8 (7)% Golf Ball 47.8 46.1 4% Apparel, Gear and Other 153.6 146.5 5% Apparel 99.7 94.5 6% Gear and Other 53.9 52.0 4% FUL
Slide 12: Fourth Quarter and Full Year 2025 Regional Results
FOURTH QUARTER AND FULL YEAR 2025 REGIONAL RESULTS Q4 NET SALES BY REGION ($ in millions) Q4 2025 Q4 2024 Change (%) United States 244.2 241.1 1% Europe 29.8 27.2 10% Asia 74.0 79.6 (7)% Rest of World 19.5 23.5 (17)% FULL YEAR NET SALES BY REGION ($ in millions) FY 2025 FY 2024 Change (%) United Sta
Slide 13: 2026 Total Company Outlook
2026 TOTAL COMPANY OUTLOOK FULL YEAR 20261 Q1 20261 FY 2026 FY 2025 Q1 2026 Q1 2025 ($ in millions) ($ in($millions) in millions) Guidance Results2 Guidance Results2 Consolidated Net Revenue $1,980 to $2,050 $2,060 Consolidated Net Revenue $635 to $665 $630 Consolidated Adjusted EBITDA $170 to $195
Slide 14: 2026 Total Company Revenue and Adjusted EBITDA Guidance
2026 TOTAL COMPANY REVENUE AND ADJUSTED EBITDA GUIDANCE 2026 Revenue Guidance Range of $1,980 to $2,050M • Pulling back on sales of some of our lower-margin business • Making some changes to our Golf Equipment launch cadences and extending product life cycles leading to fewer YoY launches • Monitori
Slide 15: Net Debt Leverage
NET DEBT LEVERAGE January 2, 2026 December 31, 2025 December 31, 2024 (Pro-Forma) Total Principal – Long term debt & ABL credit facilities $ 1,478.7 $ 1,476.6 $ 478.7 Equipment financing lease liabilities 0.8 0.6 0.8 Less: Unrestricted cash (903.2) (445.0) (680.0) Total Net Debt (1) $ 576.3 $ 1,032.
Slide 16: Appendix
APPENDIX NOTHING®BEATS THIS
Slide 17: Accounting Considerations for Topgolf
ACCOUNTING CONSIDERATIONS FOR TOPGOLF • At the time of the transaction, the book value of our retained stake in Topgolf was approximately $250 million • Starting in Q1: • The book value of our Topgolf stake is adjusted each quarter based on our 40% share of Topgolf’s net results (equity method accou
Slide 18: Segment Operating Income
SEGMENT OPERATING INCOME (in millions $, except percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2025 2024 Change 2025 2024 Change Golf Equipment (31.2) (2.8) n/m 170.1 183.7 (7.4) % % of segment revenue (14.6) % (1.2) % (1,340) bps 12.4 % 13.3 % (90) bps Apparel, Gear a
Slide 19: Fourth Quarter Non-GAAP Reconciliation
FOURTH QUARTER NON-GAAP RECONCILIATION Supplemental Financial Information Three Months Ended December 31, ($ in millions) 2025 2024 Non-Cash Acquisition- Tax Valuation Non-Recurring Non- Non-Cash Acquisition- Non-Recurring Non- GAAP related Amortization Allowance Items(1) GAAP GAAP related Amortizat
Slide 20: Full Year Non-GAAP Reconciliation
FULL YEAR NON-GAAP RECONCILIATION Supplemental Financial Information Twelve Months Ended December 31, ($ in millions) 2025 2024 Non-Cash Acquisition-related Tax Valuation Non-Recurring Non- Non-Cash Acquisition- Non-Recurring Non- GAAP Amortization Allowance Items(1) GAAP GAAP related Amortization I
Slide 21: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Supplemental Financial Information ($ in millions) 2025 Trailing Twelve Month Adjusted EBITDA 2024 Trailing Twelve Month Adjusted EBITDA Quarter Ended Quarter Ended March 31, June 30, September 30, December 31, March 31, June 30, September 30, December 31, 2025 2025 20
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