Acushnet Holdings Corp. · NYSE:GOLF
Acushnet — Q3 2025 Earnings Presentation
13 slides from Acushnet's earnings presentation, Nov 5, 2025
Slide 1: Third Quarter 2025 Earnings Call
Third Quarter 2025 Earnings Call November 5, 2025
Slide 2: Disclaimers
DISCLAIMERS FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements that reflect our current views with respect to, among other things, our 2025 outlook, our operations and our financial performance. These forward-looking statements are included throughout this presentation
Slide 3: Q3 and YTD 2025 Performance
Q3 and YTD 2025 Performance David Maher President and Chief Executive Officer
Slide 4: Q3 and YTD Overview and Net Sales by Segment
Q3 AND YTD OVERVIEW AND NET SALES BY SEGMENT Growth Growth Growth Growth ($ in millions) Q3 2025 Y/Y Y/Y @ CC YTD 2025 Y/Y Y/Y @ CC Net sales $657.7 6.0% 5.3% $2,081.5 3.5% 3.6% Adjusted EBITDA(1) $118.6 10.4% $400.6 2.2% Segment net sales Golf Balls $202.4 6.2% 5.6% $677.9 4.9% 5.0% Golf Clubs $225
Slide 5: Q3 and YTD Net Sales by Region
Q3 AND YTD NET SALES BY REGION Growth Growth Growth Growth ($ in millions) Q3 2025 YTD 2025 Y/Y Y/Y @ CC Y/Y Y/Y @ CC United States $397.0 6.1% 6.1% $1,255.7 4.6% 4.6% EMEA $91.1 20.7% 14.0% $293.6 11.3% 8.3% Japan $36.9 (11.5)% (13.4)% $102.3 (5.9)% (7.5)% Korea $67.7 0.9% 2.8% $214.0 (5.4)% (1.1)%
Slide 6: Key Highlights
KEY HIGHLIGHTS • Sport and business of golf vibrant with increased participation and rounds of play • Acushnet’s dedicated golfer core consumer healthy and resilient • Golf industry structurally sound • Titleist equipment segment strength fueled by new Pro V1 franchise and successful T-Series irons
Slide 7: Q3 and YTD 2025 Financial Results
Q3 and YTD 2025 Financial Results Sean Sullivan Chief Financial Officer
Slide 8: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS ($ in millions) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net sales $657.7 $620.5 $2,081.5 $2,011.9 Gross profit $319.1 $304.2 $1,010.6 $980.0 GM% 48.5% 49.0% 48.6% 48.7% SG&A $204.9 $199.7 $627.2 $608.5 R&D $18.6 $18.9 $56.4 $51.5 Intangible amortization $2.7 $3.5 $9.7 $10.5 Inc
Slide 9: Balance Sheet and Capital Allocation
BALANCE SHEET AND CAPITAL ALLOCATION ($ in millions) As of 9/30/2025 As of 12/31/2024 Unrestricted Cash $88 $51 Total Debt Outstanding $902 $764 (1) Net Leverage Ratio 2.0x 1.8x Inventory $514 $576 (1) Ratio of average adjusted net funded debt for the prior four fiscal quarters to Adjusted EBITDA fo
Slide 10: 2025 Financial Outlook
2025 FINANCIAL OUTLOOK ($ in millions) 2025 Outlook (1) $2,520 - $2,540 Net Sales Up ~3.0% at the mid-point Increase by ~2.6% to 3.4% Net Sales @ CC Up ~3.0% at the mid-point $405 - $415 Adjusted EBITDA Up ~1.4% at the mid-point (1) Change as compared to 2024. 10
Slide 11: Q&A
Q&A
Slide 12: Appendix
APPENDIX CLUBGLOVE TPI
Slide 13: Adjusted EBITDA
ADJUSTED EBITDA ($ in millions) Q3 2025 Q3 2024 YTD 2025 YTD 2024 Net income attributable to Acushnet Holdings Corp. $48.5 $56.2 $223.4 $215.4 Interest expense, net 14.5 13.2 43.5 40.4 Income tax expense 28.6 13.2 68.8 57.8 Depreciation and amortization 13.0 14.0 42.2 41.7 Share-based compensation 8