Document

As disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, in 2025, Callaway Golf Company (the “Company,” “we,” “our,” “us”) undertook a strategic realignment to focus on our core Golf Equipment and complementary soft goods businesses, which resulted in the sale of our Jack Wolfskin and Topgolf businesses (the “Divestitures”). On May 31, 2025, we completed the sale of 100% of the outstanding equity interests of Callaway Germany Holdco GmbH, which owned the Jack Wolfskin business, to a subsidiary of ANTA Sports Products Limited. Following this, on November 17, 2025, we entered into a definitive agreement to sell a 60% ownership interest in our Topgolf and Toptracer businesses (“Topgolf”) to private equity funds managed by Leonard Green & Partners, L.P. The transaction closed effective January 1, 2026, at which time we retained a 40% ownership interest in Topgolf.

Constant Currency Basis. We have provided certain information regarding our financial results or projected financial results on a "constant currency basis" or as "constant currency" results. This information estimates the impact of changes in foreign currency exchange rates on the translation of our current or projected future period financial results as compared to the applicable comparable period. This impact is derived by taking the current or projected local currency results and translating them into U.S. dollars based upon the foreign currency exchange rates for the applicable comparable period. It does not include any other effect of changes in foreign currency rates on our results or business.

Non-Recurring, Non-cash and Interest Expense Adjustments. We have provided information excluding certain non-cash amortization of acquired intangible assets, including customer and distributor relationships and acquired developed technology related to our acquisitions of TravisMathew and OGIO (together, the “Acquisitions”). While the amortization of acquired intangible assets is excluded from the calculation of non-GAAP net income, the revenue and operating costs associated with these acquired companies is reflected in non-GAAP net income calculations, as well as the acquired assets that contribute to revenue generation. For specific non-recurring adjustment items, please see the Supplemental Financial Information and Non-GAAP Reconciliation section of this exhibit. Non-recurring adjustments include, among other things subtraction of costs related to a plan intended to optimize organizational efficiencies and decrease operating costs under the separate business structures that are anticipated after the separation of Topgolf (the “Transformation Plan”). Costs incurred related to Non-Recurring and Non-Cash Adjustments are excluded from the measurement of segment profitability for internal and external reporting purposes. In addition, we have added back to certain of our non-GAAP results interest expenses relating to debt incurred at the corporate level that are categorized under discontinued operations in order to burden continuing operations with the full impact of our total term debt.

In addition, we have included in this exhibit a reconciliation of certain non-GAAP information to the most directly comparable GAAP information. The non-GAAP information presented in this exhibit should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP. The non-GAAP information may also be inconsistent with the manner in which similar measures are derived or used by other companies. Management uses such non-GAAP information for financial and operational decision-making purposes and as a means to evaluate period-over-period comparisons and in forecasting our business going forward. Management believes that the presentation of such non-GAAP information, when considered in conjunction with the most directly comparable GAAP information, provides additional useful comparative information for investors in their assessment of the underlying performance, and, in some cases, financial condition, of our business with regard to these items.


	Net Sales by Category
		Three Months Ended March 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Clubs			$	340.0	$	345.9	$	(5.9)	(1.7%)	(0.5%)
Golf Balls			103.9		104.2		(0.3)		(0.3%)	0.6%
Apparel			98.0		100.6		(2.6)		(2.6%)	(1.5%)
Gear, Accessories & Other			87.7		89.0		(1.3)		(1.5%)	(0.2%)
Total net sales			$	629.6	$	639.7	$	(10.1)	(1.6%)	(0.5%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Three Months Ended March 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
United States			$	416.1	$	422.5	$	(6.4)	(1.5%)	(1.5%)
Europe			64.3		63.2		1.1		1.7%	3.8%
Asia			106.8		108.9		(2.1)		(1.9%)	1.3%
Rest of world			42.4		45.1		(2.7)		(6.0%)	(0.9%)
Total net sales			$	629.6	$	639.7	$	(10.1)	(1.6%)	(0.5%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Three Months Ended March 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Equipment			$	443.9	$	450.1	$	(6.2)	(1.4%)	(0.3%)
Apparel, Gear and Other			185.7		189.6		(3.9)		(2.1%)	(0.9%)
Total net sales			$	629.6	$	639.7	$	(10.1)	(1.6%)	(0.5%)

Segment operating income (loss):
Golf Equipment			$	101.8	$	82.2	$	19.6	23.8%
Apparel, Gear and Other			35.4		36.1		(0.7)		(1.9%)
Total segment operating income (loss)			137.2		118.3		18.9		16.0%
Non-recurring items (2)			(1.3)		(2.9)		1.6		(55.2%)
Corporate costs and expenses (3)			(32.8)		(36.6)		3.8		(10.4%)
Total operating income (loss)			103.1		78.8		24.3		30.8%
Interest expense, net			(14.9)		(17.3)		2.4		(13.9%)
Other income, net			2.4		3.9		(1.5)		(38.5%)
Total income (loss) from continuing operations, before income taxes			$	90.6	$	65.4	$	25.2	38.5%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.



	Three Months Ended March 31,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items		Non- GAAP
Net sales	$	629.6		$	—	$	—	$	629.6		$	639.7		$	—	$	—	$	639.7
Cost of sales	346.0			—		0.3		345.7			361.5			—		—		361.5
Gross profit	$	283.6		$	—	$	(0.3)	$	283.9		$	278.2		$	—	$	—	$	278.2
Gross Margin	45.0		%					45.1		%	43.5		%					43.5		%

(1) Non-recurring items from continuing operations primarily includes restructuring and reorganization costs.

	Three Months Ended March 31,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	103.1		$	(0.1)	$	(1.2)	$	104.4		$	78.8		$	(0.1)	$	(2.8)	$	81.7
Net income (loss) from continuing operations	$	63.4		$	—	$	6.3	$	57.1		$	56.9		$	(0.1)	$	3.1	$	53.9

(1) Non-recurring items from continuing operations primarily include $0.7 million of restructuring charges related to the Transformation Plan. In addition, $9.5 million of term loan interest expense incurred at the corporate level and included as part of discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $4.7 million in charges related to our 2024 debt repricing, $1.0 million of costs related to a cybersecurity incident, and $0.5 million in IT integration charges including costs associated with the implementation of a new cloud based HRM system. In addition, $11.5 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

	Three Months Ended March 31,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	0.33		$	—	$	0.03	$	0.30		$	0.29		$	—	$	0.01	$	0.28
Weighted-average shares outstanding - diluted	198.2			198.2		198.2		198.2			199.1			199.1		199.1		199.1

(1) When aggregated, earnings per share amounts may not add across due to rounding.


	Net Sales by Category
		Three Months Ended June 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Clubs			$	312.7	$	310.2	$	2.5	0.8%	(0.6%)
Golf Balls			99.1		103.8		(4.7)		(4.5%)	(5.4%)
Apparel			104.4		111.7		(7.3)		(6.5%)	(7.1%)
Gear, Accessories & Other			84.2		88.6		(4.4)		(5.0%)	(5.5%)
Total net sales			$	600.4	$	614.3	$	(13.9)	(2.3%)	(3.3%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Three Months Ended June 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
United States			$	401.1	$	421.0	$	(19.9)	(4.7%)	(4.7%)
Europe			64.6		53.2		11.4		21.4%	14.8%
Asia			91.9		97.3		(5.4)		(5.5%)	(9.0%)
Rest of world			42.8		42.8		—		—%	1.2%
Total net sales			$	600.4	$	614.3	$	(13.9)	(2.3%)	(3.3%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Three Months Ended June 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Equipment			$	411.8	$	414.0	$	(2.2)	(0.5%)	(1.8%)
Apparel, Gear and Other			188.6		200.3		(11.7)		(5.8%)	(6.4%)
Total net sales			$	600.4	$	614.3	$	(13.9)	(2.3%)	(3.3%)

Segment operating income (loss):
Golf Equipment			$	76.2	$	77.5	$	(1.3)	(1.7%)
Apparel, Gear and Other			29.3		36.9		(7.6)		(20.6%)
Total segment operating income (loss)			105.5		114.4		(8.9)		(7.8%)
Non-recurring items (2)			(0.9)		(2.0)		1.1		(55.0%)
Corporate costs and expenses (3)			(30.3)		(25.7)		(4.6)		17.9%
Total operating income (loss)			74.3		86.7		(12.4)		(14.3%)
Interest expense, net			(15.2)		(15.9)		0.7		(4.4%)
Other income, net			(0.5)		10.9		(11.4)		(104.6%)
Total income (loss) from continuing operations, before income taxes			$	58.6	$	81.7	$	(23.1)	(28.3%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.


	Net Sales by Category
		Six Months Ended June 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
Golf Clubs			$	652.7	$	656.1	$	(3.4)	(0.5%)		(0.6%)
Golf Balls			203.0		208.0		(5.0)		(2.4%)		(2.4%)
Apparel			202.4		212.3		(9.9)		(4.7%)		(4.4%)
Gear, Accessories & Other			171.9		177.6		(5.7)		(3.2%)		(2.9%)
Total net sales			$	1,230.0	$	1,254.0	$	(24.0)	(1.9%)		(1.9%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Six Months Ended June 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
United States			$	817.2	$	843.5	$	(26.3)	(3.1%)		(3.1%)
Europe			128.9		116.4		12.5		10.7%		8.8%
Asia			198.7		206.2		(7.5)		(3.6%)		(3.6%)
Rest of world			85.2		87.9		(2.7)		(3.1%)		0.1%
Total net sales			$	1,230.0	$	1,254.0	$	(24.0)	(1.9%)		(1.9%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Six Months Ended June 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
Golf Equipment			$	855.7	$	864.1	$	(8.4)	(1.0%)		(1.0%)
Apparel, Gear and Other			374.3		389.9		(15.6)		(4.0%)		(3.7%)
Total net sales			$	1,230.0	$	1,254.0	$	(24.0)	(1.9%)		(1.9%)

Segment operating income:
Golf Equipment			$	178.0	$	159.7	$	18.3	11.5	%
Apparel, Gear and Other			64.7		73.0		(8.3)		(11.4)	%
Total segment operating income			242.7		232.7		10.0		4.3	%
Non-recurring items (2)			(2.2)		(4.9)		2.7		(55.1)	%
Corporate costs and expenses (3)			(63.1)		(62.3)		(0.8)		1.3	%
Total operating income			177.4		165.5		11.9		7.2	%
Interest expense, net			(30.1)		(33.2)		3.1		(9.3)	%
Other income, net			1.9		14.8		(12.9)		(87.2)	%
Total income (loss) from continuing operations, before income taxes			$	149.2	$	147.1	$	2.1	1.4	%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.


	Three Months Ended June 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items		Non- GAAP
Net sales	$	600.4		$	—	$	—	$	600.4		$	614.3		$	—	$	—	$	614.3
Cost of sales	337.0			—		0.1		336.9			340.9			—		—		340.9
Gross profit	$	263.4		$	—	$	(0.1)	$	263.5		$	273.4		$	—	$	—	$	273.4
Gross Margin	43.9		%					43.9		%	44.5		%					44.5		%

(1) Non-recurring items from continuing operations primarily includes costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions.

	Three Months Ended June 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	74.3		$	(0.1)	$	(0.8)	$	75.2		$	86.7		$	(0.3)	$	(1.7)	$	88.7
Net income (loss) from continuing operations	$	45.5		$	(0.1)	$	6.7	$	38.9		$	99.4		$	(0.2)	$	6.9	$	92.7

(1) Non-recurring items from continuing operations primarily include $0.5 million of restructuring charges related to the Transformation Plan. In addition, $9.6 million of term loan interest expense incurred at the corporate level and included as part of discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $1.3 million in IT integration charges including costs associated with the implementation of a new cloud based HRM system. In addition, $10.8 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

	Three Months Ended June 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	0.24		$	—	$	0.04	$	0.20		$	0.51		$	—	$	0.04	$	0.47
Weighted-average shares outstanding - diluted	199.6			199.6		199.6		199.6			199.6			199.6		199.6		199.6

(1) When aggregated, earnings per share amounts may not add across due to rounding.


	Six Months Ended June 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items		Non- GAAP
Net sales	$	1,230.0		$	—	$	—	$	1,230.0		$	1,254.0		$	—	$	—	$	1,254.0
Cost of sales	683.0			—		0.4		682.6			702.4			—		—		702.4
Gross profit	$	547.0		$	—	$	(0.4)	$	547.4		$	551.6		$	—	$	—	$	551.6
Gross Margin	44.5		%					44.5		%	44.0		%					44.0		%

(1) Non-recurring items from continuing operations primarily includes restructuring and reorganization costs.

	Six Months Ended June 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	177.4		$	(0.2)	$	(2.0)	$	179.6		$	165.5		$	(0.4)	$	(4.5)	$	170.4
Net income (loss) from continuing operations	$	108.9		$	(0.1)	$	13.0	$	96.0		$	156.3		$	(0.3)	$	10.0	$	146.6

(1) Non-recurring items from continuing operations primarily include $1.2 million of restructuring charges related to the Transformation Plan and costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions. In addition, $19.1 million of term loan interest expense incurred at the corporate level and included as part of discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $4.7 million in charges related to our 2024 debt repricing, $1.2 million of costs related to a cybersecurity incident, and $1.8 million in IT integration charges including costs associated with the implementation of a new cloud based HRM system. In addition, $22.3 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

	Six Months Ended June 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	0.56		$	—	$	0.06	$	0.50		$	0.80		$	—	$	0.05	$	0.75
Weighted-average shares outstanding - diluted	199.0			199.0		199.0		199.0			199.4			199.4		199.4		199.4

(1) When aggregated, earnings per share amounts may not add across due to rounding.


	Net Sales by Category
		Three Months Ended September 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Clubs			$	234.1	$	226.0	$	8.1	3.6%	(3.1%)
Golf Balls			71.4		67.7		3.7		5.5%	5.3%
Apparel			96.7		98.8		(2.1)		(2.1%)	(1.8%)
Gear, Accessories & Other			60.4		59.8		0.6		1.0%	0.8%
Total net sales			$	462.6	$	452.3	$	10.3	2.3%	2.0%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Three Months Ended September 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
United States			$	301.9	$	296.5	$	5.4	1.8%	1.8%
Europe			45.1		38.5		6.6		17.1%	11.7%
Asia			90.4		93.3		(2.9)		(3.1%)	(2.4%)
Rest of world			25.2		24.0		1.2		5.0%	6.3%
Total net sales			$	462.6	$	452.3	$	10.3	2.3%	2.0%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Three Months Ended September 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Equipment			$	305.5	$	293.7	$	11.8	4.0%	3.6%
Apparel, Gear and Other			157.1		158.6		(1.5)		(0.9%)	(0.8%)
Total net sales			$	462.6	$	452.3	$	10.3	2.3%	2.0%

Segment operating income (loss):
Golf Equipment			$	23.3	$	26.8	$	(3.5)	(13.1%)
Apparel, Gear and Other			13.7		17.5		(3.8)		(21.7%)
Total segment operating income (loss)			37.0		44.3		(7.3)		(16.5%)
Non-recurring items (2)			(0.5)		(1.3)		0.8		(61.5%)
Corporate costs and expenses (3)			(31.7)		(31.0)		(0.7)		2.3%
Total operating income (loss)			4.8		12.0		(7.2)		(60.0%)
Interest expense, net			(14.9)		(15.1)		0.2		(1.3%)
Other income, net			8.7		(0.8)		9.5		n/m
Total income (loss) from continuing operations, before income taxes			$	(1.4)	$	(3.9)	$	2.5	(64.1%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.


	Net Sales by Category
		Nine Months Ended September 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
Golf Clubs			$	886.8	$	882.1	$	4.7	0.5%		0.4%
Golf Balls			274.4		275.7		(1.3)		(0.5%)		(0.5%)
Apparel			299.1		311.1		(12.0)		(3.9%)		(3.6%)
Gear, Accessories & Other			232.3		237.4		(5.1)		(2.1%)		(1.9%)
Total net sales			$	1,692.6	$	1,706.3	$	(13.7)	(0.8%)		(0.8%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Nine Months Ended September 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
United States			$	1,119.1	$	1,140.0	$	(20.9)	(1.8%)		(1.8%)
Europe			174.0		154.9		19.1		12.3%		9.6%
Asia			289.1		299.5		(10.4)		(3.5%)		(3.2%)
Rest of world			110.4		111.9		(1.5)		(1.3%)		1.4%
Total net sales			$	1,692.6	$	1,706.3	$	(13.7)	(0.8%)		(0.8%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Nine Months Ended September 30,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
Golf Equipment			$	1,161.2	$	1,157.8	$	3.4	0.3%		0.1%
Apparel, Gear and Other			531.4		548.5		(17.1)		(3.1%)		(2.9%)
Total net sales			$	1,692.6	$	1,706.3	$	(13.7)	(0.8%)		(0.8%)

Segment operating income:
Golf Equipment			$	201.3	$	186.5	$	14.8	7.9	%
Apparel, Gear and Other			78.4		90.5		(12.1)		(13.4)	%
Total segment operating income			279.7		277.0		2.7		1.0	%
Non-recurring items (2)			(2.7)		(6.2)		3.5		(56.5)	%
Corporate costs and expenses (3)			(94.8)		(93.3)		(1.5)		1.6	%
Total operating income			182.2		177.5		4.7		2.6	%
Interest expense, net			(45.0)		(48.3)		3.3		(6.8)	%
Other (expense) income, net			10.6		14.0		(3.4)		(24.3)	%
Total income (loss) from continuing operations, before income taxes			$	147.8	$	143.2	$	4.6	3.2	%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.


	Three Months Ended September 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (1)		Non- GAAP
Net sales	$	462.6		$	—	$	—	$	462.6		$	452.3		$	—	$	—	$	452.3
Cost of sales	278.3			—		—		278.3			263.0			—		0.4		262.6
Gross profit	$	184.3		$	—	$	—	$	184.3		$	189.3		$	—	$	(0.4)	$	189.7
Gross Margin	39.8		%					39.8		%	41.9		%					41.9		%

(1) Non-recurring items from continuing operations includes $0.3 million of costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions.

	Three Months Ended September 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	4.8		$	(0.2)	$	(0.3)	$	5.3		$	12.0		$	(0.1)	$	(1.2)	$	13.3
Net income (loss) from continuing operations	$	(4.1)		$	(0.2)	$	7.2	$	(11.1)		$	31.0		$	(0.1)	$	7.4	$	23.7

(1) Non-recurring items from continuing operations primarily include $0.2 million of restructuring and reorganization charges. In addition, $9.7 million of term loan interest expense incurred at the corporate level and included as part of discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $0.6 million of restructuring and reorganization charges related to the Transformation Plan, $0.3 million of IT integration charges including costs associated with the implementation of a new cloud based HRM system, and costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions. In addition, $10.9 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

	Three Months Ended September 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	(0.02)		$	—	$	0.04	$	(0.06)		$	0.16		$	—	$	0.03	$	0.13
Weighted-average shares outstanding - diluted (2)	183.9			183.9		183.9		183.9			199.6			199.6		199.6		199.6

(1) When aggregated, earnings per share amounts may not add across due to rounding.
(2) For the three months ended September 30, 2025, weighted-average diluted shares outstanding is equivalent to weighted-average basic shares outstanding due to a net loss position.


	Nine Months Ended September 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (2)		Non- GAAP
Net sales	$	1,692.6		$	—	$	—	$	1,692.6		$	1,706.3		$	—	$	—	$	1,706.3
Cost of sales	961.3			—		0.4		960.9			965.4			—		0.4		965.0
Gross profit	$	731.3		$	—	$	(0.4)	$	731.7		$	740.9		$	—	$	(0.4)	$	741.3
Gross Margin	43.2		%					43.2		%	43.4		%					43.4		%

(1) Non-recurring items from continuing operations primarily includes restructuring and reorganization costs.
(2) Non-recurring items from continuing operations primarily includes costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions.

	Nine Months Ended September 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	182.2		$	(0.4)	$	(2.3)	$	184.9		$	177.5		$	(0.5)	$	(5.7)	$	183.7
Net income (loss) from continuing operations	$	104.8		$	(0.3)	$	20.2	$	84.9		$	187.3		$	(0.4)	$	17.4	$	170.3

(1) Non-recurring items from continuing operations primarily include $1.4 million of restructuring and reorganization charges and costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions. In addition, $28.8 million of term loan interest expense incurred at the corporate level and included as part of discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $4.7 million in charges related to our 2024 debt repricing, $1.3 million of costs related to a cybersecurity incident, $2.1 million in IT integration charges including costs associated with the implementation of a new cloud based HRM system, $0.6 million of restructuring and reorganization charges, and costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions. In addition, $33.2 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

	Nine Months Ended September 30,
	2025					2024
	GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	0.55		$	—	$	0.10	$	0.45		$	0.96		$	—	$	0.08	$	0.88
Weighted-average shares outstanding - diluted	199.8			199.8		199.8		199.8			199.3			199.3		199.3		199.3

(1) When aggregated, earnings per share amounts may not add across due to rounding.


	Net Sales by Category
		Three Months Ended December 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Clubs			$	166.1	$	178.8	$	(12.7)	(7.1%)	(7.3%)
Golf Balls			47.8		46.1		1.7		3.7%	3.5%
Apparel			99.7		94.5		5.2		5.5%	6.1%
Gear, Accessories & Other			53.9		52.0		1.9		3.7%	3.1%
Total net sales			$	367.5	$	371.4	$	(3.9)	(1.1%)	(1.1%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Three Months Ended December 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
United States			$	244.2	$	241.1	$	3.1	1.3%	1.3%
Europe			29.8		27.2		2.6		9.6%	3.7%
Asia			74.0		79.6		(5.6)		(7.0%)	(5.4%)
Rest of world			19.5		23.5		(4.0)		(17.0%)	(16.6%)
Total net sales			$	367.5	$	371.4	$	(3.9)	(1.1%)	(1.1%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Three Months Ended December 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent	Percent
Net sales:
Golf Equipment			$	213.9	$	224.9	$	(11.0)	(4.9%)	(5.1%)
Apparel, Gear and Other			153.6		146.5		7.1		4.8%	5.1%
Total net sales			$	367.5	$	371.4	$	(3.9)	(1.1%)	(1.1%)

Segment operating income (loss):
Golf Equipment			$	(31.2)	$	(2.8)	$	(28.4)	n/m
Apparel, Gear and Other			9.4		9.0		0.4		4.4%
Total segment operating income (loss)			(21.8)		6.2		(28.0)		n/m

Non-recurring items (2)			(3.3)		(2.2)		(1.1)		50.0%
Corporate costs and expenses (3)			(29.0)		(28.6)		(0.4)		1.4%
Total operating income (loss)			(54.1)		(24.6)		(29.5)		119.9%
Interest expense, net			(15.6)		(14.7)		(0.9)		6.1%
Other income, net			9.5		7.6		1.9		25.0%
Total income (loss) from continuing operations, before income taxes			$	(60.2)	$	(31.7)	$	(28.5)	89.9%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.


	Net Sales by Category
		Twelve Months Ended December 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
Golf Clubs			$	1,052.9	$	1,060.9	$	(8.0)	(0.8%)		(0.9%)
Golf Balls			322.2		321.8		0.4		0.1%		0.1%
Apparel			398.8		405.6		(6.8)		(1.7%)		(1.3%)
Gear, Accessories & Other			286.2		289.4		(3.2)		(1.1%)		(1.0%)
Total net sales			$	2,060.1	$	2,077.7	$	(17.6)	(0.8%)		(0.9%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Net Sales by Region
		Twelve Months Ended December 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
United States			$	1,363.3	$	1,381.1	$	(17.8)	(1.3%)		(1.3%)
Europe			203.8		182.1		21.7		11.9%		8.7%
Asia			363.1		379.1		(16.0)		(4.2%)		(3.7%)
Rest of world			129.9		135.4		(5.5)		(4.1%)		(1.7%)
Total net sales			$	2,060.1	$	2,077.7	$	(17.6)	(0.8%)		(0.9%)

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.


	Operating Segment Information
		Twelve Months Ended December 31,	Growth/(Decline)				Constant Currency vs. 2024 (1)
			2025		2024		Dollars		Percent		Percent
Net sales:
Golf Equipment			$	1,375.1	$	1,382.7	$	(7.6)	(0.5%)		(0.7%)
Apparel, Gear and Other			685.0		695.0		(10.0)		(1.4%)		(1.2%)
Total net sales			$	2,060.1	$	2,077.7	$	(17.6)	(0.8%)		(0.9%)

Segment operating income:
Golf Equipment			$	170.1	$	183.7	$	(13.6)	(7.4)	%
Apparel, Gear and Other			87.8		99.5		(11.7)		(11.8)	%
Total segment operating income			257.9		283.2		(25.3)		(8.9)	%

Non-recurring items (2)			(6.0)		(8.4)		2.4		(28.6)	%
Corporate costs and expenses (3)			(123.8)		(121.9)		(1.9)		1.6	%
Total operating income			128.1		152.9		(24.8)		(16.2)	%
Interest expense, net			(60.6)		(63.0)		2.4		(3.8)	%
Other income, net			20.1		21.6		(1.5)		(6.9)	%
Total income (loss) from continuing operations, before income taxes			$	87.6	$	111.5	$	(23.9)	(21.4)	%

(1) Calculated by applying 2024 exchange rates to 2025 reported net sales in regions outside the U.S.
(2) Includes certain non-recurring and non-cash items as described in the schedules to this exhibit.
(3) Includes corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the Topgolf and Jack Wolfskin businesses.


	Three Months Ended December 31,
	2025									2024
	GAAP			Non-Cash Acquisition-related Amortization		Tax Valuation Allowance		Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (2)		Non- GAAP
Net sales	$	367.5		$	—	$	—	$	—	$	367.5		$	371.4		$	—	$	—	$	371.4
Cost of sales	231.2			—		—		1.1		230.1			225.3			—		1.0		224.3
Gross profit	$	136.3		$	—	$	—	$	(1.1)	$	137.4		$	146.1		$	—	$	(1.0)	$	147.1
Gross Margin	37.1		%							37.4		%	39.3		%					39.6		%


(1) Non-recurring items from continuing operations includes $1.1 million of restructuring charges related to the Transformation Plan.
(2) Non-recurring items from continuing operations includes $1.0 million of costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions.

	Three Months Ended December 31,
	2025									2024
	GAAP			Non-Cash Acquisition-related Amortization		Tax Valuation Allowance (3)		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	(54.1)		$	(0.2)	$	—	$	(3.1)	$	(50.8)		$	(24.6)		$	(0.1)	$	(2.1)	$	(22.4)



Net income (loss) from continuing operations	$	(66.0)		$	(0.2)	$	(24.0)	$	4.7	$	(46.5)		$	(93.9)		$	(0.1)	$	6.2	$	(100.0)



(1) Non-recurring items from continuing operations primarily include $3.7 million of restructuring charges related to the Transformation Plan. In addition, $9.3 million of term loan interest expense incurred at the corporate level and included as part of discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $2.1 million of restructuring and reorganization charges related to the Transformation Plan. In addition, $10.2 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

(3) During the fourth quarter of fiscal year 2025, we established valuation allowances on certain U.S. deferred tax assets in both continuing and discontinued operations.

	Three Months Ended December 31,
	2025									2024
	GAAP			Non-Cash Acquisition-related Amortization		Tax Valuation Allowance		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	(0.36)		$	—	$	(0.13)	$	0.03	$	(0.25)		$	(0.51)		$	—	$	0.03	$	(0.54)


Weighted-average shares outstanding - diluted	183.9			183.9		183.9		183.9		183.9			183.7			183.7		183.7		183.7

(1) When aggregated, earnings per share amounts may not add across due to rounding.


	Twelve months ended December 31,
	2025									2024
	GAAP			Non-Cash Acquisition-related Amortization		Tax Valuation Allowance		Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Non-Recurring Items (2)		Non- GAAP
Net sales	$	2,060.1		$	—	$	—	$	—	$	2,060.1		$	2,077.7		$	—	$	—	$	2,077.7
Cost of sales	1,192.5			—		—		1.5		1,191.0			1,190.7			—		1.4		1,189.3
Gross profit	$	867.6		$	—	$	—	$	(1.5)	$	869.1		$	887.0		$	—	$	(1.4)	$	888.4

Gross Margin	42.1		%							42.2		%	42.7		%					42.8		%

(1) Non-recurring items from continuing operations primarily includes $1.1 million of restructuring charges related to the Transformation Plan.
(2) Non-recurring items from continuing operations primarily includes $1.3 million of costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions.

	Twelve months ended December 31,
	2025									2024
	GAAP			Non-Cash Acquisition-related Amortization		Tax Valuation Allowance (3)		Interest Expense & Non-Recurring Items (1)		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items (2)		Non- GAAP
Income (loss) from continuing operations	$	128.1		$	(0.6)	$	—	$	(5.4)	$	134.1		$	152.9		$	(0.6)	$	(7.8)	$	161.3



Net income (loss) from continuing operations	$	38.8		$	(0.5)	$	(24.0)	$	24.9	$	38.4		$	93.4		$	(0.5)	$	23.6	$	70.3



(1) Non-recurring items from continuing operations primarily include $5.5 million of restructuring charges related to the Transformation Plan. In addition, $38.2 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.
(2) Non-recurring items from continuing operations primarily include $4.7 million in charges related to our 2024 debt repricing, $1.2 million of restructuring and reorganization charges related to the Transformation Plan, $2.1 million in IT integration charges including costs associated with the implementation of a new cloud based HRM system, $1.4 million in IT costs related to a cybersecurity incident, and $1.3 million of costs incurred to centralize warehousing and distribution in connection with the sales of Jack Wolfskin and Topgolf which occurred in 2025. In addition, $43.5 million of term loan interest expense incurred at the corporate level and included in discontinued operations is reflected as part of continuing operations in order to show the full effect of consolidated interest expense.

(3) During the fourth quarter of fiscal year 2025, we established valuation allowances on certain U.S. deferred tax assets in both continuing and discontinued operations.

	Twelve months ended December 31,
	2025									2024
	GAAP			Non-Cash Acquisition-related Amortization		Tax Valuation Allowance		Interest Expense & Non-Recurring Items		Non- GAAP			GAAP			Non-Cash Acquisition-related Amortization		Interest Expense & Non-Recurring Items		Non- GAAP
Diluted earnings (loss) per share from continuing operations (1)	$	0.21		$	—	$	(0.13)	$	0.13	$	0.21		$	0.50		$	—	$	0.13	$	0.38

Weighted-average shares outstanding - diluted	185.7			185.7		185.7		185.7		185.7			199.3			184.6		184.6		184.6

(1) When aggregated, earnings per share amounts may not add across due to rounding.



	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		2025		2025		Total		2024		2024		2024		2024		Total
Net income (loss) from continuing operations	$	63.4	$	45.5	$	(4.1)	$	(66.0)	$	38.8	$	56.9	$	99.4	$	31.0	$	(93.9)	$	93.4
Interest expense, net	14.9		15.3		14.8		15.6		60.6		17.3		15.9		15.1		14.7		63.0
Income tax provision (benefit)	27.2		13.1		2.7		5.8		48.8		8.5		(17.8)		(34.8)		62.2		18.1
Non-cash depreciation and amortization expense	11.7		11.2		10.8		10.4		44.1		10.6		10.9		11.3		11.8		44.6
Non-cash stock compensation and stock warrant expense, net	5.9		5.4		5.8		6.7		23.8		8.9		6.0		5.6		7.1		27.6
Non-cash lease amortization expense	0.6		0.6		0.3		0.1		1.6		0.6		0.6		0.4		0.4		2.0
Acquisitions & non-recurring items, before income taxes (1)	1.2		0.9		0.3		2.3		4.7		7.5		1.7		1.2		2.1		12.5
Adjusted EBITDA from continuing operations	$	124.9	$	92.0	$	30.6	$	(25.1)	$	222.4	$	110.3	$	116.7	$	29.8	$	4.4	$	261.2

(1) In 2025, amounts primarily include restructuring and reorganization charges related to the Transformation Plan. In 2024, amounts include charges related to the 2024 debt repricing, restructuring and reorganization charges related to the Transformation Plan, IT integration costs associated with the implementation of a new cloud based HRM system, IT costs related to a cybersecurity incident, and costs incurred to centralize warehousing and distribution operations to achieve synergies in connection with the Company’s acquisitions.


	Net Debt Leverage
	December 31, 2025			December 31, 2024			January 2, 2026 (2)
Total Principal - Long term debt & ABL credit facilities	$	1,478.7		$	1,476.6		$	478.7
Financing lease liabilities	0.8			0.6			0.8
Less: Unrestricted Cash	(903.2)			(445.0)			(680.0)
Total Net Debt (1)	$	576.3		$	1,032.2		$	(200.5)
Trailing Twelve Month Adjusted EBITDA	$	222.4		$	261.2		$	222.4
Total Net Debt Leverage Ratio (1)	2.6		x	4.0		x	(0.9)		x

(1) Total Net Debt and Total Net Debt Leverage Ratio are non-GAAP measures. See “Non-GAAP Information” above for further information on the use of non-GAAP measures.
(2) Unrestricted cash as of January 2, 2026 is an estimate provided for illustrative purposes and is comprised of cash and cash equivalents on hand as of December 31, 2025 plus proceeds from the closing of the Topgolf transaction less payments made on the Term Loan B.