Acushnet Holdings Corp. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third quarter net sales were $649.2 million, a 1.3% decrease year over year (0.6% decrease in constant currency).
• Year-to-date net sales were $2,222.2 million, a 6.8% increase year over year (6.3% increase in constant currency).
• Third quarter net income attributable to Acushnet Holdings Corp. was $49.2 million, up 1.4% year over year.
• Year-to-date net income attributable to Acushnet Holdings Corp. was $255.4 million, up 14.3% year over year.
• Third quarter Adjusted EBITDA was $114.7 million, down 3.3% year over year, with a margin of 17.7% compared to 18.0% in the prior year period.
• Year-to-date Adjusted EBITDA was $467.8 million, up 16.8% year over year, with a margin of 21.1% compared to 19.2% in the prior year period.
• Year-to-date net income was favorably impacted by approximately $33.8 million in Net IEEPA Tariff Refunds, partially offset by a $20.9 million non-cash pre-tax gain from the deconsolidation of the FootJoy golf shoe joint venture in the first quarter of 2025.
• Cash flows provided by operating activities for the nine months ended September 30, 2026, were $318.9 million, compared to $194.7 million in the prior year period.
• Cash flows used in investing activities for the nine months ended September 30, 2026, were $57.4 million, primarily for additions to property, plant, and equipment.
• Cash flows used in financing activities for the nine months ended September 30, 2026, were $204.0 million, including $81.4 million in share repurchases and $45.4 million in dividends paid.
• Total assets as of September 30, 2026, were $2,553.4 million, compared to $2,342.7 million as of December 31, 2025.
• Total liabilities as of September 30, 2026, were $1,683.1 million, compared to $1,557.4 million as of December 31, 2025.
• Cash, cash equivalents, and restricted cash were $108.1 million as of September 30, 2026, compared to $50.1 million as of December 31, 2025.

Guidance and Future Outlook:

• The Company reaffirmed its full-year 2026 consolidated net sales guidance range of approximately $2,650 million to $2,675 million, representing a 3.3% to 4.2% increase on a constant currency basis.
• The Company narrowed its full-year 2026 Adjusted EBITDA guidance range to approximately $455 million to $470 million, from a previous range of $450 million to $470 million.
• The 2026 outlook includes approximately $30 million of Net IEEPA Tariff Refunds, net of the impact on incentive compensation.

Business Segments and Product Lines:

• Titleist Golf Equipment: Third quarter net sales increased 0.5% (1.2% in constant currency), driven by higher sales volumes of GTS drivers and fairways and higher average selling prices and volumes of Pro V1 golf balls, partially offset by lower volumes of second model year T-Series irons. Year-to-date sales increased 10.1% (9.9% in constant currency), driven by GTS drivers/fairways, SM11 Vokey wedges, and Pro V1 pricing, partially offset by lower volumes of second model year hybrids and T-Series irons.
• FootJoy Golf Wear: Third quarter net sales decreased 7.5% (7.1% in constant currency) due to lower sales volumes across all product categories, partially offset by higher average selling prices. Year-to-date sales decreased 0.5% (1.6% in constant currency).
• Golf Gear: Third quarter net sales decreased 9.5% (9.0% in constant currency) due to lower sales volumes across all categories, partially offset by higher average selling prices in golf bags. Year-to-date sales increased 2.3% (1.6% in constant currency), driven by higher average selling prices across all categories, partially offset by lower volumes in the travel product category.
• Golf Balls: Third quarter net sales increased 3.3% (4.0% in constant currency). Year-to-date sales increased 5.8% (5.5% in constant currency).
• Golf Clubs: Third quarter net sales decreased 2.0% (1.2% in constant currency). Year-to-date sales increased 14.7% (14.6% in constant currency).

Market and Competitive Landscape:

• United States: Third quarter net sales decreased 1.4% (1.4% in constant currency), driven by decreases in FootJoy golf wear ($7.5 million) and Golf gear ($5.5 million), partially offset by an increase in Titleist golf equipment ($5.3 million). Year-to-date sales increased 6.3% (6.3% in constant currency), driven by an $82.2 million increase in Titleist golf equipment.
• International: Net sales outside the United States decreased 1.2% (increased 0.5% in constant currency) in the third quarter. Year-to-date sales outside the United States increased 7.4% (6.3% in constant currency).
• EMEA: Third quarter sales increased 4.0% (4.5% in constant currency); Year-to-date sales increased 13.6% (8.3% in constant currency), driven by increases across all reportable segments and unallocated products.
• Japan: Third quarter sales decreased 7.6% (increased 0.5% in constant currency); Year-to-date sales increased 4.0% (11.4% in constant currency), driven by Titleist golf equipment.
• Korea: Third quarter sales decreased 5.3% (2.5% in constant currency); Year-to-date sales decreased 4.1% (0.4% in constant currency), driven by decreases in FootJoy golf wear and Golf gear.
• Rest of World: Third quarter sales decreased 0.5% (2.2% in constant currency); Year-to-date sales increased 12.1% (7.7% in constant currency), driven by increases across all reportable segments and unallocated products.

Risks and Challenges:

• The press release lists numerous potential risks in the "Forward-Looking Statements" section, including reductions in rounds of golf played, unfavorable weather, consumer spending habits, trade policies and tariffs, changes to Rules of Golf, product launch cycles, currency risks, supply chain disruptions, intellectual property disputes, and cybersecurity risks.
• Specific challenges mentioned for the quarter included lower sales volumes in FootJoy golf wear and Golf gear, and lower sales volumes of second model year T-Series irons and hybrids.

Management Commentary and Tone:

• David Maher, President and CEO, stated that continued growth from golf balls contributed to performance, with net sales down 1% following the accelerated timing of the GTS metals launch in the second quarter.
• Management expressed confidence in the strength of the business and the health of the golf industry, citing the strength of Titleist golf equipment and year-on-year growth in Golf gear.
• The tone was positive regarding the full-year outlook, with management reaffirming revenue guidance and narrowing the EBITDA guidance toward the high end of the range.
• Management thanked the team for their dedication and commitment to excellence in creating long-term value for shareholders.

Other Key Points:

• The Board of Directors declared a quarterly cash dividend of $0.255 per share, payable on December 18, 2026, to shareholders of record on December 4, 2026.
• During the three months ended September 30, 2026, the Company repurchased 616,749 shares for an aggregate of $55.4 million at an average price of $89.81.
• During the nine months ended September 30, 2026, the Company repurchased 904,988 shares for an aggregate of $81.4 million at an average price of $89.94.
• On October 15, 2026, the Company repurchased 583,527 shares from Magnus Holdings Co., Ltd. for an aggregate of $52.5 million to satisfy obligations under a previously disclosed share repurchase agreement.
• The number of shares outstanding as of October 29, 2026, was 57,204,768.
• Acushnet will hold an investor conference call on November 4, 2026, at 8:30 a.m. Eastern Time to discuss results.