Indebtedness and Interest Rates - The company reported outstanding indebtedness of $449.4 million at variable interest rates as of December 31, 2025, with a sensitivity analysis indicating a potential increase of $4.5 million in annual pre-tax interest expense for a one percentage point increase in interest rates [389]. - As of December 31, 2024, the company had $317.6 million of outstanding indebtedness at variable interest rates, with a similar sensitivity analysis indicating a potential increase of $3.2 million in annual pre-tax interest expense for a one percentage point increase in interest rates [390]. - The company has no outstanding interest rate swap contracts as of December 31, 2025, but had a notional value of $100.0 million in such contracts as of December 31, 2024 [387]. Foreign Exchange Risks - The gross U.S. dollar equivalent notional amount of foreign exchange forward contracts outstanding was $230.7 million as of December 31, 2025, with a sensitivity analysis indicating a potential decrease of $18.9 million in net settlement asset if the U.S. dollar weakened by 10% against all currencies covered [393]. - The gross U.S. dollar equivalent notional amount of foreign exchange forward contracts outstanding was $192.2 million as of December 31, 2024, with a sensitivity analysis indicating a potential decrease of $14.3 million in net settlement asset under the same conditions [394]. - The company does not enter into derivatives for trading or speculative purposes, focusing instead on hedging against interest rate and foreign exchange risks [392]. Commodity Price and Inflation Risks - The company is exposed to commodity price and availability risks for materials such as polybutadiene, zinc diacrylate, and titanium, which are essential for manufacturing golf products [397]. - Inflation in raw materials and input costs has historically impacted the company's business, and sustained higher inflation could materially affect future operations and financial condition [398]. Risk Management and Uncertainties - The company monitors the credit quality of financial institutions involved in derivative contracts to mitigate counterparty risk [396]. - The company acknowledges that actual results may differ materially from forward-looking statements due to various market risks and uncertainties [13].

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Financial Data and Key Metrics Changes - For the fourth quarter of 2025, revenues increased by 7% compared to the same period in 2024, with adjusted EBITDA at $9.8 million, down from $12.4 million in the previous year [17][5] - Full year net sales reached $2.56 billion, a growth of 4%, while adjusted EBITDA grew by 1.5% to $410 million [5][6] - Gross profit for the full year was $1.2 billion, up 3% or $34 million, but gross margin fell to 47.7%, down 60 basis points due to increased tariff costs [18][19] Business Line Data and Key Metrics Changes - Titleist Golf Equipment segment grew by 10% in Q4, driven by higher sales volumes of T-Series irons and SM10 wedges, while FootJoy sales increased by 4.5% [17][19] - Golf gear net sales decreased by 5% in the fourth quarter [17] - Titleist Golf Clubs saw over 7% growth, supported by new product launches and a strong performance in the Vokey Wedge franchise [8][9] Market Data and Key Metrics Changes - The U.S. market remains the strongest, with rounds of play increasing by 25% over the last five to six years, contributing to a healthy golfer base [39][41] - EMEA and Japan showed growth in equipment sales, while Korea experienced flat conditions, particularly in apparel and footwear categories [10][52] - The global golf industry is projected to continue adapting to golfer preferences, with a healthy outlook for 2026 [12][16] Company Strategy and Development Direction - Acushnet is focused on expanding its product pipeline and enhancing operational efficiencies, with significant investments in R&D and capacity expansion [13][15] - The company plans to prioritize strategic capacity expansion and build out global fitting networks for golf equipment and footwear [15][26] - Acushnet aims to maintain a strong balance sheet while returning capital to shareholders, with an 8.5% increase in quarterly dividends approved for 2026 [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the structural health of the golf industry and the company's ability to capture market share through product innovation and fitting experiences [16][72] - The company anticipates continued growth in 2026, with projected net sales between $2.625 billion and $2.675 billion, reflecting a 2.5% to 4.5% increase on a constant currency basis [23][24] - Management acknowledged the impact of tariffs on costs and pricing strategies, with expectations of approximately $70 million in tariff costs for 2026 [24][26] Other Important Information - Acushnet returned $268 million to shareholders in 2025, including $56 million in cash dividends and $212 million in share repurchases [23] - The company expects capital expenditures in 2026 to be approximately $95 million, reflecting investments in golf ball manufacturing capacity and club production [27] Q&A Session Summary Question: Can you provide more details on the 2026 product calendar and innovation pipeline? - Management indicated that the new driver launch has been accelerated to late June, differing from the usual August timing, with further details to be shared later [32][34] Question: What are the expectations for the U.S. market in 2026 regarding volume versus price? - Management noted that the U.S. market remains healthy, with a strong consumer base and increasing rounds of play, while pricing actions will be taken in the first half of 2026 [39][43] Question: Can you provide an update on the FootJoy business and its performance? - Management highlighted a shift towards premium products in FootJoy, with a focus on high-performance footwear and the Fit Lab program enhancing customer experience [47][50] Question: What is the current pricing environment across categories? - Management acknowledged a firm pricing environment, with price increases expected in equipment and golf balls, while emphasizing the need to demonstrate value to consumers [54][56] Question: How is the company positioned relative to competitors in terms of pricing? - Management believes Acushnet's premium positioning allows for effective price increases, with a focus on product quality and consumer experience [85][86]

Acushnet (NYSE:GOLF) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsAmanda Douglas - VP of Equity ResearchCameron Vollmer - Director of Investor RelationsDavid Maher - President and CEODoug Lane - Head of Consumer ProductsLauren Ng - Equity Research AssociateSean Sullivan - EVP and CFOConference Call ParticipantsJT Waldman - Managing Director and Senior Equity AnalystJoe Altobello - Managing Director and Senior Equity AnalystNoah Zatzkin - VP and Equity Research AnalystRandy Konik - ...

分组1 - Acushnet reported a quarterly loss of $0.3 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.27, and compared to a loss of $0.02 per share a year ago, indicating an earnings surprise of -11.69% [1] - The company posted revenues of $477.22 million for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 5.16%, and showing an increase from year-ago revenues of $445.17 million [2] - Acushnet shares have increased by approximately 24.6% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.5% [3] 分组2 - The earnings outlook for Acushnet is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The estimate revisions trend for Acushnet was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The current consensus EPS estimate for the upcoming quarter is $1.30 on revenues of $717.08 million, and for the current fiscal year, it is $3.76 on revenues of $2.61 billion [7] 分组3 - The Leisure and Recreation Products industry, to which Acushnet belongs, is currently ranked in the top 28% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - American Outdoor Brands, Inc., another company in the same industry, is expected to report a quarterly earnings decline of 42.9% year-over-year, with revenues projected to decrease by 8.1% from the previous year [9]

Full Year and Fourth Quarter 2025 Earnings Call February 26, 2026 FORWARD-LOOKING STATEMENTS This presentation includes forward-looking statements that reflect our current views with respect to, among other things, our 2026 outlook, our operations and our financial performance. These forward-looking statements are included throughout this presentation and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, strategic priorities ...

Exhibit 99.1 Acushnet Holdings Corp. Announces Full Year and Fourth Quarter 2025 Financial Results, Declares Increased Quarterly Cash Dividend, Introduces 2026 Outlook Key Highlights: FAIRHAVEN, MA – February 26, 2026 – Acushnet Holdings Corp. (NYSE: GOLF) ("Acushnet" or the "Company"), the global leader in the design, development, manufacture and distribution of performance-driven golf products, today reported financial results for the full year and fourth quarter ended December 31, 2025. "Acushnet achieve ...

Analysts on Wall Street project that Acushnet (GOLF) will announce quarterly loss of -$0.27 per share in its forthcoming report, representing a decline of 1250% year over year. Revenues are projected to reach $453.8 million, increasing 1.9% from the same quarter last year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Ahead of a compa ...

Core Insights - Callaway Golf Company reported that its fourth quarter and full year 2025 net revenue and adjusted EBITDA exceeded expectations, with guidance for 2026 revenue set between $1.98 billion to $2.05 billion and adjusted EBITDA between $170 million to $195 million [1][2] Financial Performance - For Q4 2025, net sales were $367.5 million, a decrease of 1.1% from $371.4 million in Q4 2024, primarily due to lower sales in Golf Equipment [1][2] - Full year 2025 net sales totaled $2,060.1 million, down 0.8% from $2,077.7 million in 2024, with Golf Equipment sales approximately flat and a decline in the Soft Goods segment [2][5] - The company reported a GAAP net loss from continuing operations of $66.0 million for Q4 2025, compared to a loss of $93.9 million in Q4 2024, and a net income of $38.8 million for the full year 2025 [1][2] Segment Performance - Golf Equipment segment net sales for Q4 2025 were $213.9 million, down 4.9% from $224.9 million in Q4 2024, while Apparel, Gear, and Other segment sales increased by 4.8% [5][6] - For the full year 2025, Golf Equipment segment sales were $1,375.1 million, a slight decrease of 0.5% from $1,382.7 million in 2024, while the Apparel, Gear, and Other segment saw a decline of 1.4% [5][6] Strategic Initiatives - The company has returned to being a pure-play golf equipment company after divesting its Jack Wolfskin business and a 60% stake in Topgolf, resulting in a net cash position of approximately $680 million and $480 million in gross debt [1][2] - Callaway plans to utilize its cash reserves to pay off convertible debt and initiate a $200 million share repurchase program [1][2] Outlook - The company expects to maintain a net cash position with zero net leverage through 2026, planning to pay off $258 million of convertible notes upon maturity in May 2026 [2][5] - For Q1 2026, consolidated net sales are estimated to be between $635 million to $665 million, with adjusted EBITDA expected between $110 million to $125 million [2][5]

Core Viewpoint - The article summarizes significant analyst rating changes that are expected to impact the market, highlighting upgrades, downgrades, and new coverage ratings for various companies [1][6]. Upgraded Ratings - Merril Lynch upgraded Darden Restaurants (DRI) from "Hold" to "Buy," raising the target price from $240 to $265, citing a value-driven operational strategy leading to stable customer traffic and market share growth [5]. - Mizuho Securities upgraded Procter & Gamble (PG) from "Neutral" to "Outperform," increasing the target price from $157 to $165, indicating potential for accelerated organic sales growth and improved profit margins [5]. - Royal Bank of Canada’s Cowen upgraded Fortinet (FTNT) from "Hold" to "Buy," maintaining a target price of $100, based on stable operational expectations for FY2026 [5]. - Deutsche Bank upgraded Applied Materials (AMAT) from "Hold" to "Buy," significantly raising the target price from $275 to $390, reflecting a favorable outlook for the wafer fabrication equipment industry in 2026-2027 [5]. - JPMorgan upgraded Acushnet Holdings (GOLF) from "Underweight" to "Neutral," increasing the target price from $74 to $96, due to a diversified product portfolio and pricing power [5]. Downgraded Ratings - Citizens Bank downgraded Trade Desk (TTD) from "Outperform" to "Market Perform," without providing a target price, citing increasing market competition and limited short-term catalysts for stock price appreciation [10]. - Deutsche Bank downgraded Sherwin-Williams (SHW) from "Buy" to "Hold," lowering the target price from $390 to $380, indicating potential downward pressure on valuation multiples until earnings growth can be proven [10]. - Jefferies downgraded Li Auto (LI) from "Buy" to "Hold," significantly reducing the target price from $28.80 to $17.50, due to intensified competition in the home SUV segment [10]. - Harbor Research downgraded Cleveland-Cliffs (CLF) from "Buy" to "Neutral," acknowledging improved fundamentals but noting that the current stock price reflects normalized earnings levels [10]. - JPMorgan downgraded Southern Copper (SCCO) from "Neutral" to "Underweight," slightly adjusting the target price from $119.50 to $117.50, indicating limited upside potential based on current copper spot prices [10]. New Coverage Ratings - Citigroup initiated coverage on Elf Beauty (ELF) with a "Buy" rating and a target price of $110, highlighting market share growth and potential from the acquisition of skincare brand Rhode [12]. - Freedom Capital initiated coverage on Hinge Health (HNGE) with a "Buy" rating and a target price of $59, forecasting a 23% revenue growth and an industry-leading profit margin of 82%-83% [12]. - Susquehanna Group initiated coverage on HEICO Corporation (HEI) with a "Neutral" rating and a target price of $385, projecting an 8% revenue CAGR and a 13% free cash flow CAGR from FY2026 to FY2028, while noting a significant valuation premium [12]. - Cantor Fitzgerald initiated coverage on Quanta Services (PWR) with an "Outperform" rating and a target price of $520, citing a multi-year investment cycle driven by modernization and electrification trends [12]. - Texas Capital initiated coverage on MGM China (MLCO) with a "Buy" rating and a target price of $11.50, emphasizing its unique non-gaming business model and alignment with Macau's tourism recovery [12].