Callaway Investment Thesis and Business Transformation Overview
STRONG FOUNDATION FOR CONTINUED GROWTH
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Callaway
Leading tech-enabled golf and active lifestyle company delivering premium equipment, apparel
and entertainment
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Operate in attractive golf, outdoor and entertainment segments positioned to benefit from
strong industry tailwinds
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Diversified portfolio of coveted brands and proven concepts presents unique competitive
advantage
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Embedded growth within existing portfolio set to unlock long-term shareholder value
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Long-term opportunity to generate more than $1 billion in Adjusted EBITDA1
1. See page 10 of this presentation for more details on Topgolf unit economics and long-term Adjusted EBITDA opportunity. Additionally, as Adjusted EBITDA is a non-GAAP measure, please see the Regulation G disclaimers on page 1 of this presentation.
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