Company Overview

Topgolf Callaway Brands Corp. is a tech-enabled Modern Golf and active lifestyle company with a portfolio of global brands including Topgolf, Callaway Golf, TravisMathew, Toptracer, Odyssey, OGIO, Jack Wolfskin, and World Golf Tour (WGT). Following a late 2025 transaction, the company will transition its identity and operations to focus exclusively on its core “Golf Equipment & Active Lifestyle” platform.

In November 2025, Topgolf Callaway announced a definitive agreement to sell a 60% interest in its Topgolf and Toptracer business (“Topgolf”) to Leonard Green & Partners (LGP), valuing Topgolf at approximately $1.1 billion. The transaction is expected to generate approximately $770 million in net proceeds for Topgolf Callaway Brands and position both the ongoing Callaway business and Topgolf for their next stages of growth. The deal is projected to close in Q1 2026, subject to regulatory approval and customary conditions.

Following the closing, the Company will change its name to Callaway Golf Company and update its NYSE ticker symbol to CALY, while retaining a 40% ownership stake in Topgolf to participate in its future upside.

The ongoing Callaway Golf Company will consist of the following brands:

• Callaway Golf

• Odyssey

• TravisMathew

• OGIO

Together, these brands will continue to operate as a well-capitalized, focused platform committed to growth, innovation, and disciplined capital allocation.

Topgolf will continue to focus on its entertainment venues and technology platforms.

Strategic Shift and Vision

CEO Chip Brewer emphasized that the transaction supports a long-term strategy of returning the company to its roots as a high-performing golf equipment and lifestyle house while retaining meaningful exposure to Topgolf’s continued growth:

“This transaction supports our strategy of focusing on our leading Golf Equipment & Active Lifestyle platform… After a robust process, we believe this sale is the best outcome for our shareholders, as well as our employees and other stakeholders. Importantly, it provides significant proceeds and substantial upside in the continued growth of Topgolf.”

Post-transaction, the ongoing Callaway business is expected to:

• Maintain a strong balance sheet

• Reinvest in its core golf and lifestyle brands

• Pay down debt

• Return capital to shareholders, including through potential stock repurchases

• Evaluate capital structure optimization with the Board of Directors

Ongoing Callaway Golf Company Businesses

Golf Equipment (Callaway & Odyssey)

• Global leader in clubs, balls, and fitting technologies
• AI-designed face technologies
• #1 Putter Brand (Odyssey) across global professional tours

Lifestyle & Apparel (TravisMathew & OGIO)

• Expanding premium lifestyle, performance, and travel brand portfolio
• Strong direct-to-consumer presence through retail stores and e-commerce
• Continued category expansion beyond golf

Topgolf (Majority Stake Divested; Toptracer Included in Sale)

• LGP acquiring 60% majority interest
• Debt and equity financing secured by LGP
• Callaway maintains 40% minority interest
• Positioned for accelerated growth with private equity backing

Business Model and Future Focus

With the Topgolf business largely divested, the Company’s model now centers on:

• Golf Innovation: Cutting-edge equipment and performance technologies
• Lifestyle Growth: Scaling TravisMathew and OGIO across global markets
• Brand Strength: Enhancing marketing, retail footprint, and consumer engagement
• Capital Discipline: Prioritizing returns to shareholders
• Strategic Investment: Focused reinvestment into core segments with highest ROI

As Callaway Golf Company, the organization is poised to:

• Leverage renewed operational focus across its golf and lifestyle portfolio
• Strengthen margins with a simplified operating structure
• Expand lifestyle brands into new categories and markets
• Continue leading in equipment innovation through advanced materials and AI engineering
• Capture long-term value from its retained 40% ownership in Topgolf

The intent of the moves position Callaway for sustained, profitable growth while maintaining a strategic presence in the evolving modern golf ecosystem.

KEY TAKEAWAYS

With the majority sale of Topgolf complete, the Company is entering a new era as Callaway Golf Company — a more focused, financially strengthened, and strategically aligned business centered on golf equipment and active lifestyle brands. By retaining a significant minority stake in Topgolf, the Company maintains exposure to the entertainment platform’s future growth while unlocking capital to drive innovation and shareholder value within its core operations.