Third Quarter 2021 Earnings Conference Call Presentation

Third Quarter 2021 Earnings Conference Call

November 9, 2021

IMPORTANT NOTICES

Forward-lookingStatements: During the presentation, any comments made about future plans, events, financial results, performance, prospects, or growth opportunities, including statements relating to the Company's and Topgolf's full year 2021 guidance (including revenue and Adjusted EBITDA), continued impact of the COVID-19 pandemic on the Company's business and the Company's ability to improve and recover from such impact, impact of any measures taken to mitigate the effect of the pandemic, strength and demand of the Company's products and services, continued brand momentum, demand for golf and outdoor activities and apparel, continued investments in the business, benefits of strategic collaborations, increases in shareholder value, post-pandemic consumer trends and behavior, future industry and market conditions, the benefits of the Topgolf merger, including the anticipated operations, venue/bay expansion plans, financial position, liquidity, performance, prospects or growth and scale opportunities of the Company, Topgolf or the combined company, and statements of belief and any statement of assumptions underlying any of the foregoing, are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often characterized by the use of words such as "estimate," "expect," "anticipate," "project," "plan," "intend," "seek," "believe," "forecast," "foresee," "likely," "may," "should," "goal," "target," "might," "will," "could," "predict," "continue" and the negative or plural of these words and other comparable terminology. Such statements reflect the Company's best judgment as of the time made based on then current market trends and conditions. Actual results could differ materially from those as a result of certain risks, unknowns and uncertainties applicable to the Company and its business. For additional details concerning these and other risks and uncertainties that could affect these statements and the Company's business, you should consult the Company's earnings release issued on November 9, 2021, as well as Part I, Item 1A of the Company's most recent Annual Report on Form 10-K, and Part II, Item 1A of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, together with the Company's other reports subsequently filed with the SEC from time to time. The Company undertakes no obligation to republish revised forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Regulation G: In addition, in order to assist you with period-over-period comparisons on a consistent and comparable basis, today's presentation includes certain non-GAAP information. The Company provided information excluding certain non-cash amortization of intangibles and other assets related to the Company's acquisitions, non-recurring transaction and transition costs related to acquisitions, severance costs related to the Company's cost-reduction initiatives, and other non-recurring costs, including costs related to the merger and integration with Topgolf, transition to the Company's new North American Distribution Center, implementation of new IT systems, the cumulative $39 million non-cash valuation allowance recorded against certain of the Company's deferred tax assets as a result of the Topgolf merger, the $253 million non-cash gain as the result of the Company's prior equity position in Topgolf, the $174 million non-cash impairment charge related to the Jack Wolfskin goodwill and trade name, as well as non-cash amortization of the debt discount related to the Company's convertible notes. This non-GAAP information may include non-GAAP financial measures within the meaning of Regulation G. These non-GAAP measures should not be considered 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 the Company's 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 of the Company's business with regard to these items. The Company has provided reconciliations of such non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP. The reconciliations are included in this presentation or in the schedules to the Company's November 9, 2021 earnings release, which is available on the Investor Relations section of the Company's website located at http://ir.callawaygolf.com/.

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Company & Strategic Overview

Chip Brewer

President and CEO

Q3 BUSINESS UPDATE

Achieved another quarter of record results, driven by positive trends at Topgolf and continued high demand for golf equipment and apparel

	Q3 2021	Change vs. Q3 2020	Change vs. Q3 2019
Consolidated Revenue	$856 million	+80%	+101%
Topgolf	$334 million	-	-
Golf Equipment	$290 million	+8%	+38%
Apparel, Gear & Other	$233 million	+12%	+8%
Adjusted EBITDA	$139 million	+57%	+145%

• Topgolf delivered exceptional results, as increased walk-in traffic and social events bookings led to higher-than-anticipated sales and productivity

• Demand for golf equipment and apparel products remained at unprecedented levels,

outpacing the impacts from macro supply chain disruptions

BELIEVE THERE IS SIGNIFICANT LONG-TERM EARNINGS POTENTIAL WITHIN THE BUSINESS

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DIVERSIFIED PORTFOLIO WITH UNMATCHED REACH TO GOLF CONSUMERS

66% OF Q3 2021 REVENUE GENERATED FROM	UNPARALLELED CONSUMER REACH
OUTSIDE THE GOLF EQUIPMENT SEGMENT	ACROSS $80B+ GLOBAL GOLF INDUSTRY1

Golf Equipment

34%

Topgolf

39%

Apparel, Gear and Other

27%

#1#1

Driver on major	Brand Rating By Avid Golfers
worldwide tours	Since Summer 20173

#1	Elite Touring	Avid	Highest net promoter
Putter on Tour	score amid golf
Professionals	Amateurs	enthusiasts compared to
Hundreds of			top four golf brands4
sponsored athletes
across global tours	Digital
	connectivity
	across all	51%
+27%	levels
		Topgolf guests
Beginning and			identify as non-
returning on-course			golfers
golfers vs. prior years2	Occasional		75%
	New and
	Participants	Aspiring Entrants
100%			Non-golfers who visited
		in playing on a course5
			Topgolf said now interested
Active Toptracer ranges			Appeal to youth via
participated in first-ever global
	games and social
digital competition in 2021
	atmosphere

1.	Golf Datatech industry report published September 21, 2020.	4.	Boston Consulting Group study as of July 2021.Top four golf brands include Callaway, PING, Titleist and TaylorMade.
2.	National Golf Foundation, The Gaffis Report: Golf Industry 2020 - Year in Review.	5.	National Golf Foundation survey conducted for Topgolf.	5
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3.	Golf Datatech GPAU Study: Spring 2021 Club Report.