高尔史密斯国际控股 2025年度报告

Our Vision Our Mission Our Values Enrich the experience ofdedicated golfers throughproducts and services ofsuperior performance, qualityand innovation. Build a family of golfperformance brands thatare unrivaled leaders inevery category in whichwe compete. Passion for DedicatedGolfers, Performance &Quality Excellence, Drivento Innovate, A Spirit ofLeadership, Integrity & Respect,Bridge Builder Mindset. LETTER FROM THEPRESIDENT AND CEO To Our Valued Shareholders, For over 90 years, Acushnet has been focused on the dedicated golfer. We care about theirgames, understand their performance needs, and are committed to helping them lower theirscores. Our mantra is “we earn golfers’ trust, one golfer at a time”. CONSISTENCY MATTERS In a game of precision, this unwavering consistency matters. Consistency of purpose.Consistency of product performance and quality. Consistency of service. It shapes our dailywork and anchors the decisions we make. We aim to do the right thing for the right reasonwith the long view in mind for golfers, our trade partners, our associates and our brands.This is how we build trust. In 2025, our commitment to consistency proved valuable once again. We deepened ourrelationships with golfers and trade partners through leading products, and fitting andeducation experiences. We invested in innovation and infrastructure to support our futuregrowth. We strengthened our manufacturing and supply chain capabilities. We remainedfocused on our process while navigating a dynamic trade environment and mixed globalmarket conditions. And our financial results reflect the enduring strength of our brands, ouroperating model, and the game of golf itself. 2025 Sales $2.6BAn increase of 4.2% versusprior year THE 2025 SCORECARD Our financials are merely a scorecard of how well we are earning golfers’ trust. Acushnetdelivered consolidated net sales of $2.56 billion, representing 4.1% growth over the prioryear, or 4.2% on a constant currency basis. Net income attributable to Acushnet HoldingsCorp. was $188.5 million and adjusted EBITDA reached $410.4 million. These results reinforce our belief that consistency builds trust. Trust drives loyalty. And loyalty,over time, creates lasting shareholder value. WE ARE GOLFER-CENTRIC Ask dedicated golfers what they need to play their best, and they will almost always answer:consistency—in their process, in their swing, and in their equipment. Our R&D teams design superior performing products. Our Operations teams ensuresuperior product quality. Our Fitting teams make sure that golfers have the best fittingproduct for their game. Simple concepts for sure, yet there are no shortcuts. It takes hardwork and consistency. Titleist: Consistent Performance, Year After Year Titleist’s golf ball leadership position is earned through our relentless focus on performanceand quality excellence, and a unique design development process. It begins with listeningto players and ends with validating the performance of the product with the pyramid ofinfluence before launching to the market. In 2025, our leadership position was enhancedby the successful launch of new Pro V1 and Pro V1x and we marked the 77th consecutiveyear that Titleist was the #1 ball on the PGA TOUR. Our 72% ball count on the worldwideprofessional tours in 2025 was over 7 times more than the nearest competitor. This high levelof trust is seen throughout the pyramid with professional golfers, accomplished amateurs,and dedicated golfers around the world. Titleist golf clubs continue to shine with an exceptionally deep innovation pipeline. Titleist GTdrivers deliver outstanding performance and have become the #1 driver on the PGA TOUR,other global professional tours, and at a growing number of elite amateur championships. Ournew T-series irons provide precise distance control, refined feel and increased forgiveness;benefits which have powerfully resonated with golfers. Vokey SM wedges maintain the leadingposition in their category, and Scotty Cameron putters strike the balance between art andscience to create a confidence inspiring lineup of fine milled putters. All the while, Titleist’sexpansive global fitting network continues to dial in performance for dedicated golfers. Titleist posted a 72% ballcount on the worldwideprofessional tours, seventimes more than thenearest competitor FootJoy: Trusted Performance and Style FootJoy is the #1 shoe and the #1 glove on the worldwide professional tours, a leadershipposition perpetually earned through technological advancements in product, service, andcraftsmanship, and an unwavering focus on performance, comfort, fit and styling. There isgreat energy across the FootJoy brand from our Premiere Series, HyperFlex and Quantumgolf shoes to our outerwear offering and women’s line. Expanding the FitLAB footwearinitiative has strengthened the performance fitting experience for golfers and provided aninvaluable service to our trade partners. Product innovation continues