Acushnet Holdings Corp

Third Quarter 2016 Results

December 8, 2016

Acushnet Holdings Corp

Third Quarter 2016 Results

Tony Takazawa

Vice President, IR

Disclaimers

FORWARD-LOOKING STATEMENTS

This presentation includes forward-looking statements that reflect our current views with respect to, among other things, our operations and 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, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We use words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable” and similar terms and phrases to identify forward-looking statements in this presentation. The forward-looking statements contained in this presentation are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this presentation or in the section entitled “Risk Factors” in our Prospectus dated October 27, 2016 and filed with the SEC pursuant to Rule 424(b). Any forward-looking statement in this presentation speaks only as of the date of this presentation. Acushnet undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

NON-GAAP FINANCIAL MEASURES

This presentation includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”) such as Adjusted EBITDA and net sales in constant currency. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income or net sales or other measures under GAAP. You should be aware that the Company’s presentation of these measures may not be comparable to similarly-titled measures used by other companies. For a reconciliation of these measures to the most comparable GAAP measures, we refer you to the earnings release that we have made available on our website (www.acushnetholdingscorp.com) in connection with this presentation.

For further information, please see our Prospectus dated October 27, 2016 and filed with the SEC pursuant to Rule 424(b) and our periodic reports filed with the SEC pursuant to the Securities Exchange Act of 1934 which are available at the SEC’s website (www.sec.gov). Copies of this presentation and the accompanying webcast are publicly available on our website (www.acushnetholdingscorp.com). This presentation should be read with the accompanying webcast and related earnings release.

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Acushnet Holdings Corp

Third Quarter 2016 Results

Wally Uihlein

President and CEO

Acushnet Today

Authentic and enduring performance golf

equipment company

Longest running success story in golf

commercial space

Steward of some of the most recognized

brands in golf:

- the #1 ball in golf and Golf’s Symbol of Excellence

- the #1 shoe and #1 glove in golf

Focused on the industry’s dedicated

golfer and the preferred trade partners

who serve them

Leading Pyramid of Influence usage and

validation

Possesses a differentiated and proven

operating model:

Commitment to Perpetual Innovation

World Class Operations Platform

Unrivaled Route to Market

Robust Golfer Experience and Connection

Attractive long-term, total return company

Golf’s Leading Performance Equipment Brand

One of Golf’s Leading Performance Wearable Brands

5

Acushnet Today

$1.5Bn in 2015 revenue

$215MM in 2015 Adjusted EBITDA (1)

2015 revenue by brand

― Titleist – 72% of revenue

― FootJoy – 28% of revenue

Balanced portfolio of consumables

and durables

Revenue diversification across geographies

Leading positions in all major product

categories of professional golf

5,000+ associates worldwide (2)

31,000 direct accounts worldwide serviced

by 370 company sales representatives (2)

Direct sales capture in 46 countries (2)

$51MM annual spend on research and

product development and patent

administration (2)(3)

Near 1,200 active golf ball patents, and over

300 in golf clubs, wedges and putters (2)

1. See appendix for Adjusted EBITDA reconciliation 2. As of 12/31/2015 3. Includes $46MM of R&D and $5MM of patent administration

2015 Revenue Mix – $1,503MM

By Product Group By Operating Segment

2%

9%

28%

26%

36%

9%

30%

61%

By Region

13%

12%

10%

11%

54%

ROW

Korea

EMEA

United States

Japan

Golf Gear

Golf Wear

Golf

Equipment

Gear

FJ Golf

Wear

Balls

Clubs

Key Statistics

Other

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Acushnet Business Model

Strategy and Competency Model Benefits and Outcomes

Dedicated Golfer Focus 15% of golfers, 40% of rounds, 70% of spend (U.S.)

Commit time, money and energy

Avid, skill-based and performance-biased

Disposed to pay premium for performance

1. Demanding expectations drives company focus

2. Leads to broad and deep portfolio

3. Supports sustainability of brands

4. Contributes to revenue stability

Pyramid of Influence Validation Industry’s most dedicated golfer

Golf is imitation based

How Many versus Who

1. Drives innovation, performance and quality focus

2. Anchors compelling marketing strategy

3. Leads to broad and deep portfolio

Commitment to Perpetual Innovation Performance rooted in Innovation

Largest portfolio of active patents

150 Scientists, Engineers and Chemists

1. Supports disciplined product introduction cadence

2. Helps deliver high margins in performance categories

3. 90% of current products incorporate current technology

World Class Operations Platform History of supply chain excellence

Comprehensive supply chain footprint

1. Supports performance and quality focus

2. Maximizes cost controls / working capital efficiency

3. Drives country and category customization

4. Contributes to wide competitive category moat

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Acushnet Business Model, cont’d.

Strategy and Competency Model Benefits and Outcomes

Unrivaled Route to Market 31,000 direct accounts

Direct sales capture in 46 countries

370 direct sales representatives

1. Bridge to dedicated golfer

2. Maximizes retail presence, visibility and availability

3. Contributes to full-service, value proposition

4. Diversified revenue base

Robust Golfer Experience / Connection Golf ball education and fitting

Custom club fitting and trial

Direct to consumer initiatives

1. Direct connection with dedicated golfer

2. Maximize experience, build brand loyalty

3. Customization drives higher margins

Differentiated and Proven

Operating Model

1. High brand loyalty

2. Premium positioning and higher margins

3. Solid revenue and earnings track record

4. Strong free cash flow

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Acushnet Has Consistently Outperformed Through Economic

and Industry Cycles

$1,336 $1,451 $1,477 $1,538 $1,503

$1,235

$138 $165 $190 $203 $215 $191

2011 2012 2013 2014 2015 YTD 2016

Revenue ($MM) Adj. EBITDA ($MM) (4)

Golf’s oversupply build out 1986-2008

Correction commences 2008. Search for

supply-side equilibrium including OEM

rightsizing, golf course closings, retail

consolidation, potential ownership

changes, selective exiting, retail

reorganization

Stabilization of industry, improved set of

fundamentals

Acushnet performance 2011-2015

Net Sales: 6% CAGR @cc

Adjusted EBITDA: 12% CAGR

Consistent above market performance

Growth in all segments and in all regions

Acushnet performance YTD 2016

Net Sales: 4.7% @cc

Adjusted EBITDA 3.4%

Japan earthquake leads to a 5.7% drop in Japan’s GDP Edwin Watts announces

bankruptcy and closing of ~1/2 of its stores

adidas announces the intention to sell TaylorMade following severe losses

Nike announces exit from golf equipment

Golfsmith files bankruptcy

10.3% % Margin 11.4% 12.9% 13.2% 14.3%

Industry-Leading Performance with Sustained, Resilient and Stable Growth(1) Key Highlights

1. 2011 comparison to 2010 excludes 2010 revenue from Cobra brand; industry data not available beyond 2014

2. Constant currency

3. Industry revenue information from Golf Datatech/Yano Research 2015 World Golf Report. Industry revenue information is based on U.S. and Japan retail sales data only, while the Acushnet revenue information is based on our consolidated net

sales from all regions where we sell our products; the industry revenue information is based on retail sales data for golf balls, clubs, bags, shoes and apparel only, while the Acushnet revenue information is based on our consolidated net sales from

all products lines that we sell

4. See appendix for Adjusted EBITDA reconciliation

2011-2015

Revenue

CAGR: 6% (2)

2011-2015

EBITDA

CAGR: 12%

2011 2012 2013 2014 2015 YTD 2016

+3.5% +4.7%

(0.7%)

+10.6%

+5.3%

+9.6%

+2.9%

+9.5%

+5.0%

(2.2%)

C Industry Revenue Growth (2)(3) Acushnet Revenue Growth (2)

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15.5%

Acushnet Holdings Corp

Third Quarter 2016 Results

Bill Burke

Chief Financial Officer

Highlights

($ millions) 3Q 2016 Growth

Y/Y b

Growth

Y/Y @ CC YTD 2016

Growth

Y/Y b

Growth

Y/Y @ CC

Net Sales $332.4 3.9% 2.2% $1,235.3 4.4%

4.7%

Adjusted EBITDA $27.0 9.0% $191.4 3.4%

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Business Cycle

Industry “Sell-In” and “Sell-Through” Dynamics

1Q 2Q 3Q 4Q

Begin selling products

into golf retail channels

for the upcoming season

New product launches

(balls, wedges, putters

and shoes)

Sales dependent on

success of fall prebooks,

channel inventory levels

post-holiday and

weather – all can affect

1Q/2Q sales

calendarization

Initial retail sell-in

continues and high level

of sell-through activity

Early season sell-

through of higher dollar

value, “considered”

purchases

Weather critical to

driving early season

momentum and rounds

of play generation

Reorder and

replenishment period that

is rounds of play

dependent – primarily

consumables

Fitting and demo

activities at green grass

level continue

Order levels lower than

2Q and gradually

decrease in anticipation

of end to the golf season

Golf season winds

down in major markets

and product closeout

activity at golf retail

New product launches –

primarily golf clubs –

sustain sales momentum

Holiday sales programs

drive year-end retail sell-

through

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Segment Results

($ millions) 3Q 2016 Growth

Y/Y b

Growth

Y/Y @ CC

YTD

2016

Growth

Y/Y b

Growth

Y/Y @ CC

Titleist Golf Balls $119.1 (5.5)%

(6.5)%

$415.3 (3.6)%

(3.1)%

Titleist Golf Clubs $74.3 10.4% 7.7% $314.6 9.3% 9.0%

Titleist Golf Gear $30.5 5.2% 3.1% $114.8 9.2% 9.7%

FootJoy Golf Wear $97.8 7.5% 6.2% $361.8 6.4% 6.8%

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Geographic Results

($ millions) 3Q 2016 Growth

Y/Y b

Growth

Y/Y @ CC

YTD

2016

Growth

Y/Y b

Growth

Y/Y @ CC

United States $172.4 (0.7)%

(0.7)%

$653.8 1.3%

1.3%

Japan $47.7 25.5% 5.4% $155.2 16.2% 5.1%

Korea $40.9 14.4% 10.8% $123.4 14.7% 19.2%

EMEA $39.6 (2.4)% 6.2% $177.2 5.8% 10.1%

ROW $31.8 (0.7)% (0.8)% $125.7 (2.2)% 2.3%

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Income Statement and Liquidity/Capital Highlights

3Q16 Income Statement Highlights

Gross profit up 3% year over year

Gross margin 48.7% of net sales

SGA expense down 3.6% year over year

R&D expense 3.8% of net sales

Net loss attributable to Acushnet Holdings improved by $7.8 million

Adjusted EBITDA up 9.0% year over year

Adjusted EBITDA margin 8.1% compared to 7.7% in 3Q15

3Q16 Liquidity / Capital Highlights

$86 million, cash on hand

$255 million, available revolving credit facility

$66 million, available local credit facilities

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Appendix

Historical Adjusted EBITDA Reconciliation

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Adjusted EBITDA(in thousands):

Jan 1 –

Jul 29

Jul 30 –

Dec 31 Year ended December 31,

2011 2011 2012 2013 2014 2015

Net income (loss) attributable to Acushnet

Holdings Corp. ....................................................... $49,402 $(80,556) $13,873 $19,636 $21,557 $(966)

Income tax expense (benefit) ................................. 46,159 (41,678) 7,555 17,150 16,700 27,994

Interest expense, net ............................................... 1,537 29,503 69,185 68,149 63,529 60,294

Depreciation and amortization ............................... 17,058 15,197 38,837 39,423 43,159 41,702

EAR Plan(a) ........................................................... — — 41,056 28,258 50,713 45,814

Shared-based compensation(b) .............................. — — — 3,461 1,977 5,789

One-time executive bonus(c) ................................. — — — — — —

Restructuring charges(d) ........................................ — — — 955 — 1,643

Predecessor compensation expenses(e) …. 11,287 1,881 2,477 — — —

Thailand golf ball plant start-up costs(f)… 1,055 662 1,617 2,927 788 —

Transaction fees(g) ................................................. — 15,754 845 551 1,490 2,141

Step-up in inventory……………………... — 67,501 — — — —

Beam indemnification expense

(income)(h).......................................................... — — (2,872) 6,345 1,386 (3,007)

(Gains) losses on the fair value of our

common stock warrants(i) ................................... — 1,641 (12,224) (976) (1,887) 28,364

Other non-cash (gains) losses, net .......................... — — (23) (149) (628) (169)

Nonrecurring expense (income)(j) ......................... — — — — — —

Net income attributable to noncontrolling

interests(k) ........................................................... 2,151 (189) 4,271 4,677 3,809 5,122

Adjusted EBITDA .................................................... $128,649 $9,716 $164,597 $190,407 $202,593 $214,721

Adjusted EBITDA margin ........................................ 11.4% 12.9% 13.2% 14.3%

Historical Adjusted EBITDA Reconciliation (Cont’d)

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Adjusted EBITDA(in thousands):

Three months ended

September 30

Nine months ended

September 30

2016 2015 2016 2015

Net income (loss) attributable to Acushnet Holdings

Corp. ...................................................................... $(6,167) $(13,987) $45,902 $19,469

Income tax expense (benefit) ................................. 440 (4,273) 39,878 32,646

Interest expense, net .............................................. 15,672 17,563 44,076 48,093

Depreciation and amortization ............................... 10,003 10,297 30,553 31,566

EAR Plan(a)........................................................... (940) 10,423 (940) 33,088

Shared-based compensation(b) .............................. 6,159 3,875 7,123 5,789

One-time executive bonus(c) ................................. — — 7,500 —

Restructuring charges(d) ........................................ 174 — 816 —

Transaction fees(g) ................................................ 2,947 127 11,912 665

Beam indemnification expense (income)(h) .......... (2,156) 272 (2,641) (4,446)

(Gains) losses on the fair value of our common

stock warrants(i) ................................................. — (243) 6,112 14,535

Other non-cash (gains) losses, net ......................... (236) 34 (531) (87)

Nonrecurring expense (income)(j) ......................... — — (1,467) —

Net income attributable to noncontrolling

interests(k) .......................................................... 1,124 689 3,077 3,847

Adjusted EBITDA .................................................... $27,020 $24,778 $191,370 $185,165

Adjusted EBITDA margin ........................................ 8.1% 7.7% 15.5% 15.7%

Historical Adjusted EBITDA Reconciliation (Cont’d)

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(a) Reflects expenses related to the anticipated full vesting of Equity Appreciation Rights (“EARs”) granted

under our EAR Plan and the remeasurement of the liability at each reporting period based on the

then-current projection of our common stock equivalent value (as defined in the EAR Plan). See “—

Critical Accounting Policies and Estimates—Share-Based Compensation” in our Prospectus dated October

27, 2016 and filed with the SEC pursuant to Rule 424(b). We may incur additional material expenses in

2016 in connection with the outstanding EARs. All outstanding EARs under the EAR Plan vested as of

December 31, 2015. The EAR Plan expires on December 31, 2016 and amounts earned under the EAR

Plan must be paid within two and a half months after the expiration date.

(b) For the years ended December 31, 2013, 2014 and 2015, reflects compensation expense associated with the

exercise of substitute stock options by an executive which were granted in connection with the Acquisition.

All such stock options have been exercised. For the three months ended September 30, 2016 and nine

months ended September 30, 2016, reflects compensation expenses with respect to equity-based grants

under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan which were made in the second quarter

of 2016.

(c) In the first quarter of 2016, our President and Chief Executive Officer was awarded a cash bonus in the

amount of $7.5 million as consideration for past performance.

(d) Reflects restructuring charges incurred in connection with the reorganization of certain of our operations in

2013, 2015 and 2016.

(e) Primarily reflects accelerated share-based compensation expense relating to Beam stock options that vested

in connection with the Acquisition in 2011 and incentive compensation charges in 2012 related to the

Acquisition.

(f) Reflects expenses incurred in connection with the construction and production ramp-up of our golf ball

manufacturing plant in Thailand.

(g) Reflects financial, legal and other transaction-related advisory fees in 2011 relating to the Acquisition and

legal fees incurred in 2012, 2013, 2014 and 2015 relating to a dispute arising from the indemnification

obligations owed to us by Beam in connection with the Acquisition as well as certain fees and expenses we

incurred in 2015 and 2016 in connection with our initial public offering.

(h) Reflects the non-cash charges related to the indemnification obligations owed to us by Beam that are

included when calculating net income (loss) attributable to the Company.

(i) Fila Korea Co., Ltd. exercised all of our outstanding common stock warrants in July 2016 and we used the

proceeds from such exercise to redeem all of our outstanding 7.5% bonds due 2021.

(j) Reflects legal judgment in favor of us associated with the Beam value-added tax dispute recorded in other

(income) expense.

(k) Reflects the net income attributable to the interest that we do not own in our FootJoy golf shoe joint

venture.