Topgolf Callaway Brands to spin off Topgolf into independent company; plans separation by H2 2025

Callaway Golf Co

Board intends to separate into Callaway (golf equipment, active lifestyle, ~$2.5B LTM rev) and Topgolf (venues, ~$1.8B LTM rev, excl. Toptracer).
Separation expected via tax-free spin-off of at least 80.1% of Topgolf to shareholders; target completion in second half of 2025.
Post-separation, Callaway will retain existing financial debt; Topgolf will have no financial debt and a significant cash balance.
Chip Brewer to continue as CEO of Callaway; Artie Starrs as CEO of Topgolf. Callaway will remain Topgolf's exclusive golf equipment partner.
Topgolf to reduce new venue development to mid-single digit range in 2025 to balance growth and free cash flow.

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