Answer

Analysis of Expected EBITDA Contribution by Product Launches for Q2 2026 at the SKU Level

Acushnet Holdings Corp. (Ticker: GOLF) has provided forward-looking commentary and some quantitative guidance related to its product launches in 2026, particularly the SM11 Vokey wedges, metals launch, and new driver. While specific SKU-level EBITDA contributions are not explicitly disclosed in the earnings transcript and filings for Q4 2025, we can infer and contextualize expectations from their remarks and financial outlook.

Summary of Key Points Relevant to Q2 2026 EBITDA Contribution:

Product Launch Timing and Drivers of Growth:
- The new SM11 Vokey wedges and the acceleration of the metals launch are primary contributors to net sales growth in the first half of 2026, with a particular emphasis on the second quarter (Q2) driven by these two product launches.
- The traditionally Q3 driver launch has been accelerated to late June 2026, further concentrating sales in Q2.
- First half 2026 net sales are expected to increase mid- to high single digits year-over-year, driven primarily by Titleist Golf Equipment, which includes these launches.
- Adjusted EBITDA in the first half of 2026 is also expected to increase mid- to high single digits, more than offsetting cost headwinds such as tariffs ¹.
Segment Performance and Product Cycles:
- The Titleist Golf Equipment segment, which includes wedges, metals, and drivers, has a well-established two-year product introduction cycle.
- SM11 wedges represent the second year of their product cycle but remain a strong growth driver.
- Metals launch growth is expected to be evident in Q2 2026 with the acceleration.
- The new driver launch is moved to late June, falling in Q2.
- Previous successful product cycles (T-Series irons, SM10 wedges) have contributed to single-digit volume and sales growth.
- No Pro V1 ball launch is scheduled in 2026, and the golf ball business volume may be flat or down slightly, so most incremental EBITDA comes from equipment (wedges, metals, driver) ¹².
Financial Outlook Relevant to Q2:
- Full-year 2026 consolidated adjusted EBITDA guidance is between $415 million and $435 million, midpoint about $425 million, which is roughly flat margin (~16%) compared to 2025.
- First half EBITDA growth is heavily weighted toward Q2 due to new product launches.
- The timing shift of the driver launch to late June (Q2) rather than early August (Q3) concentrates expected EBITDA contributions earlier in the year.
- First quarter net sales growth is expected to be low single digits, predominantly due to strength in equipment, with much heavier growth in Q2 ¹².
Tariffs and Costs:
- The company expects approximately $70 million of tariff costs in 2026, with a noticeable impact in Q4 2025 ($15 million), but first half growth in EBITDA is expected to mitigate tariff impacts efficiently ¹³.
Capital Expenditures and Supply Chain Investment:
- There is a capacity expansion focus on golf club production worldwide, supporting scaling for these product launches.
- Capital expenditure in 2026 is expected to rise to $95 million, a high watermark driven by expansions in golf ball manufacturing and club production capacity ¹⁴.

Quantification of EBITDA Contribution by Product Launch (Inferred):

SM11 Wedges:
- The SM11 wedges launch is significant enough to be separately called out as a key driver of Q2 sales and EBITDA growth.
- Given that in 2025 the SM10 wedges contributed meaningfully to a 7% growth in Titleist Golf Clubs segment and wedges were a strong performer for two years running, the SM11 wedges can be expected to contribute a substantial portion of the mid- to high single-digit first half EBITDA growth.
- While no SKU-level EBITDA is disclosed, the incremental EBITDA contribution is likely in the range of a few percentage points of adjusted EBITDA growth in Q2 based on prior wedge cycles and inventory build-up to support acceleration ¹⁵.
Metals Launch:
- The metals launch, accelerated to June 2026, is also a material growth driver with inventory increases noted to support it.
- The prior metals launches showed steady growth contributing to overall golf equipment growth of over 7% in 2025.
- Incremental EBITDA contribution from the metals launch in Q2 should be additive to the wedges, also driving mid- to high single-digit EBITDA growth in Equipment segment for that quarter.
- Inventory rose by $33 million in 2025 primarily to support this metals launch acceleration, indicating a strong sales ramp and margin contribution opportunity ¹⁶.
New Driver:
- The new driver launch’s timing shift to late June places its contribution squarely in Q2.
- Drivers are a high-margin product and Titleist’s driver (#1 on PGA Tour) is strategically important.
- Detailed financial guidance on the driver’s contribution is under wraps, but management emphasized confidence in timing and execution; further detail will be shared in May 2026.
- Given the acceleration, a portion of the driver’s typical Q3 revenues and margins will be recognized in Q2, boosting Q2 adjusted EBITDA above normal seasonality.
- Historically, driver launches contribute a meaningful portion of equipment segment growth; this timing shift should increase Q2 EBITDA, potentially by low single-digit millions but exact SKU-level data is not public ¹⁷⁵⁸.

Limitations and Summary:

No SKU-Level EBITDA Disclosure: The company has not disclosed SKU-specific EBITDA contributions or exact dollar figures attributable to the SM11 wedges, metals, or driver launches at the SKU level.
Modeling Implication: Investors are encouraged to model EBITDA contributions based on reported mid- to high single-digit net sales and adjusted EBITDA growth in Q1-Q2, heavily back-loaded into Q2 due to these launches, and to consider historical margin profiles of equipment categories.
Tariffs and Pricing: Tariff costs and pricing actions influence margins but are expected to be offset by pricing and cost efficiencies, supporting flat gross margins year-over-year.
Capacity and Investments: Significant CapEx to expand production capacity confirms management’s expectation of strong sales and margin growth related to these launches.

Conclusion:

For Q2 2026, Acushnet expects a mid- to high single-digit year-over-year increase in adjusted EBITDA for the first half of the year, with Q2 heavily weighted due to the:

New SM11 wedge launch,
Accelerated metals launch, and
Early driver launch in late June.

While exact SKU-level EBITDA figures are not provided, the incremental contribution from these launches can be inferred to compose the majority of this growth in the Titleist Golf Equipment segment’s adjusted EBITDA in Q2. The company’s supply chain investments, inventory build, and production capacity scale underpin this forecasted profitability improvement despite ongoing tariff headwinds.

Key relevant excerpts: ¹⁷⁶⁵⁸².

If you require quantitative SKU-level EBITDA in absolute dollar terms, such data is not disclosed and would typically require internal company segmentation details or guidance beyond what is publicly available at this time.

References

Acushnet Holdings Corp. (GOLF) earnings transcript 2025 - Q4

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Acushnet Holdings Q2 2026 SKU-Level EBITDA Impact from Product Launches

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Research question

Answer

Summary of Key Points Relevant to Q2 2026 EBITDA Contribution:

Quantification of EBITDA Contribution by Product Launch (Inferred):

Limitations and Summary:

Conclusion:

References

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