Slides
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Misto Holdings Corp. 2025 Q3 Earnings Release
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The financial information and statements included in the following presentation are unaudited and are presented here today solely for the purpose of helping investors better understand the current status of Misto Holdings Corporation and its subsidiaries. Part of the presentation is subject to change during the financial audit by an external independent auditor. Also, the information described in this document contains “forward - looking statements”, and such forward - looking statements are made based on management’s current expectations, beliefs, plans, and assumptions based on information currently available to the management. These forward - looking statements relate to future events and address our expected future business condition and financial performance, and often contain words such as target, forecast, prospective, proceed, plan, strategy. Moreover, forward - looking statements contain risks and uncertainties, do not guarantee future performance, and are subject to change. Please note that forward - looking statements may differ from actual results depending on changes in economic status, market trends and tax and the other systems. The financial information included in this document is in accordance with Korean IFRS . Disclaimer
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1. Company Overview 04 2. Earnings Release Table of Contents 12 History Redefining Boundaries Business Segment Brand Portfolio Core Strength and Competitive Advantages Business Expansion Strategy Shareholder Return Policy 05 06 07 08 09 10 11
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1. Company Overview
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History 5 1911 FILA brand was founded in Biella, Italy. 2018 FILA brand’s signature sneaker, ‘Disruptor 2,’ won 'Shoe of the Year(FNAA)’ Acquisition of Links & Kings global trademark rights. 1973 FILA brand introduced its first sportswear collection, marking its transition into a sportswear. 2019 Acquisition of KJUS global trademark rights. 1991 Establishment of FILA Korea Ltd.(now, Misto Holdings Corp.). 2020 Renamed to FILA Holdings Corp. and shifted to a holding company structure. 2000 Titleist brand launched its very first Pro V1 golf ball. 2021 Acquisition of Club Glove global trademark rights. 2005 FILA Korea(now, Misto Holdings Corp.) became independent via Management Buyout from FILA Global. 2022 Acquisition of Alife global trademark rights. 2007 FILA Korea Ltd. acquired FILA global trademark rights. 2023 Acquisition of H5LY NO7 Greater China trademark rights. FILA Holdings was recognized as a Top - Rated Company in the 2023 ESG rankings by global ESG ratings agency Sustainalytics, becoming the first Korean fashion company in the Asia - Pacific textile and apparel industry to receive this distinction. 2010 Listed on the Korea Exchange (KOSPI: 081660). 2024 FILA Holdings Corp. was Included in the global ESG Index 'FTSE4Good' for the first time. 2011 Acquisition of the U.S. golf equipment company 'Acushnet Company'. 2025 FILA Holdings Corp. changed its name to Misto Holdings Corp. 2016 Acushnet Holdings Corp. was listed on the New York Stock Exchange (Ticker: GOLF) and becomes a subsidiary of FILA Korea Ltd.
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FILA Holdings Corp. Misto Holdings Corp. Inspired by the Italian word "misto," meaning "mixed" or "a combination of various elements," Misto embodies our multi - brand DNA and unifies all business operations under a strong corporate identity. This change reflects our group’s philosophy, strengthens our global brand portfolio, and provides strategic direction for the future. Redefining Boundaries - Beyond a Name, Defining Our Future Our global brand portfolio is not fully reflected in a corporate name. 6
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Business Segment ▪ Design, merchandising, R&D, sourcing, licensing, distribution, marketing ▪ FILA: Owned by Misto, positioned as an “Authentic Italian Sports Brand”. Operates directly in Korea, North America, and Malaysia, with indirect global operations, generating global royalty income and design service fee income ▪ Other brands: Majority of t rademarks are not held by Misto. Other brands are primarily operated in Greater China through diversified distribution models, including e - commerce (refer to page 8 for brand details). ▪ Design, merchandising, R&D, manufacturing, sourcing, distribution, marketing ▪ Brands: Titleist, FootJoy , Scotty Cameron, Vokey, Pinnacle, Links & Kings, PG Golf, KJUS, Club Glove ▪ Misto Holdings Corp. consolidates the financials of Acushnet Holdings Corp., an NYSE - listed company(Ticker: GOLF), with approx. 52% ownership. 7 Misto Acushnet Sports, Lifestyle, Casual fashion brand including company’s owned brand and third - party brands Golf equipment, Golf wear, Golf gear brands &
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Owned Brands Licensing/Distribution Brands Owned IP (Greater China) Brand Portfolio 8 Contract expired on Oct. 31
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Core Strength and Competitive Advantages Merchandising & Design Brand IP & License management Investment Brand operation & Incubation Operation management consulting, Branding, Marketing & PR Sourcing R&D Store operation & E - commerce 9
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Business Expansion Strategy … and more to be added “We empower a collective of dynamic brands to connect, inspire, and create meaningful experiences for people and communities.” is a “ Brand Accelerator ” We accelerate brands through the power of synergy. 10
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Shareholder Return Policy • Total shareholder return includes both dividend payouts and stock buybacks. • Shareholder return ratio(%) and Payout ratio(%) are calculated based on the net income attributable to the owners of the company. • Dividend yield(%) is calculated based on the average stock price over the past week of the board decision. Historical Shareholder Return(FY22 - FY24) FY2022 FY2023 FY2024 Dividend per share KRW 1,580 KRW 1,090 KRW 1,200 Dividend yield(%) 4.6% 2.8% 3.1% Total dividend payout KRW 95B KRW 66B KRW 69B Payout ratio(%) 27.6% 153.8% 82.5% Total stock buyback - - KRW 100B Total shareholder return KRW 95B KRW 66B KRW 169B Net Income attributable to the owners of the parent KRW 344B KRW 43B KRW 84B Shareholder return ratio(%) 27.6% 153.8% 201.2% 11 Shareholder Return Policy (For 3 yrs, FY25 - FY27) Up to ₩ 5 00B Actively considering Special Dividends & Stock Buybacks • As of November 10th, total shareholder return through share buybacks amounted to KRW 182B . • On November 12th, the Board approved a quarterly dividend amount of KRW 50B.
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2. Earnings Release
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. 13 Operational Highlights in Q3 FILA continues to elevate brand position targeting 2030 customers
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14 Operational Highlights in Q3 FILA enhances brand heritage through ‘2025 White Open Seoul’
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15 Operational Highlights in Q3 Pro V1 maintains strong momentum with 72% worldwide tour count
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Revenue KRW 1,088bn, YoY +3.7% ▪ Misto | A djusted revenue(ex. U.S.) YoY +10.1%, driven by growth in the diversified brand portfolio in China and domestic performance, particularly in online retail(YoY +26.9%), and footwear growth(YoY +18.7%), reflecting the expansion of premium online channels and strong demand for key products. The U.S. reorganization was completed as of 3QE. ▪ Acushnet | Revenue increased across all segments with sustained momentum, particularly in Titleist golf equipment and Golf gear, continued strong demand from new Pro V1 golf balls and recently launched T - Series irons . ▪ Benefited from a favorable F/X rate due to the weaker Korean Won. Q3 Avg. USD/KRW: 1,385.28, YoY +1.9 % OP KRW 132bn, YoY +41.2% ▪ Misto | Supported by cost reduction efforts, the absence of one - off expenses from North America business, and efficient management of global marketing spend . ▪ Acushnet | Driven by higher sales despite continued investment in new product launches, fitting network and IT systems. 16 Consolidated Financials (KRW mn ) Q3 25 Q3 24 YoY C/C Q3 YTD 25 Q3 YTD 24 YoY C/C Consolidated Revenue 1,088,201 1,049,458 3.7% 2.3% 3,553,414 3,407,369 4.3% 0.3% Misto Revenue 180,641 205,352 (12.0%) (12.9%) 612,684 685,541 (10.6%) (12.4%) Acushnet Revenue 907,561 844,106 7.5% 6.0% 2,940,730 2,721,828 8.0% 3.5% Gross Profit 583,542 567,166 2.9% 1.4% 1,905,507 1,806,047 5.5% 1.4% GPM% 53.6% 54.0% (0.4%p) (0.4%p) 53.6% 53.0% 0.6%p 0.6%p Consolidated Operating Profit 131,869 93,371 41.2% 38.9% 476,429 396,776 20.1% 14.8% OPM% 12.1% 8.9% 3.2%p 3.2%p 13.4% 11.6% 1.8%p 1.7%p Misto OP 8,674 (16,100) N/A N/A 45,086 (12,836) N/A N/A Acushnet OP 123,195 109,470 12.5% 11.3% 431,344 409,612 5.3% 0.8%
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Financial Outlook for FY2025 Note1) The guidance provided is based on Korean Won and the Korean International Financial Reporting Standards (K - IFRS) except f or Acushnet Holdings Corp. based on US Dollar. Note2) Applied foreign exchange rate of USD/KRW is 1,400.00 YoY +2.6% in 2025 (2025. 1. 1. ~ 2025. 12. 31.). Reaffirming the previous financial outlook for FY2025 for consolidated and Misto(ex - Acushnet), reflecting Q3 results, views on macroeconomic trends and business projections for the whole year. Acushnet’s FY2025 outlook was publicly disclosed on November 5 th . Sales range of $2,520M - 2,540M, on a constant currency basis, YoY +2.6% - 3.4%, and adjusted EBITDA of $405M - $415M. Consolidated Revenue YoY 0% ~ +5% Misto (ex - Acushnet) Revenue YoY - 10% ~ 0% Consolidated OP YoY +25 ~ +35% Misto (ex - Acushnet) OP KRW 50B ~ 60B Expected to turn profit from loss in FY24 17
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Appendix. Financial Statements Consolidated Statements of Comprehensive Income(K - IFRS) Consolidated Statements of Financial(K - IFRS) Category Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Revenue 1,049,458 861,374 1,237,499 1,227,714 1,088,201 Cost of sales 482,292 429,591 591,044 552,204 504,660 Gross profit 567,166 431,783 646,455 675,510 583,542 Selling and administrative expenses 473,795 467,756 483,780 493,625 451,673 Operating profit 93,371 (35,973) 162,675 181,885 131,869 Other income 1,184 1,589 31,558 852 1,736 Other expenses 2,524 8,720 1,540 929 1,218 Financial income 5,793 25,908 19,844 12,482 9,693 Financial costs 34,415 29,175 42,276 43,803 28,349 Share of net profit of associates accounted for using the equity method 14,572 16,214 20,259 18,049 11,579 Profit before income tax 77,981 (30,157) 190,520 168,535 125,311 Income tax expense 24,620 39,247 39,064 29,333 23,415 Net profit 53,360 (69,404) 151,456 139,202 101,896 Other comprehensive income (88,282) (178,733) 6,962 (146,410) 76,601 Total comprehensive income (34,922) 109,329 158,418 (7,208) 178,497 Profit attributable to owners of the controlling company 13,311 (57,182) 81,801 85,822 63,238 Earnings per share (KRW) 223 (952) 1,400 1,485 1,167 KRW mn QE3 24 QE4 24 QE1 25 QE2 25 QE3 25 Total assets 5,264,374 5,536,390 5,765,348 5,330,348 5,502,329 Current assets 2,517,934 2,462,449 2,647,746 2,357,867 2,460,112 Cash and cash equivalents 780,557 683,177 570,461 491,266 696,628 Trade and other receivables 647,732 532,431 894,879 774,455 662,027 Inventories 853,745 1,018,623 953,206 873,768 879,596 Other current assets 235,900 228,218 229,200 218,378 221,861 Non - current assets 2,746,440 3,073,941 3,117,602 2,972,481 3,042,217 Property and equipment 699,019 799,189 773,991 751,822 868,702 Intangible assets 1,790,627 1,973,128 1,994,442 1,845,641 1,898,580 Other non - current assets 256,794 301,624 349,169 375,018 274,935 Total liabilities 2,522,351 2,800,091 3,069,039 2,752,032 2,797,202 Current liabilities 1,190,787 1,233,702 1,246,952 1,095,975 1,135,157 Trade and other payables 556,935 594,990 601,534 533,488 551,278 Borrowings and bonds 421,136 420,946 387,195 337,686 344,799 Other current liabilities 212,176 217,766 258,223 224,801 239,080 Non - current liabilities 1,331,563 1,566,390 1,822,086 1,656,057 1,662,045 Borrowings and bonds 932,474 1,105,173 1,356,453 1,234,313 1,230,157 Other non - current liabilities 399,089 461,217 465,633 421,744 431,888 Total equity 2,742,023 2,736,299 2,696,309 2,578,316 2,705,127 18
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Misto Holdings Corp. www.mistoholdings.com