Acushnet Holdings Corp

ITEM 1A.Risk Factors

You should carefully consider each of the risk factors included in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2024, as well as the other information set forth in this report. There have been no material changes to the risk factors as described in our Annual Report on Form 10-K for the year ended December 31, 2024, except as indicated below.

U.S. and foreign trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse effect on our business, financial condition and results of operations.

On April 2, 2025, tThe U.S. government announced a broad range of new tariffs on virtually all has recently imports into the United Stateslemented significant tariff measures, including a baseline universal tariff of 10% on products imported from most countries, a tariff of 25% on virtually all products imported from Canada and Mexico andinto the United States, as well as additional individualized tariffs on the countries with which the United States has the largesproducts imported from select trade deficiting partners, including a 36% tariff on products imported from Canada, China, Mexico, Thailand, where we manufacture all of our golf gloves and a significant amount of our golf balls, and a 46%  and Vietnam. As a result, we are incurring tariff on products icosts in connection with importeds from Vietnam,every country from whereich we contract to manufacture substantimport raw materially all of our footwears, component parts and a significant amount of our golf gear and apparelfinished goods. The U.S. government ahas also announced a tariff of 145% on products imported from China, where we source a snd rescinded multiple tariffs on several foreignificant port jurisdiction of our golf club components and apparel. On April 9, 2025, the U.S. government annos, which has increased unced that a significant portion of rtainty regarding the new tariffs for most countries, with the exceptionultimate effect of China, would be paused and most otherthe tariffs lowered to 10% for 90 dayon economic conditions. These actions are impacting bilateral trade relations, with many U.S. trading partners imposing or publicly considering retaliatory tariffs on U.S. imports. Although thThe tariff policy environment has been and is expected to continue to be dynamic, and the ultimate impact of any tariffs will depend on the magnitude and duration of the tariffs and the countries impacted, we are already incurring new tariff costs in connection with imports from every country from which we import raw materials, component parts and finished goods. If we are unable to mitigate tariff-related risks through supply chain adjustments, pricing strategies, sourcing arrangements or other measures, our business, financial condition and results of operations could be materially adversely affected.

Additionally, U.S. policy changes and uncertainty about such changes may increase market volatility and currency exchange rate fluctuations. As part of our foreign currency exchange rate hedging strategy, we have and expect to continue to execute forward contracts to protect against adverse changes in foreign currency exchange rates and to mitigate foreign currency transaction risk. However, our hedging activities may not offset more than a portion of the adverse financial impact resulting from unfavorable movement in foreign currency exchange rates, which could materially adversely affect our business, financial condition and or rresults of operations. See Our operations are conducted worldwide and our results of operations are subject to currency transaction and translation risks that could materially adversely affect our business, financial condition and results of operations and We have significant international operations and are exposed to risks associated with doing business globally, Item 1A of Part I to our Annual Report on Form 10-K for the year ended December 31, 2024.

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