Equibles

10-Q

Under Armour, Inc. (UAA)

10-Q 2025-11-06 For: 2025-09-30
View Original
Added on April 09, 2026

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________

Form 10-Q

______________________________________

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 001-33202

______________________________________

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UNDER ARMOUR, INC.

(Exact name of registrant as specified in its charter)

______________________________________

Maryland 52-1990078
(State or other jurisdiction of<br>incorporation or organization) (I.R.S. Employer<br>Identification No.)
101 Performance Drive<br><br>Baltimore, Maryland 21230 (410) 468-2512
(Address of principal executive offices) (Zip Code) (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Class A Common Stock UAA New York Stock Exchange
Class C Common Stock UA New York Stock Exchange
(Title of each class) (Trading Symbols) (Name of each exchange on which registered)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☑    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☑    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ☐    No  ☑

As of October 31, 2025 there were 188,834,386 shares of Class A Common Stock, 34,450,000 shares of Class B Convertible Common Stock and 200,604,976 shares of Class C Common Stock outstanding.

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UNDER ARMOUR, INC.

QUARTERLY REPORT ON FORM 10-Q

| TABLE OF CONTENTS | | --- || PART I - FINANCIAL INFORMATION | | | | --- | --- | --- | | Item 1. | Financial Statements | 1 | | | Condensed Consolidated Balance Sheets as ofSeptember 30, 2025andMarch 31, 2025 (unaudited) | 1 | | | Condensed Consolidated Statements of Operations for the ThreeandSix Months Ended September 30, 2025and2024(unaudited) | 2 | | | Condensed Consolidated Statements of Comprehensive Income (Loss) for the ThreeandSix Months Ended September 30, 2025and2024(unaudited) | 3 | | | Condensed Consolidated Statements of Stockholders' Equity for the ThreeandSix Months Ended September 30, 2025and2024(unaudited) | 4 | | | Condensed Consolidated Statements of Cash Flows for theSix Months Ended September 30, 2025and2024(unaudited) | 6 | | | Notes to the Condensed Consolidated Financial Statements (unaudited) | 7 | | Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 31 | | Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 46 | | Item 4. | Controls and Procedures | 47 | | PART II - OTHER INFORMATION | | | | Item 1. | Legal Proceedings | 49 | | Item 1A. | Risk Factors | 49 | | Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 49 | | Item 5. | Other Information | 49 | | Item 6. | Exhibits | 50 | | SIGNATURES | | 51 |

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; In thousands, except share data)

September 30, 2025 March 31, 2025
Assets
Current assets
Cash and cash equivalents $ 395,991 $ 501,361
Accounts receivable, net of allowance for doubtful accounts of $18,447 and $17,020 as of September 30, 2025 and March 31, 2025, respectively. 688,476 675,822
Inventories 1,037,166 945,836
Restricted investments (Note 7) 604,065 —
Prepaid expenses and other current assets, net 218,085 206,078
Total current assets 2,943,783 2,329,097
Property and equipment, net (Note 3) 605,321 645,147
Operating lease right-of-use assets (Note 4) 372,791 384,341
Goodwill (Note 5) 495,027 487,632
Intangible assets, net 4,758 5,224
Deferred income taxes (Note 15) 306,218 286,160
Other long-term assets 171,580 163,270
Total assets $ 4,899,478 $ 4,300,871
Liabilities and Stockholders' Equity
Current liabilities
Current maturities of long-term debt (Note 7) $ 599,439 $ —
Accounts payable 470,311 429,944
Accrued expenses 328,398 348,747
Customer refund liabilities (Note 10) 134,957 146,021
Operating lease liabilities (Note 4) 137,402 130,050
Other current liabilities 66,643 54,381
Total current liabilities 1,737,150 1,109,143
Long-term debt, net of current maturities (Note 7) 589,783 595,125
Operating lease liabilities, non-current (Note 4) 573,158 574,277
Other long-term liabilities 143,709 132,048
Total liabilities 3,043,800 2,410,593
Stockholders' equity (Note 9)
Class A Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of September 30, 2025 and March 31, 2025; 188,834,386 shares issued and outstanding as of September 30, 2025 (March 31, 2025: 188,822,726) 63 63
Class B Convertible Common Stock, $0.0003 1/3 par value; 34,450,000 shares authorized, issued and outstanding as of September 30, 2025 and March 31, 2025 11 11
Class C Common Stock, $0.0003 1/3 par value; 400,000,000 shares authorized as of September 30, 2025 and March 31, 2025; 200,453,670 shares issued and outstanding as of September 30, 2025 (March 31, 2025: 202,720,745) 66 67
Additional paid-in capital 1,263,870 1,237,798
Retained earnings 692,117 746,277
Accumulated other comprehensive income (loss) (100,449) (93,938)
Total stockholders' equity 1,855,678 1,890,278
Total liabilities and stockholders' equity $ 4,899,478 $ 4,300,871

Commitments and Contingencies (Note 8)

See accompanying notes.

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UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; In thousands, except per share amounts)

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Net revenues (Note 10) $ 1,333,380 $ 1,399,023 $ 2,467,448 $ 2,582,688
Cost of goods sold 702,796 702,891 1,290,368 1,323,881
Gross profit 630,584 696,132 1,177,080 1,258,807
Selling, general and administrative expenses 581,632 519,840 1,111,977 1,357,157
Restructuring charges (Note 11) 31,906 3,212 44,734 28,298
Income (loss) from operations 17,046 173,080 20,369 (126,648)
Interest income (expense), net (8,605) (1,747) (12,656) 597
Other income (expense), net (942) (3,420) (5,637) (6,150)
Income (loss) before income taxes 7,499 167,913 2,076 (132,201)
Income tax expense (benefit) (Note 15) 25,940 (2,136) 23,282 3,013
Income (loss) from equity method investments (373) 333 (220) 170
Net income (loss) $ (18,814) $ 170,382 $ (21,426) $ (135,044)
Basic net income (loss) per share of Class A, B and C common stock (Note 16) $ (0.04) $ 0.39 $ (0.05) $ (0.31)
Diluted net income (loss) per share of Class A, B and C common stock (Note 16) $ (0.04) $ 0.39 $ (0.05) $ (0.31)
Weighted average common shares outstanding Class A, B and C common stock
Basic 428,350 432,225 427,736 433,950
Diluted 428,350 435,685 427,736 433,950

See accompanying notes.

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UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited; In thousands)

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Net income (loss) $ (18,814) $ 170,382 $ (21,426) $ (135,044)
Other comprehensive income (loss):
Foreign currency translation adjustment (1,916) 9,306 27,620 (7,257)
Unrealized gain (loss) on cash flow hedges, net of tax benefit (expense) of $(4,714) and $6,295 for the three months ended September 30, 2025 and 2024, respectively; $12,013 and $460 for the six months ended September 30, 2025 and 2024, respectively. 12,742 (28,797) (36,169) (11,181)
Gain (loss) on intra-entity foreign currency transactions 1,186 4,978 2,038 4,214
Total other comprehensive income (loss) 12,012 (14,513) (6,511) (14,224)
Comprehensive income (loss) $ (6,802) $ 155,869 $ (27,937) $ (149,268)

See accompanying notes.

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UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited; In thousands)

Class A<br>Common Stock Class B Convertible<br>Common Stock Class C<br>Common Stock Additional Paid-in-Capital Retained<br>Earnings Accumulated Other Comprehensive Income (Loss) Total<br>Equity
Shares Amount Shares Amount Shares Amount
Balance as of <br>June 30, 2025 188,823 $ 63 34,450 $ 11 205,417 $ 68 $ 1,250,568 $ 736,180 $ (112,461) $ 1,874,429
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements — — — — (51) — — (251) — (251)
Excise tax on repurchases of common stock — — — — — — (114) — — (114)
Class C Common Stock repurchased — — — — (5,176) (2) — (24,998) — (25,000)
Issuance of Class A Common Stock, net of forfeitures 11 — — — — — — — — —
Issuance of Class C Common Stock, net of forfeitures — — — — 264 — 622 — — 622
Stock-based compensation expense — — — — — — 12,794 — — 12,794
Comprehensive income (loss) — — — — — — — (18,814) 12,012 (6,802)
Balance as of <br>September 30, 2025 188,834 $ 63 34,450 $ 11 200,454 $ 66 $ 1,263,870 $ 692,117 $ (100,449) $ 1,855,678 Class A<br>Common Stock Class B Convertible<br>Common Stock Class C<br>Common Stock Additional Paid-in-Capital Retained<br>Earnings Accumulated Other Comprehensive Income (Loss) Total<br>Equity
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Shares Amount Shares Amount Shares Amount
Balance as of <br>June 30, 2024 188,802 $ 63 34,450 $ 11 208,794 $ 69 $ 1,199,163 $ 694,100 $ (76,834) $ 1,816,572
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements — — — — (61) — — (455) — (455)
Issuance of Class A Common Stock, net of forfeitures 20 — — — — — — — — —
Issuance of Class C Common Stock, net of forfeitures — — — — 325 — 671 — — 671
Stock-based compensation expense — — — — — — 12,544 — — 12,544
Comprehensive income (loss) — — — — — — — 170,382 (14,513) 155,869
Balance as of <br>September 30, 2024 188,822 $ 63 34,450 $ 11 209,058 $ 69 $ 1,212,378 $ 864,027 $ (91,347) $ 1,985,201

See accompanying notes.

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UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited; In thousands)

Class A<br>Common Stock Class B Convertible<br>Common Stock Class C<br>Common Stock Additional Paid-in-Capital Retained<br>Earnings Accumulated Other Comprehensive Income (Loss) Total<br>Equity
Shares Amount Shares Amount Shares Amount
Balance as of <br>March 31, 2025 188,823 $ 63 34,450 $ 11 202,721 $ 67 $ 1,237,798 $ 746,277 $ (93,938) $ 1,890,278
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements — — — — (1,285) — — (7,736) — (7,736)
Excise tax on repurchases of common stock — — — — — — (114) — — (114)
Class C Common Stock repurchased — — — — (5,176) (2) — (24,998) — (25,000)
Issuance of Class A Common Stock, net of forfeitures 11 — — — — — — — — —
Issuance of Class C Common Stock, net of forfeitures — — — — 4,194 1 1,173 — — 1,174
Stock-based compensation expense — — — — — — 25,013 — — 25,013
Comprehensive income (loss) — — — — — — — (21,426) (6,511) (27,937)
Balance as of <br>September 30, 2025 188,834 $ 63 34,450 $ 11 200,454 $ 66 $ 1,263,870 $ 692,117 $ (100,449) $ 1,855,678 Class A<br>Common Stock Class B Convertible<br>Common Stock Class C<br>Common Stock Additional Paid-in-Capital Retained<br>Earnings Accumulated Other Comprehensive Income (Loss) Total<br>Equity
--- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Shares Amount Shares Amount Shares Amount
Balance as of <br>March 31, 2024 188,802 $ 63 34,450 $ 11 212,711 $ 70 $ 1,181,854 $ 1,048,411 $ (77,123) $ 2,153,286
Shares withheld in consideration of employee tax obligations relative to stock-based compensation arrangements — — — — (1,255) — — (8,399) — (8,399)
Excise tax on repurchases of common stock — — — — — — (200) — — (200)
Class C Common Stock repurchased — — — — (5,940) (2) 943 (40,941) — (40,000)
Issuance of Class A Common Stock, net of forfeitures 20 — — — — — — — — —
Issuance of Class C Common Stock, net of forfeitures — — — — 3,542 1 1,313 — — 1,314
Stock-based compensation expense — — — — — — 28,468 — — 28,468
Comprehensive income (loss) — — — — — — — (135,044) (14,224) (149,268)
Balance as of <br>September 30, 2024 188,822 $ 63 34,450 $ 11 209,058 $ 69 $ 1,212,378 $ 864,027 $ (91,347) $ 1,985,201

See accompanying notes.

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UNDER ARMOUR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; In thousands)

Six Months Ended September 30,
2025 2024
Cash flows from operating activities
Net income (loss) $ (21,426) $ (135,044)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization 56,245 65,565
Unrealized foreign currency exchange rate (gain) loss 4,178 (14,535)
Loss on disposal of property and equipment 3,932 2,598
Non-cash restructuring and impairment charges 29,052 3,679
Amortization of bond premium and debt issuance costs 1,330 1,107
Stock-based compensation 25,013 28,468
Deferred income taxes (20,456) (6,400)
Changes in reserves and allowances (1,794) (607)
Changes in operating assets and liabilities:
Accounts receivable (15,240) 31,461
Inventories (86,416) (144,058)
Prepaid expenses and other assets (25,524) 23,950
Other non-current assets (20,783) 9,428
Accounts payable 58,045 73,733
Accrued expenses and other liabilities (29,414) (107,102)
Customer refund liabilities (10,862) 5,671
Income taxes payable and receivable 33,142 (6,323)
Net cash provided by (used in) operating activities (20,978) (168,409)
Cash flows from investing activities
Purchases of property and equipment (55,851) (91,503)
Purchase of restricted investment (601,235) —
Sale of MyFitnessPal platform — 50,000
Sale of MapMyFitness platform — 8,000
Purchase of UNLESS COLLECTIVE, Inc, net of cash acquired (500) (9,788)
Net cash provided by (used in) investing activities (657,586) (43,291)
Cash flows from financing activities
Common stock repurchased (25,000) (40,000)
Proceeds from long-term debt and revolving credit facility 600,000 —
Repayment of long-term debt — (80,919)
Employee taxes paid for shares withheld for income taxes (7,736) (8,399)
Excise tax paid on repurchases of common stock (743) —
Proceeds from exercise of stock options and other stock issuances 1,174 1,314
Payments of debt financing costs (7,233) (1,388)
Net cash provided by (used in) financing activities 560,462 (129,392)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2,822 14,023
Net increase (decrease) in cash, cash equivalents and restricted cash (115,280) (327,069)
Cash, cash equivalents and restricted cash
Beginning of period 515,051 876,917
End of period $ 399,771 $ 549,848
Non-cash investing and financing activities
Change in accrual for property and equipment $ (17,919) $ 1,974
Reconciliation of cash, cash equivalents and restricted cash September 30, 2025 September 30, 2024
--- --- --- --- ---
Cash and cash equivalents $ 395,991 $ 530,701
Restricted cash 3,780 19,147
Total cash, cash equivalents and restricted cash $ 399,771 $ 549,848

See accompanying notes.

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UNDER ARMOUR, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited; Tabular amounts in thousands, except per share data)

| INDEX | | --- || Note 1 | Description of Business and Basis of Presentation | 8 | | --- | --- | --- | | Note 2 | Recent Accounting Pronouncements | 9 | | Note3 | Property and Equipment | 10 | | Note 4 | Leases | 10 | | Note5 | Goodwill | 11 | | Note6 | Supply Chain Finance Program | 11 | | Note7 | Credit Facility and Other Long Term Debt | 12 | | Note8 | Commitments and Contingencies | 14 | | Note 9 | Stockholders' Equity | 17 | | Note10 | Revenues | 18 | | Note 11 | Restructuring and Related Charges | 19 | | Note 12 | Stock-Based Compensation | 20 | | Note 13 | Fair Value Measurements | 23 | | Note 14 | Risk Management and Derivatives | 24 | | Note15 | Provision for Income Taxes | 27 | | Note 16 | Earnings Per Share | 29 | | Note17 | Segment Data | 29 |

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NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Business

Under Armour, Inc. (together with its wholly owned subsidiaries, the "Company") is a developer, marketer and distributor of branded athletic performance apparel, footwear and accessories. The Company creates products engineered to make athletes better with a vision to inspire athletes with innovative performance and design solutions they can't live without. The Company's products are made, sold and worn worldwide.

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements, which are presented in U.S. Dollars, include the accounts of Under Armour, Inc. and its wholly owned subsidiaries and were prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Certain information in footnote disclosures normally included in annual financial statements were condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and U.S. GAAP for interim consolidated financial statements. In the opinion of management, all adjustments consisting of normal, recurring adjustments considered necessary for a fair statement of the financial position and results of operations were included. Intercompany balances and transactions were eliminated upon consolidation.

The unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 is derived from the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 ("Fiscal 2025"), filed with the SEC on May 22, 2025 ("Annual Report on Form 10-K for Fiscal 2025"), which should be read in conjunction with these unaudited Condensed Consolidated Financial Statements. The unaudited results for the three and six months ended September 30, 2025 are not necessarily indicative of the results to be expected for the fiscal year ending March 31, 2026 ("Fiscal 2026"), or any other portions thereof.

Reclassifications

Certain prior period comparative amounts have been reclassified to conform to the current period presentation. Such reclassifications were not material and did not affect the unaudited Condensed Consolidated Financial Statements.

Management Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. These estimates, judgments and assumptions are evaluated on an on-going basis. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable at that time; however, actual results could differ from these estimates.

As the impacts of major global events, including recent and potential changes in global trade policy, continue to evolve, estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require increased judgment. The extent to which the evolving events impact the Company's financial statements will depend on a number of factors including, but not limited to, any new information that may emerge concerning the severity of these major events and the actions that governments around the world may take in response. While the Company believes it has made appropriate accounting estimates and assumptions based on the facts and circumstances available as of this reporting date, the Company may experience further impacts based on long-term effects on the Company's customers and the countries in which the Company operates.

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NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

The Company assesses the applicability and impact of all Accounting Standards Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB"). No ASUs were adopted during the first half of Fiscal 2026.

Recently Issued Accounting Pronouncements

The Company assessed all recently issued ASUs and, other than those described below, determined them to be either not applicable or expected to have no material impact on its Condensed Consolidated Financial Statements and related disclosures.

Internal-Use Software

In September 2025, the FASB issued ASU 2025-06 "Intangibles—Goodwill and Other—Internal-Use Software: Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06"), which modernizes the recognition and disclosure framework for internal-use software costs, removing the previous "development stage" model and introducing a more judgment-based approach. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim periods within that annual period. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.

Credit Losses

In July 2025, the FASB issued ASU 2025-05 "Financial Instruments - Credit Losses: Measurement of Credit Losses for Accounts Receivable and Contract Assets" ("ASU 2025-05"), which introduces a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, and interim periods within that annual period. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03 "Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures" ("ASU 2024-03"), which will require disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating this ASU to determine the impact of adoption on its consolidated financial statements and related disclosures.

Income Tax

In December 2023, the FASB issued ASU 2023-09 "Improvements to Income Tax Disclosures" ("ASU 2023-09"), which requires expanded income tax disclosures primarily related to an entity's effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and should be adopted on a prospective basis. The Company will adopt the annual disclosure requirements of ASU 2023-09 in its Fiscal 2026 Annual Report on Form 10-K. The adoption is expected to expand the Company's disclosures, but is not expected to have a material impact on its consolidated financial statements.

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| NOTE 3. PROPERTY AND EQUIPMENT | | --- || | September 30, 2025 | | March 31, 2025 | | | --- | --- | --- | --- | --- | | Leasehold and tenant improvements | $ | 397,199 | $ | 457,419 | | Furniture, fixtures and displays | 200,897 | | 307,258 | | | Buildings and building improvements | 245,104 | | 271,888 | | | Software | 277,310 | | 282,478 | | | Office equipment | 143,529 | | 141,684 | | | Plant equipment | 203,151 | | 190,169 | | | Land | 65,956 | | 74,460 | | | Construction in progress (1) | 21,280 | | 24,176 | | | Other | 25,615 | | 19,391 | | | Subtotal property and equipment | 1,580,041 | | 1,768,923 | | | Accumulated depreciation | (974,720) | | (1,123,776) | | | Property and equipment, net | $ | 605,321 | $ | 645,147 |

(1) Construction in progress primarily includes costs incurred for leasehold improvements and in-store fixtures and displays not yet placed in use.

Depreciation expense related to property and equipment for the three and six months ended September 30, 2025 was $26.9 million and $55.6 million, respectively (three and six months ended September 30, 2024: $32.3 million and $64.8 million, respectively).

NOTE 4. LEASES

The Company enters into operating leases domestically and internationally to lease certain warehouse space, office facilities, space for its Brand and Factory House stores, and certain equipment under non-cancelable operating leases. The leases expire at various dates through 2038. Short-term lease payments were not material for the periods presented.

Lease Costs and Other Information

The Company recognizes lease expense on a straight-line basis over the lease term. There are no residual value guarantees that exist, and there are no restrictions or covenants imposed by leases. Operating and variable lease costs are included on the Company's Condensed Consolidated Statements of Operations within (i) Selling, general and administrative expenses, (ii) Restructuring charges, for certain operating and variable lease costs relating to restructured facilities; and (iii) Other income (expense), for certain operating and variable lease costs relating to lease assets held for sublet purposes. The following table presents total operating and variable lease costs for the periods indicated:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Operating lease costs $ 41,393 $ 37,667 $ 82,428 $ 75,460
Variable lease costs $ 22,438 $ 28,039 $ 40,727 $ 49,540

The Company subleases certain excess office facilities, retail space and warehouse space to third parties. Sublease income for the three and six months ended September 30, 2025 was $3.1 million and $6.4 million, respectively (three and six months ended September 30, 2024: $1.7 million and $2.7 million, respectively).

The weighted average remaining lease term and discount rate for the periods indicated below were as follows:

September 30, 2025 March 31, 2025
Weighted average remaining lease term (in years) 6.80 7.13
Weighted average discount rate 4.80 % 4.88 %

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Supplemental Cash Flow Information

The following table presents supplemental information relating to cash flow arising from lease transactions:

Six Months Ended September 30,
2025 2024
Operating cash outflows from operating leases $ 87,469 $ 92,846
Leased assets obtained in exchange for new operating lease liabilities $ 53,412 $ 36,316

Maturity of Lease Liabilities

The following table presents the future minimum lease payments under the Company's operating lease liabilities as of September 30, 2025:

Fiscal year ending March 31,
2026 (six months ending) $ 83,461
2027 160,099
2028 138,530
2029 96,696
2030 73,489
2031 and thereafter 274,207
Total lease payments $ 826,482
Less: Interest 115,922
Total present value of lease liabilities $ 710,560

As of September 30, 2025, the Company has additional operating lease obligations that have not yet commenced of approximately $0.3 million, which are not reflected in the table above. During the three months ended September 30, 2025, as part of the 2025 restructuring plan as defined below (refer to Note 11), the Company terminated a previously disclosed contract assessed as containing a lease that had not yet commenced.

NOTE 5. GOODWILL

The following table summarizes changes in the carrying amount of the Company's goodwill by reportable segment as of the periods indicated:

North America EMEA Asia-Pacific Total
Balance as of March 31, 2025 $ 309,487 $ 103,055 $ 75,090 $ 487,632
Effect of currency translation adjustment — 6,378 1,017 7,395
Balance as of September 30, 2025 $ 309,487 $ 109,433 $ 76,107 $ 495,027
NOTE 6. SUPPLY CHAIN FINANCE PROGRAM
---

The Company facilitates a supply chain finance program, administered through third-party platforms, which provides participating suppliers with the opportunity to finance payments due from the Company with certain third-party financial institutions. Participating suppliers may, at their sole discretion, elect to finance one or more invoices of the Company prior to their scheduled due dates at a discounted price with the participating financial institution.

The Company’s obligations to its suppliers, including amounts due and scheduled payment dates, are not impacted by the supplier’s decision to finance amounts under these arrangements. As such, the outstanding payment obligations under the Company’s supply chain financing program are included within Accounts Payable in the Condensed Consolidated Balance Sheets and within operating activities in the Condensed Consolidated Statement of Cash Flows.

The Company’s outstanding payment obligations under this program were $169.4 million as of September 30, 2025 (March 31, 2025: $143.8 million).

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| NOTE 7. CREDIT FACILITY AND OTHER LONG TERM DEBT | | --- || | September 30, 2025 | | March 31, 2025 | | | --- | --- | --- | --- | --- | | Credit Facility | $ | 200,000 | $ | — | | 3.25% Senior Notes due 2026 | 600,000 | | 600,000 | | | 7.25% Senior Notes due 2030 | 400,000 | | — | | | Total principal payments due | 1,200,000 | | 600,000 | | | Unamortized debt discount on Senior Notes due 2026 | (180) | | (307) | | | Unamortized debt issuance costs - Credit facility | (5,007) | | (3,917) | | | Unamortized debt issuance costs - Senior Notes due 2026 | (381) | | (651) | | | Unamortized debt issuance costs - Senior Notes due 2030 | (5,210) | | — | | | Total amount outstanding | 1,189,222 | | 595,125 | | | Less: | | | | | | Current portion of long-term debt: | | | | | | 3.25% Senior Notes due 2026 | 600,000 | | — | | | Unamortized debt discount on Senior Notes due 2026 | (180) | | — | | | Unamortized debt issuance costs - Senior Notes due 2026 | (381) | | — | | | Total current portion of long-term debt | 599,439 | | — | | | Non-current portion of long-term debt | $ | 589,783 | $ | 595,125 |

Credit Facility

On March 8, 2019, the Company entered into an amended and restated credit agreement by and among the Company, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2025, the Company entered into the eighth amendment to the credit agreement (the "credit agreement as amended", the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $1.1 billion of revolving credit commitments that has a term that ends on June 16, 2030, with permitted extensions under certain circumstances and subject to a springing maturity of 91 days prior to June 16, 2030 if, on such date, the Senior Notes due 2030 (as defined below) have not been refinanced.

During the three months ended September 30, 2025, the Company borrowed $200.0 million under the revolving credit facility, which remained outstanding as of September 30, 2025 at a weighted average interest rate of 5.3%. There were no amounts outstanding under the revolving credit facility as of March 31, 2025.

At the Company's request and a lender's consent, commitments under the amended credit agreement may be increased by up to an amount equal to (x) the greater of (i) $400.0 million and (ii) 100% of consolidated EBITDA plus (y) an unlimited amount so long as, after giving effect to the relevant increase, the secured leverage ratio (calculated as set forth in the amended credit agreement) does not exceed 2.5 to 1.00 in aggregate, subject to certain conditions as set forth in the amended credit agreement. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time the Company seeks to incur such borrowings.

Up to $50.0 million of the facility may be used for the issuance of letters of credit. As of September 30, 2025, $45.6 million of letters of credit were outstanding (March 31, 2025: $45.7 million).

The obligations of the Company under the amended credit agreement are guaranteed by certain domestic significant subsidiaries of Under Armour, Inc., subject to customary exceptions (the "subsidiary guarantors") and primarily secured by a first-priority security interest in substantially all of the assets of Under Armour, Inc. and the subsidiary guarantors, excluding real property, capital stock in and debt of subsidiaries of Under Armour, Inc. holding certain real property and other customary exceptions. The amended credit agreement provides for the permanent fall away of guarantees and collateral upon the Company's achievement of investment grade rating from two rating agencies.

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The amended credit agreement contains negative covenants that, subject to significant exceptions, limit the Company's ability to, among other things: incur additional secured and unsecured indebtedness; pledge assets as security; make investments, loans, advances, guarantees and acquisitions (including investments in and loans to non-guarantor subsidiaries); undergo fundamental changes; sell assets outside the ordinary course of business; enter into transactions with affiliates; and make restricted payments.

The Company is also required to maintain a ratio of consolidated EBITDA, to consolidated interest expense of not less than 3.50 to 1.0 (the "interest coverage covenant") and the Company is not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.0, or, at the election of the Company during a fiscal quarter in which a permitted acquisition with a cash purchase price exceeding $100.0 million is consummated, 3.75 to 1.00 (the "leverage covenant"), as described in more detail in the amended credit agreement. The amended credit agreement excludes from the definition of indebtedness any indebtedness that has been defeased, satisfied and discharged and/or redeemed and to adjust the amount of interest expense included in the interest coverage covenant to exclude interest accruing on defeased debt. As such, the Senior Notes due 2026, including related interest, have been excluded. The Company was in compliance with the applicable covenants as of September 30, 2025.

In addition, the amended credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the amended credit agreement, will be considered an event of default under the amended credit agreement.

Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at the Company's option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the "pricing grid") based on the leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% to 1.75% (or, in the case of alternate base loans, 0.00% to 0.75%). The Company will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of September 30, 2025, the commitment fee was 17.5 basis points.

3.25% Senior Notes

In June 2016, the Company issued $600.0 million in aggregate principal amount of 3.25% senior unsecured notes due June 15, 2026 (the "Senior Notes due 2026"). The Senior Notes due 2026 bear interest at a fixed rate of 3.25% per annum, payable semi-annually on June 15 and December 15 beginning on December 15, 2016. The Company incurred and deferred $5.4 million in financing costs in connection with the Senior Notes due 2026.

On August 18, 2025, using the net proceeds from the Senior Notes due 2030 (as defined below), together with borrowings under the amended credit agreement and cash on hand, the Company satisfied and discharged the Senior Notes due 2026 by irrevocably depositing funds in an amount sufficient to satisfy all remaining principal and interest payments. These funds were deposited with Wilmington Trust, National Association as trustee under the indenture dated as of June 13, 2016, as supplemented by First Supplemental Indenture dated as of June 13, 2016 (the "Indenture"). As a result of the satisfaction and discharge, the Company was released from its remaining obligations under the Senior Notes due 2026 and the Indenture, except those obligations in the Indenture that expressly survive the satisfaction and discharge.

Holders of the Senior Notes due 2026 will receive payment of principal on the scheduled maturity date and payment of interest at the per annum rate on the dates set forth in the Indenture. Accordingly, the satisfaction and discharge represents an in-substance defeasance (as defined under Accounting Standards Codification ("ASC") Topic 405 "Liabilities"). Therefore, the Senior Notes due 2026 remain on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025 and will continue to accrete to their par value over the period until maturity in June 2026. Additionally, the related trust assets are included in Restricted investments on the Company’s Condensed Consolidated Balance Sheets as of September 30, 2025.

7.25% Senior Notes

On June 23, 2025, the Company issued $400.0 million in aggregate principal amount of 7.25% senior unsecured notes due July 15, 2030 (the "Senior Notes due 2030"). The Senior Notes due 2030 are guaranteed on a senior unsecured basis by the Company's subsidiary guarantors that provide guarantees under the amended credit agreement. The Senior Notes due 2030 bear interest at a fixed rate of 7.25% per annum, payable semi-annually in

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arrears on January 15 and July 15 beginning on January 15, 2026. The Company may redeem some or all of the Senior Notes due 2030 at any time, or from time to time, at the redemption prices described in the indenture governing the Senior Notes due 2030.

The indenture governing the Senior Notes due 2030 contains negative covenants that limit the Company's and certain of its subsidiaries' ability to engage in certain transactions and are subject to material exceptions described in the indenture governing the Senior Notes due 2030. The Company incurred and deferred $5.5 million in financing costs in connection with the Senior Notes due 2030.

Interest Expense

Interest expense, which includes amortization of deferred financing costs, bank fees, capitalized interest for long term property and equipment projects and interest expense under the credit and other long-term debt facilities, was $14.9 million and $21.7 million for the three and six months ended September 30, 2025, respectively (three and six months ended September 30, 2024: $6.1 million and $11.7 million, respectively).

Maturity of Long-Term Debt

The following are the scheduled maturities of long-term debt as of September 30, 2025:

Fiscal year ending March 31,
2026 (six months ending) $ —
2027 600,000
2028 —
2029 —
2030 —
2031 and thereafter 600,000
Total scheduled maturities of long-term debt $ 1,200,000

The Company monitors the financial health and stability of its lenders under the credit and other long-term debt facilities, however during any period of significant instability in the credit markets, lenders could be negatively impacted in their ability to perform under these facilities.

NOTE 8. COMMITMENTS AND CONTINGENCIES

Indemnifications

In connection with various contracts and agreements, the Company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items. Generally, such indemnification obligations do not apply in situations in which the counterparties are grossly negligent, engage in willful misconduct, or act in bad faith. Based on the Company’s historical experience and the estimated probability of future loss, the Company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations.

Litigation

From time to time, the Company is involved in litigation and other proceedings, including matters related to commercial and intellectual property disputes, as well as trade, regulatory and other claims related to its business. Other than as described below, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business. However, the matters described below, if decided adversely to or settled by the Company, could result, individually or in the aggregate, in a liability material to the Company's consolidated financial position, results of operations or cash flows.

Consolidated Kenney Derivative Litigation

In June and July 2018, two purported stockholder derivative complaints were filed in Maryland state court (the "State Court"), in cases captioned Kenney v. Plank, et al. (filed June 29, 2018) and Luger v. Plank, et al. (filed July 26, 2018), respectively. The cases were consolidated on October 19, 2018 under the caption Kenney v. Plank, et. al. The consolidated complaint in the Kenney action named Mr. Plank, certain other current and former members of the Company's Board of Directors, certain former Company executives, and Sagamore Development Company, LLC ("Sagamore") as defendants, and named the Company as a nominal defendant. The consolidated complaint

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asserted breach of fiduciary duty, unjust enrichment, and corporate waste claims against the individual defendants and asserted a claim against Sagamore for aiding and abetting certain of the alleged breaches of fiduciary duty. The consolidated complaint sought damages on behalf of the Company and certain corporate governance related actions.

The consolidated complaint included allegations challenging, among other things, the Company's disclosures related to growth and consumer demand for certain of the Company's products, as well as stock sales by certain individual defendants. The consolidated complaint also made allegations related to the Company's 2016 purchase from entities controlled by Mr. Plank (through Sagamore) of certain parcels of land to accommodate the Company's growth needs, which was approved by the Audit Committee of the Company's Board of Directors in accordance with the Company's policy on transactions with related persons.

On March 29, 2019, the State Court granted the Company's and the defendants' motion to stay that case pending the outcome of an earlier-filed securities class action ("the Consolidated Securities Action") and an earlier-filed derivative action asserting similar claims to those asserted in the Kenney action relating to the Company's purchase of parcels in the Baltimore Peninsula, an area of Baltimore previously referred to as Port Covington (which derivative action has since been dismissed in its entirety).

Prior to the filing of the derivative complaints in Kenney v. Plank, et al. and Luger v. Plank, et al., both of the purported stockholders had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company and both of these purported stockholders were informed of that determination.

In 2020, two additional purported shareholder derivative complaints were filed in the State Court, in cases captioned Cordell v. Plank, et al. (filed August 11, 2020), and Salo v. Plank, et al. (filed October 21, 2020), respectively.

In October 2021, the State Court issued an order consolidating the Cordell and Salo actions with the consolidated Kenney action into a single consolidated derivative action (the "Consolidated Kenney Derivative Action").

On October 27, 2023, an additional purported stockholder derivative complaint was filed in the State Court by four purported stockholders, in a case captioned Viskovich, et al. v. Plank, et al. (the “Viskovich Action”). On March 20, 2024, the State Court issued an order consolidating the Viskovich Action into the Consolidated Kenney Derivative Action.

As previously disclosed, on May 7, 2025, the parties in the Consolidated Kenney Derivative Action and the Consolidated Paul Derivative Action described below (together, the “Derivative Actions”) executed a formal stipulation of settlement memorializing the complete terms of a proposed settlement resolving the Derivative Actions (the "Settlement Agreement"). Amongst other things, the Settlement Agreement provides that (a) the Company will implement various corporate governance measures for a period of three years from the time that the settlement becomes final and non-appealable; and (b) a payment of $8.9 million, less any award of attorneys’ fees and costs to counsel for the plaintiffs, will be made to the Company on behalf of the defendants and will be funded using insurance proceeds. In exchange, the plaintiffs, the Company, and Under Armour stockholders derivatively on behalf of the Company, will grant customary releases in favor of the defendants of all of claims that were or could have been asserted in the Derivative Actions. On July 10, 2025, the plaintiffs in the Consolidated Kenney Derivative Action filed a motion requesting final approval of the Settlement Agreement by the State Court. On August 14, 2025, the State Court held a final approval hearing for the Settlement Agreement. On August 18, 2025, the State Court issued an order that, among other things, granted the motion for final approval of the Settlement Agreement and dismissed the Consolidated Kenney Derivative Action with prejudice (the “Judgment”). An order closing the case was issued on October 20, 2025.

By agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.

Consolidated Paul Derivative Litigation

On January 27, 2021, the United States District Court for the District of Maryland (the "District Court") entered an order consolidating for all purposes four separate stockholder derivative cases that previously had been

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filed in the court. On February 2, 2023, the District Court issued an order appointing Balraj Paul and Anthony Viskovich as lead plaintiffs (“Derivative Lead Plaintiffs”), appointing counsel for the Derivative Lead Plaintiffs as lead counsel, and recaptioning the consolidated case as Paul et al. v. Plank et al. (the “Consolidated Paul Derivative Action”). Prior to filing their derivative complaints, both of the Derivative Lead Plaintiffs had sent the Company's Board of Directors a letter demanding that the Company pursue claims similar to the claims asserted in the derivative complaints. Following an investigation, a majority of disinterested and independent directors of the Company determined that the claims should not be pursued by the Company, and the Derivative Lead Plaintiffs were informed of that determination.

On March 16, 2023, the District Court issued an order granting a motion for voluntary dismissal without prejudice that had been filed by the plaintiff in one of the four derivative cases who had not been appointed as a lead plaintiff.

On April 24, 2023, the Derivative Lead Plaintiffs designated an operative complaint in the Consolidated Paul Derivative Action. The operative complaint named Mr. Plank, certain other current and former members of the Company's Board of Directors, and certain other current and former Company executives as defendants, and named the Company as a nominal defendant. It asserted allegations challenging (i) the Company's disclosures related to growth and consumer demand for certain of the Company's products; (ii) the Company's practice of shifting sales between quarterly periods supposedly to appear healthier and its purported failure to disclose that practice; (iii) the Company's internal controls with respect to revenue recognition and inventory management; and (iv) the Company's supposed failure to timely disclose investigations by the U.S. Securities and Exchange Commission and the U.S. Department of Justice. The operative complaint asserted breach of fiduciary duty and unjust enrichment claims against the defendants and asserted a contribution claim against certain defendants. The operative complaint sought damages on behalf of the Company and also sought certain corporate governance related actions.

The Company and the defendants filed a motion to dismiss the operative complaint on June 23, 2023. The District Court granted that motion on September 27, 2023, dismissing the Consolidated Paul Derivative Action without prejudice, due to lack of subject matter jurisdiction. Following that decision, Viskovich, one of the Derivative Lead Plaintiffs, filed the above-referenced Viskovich Action in State Court.

The other Derivative Lead Plaintiff, Paul, filed a motion in the District Court seeking reconsideration of the dismissal decision or leave to amend the operative complaint. On January 9, 2024, the District Court entered an order denying Paul's motion and ordering that the Consolidated Paul Derivative Action remained dismissed without prejudice.

In February 2024, Paul filed a notice of appeal to the U.S. Court of Appeals for the Fourth Circuit (the "Fourth Circuit") from the decisions by the District Court on September 27, 2023 and January 9, 2024. Briefing on the appeal was completed as of July 22, 2024.

On May 7, 2025, while the appeal was pending, the parties in the Derivative Actions entered into the Settlement Agreement, which memorializes the terms of a settlement resolving those cases. A description of the Settlement Agreement, the settlement approval proceedings in the State Court, and the Judgment approving the Settlement Agreement is set forth above. On September 18, 2025, pursuant to the Settlement Agreement and in accordance with the Judgment, the parties to the appeal filed in the Fourth Circuit a joint stipulation requesting the voluntary dismissal of the appeal. On September 19, 2025, the Fourth Circuit issued an order granting that request and dismissing the appeal.

As noted above, by agreeing to settle the Derivative Actions, the defendants in no way concede or admit liability for any of the claims that were or could have been asserted in the Derivative Actions. The defendants expressly have denied and continue to deny each and all of the claims asserted in the Derivative Actions, and agreed to settle the Derivative Actions to eliminate the uncertainty, risk, costs, and burdens inherent in any litigation, including the Derivative Actions.

Contingencies

In accordance with ASC Topic 450 “Contingencies” (“Topic 450”), the Company establishes accruals for contingencies when (i) the Company believes it is probable that a loss will be incurred and (ii) the amount of the loss can be reasonably estimated. If the reasonable estimate is a range, the Company will accrue the best estimate in that range; where no best estimate can be determined, the Company will accrue the minimum. Legal proceedings and other contingencies for which no accrual has been established are disclosed to the extent required by ASC Topic 450.

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In connection with the matters described above, the Consolidated Securities Action, and previously disclosed government investigations, the Company provided notice of claims under multiple director and officer liability insurance policy periods. While the Company’s director and officer insurance carriers from each policy period have funded a portion of the payment in connection with the previously disclosed settlement of the Consolidated Securities Action, the Company remains in litigation with certain of its insurance carriers regarding coverage with respect to one of these policy periods. On March 26, 2024, the District Court issued a decision and order that obligated these insurance carriers to provide coverage. On April 25, 2024, the insurance carriers filed a motion for entry of judgment or leave to appeal the March 26, 2024 decision. The Company opposed the insurance carriers’ motion, and briefing on the motion was completed on May 23, 2024. On December 19, 2024, the District Court granted the insurance carriers’ motion for entry of final judgment with respect to the District Court’s March 26, 2024 decision and stayed further proceedings in the District Court pending the Fourth Circuit’s resolution of the insurance carriers’ appeal with respect to the District Court’s March 26, 2024 decision. On January 16, 2025, the insurance carriers filed a notice of appeal. Briefing on the insurance carriers' appeal was completed as of July 25, 2025, and the appeal remains pending. Oral argument occurred on October 22, 2025. If the Fourth Circuit reverses the District Court’s decision, the Company may be required to repay the settlement amount funded by the insurance carriers, as well as any defense costs from the Consolidated Securities Action paid by these insurance carriers. The $90 million of insurance proceeds recognized as of September 30, 2025 remains subject to the litigation by the insurance carriers.

From time to time, the Company’s view regarding probability of loss with respect to outstanding legal proceedings will change, proceedings for which the Company is able to estimate a loss or range of loss will change, and the estimates themselves will change. In addition, while many matters presented in financial disclosures involve significant judgment and may be subject to significant uncertainties, estimates with respect to legal proceedings are subject to particular uncertainties. Other than as described above, the Company believes that all current proceedings are routine in nature and incidental to the conduct of its business.

NOTE 9. STOCKHOLDERS' EQUITY

The Company's Class A Common Stock and Class B Convertible Common Stock have an authorized number of 400.0 million shares and 34.45 million shares, respectively, and each have a par value of $0.0003 1/3 per share as of September 30, 2025. Holders of Class A Common Stock and Class B Convertible Common Stock have identical rights, including liquidation preferences, except that the holders of Class A Common Stock are entitled to one vote per share and holders of Class B Convertible Common Stock are entitled to 10 votes per share on all matters submitted to a stockholder vote. Class B Convertible Common Stock may only be held by Kevin Plank, the Company's founder, President and Chief Executive Officer, or a related party of Mr. Plank, as defined in the Company's charter. As a result, Mr. Plank has a majority voting control over the Company. Upon the transfer of shares of Class B Convertible Common Stock to a person other than Mr. Plank or a related party of Mr. Plank, the shares automatically convert into shares of Class A Common Stock on a one-for-one basis. In addition, all of the outstanding shares of Class B Convertible Common Stock will automatically convert into shares of Class A Common Stock on a one-for-one basis upon the death or disability of Mr. Plank or on the record date for any stockholders' meeting upon which the shares of Class A Common Stock and Class B Convertible Common Stock beneficially owned by Mr. Plank is less than 15% of the total shares of Class A Common Stock and Class B Convertible Common Stock outstanding or upon the other events specified in the Class C Articles Supplementary to the Company's charter as documented below. Holders of the Company's common stock are entitled to receive dividends when and if authorized and declared out of assets legally available for the payment of dividends.

The Company's Class C Common Stock has an authorized number of 400.0 million shares and has a par value of $0.0003 1/3 per share as of September 30, 2025. The terms of the Class C Common Stock are substantially identical to those of the Company's Class A Common Stock, except that the Class C Common Stock has no voting rights (except in limited circumstances), will automatically convert into Class A Common Stock under certain circumstances and includes provisions intended to ensure equal treatment of Class C Common Stock and Class B Convertible Common Stock in certain corporate transactions, such as mergers, consolidations, statutory share exchanges, conversions or negotiated tender offers, and including consideration incidental to these transactions.

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Share Repurchase Program

On May 15, 2024, the Company's Board of Directors authorized the Company to repurchase up to $500 million (exclusive of fees and commissions) of outstanding shares of the Company's Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, the Company's financial condition, results of operations, liquidity and other factors.

During the three months ended September 30, 2025, under the above authorization, the Company repurchased $25 million of Class C Common Stock and received a total of 5.2 million shares, which were immediately retired. The shares of Class C Common Stock were repurchased in the open market at prevailing market prices under a plan designed to comply with Rule 10b5-1 and Rule 10b-18 under the Securities and Exchange Act of 1934, as amended, with the timing and actual number of shares repurchased depending upon market conditions and other factors. As a result, $25.0 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. No shares were repurchased under the share repurchase program during the three months ended June 30, 2025.

During the six months ended September 30, 2024, under the above authorization, the Company repurchased $40 million of Class C Common Stock through accelerated share repurchase transactions and received a total of 5.9 million shares, which were immediately retired. As a result, $40.9 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. No shares were repurchased under the share repurchase program during the three months ended September 30, 2024.

As of the date of this Quarterly Report on Form 10-Q, the Company has repurchased a total of $115 million or 18.0 million outstanding shares of its Class C Common Stock, leaving approximately $385 million remaining under its current share repurchase program.

NOTE 10. REVENUES

The following tables summarize the Company's net revenues, disaggregated by product category and distribution channels:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Net revenues by product category:
Apparel $ 936,483 $ 947,188 $ 1,683,075 $ 1,704,980
Footwear 263,626 312,760 529,481 623,149
Accessories 113,077 116,381 213,155 208,926
Net Sales 1,313,186 1,376,329 2,425,711 2,537,055
License revenues 28,984 24,796 53,346 46,467
Corporate Other (8,790) (2,102) (11,609) (834)
Total net revenues $ 1,333,380 $ 1,399,023 $ 2,467,448 $ 2,582,688
Net revenues by distribution channel:
--- --- --- --- --- --- --- --- ---
Wholesale $ 775,050 $ 825,993 $ 1,424,100 $ 1,506,506
Direct-to-consumer 538,136 550,336 1,001,611 1,030,549
Net Sales 1,313,186 1,376,329 2,425,711 2,537,055
License revenues 28,984 24,796 53,346 46,467
Corporate Other (8,790) (2,102) (11,609) (834)
Total net revenues $ 1,333,380 $ 1,399,023 $ 2,467,448 $ 2,582,688

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The Company records reductions to revenue for estimated customer returns, allowances, markdowns and discounts. These reserves are included within customer refund liability and the value of the inventory associated with reserves for sales returns are included within prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The following table presents the customer refund liability, as well as the associated value of inventory for the periods indicated:

September 30, 2025 March 31, 2025
Customer refund liability $ 134,957 $ 146,021
Inventory associated with reserves for sales returns $ 30,329 $ 33,609

Contract Liabilities

Contract liabilities are recorded when a customer pays consideration, or the Company has a right to an amount of consideration that is unconditional, before the transfer of a good or service to the customer, and thus represent the Company's obligation to transfer the good or service to the customer at a future date. The Company's contract liabilities primarily consist of (i) gift cards, which are included in accrued expenses on the Company's Condensed Consolidated Balance Sheets, and (ii) points associated with the loyalty programs and payments received in advance of revenue recognition for royalty arrangements, which are included in other current liabilities on the Company's Condensed Consolidated Balance Sheets.

The following table summarizes the change in the contract liabilities balance during the six months ended September 30, 2025, which primarily results from the timing differences between the Company's satisfaction of performance obligations and the customer's payment.

Total Contract Liabilities
Balance as of March 31, 2025 $ 34,342
Revenues deferred 36,366
Revenues recognized (1) (41,172)
Foreign exchange and other (49)
Balance as of September 30, 2025 $ 29,487

(1) Includes approximately $10.3 million of revenue from gift cards, including breakage, and subscription revenues that were previously included in contract liabilities as of March 31, 2025. Loyalty points are not separately identifiable and therefore revenues recognized from the redemption of loyalty points consists of both points that were included in the liability balance at the beginning of the period and those that were issued during the period.

NOTE 11. RESTRUCTURING AND RELATED CHARGES

During Fiscal 2025, the Company's Board of Directors approved a restructuring plan (the "2025 restructuring plan") designed to strengthen and support the Company's financial and operational efficiencies. The 2025 restructuring plan is expected to include up to $160 million of pre-tax restructuring and related charges, consisting of up to $90 million in cash-related charges, including approximately $30 million in employee severance and benefits costs and $60 million related to various transformational initiatives; and up to $70 million in non-cash charges, including approximately $7 million in employee severance and benefits costs and $63 million in facility, software, and other asset-related charges and impairments. The 2025 restructuring plan is expected to be substantially complete by the end of Fiscal 2026.

Restructuring and related charges recorded during the three and six months ended September 30, 2025 and September 30, 2024 were primarily North America related and are included within Corporate Other. The following table summarizes the costs recorded during the periods indicated, as well as the current estimate of remaining charges expected to be incurred in connection with the 2025 restructuring plan:

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Three Months Ended September 30, Six Months Ended September 30, Estimated Charges Remaining to be Incurred(1)
2025 2024 2025 2024
Costs recorded in restructuring charges:
Employee-related costs $ 3,979 $ 1,393 $ 8,628 $ 11,738
Facility-related costs(2) 21,947 4,457 28,258 12,495
Other restructuring costs 5,980 (2,638) 7,848 4,065
Total costs recorded in restructuring charges $ 31,906 $ 3,212 $ 44,734 $ 28,298 $ 5,297
Costs recorded in selling, general and administrative expenses:
Employee related costs $ 719 $ 938 $ 719 $ 9,460
Other transformation initiatives 3,726 1,786 11,985 1,921
Total costs recorded in selling, general and administrative expenses $ 4,445 $ 2,724 $ 12,704 $ 11,381 $ 8,103
Total restructuring and related charges $ 36,351 $ 5,936 $ 57,438 $ 39,679 $ 13,400

(1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred by the Company in connection with the 2025 restructuring plan.

(2) Facility-related costs for the three and six months ended September 30, 2025 includes an impairment charge of $15.9 million relating to the previously disclosed decision to exit the Company's distribution facility in Rialto, California.

Restructuring and related charges and recoveries require the Company to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. The restructuring reserve is recorded within current liabilities on the Condensed Consolidated Balance Sheets. On a quarterly basis, the Company conducts an evaluation of the related liabilities and expenses and revises its assumptions and estimates as appropriate, as new or updated information becomes available.

A summary of the activity in the restructuring reserve related to the Company's 2025 restructuring plan for the six months ended September 30, 2025 is as follows:

Employee Related Costs Facility Related Costs Other Restructuring Related Costs
Balance as of March 31, 2025 $ 3,935 $ 712 $ 10,698
Net additions (recoveries) charged to expense (1) 8,628 1,734 7,837
Cash payments (5,078) (2,089) (15,461)
Foreign exchange and other 36 2 19
Balance as of September 30, 2025 $ 7,521 $ 359 $ 3,093

(1) Amount excludes approximately $26.5 million of non-cash facility-related and other charges recorded during the six months ended September 30, 2025.

NOTE 12. STOCK-BASED COMPENSATION

The Under Armour, Inc. Fourth Amended and Restated 2005 Omnibus Long-Term Incentive Plan as amended (the "2005 Plan") provides for the issuance of stock options, restricted stock, restricted stock units and other equity awards to officers, directors, key employees and other persons. The 2005 Plan terminates in 2033. As of September 30, 2025, 8.4 million Class A shares and 20.3 million Class C shares are available for future grants of awards under the 2005 Plan.

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Awards Granted to Employees and Non-Employee Directors

Total stock-based compensation expense associated with awards granted to employees and non-employee directors for the three and six months ended September 30, 2025 was $11.2 million and $21.9 million, respectively (three and six months ended September 30, 2024: $11.0 million and $25.4 million, respectively). As of September 30, 2025, the Company had $78.3 million of unrecognized compensation expense related to these awards expected to be recognized over a weighted average period of 2.26 years. The unrecognized expense does not include any expense related to performance-based restricted stock unit awards for which the performance targets have been deemed improbable as of September 30, 2025. Refer to "Stock Options" and "Restricted Stock and Restricted Stock Unit Awards" below for further information on these awards. A summary of each of these plans is as follows:

Employee Stock Compensation Plan

Stock options, restricted stock and restricted stock unit awards under the 2005 Plan generally vest ratably over a period of two to five years. The contractual term for stock options is generally 10 years from the date of grant. The Company generally receives a tax deduction for any ordinary income recognized by a participant in respect to an award under the 2005 Plan.

Non-Employee Director Compensation Plan

The Company's Non-Employee Director Compensation Plan (the "Director Compensation Plan") provides for cash compensation and equity awards to non-employee directors of the Company under the 2005 Plan. Non-employee directors have the option to defer the value of their annual cash retainers as deferred stock units in accordance with the Under Armour, Inc. Non-Employee Deferred Stock Unit Plan (the "DSU Plan"). Each new non-employee director receives an award of restricted stock units upon the initial election to the Board of Directors, with the units covering stock valued at $100 thousand on the grant date and vesting in three equal annual installments. In addition, each non-employee director receives, following each annual stockholders' meeting, a grant under the 2005 Plan of restricted stock units covering stock valued at $150 thousand on the grant date. Each award vests 100% on the date of the next annual stockholders' meeting following the grant date.

The receipt of the shares otherwise deliverable upon vesting of the restricted stock units automatically defers into deferred stock units under the DSU Plan. Under the DSU Plan each deferred stock unit represents the Company’s obligation to issue one share of the Company's Class A or Class C Common Stock with the shares delivered six months following the termination of the director's service. The Company had 1.3 million deferred stock units outstanding as of September 30, 2025.

Employee Stock Purchase Plan

The Company's Employee Stock Purchase Plans (the "ESPPs") allow for the purchase of Class A Common Stock and Class C Common Stock by all eligible employees at a 15% discount from fair market value subject to certain limits as defined in the ESPPs. As of September 30, 2025, the Company had 2.7 million Class A shares and 1.9 million Class C shares available for future purchases under the ESPPs. During the three and six months ended September 30, 2025, 0.2 million and 0.3 million Class C shares were purchased under the ESPPs, respectively (three and six months ended September 30, 2024: 0.1 million and 0.2 million Class C shares, respectively).

Awards granted to Certain Marketing and Other Partners

In addition to the plans discussed above, the Company may also, from time to time, issue deferred stock units or restricted stock units to certain of our marketing and other partners in connection with their entering into endorsement or other service agreements with the Company. The terms of each agreement set forth the number of units to be granted and the delivery dates for the shares, which range over a multi-year period, depending on the contract. Total stock-based compensation expense related to these awards for the three and six months ended September 30, 2025 was $1.6 million and $3.4 million, respectively (three and six months ended September 30, 2024: $1.8 million and $3.7 million, respectively). As of September 30, 2025, the Company had $61.4 million of unrecognized compensation expense associated with these awards expected to be recognized over a weighted average period of 8.90 years.

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Summary by Award Classification:

Stock Options

A summary of the Company's stock options activity for the six months ended September 30, 2025 is presented below:

Number of Stock<br><br>Options Weighted Average<br><br>Exercise<br><br>Price Weighted Average<br><br>Remaining Contractual<br><br>Life (Years) Total Intrinsic<br><br>Value
Outstanding as of March 31, 2025 1,356 $ 16.68 3.31 $ —
Granted, at fair market value 150 6.20 9.63
Exercised — — —
Forfeited or expired — — —
Outstanding as of September 30, 2025 1,506 $ 15.63 3.49 $ —
Exercisable as of September 30, 2025 1,356 $ 16.68 2.81 $ —

The Company uses the Black-Scholes option-pricing model to estimate the fair market value of stock option awards. The expected life of options is calculated using the "simplified method", which is equal to the time from grant to the midpoint between the vesting date and contractual term, taking into account all vesting tranches. The risk free interest rate is based on the yield for the U.S. Treasury bill with a maturity equal to the expected life of the stock option. Expected volatility is based on the Company's historical average.

The following table summarizes the weighted-average fair value of options granted and weighted-average assumptions used. No options were granted during the three months ended September 30, 2025 or during the three and six months ended September 30, 2024.

Six Months Ended September 30, 2025
Weighted-average fair value of options granted $ 3.40
Weighted-average assumptions used:
Expected volatility 51.7 %
Expected dividend yield 0.0 %
Expected life 6.25 years
Risk-free rate 4.18 %
Exercise price $ 6.20

Restricted Stock and Restricted Stock Unit Awards

A summary of the Company's restricted stock and restricted stock unit awards activity for the six months ended September 30, 2025 is presented below:

Number of<br><br>Restricted Shares Weighted Average<br><br>Grant Date Fair Value
Outstanding as of March 31, 2025 22,976 $ 7.58
Granted 8,973 6.12
Forfeited(1) (1,286) 7.62
Vested (4,182) 8.20
Outstanding as of September 30, 2025 26,481 $ 6.55

(1) Includes 0.5 million of performance-based restricted stock units awarded to certain executives and key employees under the 2005 Plan during Fiscal 2023, which have been fully forfeited due to the failure to meet the financial performance conditions.

The awards outstanding as of September 30, 2025 in the table above includes the following performance-based restricted stock units that were awarded to certain executives and key employees under the 2005 Plan:

•2.0 million of performance-based restricted stock unit awards with market conditions that were awarded to the Company's President and CEO under the 2005 plan during the three months ended June 30, 2025.

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These awards have a weighted average fair value of $4.52 and have vesting that is tied to the achievement of certain stock price targets for the Company's Class C Common Stock. The fair value of these awards was determined on the grant date using a Monte Carlo simulation model.

•2.0 million of performance-based restricted stock unit awards with market conditions that were awarded to the Company's President and CEO under the 2005 plan during Fiscal 2025. These awards have a weighted average fair value of $4.13 and have vesting that is tied to the achievement of certain stock price targets for the Company's Class C Common Stock. The fair value of these awards was determined on the grant date using a Monte Carlo simulation model.

•0.9 million performance-based restricted stock units, granted during Fiscal 2024, with a weighted average fair value of $6.93. These awards have financial performance conditions with vesting that is tied to the achievement of certain revenue and operating income targets. As of September 30, 2025, the Company continued to deem the achievement of the targets for these awards to be improbable and as such, no stock-based compensation expense was recorded during the three and six months ended September 30, 2025.

The Company assesses the probability of the achievement of the revenue and operating income targets at the end of each reporting period and based on that assessment cumulative adjustments may be recorded in future periods.

NOTE 13. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value accounting guidance outlines a valuation framework, creates a fair value hierarchy in order to increase the consistency and comparability of fair value measurements and the related disclosures, and prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.
Level 2: Inputs, other than quoted prices in active markets included within level 1, that are directly or indirectly observable.
Level 3: Unobservable inputs for which there is little or no market data and which require the reporting entity to develop its own assumptions.

Financial assets and liabilities measured at fair value on a recurring basis

The Company's financial assets (liabilities) measured at fair value on a recurring basis consisted of the following types of instruments as of the following periods:

September 30, 2025 March 31, 2025
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Derivative foreign currency contracts (Note 14) $ — $ (42,814) $ — $ — $ 192 $ —
Deferred Compensation Plan obligations $ — $ (18,420) $ — $ — $ (16,830) $ —
TOLI policies held by the Rabbi Trust $ — $ 10,168 $ — $ — $ 8,726 $ —

Fair values of the financial assets and liabilities listed above are determined using inputs that use as their basis readily observable market data that are actively quoted and are validated through external sources, including third-party pricing services and brokers. The foreign currency contracts represent unrealized gains and losses on derivative contracts, which is the net difference between the U.S. dollar value to be received or paid at the contracts' settlement date and the U.S. dollar value of the foreign currency to be sold or purchased at the current market exchange rate.

The Company offers the Under Armour, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") which allows a select group of management or highly compensated employees, as approved by the Human Capital and Compensation Committee of the Board of Directors, to make an annual base salary and/or bonus

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deferral for each year. The Deferred Compensation Plan obligations are included in other long-term liabilities on the Condensed Consolidated Balance Sheets.

The Company established a Rabbi Trust to fund obligations to participants in the Deferred Compensation Plan. The assets held in the Rabbi Trust, which are trust owned life insurance ("TOLI") policies, are consolidated and are included in other long-term assets on the Condensed Consolidated Balance Sheets. The fair value of the TOLI policies are based on the cash-surrender value of the life insurance policies, which are invested primarily in mutual funds and a separately managed fixed income fund. These investments are initially made in the same funds and purchased in substantially the same amounts as the selected investments of participants in the Deferred Compensation Plan, which represent the underlying liabilities to participants. Liabilities under the Deferred Compensation Plan are recorded at amounts due to participants, based on the fair value of participants' selected investments.

Fair value of Restricted Investments

The Company holds restricted investments in U.S. dollar-denominated non-callable government securities, consisting of United States Treasury Bills, which were irrevocably transferred to an escrow trust account to satisfy and discharge the Company’s Senior Notes due 2026. The assets in the escrow trust account may not be used for any purpose other than to satisfy the remaining interest payments and repay the principal amount of the Senior Notes due 2026. Investment returns on those trust assets are for the account of the Company (after satisfaction of all amounts payable in connection with the Senior Notes due 2026). These investments, which are included within Restricted investments on the Condensed Consolidated Balance Sheets, are not remeasured to fair value since its carrying value approximates fair value based on the nature of the investment being a short-term fixed income security. As of September 30, 2025, the carrying value was $604.1 million.

The Company also holds certain restricted investments relating to its captive insurance program, which are measured at fair value using level 2 inputs. The fair value of these investments, which are included in Other current assets and Other long-term assets on the Condensed Consolidated Balance Sheets, was $10.5 million as of September 30, 2025.

Fair value of Long-Term Debt

The Company's long term debt is not remeasured to fair value since its carrying value approximates fair value based on the variable nature of interest rates and current market rates available to the Company. The estimated fair value of long-term debt is based upon quoted prices for similar instruments or quoted prices for identical instruments in inactive markets (Level 2). As of September 30, 2025, the estimated fair value of the Company's Senior Notes was $994.7 million (March 31, 2025: $583.9 million).

Assets and liabilities measured at fair value on a non-recurring basis

Certain assets are not remeasured to fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances. These assets can include long-lived assets and goodwill that have been reduced to fair value when impaired. Assets that are written down to fair value when impaired are not subsequently adjusted to fair value unless further impairment occurs.

NOTE 14. RISK MANAGEMENT AND DERIVATIVES

The Company is exposed to global market risks, including the effects of changes in foreign currency and interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business and does not hold or issue derivatives for trading or speculative purposes.

The Company may elect to designate certain derivatives as hedging instruments in accordance with ASC Topic 815 "Derivatives and Hedging". The Company formally documents all relationships between designated hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking hedge transactions. This process includes linking all derivatives designated as hedges to forecasted cash flows and assessing, both at inception and on an ongoing basis, the effectiveness of the hedging relationships.

The Company's foreign exchange risk management program consists of designated cash flow hedges and undesignated hedges. As of September 30, 2025, the Company has hedge instruments primarily for British Pound/

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U.S. Dollar, Euro/U.S. Dollar, U.S. Dollar/Chinese Renminbi, U.S. Dollar/Mexican Peso, U.S. Dollar/Canadian Dollar and U.S. Dollar/Japanese Yen currency pairs.

All derivatives are recognized on the Condensed Consolidated Balance Sheets at fair value and are classified based on the instrument's maturity date.

The following table presents the fair value of the Company's foreign currency contracts within the respective line items on the Condensed Consolidated Balance Sheets. Refer to Note 13 of these Condensed Consolidated Financial Statements for a discussion of the fair value measurements.

September 30, 2025 March 31, 2025
Derivatives designated as hedging instruments
Prepaid expenses and other current assets, net $ 2,618 $ 13,137
Other long-term assets 1,328 507
Total derivative assets designated as hedging instruments $ 3,946 $ 13,644
Other current liabilities $ 35,996 $ 6,359
Other long-term liabilities 9,716 5,581
Total derivative liabilities designated as hedging instruments $ 45,712 $ 11,940
Derivatives not designated as hedging instruments
Prepaid expenses and other current assets, net $ — $ 78
Total derivative assets not designated as hedging instruments $ — $ 78
Other current liabilities $ 1,048 $ 1,590
Total derivative liabilities not designated as hedging instruments $ 1,048 $ 1,590

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of cash flow hedges are recorded and the effects of cash flow hedge activity on these line items:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity Total Amount of Gain (Loss) on Cash Flow Hedge Activity
Net revenues $ 1,333,380 $ (9,044) $ 1,399,023 $ (3,229) $ 2,467,448 $ (11,941) $ 2,582,688 $ (3,154)
Cost of goods sold $ 702,796 $ 3,213 $ 702,891 $ (410) $ 1,290,368 $ 8,875 $ 1,323,881 $ (3,571)
Interest income (expense), net $ (8,605) $ (10) $ (1,747) $ (9) $ (12,656) $ (19) $ 597 $ (18)
Other income (expense), net $ (942) $ — $ (3,420) $ — $ (5,637) $ — $ (6,150) $ —

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The following tables present the amounts affecting the Condensed Consolidated Statements of Comprehensive Income (Loss) from derivatives designated as cash flow hedges:

Balance as of <br>June 30, 2025 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of <br>September 30, 2025
Foreign currency contracts $ (58,566) $ 11,615 $ (5,831) $ (41,120)
Interest rate swaps (377) — (10) (367)
Total designated as cash flow hedges $ (58,943) $ 11,615 $ (5,841) $ (41,487)
Balance as of <br>June 30, 2024 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of <br>September 30, 2024
--- --- --- --- --- --- --- --- ---
Foreign currency contracts $ 12,797 $ (38,740) $ (3,639) $ (22,304)
Interest rate swaps (413) — (9) (404)
Total designated as cash flow hedges $ 12,384 $ (38,740) $ (3,648) $ (22,708)
Balance as of <br>March 31, 2025 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of <br>September 30, 2025
--- --- --- --- --- --- --- --- ---
Foreign currency contracts $ 7,081 $ (51,267) $ (3,066) $ (41,120)
Interest rate swaps (386) — (19) (367)
Total designated as cash flow hedges $ 6,695 $ (51,267) $ (3,085) $ (41,487)
Balance as of <br>March 31, 2024 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives Amount of gain (loss) reclassified from other comprehensive income (loss) into income Balance as of September 30, 2024
--- --- --- --- --- --- --- --- ---
Foreign currency contracts $ (10,645) $ (18,384) $ (6,725) $ (22,304)
Interest rate swaps (422) — (18) (404)
Total designated as cash flow hedges $ (11,067) $ (18,384) $ (6,743) $ (22,708)

The following table presents the amounts in the Condensed Consolidated Statements of Operations in which the effects of undesignated derivative instruments are recorded and the effects of fair value hedge activity on these line items:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity Total Amount of Gain (Loss) on Fair Value Hedge Activity
Other income (expense), net $ (942) $ 2,195 $ (3,420) $ 3,541 $ (5,637) $ (1,136) $ (6,150) $ 4,592

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Cash Flow Hedges

The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to transactions generated by its international subsidiaries in currencies other than their local currencies. These gains and losses are driven by non-functional currency generated revenue, non-functional currency inventory purchases and certain other intercompany transactions. The Company enters into foreign currency contracts to reduce the risk associated with the foreign currency exchange rate fluctuations on these transactions. Certain contracts are designated as cash flow hedges. As of September 30, 2025, the aggregate notional value of the Company's outstanding cash flow hedges was $1,453.0 million (March 31, 2025: $1,113.6 million), with contract maturities ranging from one to twenty-four months.

The Company may enter into long-term debt arrangements with various lenders which bear a range of fixed and variable rates of interest. The nature and amount of the Company's long-term debt can be expected to vary as a result of future business requirements, market conditions and other factors. The Company may elect to enter into interest rate swap contracts to reduce the impact associated with interest rate fluctuations. The interest rate swap contracts are accounted for as cash flow hedges. Refer to Note 7 of these Condensed Consolidated Financial Statements for a discussion of long-term debt.

For contracts designated as cash flow hedges, the changes in fair value are reported as other comprehensive income (loss) and are recognized in current earnings in the period or periods during which the hedged transaction affects current earnings. Effective hedge results are classified in the Condensed Consolidated Statements of Operations in the same manner as the underlying exposure.

Undesignated Derivative Instruments

The Company has entered into foreign exchange forward contracts to mitigate the change in fair value of specific assets and liabilities on the Condensed Consolidated Balance Sheets. Undesignated instruments are recorded at fair value as a derivative asset or liability on the Condensed Consolidated Balance Sheets with their corresponding change in fair value recognized in other expense, net, together with the re-measurement gain or loss from the hedged balance sheet position. As of September 30, 2025, the total notional value of the Company's outstanding undesignated derivative instruments was $406.5 million (March 31, 2025: $450.7 million).

Credit Risk

The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions and considers the risk of counterparty default to be minimal.

NOTE 15. PROVISION FOR INCOME TAXES

The Company generally computes its quarterly income tax provision under the effective tax rate method by applying an estimated anticipated annual effective rate to the Company's year-to-date earnings, except for significant and unusual or extraordinary transactions. Losses from jurisdictions for which no benefit can be recognized are excluded from the overall computations of the estimated annual effective tax rate and a separate estimated annual effective tax rate is computed and applied to earnings in the loss jurisdiction. Income tax provision for any significant and unusual or extraordinary transactions are computed and recorded in the period in which the specific transaction occurs.

In instances where the estimated anticipated annual effective tax rate is hypersensitive to changes in forecasted annual pre-tax earnings, it can result in the annual effective tax rate method being deemed unreliable for quarterly financial reporting purposes. When this occurs, a discrete tax computation based on actual year-to-date results is the most appropriate method for computing income tax expense.

For the three and six months ended September 30, 2025, the Company concluded that a discrete computation of its tax expense was the most appropriate method. For the comparable three and six months ended September 30, 2024, the Company computed tax expense under the annual effective tax rate method.

The effective rates for income taxes were 345.9% and (1.3)% for the three months ended September 30, 2025 and 2024, respectively. The increase in the Company's effective tax rate was primarily driven by year over

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year changes in actual and forecasted pre-tax earnings, the impact of U.S taxation of foreign earnings, increased global minimum taxes and valuation allowances on increased U.S. interest expense carryforwards.

The effective rates for income taxes were 1,121.3% and (2.3)% for the six months ended September 30, 2025 and 2024, respectively. The increase in the Company's effective tax rate was primarily driven by year over year changes in actual and forecasted pre-tax earnings, the impact of U.S taxation of foreign earnings, increased global minimum taxes and valuation allowances on increased U.S. interest expense carryforwards.

The United States enacted the budget reconciliation H.R. 1, referred to as One Big Beautiful Bill Act (“OBBBA”) on July 4, 2025. The OBBBA includes a broad range of tax reform provisions, including modifications to U.S. taxation on foreign earnings, the restoration of bonus depreciation and research expensing and other U.S. corporate tax provisions. While the Company is continuing to assess the impact of the legislation, it did not have a material impact to the Company’s financial statements for the three and six months ended September 30, 2025.

Valuation Allowance

The Company evaluates on a quarterly basis whether the deferred tax assets are realizable which requires significant judgment. The Company considers available positive and negative evidence, including historical operating performance and expectations of future operating performance. To the extent the Company believes it is more likely than not that all or some portion of the asset will not be realized, valuation allowances are established against the Company's deferred tax assets, which increase income tax expense in the period when such a determination is made.

As of each reporting date, management considers new evidence, both positive and negative, that could affect its view of the future realization of deferred tax assets. As of September 30, 2025, for the Company's U.S. federal interest expense carryforwards and the majority of the U.S. states and certain foreign taxing jurisdictions, the Company believes the weight of the negative evidence continues to outweigh the positive evidence regarding the realization of these deferred tax assets and has maintained valuation allowances against these assets.

The Company currently has valuation allowances on all of its deferred tax assets in China. The Company's current forecast for China taxable earnings indicates that it is reasonably possible that its deferred taxes could be realizable in that jurisdiction during the current fiscal year-end based on a near term trend towards three-year cumulative taxable earnings. The actualization of these forecasted results may potentially outweigh the negative evidence, resulting in a reversal of the previously recorded valuation allowances in China. The release of valuation allowances would result in a benefit to income tax expense in the period the release is recorded, which could have a material impact on net income. The timing and amount of the potential valuation allowance release are subject to significant management judgment, as well as prospective taxable earnings in China.

Additionally, the Company is actively monitoring the global trade environment due to recent tariff increases and is actively implementing mitigation strategies. If the Company is unable to mitigate the impacts of tariffs or if the Company incurs other material increased expenditures, it may negatively impact its ability to realize U.S. federal net deferred tax assets requiring the recording of a material valuation allowance. The Company will continue to evaluate its ability to realize its net deferred tax assets on a quarterly basis.

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NOTE 16. EARNINGS PER SHARE

The following represents a reconciliation from basic net income (loss) per share to diluted net income (loss) per share:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Numerator
Net income (loss) $ (18,814) $ 170,382 $ (21,426) $ (135,044)
Denominator
Weighted average common shares outstanding Class A, B and C - Basic 428,350 432,225 427,736 433,950
Dilutive effect of Class A, B, and C securities(1) — 3,460 — —
Weighted average common shares and dilutive securities outstanding Class A, B, and C 428,350 435,685 427,736 433,950
Class A and Class C securities excluded as anti-dilutive (2) 14,104 12,064 15,543 15,022
Basic net income (loss) per share of Class A, B and C common stock $ (0.04) $ 0.39 $ (0.05) $ (0.31)
Diluted net income (loss) per share of Class A, B and C common stock $ (0.04) $ 0.39 $ (0.05) $ (0.31)

(1) Effects of potentially dilutive securities are presented only in periods in which they are dilutive. No stock options or restricted stock units were included in the computation of diluted earnings per share during periods when the Company was in a net loss position, as their effect would be anti-dilutive.

(2) Represents stock options and restricted stock units of Class A and Class C Common Stock outstanding that were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive.

NOTE 17. SEGMENT DATA

The Company's operating segments are based on how the President and Chief Executive Officer, who has been identified as the Chief Operating Decision Maker ("CODM"), makes decisions about allocating resources and assessing performance.

The CODM receives discrete financial information for the Company's principal business by geographic region based on the Company's strategy of being a global brand. These geographic regions include North America, EMEA, Asia-Pacific and Latin America. Each geographic segment operates exclusively in one industry: the development, marketing and distribution of branded performance apparel, footwear and accessories.

The CODM uses operating income (loss) as the measure of profit or loss when making decisions about the allocation of resources to each operating segment during the annual budget and forecasting process, taking into consideration performance against management expectations and performance against other operating segment results. Segment assets and expenditures for additions to long-lived assets are not disclosed as this information is not regularly provided to the CODM.

The Company excludes certain corporate items from its segment profitability measures. The Company reports these items within Corporate Other, which is designed to provide increased transparency and comparability of the Company's operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an operating segment, including expenses associated with centrally managed departments such as global marketing, global information technology, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; and (iii) certain foreign currency hedge gains and losses.

The following tables summarize the Company's net revenues, significant expenses and operating income (loss) by its geographic segments, including a reconciliation to income before taxes. Other segment expenses

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generally include cost of goods sold, as well as selling, general and administrative costs including compensation-related expenses, facility-related expenses, selling and distribution expenses, consulting expenses, depreciation and amortization, bad debt, and other miscellaneous expenses. Intercompany balances are eliminated in consolidation and are not reviewed when evaluating segment performance.

Three Months Ended September 30, 2025
North America EMEA Asia-Pacific Latin America Total Reportable Segments Corporate Other Total
Net revenues $ 791,502 $ 317,679 $ 179,175 $ 53,814 $ 1,342,170 $ (8,790) $ 1,333,380
Less:
Marketing and advertising costs 60,981 39,237 22,779 4,267 127,264 26,698 153,962
Other segment expenses(1) 592,565 225,841 128,321 44,951 991,678 170,694 1,162,372
Total operating income (loss) $ 137,956 $ 52,601 $ 28,075 $ 4,596 $ 223,228 $ (206,182) $ 17,046
Interest income (expense), net (8,605)
Other income (expense), net (942)
Income (loss) before income taxes $ 7,499

(1) Other segment expenses within Corporate Other includes $36.4 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11).

Three Months Ended September 30, 2024
North America EMEA Asia-Pacific Latin America Total Reportable Segments Corporate Other Total
Net revenues $ 863,345 $ 283,178 $ 207,661 $ 46,941 $ 1,401,125 $ (2,102) $ 1,399,023
Less:
Marketing and advertising costs 51,941 24,571 24,931 1,514 102,957 22,652 125,609
Other segment expenses(1) 594,145 207,012 148,516 33,256 982,929 117,405 1,100,334
Total operating income (loss) $ 217,259 $ 51,595 $ 34,214 $ 12,171 $ 315,239 $ (142,159) $ 173,080
Interest income (expense), net (1,747)
Other income (expense), net (3,420)
Income (loss) before income taxes $ 167,913

(1) Other segment expenses within Corporate Other includes $5.9 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11) and $13 million of recoveries related to the settlement of the Class Action Securities litigation (refer to Note 10 of the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025).

Six Months Ended September 30, 2025
North America EMEA Asia-Pacific Latin America Total Reportable Segments Corporate Other Total
Net revenues $ 1,461,821 $ 566,286 $ 342,561 $ 108,389 $ 2,479,057 $ (11,609) $ 2,467,448
Less:
Marketing and advertising costs 108,739 58,475 42,535 5,621 215,370 49,350 264,720
Other segment expenses(1) 1,093,689 415,567 257,248 91,566 1,858,070 324,289 2,182,359
Total operating income (loss) $ 259,393 $ 92,244 $ 42,778 $ 11,202 $ 405,617 $ (385,248) $ 20,369
Interest income (expense), net (12,656)
Other income (expense), net (5,637)
Income (loss) before income taxes $ 2,076

(1) Other segment expenses within Corporate Other includes $57.4 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11).

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Six Months Ended September 30, 2024
North America EMEA Asia-Pacific Latin America Total Reportable Segments Corporate Other Total
Net revenues $ 1,572,605 $ 510,070 $ 389,497 $ 111,350 $ 2,583,522 $ (834) $ 2,582,688
Less:
Marketing and advertising costs 92,115 59,675 49,388 3,063 204,241 42,703 246,944
Other segment expenses(1) 1,115,342 378,344 295,960 80,945 1,870,591 591,801 2,462,392
Total operating income (loss) $ 365,148 $ 72,051 $ 44,149 $ 27,342 $ 508,690 $ (635,338) $ (126,648)
Interest income (expense), net 597
Other income (expense), net (6,150)
Income (loss) before income taxes $ (132,201)

(1) Other segment expenses within Corporate Other includes $39.7 million of restructuring and related charges incurred under the 2025 restructuring plan (refer to Note 11) and $261 million of litigation expense, net of insurance proceeds, related to the settlement of the Class Action Securities litigation (refer to Note 10 of the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025).

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is intended to help readers understand our results of operations and financial condition, and is provided as a supplement to, and should be read in conjunction with, our Condensed Consolidated Financial Statements and the accompanying Notes to our Condensed Consolidated Financial Statements under Part I, Item 1 of this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for Fiscal 2025, filed with the Securities Exchange Commission ("SEC") on May 22, 2025, under the captions "Business" and "Risk Factors."

This Quarterly Report on Form 10-Q, including this MD&A, contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the Exchange Act), and Section 27A of the U.S. Securities Act of 1933, as amended ("the Securities Act"), and is subject to the safe harbors created by those sections. All statements other than statements of historical facts are statements that could be deemed forward-looking statements. See "Forward Looking Statements."

Unless otherwise noted: (i) all dollar and percentage comparisons made herein refer to the three and six months ended September 30, 2025 compared to the three and six months September 30, 2024; and (ii) all tabular data is presented in thousands, except share and per share data.

FORWARD LOOKING STATEMENTS

Some of the statements contained in this Quarterly Report on Form 10-Q, including this MD&A, constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, such as statements regarding our share repurchase program, our future financial condition or results of operations, our prospects and strategies for future growth, potential restructuring efforts, including the scope of these restructuring efforts and the amount of potential charges and costs, the timing of these measures and the anticipated benefits of our restructuring plans, expectations regarding promotional activities, freight, product cost pressures and foreign currency impacts, the impact of global economic conditions including changes in global trade policy and inflation on our results of operations, our liquidity and use of capital resources, the development and introduction of new products, the implementation of our marketing and branding strategies, the future benefits and opportunities from significant investments and the impact of litigation or other proceedings. In many cases, you can identify forward-looking statements by terms such as "may," "will," "could," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "outlook," "potential" or the negative of these terms or other comparable terminology.

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The forward-looking statements contained in this Quarterly Report on Form 10-Q reflect our current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause events or our actual activities or results to differ significantly from those expressed in any forward-looking statement. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. A number of important factors could cause actual results to differ materially from those indicated by these forward-looking statements, including, but not limited to, those factors described in "Risk Factors" and MD&A herein and in our Annual Report on Form 10-K for Fiscal 2025. These factors include without limitation:

•changes in general economic or market conditions, including increasing inflation and potential impacts of changes and uncertainties related to government fiscal, monetary, tax and trade policies, that could affect overall consumer spending or our industry;

•the impact of global events beyond our control, including military conflicts and the effects of changes in the global trade environment, such as the imposition of new tariffs and countermeasures thereto, on our profitability;

•increased competition causing us to lose market share or reduce the prices of our products or to increase our marketing efforts significantly;

•fluctuations in the costs of raw materials and commodities we use in our products and our supply chain (including labor);

•our ability to successfully execute our long-term strategies;

•our ability to effectively drive operational efficiency in our business;

•changes to the financial health of our customers;

•our ability to effectively develop and launch new, innovative and updated products;

•our ability to accurately forecast consumer shopping and engagement preferences and consumer demand for our products and manage our inventory in response to changing demands;

•our ability to successfully execute any restructuring plans and realize their expected benefits;

•loss of key customers, suppliers or manufacturers;

•our ability to further expand our business globally and to drive brand awareness and consumer acceptance of our products in other countries;

•our ability to manage the increasingly complex operations of our global business;

•our ability to effectively market and maintain a positive brand image;

•our ability to successfully manage or realize expected results from significant transactions and investments;

•our ability to attract key talent and retain the services of our senior management and other key employees;

•our ability to effectively meet regulatory requirements and stakeholder expectations regarding sustainability and social matters;

•the availability, integration and effective operation of information systems and other technology, as well as any potential interruption of such systems or technology;

•any disruptions, delays or deficiencies in the design, implementation or application of our global operating and financial reporting information technology system;

•our ability to access capital and financing required to manage our business on terms acceptable to us;

•our ability to accurately anticipate and respond to seasonal or quarterly fluctuations in our operating results;

•risks related to foreign currency exchange rate fluctuations;

•our ability to comply with existing trade and other regulations;

•risks related to data security or privacy breaches;

•the impact of global or regional public health emergencies on our industry and our business, financial condition and results of operations, including impacts on the global supply chain;

•our ability to remediate the material weakness discussed elsewhere in this Quarterly Report on Form 10-Q; and

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•our potential exposure to and the financial impact of litigation and other proceedings, including those legal proceedings discussed elsewhere in this Quarterly Report on Form 10-Q.

The forward-looking statements contained in this Quarterly Report on Form 10-Q reflect our views and assumptions only as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.

OVERVIEW

We are a leading developer, marketer, and distributor of branded performance apparel, footwear, and accessories. Our brand's moisture-wicking fabrications are engineered in various designs and styles for wear in nearly every climate to provide a performance alternative to traditional products. Our products are sold worldwide and worn by athletes at all levels, from youth to professional, on playing fields around the globe and by consumers with active lifestyles.

We remain focused on driving premium brand-right growth and delivering improved profitability. We plan to continue to grow our business over the long term through increased sales of our apparel, footwear and accessories; growth in our direct-to-consumer sales channel; and expansion of our wholesale distribution. Achieving these long-term growth objectives depends, in part, on our ability to successfully execute strategic initiatives across key areas of the business, including within our North America region. In support of these long-term growth objectives, our digital strategy is designed to enhance consumer engagement and strengthen brand connectivity through multiple digital touchpoints.

Quarterly Results

During the three months ended September 30, 2025, challenging market conditions persisted, particularly in North America and Asia-Pacific, driven by lower consumer demand across both our wholesale and direct-to-consumer channels.

Financial highlights for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 include:

•Total net revenues decreased 4.7%.

•Within our distribution channels, wholesale revenue decreased 6.2% and direct-to-consumer revenue decreased 2.2%.

•Within our product categories, apparel revenue decreased 1.1%, footwear revenue decreased 15.7%, and accessories revenue decreased 2.8%.

•Net revenue decreased 8.3% in North America, increased 12.2% in EMEA, decreased 13.7% in Asia-Pacific and increased 14.6% in Latin America.

•Gross margin decreased 250 basis points to 47.3%.

•Selling, general and administrative expenses increased 11.9%.

2025 Restructuring Plan

During Fiscal 2025, our Board of Directors approved a restructuring plan designed to strengthen and support the Company's financial and operational efficiencies. The 2025 restructuring plan is expected to include up to $160 million of pre-tax restructuring and related charges, consisting of up to $90 million in cash-related charges, including approximately $30 million in employee severance and benefits costs and $60 million related to various transformational initiatives; and up to $70 million in non-cash charges, including approximately $7 million in employee severance and benefits costs and $63 million in facility, software, and other asset-related charges and impairments. The 2025 restructuring plan is expected to be substantially complete by the end of Fiscal 2026.

Restructuring and related charges recorded during the three and six months ended September 30, 2025 and September 30, 2024 were primarily North America related and are included within Corporate Other. The following table summarizes the costs recorded during the periods indicated, as well as the current estimate of remaining charges expected to be incurred in connection with the 2025 restructuring plan:

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Three Months Ended September 30, Six Months Ended September 30, Estimated Charges Remaining to be Incurred(1)
2025 2024 2025 2024
Costs recorded in restructuring charges:
Employee-related costs $ 3,979 $ 1,393 $ 8,628 $ 11,738
Facility-related costs(2) 21,947 4,457 28,258 12,495
Other restructuring costs 5,980 (2,638) 7,848 4,065
Total costs recorded in restructuring charges $ 31,906 $ 3,212 $ 44,734 $ 28,298 $ 5,297
Costs recorded in selling, general and administrative expenses:
Employee related costs $ 719 $ 938 $ 719 $ 9,460
Other transformation initiatives 3,726 1,786 11,985 1,921
Total costs recorded in selling, general and administrative expenses $ 4,445 $ 2,724 $ 12,704 $ 11,381 $ 8,103
Total restructuring and related charges $ 36,351 $ 5,936 $ 57,438 $ 39,679 $ 13,400

(1) Estimated restructuring and related charges reflect the high-end of the range of the total estimated charges expected to be incurred in connection with the 2025 restructuring plan.

(2) Facility-related costs for the three and six months ended September 30, 2025 includes an impairment charge of $15.9 million relating to the previously disclosed decision to exit the Company's distribution facility in Rialto, California.

Restructuring charges and recoveries require us to make certain judgments and estimates regarding the amount and timing as to when these charges or recoveries occur. The estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate, as new or updated information becomes available.

Macroeconomic Factors and Other Global Events

We are actively monitoring the evolving global trade environment, including recent changes in global trade policy, as well as indirect effects on consumer discretionary spending. We continue to assess the implications for our business and are actively implementing mitigation strategies. However, based on information that is currently available, these changes will have a material impact on our Fiscal 2026 results of operations, including revenue, gross profit and operating income. We currently anticipate a negative impact of approximately $100 million to our cost of goods sold in Fiscal 2026 attributable to increased tariffs, which is expected to impact gross profit by approximately 200 basis points.

Other macroeconomic factors, such as inflationary pressures and fluctuations in foreign currency exchange rates, have and may continue to impact our business. We continue to monitor these factors and the potential impacts they may have on our financial results, including product input costs, freight costs and consumer discretionary spending and therefore consumer demand for our products. We also continue to monitor the broader impacts of conflicts around the world on the economy, including their effect on inflationary pressures and the price of oil globally.

See "Risk Factors—Economic and Industry Risks—Our business depends on consumer purchases of discretionary items, which can be negatively impacted during an economic downturn or periods of inflation. This could materially impact our sales, profitability, results of operations and financial condition"; "—Fluctuations in the cost of raw materials and commodities we use in our products and costs related to our supply chain could negatively affect our operating results"; "—Our financial results and ability to grow our business may be negatively impacted by global events beyond our control"; and "—Financial Risks—Our financial results could be adversely impacted by currency exchange rate fluctuations" included in Item 1A of our Annual Report on Form 10-K for Fiscal 2025.

RESULTS OF OPERATIONS

The following tables set forth key components of our results of operations for the periods indicated, both in dollars and as a percentage of net revenues:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 2025 2024
Net revenues $ 1,333,380 100.0 % $ 1,399,023 100.0 % $ 2,467,448 100.0 % $ 2,582,688 100.0 %
Cost of goods sold 702,796 52.7 % 702,891 50.2 % 1,290,368 52.3 % 1,323,881 51.3 %
Gross profit 630,584 47.3 % 696,132 49.8 % 1,177,080 47.7 % 1,258,807 48.7 %
Selling, general and administrative expenses 581,632 43.6 % 519,840 37.2 % 1,111,977 45.1 % 1,357,157 52.5 %
Restructuring charges 31,906 2.4 % 3,212 0.2 % 44,734 1.8 % 28,298 1.1 %
Income (loss) from operations 17,046 1.3 % 173,080 12.4 % 20,369 0.8 % (126,648) (4.9) %
Interest income (expense), net (8,605) (0.6) % (1,747) (0.1) % (12,656) (0.5) % 597 — %
Other income (expense), net (942) (0.1) % (3,420) (0.2) % (5,637) (0.2) % (6,150) (0.2) %
Income (loss) before income taxes 7,499 0.6 % 167,913 12.0 % 2,076 0.1 % (132,201) (5.1) %
Income tax expense (benefit) 25,940 1.9 % (2,136) (0.2) % 23,282 0.9 % 3,013 0.1 %
Income (loss) from equity method investments (373) — % 333 — % (220) — % 170 — %
Net income (loss) $ (18,814) (1.4) % $ 170,382 12.2 % $ (21,426) (0.9) % $ (135,044) (5.2) %

Revenues

Net revenues consist of net sales and license revenues. Net sales consist of sales from apparel, footwear and accessories products. Our license revenues primarily consist of fees paid to us by licensees in exchange for the use of our trademarks on their products. The following tables summarize net revenues by product category and distribution channel for the periods indicated:

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
Net Revenues by Product Category:
Apparel $ 936,483 $ 947,188 (1.1) % $ 1,683,075 $ 1,704,980 (1.3) %
Footwear 263,626 312,760 (49,134) (15.7) % 529,481 623,149 (93,668) (15.0) %
Accessories 113,077 116,381 (3,304) (2.8) % 213,155 208,926 4,229 2.0 %
Net Sales 1,313,186 1,376,329 (63,143) (4.6) % 2,425,711 2,537,055 (111,344) (4.4) %
License revenues 28,984 24,796 4,188 16.9 % 53,346 46,467 6,879 14.8 %
Corporate Other (1) (8,790) (2,102) (6,688) (318.2) % (11,609) (834) (10,775) (1292.0) %
Total net revenues $ 1,333,380 $ 1,399,023 (4.7) % $ 2,467,448 $ 2,582,688 (4.5) %

All values are in US Dollars.

Net Revenues by Distribution Channel:
Wholesale $ 775,050 $ 825,993 $ (50,943) (6.2) % $ 1,424,100 $ 1,506,506 $ (82,406) (5.5) %
Direct-to-consumer 538,136 550,336 (12,200) (2.2) % 1,001,611 1,030,549 (28,938) (2.8) %
Net Sales 1,313,186 1,376,329 (63,143) (4.6) % 2,425,711 2,537,055 (111,344) (4.4) %
License revenues 28,984 24,796 4,188 16.9 % 53,346 46,467 6,879 14.8 %
Corporate Other (1) (8,790) (2,102) (6,688) (318.2) % (11,609) (834) (10,775) (1292.0) %
Total net revenues $ 1,333,380 $ 1,399,023 $ (65,643) (4.7) % $ 2,467,448 $ 2,582,688 $ (115,240) (4.5) %

(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program.

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Net Sales

Net sales decreased by $63.1 million, or 4.6%, to $1.3 billion during the three months ended September 30, 2025, from $1.4 billion during the three months ended September 30, 2024. Apparel decreased primarily due to unfavorable channel mix and lower average selling prices. Footwear decreased primarily due to lower unit sales and lower average selling prices, partially offset by a favorable channel mix. Accessories decreased primarily due to unfavorable channel mix, partially offset by higher unit sales and higher average selling prices. From a channel perspective, the decrease in net sales was due to a decrease in both wholesale and direct-to-consumer.

Net sales decreased by $111.3 million, or 4.4%, to $2.4 billion during the six months ended September 30, 2025, from $2.5 billion during the six months ended September 30, 2024. Apparel decreased primarily due to lower average selling prices and unfavorable channel mix, partially offset by higher units sold. Footwear decreased primarily due to lower unit sales, lower average selling prices and unfavorable channel mix. Accessories increased primarily due to higher unit sales, partially offset by unfavorable channel mix. From a channel perspective, the decrease in net sales was due to a decrease in both wholesale and direct-to-consumer.

License Revenues

License revenues increased by $4.2 million or 16.9%, to $29.0 million during three months ended September 30, 2025, from $24.8 million during three months ended September 30, 2024. This was primarily due to higher revenues from our international licensing partners.

License revenues increased by $6.9 million or 14.8%, to $53.3 million during six months ended September 30, 2025, from $46.5 million during six months ended September 30, 2024. This was primarily due to higher revenues from our licensing partners in North America and from our international licensing partners.

Gross Profit

Cost of goods sold consists primarily of product costs, tariffs, inbound freight and duty costs, outbound freight costs, handling costs to make products floor-ready to customer specifications, royalty payments to endorsers based on a predetermined percentage of sales of selected products and write downs for inventory obsolescence. In general, as a percentage of net revenues, we expect cost of goods sold associated with our apparel and accessories to be lower than that of our footwear. No cost of goods sold is associated with our license revenues.

We include outbound freight costs associated with shipping goods to customers as cost of goods sold; however, we include the majority of outbound handling costs as a component of selling, general and administrative expenses. As a result, our gross profit may not be comparable to that of other companies that include outbound handling costs in their cost of goods sold. Outbound handling costs include costs associated with preparing goods to ship to customers and certain costs to operate our distribution facilities. These costs were $20.4 million and $39.9 million for the three and six months ended September 30, 2025, respectively (three and six months ended September 30, 2024: $20.8 million and $38.3 million, respectively).

Gross profit decreased by $65.5 million to $630.6 million during three months ended September 30, 2025, as compared to $696.1 million during three months ended September 30, 2024. Gross profit as a percentage of net revenues, or gross margin, decreased to 47.3% from 49.8%. This decrease in gross margin of approximately 250 basis points was primarily driven by unfavorable impacts of 275 basis points from supply chain, primarily due to the impact of tariffs, and 100 basis points from channel and regional mix. These were partially offset by favorable impacts of 50 basis points from changes in foreign currency, 50 basis points from pricing benefits and 25 basis points from product mix.

Gross profit decreased by $81.7 million to $1.2 billion during six months ended September 30, 2025, as compared to $1.3 billion during six months ended September 30, 2024. Gross profit as a percentage of net revenues, or gross margin, decreased to 47.7% from 48.7%. This decrease in gross margin of approximately 100 basis points was primarily driven by unfavorable impacts of 160 basis points from supply chain, including the impact of tariffs, and 65 basis points from channel and regional mix. These were partially offset by favorable impacts of 60 basis points from pricing benefits, 30 basis points from changes in foreign currency and 25 basis points from product mix.

Selling, General and Administrative Expenses

Our selling, general and administrative expenses consist of costs related to marketing and advertising, selling, product innovation and supply chain, and corporate services. We consolidate our selling, general and administrative expenses into two primary categories: "marketing and advertising" and "other." The other category is the sum of our selling, product innovation and supply chain, and corporate services categories. The marketing and

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advertising category consists primarily of sports and brand marketing, media, and retail presentation. Sports and brand marketing includes professional, club and collegiate sponsorship agreements, individual athlete and influencer agreements, and providing and selling products directly to teams and individual athletes. Media includes digital, broadcast, and print media outlets, including social and mobile media. Retail presentation includes sales displays and concept shops and depreciation expense specific to our in-store fixture programs. Our marketing and advertising costs are an important driver of our growth.

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
Selling, General and Administrative Expenses $ 581,632 $ 519,840 11.9 % $ 1,111,977 $ 1,357,157 (18.1) %

All values are in US Dollars.

Selling, general and administrative expenses increased by $61.8 million, or 11.9%, during the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. Within selling, general and administrative expenses:

•Marketing and advertising costs increased $28.4 million or 22.6%. This was primarily due to the timing of marketing spend in the prior year, which was higher during the second half of Fiscal 2025. As a percentage of net revenues, marketing and advertising costs increased to 11.5% from 9.0%.

•Other costs increased $33.4 million or 8.5%, primarily due to a recovery of insurance proceeds in the prior year relating to the settlement of the Company's Consolidated Securities Action litigation (refer to Note 10 of the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025). As a percentage of net revenues, other costs increased to 32.1% from 28.2%.

As a percentage of net revenues, selling, general and administrative expenses increased to 43.6% during the three months ended September 30, 2025 as compared to 37.2% during the three months ended September 30, 2024.

Selling, general and administrative expenses decreased by $245.2 million, or 18.1%, during the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. Within selling, general and administrative expenses:

•Marketing and advertising costs increased $17.8 million or 7.2%. This was primarily due to the timing of marketing spend in the prior year, which was higher during the second half of Fiscal 2025. As a percentage of net revenues, marketing and advertising costs increased to 10.7% from 9.6%.

•Other costs decreased $263.0 million or 23.7%, primarily due to lower litigation reserve expense. Other costs in the prior year included litigation reserve expense relating to the settlement of the Company's Consolidated Securities Action litigation in Fiscal 2025 (refer to Note 10 of the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025). As a percentage of net revenues, other costs decreased to 34.3% from 43.0%.

As a percentage of net revenues, selling, general and administrative expenses decreased to 45.1% during the six months ended September 30, 2025 as compared to 52.5% during the six months ended September 30, 2024.

Restructuring Charges

Restructuring charges within our operating expenses primarily consist of employee severance and benefit costs, various transformational initiatives and facility, software and other asset-related charges and impairments. Refer to Note 11 of our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
Restructuring charges $ 31,906 $ 3,212 893.3 % $ 44,734 $ 28,298 58.1 %

All values are in US Dollars.

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Restructuring charges increased by $28.7 million during the three months ended September 30, 2025 compared to the three months ended September 30, 2024. This was primarily due to higher facility-related charges resulting from an impairment charge of $15.9 million relating to the previously disclosed decision to exit the Company's distribution facility in Rialto, California. Additionally, other restructuring costs increased resulting from a net gain of $5.3 million recognized during the prior year relating to the sale of the MapMyFitness platform and higher employee related costs.

Restructuring charges increased by $16.4 million during the six months ended September 30, 2025 compared to the six months ended September 30, 2024 primarily due to higher facility-related charges resulting from an impairment charge of $15.9 million relating to the previously disclosed decision to exit the Company's distribution facility in Rialto, California.

Interest Income (Expense), net

Interest income (expense), net includes interest income earned on our cash and cash equivalents and restricted investments, amortization of deferred financing costs, bank fees, capitalized interest for long term property and equipment projects and interest expense under the credit and other long-term debt facilities. Refer to Note 7 of our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for additional details.

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
Interest income (expense), net $ (8,605) $ (1,747) (392.6) % $ (12,656) $ 597 (2219.9) %

All values are in US Dollars.

Interest expense, net increased by $6.9 million to $8.6 million during the three months ended September 30, 2025 compared to interest expense, net of $1.7 million during the three months ended September 30, 2024. This was primarily due to an increase in interest expense resulting from the issuance of the Senior Notes due 2030, partially offset by interest income earned on the restricted investments held to satisfy and discharge the Senior Notes due 2026.

Interest expense, net increased by $13.3 million to $12.7 million during the six months ended September 30, 2025 compared to interest income, net of $0.6 million during the six months ended September 30, 2024. This was primarily due to an increase in interest expense resulting from the issuance of the Senior Notes due 2030, partially offset by interest income earned on the restricted investments held to satisfy and discharge the Senior Notes due 2026.

Other Income (Expense), net

Other income (expense), net generally consists of unrealized and realized gains and losses on our foreign currency derivative financial instruments, and unrealized and realized gains and losses on adjustments that arise from fluctuations in foreign currency exchange rates relating to transactions generated by our international subsidiaries. Other income (expense), net also includes rent expense and associated sublease income relating to lease assets held solely for sublet purposes.

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
Other income (expense), net $ (942) $ (3,420) 72.5 % $ (5,637) $ (6,150) 8.3 %

All values are in US Dollars.

Other expense, net decreased by $2.5 million to $0.9 million during the three months ended September 30, 2025 compared to $3.4 million during the three months ended September 30, 2024. This was primarily due an increase in sublease income, partially offset by net losses from foreign currency hedges.

Other expense, net decreased by $0.5 million to $5.6 million during the six months ended September 30, 2025 compared to $6.2 million during the six months ended September 30, 2024. This was primarily due an increase in sublease income, offset by net losses from foreign currency hedges.

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Income Tax Expense (Benefit)

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
Income tax expense (benefit) $ 25,940 $ (2,136) 1314.4 % $ 23,282 $ 3,013 672.7 %

All values are in US Dollars.

Income tax expense increased by $28.1 million to $25.9 million during the three months ended September 30, 2025 from income tax benefit of $2.1 million during the three months ended September 30, 2024. For three months ended September 30, 2025, our effective tax rate was 345.9% compared to (1.3)% for the three months ended September 30, 2024. The increase in our effective tax rate was primarily driven by year over year changes in actual and forecasted pre-tax earnings, the impact of U.S. taxation of foreign earnings, increased global minimum taxes and valuation allowances on increased U.S. interest expense carryforwards.

Income tax expense increased by $20.3 million to $23.3 million during the six months ended September 30, 2025 from income tax expense of $3.0 million during the six months ended September 30, 2024. For six months ended September 30, 2025, our effective tax rate was 1,121.3% compared to (2.3)% for the six months ended September 30, 2024. The increase in our effective tax rate was primarily driven by year over year changes in actual and forecasted pre-tax earnings, the impact of U.S. taxation of foreign earnings, increased global minimum taxes and valuation allowances on increased U.S. interest expense carryforwards.

SEGMENT RESULTS OF OPERATIONS

Our operating segments are based on how our Chief Operating Decision Maker ("CODM") makes decisions about allocating resources and assessing performance. Our segments are defined by geographic regions, including North America, EMEA, Asia-Pacific and Latin America.

We exclude certain corporate items from our segment profitability measures. We report these items within Corporate Other, which is designed to provide increased transparency and comparability of our operating segments' performance. Corporate Other consists primarily of (i) general and administrative expenses not allocated to an operating segment, including expenses associated with centrally managed departments such as global marketing, global information technology, global supply chain and innovation, and other corporate support functions; (ii) restructuring and restructuring related charges, if any; and (iii) certain foreign currency hedge gains and losses.

The net revenues and operating income (loss) associated with our segments are summarized in the following tables.

Net Revenues

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
North America $ 791,502 $ 863,345 (8.3) % $ 1,461,821 $ 1,572,605 (7.0) %
EMEA 317,679 283,178 34,501 12.2 % 566,286 510,070 56,216 11.0 %
Asia-Pacific 179,175 207,661 (28,486) (13.7) % 342,561 389,497 (46,936) (12.1) %
Latin America 53,814 46,941 6,873 14.6 % 108,389 111,350 (2,961) (2.7) %
Corporate Other (1) (8,790) (2,102) (6,688) (318.2) % (11,609) (834) (10,775) (1,292.0) %
Total net revenues $ 1,333,380 $ 1,399,023 (4.7) % $ 2,467,448 $ 2,582,688 (4.5) %

All values are in US Dollars.

(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program.

North America

Net revenues in our North America region decreased by $71.8 million, or 8.3% during the three months ended September 30, 2025. This was driven by a decrease in both our wholesale and direct-to-consumer channels,

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partially offset by an increase in license revenues. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores.

Net revenues in our North America region decreased by $110.8 million, or 7.0% during the six months ended September 30, 2025. This was driven by a decrease in both our wholesale and direct-to-consumer channels, partially offset by an increase in license revenues. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and owned and operated retail stores.

EMEA

Net revenues in our EMEA region increased by $34.5 million, or 12.2% during the three months ended September 30, 2025. This was driven by an increase in both our wholesale and direct-to-consumer channels. Within our direct-to-consumer channel, net revenues increased in both owned and operated retail stores and in e-commerce. Net revenues in our EMEA region were also positively impacted by changes in foreign exchange rates.

Net revenues in our EMEA region increased by $56.2 million, or 11.0% during the six months ended September 30, 2025. This was driven by an increase in both our wholesale and direct-to-consumer channels. Within our direct-to-consumer channel, net revenues increased in owned and operated retail stores, partially offset by a decrease in e-commerce. Net revenues in our EMEA region were also positively impacted by changes in foreign exchange rates.

Asia-Pacific

Net revenues in our Asia-Pacific region decreased by $28.5 million, or 13.7% during the three months ended September 30, 2025. This was driven by a decrease in both our wholesale and direct-to-consumer channels, partially offset by an increase in license revenues. Within our direct-to-consumer channel, net revenues decreased in both owned and operated retail stores and in e-commerce.

Net revenues in our Asia-Pacific region decreased by $46.9 million, or 12.1% during the six months ended September 30, 2025. This was driven by a decrease in both our wholesale and direct-to-consumer channels, partially offset by an increase in license revenues. Within our direct-to-consumer channel, net revenues decreased in both e-commerce and in owned and operated retail stores.

Latin America

Net revenues in our Latin America region increased by $6.9 million, or 14.6% during the three months ended September 30, 2025. This was driven by an increase in both our wholesale and direct-to-consumer channels, partially offset by a decrease in license revenues. Within our direct-to-consumer channel, net revenues increased in owned and operated retail stores and was flat in e-commerce.

Net revenues in our Latin America region decreased by $3.0 million, or 2.7% during the six months ended September 30, 2025. This was driven by a decrease in both our wholesale and direct-to-consumer channels, and a decrease in license revenues. Within our direct-to-consumer channel, net revenues decreased in e-commerce, partially offset by an increase in owned and operated retail stores.

Corporate Other

Net revenues in Corporate Other decreased by $6.7 million during the three months ended September 30, 2025. This was primarily driven by foreign currency hedge losses related to revenues generated by entities within our operating segments.

Net revenues in Corporate Other decreased by $10.8 million during the six months ended September 30, 2025. This was primarily driven by foreign currency hedge losses related to revenues generated by entities within our operating segments.

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Operating Income (Loss)

Three Months Ended September 30, Six Months Ended September 30,
2025 2024 Change () Change (%) 2025 2024 Change () Change (%)
North America $ 137,956 $ 217,259 (36.5) % $ 259,393 $ 365,148 (29.0) %
EMEA 52,601 51,595 1,006 1.9 % 92,244 72,051 20,193 28.0 %
Asia-Pacific 28,075 34,214 (6,139) (17.9) % 42,778 44,149 (1,371) (3.1) %
Latin America 4,596 12,171 (7,575) (62.2) % 11,202 27,342 (16,140) (59.0) %
Corporate Other (1) (206,182) (142,159) (64,023) (45.0) % (385,248) (635,338) 250,090 39.4 %
Total operating income (loss) $ 17,046 $ 173,080 (90.2) % $ 20,369 $ (126,648) 116.1 %

All values are in US Dollars.

(1) Corporate Other primarily includes foreign currency hedge gains and losses related to revenues generated by entities within our operating segments but managed through our central foreign exchange risk management program. Corporate Other also includes expenses related to our central supporting functions.

North America

Operating income in our North America region decreased by $79.3 million, or 36.5% during the three months ended September 30, 2025. This was primarily due to a decrease in gross profit, driven by lower net revenues, as discussed above, and higher product input costs resulting from increased tariffs as well as higher marketing and advertising costs. These were partially offset by lower facility-related expenses.

Operating income in our North America region decreased by $105.8 million, or 29.0% during the six months ended September 30, 2025. This was primarily due to a decrease in gross profit, higher marketing and advertising costs and higher selling and distribution expenses, partially offset by lower facility-related expenses. The decrease in gross profit was primarily driven by lower net revenues as discussed above, and higher product costs resulting from increased tariffs, partially offset by lower freight costs.

EMEA

Operating income in our EMEA region increased by $1.0 million, or 1.9% during the three months ended September 30, 2025. This was primarily due to an increase in gross profit driven by higher net revenues, as discussed above, partially offset by higher product input costs and an increase in marketing and advertising costs.

Operating income in our EMEA region increased by $20.2 million, or 28.0% during the six months ended September 30, 2025. This was primarily due to an increase in gross profit and lower facility-related expenses, partially offset by higher compensation expenses and selling and distribution expenses. The increase in gross profit was driven by higher net revenues, as discussed above, partially offset by higher product input costs.

Asia-Pacific

Operating income in our Asia-Pacific region decreased by $6.1 million, or 17.9% during the three months ended September 30, 2025. This was primarily due to a decrease in gross profit, partially offset by lower marketing and advertising costs. The decrease in gross profit was driven by lower net revenues as discussed above, partially offset by lower product input costs.

Operating income in our Asia-Pacific region decreased by $1.4 million, or 3.1% during the six months ended September 30, 2025. This was primarily due to a decrease in gross profit, partially offset by lower marketing and advertising costs. The decrease in gross profit was driven by lower net revenues as discussed above, partially offset by lower product input costs.

Latin America

Operating income in our Latin America region decreased by $7.6 million, or 62.2% during the three months ended September 30, 2025. This was primarily due to a decrease in gross profit and an increase in marketing and advertising costs. The decrease in gross profit was primarily driven by higher product input costs, partially offset by an increase net revenues as discussed above.

Operating income in our Latin America region decreased by $16.1 million, or 59.0% during the six months ended September 30, 2025. This was primarily due to a decrease in gross profit and an increase in marketing and

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advertising costs. The decrease in gross profit was primarily driven by higher product input costs and lower net revenues as discussed above.

Corporate Other

Operating loss in Corporate Other increased by $64.0 million, or 45.0% during the three months ended September 30, 2025. This was primarily due to a recovery of insurance proceeds in the prior year related to the settlement of the Company's Consolidated Securities Action litigation (refer to Note 10 of the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025) and higher restructuring charges under the 2025 restructuring plan as discussed above.

Operating loss in Corporate Other decreased by $250.1 million, or 39.4% during the six months ended September 30, 2025. This was primarily driven by higher net litigation expense in the prior year related to the settlement of the Company's Consolidated Securities Action litigation (refer to Note 10 of the Consolidated Financial Statements in Part II, Item 8 of the Company's Annual Report on Form 10-K for Fiscal 2025), partially offset by higher restructuring charges under the 2025 restructuring plan as discussed above.

LIQUIDITY AND CAPITAL RESOURCES

Our cash requirements have principally been for working capital and capital expenditures. We fund our working capital, primarily inventory, and capital investments from cash flows from operating activities, cash and cash equivalents on hand, and borrowings available under our credit and long-term debt facilities. Our working capital requirements generally reflect the seasonality in our business as we historically recognize the majority of our net revenues in the last two quarters of the calendar year. Our capital investments have generally included expanding our in-store fixture and branded concept shop program, improvements and expansion of our distribution and corporate facilities, including construction of our new global headquarters, leasehold improvements to our Brand and Factory House stores, and investment and improvements in information technology systems. Our inventory strategy is focused on continuing to meet consumer demand while improving our inventory efficiency over the long term by putting systems and processes in place to improve our inventory management. These systems and processes are designed to improve our forecasting and supply planning capabilities. In addition, we strive to enhance our inventory performance by focusing on adding discipline around product purchasing, reducing production lead time and improving planning and execution for selling excess inventory through our Factory House stores and other liquidation channels.

As of September 30, 2025, we had approximately $396 million of cash and cash equivalents. As described below, in June 2025, we issued $400 million in aggregate principal amount of Senior Notes due 2030 (as defined below) and, during August 2025, we used the net proceeds from this offering, together with borrowings under our amended credit agreement and cash on hand, to satisfy and discharge the Senior Notes due 2026 (as defined below). In connection with the satisfaction and discharge, we deposited with Wilmington Trust, National Association as trustee, all amounts necessary to satisfy and discharge our obligations under the Senior Notes due 2026 through maturity. We believe our cash and cash equivalents on hand, cash from operations, our ability to reduce our expenditures as needed, borrowings available to us under our amended credit agreement, our ability to access the capital markets, and other financing alternatives are adequate to meet our liquidity needs and capital expenditure requirements for at least the next twelve months. In addition, from time to time, based on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors and subject to compliance with applicable laws and regulations, we may seek to utilize cash on hand, borrowings or raise capital to retire, repurchase or redeem our debt securities, repay debt, repurchase shares of our common stock or otherwise enter into similar transactions to support our capital structure and business or utilize excess cash flow on a strategic basis. For example, as further described below, in May 2024, our Board of Directors authorized a share repurchase program pursuant to which we are authorized to repurchase a total of $500 million of our Class C Common Stock through May 2027. As of September 30, 2025, we have repurchased a total of $115 million Class C Common Stock under this program.

If there are unexpected material impacts to our business in future periods from significant global events, such as an economic recession or changes in global trade policy, that have a significant adverse effect on our profitability, including increased costs to create and sell our products, we may consider additional alternatives to preserve our liquidity. These alternatives may include further reducing our expenditures, changing our investment strategies, reducing compensation costs, and limiting certain marketing and capital expenditures. In addition, we may seek alternative sources of liquidity, including but not limited to, accessing capital markets, sale-leaseback

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transactions or other sales of assets or other alternative financing measures. However, instability in, or tightening of the capital markets, could adversely affect our ability to access the capital markets on terms acceptable to us or at all. Although we believe we have adequate sources of liquidity over the long term, a prolonged or more severe economic recession, inflationary pressure, or a slow recovery could adversely affect our business and liquidity and could require us to take certain of the liquidity preserving actions described above.

Our Annual Report on Form 10-K for Fiscal 2025 noted that a portion of our foreign earnings were no longer indefinitely reinvested. During the second quarter of Fiscal 2026, we continued to re-evaluate our assertion related to the reinvestment of our non-U.S. subsidiaries’ cumulative and current undistributed earnings and repatriated additional undistributed foreign earnings. As a result, approximately $650 million of additional current and prior foreign earnings, inclusive of a $250 million cash dividend repatriated in Fiscal 2026, are no longer indefinitely reinvested. The remainder of our prior and current year undistributed foreign earnings will continue to be indefinitely reinvested to fund international growth and operations. As the majority of such foreign earnings have been previously subject to U.S. federal tax, additional taxes including currency gains or losses, capital gains, foreign withholding taxes and U.S. state taxes are not expected to be material.

Refer to our "Risk Factors" section included in Part I, Item 1A of our Annual Report on Form 10-K for Fiscal 2025.

Share Repurchase Program

On May 15, 2024, our Board of Directors authorized us to repurchase up to $500 million (exclusive of fees and commissions) of outstanding shares of our Class C Common Stock through May 31, 2027. The Class C Common Stock may be repurchased from time to time at prevailing prices in the open market, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, via private purchases through forward, derivative, accelerated share repurchase transactions or otherwise, subject to applicable regulatory restrictions on volume, pricing and timing. The timing and amount of any repurchases will depend on market conditions, our financial condition, results of operations, liquidity and other factors.

During the three months ended September 30, 2025, under the above authorization, we repurchased $25 million of Class C Common Stock and received a total of 5.2 million shares, which were immediately retired. The shares of Class C Common Stock were repurchased in the open market at prevailing market prices under a plan designed to comply with Rule 10b5-1 and Rule 10b-18 under the Securities and Exchange Act of 1934, as amended, with the timing and actual number of shares repurchased depending upon market conditions and other factors. As a result, $25.0 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. No shares were repurchased under the share repurchase program during the three months ended June 30, 2025.

During the six months ended September 30, 2024, under the above authorization, we repurchased $40 million of Class C Common Stock through accelerated share repurchase transactions and received a total of 5.9 million shares, which were immediately retired. As a result, $40.9 million was recorded to retained earnings to reflect the difference between the market price of the Class C Common Stock repurchased and its par value. No shares were repurchased under the share repurchase program during the three months ended September 30, 2024.

As of the date of this Quarterly Report on Form 10-Q, we repurchased a total of $115 million or 18.0 million outstanding shares of its Class C Common Stock, leaving approximately $385 million remaining under our current share repurchase program.

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Cash Flows

The following table presents the major components of our cash flows provided by and used in operating, investing and financing activities for the periods presented:

Six Months Ended September 30,
2025 2024 Change ()
Net cash provided by (used in):
Operating activities $ (20,978) $ (168,409)
Investing activities (657,586) (43,291) (614,295)
Financing activities 560,462 (129,392) 689,854
Effect of exchange rate changes on cash and cash equivalents 2,822 14,023 (11,201)
Net increase (decrease) in cash and cash equivalents $ (115,280) $ (327,069)

All values are in US Dollars.

Operating Activities

Cash flows used in operating activities decreased by $147.4 million, as compared to the six months ended September 30, 2024, primarily driven by an increase from changes in working capital of $16.2 million and an increase in net income before the impact of non-cash items of $131.2 million.

The changes in working capital were due to the following inflows:

•$77.7 million from changes in accrued expenses and other liabilities;

•$57.6 million from changes in inventories; and

•$39.5 million from changes in income taxes payable and receivable, net.

These inflows were partially offset by the following working capital outflows:

•$49.5 million from changes in prepaid expenses and other current assets;

•$46.7 million from changes in accounts receivable;

•$30.2 million from changes in other non-current assets;

•$16.5 million from changes in customer refund liabilities; and

•$15.7 million from changes in accounts payable.

Investing Activities

Cash flows used in investing activities increased by $614.3 million, as compared to the six months ended September 30, 2024. During the three months ended September 30, 2025, we deposited $601.2 million into a restricted investment in connection with the satisfaction and discharge of the Senior Notes due 2026 (as defined and discussed below). During the six months ended September 30, 2024, we collected a $50 million earn-out in connection with the sale of the MyFitnessPal platform.

Additionally, total capital expenditures during the six months ended September 30, 2025 were $55.9 million, or approximately 2% of net revenues, representing a $35.7 million decrease from $91.5 million during the six months ended September 30, 2024. Our long-term operating principle for capital expenditures is to spend between 2% and 4% of annual net revenues as we invest in our global direct-to-consumer and e-commerce businesses, information technology systems, distribution centers and our global offices.

Financing Activities

Cash flows provided by financing activities increased by $689.9 million, as compared to the six months ended September 30, 2024, primarily due to the issuance of $400 million of Senior Notes due 2030 (as defined below) and $200 million of borrowings under the revolving credit facility during the six months ended September 30, 2025. Additionally, during the six months ended September 30, 2024, we repaid the $80.9 million aggregate principal amount of the 1.50% Convertible Senior Notes due 2024 using cash on hand. We also repurchased $25 million of our Class C Common Stock during the six months ended September 30, 2025 as compared to $40 million repurchased during the six months ended September 30, 2024.

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Capital Resources

Credit Facility

On March 8, 2019, we entered into an amended and restated credit agreement by and among us, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (the "credit agreement"). In July 2025, we entered into the eighth amendment to the credit agreement (the credit agreement as amended, the "amended credit agreement" or the "revolving credit facility"). The amended credit agreement provides for an aggregate $1.1 billion of revolving credit commitments that has a term that ends on June 16, 2030, with permitted extensions under certain circumstances and subject to a springing maturity of 91 days prior to June 16, 2030 if, on such date, the Senior Notes due 2030 (as defined below) have not been refinanced.

During the three months ended September 30, 2025, we borrowed $200.0 million under the revolving credit facility, to fund, in part, the satisfaction and discharge of the Senior Notes due 2026, as discussed below. As of September 30, 2025, there was a total of $200.0 million outstanding under the revolving credit facility. There were no amounts outstanding under the revolving credit facility as of March 31, 2025.

At our request and a lender's consent, commitments under the amended credit agreement may be increased by up to an amount equal to (x) the greater of (i) $400.0 million and (ii) 100% of consolidated EBITDA plus (y) an unlimited amount so long as, after giving effect to the relevant increase, the secured leverage ratio (calculated as set forth in the amended credit agreement) does not exceed 2.5 to 1.00 in aggregate, subject to certain conditions as set forth in the amended credit agreement. Incremental borrowings are uncommitted and the availability thereof will depend on market conditions at the time we seek to incur such borrowings.

Up to $50.0 million of the facility may be used for the issuance of letters of credit. As of September 30, 2025, $45.6 million of letters of credit were outstanding (March 31, 2025: $45.7 million).

Our obligations under the amended credit agreement are guaranteed by certain domestic significant subsidiaries of Under Armour, Inc., subject to customary exceptions (the "subsidiary guarantors") and primarily secured by a first-priority security interest in substantially all of the assets of Under Armour, Inc. and the subsidiary guarantors, excluding real property, capital stock in and debt of subsidiaries of Under Armour, Inc. holding certain real property and other customary exceptions. The amended credit agreement provides for the permanent fall away of guarantees and collateral upon our achievement of investment grade rating from two rating agencies.

The amended credit agreement contains negative covenants that, subject to significant exceptions, limit our ability to, among other things: incur additional secured and unsecured indebtedness; pledge the assets as security; make investments, loans, advances, guarantees and acquisitions (including investments in and loans to non-guarantor subsidiaries); undergo fundamental changes; sell assets outside the ordinary course of business; enter into transactions with affiliates; and make restricted payments.

We are also required to maintain a ratio of consolidated EBITDA, to consolidated interest expense of not less than 3.50 to 1.0 (the "interest coverage covenant") and we are not permitted to allow the ratio of consolidated total indebtedness to consolidated EBITDA to be greater than 3.25 to 1.0, or, at our election during a fiscal quarter in which a permitted acquisition with a cash purchase price exceeding $100,000,000 is consummated, 3.75 to 1.00 (the "leverage covenant"), as described in more detail in the amended credit agreement. In July 2025, we entered into the eighth amendment to the credit agreement to exclude from the definition of indebtedness any indebtedness that has been defeased, satisfied and discharged and/or redeemed and to adjust the amount of interest expense included in the interest coverage covenant to exclude interest accruing on defeased debt. As such, the Senior Notes due 2026, including related interest, have been excluded. As of September 30, 2025, we were in compliance with the applicable covenants.

In addition, the amended credit agreement contains events of default that are customary for a facility of this nature, and includes a cross default provision whereby an event of default under other material indebtedness, as defined in the amended credit agreement, will be considered an event of default under the amended credit agreement.

Borrowings under the amended credit agreement bear interest at a rate per annum equal to, at our option, either (a) an alternate base rate (for borrowings in U.S. dollars), (b) a term rate (for borrowings in U.S. dollars, Euro or Japanese Yen) or (c) a "risk free" rate (for borrowings in U.S. dollars or Pounds Sterling), plus in each case an applicable margin. The applicable margin for loans will be adjusted by reference to a grid (the "pricing grid") based on the leverage ratio of consolidated total indebtedness to consolidated EBITDA and ranges between 1.00% to 1.75% (or, in the case of alternate base loans 0.00% to 0.75%). We will also pay a commitment fee determined in accordance with the pricing grid on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit. As of September 30, 2025, the commitment fee was 17.5 basis points.

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3.25% Senior Notes

In June 2016, we issued $600.0 million in aggregate principal amount of 3.25% senior unsecured notes due June 15, 2026 (the "Senior Notes due 2026"). The Senior Notes due 2026 bear interest at a fixed rate of 3.25% per annum, payable semi-annually on June 15 and December 15 beginning on December 15, 2016.

On August 18, 2025, using the net proceeds from the Senior Notes due 2030 (as defined below), together with borrowings under the amended credit agreement and cash on hand, we satisfied and discharged the Senior Notes due 2026 by irrevocably depositing funds in an amount sufficient to satisfy all remaining principal and interest payments. These funds were deposited with Wilmington Trust, National Association as trustee under the indenture dated as of June 13, 2016, as supplemented by First Supplemental Indenture dated as of June 13, 2016 (the "Indenture"). As a result of the satisfaction and discharge, we were released from the remaining obligations under the Senior Notes due 2026 and the Indenture, except those obligations in the Indenture that expressly survive the satisfaction and discharge.

Holders of the Senior Notes due 2026 will receive payment of principal on the scheduled maturity date and payment of interest at the per annum rate on the dates set forth in the Indenture. Accordingly, the satisfaction and discharge represents an in-substance defeasance (as defined under ASC Topic 405 "Liabilities"). Therefore, the Senior Notes due 2026 remain on our Condensed Consolidated Balance Sheets as of September 30, 2025 and will continue to accrete to their par value over the period until maturity in June 2026. Additionally, the related trust assets are included in Restricted investments on our Condensed Consolidated Balance Sheets as of September 30, 2025.

7.25% Senior Notes

On June 23, 2025, we issued $400.0 million in aggregate principal amount of 7.25% senior unsecured notes due July 15, 2030 (the "Senior Notes due 2030"). The Senior Notes due 2030 are guaranteed on a senior unsecured basis by our subsidiary guarantors that provide guarantees under the amended credit agreement. The Senior Notes due 2030 bear interest at a fixed rate of 7.25% per annum, payable semi-annually in arrears on January 15 and July 15 beginning on January 15, 2026. We may redeem some or all of the Senior Notes due 2030 at any time, or from time to time, at the redemption prices described in the indenture governing the Senior Notes due 2030.

The indenture governing the Senior Notes due 2030 contains negative covenants that limit us and certain of our subsidiaries' ability to engage in certain transactions and are subject to material exceptions described in the indenture governing the Senior Notes due 2030.

CRITICAL ACCOUNTING ESTIMATES AND ASSUMPTIONS

Our Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP. To prepare these financial statements, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, as well as the disclosures of contingent assets and liabilities. Our estimates are often based on complex judgments, probabilities and assumptions that management believes to be reasonable, but that are inherently uncertain and unpredictable. It is also possible that other professionals, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts. Actual results could be significantly different from these estimates.

Refer to Note 2 of our Consolidated Financial Statements, included in Part II, Item 8 of our Annual Report on Form 10-K for Fiscal 2025, for a summary of our significant accounting policies and our assessment of recently issued accounting standards.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no significant changes to our market risk since March 31, 2025. For a discussion of our exposure to market risk, refer to Part II, Item 7A of our Annual Report on Form 10-K for Fiscal 2025.

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ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the “Exchange Act”)) are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act, is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2025. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were not effective, due to the material weakness in our internal control over financial reporting described below.

Material Weakness in Internal Control Over Financial Reporting

As previously reported in the Company's Annual Report on Form 10-K for Fiscal 2025, we identified a material weakness in our internal control over financial reporting, as we did not design and maintain effective controls over the review and execution of certain balance sheet account reconciliations. Although this material weakness did not result in a material misstatement of our consolidated financial statements, it resulted in immaterial errors in our consolidated interim and annual financial statements for Fiscal 2025, our fiscal year beginning on April 1, 2023 and ended March 31, 2024 ("Fiscal 2024"), our fiscal year beginning on April 1, 2022 and ended March 31, 2023 ("Fiscal 2023"), the period beginning January 1, 2022 and ended March 31, 2022 ("Transition Period") and our fiscal year beginning on January 1, 2021 and ended December 31, 2021 ("Fiscal 2021"). Additionally, until we remediate this material weakness, it could result in material misstatements to our interim or annual consolidated financial statements that would not be prevented or detected on a timely basis.

Remediation Efforts and Status of Remaining Material Weakness

During the quarter ended September 30, 2025, with the oversight of the Audit Committee of the Board of Directors, management has been executing on and remains committed to implementing measures designed to ensure that the control deficiencies that contributed to the material weakness are remediated. As it specifically relates to actions taken during the quarter ended September 30, 2025, we implemented changes in governance and oversight, as well as developed and implemented controls as part of our second quarter close process and will continue to enhance or modify these controls in future periods if needed. Although our remediation measures are ongoing, we believe the actions taken during the second quarter, as well as the cumulative actions taken to date, described below, will contribute towards the remediation of the previously identified material weakness:

•We prepared a remediation plan for the material weakness and performed training with process owners to improve documentation that supports effective control activities, including evidence of the completeness and accuracy of information produced by the entity;

•We developed and deployed a new global balance sheet account reconciliation policy and approval process, which provides additional oversight, monitoring and account reconciliation governance;

•We have redesigned and implemented new controls that evaluate process adoption and monitor results; and

•We engaged third party consultants to advise management in connection with the remediation of the material weakness.

While our remediation efforts are expected to continue throughout Fiscal 2026, we believe the measures described above will contribute toward the remediation of the control deficiencies we have identified and strengthen our internal control over financial reporting. We are committed to improving our internal control over financial reporting and will continue to review, optimize and enhance our controls and procedures. As we evaluate and work to improve our internal control over financial reporting, we may take additional measures to address control deficiencies, or we may modify certain remediation measures described above. This material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls operate effectively. We expect that the material weakness will be remediated by the end of Fiscal 2026.

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Changes in Internal Control Over Financial Reporting

As described above, there were changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we have been involved in litigation and other proceedings, including matters related to commercial disputes and intellectual property, as well as trade, regulatory and other claims related to our business. Refer to Note 8 of our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for information on certain legal proceedings, which is incorporated by reference herein.

ITEM 1A. RISK FACTORS

Our results of operations and financial condition could be adversely affected by numerous risks. In addition to the other information in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for Fiscal 2025. These are not the only risks and uncertainties facing us. Additional risks not currently known to us or that we currently believe are immaterial may also negatively impact our business, financial condition, results of operations and future prospects.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c) Issuer purchases of equity securities:

The following table sets forth repurchases of our Class C Common Stock during the three months ended September 30, 2025 under the three-year $500 million share repurchase program authorized by our Board of Directors in May 2024.

Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of a Publicly Announced Program Approximately Dollar Value of Shares that May Yet be Purchased Under the Program <br>(in millions)
07/01/2025 to 07/31/2025 — $ — — $ 410.0
08/01/2025 to 08/31/2025 — $ — — $ 410.0
09/01/2025 to 09/30/2025(1) 5,175,508 $ 4.83 5,175,508 $ 385.0

(1) Represents Class C Common Stock repurchased in the open market at prevailing market prices under a plan designed to comply with Rule 10b5-1 and Rule 10b-18 under the Securities and Exchange Act of 1934, as amended, with the timing and actual number of shares repurchased depending upon market conditions and other factors. Refer to Note 9 of our Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q for details.

ITEM 5. OTHER INFORMATION

(c)

During the three months ended September 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

Exhibit No. Exhibit Description
10.01 Amendment No. 8, dated July 30, 2025, to the Amended and Restated Credit Agreement, dated March 8, 2019, by and among Under Armour, Inc., as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders and arrangers party thereto (incorporated by reference to Exhibit 10.2 of the Company's Quarterly Report on Form 10-Q filed on August 8, 2025).
10.02 Amendment Two to the Under Armour, Inc. Deferred Compensation Plan.*
10.03 Under Armour, Inc. Amended and Restated Executive Incentive Compensation Plan.*
10.04 Under Armour, Inc. Executive Change in Control Severance Plan.*
31.01 Section 302 Chief Executive Officer Certification.
31.02 Section 302 Chief Financial Officer Certification.
32.01 Section 906 Chief Executive Officer Certification.
32.02 Section 906 Chief Financial Officer Certification.
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Linkbase Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

———————

*Management contract or a compensatory plan or arrangement required to be filed as an Exhibit pursuant to Item 6 of Form 10-Q.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

UNDER ARMOUR, INC.
By: /s/ DAVID E. BERGMAN
David E. Bergman
Chief Financial Officer

Date: November 6, 2025

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Document

Exhibit 10.02

UNDER ARMOUR, INC.

The undersigned, being the Secretary of Under Armour, Inc. (the “Company”), certifies that the Human Capital and Compensation Committee (the “Committee”) of the Board of Directors of the Company has taken the following action:

Amendment Two to the Under Armour, Inc.

Deferred Compensation Plan

WHEREAS, the Company has established the Under Armour, Inc. Deferred Compensation Plan, as amended and restated effective July 1, 2018 (the “Plan”);

WHEREAS, the Committee has authority under Section 9.2 of the Plan to amend the Plan;

WHEREAS, the Company desires to amend the Plan to allow participants to elect to commence lump sum and annual installment payments at various times during the year (January, April, July, or October); and

WHEREAS, on August 28, 2025, the Committee approved this amendment to this Plan, to be effective January 1, 2026.

NOW, THEREFORE, pursuant to the power of amendment set forth in the Plan, the Plan is hereby amended as follows effective January 1, 2026, with the changes made by this amendment to be applicable to the 2026 Plan year notwithstanding that Plan participant elections for the 2026 Plan year are submitted prior to January 1, 2026.

1.The third paragraph of Section 4.1 is deleted in its entirety and replaced with the following:

“Subject to Section 3.11, the Short-Term Payout shall be in an amount that is equal to the Annual Base Salary and/or Incentive Payment deferral amount, and amounts credited or debited thereto in the manner provided in Section 3.9 above, determined at the time that the Short-Term Payout becomes payable. Any amounts credited to the Participant's Company Make-Up Account shall not be eligible for a Short-Term Payout under this Plan, nor shall any amounts credited to the Participant's Company Discretionary Account (unless a Plan Agreement provides otherwise). Subject to the Deduction Limitation and the other terms and conditions of this Plan, each Short-Term Payout elected shall be paid in a lump sum or pursuant to one of the Yearly Installment Methods, with such payment to be made (or to commence) during the month of January, April, July, or October of any Plan Year, as elected by the Participant pursuant to Section 3.3, that is at least three (3) Plan Years after the Plan Year of the Base

Salary and/or Incentive Payment deferrals, as specifically elected by the Participant. By way of example, if a three (3) year Short-Term Payout is elected by a Participant for Annual Base Salary that is deferred in the 2026 Plan Year (pursuant to a deferral election made by the Participant in December 2025), the three (3) year Short-Term Payout would become payable (or, if applicable, the first installment would become payable) in the 2030 Plan Year during the month of January, April, July, or October, as elected by the Participant pursuant to Section 3.3.”

Except as hereinabove amended and modified, the Plan shall remain in full force and effect.

This amendment is effective as of January 1, 2026.

/s/ Mehri Shadman-Valavi

Mehri Shadman-Valavi

Chief Legal Officer and Secretary

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Exhibit 10.03

UNDER ARMOUR, INC.

AMENDED AND RESTATED EXECUTIVE INCENTIVE COMPENSATION PLAN

SECTION 1.PURPOSE: The purpose of the Under Armour, Inc. Executive Incentive Compensation Plan (the “Plan”) is to advance the interests of Under Armour, Inc. (the “Company”) and its shareholders by further linking executive compensation to Company performance through this performance-based incentive compensation program.

SECTION 2.EFFECTIVE DATE: The effective date of the Plan is January 1, 2013, as amended and restated from time to time. The Plan shall remain in effect until terminated pursuant to the terms of this Plan.

SECTION 3.DEFINITIONS: As used in this Plan, unless the context otherwise requires, each of the following terms shall have the meaning set forth below.

(a)“Award” shall mean, for any Performance Period, an award entitling a Participant to receive incentive compensation based on a percentage of the Participant’s annual base salary or in an amount as otherwise determined by the Committee, and subject to the terms and conditions of the Plan.

(b)“Board of Directors” or “Board” shall mean the board of directors of the Company.

(c)“Business Criteria” means one or more of the following business criteria for the Company, on a consolidated basis, and/or specified subsidiaries or business units of the Company (except with respect to the total stockholder return and earnings per share criteria): (1) total stockholder return; (2) such total stockholder return as compared to total return (on a comparable basis) of a publicly available index such as, but not limited to, a Standard & Poor’s stock index; (3) net revenues; (4) net income; (5) earnings per share; (6) income from operations; (7) operating margin; (8) gross profit; (9) gross margin; (10) pretax earnings; (11) earnings before interest expense, taxes, depreciation and amortization; (12) return on equity; (13) return on capital; (14) return on investment; (15) return on assets; (16) working capital; (17) free cash flow; (18) ratio of debt to stockholders’ equity; (19) balance sheet measurements; (20) same store sales, comparable store sales or customer conversion metrics; (21) market share or market penetration; (22) brand health metrics; (23) expense or cost levels; (24) inventory controls, inventory or inventory service metrics, asset quality; and (25) diversity and inclusion. The foregoing list is not exhaustive and the Committee shall have the discretion to establish such other Business Criteria as the Committee deems appropriate from time to time.

(d)[RESERVED].

(e)“Committee” shall mean the Compensation Committee or such other committee of the Board of Directors.

(f)“Company” shall mean Under Armour, Inc., a Maryland corporation, including its subsidiaries and affiliates and any successors to all or substantially all of the Company’s assets or business.

(g)“Participant” shall mean the executives of the Company selected by the Committee to participate in the Plan from time to time pursuant to Section 5.

(h)“Performance Goal” shall mean one or more Business Criteria and a targeted level or levels of performance with respect to each of such criteria, as specified by the Committee consistent with this Plan. Performance Goals shall be objective. A Performance Goal is objective if a third party having knowledge of the relevant facts could determine whether the goal is met. The Committee may determine that an Award shall be granted, exercised and/or settled upon the achievement of any one or more Performance Goals. Performance Goals may differ for Awards granted to any one Participant or to different Participants.

(i)“Performance Period” means for each Award the period of service identified by the Committee within which the Performance Goals for such Award must be satisfied.

(j)“Plan Year” shall mean the fiscal year of the Company, which for the avoidance of doubt is the period beginning on April 1 of each year and ending on March 31 of the following year.

SECTION 4.ADMINISTRATION: Subject to the express provisions of this Plan, the Committee shall have authority to interpret the Plan, to prescribe, amend, and rescind rules and regulations relating to it, and to make all other determinations deemed necessary or advisable for the administration of the Plan. In exercising its discretion, the Committee may use such objective or subjective factors as it determines to be appropriate in its sole discretion. The determinations of the Committee pursuant to its authority under the Plan shall be conclusive and binding on all interested parties.

SECTION 5.ELIGIBILITY: The Committee shall determine the executives of the Company who will be Participants in the Plan from time to time.

SECTION 6.AWARDS

(a)The Committee may make Awards to Participants with respect to a Performance Period, subject to the terms and conditions set forth in the Plan.

(b)Performance Goals with respect to any Performance Period shall be established in writing by the Committee at such time when the outcome is substantially uncertain. At the same time as the Committee establishes the Performance Goals, the Committee may provide, in writing, that the determination as to whether the Performance Goals are attained will be made by including or excluding any of the following events that occur during or otherwise impact a Performance Period: (i) asset write-downs, (ii) litigation, claims, judgments or settlements, (iii) the effect of changes in tax laws, accounting principles, or other laws or provisions affecting reported results, (iv) any reorganization and restructuring programs, (v) extraordinary and/or nonrecurring items as described in the Company’s financial statements or notes thereto and/or in management’s discussion and analysis of financial condition and results of operations, and in any case appearing in the Company’s annual report to shareholders for the applicable year, (vi) acquisitions or divestitures or discontinued operations, (vii) foreign exchange gains and losses; and (viii) any other events that, in the reasonable discretion of the Committee, are extraordinary or unusual in nature or infrequent in occurrence that impact the Company’s financial or operational results and were not anticipated to occur at the time the Performance Goals were set.

(c)The maximum Award amount payable to any Participant under this Plan for any Plan Year during a Performance Period shall be $5,000,000. If the Performance Period spans multiple Plan Years, the maximum Award will be a multiple of $5,000,000 where the multiple is equal to the number of full Plan Years in the Performance Period.

(d)After the end of the Performance Period, the Committee shall determine prior to payment of any Award, the attainment of the Performance Goal for the Performance Period. Notwithstanding attainment of the Performance Goal, the Committee shall have the discretion to reduce or eliminate the Award amount based upon the performance of the Company or the Participant or such other factors as the Committee determines in its discretion. The Committee may not increase the amount of such Award or waive the achievement of the Performance Goal.

(e)Payment under this Plan shall be made within ninety (90) days following the end of the applicable Performance Period, except as otherwise established by the Committee in writing at the time of the grant. Payment under this Plan may be made in (i) cash, (ii) stock, restricted stock, other stock-based or stock denominated units issued under the Under Armour, Inc. Third Amended and Restated 2005 Omnibus Long-Term Incentive Plan, as amended from time to time, or any successor long-term incentive plan, (iii) any other form of consideration or (iv) any combination of (i)-(iii), as determined by the Committee. If an Award is settled in stock, restricted stock, other stock-based or stock denominated units pursuant to this Section 6(e), the value of such stock or units at the time of settlement shall not when combined with any cash paid to settle such Award exceed the annual maximum described in Section 6(c).

SECTION 7.NO RIGHT TO AWARDS: No employee shall have any claim to be granted any Award under the Plan, and there is no obligation for uniform treatment of employees under the Plan. The terms and conditions of Awards need not be the same with respect to different Participants.

SECTION 8.NO RIGHT TO EMPLOYMENT: The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company. The Company may at any time terminate an employee’s employment free from any liability or any claim under the Plan, unless otherwise provided in the Plan.

SECTION 9.SEVERABILITY: If any provision of the Plan or any Award is, becomes, or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Committee, materially altering the purpose or intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction or Award, and the remainder of the Plan or such Award shall remain in full force and effect.

SECTION 10. NO TRUST OR FUND CREATED: Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant. To the extent a Participant acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.

SECTION 11. NONASSIGNABILITY: Unless otherwise determined by the Committee, no Participant may sell, assign, transfer, discount, or pledge as collateral for a loan, or otherwise anticipate any right to payment under the Plan.

SECTION 12. FOREIGN JURISDICTIONS: The Committee may adopt, amend, or terminate arrangements, not inconsistent with the intent of the Plan, to make available tax or other benefits under the laws of any foreign jurisdiction to Participants subject to such laws or to conform with the laws and regulations of any such foreign jurisdiction.

SECTION 13. TERMINATION AND AMENDMENT: The Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part. Notwithstanding the foregoing, no termination or amendment of the Plan may, without the consent of the Participant to whom a payment under an Award has been determined for a completed Performance Period but not yet paid, adversely affect the rights of such Participant in such Award.

SECTION 14. APPLICABLE LAW: This Plan shall be governed by and construed in accordance with the laws of the State of Maryland, without regard to its principles of conflict of laws.

SECTION 15. REPAYMENT OF AWARDS AS A RESULT OF CERTAIN IMPROPER CONDUCT: The Company shall seek to recover any Award paid to any Participant as required by the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other “clawback” provision required by law or the listing standards of the New York Stock Exchange, or as may be adopted by Company from time to time.

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Document

Exhibit 10.04

UNDER ARMOUR, INC. EXECUTIVE CHANGE IN CONTROL SEVERANCE PLAN

Amendment and Restatement Effective as of August 28, 2025

SECTION 1. PURPOSE OF THE PLAN

The Human Capital and Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Under Armour, Inc. (the “Company”) recognizes the importance of providing certain employees with severance pay and benefits in the event of a Qualifying Termination (as defined in Section 2).

Therefore, in order to fulfill the above purpose, this amendment and restatement of the Executive Change in Control Severance Plan as set forth herein was adopted by the Committee to be effective as of August 28, 2025.

SECTION 2. DEFINITIONS

Certain terms used herein have the definitions given to them in the first place in which they are used. As used herein, the following words and phrases shall have the following respective meanings:

1.1“Affiliate” means any entity controlled by, controlling or under common control with the Company.

1.2“Annual Base Salary” means the annual base salary paid or payable, including any base salary that is subject to deferral, to the Participant by the Company or any Affiliate at the rate in effect immediately prior to the Date of Termination.

1.3“Annual Bonus” means Participant’s target annual bonus for the fiscal year which includes the Date of Termination; provided, however, that if the Committee has not, prior to the Date of Termination, approved the Participant’s target Annual Bonus for the fiscal year which includes the Date of Termination, then “Annual Bonus” shall mean the Participant’s target annual bonus for the fiscal year immediately preceding the fiscal year which includes the Date of Termination.

1.4“Arbitration Rules” has the meaning set forth in Section 10.8.

1.5“Benefit Continuation Period” means, for the Tier 1 Participant and Tier 2 Participants, a period of eighteen (18) months from the Date of Termination, and for Tier 3 Participants, a period of twelve (12) months from the Date of Termination.

1.6“Cause” means the occurrence of any of the following: (a) Participant’s material misconduct or neglect in the performance of Participant’s duties; (b) Participant’s commission of any felony; offense punishable by imprisonment in a state or federal penitentiary; any offense, civil or criminal, involving material dishonesty, fraud, moral turpitude or immoral conduct; or any crime of sufficient import to potentially discredit or adversely affect the Company’s ability to conduct its business in the normal course; (c) Participant’s material breach of the Company’s

written Code of Conduct, as in effect from time to time; (d) Participant’s commission of any act that results in severe harm to the Company excluding any act taken by Participant in good faith that Participant reasonably believed was in the best interests of the Company; or (e) Participant’s material breach of any restrictive covenants agreement or any other agreement by and between Participant and the Company addressing confidentiality of Company information, non-competition with the Company and/or non-solicitation of the Company’s employees.

1.7“CEO” means the Chief Executive Officer of the Company.

1.8“Change in Control” means the first to occur of the following:

(a)any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then-outstanding voting securities, provided, however, that a Change in Control shall not be deemed to occur if an employee benefit plan (or a trust forming a part thereof) maintained by the Company or Kevin Plank (including Kevin Plank’s immediate family members), directly or indirectly, become the beneficial owner, of more than fifty percent (50%) of the then-outstanding voting securities of the Company after such acquisition;

(b)a change in the composition of the Board occurring within a two-year period and as a result of which fewer than a majority of the Board are Incumbent Directors. For this purpose, “Incumbent Directors” shall mean (i) the directors of the Board as of the Effective Date, or (ii) the directors that are elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but shall not include an individual whose election or nomination is in connection with an actual or threatened proxy contest relating to the election of directors to the Company);

(c)the consummation of a merger or consolidation of the Company with any other corporation or entity, other than a merger or consolidation which would result in (i) the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation in substantially the same proportion as prior to such merger or consolidation; or (ii) the directors of the Company immediately prior thereto continuing to represent at least fifty percent (50%) of the directors of the Company or such surviving entity immediately after such merger or consolidation; or

(d)the consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets.

1.9“Code” means the Internal Revenue Code of 1986, as amended from time to time.

1.10“Committee” means the Human Capital and Compensation Committee of the Board.

1.11“Company” means Under Armour, Inc. and any successor(s) thereto or, if applicable, the ultimate parent of any such successor.

1.12“Date of Termination” means the effective date of Participant’s involuntary termination by the Company without Cause or Participant’s resignation for Good Reason. If the Participant’s employment is terminated by reason of death, the Date of Termination shall be the

date of death of the Participant. If the Participant’s employment is terminated by reason of Disability, the Date of Termination shall be the Disability Effective Date (as defined below). Notwithstanding the foregoing, in no event shall the Date of Termination occur until the Participant experiences a “separation from service” within the meaning of Section 409A of the Code, and the date on which such separation from service takes place shall be the “Date of Termination.”

1.13“Disability” means the Participant’s physical or mental incapacity which would entitle the Participant to benefits under the Company long-term disability plan, regardless of whether the Participant is actually enrolled in such plan, as in effect immediately prior to the Change in Control (the date of determination of Participant’s Disability, the “Disability Effective Date”).

1.14“Effective Date” means November 3, 2022; provided, however, that in the case of any individual who would otherwise be a Participant under the Plan and is a party to a written change in control agreement with the Company or an Affiliate which provides severance benefits that precedes the Effective Date and which remains in effect on the Effective Date, then such individual shall become a Participant under this Plan on January 1, 2023.

1.15“Good Reason” means the occurrence of any of the following events: (a) a material diminishment in the scope of Participant’s duties or responsibilities with the Company or its Affiliates; (b) a material reduction in Participant’s Annual Base Salary, Annual Bonus or a material reduction in the aggregate benefits or perquisites; (c) a requirement that Participant relocate more than fifty (50) miles from Participant’s primary place of business as of the date of a Change in Control, or a significant increase in required travel as part of Participant’s duties and responsibilities with the Company or its Affiliates; (d) a failure by any successor to the Company to assume this Plan; or (e) a material breach by the Company of any of the terms of this Plan. Notwithstanding the foregoing, Participant must provide the Company with written notice setting forth in reasonable detail the facts and circumstances that constitute Good Reason within ninety (90) days of its first occurrence, and the Company shall have thirty (30) days after receipt of such notice to cure any Good Reason. If the facts and circumstances constituting Good Reason still exist at the end of such thirty (30) day period, the Participant’s resignation for Good Reason shall become effective on the date that is five (5) business days after the expiration of such cure period.

1.16“Participant” means any employee of the Company or its Affiliates (a) with the job title of Chief Executive Officer; Executive Vice President; Managing Director, Europe, Middle-East, and Africa (EMEA); or Managing Director, Asia-Pacific (APAC); or (b) who was designated as a Participant by resolution of the Committee; in each case as in effect immediately prior to a Change in Control. For the avoidance of doubt and notwithstanding any provision herein to the contrary, Kevin Plank shall not be eligible to participate in this Plan.

1.17“Plan” means this Under Armour, Inc. Executive Change in Control Severance Plan, as it may be amended from time to time.

1.18“Qualifying Termination” means Participant’s involuntary termination by the Company without Cause or Participant’s resignation for Good Reason, in either case, occurring on or within the two (2) year period following the Change in Control or within three (3) months before but in connection with or in anticipation of a Change in Control, and subject to Participant’s execution and non-revocation (as applicable) of the confidentiality, non-competition, non-solicitation and/or general release of claims agreements in substantially the form provided by the Company to all similarly situated Participants within the sixty (60) day period following the Qualifying Termination (individually and/or collectively, as applicable, the “Releases”). Any Participant with a Date of Termination that occurs after the two (2) year period

following a Change in Control shall be deemed to have not undergone a Qualifying Termination. Notwithstanding any provision herein to the contrary, a termination of the Participant’s employment by reason of death or Disability shall not be a Qualifying Termination.

1.19“Severance Multiplier” means each of the following numbers: 2 for Tier 1 Participants, 1.5 for Tier 2 Participants, and 1 for Tier 3 Participants.

1.20“Tier 1 Participant” means a Participant who is the CEO immediately prior to a Change in Control.

1.21“Tier 2 Participant” means a Participant who is designated as an Executive Vice President or who is otherwise designated as a Tier 2 Participant by resolution of the Committee, in each case as in effect immediately prior to a Change in Control.

1.22“Tier 3 Participant” means a Participant who is designated as Managing Director, Europe, Middle East, and Africa (EMEA) or Managing Director, Asia-Pacific (APAC) or who is otherwise designated as a Tier 3 Participant by resolution of the Committee, in each case as in effect immediately prior to a Change in Control.

SECTION 3. SEVERANCE BENEFITS

1.1Qualifying Termination.

If a Participant experiences a Qualifying Termination, the Company shall pay or provide to the Participant the following payments and benefits at the time or times set forth below, subject to Section 9:

(a)a lump sum payment in cash, subject to (other than in the case of the Accrued Obligations and Other Benefits) the Participant’s execution and non-revocation of the Releases, equal to the aggregate of the following amounts:

(i)the sum of (A) any earned and unpaid portion of the Participant’s Annual Base Salary through the Date of Termination, (B) any accrued and unpaid annual bonus earned by the Participant for the fiscal year prior to the fiscal year in which the Date of Termination occurs, and (C) any accrued and unused vacation pay or other paid time off in accordance with the Company’s policies then in effect, in each case, to the extent not theretofore paid (the sum of the amounts described in clauses (A), (B), and (C) shall be hereinafter referred to as the “Accrued Obligations”), payable within five (5) days following the Date of Termination (or earlier if required by applicable laws); and

(ii)the product of (A) the sum of (1) Participant’s Annual Base Salary, as in effect immediately prior to the Date of Termination, and (2) Participant’s Annual Bonus, as in effect immediately prior to the Date of Termination, and (B) the Severance Multiplier; payable as soon as practicable following the date of the Qualifying Termination and in any event, no later than the sixtieth (60th) day following the Qualifying Termination provided, that if such sixty (60) day period begins in one calendar year and ends in a second calendar year, the payment will be made in the second calendar year.

(b)Healthcare Benefits. If an election for continuation coverage under the group health plans of the Company and its Affiliates as described in Section 4980B of the Code (i.e., “COBRA” continuation benefits) is properly made, for the Benefit Continuation Period, the

Company shall continue to provide to the Participant (and the Participant’s dependents who were covered by healthcare benefit coverage pursuant to a plan sponsored by the Company or an Affiliate as of immediately prior to the Date of Termination, if any (the “eligible dependents”)), without any requirement for the Participant (or the eligible dependents) to pay a monthly premium, healthcare benefit coverage (including medical, prescription, dental, vision, basic life, and employee assistance program coverage); provided, however, that if the Participant becomes reemployed with another employer and is eligible to receive any of the types of healthcare benefits under another employer-provided plan, the Participant shall promptly notify the Company via electronic mail to Benefits@underarmour.com that the Participant has become eligible to receive healthcare benefits under another employer-provided plan and the Company shall no longer be obligated to pay the COBRA premium on behalf of the Participant or the Participant’s eligible dependent. For the avoidance of doubt, in such a case, the Participant (or eligible dependents) shall be permitted to continue the then remaining COBRA period (if any) at Participant’s sole cost and expense. Notwithstanding the foregoing, solely with respect to a Tier 1 Participant, in the event such Participant has completely exhausted coverage for his or her Benefit Continuation Period, then such Participant will receive a payment equal to one month’s COBRA premium beginning in the first month immediately following the end of such Benefit Continuation Period and which shall continue to be paid each month thereafter until the earlier of (i) the end of the six (6) month period following the end of the Benefit Continuation Period and (ii) the date that such Participant becomes reemployed with another employer and is eligible to receive any of the types of healthcare benefits under another employer-provided plan.

(c)Other Benefits. To the extent not theretofore paid or provided, the Company shall timely pay or provide to the Participant any other amounts or benefits required to be paid or provided under any plan, program, policy or practice or contract or agreement of the Company and its Affiliates (such other amounts and benefits shall be hereinafter referred to as the “Other Benefits”).

(d)Chief Executive Officer. If the Participant is the CEO and following a Qualifying Termination, qualifies as eligible for severance pay and benefits under this Plan and the Under Armour, Inc. Executive Severance Program as in effect from time to time, then the Company shall pay the Participant the better of the two severance payments and benefits thereunder.

1.2Death; Disability.

If the Participant’s employment is terminated by reason of the Participant’s death or Disability during the two-year period beginning on the date of a Change in Control, the Company shall provide the Participant’s estate or beneficiaries with the Accrued Obligations and the timely payment or delivery of the Other Benefits in accordance with the terms of the underlying plans or agreements and shall have no severance obligations under this Plan. The Accrued Obligations shall be paid to the Participant, or the Participant’s estate or beneficiary, as applicable, in a lump sum in cash within thirty (30) days after the Date of Termination (unless sooner required by applicable law).

1.3Treatment of Equity Awards.

(a)Any equity awards granted to Participant will be governed by the applicable plan or the applicable award agreement; provided, however, that if the applicable plan or the applicable award agreement does not specifically address the impact of a change in control, then unless otherwise expressly prohibited by the applicable plan or the applicable award agreement:

(i)any equity awards (including restricted stock units and stock options) that vest solely due to Participant’s continuous service over time shall fully vest on the Date of Termination;

(ii)any equity awards (including restricted stock units and stock options) that vest due to the achievement of one or more performance goals shall vest at the target level of performance on the Date of Termination.

(b)For the avoidance of doubt, this Plan is not intended to amend or otherwise enlarge any rights with respect to any applicable equity plan or the applicable equity award agreement which specifically addresses the impact of a change in control.

SECTION 4. GOLDEN PARACHUTE EXCISE TAX

1.1In the event that the severance and other benefits provided for in this Plan or otherwise payable to a Participant (i) constitute “parachute payments” within the meaning of Section 280G of the Code (“280G Payments”), and (ii) but for this Section 4, would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the 280G Payments will be either:

(a)delivered in full, or

(b)delivered as to such lesser extent which would result in no portion of such benefits being subject to the Excise Tax,

(c)whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by Participant on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. If a reduction in the 280G Payments is necessary so that no portion of such benefits are subject to the Excise Tax, reduction will occur in the following order: (i) cancellation of awards granted “contingent on a change in ownership or control” (within the meaning of Section 280G of the Code); (ii) a pro rata reduction of (A) cash payments that are subject to Section 409A of the Code as deferred compensation and (B) cash payments not subject to Section 409A of the Code; (iii) a pro rata reduction of (A) employee benefits that are subject to Section 409A of the Code as deferred compensation and (B) employee benefits not subject to Section 409A of the Code; and (iv) a pro rata cancellation of (A) accelerated vesting equity awards that are subject to Section 409A as deferred compensation and (B) equity awards not subject to Section 409A of the Code. In the event that acceleration of vesting of equity awards is to be cancelled, such acceleration of vesting will be cancelled in the reverse order of the date of grant of a Participant’s equity awards.

1.2A nationally recognized professional services firm selected by the Company, the Company’s legal counsel or such other person or entity to which the parties mutually agree (the “Firm”) will make any determination required under this Section 4. Such determinations will be made in writing by the Firm and any good faith determinations of the Firm will be conclusive and binding upon Participant and the Company. For purposes of making the calculations required by this Section 4, the Firm may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. Participant and the Company will furnish to

the Firm such information and documents as the Firm may reasonably request in order to make a determination under this Section 4. The Company will bear all costs the Firm may incur in connection with any calculations contemplated by this Section 4.

SECTION 5. NONDUPLICATION; LEGAL FEES; NON-EXCLUSIVITY OF RIGHTS

1.1Nonduplication.

The amount of the payment under Sections 3.1(a)(ii) and 3.1(b) of this Plan will be offset and reduced by the full amount and/or value of any severance benefits, compensation and benefits provided during any notice period, pay in lieu of notice, mandated termination indemnities, or similar benefits that the Participant may separately be entitled to receive from the Company or any Affiliate based on any employment agreement or other contractual obligation (whether individual or union/works council) or statutory scheme. If a Participant’s employment is terminated because of a plant shut-down or mass layoff or other event to which the Worker Adjustment and Retraining Notification Act of 1988 or similar state law (collectively, “WARN”) applies, then the amount of the severance payment under Sections 3.1(a)(ii) and 3.1(b) of this Plan to which the Participant is entitled shall be reduced, dollar for dollar, by the amount of any pay provided to the Participant in lieu of the notice required by WARN, and the Benefits Continuation Period shall be reduced for any period of benefits continuation or pay in lieu thereof provided to Participant due to the application of WARN.

1.2Non-exclusivity of Rights.

Nothing in this Plan shall prevent or limit a Participant’s continuing or future participation in any plan, program, policy or practice provided by the Company or its Affiliates and for which the Participant may qualify, nor shall anything herein limit or otherwise affect such rights as a Participant may have under any other contract or agreement with the Company or any of its Affiliates. Amounts that are vested benefits or that a Participant and/or a Participant’s dependents are otherwise entitled to receive under any plan, policy, practice, program, agreement or arrangement of the Company or any of its Affiliates shall be payable in accordance with such plan, policy, practice, program, agreement or arrangement. Without limiting the generality of the foregoing, the Participant’s resignation under this Plan, with or without Good Reason, shall in no way affect the Participant’s ability to terminate employment by reason of the Participant’s “retirement” under, or to be eligible to receive benefits under, any compensation and benefits plans, programs or arrangements of the Company or its Affiliates, including without limitation any retirement or pension plans or arrangements or substitute plans adopted by the Company, its Affiliates or their respective successors, and any termination which otherwise qualifies as Good Reason shall be treated as such even if it is also a “retirement” for purposes of any such plan.

SECTION 6. AMENDMENT AND TERMINATION

The Plan may be terminated or amended in any respect by resolution adopted by the Committee; provided that, in connection with or in anticipation of a Change in Control, this Plan

may not be terminated or amended in any manner that would adversely affect the rights or potential rights of Participants; provided, further, that following a Change in Control, this Plan shall continue in full force and effect and shall not terminate, expire or be amended until after all Participants who become entitled to any payments or benefits hereunder shall have received such payments and benefits in full pursuant to Section 3.

SECTION 7. PLAN ADMINISTRATION

1.1General.

The Committee is responsible for the general administration and management of this Plan (the Committee acting in such capacity, the “Plan Administrator”) and shall have all powers and duties necessary to fulfill its responsibilities, including, but not limited to, the discretion to interpret and apply the provisions of this Plan and to determine all questions relating to eligibility for benefits under this Plan, to interpret or construe ambiguous, unclear, or implied (but omitted) terms in any fashion it deems to be appropriate, and to make any findings of fact needed in the administration of this Plan. Following a Change in Control, the validity of any such interpretation, construction, decision, or finding of fact shall be given de novo review if challenged in court, by arbitration, or in any other forum, and such de novo standard shall apply notwithstanding the grant of full discretion hereunder to the Plan Administrator or characterization of any such decision by the Plan Administrator as final or binding on any party.

1.2Not Subject to ERISA.

This Plan does not require an ongoing administrative scheme and, therefore, is intended to be a payroll practice which is not subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). However, if it is determined that this Plan is subject to ERISA, (i) it shall be considered to be an unfunded plan maintained by the Company primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees (a “top-hat plan”), and (ii) it shall be administered in a manner which complies with the provisions of ERISA that are applicable to top-hat plans.

1.3Indemnification.

To the extent permitted by law, the Company shall indemnify the Plan Administrator, whether the Committee or the Independent Committee, from all claims for liability, loss, or damage (including the payment of expenses in connection with defense against such claims) arising from any act or failure to act in connection with this Plan.

SECTION 8. SUCCESSORS; ASSIGNMENT

1.1Successors.

The Company shall require any corporation, entity, individual or other person who is the successor (whether direct or indirect by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all the business and/or assets of the Company

to expressly assume and agree to perform, by a written agreement in form and in substance satisfactory to the Company, all of the obligations of the Company under this Plan. As used in this Plan, the term “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Plan by operation of law, written agreement or otherwise.

1.2Assignment of Rights.

It is a condition of this Plan, and all rights of each person eligible to receive benefits under this Plan shall be subject hereto, that no right or interest of any such person in this Plan shall be assignable or transferable in whole or in part, except by will or the laws of descent and distribution or other operation of law, including, but not by way of limitation, lawful execution, levy, garnishment, attachment, pledge, bankruptcy, alimony, child support or qualified domestic relations order.

SECTION 9. SECTION 409A OF THE CODE

1.1General.

The obligations under this Plan are intended to comply with the requirements of Section 409A of the Code or an exemption or exclusion therefrom and shall in all respects be administered in accordance with Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception, the separation pay exception or another exception under Section 409A of the Code shall be paid under the applicable exception to the maximum extent possible. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Plan shall be treated as a separate payment of compensation for purposes of applying the exclusion under Section 409A of the Code for short-term deferral amounts, the separation pay exception or any other exception or exclusion under Section 409A of the Code. All payments to be made upon a termination of employment under this Plan may only be made upon a “separation from service” under Section 409A of the Code to the extent necessary in order to avoid the imposition of penalty taxes on a Participant pursuant to Section 409A of the Code. In no event may a Participant, directly or indirectly, designate the calendar or fiscal year of any payment under this Plan.

1.2Reimbursements and In-Kind Benefits.

Notwithstanding anything to the contrary in this Plan, all reimbursements and in-kind benefits provided under this Plan that are subject to Section 409A of the Code shall be made in accordance with the requirements of Section 409A of the Code, including without limitation, where applicable, the requirement that (a) in no event shall the Company’s obligations to make such reimbursements or to provide such in-kind benefits apply later than the Participant’s remaining lifetime (or during a shorter period specified in this Plan); (b) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a fiscal year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other fiscal year; (c) the reimbursement of an eligible fees and expenses shall be made no later than the last day of the fiscal year following the year in which the applicable fees and expenses were incurred; and

(d) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.

1.3Delay of Payments.

Notwithstanding any other provision of this Plan to the contrary, if a Participant is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the Date of Termination), any payment or benefit that constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to be paid to such Participant under this Plan during the six-month period immediately following such Participant’s separation from service (as determined in accordance with Section 409A of the Code) on account of such Participant’s separation from service shall be accumulated and paid to such Participant with Interest (based on the rate in effect for the month in which the Participant’s separation from service occurs) on the first business day of the seventh month following the Participant’s separation from service (the “Delayed Payment Date”), to the extent necessary to avoid penalty taxes or accelerated taxation pursuant to Section 409A of the Code. If such Participant dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the personal representative of his or her estate on the first to occur of the Delayed Payment Date or 30 calendar days after the date of such Participant’s death.

SECTION 10. MISCELLANEOUS

1.1Controlling Law.

This Plan shall be governed by and construed in accordance with the laws of the State of Maryland, without giving effect to any choice of law or conflicting provision or rule (whether of the State of Maryland or any other jurisdiction) that would cause the laws of any jurisdiction other than the State of Maryland to be applied. In furtherance of the foregoing, the internal laws of the State of Maryland will control the interpretation and construction of this Plan, even if under such jurisdiction’s choice of law or conflict of law analysis, the substantive law of some other jurisdiction would ordinarily apply.

1.2Withholding.

The Company may withhold from any amount payable or benefit provided under this Plan such federal, state, local, foreign and other taxes as are required to be withheld pursuant to any applicable law or regulation.

1.3Gender and Plurals.

Wherever used in this Plan document, words in the masculine gender shall include masculine or feminine gender, and, unless the context otherwise requires, words in the singular shall include the plural, and words in the plural shall include the singular.

1.4Plan Controls.

In the event of any inconsistency between this Plan document and any other communication regarding this Plan, this Plan document controls. The captions in this Plan are not part of the provisions hereof and shall have no force or effect.

1.5Not an Employment Contract.

Neither this Plan nor any action taken with respect to it shall confer upon any person the right to continued employment with the Company.

1.6Notices.

(a)Any notice required to be delivered to the Company by a Participant hereunder shall be properly delivered to the Company when personally delivered to, or actually received through the U.S. mail by:

Chief Legal Officer and Corporate Secretary Under Armour, Inc., 101 Performance Drive Baltimore, MD 21230

(b)Any notice required to be delivered to the Participant by the Company hereunder shall be properly delivered to the Participant when the Company delivers such notice personally or by placing said notice in the U.S. mail registered or certified mail, return receipt requested, postage prepaid to that person’s last known address as reflected on the books and records of the Company.

1.7Severability.

If any provision of this Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provisions of this Plan, and this Plan shall be construed and enforced as if such provision had not been included in this Plan.

1.8Arbitration of Disputes.

(a)Any disagreement, dispute, controversy or claim arising out of or relating to this Plan or the interpretation or validity hereof shall be settled exclusively and finally by arbitration.  It is specifically understood and agreed that any such disagreement, dispute or controversy which cannot be resolved between the parties, including without limitation any matter relating to interpretation of this Plan, may be submitted to arbitration irrespective of the magnitude thereof, the amount in controversy or whether such disagreement, dispute or controversy would otherwise be considered justiciable or ripe for resolution by a court or arbitral tribunal.

(b)The arbitration shall be conducted in accordance with the Commercial Arbitration Rules (the “Arbitration Rules”) of the American Arbitration Association (“AAA”).

(c)The arbitral tribunal shall consist of one arbitrator.  The parties to the arbitration jointly shall directly appoint such arbitrator within thirty (30) days of initiation of the arbitration.  If the parties shall fail to appoint such arbitrator as provided above, such arbitrator shall be appointed by the AAA as provided in the Arbitration Rules and shall be a person who (a) maintains his principal place of business within thirty (30) miles of the City of Baltimore and (b)

has substantial experience in executive compensation.  The parties shall each pay an equal portion of the fees, if any, and expenses of such arbitrator.

(d)The arbitration shall be conducted within thirty (30) miles of the City of Baltimore or in such other city in the United States of America as the parties to the dispute may designate by mutual written consent.

(e)At any oral hearing of evidence in connection with the arbitration, each party thereto or its legal counsel shall have the right to examine its witnesses and to cross-examine the witnesses of any opposing party.  No evidence of any witness shall be presented unless the opposing party or parties shall have the opportunity to cross-examine such witness, except as the parties to the dispute otherwise agree in writing or except under extraordinary circumstances where the interests of justice require a different procedure.

(f)Any decision or award of the arbitral tribunal shall be final and binding upon the parties to the arbitration proceeding.  The parties hereto hereby waive to the extent permitted by law any rights to appeal or to seek review of such award by any court or tribunal.  The parties hereto agree that the arbitral award may be enforced against the parties to the arbitration proceeding or their assets wherever they may be found and that a judgment upon the arbitral award may be entered in any court having jurisdiction.

(g)Nothing herein contained shall be deemed to give the arbitral tribunal any authority, power, or right to alter, change, amend, modify, add to or subtract from any of the provisions of this Plan.

(h)If any dispute is not resolved within sixty (60) days from the date of the commencement of an arbitration, then the Company shall, at its option, elect to pay Participant either (a) within five (5) days after the end of such sixty (60)-day period, the amount or amounts which would have been payable to Participant had there been no dispute, subject to reimbursement to the extent consistent with the final disposition of the dispute or (b) following final disposition of the dispute, the amount determined in such final disposition to have been payable, together with Interest from the date when such sums were originally payable to the date of actual payment.  For purpose of this paragraph (viii) the term “Interest” means interest at a rate equal to the Company’s borrowing rate per annum, compounded monthly.

(i)Notwithstanding anything to the contrary in this Plan, the arbitration provisions set forth in this Section 10.8 shall be governed exclusively by the Federal Arbitration Act, Title 9, United States Code.

(j)If the Participant prevails in the arbitration concerning any substantial matter of this Plan or the rights and duties of any party hereunder, in addition to such other relief as may be granted, the Company shall reimburse the Participant for the Participant’s reasonable attorneys’ fees incurred by reason of such arbitration to the extent the attorneys’ fees relate to such substantial matter, and any such reimbursement payments shall be made no later than March 15 of the year following the year in which such arbitration award is final.

12

Document

Exhibit 31.01

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Kevin A. Plank, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Under Armour, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 06, 2025

/s/ KEVIN A. PLANK
Kevin A. Plank
President and Chief Executive Officer Principal Executive Officer

Document

Exhibit 31.02

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, David E. Bergman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Under Armour, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 06, 2025

/s/ DAVID E. BERGMAN
David E. Bergman
Chief Financial Officer Principal Financial Officer

Document

Exhibit 32.01

Certification of Chief Executive Officer

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Under Armour, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:

(i) the quarterly report on Form 10-Q of the Company for the period ended September 30, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 06, 2025

/s/ KEVIN A. PLANK
Kevin A. Plank
President and Chief Executive Officer Principal Executive Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Under Armour, Inc. and will be retained by Under Armour, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

Document

Exhibit 32.02

Certification of Chief Financial Officer

Pursuant to 18 U.S.C. Section 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officer of Under Armour, Inc. (the “Company”) hereby certifies, to such officer's knowledge, that:

(i) the quarterly report on Form 10-Q of the Company for the period ended September 30, 2025 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 06, 2025

/s/ DAVID E. BERGMAN
David E. Bergman
Chief Financial Officer Principal Financial Officer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Under Armour, Inc. and will be retained by Under Armour, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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